The firm's financial position is increasingly vulnerable, with negative equity of -$23.3 million and a constrained current ratio of 0.44 as of 2025Q4.
Origin Agritech Limited (SEED) balance sheet — 22-year assets, liabilities & shareholders' equity history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Total Current Assets | 60.83M | 66.08M | 99.75M | 141.78M | 81.54M | 58.14M | 64.4M | 69.22M | 214.88M | 89.06M | 478.1M | 543.76M | 624.95M | 684.54M | 559.04M | 510.82M | 664.26M | 513.29M | 565.54M | 794.32M | 717.83M | 172.88M | 496.59K |
| Cash & Short-Term Investments | 13.37M | 15.88M | 8.38M | 23.71M | 17.67M | 15.35M | 22.48M | 3.2M | 1.99M | 3.25M | 54.51M | 66.03M | 46.27M | 131.98M | 152.79M | 129.94M | 299.67M | 121.75M | 102.26M | 296.28M | 287.52M | 821.45K | 496.59K |
| Cash Only | 13.37M | 15.88M | 8.38M | 23.71M | 17.67M | 15.35M | 22.48M | 3.2M | 1.99M | 3.25M | 54.51M | 66.03M | 46.27M | 131.98M | 152.79M | 129.94M | 299.67M | 121.75M | 102.26M | 162.31M | 140.83M | 821.45K | 496.59K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 133.97M | 146.69M | 0 | 0 |
| Accounts Receivable | 10.73M | 13.57M | 12.67M | 854K | 28.75M | 16.11M | 25.42M | 35.37M | 129.51M | 55.96M | 491K | 2.05M | 1.02M | 1.95M | 11.31M | 13.95M | 17.9M | 14.42M | 16.93M | 11.89M | 21.52M | 237.27M | 0 |
| Days Sales Outstanding | 67.78 | 54.28 | 40.79 | 3.34 | 199.55 | 126.64 | 176.66 | 139.66 | 3.66K | - | 0.53 | 1.99 | 0.9 | 1.48 | 7.47 | 8.98 | 11.17 | 8.88 | 12.03 | 8.87 | 37.88 | - | - |
| Inventory | 24.8M | 14.43M | 12.87M | 13.04M | 2.11M | 4.18M | 13.57M | 28.53M | 81.95M | 1.22M | 368.09M | 439.56M | 516.37M | 470.81M | 282.54M | 210.83M | 283.17M | 341.77M | 387.73M | 449.21M | 343.28M | 355.86M | 0 |
| Days Inventory Outstanding | 242.88 | 62.05 | 48.29 | 62.57 | 21.13 | 45.37 | 101.07 | 98.91 | 4.24K | - | 518.23 | 607.64 | 625.85 | 545.4 | 265.94 | 207.09 | 292.31 | 317.55 | 349.62 | 354.24 | 969.67 | - | - |
| Other Current Assets | 134K | 264K | 97K | 30.81M | 12.32M | 16.71M | 459K | 1.59M | 121K | 74K | 467.23M | 36.12M | 61.29M | 79.8M | 1.24M | 65.06M | 18.84M | 8.72M | 0 | 0 | 0 | 52.82M | 0 |
| Total Non-Current Assets | 31.74M | 34.57M | 31.81M | 96.72M | 54.41M | 60.9M | 190.49M | 191.89M | 215.22M | 235.08M | 402.52M | 442.07M | 439.92M | 473.53M | 416.39M | 307.56M | 270.75M | 311.25M | 328.75M | 316.66M | 265.45M | 149.62M | 206.95K |
| Property, Plant & Equipment | 29.32M | 32.49M | 28.62M | 21.92M | 47.94M | 50.59M | 117.7M | 149.12M | 172.75M | 144.83M | 313.75M | 324.9M | 338.53M | 354.74M | 317.08M | 190.09M | 161.68M | 152.96M | 146.37M | 143.04M | 125.32M | 105.04M | 0 |
| Fixed Asset Turnover | 1.42x | 2.81x | 3.96x | 4.26x | 1.10x | 0.92x | 0.45x | 0.62x | 0.07x | - | 1.07x | 1.16x | 1.23x | 1.36x | 1.74x | 2.99x | 3.62x | 3.87x | 3.51x | 3.42x | 1.65x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.97M | 11.97M | 11.97M | 11.97M | 11.97M | 11.97M | 16.66M | 16.66M | 16.66M | 16.66M | 10.89M | 0 | 0 |
| Intangible Assets | 2.42M | 2.08M | 3.19M | 3.26M | 4.78M | 5.63M | 14.43M | 18.38M | 24.93M | 29.59M | 55.67M | 63.11M | 66.69M | 56.32M | 57.9M | 62.33M | 56.25M | 57.14M | 53.36M | 64.61M | 46.76M | 21.4M | 0 |
| Long-Term Investments | 0 | 0 | 0 | 66.65M | 1.69M | 4.6M | 10.35M | 16.35M | 16.35M | 18.72M | 18.72M | 18.72M | 18.72M | 24.89M | 22.43M | 20.5M | 22.5M | 65.45M | 65.38M | 58.88M | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 454.95K | 4.89M | 252.71K | 83K | 5.75M | 5.65M | 1.2M | 40.74M | 2.41M | 20.33M | 48K | 14.38M | 5.25M | 19.64M | 3.88M | 3.99M | 20.78M | 20.63M | 78.44M | 22.85M | 206.95K |
