The company maintains a conservative financial position with a debt-to-equity ratio of 0.16 and a current ratio of 1.94 as of 2025Q4.
| Total Current Assets | 14.54M | 19.77M | 18.53M | 13.32M | 13.83M | 8.86M |
| Cash & Short-Term Investments | 5.17M | 8.97M | 10.8M | 9.79M | 8.41M | 4.61M |
| Cash Only | 5.17M | 8.97M | 10.8M | 9.79M | 8.41M | 4.61M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 3.96M | 3.52M | 3.81M | 2.22M | 3.4M | 2.99M |
| Days Sales Outstanding | 120.86 | 100.26 | 96.77 | 68.55 | 95.54 | 158.11 |
| Inventory | 2.6M | 2.21M | 2.28M | 1.05M | 1.37M | 1.06M |
| Days Inventory Outstanding | 147.01 | 111.65 | 108.94 | 73.85 | 79.91 | 108.4 |
| Other Current Assets | 11.48K | 503.54K | 326.09K | 4.26M | 4.65M | 2.93M |
| Total Non-Current Assets | 8.56M | 10.14M | 8.34M | 5.94M | 5.3M | 5.49M |
| Property, Plant & Equipment | 6.43M | 7.81M | 6.86M | 5.15M | 5.22M | 5.42M |
| Fixed Asset Turnover | 1.86x | 1.64x | 2.09x | 2.30x | 2.49x | 1.27x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 188.05K | 2.05M | 55.84K | 33.94K | 49.14K | 63.96K |
| Long-Term Investments | 1.77M | 205.5K | 160.16K | 162.15K | 0 | 0 |
| Other Non-Current Assets | 22.69K | 79.09K | 1.27M | 529.89K | -12.69K | -15.57K |
| Total Assets | 23.1M | 29.91M | 27.05M | 19.25M | 19.13M | 14.35M |
| Asset Turnover | 0.52x | 0.43x | 0.53x | 0.62x | 0.68x | 0.48x |
| Asset Growth % | -22.75% | 10.56% | 40.51% | 0.64% | 33.33% | - |
| Total Current Liabilities | 7.5M | 10.6M | 8.35M | 5.73M | 7.03M | 4.94M |
| Accounts Payable | 1.62M | 1.44M | 1.55M | 1.21M | 1.64M | 1.21M |
| Days Payables Outstanding | 91.62 | 72.83 | 73.81 | 85.4 | 95.85 | 123.83 |
| Short-Term Debt | 890.15K | 80.59K | 140.16K | 833.51K | 1.21M | 387.47K |
| Deferred Revenue (Current) | 2.45M | 6.12M | 4.01M | 1.38M | 1.93M | 759.95K |
| Other Current Liabilities | 1.05M | 40.4K | 65.07K | 2.44M | 3.04M | 4.25M |
| Current Ratio | 1.94x | 1.86x | 2.22x | 2.32x | 1.97x | 1.79x |
| Quick Ratio | 1.59x | 1.66x | 1.95x | 2.14x | 1.77x | 1.58x |
| Cash Conversion Cycle | 176.24 | 139.08 | 131.91 | 57 | 79.6 | 142.68 |
| Total Non-Current Liabilities | 1.58M | 2.04M | 2.3M | 2.13M | 2.76M | 3.15M |
| Long-Term Debt | 919.84K | 1.16M | 1.95M | 2.37M | 2.37M | 2.69M |
| Capital Lease Obligations | 459.4K | 883.08K | 350.05K | 490.01K | 519.69K | 605.13K |
| Deferred Tax Liabilities | 155.79K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | -728.38K | -134.21K | 866.18K |
| Total Liabilities | 9.08M | 12.65M | 10.65M | 7.86M | 9.79M | 8.09M |
| Total Debt | 2.27M | 2.6M | 2.61M | 2.81M | 3.77M | 3.54M |
| Net Debt | -2.9M | -6.37M | -8.19M | -6.98M | -4.64M | -1.08M |
| Debt / Equity | 0.16x | 0.15x | 0.16x | 0.25x | 0.40x | 0.57x |
| Debt / EBITDA | 5.67x | - | 1.92x | 1.09x | 0.97x | 2.62x |
| Net Debt / EBITDA | -7.24x | - | -6.03x | -2.69x | -1.19x | -0.80x |
| Interest Coverage | -2.91x | - | 7.00x | 89.99x | 24.69x | 5.35x |
| Total Equity | 14.02M | 17.26M | 16.25M | 11.39M | 9.34M | 6.25M |
| Equity Growth % | -18.75% | 6.23% | 42.67% | 21.94% | 49.35% | - |
| Book Value per Share | 0.86 | 1.06 | 0.99 | 0.70 | 0.57 | 0.38 |
| Total Shareholders' Equity | 14.28M | 17.42M | 16.33M | 11.4M | 9.34M | 6.25M |
| Common Stock | 1.27K | 1.64K | 1.5K | 1.12K | 1.11K | 1.13K |
