Despite a minimal debt-to-equity ratio of 0.00, the company's long-term viability is challenged by a massive $62.2 million deficit in retained earnings as of 2025Q4.
| Total Current Assets | 35.69M | 8.19M | 4.46M | 3.77M | 3.31M |
| Cash & Short-Term Investments | 5M | 5.52M | 1.69M | 3.01M | 2.63M |
| Cash Only | 5M | 5.52M | 1.69M | 3.01M | 2.63M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 11.17M | 154K | 203K | 234K | 202K |
| Days Sales Outstanding | 326.04 | 6.28 | 8.55 | 9.68 | 11.9 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 185K | 140K | 2.24M | 161K | 260K |
| Total Non-Current Assets | 2.63M | 896K | 734K | 556K | 375K |
| Property, Plant & Equipment | 70K | 155K | 61K | 24K | 24K |
| Fixed Asset Turnover | 178.66x | 57.74x | 142.08x | 367.71x | 258.13x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 815K | 741K | 673K | 532K | 351K |
| Long-Term Investments | 1.75M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 38.32M | 9.08M | 5.2M | 4.32M | 3.69M |
| Asset Turnover | 0.33x | 0.99x | 1.67x | 2.04x | 1.68x |
| Asset Growth % | 321.85% | 74.79% | 20.22% | 17.15% | - |
| Total Current Liabilities | 6.34M | 5.13M | 12.59M | 4.23M | 3.85M |
| Accounts Payable | 4.95M | 4.08M | 5.46M | 3.4M | 2.86M |
| Days Payables Outstanding | 194.54 | 216.5 | 292.68 | 173.24 | 235.31 |
| Short-Term Debt | 0 | 0 | 5.15M | 2.35M | 500K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | -2.35M | 0 |
| Current Ratio | 5.63x | 1.60x | 0.35x | 0.89x | 0.86x |
| Quick Ratio | 5.63x | 1.60x | 0.35x | 0.89x | 0.86x |
| Cash Conversion Cycle | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 91K | 32K | 5.09M | 0 |
| Long-Term Debt | 0 | 0 | 0 | 5.09M | 0 |
| Capital Lease Obligations | 0 | 59K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 32K | 32K | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 6.34M | 5.22M | 12.62M | 9.32M | 3.85M |
| Total Debt | 59K | 135K | 5.2M | 7.44M | 500K |
| Net Debt | -4.94M | -5.38M | 3.51M | 4.44M | -2.13M |
| Debt / Equity | 0.00x | 0.03x | - | - | - |
| Debt / EBITDA | - | - | - | - | 1.12x |
| Net Debt / EBITDA | - | - | - | - | -4.79x |
| Interest Coverage | -3495.20x | -241.53x | -27.85x | -25.51x | -13.24x |
| Total Equity | 31.98M | 3.87M | -7.42M | -5M | -156K |
| Equity Growth % | 726.84% | 152.12% | -48.47% | -3104.49% | - |
| Book Value per Share | 1.17 | 0.18 | -0.39 | -0.43 | -0.01 |
| Total Shareholders' Equity | 31.84M | 3.97M | -7.34M | -4.96M | -155K |
| Common Stock | 32K | 7K | 4K | 3K | 3K |
| Retained Earnings | -62.24M | -44.54M | -25.89M | -13.07M | -8.14M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -228K | 111K | -117K | 0 | 0 |
| Minority Interest | 143K | -104K | -79K | -37K | -1K |
Imminent liquidity and solvency
According to the latest quarterly data, Ryde's equity position shifted from a deficit of $6.6 million in 2023Q2 to a positive $31.8 million by 2025Q4, yet this improvement appears driven by external capital injections rather than organic accumulation of retained earnings, which remain deeply negative at $62.2 million.
The transition to positive equity suggests a reliance on dilutive financing to sustain operations rather than a fundamental improvement in business quality. Investors should monitor whether this capital base can support the platform's high burn rate or if it merely delays an inevitable liquidity event.
As reported in financial statements, Ryde maintains a negligible debt-to-equity ratio of 0.00 as of 2025Q4, with total debt standing at only $59,000, which indicates that the company's primary financial distress stems from operational losses rather than an over-leveraged capital structure.
While the lack of significant debt reduces immediate interest burden, it also highlights the company's limited access to traditional credit markets, forcing a reliance on equity-based funding. This capital structure appears to be a necessity-driven response to the lack of durable, positive cash flow.
Based on the provided figures, Ryde's cash position of $5.0 million in 2025Q4 provides a limited buffer against its ongoing operating losses, despite a reported current ratio of 5.63 that may be distorted by the timing of current asset recognition relative to the company's high-velocity transactional model.
The current ratio improvement appears to be a temporary artifact rather than a sign of robust liquidity, given the persistent negative retained earnings. The company's ability to fund its operations without further dilution remains a critical concern for stakeholders monitoring the short-term runway.
As indicated by the historical balance sheet data, the company's retained earnings have deteriorated to a staggering $62.2 million deficit as of 2025Q4, which serves as a stark reminder that the platform has yet to prove its ability to generate value beyond the initial capital invested.
This massive deficit suggests that the business model may be fundamentally misaligned with its cost structure, regardless of recent revenue growth. The persistent erosion of equity through operating losses warrants deep skepticism regarding the company's long-term sustainability as a standalone entity.
Quick answers to the most common questions about buying RYDE stock.
As of 2025, Ryde Group Ltd. (RYDE) had total assets of $38.3M including $35.7M in current assets.
Ryde Group Ltd. (RYDE) carries total debt of $0.1M, offset by $5.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ryde Group Ltd. (RYDE) has total shareholders' equity (book value) of $31.8M ($1.17 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ryde Group Ltd. (RYDE) reported a current ratio of 5.63x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.