The company maintains a debt-to-equity ratio of 0.72, which appears increasingly burdensome given the lack of positive operating cash flow to service these obligations.
| Metric | TTM | 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Total Current Assets | 24.05M | 26.41M | 29.49M | 25.25M | 19.4M | 31.58M | 12.43M | 19.03M | 28.88M | 21.52M | 15.65M | 31.19M | 85.01M | 81.21M | 143.78M | 169.66M | 159.05M | 126.21M | 84.7M | 53.99M | 2.16M | 35K |
| Cash & Short-Term Investments | 2.17M | 2.13M | 1.58M | 1.3M | 1.01M | 4.53M | 882.77K | 1.52M | 1.65M | 3.26M | 3.75M | 3.79M | 11.19M | 11.08M | 10.75M | 14.02M | 18.17M | 13.48M | 15.4M | 34.72M | 172.32K | 35K |
| Cash Only | 2.17M | 2.13M | 1.58M | 1.3M | 1.01M | 4.53M | 882.77K | 1.52M | 1.65M | 3.26M | 3.75M | 3.79M | 11.19M | 11.08M | 10.75M | 14.02M | 18.17M | 13.48M | 9.57M | 19.76M | 172.32K | 35K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.84M | 14.97M | 0 | 0 |
| Accounts Receivable | 7.96M | 10.08M | 7.92M | 8.77M | 9.29M | 7.11M | 7.18M | 14.06M | 17.54M | 10.14M | 6.28M | 3.18M | 9.23M | 23.93M | 88.7M | 113.22M | 108.57M | 94.22M | 62.19M | 14.49M | 1.99M | 0 |
| Days Sales Outstanding | 80.09 | 119.34 | 78.87 | 82.88 | 139.96 | 133.83 | 237.01 | 372.02 | 311.13 | 203.49 | 224.91 | 112.86 | 49.45 | 114.7 | 374.83 | 360.8 | 241.87 | 340.5 | 266.11 | 174.27 | 333.4 | - |
| Inventory | 2.31M | 11.12M | 6.32M | 1.25M | 356.36K | 526.66K | 254.68K | 302.94K | 693.68K | 631.61K | 1.48M | 2.14M | 5.42M | 15.66M | 16.8M | 22.32M | 19.93M | 10.94M | 7.11M | 4.78M | 0 | 0 |
| Days Inventory Outstanding | 51.14 | 147.92 | 79.78 | 15.33 | 7.65 | 12.4 | 13.06 | 15.38 | 23.18 | 23.36 | 70.91 | 122.47 | 43.29 | 97.07 | 93.07 | 116.01 | 77.99 | 79.29 | 56.13 | 137.22 | - | - |
| Other Current Assets | 11.52M | 3.01M | 85.35K | 13.58M | 1.49M | 19.35M | 852.8K | 187.34K | 8.99M | 7.49M | 203.96K | 24.78M | 66.48M | 30.54M | 13.1M | 2.55M | 4.03M | 1.72M | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 6.27M | 13.03M | 5.64M | 7.58M | 9.81M | 26.09M | 18.35M | 21.58M | 12.74M | 16.12M | 18.64M | 34.9M | 94.39M | 108.03M | 143.64M | 192.13M | 180.36M | 124.62M | 63.77M | 34.86M | 49.83K | 21.44K |
| Property, Plant & Equipment | 6.22M | 5.76M | 5.55M | 6.68M | 7.88M | 22.46M | 10.85M | 11.84M | 11.6M | 11.83M | 8.67M | 8.37M | 12.8M | 44.75M | 79.39M | 91.16M | 79.35M | 53.59M | 23.56M | 13.83M | 49.83K | 20K |
| Fixed Asset Turnover | 6.15x | 5.35x | 6.60x | 5.79x | 3.07x | 0.86x | 1.02x | 1.17x | 1.77x | 1.54x | 1.18x | 1.23x | 5.32x | 1.70x | 1.09x | 1.26x | 2.06x | 1.88x | 3.62x | 2.19x | 43.66x | 4.70x |
| Goodwill | 0 | 7.28M | 0 | 0 | 58.92K | 0 | 0 | 0 | 0 | 0 | 0 | 4.75M | 24.13M | 27.72M | 27.62M | 53.98M | 51.92M | 50.61M | 24.02M | 7.15M | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 811.03K | 1.78M | 2.95M | 4.3M | 1.5K | 59.92K | 808.71K | 1.56M | 2.53M | 15.46M | 14.31M | 14.42M | 16.34M | 15.65M | 15.46M | 13.12M | 4.89M | 0 | 0 |
| Long-Term Investments | 271.52K | 0 | 86.27K | 86.89K | 95.97K | 679.81K | 30.59K | 5.44M | 1.08M | 46.09K | 43.2K | 14.02M | 2.65M | 2.66M | 2.58M | 2.4M | 3.3M | 2.86M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 1.78M | 2.95M | 4.3M | 9.75M | 1.08M | 3.33M | 8.27M | 4.77M | 35.07M | 18.24M | 19.09M | 27.56M | 29.6M | 1.43M | 3.08M | 8.99M | 0 | 0 |
