WFF maintains a conservative capital structure with a 0.08% debt-to-equity ratio, though the $2.3 million cash position remains vulnerable to ongoing operational losses.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Total Current Assets | 5.14M | 4.82M | 3.93M | 3.38M | 3.16M |
| Cash & Short-Term Investments | 2.3M | 1.06M | 777.13K | 689.79K | 1.14M |
| Cash Only | 2.3M | 1.06M | 777.13K | 689.79K | 1.14M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.56M | 1.8M | 2.18M | 1.56M | 1.36M |
| Days Sales Outstanding | 76.75 | 143.47 | 138.6 | 114.78 | 85.41 |
| Inventory | 558.17K | 846.21K | 444.76K | 976.32K | 479.82K |
| Days Inventory Outstanding | 40.41 | 113.26 | 43.25 | 126.06 | 37.57 |
| Other Current Assets | 0 | 829.29K | 465.14K | 131K | 135.44K |
| Total Non-Current Assets | 6.25M | 1.4M | 1.44M | 1.44M | 1.43M |
| Property, Plant & Equipment | 1.32M | 1.03M | 1.13M | 1.11M | 1.07M |
| Fixed Asset Turnover | 5.63x | 4.42x | 5.08x | 4.48x | 5.41x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 339.86K | 315.71K | 314.51K | 335.51K | 361.43K |
| Long-Term Investments | 4.55M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 11.39M | 6.22M | 5.38M | 4.82M | 4.6M |
| Asset Turnover | 0.65x | 0.74x | 1.07x | 1.03x | 1.26x |
| Asset Growth % | 83.24% | 15.59% | 11.49% | 4.91% | - |
| Total Current Liabilities | 2.05M | 3.18M | 2.39M | 2.17M | 2.79M |
| Accounts Payable | 891.41K | 434.98K | 834.19K | 766.12K | 958.98K |
| Days Payables Outstanding | 64.53 | 58.22 | 81.12 | 98.92 | 75.09 |
| Short-Term Debt | 28.91K | 60.41K | 59.15K | 107.01K | 108.93K |
| Deferred Revenue (Current) | 449.58K | 1.52M | 833.34K | 703.72K | 1.06M |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 2.51x | 1.52x | 1.64x | 1.56x | 1.13x |
| Quick Ratio | 2.23x | 1.25x | 1.46x | 1.11x | 0.96x |
| Cash Conversion Cycle | 52.62 | 198.51 | 100.73 | 141.92 | 47.89 |
| Total Non-Current Liabilities | 4.59M | 294.58K | 426.19K | 490.62K | 559.61K |
| Long-Term Debt | 159.78K | 171.54K | 223.51K | 448.29K | 510.83K |
| Capital Lease Obligations | 107.08K | 106.44K | 182.32K | 2.36K | 12.18K |
| Deferred Tax Liabilities | 0 | 0 | 7.82K | 24.52K | 26.02K |
| Other Non-Current Liabilities | 4.28M | 0 | 0 | 0 | 0 |
| Total Liabilities | 6.64M | 3.47M | 2.82M | 2.66M | 3.35M |
| Total Debt | 391.47K | 428.73K | 553.41K | 566.86K | 642.37K |
| Net Debt | -1.91M | -628K | -223.71K | -122.93K | -497.84K |
| Debt / Equity | 0.08x | 0.16x | 0.22x | 0.26x | 0.52x |
| Debt / EBITDA | - | 1.59x | 0.71x | 0.42x | 94.98x |
| Net Debt / EBITDA | - | -2.33x | -0.29x | -0.09x | -73.61x |
| Interest Coverage | -277.92x | 6.68x | 32.18x | 58.74x | -0.39x |
| Total Equity | 4.75M | 2.74M | 2.56M | 2.16M | 1.25M |
| Equity Growth % | 73.09% | 7.31% | 18.39% | 73.23% | - |
| Book Value per Share | 0.94 | 0.55 | 0.51 | 0.43 | 0.25 |
| Total Shareholders' Equity | 4.75M | 2.74M | 2.56M | 2.16M | 1.25M |
| Common Stock | 1.26K | 1.15K | 1.15K | 1.15K | 1.27K |
| Retained Earnings | -2.03M | 2.74M | 2.63M | 2.14M | 1.16M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 232.06K | -81.19K | -156.46K | -62.37K | 3.23K |
| Minority Interest | -206 | 0 | 0 | 0 | 0 |
Liquidity and operational scale
As reported in recent financial disclosures, WFF's balance sheet trajectory remains difficult to assess due to its 2023 incorporation, leaving investors with limited longitudinal data to determine if the current asset base is sufficient to support the company's aggressive 61.9% revenue growth rate.
The absence of multi-year balance sheet data prevents a clear view of how the company is financing its rapid expansion. Investors should monitor whether the current asset accumulation is driven by sustainable capital investment or if it reflects a temporary buildup of unbilled contract assets.
Based on the company's reported figures, WFF maintains a conservative debt-to-equity ratio of 0.08%, which suggests that the firm is currently avoiding significant external borrowing despite the pressure of a -64.42% net margin and the associated cash burn.
While the low leverage profile provides a buffer against interest rate volatility, it may also indicate limited access to traditional credit markets for a newly incorporated entity. This reliance on internal funding or parent company support warrants further investigation into the long-term sustainability of its financing strategy.
According to the provided financial data, the company holds a $2.3 million cash cushion, which serves as the primary liquidity buffer against its current operating losses and the capital-intensive nature of its custom-engineered equipment fabrication business.
The adequacy of this cash position depends heavily on the company's ability to convert project-based revenue into actual cash inflows. If the current burn rate persists, the existing liquidity may prove insufficient to sustain operations without a capital infusion or a significant improvement in project collection cycles.
As indicated by the company's financial profile, the most significant non-obvious risk is the potential for inflated contract assets, which may be masking the true extent of liquidity constraints given the company's reliance on percentage-of-completion accounting for its long-term industrial projects.
Investors should be wary that headline asset values may not be fully realizable if project milestones face delays or if customer credit quality deteriorates. This accounting nuance suggests that the balance sheet may appear healthier than the underlying cash-generating capacity of the business actually warrants.
Quick answers to the most common questions about buying WFF stock.
As of 2025, WF Holding Limited Ordinary Shares (WFF) had total assets of $11.4M including $5.1M in current assets.
WF Holding Limited Ordinary Shares (WFF) carries total debt of $0.4M, offset by $2.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
WF Holding Limited Ordinary Shares (WFF) has total shareholders' equity (book value) of $4.8M ($0.94 book value per share). Book value represents the net worth of the company belonging to common stock holders.
WF Holding Limited Ordinary Shares (WFF) reported a current ratio of 2.51x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.