The company exhibits a conservative capital structure with a minimal 1.86% debt-to-equity ratio, which appears to insulate the firm from interest rate volatility.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Total Current Assets | 43.93M | 39.27M | 37.85M | 29.17M | 33.07M |
| Cash & Short-Term Investments | 10.68M | 686K | 2.34M | 5.98M | 9.07M |
| Cash Only | 10.68M | 686K | 2.34M | 5.98M | 9.07M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 15.93M | 16.95M | 24.83M | 13.25M | 14.19M |
| Days Sales Outstanding | 76.34 | 105.76 | 124.51 | 64.92 | 90.59 |
| Inventory | 15.76M | 18.62M | 8.41M | 9.28M | 9.53M |
| Days Inventory Outstanding | 99.94 | 142.07 | 53.87 | 56.69 | 74.77 |
| Other Current Assets | 0 | 1.9M | 1.2M | 0 | 0 |
| Total Non-Current Assets | 33.45M | 31.77M | 27.89M | 28.51M | 20.69M |
| Property, Plant & Equipment | 33.15M | 31.43M | 27.82M | 27.84M | 18.82M |
| Fixed Asset Turnover | 2.30x | 1.86x | 2.62x | 2.68x | 3.04x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 304K | 343K | 73K | 674K | 1.87M |
| Total Assets | 77.38M | 71.05M | 65.74M | 57.67M | 53.76M |
| Asset Turnover | 0.98x | 0.82x | 1.11x | 1.29x | 1.06x |
| Asset Growth % | 8.92% | 8.07% | 13.99% | 7.28% | - |
| Total Current Liabilities | 50.51M | 55.95M | 50.44M | 44.66M | 33.03M |
| Accounts Payable | 8.67M | 8.74M | 10.41M | 15.97M | 11.37M |
| Days Payables Outstanding | 55 | 66.66 | 66.67 | 97.55 | 89.26 |
| Short-Term Debt | 16.95M | 23.33M | 17.13M | 11.91M | 17.59M |
| Deferred Revenue (Current) | 221K | 533K | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 0.87x | 0.70x | 0.75x | 0.65x | 1.00x |
| Quick Ratio | 0.56x | 0.37x | 0.58x | 0.45x | 0.71x |
| Cash Conversion Cycle | 121.28 | 181.18 | 111.71 | 24.06 | 76.1 |
| Total Non-Current Liabilities | 10.17M | 8.88M | 10.97M | 9.77M | 8.47M |
| Long-Term Debt | 0 | 0 | 175K | 431K | 680K |
| Capital Lease Obligations | 7.56M | 6.87M | 9.21M | 8.47M | 7.36M |
| Deferred Tax Liabilities | 2.61M | 2.02M | 1.59M | 861K | 432K |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 60.68M | 64.83M | 61.41M | 54.42M | 41.5M |
| Total Debt | 31.12M | 37.62M | 32.76M | 26.87M | 30.03M |
| Net Debt | 20.43M | 36.93M | 30.42M | 20.89M | 20.95M |
| Debt / Equity | 1.86x | 6.05x | 7.56x | 8.26x | 2.45x |
| Debt / EBITDA | 2.29x | 4.75x | 2.66x | 2.91x | 6.33x |
| Net Debt / EBITDA | 1.50x | 4.66x | 2.47x | 2.26x | 4.42x |
| Interest Coverage | 9.14x | 3.76x | 10.89x | 13.02x | 5.43x |
| Total Equity | 16.7M | 6.22M | 4.33M | 3.25M | 12.26M |
| Equity Growth % | 168.56% | 43.47% | 33.19% | -73.46% | - |
| Book Value per Share | 0.57 | 2.07 | 1.44 | 1.08 | 4.09 |
| Total Shareholders' Equity | 16.7M | 6.22M | 4.33M | 3.25M | 12.26M |
| Common Stock | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 10.92M | 5.33M | 3.45M | 2.37M | 11.38M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Geographic and project concentration
As indicated by the company's reported financial profile, TLIH maintains a fortress-like balance sheet characterized by a minimal 1.86% debt-to-equity ratio, which provides a stable foundation for the firm's 30.23% year-over-year revenue growth while insulating the business from the volatility of rising interest rate environments.
The company's trajectory appears to be defined by a conservative approach to leverage that prioritizes internal financing over debt-fueled expansion. This strategy suggests that TLIH is well-positioned to navigate cyclical downturns in the Singaporean infrastructure market without the immediate pressure of debt service obligations.
Based on reported figures, TLIH operates with a negligible debt-to-equity ratio of 1.86%, a structural choice that distinguishes the firm from more heavily levered industrial rental peers and provides significant flexibility to pursue project-based opportunities without the burden of high interest expenses or restrictive debt covenants.
This low-leverage profile implies that management is highly risk-averse regarding external financing, which may be a strategic response to the capital-intensive nature of the heavy equipment industry. Investors should monitor whether this reliance on internal capital remains sufficient to fund future fleet upgrades as the business scales.
According to recent financial disclosures, TLIH holds $10.6M in cash, providing a necessary buffer for its high-fixed-cost business model, though the absence of detailed working capital metrics warrants further investigation into how effectively this liquidity supports the company's ongoing turnkey project delivery and equipment maintenance requirements.
The presence of substantial cash reserves suggests that the company is prioritizing liquidity to manage the timing mismatches inherent in large-scale maritime infrastructure projects. This liquidity position appears to be a key component of the firm's ability to maintain operational continuity despite the cyclical nature of its revenue streams.
While the balance sheet appears robust, the reliance on heavy equipment assets, as noted in company filings, introduces potential risks related to depreciation schedules and asset obsolescence that could materially impact the firm's reported 7.33% net margin if useful life assumptions are overly optimistic compared to industry standards.
The lack of transparency regarding the age and condition of the rental fleet makes it difficult to assess the true replacement cost of these assets. Investors should consider that aggressive accounting for asset longevity may be masking the true capital intensity required to sustain the current 30% growth trajectory.
Quick answers to the most common questions about buying TLIH stock.
As of 2025, Ten-League International Holdings Limited Ordinary Shares (TLIH) had total assets of $77.4M including $43.9M in current assets.
Ten-League International Holdings Limited Ordinary Shares (TLIH) carries total debt of $31.1M, offset by $10.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ten-League International Holdings Limited Ordinary Shares (TLIH) has total shareholders' equity (book value) of $16.7M ($0.57 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ten-League International Holdings Limited Ordinary Shares (TLIH) reported a current ratio of 0.87x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.