The company maintains a conservative capital structure with a debt-to-equity ratio of 0.04, though the $985,000 in net PPE relative to $124.0 million in total assets warrants scrutiny regarding asset quality.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 73.99M | 117.8M | 115.67M | 106.76M | 105.81M | 81.9M | 68.16M | 70.31M | 89.24M | 63.66M | 63.68M | 59.75M | 48.78M | 48.97M |
| Cash & Short-Term Investments | 33.06M | 35.19M | 29.09M | 18.98M | 43.14M | 37.12M | 12.44M | 7.75M | 9.94M | 5.94M | 6.27M | 415.27K | 1.66M | 618K |
| Cash Only | 33.06M | 35.19M | 29.09M | 18.98M | 43.14M | 37.12M | 12.44M | 7.75M | 9.94M | 5.94M | 6.27M | 415.27K | 1.66M | 618K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 37.81M | 77.25M | 84.34M | 84.04M | 45.79M | 34.41M | 39.35M | 32.5M | 44.85M | 40.64M | 40.61M | 43.64M | 28.46M | 38.33M |
| Days Sales Outstanding | 359.73 | 656.65 | 650.59 | 573.45 | 302.41 | 297.04 | 291.76 | 401.23 | 379.94 | 311.21 | 251.93 | 243.19 | 169.68 | 276.95 |
| Inventory | 242.35K | 191.25K | 1.24M | 898.69K | 1.07M | 671.25K | 595.63K | 1.96M | 2.76M | 1.2M | 1.1M | 1.34M | 1.34M | 1.63M |
| Days Inventory Outstanding | 2.83 | 2.05 | 12.14 | 7.56 | 8.71 | 6.48 | 5.03 | 33.17 | 31.11 | 12.82 | 9.55 | 10.9 | 11.13 | 16.29 |
| Other Current Assets | 2.39M | 887.19K | 809.48K | 1.79M | 10.78M | 9.65M | 15.68M | 27.16M | 30.42M | 16M | 120.66K | 14.36M | 17.32M | 3.91M |
| Total Non-Current Assets | 49.98M | 25.15M | 26.02M | 27.38M | 28.72M | 34.39M | 47.29M | 63.88M | 49.24M | 30.65M | 23.39M | 18.96M | 15.22M | 14.79M |
| Property, Plant & Equipment | 984.98K | 1.18M | 2.38M | 3.07M | 2.42M | 2.48M | 2.7M | 3.24M | 9.88M | 9.27M | 11.12M | 12.8M | 12.57M | 12.92M |
| Fixed Asset Turnover | 38.94x | 36.28x | 19.90x | 17.40x | 22.86x | 17.06x | 18.23x | 9.12x | 4.36x | 5.14x | 5.29x | 5.12x | 4.87x | 3.91x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.86M | 9M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 170.78K | 184.55K | 212.09K | 184.82K | 205.97K | 664.03K | 12.96M | 15.27M | 17.48M | 1.79M | 2.1M | 2.42M | 2.65M | 1.87M |
| Long-Term Investments | 44.19M | 22.79M | 23.43M | 24.12M | 26.1M | 25.5M | 23.88M | 18.16M | 9.27M | 8.64M | 0 | 0 | 15.19M | 0 |
| Other Non-Current Assets | 0 | 995.01K | 0 | 0 | 0 | 5.76M | 7.75M | 8.56M | 12.88M | 10.86M | 10.17M | 3.71M | -15.22M | 0 |
| Total Assets | 123.97M | 142.95M | 141.69M | 134.13M | 134.53M | 116.3M | 115.45M | 134.19M | 138.49M | 94.3M | 87.07M | 78.71M | 68.11M | 63.76M |
| Asset Turnover | 0.31x | 0.30x | 0.33x | 0.40x | 0.41x | 0.36x | 0.43x | 0.22x | 0.31x | 0.51x | 0.68x | 0.83x | 0.90x | 0.79x |
| Asset Growth % | -13.28% | 0.89% | 5.63% | -0.29% | 15.68% | 0.73% | -13.97% | -3.1% | 46.85% | 8.3% | 10.63% | 15.56% | 6.82% | - |
| Total Current Liabilities | 11.23M | 11.76M | 17.61M | 13.54M | 21.77M | 16.8M | 19.13M | 22.15M | 26.79M | 14.1M | 13.99M | 16.23M | 20.17M | 16.7M |
| Accounts Payable | 477.79K | 358 | 2.31M | 2.12M | 1.56M | 1.54M | 1.65M | 2.52M | 5.34M | 1.95M | 3.07M | 3.74M | 3.15M | 2.95M |
| Days Payables Outstanding | 5.59 | 0 | 22.69 | 17.82 | 12.73 | 14.91 | 13.93 | 42.79 | 60.09 | 20.83 | 26.73 | 30.44 | 26.1 | 29.51 |