| Total Assets | 92.57M | 100.65M | 131.56M | 238.51M | 135.96M | 119.04M | 254.88M | 261.11M | 430.1M | 324.14M | 880.63M | 985.83M | 1.06B | 1.16B | 975.44M | 818.38M | 935.01M | 824.54M | 894.3M | 1.11B | 983.28M | 172.88M | 703.54K |
| Asset Turnover | 0.45x | 0.91x | 0.86x | 0.39x | 0.39x | 0.39x | 0.21x | 0.35x | 0.03x | - | 0.38x | 0.38x | 0.39x | 0.42x | 0.57x | 0.69x | 0.63x | 0.72x | 0.57x | 0.44x | 0.21x | - | - |
| Asset Growth % | -38.29% | -23.5% | -44.84% | 75.43% | 14.21% | -53.3% | -2.39% | -39.29% | 32.69% | -63.19% | -10.67% | -7.42% | -8.05% | 18.72% | 19.19% | -12.47% | 13.4% | -7.8% | -19.5% | 12.99% | 468.76% | 24473% | - |
| Total Current Liabilities | 155.62M | 149.33M | 184.28M | 313.46M | 292.87M | 286.37M | 176.94M | 247.8M | 432.17M | 134.1M | 614.5M | 634.14M | 704.61M | 751.98M | 605.2M | 532.57M | 596.61M | 546.82M | 487.58M | 499.35M | 509.17M | 2.36M | 501.02K |
| Accounts Payable | 14.07M | 12.06M | 8.47M | 4.94M | 10.16M | 9.17M | 9.6M | 9.72M | 7.96M | 1.45M | 1.29M | 4.39M | 4.53M | 4.59M | 5.03M | 5.74M | 8.96M | 13.94M | 7.92M | 14.37M | 22.01M | 28.84M | 22.74M |
| Days Payables Outstanding | 138.74 | 51.83 | 31.77 | 23.69 | 101.93 | 99.58 | 71.49 | 33.71 | 412.03 | - | 1.82 | 6.07 | 5.48 | 5.32 | 4.74 | 5.64 | 9.25 | 12.95 | 7.14 | 11.33 | 62.18 | - | - |
| Short-Term Debt | 29.1M | 23.49M | 4.95M | 15.47K | 137.66M | 137.66M | 0 | 78.61M | 78.23M | 58.84M | 217.06M | 244M | 262.71M | 225.41M | 42.91M | 20M | 85.9M | 198.19M | 163.94M | 268.4M | 253M | 63.03M | 496.69K |
| Deferred Revenue (Current) | 86.13M | 47.2M | 78.69M | 114.81M | 61.44M | 46.79M | 66.38M | 62.58M | 13.99M | 4.78M | 215.85M | 286.34M | 360.22M | 413.63M | 458.29M | 19.81M | 23.11M | 18.28M | 34.85M | 105.42M | 24.08M | 181.66M | 0 |
| Other Current Liabilities | 14.58M | 0 | 66.34M | -7.63M | -32.65M | 4K | 0 | 0 | 0 | 22.64M | 344.16M | 66.42M | 43.88M | 52.41M | 36K | 150K | 0 | 0 | 0 | 0 | 72.13M | 222.22M | 245.75M |
| Current Ratio | 0.39x | 0.44x | 0.54x | 0.45x | 0.28x | 0.20x | 0.36x | 0.28x | 0.50x | 0.66x | 0.78x | 0.86x | 0.89x | 0.91x | 0.92x | 0.96x | 1.11x | 0.94x | 1.16x | 1.59x | 1.41x | 73.30x | 0.99x |
| Quick Ratio | 0.23x | 0.35x | 0.47x | 0.41x | 0.27x | 0.19x | 0.29x | 0.16x | 0.31x | 0.65x | 0.18x | 0.16x | 0.15x | 0.28x | 0.46x | 0.56x | 0.64x | 0.31x | 0.36x | 0.69x | 0.74x | -77.58x | 0.99x |
| Cash Conversion Cycle | 171.92 | 64.5 | 57.31 | 42.23 | 118.75 | 72.43 | 206.24 | 204.86 | 7.49K | - | 516.94 | 603.56 | 621.27 | 541.56 | 268.68 | 210.42 | 294.24 | 313.48 | 354.5 | 351.78 | 945.37 | - | - |
| Total Non-Current Liabilities | 12.47M | 12.83M | 5.88M | 6.3M | 15.73M | 18.27M | 163.41M | 28.79M | 21.28M | 77.24M | 47.51M | 60.91M | 50.67M | 85.85M | 56.81M | 0 | 9.43M | 0 | 103.47M | 265.94M | 2.88M | 33.97M | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 137.66M | 0 | 0 | 56.77M | 20M | 40.97M | 31.02M | 64.82M | 35M | 0 | 0 | 0 | 66.23M | 175.55M | 1.88M | 1.88M | 0 |
| Capital Lease Obligations | 4.68M | 2.34M | 65K | 128K | 1.5M | 2.55M | 2.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 12.47M | 10.49M | 5.81M | 6.18M | 14.23M | 15.72M | 23.07M | 28.79M | 21.28M | 20.47M | 27.51M | 19.94M | 19.65M | 21.03M | 21.81M | 0 | 9.43M | 0 | 37.24M | 90.39M | 1M | 32.09M | 0 |
| Total Liabilities | 168.09M | 162.16M | 190.16M | 319.77M | 308.6M | 304.64M | 340.35M | 276.59M | 453.45M | 211.34M | 662.01M | 695.05M | 755.28M | 837.83M | 662M | 532.57M | 606.04M | 546.82M | 591.05M | 765.29M | 512.05M | 36.33M | 501.02K |
