The company maintains a debt-to-equity ratio of 2.58 and a tight current ratio of 0.99, which leaves minimal liquidity to manage its $14.0 billion debt load.
| Total Current Assets | 8.7B | 901.3M | 686.9M |
| Cash & Short-Term Investments | 135.51M | 94.05M | 69.47M |
| Cash Only | 92.68M | 94.05M | 69.47M |
| Short-Term Investments | 42.84M | 0 | 99.87M |
| Accounts Receivable | 8.24B | 762.3M | 561.24M |
| Days Sales Outstanding | 122.41 | 80.39 | 68.02 |
| Inventory | 105.92M | 289K | 299K |
| Days Inventory Outstanding | 1.94 | 0.04 | 0.04 |
| Other Current Assets | 41.65M | 0 | 0 |
| Total Non-Current Assets | 16.81B | 2.5B | 2.57B |
| Property, Plant & Equipment | 12.89B | 2.2B | 2.33B |
| Fixed Asset Turnover | 1.91x | 1.57x | 1.29x |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 117.35M | 2.94M | 0 |
| Other Non-Current Assets | 3.81B | 276.61M | 223.53M |
| Total Assets | 25.51B | 3.41B | 3.26B |
| Asset Turnover | 0.96x | 1.02x | 0.92x |
| Asset Growth % | 648.9% | 4.54% | - |
| Total Current Liabilities | 8.8B | 983.05M | 916.12M |
| Accounts Payable | 1.88B | 197.42M | 235.34M |
| Days Payables Outstanding | 34.49 | 26.88 | 35.35 |
| Short-Term Debt | 806.43M | 146.08M | 111.5M |
| Deferred Revenue (Current) | 0 | 253K | 50.42M |
| Other Current Liabilities | 1.84B | 69.73M | 65.98M |
| Current Ratio | 0.99x | 0.92x | 0.75x |
| Quick Ratio | 0.98x | 0.92x | 0.75x |
| Cash Conversion Cycle | 89.86 | 53.55 | 32.71 |
| Total Non-Current Liabilities | 11.28B | 2.04B | 2.12B |
| Long-Term Debt | 5.32B | 763.9M | 777.94M |
| Capital Lease Obligations | 5.22B | 1.17B | 1.25B |
| Deferred Tax Liabilities | 0 | 0 | 0 |
| Other Non-Current Liabilities | 744.85M | 99.14M | 91.88M |
| Total Liabilities | 20.08B | 3.02B | 3.04B |
| Total Debt | 13.98B | 2.33B | 2.39B |
| Net Debt | 13.89B | 2.23B | 2.32B |
| Debt / Equity | 2.58x | 6.01x | 10.88x |
| Debt / EBITDA | 15.88x | 5.54x | 7.95x |
| Net Debt / EBITDA | 15.78x | 5.32x | 7.72x |
| Interest Coverage | 2698.44x | 7.42x | 3.42x |
| Total Equity | 5.42B | 386.81M | 219.4M |
| Equity Growth % | 1302.35% | 76.3% | - |
| Book Value per Share | 0.11 | 7.73 | 4.38 |
| Total Shareholders' Equity | 5.42B | 386.81M | 219.4M |
| Common Stock | 1.09M | 157K | 157K |
| Retained Earnings | 2.24B | 306.81M | 169.4M |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 3.19B | 79.84M | 49.84M |
| Minority Interest | 0 | 0 | 0 |
Regulatory and Margin Fragility
According to recent quarterly filings, THH's total assets surged from $3.4 billion in 2023Q4 to $25.5 billion by 2024Q4, a rapid expansion that appears disconnected from the company's thin operating margins and suggests a potential shift in accounting methodology rather than organic business growth.
The dramatic fluctuation in asset levels over a twelve-month period warrants deep skepticism regarding the underlying quality of the balance sheet. Investors should monitor whether this growth represents genuine capital investment or merely the consolidation of high-volume, low-margin event contracts that inflate the balance sheet without improving long-term solvency.
Based on the reported figures, THH maintains a debt-to-equity ratio of 2.58 as of 2024Q4, which, while appearing manageable in isolation, must be interpreted alongside the company's razor-thin operating margins that leave little room for servicing debt obligations during periods of seasonal revenue contraction.
The reliance on $14.0 billion in total debt to support a business with such limited profitability suggests that the firm is highly sensitive to interest rate volatility and credit market conditions. The lack of significant equity cushion relative to the debt load implies that any sustained downturn in the Osaka entertainment market could quickly compromise the company's financial stability.
As reported in financial statements, THH's asset base is heavily concentrated in property, plant, and equipment, which totaled $12.9 billion in 2024Q4, yet the absence of goodwill or intangible assets suggests a business model that is paradoxically capital-intensive despite its service-oriented nature.
The high concentration of PPE in a specialty business services firm is unusual and may indicate significant investment in venue infrastructure that is difficult to monetize outside of specific regional events. This asset structure creates a rigid cost base that may hinder the company's ability to pivot if regulatory or market conditions in the Kansai region shift unexpectedly.
Based on the latest balance sheet data, THH's current ratio stands at 0.99 as of 2024Q4, indicating that the company's short-term assets are barely sufficient to cover its immediate liabilities, leaving virtually no buffer for unexpected operational shocks or sudden spikes in event production costs.
This liquidity profile is particularly concerning given the seasonal nature of the company's revenue, which creates significant cash flow timing mismatches. Investors should be wary of the firm's ability to maintain operations during off-peak periods without relying on additional, potentially dilutive, external financing.
Quick answers to the most common questions about buying THH stock.
As of 2024, TryHard Holdings Limited (THH) had total assets of $25.51B including $8.70B in current assets.
TryHard Holdings Limited (THH) carries total debt of $13.98B, offset by $135.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
TryHard Holdings Limited (THH) has total shareholders' equity (book value) of $5.42B ($0.11 book value per share). Book value represents the net worth of the company belonging to common stock holders.
TryHard Holdings Limited (THH) reported a current ratio of 0.99x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.