| Total Assets | 30.32M | 39.45M | 35.13M | 32.83M | 29.21M | 47.16M | 30.78M | 40.62M | 41.62M | 37.64M | 34.29M | 66.09M | 179.41M | 189.24M | 287.42M | 361.79M | 339.4M | 250.83M | 148.47M | 88.85M | 2.21M | 56.44K |
| Asset Turnover | 1.11x | 0.78x | 1.04x | 1.18x | 0.83x | 0.41x | 0.36x | 0.34x | 0.49x | 0.48x | 0.30x | 0.16x | 0.38x | 0.40x | 0.30x | 0.32x | 0.48x | 0.40x | 0.57x | 0.34x | 0.98x | 1.66x |
| Asset Growth % | -8.06% | 12.29% | 7.01% | 12.38% | -38.06% | 53.22% | -24.22% | -2.4% | 10.56% | 9.78% | -48.12% | -63.16% | -5.2% | -34.16% | -20.56% | 6.6% | 35.31% | 68.94% | 67.09% | 3922.28% | 3814.17% | - |
| Total Current Liabilities | 10.09M | 14.11M | 13.46M | 20.06M | 19.57M | 27.73M | 29.8M | 26.01M | 24.01M | 23.01M | 21.38M | 35.54M | 140.32M | 127.99M | 122.06M | 107.76M | 100.22M | 75.82M | 25.46M | 4.79M | 564.39K | 13.03K |
| Accounts Payable | 400.58K | 3.07M | 993.1K | 832.44K | 2.29M | 8.38M | 14.93M | 12.65M | 11.77M | 6.84M | 5.99M | 6.94M | 33.17M | 44.41M | 20.29M | 19.01M | 39.08M | 33.4M | 11.19M | 3.08M | 0 | 2.56K |
| Days Payables Outstanding | 8.26 | 40.84 | 12.54 | 10.2 | 49.1 | 197.32 | 765.31 | 642.36 | 393.15 | 253.18 | 287.56 | 397.15 | 265.02 | 275.33 | 112.42 | 98.84 | 152.91 | 242.16 | 88.39 | 88.4 | - | - |
| Short-Term Debt | 4.66M | 4.05M | 2.09M | 9M | 7.2M | 7.79M | 7.39M | 7.5M | 6.08M | 7.82M | 7.8M | 15.41M | 52.68M | 58.95M | 50.81M | 40.98M | 35.33M | 17.79M | 6.33M | 0 | 0 | 5.11K |
| Deferred Revenue (Current) | 3.47M | 591.12K | 3.47M | 1.29M | 717.41K | 579.22K | 476.99K | 562.64K | 355.2K | 2.47M | 1.67M | 2.65M | 2.75M | 4.62M | 3.75M | 6.4M | 23.84M | 25.22M | 1.32M | 0 | 0 | 0 |
| Other Current Liabilities | 4.68M | 5.46M | 1.19M | 8.03M | 8.82M | 6.9M | 6.71M | 4.98M | 5.26M | 4.93M | 1.92M | 5.73M | 48.97M | 0 | 40.59M | 0 | 17.7M | 18.2M | 5.03M | 1.71M | 497.56K | 5.36K |
| Current Ratio | 2.38x | 1.87x | 2.19x | 1.26x | 0.99x | 1.14x | 0.42x | 0.73x | 1.20x | 0.94x | 0.73x | 0.88x | 0.61x | 0.63x | 1.18x | 1.57x | 1.59x | 1.66x | 3.33x | 11.28x | 3.83x | 2.69x |
| Quick Ratio | 2.15x | 1.08x | 1.72x | 1.20x | 0.97x | 1.12x | 0.41x | 0.72x | 1.17x | 0.91x | 0.66x | 0.82x | 0.57x | 0.51x | 1.04x | 1.37x | 1.39x | 1.52x | 3.05x | 10.28x | 3.83x | 2.69x |
| Cash Conversion Cycle | 122.97 | 226.42 | 146.11 | 88 | 98.51 | -51.09 | -515.25 | -254.96 | -58.84 | -26.33 | 8.26 | -161.82 | -172.28 | -63.56 | 355.48 | 377.97 | 166.95 | 177.63 | 233.85 | 223.09 | - | - |
| Total Non-Current Liabilities | 5.75M | 5.8M | 5.8M | 0 | 20.37K | 176.6K | 0 | 0 | 0 | 108.93K | 100.44K | 98.69K | 507.83K | 1.07M | 1.35M | 1.49M | 13.6M | 7.11M | 0 | 0 | 0 | 9.04K |
| Long-Term Debt | 5.75M | 5.73M | 5.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 214.63K | 312.55K | 74.17K | 109.52K | 5.86M | 4.54M | 0 | 0 | 0 | 9.03K |
| Capital Lease Obligations | 0 | 62.7K | 0 | 0 | 20.37K | 176.6K | 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 | 108.93K | 100.44K | 86.33K | 280.14K | 742.7K | 1.26M | 1.37M | 1.82M | 2.56M | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -108.93K | 0 | 12.36K | 226.25K | 13.13K | 12.73K | 12.62K | 5.92M | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 15.84M | 19.91M | 19.26M | 20.06M | 19.59M | 27.9M | 29.8M | 26.01M | 24.01M | 23.12M | 21.48M | 35.64M | 140.83M | 129.06M | 123.41M | 109.25M | 113.83M | 82.93M | 25.46M | 4.79M | 564.39K | 22.06K |
