The balance sheet remains stable with a current ratio of 4.07 and a low debt-to-equity ratio of 0.16, though retained earnings have deteriorated to a negative $13.8M.
| Total Current Assets | 53.6M | 51.64M | 36.81M | 41.51M | 50.48M | 22.84M | 12.23M | 21.96M |
| Cash & Short-Term Investments | 33.59M | 29.5M | 18.5M | 18.86M | 21.8M | 10.06M | 3.18M | 6.19M |
| Cash Only | 33.59M | 29.5M | 5.29M | 5.71M | 8.08M | 10.06M | 3.18M | 6.19M |
| Short-Term Investments | 0 | 0 | 13.22M | 13.15M | 13.73M | 0 | 0 | 0 |
| Accounts Receivable | 13.19M | 17.88M | 10.73M | 15.18M | 15.81M | 10.87M | 6.42M | 7.64M |
| Days Sales Outstanding | 269.5 | 283.4 | 121.21 | 138.06 | 120.27 | 129.24 | 70.53 | 97.76 |
| Inventory | 2.19M | 1.74M | 3.34M | 2.21M | 2.46M | 1.91M | 2.62M | 8.12M |
| Days Inventory Outstanding | 69.26 | 37.4 | 55.48 | 44.13 | 39.67 | 41.89 | 48.16 | 196.22 |
| Other Current Assets | 39.94K | 852.42K | 626.24K | 1.72M | 174.05K | 443.71K | 0 | 0 |
| Total Non-Current Assets | 15.7M | 16.32M | 16.48M | 18.03M | 19.66M | 5.52M | 5.61M | 6.12M |
| Property, Plant & Equipment | 14.7M | 15.34M | 14.99M | 13.58M | 15.39M | 4.43M | 4.57M | 5.08M |
| Fixed Asset Turnover | 1.21x | 1.50x | 2.16x | 2.96x | 3.12x | 6.93x | 7.28x | 5.62x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 296.79K | 262.88K | 148.58K | 157.45K | 178.48K | 174.78K | 171.61K | 183.58K |
| Long-Term Investments | 702.35K | 712.49K | 685.31K | 702.89K | 744.92K | 735K | 700.5K | 728K |
| Other Non-Current Assets | 0 | 0 | 0 | 2.25M | 2.48M | 0 | 0 | 0 |
| Total Assets | 69.3M | 67.95M | 53.29M | 59.54M | 70.14M | 28.8M | 17.84M | 28.08M |
| Asset Turnover | 0.26x | 0.34x | 0.61x | 0.67x | 0.68x | 1.07x | 1.86x | 1.02x |
| Asset Growth % | 1.99% | 27.52% | -10.5% | -15.12% | 143.52% | 61.49% | -36.48% | - |
| Total Current Liabilities | 13.17M | 20.31M | 13.75M | 13.1M | 11.21M | 8M | 5.45M | 18.4M |
| Accounts Payable | 1.67M | 4.91M | 4.59M | 3.08M | 5.31M | 2.69M | 1.94M | 2.94M |
| Days Payables Outstanding | 52.73 | 105.82 | 76.1 | 61.5 | 85.56 | 59.14 | 35.67 | 71 |
| Short-Term Debt | 9.26M | 5.86M | 5.48M | 3.94M | 4.33M | 2.65M | 2.52M | 2.62M |
| Deferred Revenue (Current) | 40.71K | 0 | 0 | 0 | 0 | 0 | 0 | 893.51K |
| Other Current Liabilities | 0 | 0 | 0 | 3.38M | 0 | 956.49K | 0 | -893.51K |
| Current Ratio | 4.07x | 2.54x | 2.68x | 3.17x | 4.50x | 2.85x | 2.24x | 1.19x |
| Quick Ratio | 3.90x | 2.46x | 2.43x | 3.00x | 4.28x | 2.62x | 1.76x | 0.75x |
| Cash Conversion Cycle | 286.03 | 214.98 | 100.6 | 120.68 | 74.39 | 111.99 | 83.02 | 222.98 |
| Total Non-Current Liabilities | 0 | 2.14M | 0 | 7.01M | 0 | 0 | 0 | 0 |
| Long-Term Debt | 0 | 2.14M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 13.17M | 22.45M | 13.75M | 13.1M | 11.21M | 8M | 5.45M | 18.4M |
| Total Debt | 9.26M | 7.99M | 5.48M | 3.94M | 4.33M | 2.65M | 2.52M | 2.62M |
| Net Debt | -24.34M | -21.5M | 197.21K | -1.78M | -3.74M | -7.41M | -655.52K | -3.57M |
| Debt / Equity | 0.16x | 0.18x | 0.14x | 0.08x | 0.07x | 0.13x | 0.20x | 0.27x |
| Debt / EBITDA | - | - | - | - | 0.31x | 0.25x | 0.25x | 0.26x |
| Net Debt / EBITDA | - | - | - | - | -0.27x | -0.70x | -0.06x | -0.35x |
| Interest Coverage | -14.83x | -28.19x | -23.55x | -42.68x | 135.63x | 82.61x | 75.67x | 58.71x |
| Total Equity | 56.13M | 45.5M | 39.53M | 46.44M | 58.93M | 20.8M | 12.38M | 9.68M |
| Equity Growth % | 23.35% | 15.1% | -14.88% | -21.2% | 183.3% | 67.98% | 27.91% | - |
| Book Value per Share | 16138.44 | 7487.73 | 6674.44 | 7841.01 | 11178.75 | 3566.42 | 2123.10 | 1659.79 |