| Retained Earnings | 11.69M | 15.05M | 15.96M | 11.23M | 12.38M | 9.57M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 176.31K | -763.43K | 35.46K | -77.58K | -3.29M | -3.57M |
| Minority Interest | -260.33K | -163.6K | -86.81K | -10.76K | -868 | 0 |
Cyclical Project Revenue Volatility
As reported in recent financial filings, Tungray Technologies' total assets have declined from $29.9M in 2024Q4 to $23.1M by 2025Q4, signaling a contraction in the company's operational footprint as it navigates a challenging environment for its bespoke industrial testing and tooling solutions.
The reduction in total assets appears to be driven by a combination of lower cash balances and a shift in project-based asset intensity. This trend suggests that the company is rightsizing its balance sheet in response to the ongoing revenue contraction, though it raises questions regarding the long-term growth trajectory.
Based on the company's reported figures, Tungray Technologies maintains a conservative capital structure with a debt-to-equity ratio of 0.16 as of 2025Q4, reflecting a strategic preference for low leverage despite the inherent volatility of its engineer-to-order business model and recent negative operating margins.
The low debt burden provides a necessary buffer against the cyclicality of the semiconductor and electronics sectors. However, investors should monitor whether this limited reliance on debt is a sustainable strategy for funding future R&D or if it reflects a lack of viable expansion opportunities.
According to the latest balance sheet data, Tungray Technologies holds $5.2M in cash against $9.1M in total liabilities, resulting in a current ratio of 1.94, which suggests the company possesses sufficient liquidity to navigate near-term operational volatility despite the recent decline in cash reserves.
While the current ratio remains healthy, the steady decline in cash from $13.1M in 2022Q4 to $5.2M in 2025Q4 warrants close observation. This depletion may indicate that the company is burning through its capital reserves to cover operating losses and project-related working capital requirements.
As indicated by the company's financial statements, the presence of $2.5M in deferred revenue alongside fluctuating contract assets suggests that headline liquidity may be overstated, as these figures rely on management's estimates of project completion progress rather than realized cash collections.
The reliance on percentage-of-completion accounting introduces significant subjectivity into the balance sheet. Investors should be wary that a portion of the reported assets may be difficult to convert into cash if project milestones are delayed or if customer demand for bespoke tooling continues to soften.
Quick answers to the most common questions about buying TRSG stock.
As of 2025, Tungray Technologies Inc Class A Ordinary Shares (TRSG) had total assets of $23.1M including $14.5M in current assets.
Tungray Technologies Inc Class A Ordinary Shares (TRSG) carries total debt of $2.3M, offset by $5.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Tungray Technologies Inc Class A Ordinary Shares (TRSG) has total shareholders' equity (book value) of $14.3M ($0.86 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Tungray Technologies Inc Class A Ordinary Shares (TRSG) reported a current ratio of 1.94x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.