| Total Debt | 10.41M | 9.84M | 7.89M | 9M | 7.25M | 8.04M | 7.39M | 7.5M | 6.08M | 7.82M | 7.8M | 15.27M | 62.9M | 59.26M | 50.89M | 41.09M | 41.19M | 17.83M | 6.33M | 0 | 0 | 14.15K |
| Net Debt | 8.24M | 7.71M | 6.31M | 7.7M | 6.24M | 4.25M | 6.51M | 5.98M | 4.43M | 4.56M | 4.05M | 11.49M | 51.71M | 48.18M | 40.14M | 27.07M | 23.02M | 4.36M | -3.24M | -19.76M | -172.32K | -20.85K |
| Debt / Equity | 0.72x | 0.50x | 0.50x | 0.70x | 0.75x | 0.42x | 7.57x | 0.51x | 0.35x | 0.54x | 0.61x | 0.50x | 1.63x | 0.98x | 0.31x | 0.16x | 0.18x | 0.11x | 0.05x | - | - | 0.41x |
| Debt / EBITDA | -2.65x | - | 15.50x | 3.22x | 21.69x | - | - | - | 1.58x | 3.25x | - | - | - | - | - | 1.86x | 0.79x | 0.47x | 0.22x | - | - | 0.24x |
| Net Debt / EBITDA | -2.09x | - | 12.41x | 2.75x | 18.66x | - | - | - | 1.15x | 1.89x | - | - | - | - | - | 1.22x | 0.44x | 0.11x | -0.11x | -1.34x | -0.09x | -0.36x |
| Interest Coverage | -52.63x | -9.13x | -2.92x | 0.61x | 0.08x | -11.66x | -17.08x | -6.74x | 2.40x | 0.71x | -36.01x | -0.41x | -3.97x | -23.26x | -18.33x | 4.18x | 29.15x | 88.54x | 139.77x | - | - | 37.81x |
| Total Equity | 14.48M | 19.54M | 15.87M | 12.76M | 9.62M | 19.25M | 976.2K | 14.61M | 17.6M | 14.52M | 12.8M | 30.45M | 38.58M | 60.18M | 164.01M | 252.54M | 225.58M | 167.9M | 123.01M | 84.07M | 1.64M | 34.37K |
| Equity Growth % | 31.47% | 23.13% | 24.34% | 32.72% | -50.04% | 1871.98% | -93.32% | -17.02% | 21.26% | 13.4% | -57.96% | -21.06% | -35.89% | -63.31% | -35.05% | 11.95% | 34.35% | 36.5% | 46.32% | 5011.52% | 4684.71% | - |
| Book Value per Share | 20.23 | 15.30 | 3.48 | 6.68 | 6.17 | 14.85 | 1.32 | 20.97 | 25.50 | 21.54 | 19.09 | 50.29 | 70.26 | 129.95 | 364.37 | 546.85 | 506.07 | 389.99 | 306.20 | 222.40 | 4.73 | 0.85 |
| Total Shareholders' Equity | 14.48M | 19.54M | 15.87M | 12.76M | 9.62M | 19.25M | -7.66M | 5.27M | 8.26M | 5.38M | 3.71M | 21.04M | 20.93M | 39.52M | 142.68M | 230.87M | 207.07M | 152.54M | 109.1M | 74.01M | 1.64M | 34.37K |
| Common Stock | 173.81M | 194.56M | 170.76M | 165.12M | 161.4M | 161.1M | 131.25M | 126.26M | 126.15M | 123.95M | 426.74K | 776.55K | 1.76M | 2.48M | 286.33K | 286.33K | 255.12K | 233.55K | 209.12K | 190.89K | 50K | 550 |
| Retained Earnings | -205.04M | -220.63M | -210.57M | -208.75M | -208.05M | -202.14M | -192.21M | -174.52M | -170.94M | -172.4M | -173.15M | -154.98M | -142.91M | -113.51M | 5.8M | 95.6M | 90.24M | 60.46M | 33.75M | 13.17M | 1.44M | -30.69K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.12M | -7.12M | -4.29M | -4.81M | -1.01M | -695.51K | -11.47K | -11.47K | 0 | 0 | 0 | 0 |
| Accumulated OCI | 23.26M | 34.05M | 33.24M | 33.8M | 33.82M | 37.84M | 37.66M | 37.07M | 37.26M | 38.01M | 37.81M | 38.36M | 39.51M | 39.7M | 36.34M | 19.93M | 11.33M | 5.02M | 11.01M | 3.22M | 159.47K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | -1.76K | 8.64M | 9.34M | 9.35M | 9.13M | 9.09M | 9.41M | 17.65M | 20.66M | 21.33M | 21.67M | 18.5M | 15.36M | 13.91M | 10.06M | 0 | 0 |
Liquidity and solvency risk
As reported in recent financial statements, Taoping's total assets have declined from $35.1 million in 2024Q4 to $30.3 million in 2025Q2, signaling a shrinking resource base that reflects the company's ongoing struggle to maintain operational scale while navigating persistent revenue headwinds and negative net income.
