The company's financial position has deteriorated significantly, with total assets falling from $40.0M in 2024Q4 to $6.0M in 2025Q2, leaving the firm with a negative equity balance.
| Total Assets | 6.04M | 39.98M | 35.48M | 35.03M | 40.35M | 10.06M | 8.41M | 8.74M | 988.81K |
| Asset Growth % | -67.53% | 12.68% | 1.28% | -13.18% | 301.08% | 19.63% | -3.8% | 784.05% | - |
| Total Investment Assets | 3M | 28.09M | 26.8M | 26.18M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Investments | 27.77M | 28.09M | 26.8M | 26.18M | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 37.82M | 39.92M | 27.62M | 34.86M | 31.63M | 9.56M | 8.09M | 8.45M | 678.37K |
| Cash & Equivalents | 196.88K | 297.29K | 2.38K | 2.51K | 30.02M | 6.14M | 6.24M | 6.71M | 96.1K |
| Receivables | 19.74M | 10.75M | 18.96K | 7.81M | 320.85K | 1.25M | 173.06K | 707.39K | 385.64K |
| Other Current Assets | 891.7K | 785.1K | 800.2K | 861.69K | 937.05K | 1.72M | 1.25M | 947.72K | 166.48K |
| Goodwill & Intangibles | 1.77M | 0 | 0 | 0 | 147.54K | 160.22K | 170.35K | 16.68K | 40.38K |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 147.54K | 160.22K | 170.35K | 16.68K | 40.38K |
| PP&E (Net) | 35.69K | 57.8K | 61.15K | 152.13K | 771.49K | 332.24K | 144.56K | 17.35K | 15.92K |
| Other Assets | 10.97M | 0 | 7.8M | 20.08K | 7.8M | 7.42K | 6.57K | 254.28K | 254.14K |
| Total Liabilities | 9.21M | 6.09M | 3.06M | 1.55M | 1.36M | 1.42M | 830.73K | 1.27M | 270.37K |
| Total Debt | 2.31M | 1.18M | 57.4K | 145.52K | 660.97K | 321.93K | 117.71K | 373.38K | 0 |
| Net Debt | 3.63M | 881.31K | 55.02K | 143.01K | -29.36M | -5.82M | -6.13M | -6.34M | -96.1K |
| Long-Term Debt | 1.1M | 140.49K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Debt | 1.09M | 983.42K | 0 | 0 | 0 | 0 | 0 | 373.38K | 0 |
| Total Current Liabilities | 3.29M | 5.92M | 3.06M | 1.49M | 1.12M | 1.29M | 790.61K | 1.27M | 270.37K |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 668.09K | -3.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Equity | -3.17M | 33.89M | 32.42M | 33.48M | 38.99M | 8.64M | 7.58M | 7.47M | 718.44K |
| Equity Growth % | -114.83% | 4.54% | -3.18% | -14.14% | 351.4% | 13.98% | 1.41% | 940.25% | - |
| Shareholders Equity | -3.17M | 33.89M | 32.42M | 33.48M | 38.99M | 8.64M | 7.58M | 7.47M | 718.44K |
| Minority Interest | 394 | 402 | 394 | 400 | 489 | 495 | 474 | 478 | 0 |
| Retained Earnings | -47M | -12.33M | -8.3M | -5.8M | -1.09M | 884.08K | 301.25K | 215.05K | -877.18K |
| Common Stock | 1K | 59.61K | 18.12K | 13.89K | 11.35K | 5K | 5K | 5K | 10K |
| Accumulated OCI | -920.73K | -2.6M | -3.41M | -3.39M | 296.36K | 52.67K | -419.3K | -438.46K | 130.84K |
| Return on Equity (ROE) | -3.6% | -12.03% | -7.45% | -12.93% | -8.16% | 7.82% | 2.34% | 27.38% | 134.09% |
| Return on Assets (ROA) | -14.23% | -10.57% | -6.96% | -12.43% | -7.71% | 6.87% | 2.05% | 23.05% | 97.42% |
| Equity / Assets | -52.54% | 84.77% | 91.37% | 95.58% | 96.64% | 85.87% | 90.12% | 85.49% | 72.66% |
| Debt / Equity | -0.73x | 0.03x | 0.00x | 0.00x | 0.02x | 0.04x | 0.02x | 0.05x | - |
| Book Value per Share | -0.06 | 1.03 | 2.56 | 3.23 | 5.66 | 1.35 | 1.89 | 1.87 | 0.18 |
| Tangible BV per Share | -0.06 | 1.03 | 2.56 | 3.23 | 5.64 | 1.32 | 1.85 | 1.86 | 0.17 |
Severe liquidity and solvency
As reported in financial statements, TIRX's equity position has deteriorated from $33.9M in 2024Q4 to a negative $3.2M by 2025Q2, indicating that the company's capital base is being rapidly depleted by persistent operating losses and an inability to generate sustainable internal capital growth.
The shift into negative equity suggests that the company's liabilities now exceed its total assets, which warrants immediate investigation into the firm's solvency status. This trajectory implies that the business model is currently failing to create value, as the capital base has been entirely eroded by operational inefficiencies.
Based on the company's reported figures, the transition to a negative equity position in 2025Q2 suggests that the firm lacks the statutory capital buffer necessary to support its brokerage operations, potentially limiting its capacity to meet regulatory requirements or pursue any meaningful strategic expansion.
The lack of positive equity indicates that the company may be operating in a state of technical insolvency, which significantly constrains its ability to absorb further underwriting or operational shocks. Investors should monitor whether management intends to pursue dilutive equity financing to restore the balance sheet to a solvent state.
According to recent SEC filings, the company's cash position remains critically low, with total assets of $6.0M in 2025Q2 failing to provide a sufficient cushion against $9.2M in total liabilities, highlighting a severe mismatch between liquid resources and the firm's immediate financial obligations.
The inability to maintain a positive net asset position suggests that the company is highly vulnerable to even minor disruptions in commission inflows. This liquidity profile appears insufficient to sustain the firm's physical presence and regulatory compliance costs in the competitive Beijing and Hebei insurance markets.
As indicated by the company's reported figures, the rapid decline in total assets from $40.0M in 2024Q4 to $6.0M in 2025Q2 suggests that the firm's balance sheet is not merely stagnant but is actively contracting, which may indicate a fundamental breakdown in the underlying brokerage business model.
The non-obvious risk here is that the company's reliance on transactional commissions may be insufficient to cover the fixed costs of maintaining a public listing and regulatory compliance. This suggests that the firm may be a 'zombie' entity, where the cost of operations consistently exceeds the economic value generated by its brokerage activities.
Quick answers to the most common questions about buying TIRX stock.
As of 2024, Tian Ruixiang Holdings Ltd (TIRX) had total assets of $40.0M including $39.9M in current assets.
Tian Ruixiang Holdings Ltd (TIRX) carries total debt of $1.2M, offset by $28.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Tian Ruixiang Holdings Ltd (TIRX) has total shareholders' equity (book value) of $33.9M ($1.03 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Tian Ruixiang Holdings Ltd (TIRX) reported a current ratio of 6.74x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.