The company maintains a conservative capital structure with a debt-to-equity ratio of 0.09, though retained earnings have eroded significantly to $32.8 million as of 2025Q4.
| Total Current Assets | 96.18M | 135.33M | 97.08M | 77.22M | 82.36M | 5.91M |
| Cash & Short-Term Investments | 25.35M | 52.34M | 16.4M | 25.19M | 31.08M | 804.55K |
| Cash Only | 25.35M | 52.34M | 16.4M | 25.19M | 31.08M | 804.55K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 37.98M | 28.3M | 38.17M | 28.37M | 32.6M | 3.74M |
| Days Sales Outstanding | 72.19 | 56.7 | 85.1 | 75.9 | 101.22 | 119.23 |
| Inventory | 25.77M | 47.61M | 40.92M | 22.69M | 17.95M | 1.3M |
| Days Inventory Outstanding | 58.3 | 129.15 | 129.15 | 666.42 | 623.32 | 59.26 |
| Other Current Assets | 717.22K | 2.07M | 151.9K | 80.08K | 820 | 57.67K |
| Total Non-Current Assets | 31.58M | 21.75M | 17.36M | 2.08M | 2.18M | 3.93M |
| Property, Plant & Equipment | 12.85M | 14.38M | 9.52M | 1.55M | 1.87M | 3.61M |
| Fixed Asset Turnover | 14.94x | 12.67x | 17.20x | 87.99x | 62.80x | 3.17x |
| Goodwill | 1.27M | 1.27M | 1.27M | 1.27M | 1.27M | 163.98K |
| Intangible Assets | 194.1K | 268.5K | 144.88K | 229.88K | 167.46K | 0 |
| Long-Term Investments | 11.23M | 1.16M | 1.16M | 135.73K | 125.85K | 32.38K |
| Other Non-Current Assets | 3.6M | 4.46M | 3.85M | -1.11M | -1.25M | 115.47K |
| Total Assets | 127.76M | 157.08M | 114.44M | 11.92M | 12.76M | 9.84M |
| Asset Turnover | 1.50x | 1.16x | 1.43x | 11.45x | 9.21x | 1.16x |
| Asset Growth % | -18.67% | 37.26% | 860.42% | -6.65% | 29.77% | - |
| Total Current Liabilities | 34.13M | 53.26M | 54.48M | 47.68M | 53.36M | 5.45M |
| Accounts Payable | 7.65M | 8.63M | 16.1M | 3.17M | 5.55M | 1.16M |
| Days Payables Outstanding | 17.3 | 23.4 | 50.83 | 93.24 | 192.75 | 52.56 |
| Short-Term Debt | 3.93M | 2.36M | 3.5M | 2.93M | 1.98M | 1.18M |
| Deferred Revenue (Current) | 11.34M | 27.8M | 22.75M | 27.23M | 30.07M | 1.81M |
| Other Current Liabilities | 1.88M | 8.3M | 7.41M | 1.74M | 4.82M | 1.31M |
| Current Ratio | 2.82x | 2.54x | 1.78x | 1.62x | 1.54x | 1.08x |
| Quick Ratio | 2.06x | 1.65x | 1.03x | 1.14x | 1.21x | 0.85x |
| Cash Conversion Cycle | 113.19 | 162.44 | 163.42 | 649.08 | 531.8 | 125.93 |
| Total Non-Current Liabilities | 7.47M | 6.1M | 3.53M | 4.2M | 4.56M | 653.21K |
| Long-Term Debt | 3.54M | 0 | 0 | 0 | 0 | 114.7K |
| Capital Lease Obligations | 3.54M | 3M | 61.23K | 38K | 94.75K | 0 |
| Deferred Tax Liabilities | 1.81M | 431.72K | 1.47M | 1.77M | 0 | 370.02K |
| Other Non-Current Liabilities | -1.41M | 2.66M | 2M | 2.39M | 4.46M | 94.96K |
| Total Liabilities | 41.6M | 59.36M | 58.02M | 6.61M | 7.44M | 6.1M |
| Total Debt | 11.02M | 7.3M | 3.77M | 3.51M | 2.93M | 1.37M |
| Net Debt | -14.34M | -45.04M | -12.63M | -21.67M | -28.15M | 562K |
| Debt / Equity | 0.13x | 0.07x | 0.07x | 0.66x | 0.55x | 0.37x |
| Debt / EBITDA | - | 0.51x | 0.28x | 0.39x | 0.27x | 0.60x |
| Net Debt / EBITDA | - | -3.18x | -0.94x | -2.39x | -2.58x | 0.25x |
| Interest Coverage | -127.48x | 64.04x | 221.44x | 104.87x | 17.24x | 41.70x |
| Total Equity | 86.15M | 97.72M | 56.42M | 5.31M | 5.32M | 3.74M |
| Equity Growth % | -11.84% | 73.19% | 963.17% | -0.33% | 42.49% | - |
| Book Value per Share | 62.25 | 7.50 | 4.70 | 0.40 | 0.40 | 0.75 |
| Total Shareholders' Equity | 86.15M | 97.72M | 56.42M | 40.09M | 40.32M | 3.75M |
| Common Stock | 146.47K | 136.47K | 120K | 120K | 120K | 50.32K |
| Retained Earnings | 32.84M | 51.32M | 41.78M | 32.09M | 32.32M | 3.6M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | -90 | -119.99K | -119.99K | -119.99K | 95.47K |
| Minority Interest | 0 | 0 | 0 | 200.76K | 145.01K | -9.16K |
Operational cash burn