| Short-Term Debt | 3.77M | 3.45M | 8.27M | 4.49M | 12.53M | 8.68M | 8.22M | 13.93M | 12.18M | 9.27M | 8.44M | 9.29M | 13.45M | 9.35M |
| Deferred Revenue (Current) | 4.61M | 11.58K | 1.21M | 1.83M | 3.58M | 3.18M | 6.96M | 865.62K | 1.2M | 799.51K | 606.03K | 563K | 1.21M | 1.34M |
| Other Current Liabilities | 0 | 5.02M | 146.5K | -75.04K | 1.62M | -76.41K | 761.5K | 3.98M | 7.58M | 2.17M | 1.61M | 2.29M | 2.26M | 1.89M |
| Current Ratio | 6.59x | 10.02x | 6.57x | 7.88x | 4.86x | 4.87x | 3.56x | 3.17x | 3.33x | 4.52x | 4.55x | 3.68x | 2.42x | 2.93x |
| Quick Ratio | 6.57x | 10.00x | 6.50x | 7.82x | 4.81x | 4.83x | 3.53x | 3.09x | 3.23x | 4.43x | 4.48x | 3.60x | 2.35x | 2.83x |
| Cash Conversion Cycle | 356.98 | 658.7 | 640.04 | 563.19 | 298.39 | 288.61 | 282.86 | 391.61 | 350.96 | 303.2 | 234.74 | 223.65 | 154.71 | 263.74 |
| Total Non-Current Liabilities | 2.4M | 2.92M | 1.07M | 4.66M | 223.29K | 0 | 1.78M | 2.05M | 2.09M | 0 | 0 | 26.11M | 0 | 4.01M |
| Long-Term Debt | 0 | 0 | 0 | 3.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.01M |
| Capital Lease Obligations | 745.12K | 919.78K | 1.07M | 1.26M | 223.29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 1.78M | 2.05M | 2.09M | 0 | 0 | 26.11M | 0 | 0 |
| Other Non-Current Liabilities | 1.65M | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -26.11M | 0 | 0 |
| Total Liabilities | 13.63M | 14.68M | 18.68M | 18.2M | 21.99M | 16.8M | 20.92M | 24.21M | 28.88M | 14.1M | 13.99M | 16.23M | 20.17M | 20.71M |
| Total Debt | 4.65M | 4.51M | 9.51M | 9.31M | 12.87M | 8.68M | 7.35M | 13.06M | 12.18M | 6.69M | 8.44M | 9.29M | 13.45M | 13.36M |
| Net Debt | -28.41M | -30.68M | -19.58M | -9.67M | -30.28M | -28.44M | -5.09M | 5.31M | 2.24M | 751.81K | 2.17M | 8.87M | 11.79M | 12.75M |
| Debt / Equity | 0.04x | 0.04x | 0.08x | 0.08x | 0.11x | 0.09x | 0.08x | 0.12x | 0.11x | 0.08x | 0.12x | 0.15x | 0.28x | 0.31x |
| Debt / EBITDA | 0.88x | 0.80x | 4.17x | 1.40x | - | - | 4.50x | 3.82x | 2.26x | 0.97x | 0.72x | 0.50x | 1.03x | 1.09x |
| Net Debt / EBITDA | -5.37x | -5.47x | -8.59x | -1.46x | - | - | -3.11x | 1.55x | 0.42x | 0.11x | 0.19x | 0.47x | 0.91x | 1.04x |
| Interest Coverage | -118.85x | 3.15x | 18.53x | 10.51x | -10.16x | -34.43x | -19.97x | 4.24x | 9.11x | 18.61x | 28.41x | 33.09x | 14.73x | 62.38x |
| Total Equity | 110.35M | 128.28M | 123.01M | 115.94M | 112.54M | 99.49M | 94.53M | 109.99M | 109.61M | 80.21M | 73.09M | 62.48M | 47.94M | 43.05M |
| Equity Growth % | -13.98% | 4.29% | 6.1% | 3.02% | 13.11% | 5.25% | -14.05% | 0.34% | 36.66% | 9.74% | 16.99% | 30.31% | 11.37% | - |
| Book Value per Share | 47.90 | 303.13 | 44.45 | 115.22 | 651.01 | 807.61 | 786.32 | 918.28 | 1012.90 | 836.24 | 825.85 | 694.19 | 230.13 | 478.33 |
| Total Shareholders' Equity | 110.35M | 131.31M | 125.72M | 118.08M | 114.26M | 98.85M | 90.19M | 102.07M | 100.81M | 80.21M | 69.65M | 59.32M | 45.52M | 41.17M |
| Common Stock | 0 | 0 | 0 | 292.3K | 63.99K | 35.89K | 28.85K | 28.85K | 28.7K | 24.31K | 21.6K | 20K | 50K | 50K |
| Retained Earnings | 17.39M | 48.82M | 44.67M | 39.09M | 36.68M | 45.48M | 52.06M | 58.33M | 56.36M | 52.59M | 48.35M | 40.94M | 32.33M | 19.9M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -10.51M | -12.28M | -4.97M | -752.33K | 7.95M | 4.94M | -1.21M | 4.4M | 5.36M | 989.09K | 6.14M | 8.89M | 7.69M | 5.66M |
