The company maintains a conservative financial profile with a 1.64% debt-to-equity ratio, though this is offset by a high 12.56 P/B valuation that appears disconnected from the firm's current negative profitability.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Total Current Assets | 11.26M | 10.49M | 7.35M | 6.43M | 6.85M |
| Cash & Short-Term Investments | 732K | 3.01M | 350K | 1.43M | 2.14M |
| Cash Only | 732K | 3.01M | 350K | 1.43M | 2.14M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 9.29M | 7.44M | 6.96M | 4.94M | 4.62M |
| Days Sales Outstanding | 261.78 | 240.36 | 260.2 | 187.49 | 141.38 |
| Inventory | 45K | 43K | 46K | 61K | 95K |
| Days Inventory Outstanding | 1.69 | 2.5 | 2.7 | 4.48 | 4.47 |
| Other Current Assets | 81K | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 20.39M | 15.29M | 7.95M | 5.92M | 6.24M |
| Property, Plant & Equipment | 20.39M | 15.29M | 7.94M | 5.92M | 6.18M |
| Fixed Asset Turnover | 0.64x | 0.74x | 1.23x | 1.62x | 1.93x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 1K | 13K | 0 | 62K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 31.64M | 25.78M | 15.31M | 12.35M | 13.1M |
| Asset Turnover | 0.41x | 0.44x | 0.64x | 0.78x | 0.91x |
| Asset Growth % | 22.74% | 68.44% | 23.92% | -5.67% | - |
| Total Current Liabilities | 15.19M | 13.36M | 11.15M | 7.99M | 3.57M |
| Accounts Payable | 4.92M | 3.76M | 1.7M | 707K | 573K |
| Days Payables Outstanding | 185.3 | 218.74 | 99.8 | 51.96 | 26.94 |
| Short-Term Debt | 1.96M | 2.56M | 4.18M | 1.49M | 1.68M |
| Deferred Revenue (Current) | 442K | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 0.74x | 0.79x | 0.66x | 0.80x | 1.92x |
| Quick Ratio | 0.74x | 0.78x | 0.66x | 0.80x | 1.89x |
| Cash Conversion Cycle | 78.17 | 24.12 | 163.1 | 140.01 | 118.91 |
| Total Non-Current Liabilities | 9.21M | 5.08M | 2.1M | 2.55M | 4.16M |
| Long-Term Debt | 6.97M | 3.45M | 873K | 2.37M | 3.85M |
| Capital Lease Obligations | 2.24M | 1.63M | 1.23M | 176K | 309K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 24.4M | 18.44M | 13.25M | 10.54M | 7.72M |
| Total Debt | 11.9M | 8.45M | 6.63M | 4.51M | 6.16M |
| Net Debt | 11.17M | 5.44M | 6.28M | 3.08M | 4.02M |
| Debt / Equity | 1.64x | 1.15x | 3.23x | 2.49x | 1.15x |
| Debt / EBITDA | - | 3.87x | 3.84x | 1.64x | 2.50x |
| Net Debt / EBITDA | - | 2.50x | 3.64x | 1.12x | 1.63x |
| Interest Coverage | -4.85x | 2.81x | 2.48x | 13.11x | 9.64x |
| Total Equity | 7.24M | 7.34M | 2.05M | 1.81M | 5.37M |
| Equity Growth % | -1.42% | 257.72% | 13.3% | -66.27% | - |
| Book Value per Share | 0.39 | 4.70 | 1.31 | 1.16 | 3.44 |
| Total Shareholders' Equity | 7.24M | 7.34M | 2.05M | 1.81M | 5.37M |
| Common Stock | 5K | 4K | 3K | 3K | 3K |
| Retained Earnings | -2.33M | 650K | 206K | 8K | 3.5M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 202K | -277K | 10K | -33K | 33K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital constraints
According to the provided financial snapshot, SKK's balance sheet trajectory appears increasingly strained as the company struggles to convert its 14.58% revenue growth into a stable capital base, leaving the firm with limited financial flexibility to navigate the high-cost environment of Singaporean utility infrastructure projects.
The current trajectory suggests that the company is in a precarious scaling phase where administrative overhead is outpacing the accumulation of retained earnings. Investors should monitor whether the firm can achieve a pivot toward positive equity growth, as the current trend indicates a reliance on external capital or existing reserves to sustain operations.
Based on reported figures, SKK maintains a cash position of only $732,000, which appears insufficient to provide a meaningful buffer against operational shocks or to fund the performance bonds required for larger, more lucrative utility contracts within the highly competitive Singaporean engineering and construction market.
This limited liquidity position suggests that the company may be forced to prioritize short-term cash preservation over long-term strategic investments. The lack of a robust cash cushion warrants further investigation into the company's ability to manage potential delays in project-based billing cycles from government-linked entities.
As reported in financial statements, SKK maintains a low debt-to-equity ratio of 1.64%, which suggests a conservative approach to financial leverage that may provide a temporary safety net while the company navigates its current period of negative operating margins and high fixed-cost absorption.
While the low leverage profile is a positive indicator of financial discipline, it may also reflect limited access to credit markets given the company's current loss-making status. Investors should consider whether this conservative stance is a strategic choice or a necessity driven by the firm's inability to service higher debt loads.
Based on the company's reliance on percentage-of-completion accounting, the balance sheet may be distorted by significant unbilled receivables, which could mask underlying liquidity issues by inflating asset values that have not yet been converted into actual cash inflows from Singaporean utility project owners.
This accounting nuance suggests that the headline asset values may not accurately reflect the company's immediate ability to meet short-term obligations. Analysts should scrutinize the quality of these contract assets, as any impairment or collection delay could rapidly exacerbate the firm's existing liquidity constraints.
Quick answers to the most common questions about buying SKK stock.
As of 2025, SKK Holdings Limited (SKK) had total assets of $31.6M including $11.3M in current assets.
SKK Holdings Limited (SKK) carries total debt of $11.9M, offset by $0.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
SKK Holdings Limited (SKK) has total shareholders' equity (book value) of $7.2M ($0.39 book value per share). Book value represents the net worth of the company belonging to common stock holders.
SKK Holdings Limited (SKK) reported a current ratio of 0.74x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.