| Total Debt | 29.12M | 26.13M | 5.08M | 241K | 139.28M | 140.77M | 140.89M | 78.61M | 78.23M | 115.61M | 237.06M | 284.97M | 293.74M | 290.23M | 74M | 20M | 85.9M | 198.19M | 230.17M | 443.95M | 254.66M | 64.91M | 496.69K |
| Net Debt | 15.75M | 10.26M | -3.3M | -23.47M | 121.61M | 125.42M | 118.41M | 75.41M | 76.25M | 112.36M | 182.55M | 218.95M | 247.47M | 158.25M | -78.79M | -109.94M | -213.77M | 76.43M | 127.91M | 281.63M | 113.83M | 64.09M | 100 |
| Debt / Equity | -0.39x | - | - | - | - | - | - | - | - | 1.02x | 1.08x | 0.98x | 0.95x | 0.91x | 0.24x | 0.07x | 0.26x | 0.71x | 0.76x | 1.28x | 0.54x | 0.46x | 2.45x |
| Debt / EBITDA | -0.81x | - | - | - | - | - | - | - | - | - | - | 8.94x | 72.62x | 6.26x | 4.60x | 0.56x | 1.03x | 2.96x | - | - | 10.52x | - | 0.01x |
| Net Debt / EBITDA | -0.44x | - | - | - | - | - | - | - | - | - | - | 6.87x | 61.18x | 3.42x | -4.90x | -3.06x | -2.55x | 1.14x | - | - | 4.70x | - | 0.00x |
| Interest Coverage | -8.10x | -20.25x | 13.39x | 64.98x | -1.57x | -7.95x | -16.67x | -12.92x | -5.71x | -12.53x | -8.60x | -4.70x | -1.46x | 2.22x | 0.77x | 1.65x | 9.86x | 0.39x | -0.23x | -5.90x | 17.45x | 9.52x | - |
| Total Equity | -75.51M | -61.52M | -58.6M | -81.26M | -172.64M | -185.6M | -85.46M | -15.47M | -23.35M | 112.8M | 218.62M | 290.78M | 309.59M | 320.25M | 313.43M | 285.81M | 328.97M | 277.72M | 303.25M | 345.69M | 471.22M | 139.79M | 202.52K |
| Equity Growth % | -51.03% | -4.98% | 27.89% | 52.93% | 6.98% | -117.17% | -452.26% | 33.72% | -120.7% | -48.4% | -24.82% | -6.08% | -3.33% | 2.17% | 9.66% | -13.12% | 18.45% | -8.42% | -12.28% | -26.64% | 237.09% | 68924.74% | - |
| Book Value per Share | -10.08 | -8.21 | -9.06 | -12.38 | -30.73 | -33.04 | -16.99 | -3.70 | -7.63 | 40.17 | 95.64 | 127.56 | 136.12 | 137.57 | 134.04 | 123.87 | 140.97 | 120.68 | 131.92 | 148.57 | 419.98 | 139.79 | 0.20 |
| Total Shareholders' Equity | -37.66M | -23.34M | -31.29M | -57.4M | -133.87M | -140.67M | -77.19M | -22.68M | -24.71M | 112.31M | 180.29M | 241.19M | 256M | 266.04M | 261.05M | 259.04M | 271.88M | 226.33M | 264.02M | 296.92M | 458.19M | 136.55M | 202.52K |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.06K | 720 |
| Retained Earnings | -648.56M | -634.18M | -580.85M | -601.57M | -656.9M | -650.63M | -559.1M | -473.84M | -411.72M | -258.06M | -182.39M | -116.81M | -103M | -93.47M | -100.97M | -99.53M | -76.45M | -125.51M | -84.69M | -41.4M | 121.7M | -5.53M | -4.43K |
| Treasury Stock | -4.46M | -4.46M | -6.13M | -6.13M | -6.13M | -6.13M | -10.36M | -19.16M | -19.16M | -22.79M | -37.45M | -37.45M | -37.45M | -35.66M | -29.38M | -29.38M | -29.38M | -29.38M | -29.38M | -29.38M | 0 | 0 | 0 |
| Accumulated OCI | -22.96M | -23.02M | -22.82M | -22.99M | -22.77M | -23.22M | -22.41M | -23.78M | -22.14M | -18.82M | -11.18M | -7.05M | -4.45M | -4.39M | -6.28M | -6.4M | -9.34M | -10.4M | -10.77M | -9.63M | -4.04M | -387.53K | 0 |
| Minority Interest | -37.86M | -38.18M | -27.31M | -23.86M | -38.77M | -44.93M | -8.27M | 7.21M | 1.36M | 490K | 38.33M | 49.58M | 53.59M | 54.2M | 52.38M | 26.77M | 57.09M | 51.39M | 39.22M | 48.77M | 13.04M | 3.24M | 0 |
Quick answers to the most common questions about buying SEED stock.
As of 2025, Origin Agritech Limited (SEED) had total assets of $100.6M including $66.1M in current assets.