The consistent contraction in total assets suggests that the company is failing to replace its asset base as it consumes capital to fund operations. This downward trajectory in asset value, coupled with stagnant equity, implies that the firm's fundamental business quality is deteriorating rather than stabilizing.
Based on the provided quarterly data, Taoping maintains a debt-to-equity ratio of 0.72 as of 2025Q2, which, while appearing moderate in isolation, represents a significant burden given the company's inability to generate positive operating cash flow to service these obligations effectively.
The reliance on $10.4 million in debt to support a shrinking asset base indicates that leverage is likely driven by necessity rather than strategic growth. Investors should monitor the maturity profile of these obligations, as the company's limited cash position may necessitate refinancing under unfavorable terms.
According to recent SEC filings, Taoping's cash reserves of $2.2 million as of 2025Q2 provide a razor-thin buffer against ongoing operating losses, leaving the company highly vulnerable to any further disruption in its project-based revenue streams or unexpected increases in hardware procurement costs.
While the current ratio of 2.38 might suggest adequate short-term coverage, the quality of current assets remains questionable given the company's history of lumpy, project-based revenue recognition. The lack of a substantial cash cushion suggests that the firm may face a liquidity crunch in the near term.
As indicated by the reported financial figures, Taoping's retained earnings deficit of $205.0 million underscores a long-term history of value destruction that continues to weigh heavily on the company's equity base, limiting its ability to absorb further operational shocks without diluting existing shareholders.
The persistent negative retained earnings suggest that the company has not yet established a profitable business model, rendering the equity base fragile. Any future capital requirements will likely be met through dilutive equity issuance, further pressuring the value for existing investors.
Based on the provided balance sheet, the absence of goodwill and the reliance on $6.2 million in net PPE suggest that the company's value is tied to physical infrastructure that may be rapidly depreciating or becoming obsolete in a shifting digital advertising landscape.
The lack of intangible assets or goodwill might appear positive, but it also indicates that the company lacks a defensible intellectual property moat. The concentration of value in physical screens warrants investigation into whether these assets can actually be liquidated at book value if the business model fails.
Quick answers to the most common questions about buying TAOP stock.
As of 2025, Taoping Inc. (TAOP) had total assets of $39.4M including $26.4M in current assets.
Taoping Inc. (TAOP) carries total debt of $9.8M, offset by $2.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Taoping Inc. (TAOP) has total shareholders' equity (book value) of $19.5M ($15.30 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Taoping Inc. (TAOP) reported a current ratio of 1.87x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.