| Minority Interest | 0 | -3.03M | -2.71M | -2.15M | -1.72M | 638.85K | 4.35M | 7.92M | 8.8M | 0 | 3.44M | 3.16M | 2.43M | 1.88M |
Structural operating losses
According to recent SEC filings, Tantech's total assets have declined from a peak of $180.7 million in 2025Q2 to $124.0 million by 2025Q4, signaling a significant reduction in the company's resource base as it struggles to gain traction with its specialty electric vehicle manufacturing strategy.
The contraction in total assets suggests that the company is either liquidating non-core holdings or experiencing significant depreciation and impairment of its manufacturing footprint. Investors should monitor whether this shrinkage reflects a disciplined exit from underperforming segments or a forced reduction in scale due to persistent operating losses.
Based on reported financial statements, Tantech maintains a conservative debt-to-equity ratio of 0.04 as of 2025Q4, which indicates that the company has avoided significant external financing despite its ongoing transition into the capital-intensive electric vehicle sector and the associated pressure on its core operating cash flows.
While the low leverage profile provides a buffer against interest rate volatility, it also highlights that the company's primary risk is operational rather than financial. The reliance on equity-funded operations suggests that management has prioritized balance sheet solvency over the potential growth benefits of debt-fueled expansion.
As reported in recent filings, the company maintains a current ratio of 6.59, which appears robust on the surface; however, this metric must be interpreted alongside the persistent cash burn and the potential for restricted access to the $33.1 million in cash held within mainland China.
The elevated current ratio may be misleading if a significant portion of current assets is tied up in slow-moving inventory or unbilled receivables from municipal EV contracts. Analysts should remain cautious regarding the actual liquidity of these assets, as they may not be readily convertible to cash to cover operating deficits.
Based on the provided balance sheet data, the minimal net PPE of $985,000 relative to the $124 million asset base warrants further investigation, as it suggests that the company's primary value may reside in intangible assets or cash rather than productive manufacturing capacity for its EV business.
The discrepancy between the company's stated pivot to EV manufacturing and the low net PPE value implies that the firm may be operating with aging or underutilized equipment. This raises concerns about the long-term sustainability of its production capabilities and the potential for future asset impairment charges.
Quick answers to the most common questions about buying TANH stock.
As of 2025, Tantech Holdings Ltd (TANH) had total assets of $124.0M including $74.0M in current assets.
Tantech Holdings Ltd (TANH) carries total debt of $4.7M, offset by $33.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Tantech Holdings Ltd (TANH) has total shareholders' equity (book value) of $110.3M ($47.90 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Tantech Holdings Ltd (TANH) reported a current ratio of 6.59x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.