Origin Agritech Limited (SEED) carries total debt of $26.1M, offset by $15.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Origin Agritech Limited (SEED) has total shareholders' equity (book value) of $-23.3M ($-8.21 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Origin Agritech Limited (SEED) reported a current ratio of 0.44x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Liquidity and solvency risk
Balance Sheet Erosion Accelerates Downward
As reported in recent financial statements, Origin Agritech's total assets have declined from $238.5 million in 2023Q3 to $100.7 million by 2025Q4, signaling a significant contraction in the company's resource base and an inability to stabilize its financial position amidst ongoing operational losses.
The consistent reduction in total assets alongside persistent negative equity suggests that the company is consuming its capital base to fund operations. This trajectory indicates that the business model is currently unable to generate the internal growth required to maintain its asset footprint, raising questions about long-term viability.
Liquidity Constraints Threaten Operational Continuity
According to the latest quarterly filings, the company maintains a current ratio of 0.44, which, when combined with cash reserves of only $15.9 million, suggests a severe liquidity buffer deficiency that leaves the firm highly exposed to short-term operational shocks or unexpected capital requirements.
A current ratio consistently below 1.0 indicates that current liabilities significantly outweigh current assets, forcing the company into a perpetual state of working capital management. Investors should monitor whether this liquidity profile necessitates further dilutive financing to meet immediate obligations.
Debt Burden Complicates Financial Recovery
Based on the provided balance sheet data, total debt has fluctuated significantly, reaching $54.3 million in 2025Q4, which represents a substantial liability for a company with negative equity and a history of operating losses, as noted in recent regulatory filings.
The volatility in debt levels suggests a reliance on external financing to bridge the gap between operational cash burn and capital needs. This leverage, in the context of negative equity, implies that the company is effectively insolvent on a book-value basis, placing the burden of proof on future operational success.
Negative Equity Reflects Value Destruction
As indicated by the company's financial records, equity has remained deeply negative, reaching -$23.3 million in 2025Q4, a trend driven by the accumulation of -$634.3 million in retained earnings that highlights years of persistent value destruction for shareholders.
The persistent negative equity position suggests that the company has exhausted its original capital and is operating entirely on debt or external funding. This structure makes the balance sheet highly sensitive to any further impairment of assets or additional operational losses.
Deferred Revenue Masks Operational Reality
Data from recent filings reveals that deferred revenue reached $46.8 million in 2025Q4, a significant liability that may distort the company's true financial health by creating an obligation to deliver services or products without a corresponding immediate cash inflow to cover current operating costs.
The presence of large deferred revenue balances in a company with negative equity warrants further investigation into the timing of revenue recognition and the associated costs of fulfillment. This liability may represent a future cash drain rather than a source of strength if the cost to fulfill these obligations exceeds the cash already received.