The company's financial leverage has intensified, with total debt rising to $84.8 million by 2026Q2, while goodwill now accounts for $228.6 million of the total asset base.
| Total Current Assets | 253.39M | 278.87M | 187.45M | 153.83M | 41.97M | 29.82M |
| Cash & Short-Term Investments | 26.51M | 20.4M | 6.39M | 46.61M | 8.65M | 10.7M |
| Cash Only | 26.51M | 20.4M | 6.39M | 46.61M | 8.65M | 10.7M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 105.27M | 232.27M | 154.61M | 107.22M | 32.53M | 15.97M |
| Days Sales Outstanding | 134.63 | 224.18 | 1.75K | 3.63K | 82.37 | 79.81 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 121.62M | 24.83M | 26.09M | -142.8K | 37.02K | 405.42K |
| Total Non-Current Assets | 274.56M | 54.95M | 55.38M | 49.85M | 120.6K | 19.32K |
| Property, Plant & Equipment | 8.67M | 8.14M | 9.74M | 14.07M | 120.6K | 19.32K |
| Fixed Asset Turnover | 53.75x | 46.44x | 3.31x | 0.77x | 1195.25x | 3780.65x |
| Goodwill | 228.57M | 35.12M | 34.07M | 34.07M | 0 | 0 |
| Intangible Assets | 25.51M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 46.11M | 11.69M | 10.51M | 0 | 0 | 0 |
| Other Non-Current Assets | 8 | 0 | 1.06M | 1.72M | 0 | 0 |
| Total Assets | 527.95M | 333.82M | 242.82M | 203.68M | 42.09M | 29.84M |
| Asset Turnover | 1.11x | 1.13x | 0.13x | 0.05x | 3.42x | 2.45x |
| Asset Growth % | 199.78% | 37.47% | 19.22% | 383.92% | 41.04% | - |
| Total Current Liabilities | 181.87M | 176.43M | 142.4M | 120.03M | 34.59M | 27.54M |
| Accounts Payable | 25.64M | 24.29M | 22.73M | 16.7M | 14.1M | 12.62M |
| Days Payables Outstanding | 29.29 | 27.87 | 336.81 | 777.18 | 47.99 | 74.29 |
| Short-Term Debt | 84.6M | 79.14M | 40.85M | 7.54M | 5.06M | 1.42M |
| Deferred Revenue (Current) | 153.14M | 53.95M | 59.36M | 53.86M | 6.69M | 10.06M |
| Other Current Liabilities | 19.15M | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 1.39x | 1.58x | 1.32x | 1.28x | 1.21x | 1.08x |
| Quick Ratio | 1.39x | 1.58x | 1.32x | 1.28x | 1.21x | 1.08x |
| Cash Conversion Cycle | 105.34 | - | - | - | - | - |
| Total Non-Current Liabilities | 4.36M | 0 | 2.36M | 5.22M | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 948.99K | 0 | 2.36M | 5.22M | 0 | 0 |
| Deferred Tax Liabilities | 4.21M | 0 | 0 | 0 | 236.64K | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | -236.64K | 0 |
| Total Liabilities | 186.23M | 176.43M | 144.77M | 125.25M | 34.59M | 27.54M |
| Total Debt | 84.75M | 81.5M | 46.08M | 15.22M | 5.06M | 1.42M |
| Net Debt | 58.24M | 61.11M | 39.69M | -31.4M | -3.58M | -9.28M |
| Debt / Equity | 0.25x | 0.52x | 0.47x | 0.19x | 0.67x | 0.62x |
| Debt / EBITDA | -6.90x | 5.33x | 10.91x | 11.05x | 0.22x | 0.28x |
| Net Debt / EBITDA | -4.74x | 4.00x | 9.40x | -22.80x | -0.15x | -1.83x |
| Interest Coverage | -4.01x | 4.30x | 18.11x | 43.94x | 140.45x | 494.54x |
| Total Equity | 341.72M | 157.38M | 98.06M | 78.43M | 7.5M | 2.3M |
| Equity Growth % | 331.18% | 60.5% | 25.03% | 945.13% | 226.32% | - |
| Book Value per Share | 5.47 | 2.52 | 1.63 | 1.31 | 0.12 | 0.04 |
| Total Shareholders' Equity | 188.22M | 163.05M | 98.29M | 78.53M | 7.5M | 2.3M |
| Common Stock | 25 | 25 | 24 | 24 | 12 | 8 |
| Retained Earnings | 57.84M | 97.76M | 89.89M | 70.13M | 7.5M | 2.3M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 153.5M | -5.66M | -233.34K | -101.88K | 0 | 0 |
Project-based liquidity exhaustion
According to recent balance sheet data, RITR's total assets grew from $203.7 million in 2023Q4 to $528.0 million by 2026Q2, yet this expansion appears disconnected from operational performance as the company simultaneously struggles with mounting liabilities and a significant deterioration in its underlying financial health.
The rapid inflation of the asset base, particularly the surge in goodwill to $228.6 million, suggests that recent growth may be driven by inorganic acquisitions rather than organic project success. Investors should monitor whether these assets can actually generate future cash flows or if they represent a buildup of non-performing capital that will eventually require impairment.
As reported in financial statements, RITR's total debt climbed from $15.2 million in 2023Q4 to $84.8 million by 2026Q2, indicating that the firm is increasingly relying on external financing to bridge the widening gap between project costs and cash collection during this period of contraction.
The increase in debt-to-equity to 0.25, while appearing modest in isolation, is concerning given the company's inability to maintain positive operating margins. This reliance on debt to fund operations suggests that the firm's internal cash generation is insufficient to support its current project-heavy business model.
Based on reported figures, RITR's cash position has fluctuated significantly, dropping from a peak of $46.6 million in 2023Q4 to $26.5 million in 2026Q2, which highlights the company's vulnerability to the timing of project-based receivables and the inherent volatility of its working capital requirements.
The current ratio of 1.39 provides a thin margin of safety, but the lack of consistent cash inflows suggests that the company may face liquidity constraints if project milestones are delayed. The volatility in cash balances indicates that the firm lacks a stable treasury function, leaving it exposed to sudden shocks in the industrial construction cycle.
Analysis of the balance sheet reveals that goodwill has ballooned to $228.6 million as of 2026Q2, representing a substantial portion of total assets and signaling that the firm's valuation is heavily dependent on the assumed future performance of past acquisitions rather than tangible, liquid assets.
This concentration of intangible assets creates a significant risk of future write-downs, especially if the current operational losses persist. Investors should be wary that the headline equity figure may be artificially inflated by these intangibles, which could be subject to rapid impairment if the underlying business units fail to meet performance targets.
Quick answers to the most common questions about buying RITR stock.
As of 2025, Reitar Logtech Holdings Limited Ordinary shares (RITR) had total assets of $333.8M including $278.9M in current assets.
Reitar Logtech Holdings Limited Ordinary shares (RITR) carries total debt of $81.5M, offset by $20.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Reitar Logtech Holdings Limited Ordinary shares (RITR) has total shareholders' equity (book value) of $163.0M ($2.52 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Reitar Logtech Holdings Limited Ordinary shares (RITR) reported a current ratio of 1.58x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.