The firm maintains a robust liquidity position with $6.68 billion in cash and equivalents, providing a significant buffer despite the asset-heavy nature of its autonomous sensor-suite deployments.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Total Current Assets | 8.22B | 7.29B | 5.37B | 5.07B | 3.02B |
| Cash & Short-Term Investments | 7.13B | 6.57B | 4.53B | 4.51B | 2.78B |
| Cash Only | 6.68B | 4.27B | 1.66B | 2.23B | 2.73B |
| Short-Term Investments | 445.94M | 2.31B | 2.87B | 2.28B | 53.8M |
| Accounts Receivable | 494.76M | 437.34M | 563.18M | 391.23M | 90.22M |
| Days Sales Outstanding | 271.18 | 442.02 | 511.54 | 270.69 | 238.34 |
| Inventory | 321.23M | 204.71M | 218.22M | 156M | 114.55M |
| Days Inventory Outstanding | 252.28 | 298.37 | 364.75 | 193.02 | 483.31 |
| Other Current Assets | 270.16M | 4.81M | 10.19M | 1.39M | 3.01M |
| Total Non-Current Assets | 726.06M | 405.77M | 244.24M | 311.92M | 286.99M |
| Property, Plant & Equipment | 444.92M | 271.21M | 171.06M | 201.11M | 193.65M |
| Fixed Asset Turnover | 1.50x | 1.33x | 2.35x | 2.62x | 0.71x |
| Goodwill | 44.79M | 44.76M | 44.76M | 44.76M | 44.76M |
| Intangible Assets | 17.98M | 21.66M | 24.59M | 28.6M | 30.99M |
| Long-Term Investments | 194.69M | 56.92M | 0 | 0 | 0 |
| Other Non-Current Assets | 23.68M | 10.23M | 1.82M | 34.45M | 13.6M |
| Total Assets | 8.94B | 7.69B | 5.61B | 5.39B | 3.31B |
| Asset Turnover | 0.07x | 0.05x | 0.07x | 0.10x | 0.04x |
| Asset Growth % | 16.22% | 37.04% | 4.25% | 62.87% | - |
| Total Current Liabilities | 1B | 542.49M | 8.59B | 361.85M | 234.34M |
| Accounts Payable | 163.1M | 20.71M | 16.96M | 11.51M | 15.95M |
| Days Payables Outstanding | 128.1 | 30.19 | 28.35 | 14.24 | 67.29 |
| Short-Term Debt | 356.41M | 30.02M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 28.53M | 189.02M | 188.92M | 143.31M | 3.82M |
| Other Current Liabilities | 453.89M | 41.1M | 8.18B | 72.11M | 74.36M |
| Current Ratio | 8.20x | 13.43x | 0.63x | 14.02x | 12.89x |
| Quick Ratio | 7.88x | 13.06x | 0.60x | 13.59x | 12.40x |
| Cash Conversion Cycle | 395.37 | 710.2 | 847.95 | 449.48 | 654.36 |
| Total Non-Current Liabilities | 34.47M | 85.26M | 8.26B | 7.11B | 4.04B |
| Long-Term Debt | 0 | 50.04M | 0 | 0 | 0 |
| Capital Lease Obligations | 23.26M | 26.06M | 22.31M | 35.86M | 61.3M |
| Deferred Tax Liabilities | 3.49M | 4.49M | 5.48M | 6.48M | 7.48M |
| Other Non-Current Liabilities | 7.72M | 0 | 8.22B | 7.06B | 3.83B |
| Total Liabilities | 1.04B | 627.75M | 8.67B | 7.47B | 4.27B |
| Total Debt | 379.67M | 143.02M | 53.41M | 67.87M | 93.83M |
| Net Debt | -6.3B | -4.13B | -1.61B | -2.17B | -2.63B |
| Debt / Equity | 0.05x | 0.02x | - | - | - |
| Debt / EBITDA | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - |
| Interest Coverage | -202.86x | -895.44x | -681.17x | -362.32x | -179.87x |
| Total Equity | 7.91B | 7.07B | -3.05B | -2.08B | -964.97M |
| Equity Growth % | 11.88% | 331.53% | -46.58% | -115.77% | - |
| Book Value per Share | 25.65 | 25.66 | -11.39 | -7.77 | -3.58 |
| Total Shareholders' Equity | 7.91B | 7.07B | -3.05B | -2.08B | -964.97M |
| Common Stock | 0 | 58K | 8K | 8K | 7K |
| Retained Earnings | 0 | -8.63B | -6.11B | -4.13B | -2.83B |
| Treasury Stock | 0 | 0 | -151.67M | -151.67M | -91.84M |
| Accumulated OCI | 0 | 822.57M | 779.67M | 741.94M | 840M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Geopolitical tech-restriction exposure
According to reported financial figures, WeRide maintains a robust cash and equivalents position of $6.68 billion, which provides a significant liquidity buffer that appears sufficient to fund several years of aggressive R&D and fleet expansion despite the company's current lack of positive operating cash flow.
This massive cash position relative to the company's revenue scale suggests that management is well-capitalized to navigate the high-intensity capital requirements of the autonomous driving sector. Investors should monitor whether this liquidity is primarily held in unrestricted cash or if a portion is tied to restricted accounts, which could impact the actual operational runway available for future fleet deployments.
Based on the company's reported operational profile, the asset base is heavily concentrated in physical hardware and sensor suites, which reflects an asset-heavy business model that necessitates continuous reinvestment to maintain the technological competitiveness of its diverse autonomous vehicle fleet across five distinct form factors.
The reliance on expensive LiDAR and computing hardware suggests that the company's asset quality is highly sensitive to rapid technological obsolescence. This capital-intensive structure implies that the firm must achieve significant economies of scale to justify the depreciation costs associated with its current fleet, as the hardware-heavy nature of the business model creates a high barrier to achieving long-term asset efficiency.
As indicated by the company's aggressive expansion strategy, there is a non-obvious risk that the reported asset values may be distorted by the capitalization of R&D costs, which could potentially mask the true extent of the firm's underlying cash burn and operational losses.
If a significant portion of R&D is being capitalized rather than expensed, the balance sheet may present a more favorable view of the company's financial health than is supported by its actual cash-generating capabilities. Analysts should exercise caution, as this accounting treatment may obscure the true cost of developing the 'WeRide One' architecture and the sustainability of the current growth trajectory.
Based on the provided financial data, the company's balance sheet trajectory is characterized by a fortress-like cash position that stands in stark contrast to its negative operating margins, signaling a deliberate strategy to prioritize market share acquisition over immediate balance sheet optimization or profitability.
The current trajectory suggests that the company is in a 'land grab' phase, utilizing its substantial capital reserves to secure municipal and commercial partnerships. While this provides a strong foundation for growth, the long-term quality of the balance sheet will ultimately depend on the company's ability to transition from a hardware-heavy service provider to a more efficient, software-driven model.
Quick answers to the most common questions about buying WRD stock.
As of 2025, WeRide Inc. (WRD) had total assets of $8.94B including $8.22B in current assets.
WeRide Inc. (WRD) carries total debt of $379.7M, offset by $7.13B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
WeRide Inc. (WRD) has total shareholders' equity (book value) of $7.91B ($25.65 book value per share). Book value represents the net worth of the company belonging to common stock holders.
WeRide Inc. (WRD) reported a current ratio of 8.20x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.