According to recent financial filings, SUGP's total assets have declined from $157.1 million in 2024Q4 to $127.8 million by 2025Q4, reflecting a shrinking resource base that warrants close monitoring as the company navigates persistent operational losses and shifting market conditions in the Hong Kong security sector.
The reduction in total assets suggests a potential consolidation or divestment phase, which may be an attempt to right-size the balance sheet in response to negative operating margins. Investors should consider whether this contraction is a strategic optimization of capital or a symptom of diminishing business scale.
Based on reported figures, SUGP maintains a current ratio of 2.82 as of 2025Q4, providing a temporary liquidity buffer, though the cash position has fluctuated significantly from $52.3 million in 2024Q4 to $25.4 million, highlighting the company's reliance on existing reserves to fund ongoing operational deficits.
While the current ratio appears healthy, the rapid depletion of cash reserves suggests that the company's liquidity is being consumed by its inability to achieve break-even operations. This trend implies that the current cash runway may be shorter than the headline liquidity ratios suggest if the burn rate remains elevated.
As reported in recent balance sheets, SUGP maintains a conservative debt-to-equity ratio of 0.09, indicating that the company has avoided significant external financing despite its negative profitability, which may provide some flexibility but does not address the underlying issues regarding the firm's core operational cash flow generation.
The low debt burden is a positive feature of the balance sheet, suggesting that the company is not currently facing immediate solvency risks from interest obligations. However, the lack of debt also means the company lacks the leverage to accelerate growth, leaving it dependent on its existing cash pile to survive.
Based on the company's reported financial statements, retained earnings have fallen from $51.3 million in 2024Q4 to $32.8 million in 2025Q4, reflecting a significant erosion of shareholder equity that underscores the impact of persistent net losses on the company's long-term capital structure and overall financial health.
The decline in retained earnings is a direct consequence of the company's inability to convert revenue into bottom-line profit. This trend suggests that the equity base is being depleted by operational inefficiencies, which may eventually necessitate external capital raises if the current trajectory is not reversed.
According to historical data, deferred revenue has fluctuated wildly from $37.6 million in 2024Q2 to $11.3 million in 2025Q4, suggesting that the company's reported revenue figures may be subject to significant timing distortions related to project-based engineering contracts and the recognition of long-term service agreements.
The volatility in deferred revenue makes it difficult to assess the true underlying demand for the company's services. Analysts should be cautious, as these fluctuations may be masking the true extent of the company's operational challenges and the sustainability of its revenue growth.
Quick answers to the most common questions about buying SUGP stock.
As of 2025, SU Group Holdings Limited Ordinary Shares (SUGP) had total assets of $127.8M including $96.2M in current assets.
SU Group Holdings Limited Ordinary Shares (SUGP) carries total debt of $11.0M, offset by $25.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
SU Group Holdings Limited Ordinary Shares (SUGP) has total shareholders' equity (book value) of $86.2M ($62.25 book value per share). Book value represents the net worth of the company belonging to common stock holders.
SU Group Holdings Limited Ordinary Shares (SUGP) reported a current ratio of 2.82x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.