| Total Shareholders' Equity | 56.13M | 45.5M | 39.53M | 46.44M | 58.93M | 20.8M | 12.38M | 9.68M |
| Common Stock | 6.34M | 482.4K | 67.97K | 67.97K | 67.97K | 50K | 50K | 50K |
| Retained Earnings | -13.84M | -10.17M | 10.16M | 16.32M | 25.06M | 13.74M | 6.18M | 2.83M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 626.01K | 1.33M | 26.27K | 772.83K | 4.53M | 3.33M | 2.47M | 3.12M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Operating Cash Burn
According to recent financial statements, Universe Pharmaceuticals has seen its total asset base fluctuate significantly, dropping from $80.7M in 2025Q2 to $69.3M by 2025Q4, a trend that reflects the company's struggle to maintain scale while navigating a challenging regional market environment in Jiangxi Province.
The contraction in total assets suggests that the company is failing to replace its asset base as it consumes capital to fund ongoing operations. This trajectory indicates that the business model is currently shrinking rather than evolving, which warrants caution regarding the long-term sustainability of its regional footprint.
Based on reported figures, the company maintains a current ratio of 4.07 as of 2025Q4, supported by $33.6M in cash, yet this liquidity buffer appears to be a byproduct of past capital raises rather than successful operational cash generation from the core pharmaceutical distribution business.
While the high current ratio provides a significant safety net against immediate insolvency, the reliance on cash reserves to fund operations is unsustainable. Investors should monitor whether this liquidity is being preserved for strategic pivots or simply depleted to cover recurring losses.
As reported in recent filings, the company's retained earnings have deteriorated into a negative position of $13.8M by 2025Q4, signaling that historical profitability has been entirely eroded by recent operational losses and the inability to achieve a sustainable margin profile in its TCM derivative segment.
The shift into negative retained earnings highlights a fundamental breakdown in value creation for shareholders. This trend suggests that the company is currently consuming its own equity base to sustain its presence in the market, which may limit future financial flexibility.
Analysis of the balance sheet reveals that the company's liquidity is heavily tied to volatile working capital components, as evidenced by the sharp swings in cash balances that do not correlate with consistent revenue growth, suggesting potential inefficiencies in accounts receivable collection from regional clinics.
The disconnect between reported cash and operational performance implies that the company may be facing hidden pressures in its collection cycles. This warrants further investigation into the quality of the receivables and whether the reported cash position is fully accessible for corporate purposes.
Quick answers to the most common questions about buying UPC stock.
As of 2025, Universe Pharmaceuticals Inc. (UPC) had total assets of $69.3M including $53.6M in current assets.
Universe Pharmaceuticals Inc. (UPC) carries total debt of $9.3M, offset by $33.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Universe Pharmaceuticals Inc. (UPC) has total shareholders' equity (book value) of $56.1M ($16138.44 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Universe Pharmaceuticals Inc. (UPC) reported a current ratio of 4.07x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.