The company's financial leverage has increased significantly, with the debt-to-equity ratio rising to 0.96 in 2025Q4 from 0.28 in 2021Q4 as the equity base continues to shrink.
| Total Current Assets | 45.75M | 62.74M | 43.25M | 66.77M | 78.7M | 64.78M | 58.85M | 64.35M | 54.48M | 38.86M | 29.35M |
| Cash & Short-Term Investments | 3.82M | 4.06M | 5.04M | 8.43M | 16.09M | 4.05M | 3.73M | 8.53M | 11.28M | 123.65K | 626.79K |
| Cash Only | 3.82M | 4.01M | 4.99M | 7.52M | 13.53M | 3.76M | 3.45M | 7.68M | 11.28M | 123.65K | 626.79K |
| Short-Term Investments | 0 | 50.11K | 48.15K | 915.62K | 2.56M | 294.57K | 279.81K | 850.83K | 0 | 0 | 0 |
| Accounts Receivable | 23.43M | 27.41M | 15.41M | 30.77M | 29.28M | 34.97M | 27.48M | 30.19M | 22.99M | 25.56M | 16.89M |
| Days Sales Outstanding | 120.03 | 92.45 | 50.39 | 109.7 | 107.52 | 146.98 | 157 | 200.81 | 186.68 | 253.45 | 176.19 |
| Inventory | 13.08M | 13.53M | 17.94M | 21.14M | 20.69M | 21.68M | 20.8M | 17.79M | 10.05M | 6.44M | 5.96M |
| Days Inventory Outstanding | 71.04 | 48.58 | 59.36 | 81.4 | 81.26 | 95.45 | 157.35 | 177.47 | 115.18 | 92.85 | 87.62 |
| Other Current Assets | 3.83M | 103.92K | 50.99K | 101.99K | 77.91K | 0 | 0 | 0 | 529.84K | 6.74M | 5.88M |
| Total Non-Current Assets | 17.12M | 17.25M | 15.42M | 62.15M | 54.96M | 21.67M | 19.55M | 12.05M | 6.42M | 6.69M | 7.35M |
| Property, Plant & Equipment | 8.11M | 8.27M | 7.88M | 7.16M | 8.06M | 7.87M | 6.6M | 6.28M | 5.65M | 5.91M | 6.52M |
| Fixed Asset Turnover | 8.79x | 13.09x | 14.16x | 14.31x | 12.33x | 11.03x | 9.69x | 8.74x | 7.96x | 6.23x | 5.37x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.17M | 1.28M | 1.44M | 11.42M | 8.75M | 929.02K | 918.72K | 938.22K | 463.17K | 468.15K | 504.12K |
| Long-Term Investments | 7.96M | 2.05M | 285.54K | 25.29M | 25.32M | 306.84K | 291.46K | 303.33K | 313.07K | 312.29K | 327.22K |
| Other Non-Current Assets | -125K | 5.65M | 5.82M | 17.97M | 12.47M | 11.84M | 11.45M | 4.23M | 313.07K | 312.29K | 327.22K |
| Total Assets | 62.87M | 79.99M | 58.67M | 128.92M | 133.66M | 86.45M | 78.4M | 76.4M | 61.17M | 45.55M | 36.7M |
| Asset Turnover | 1.13x | 1.35x | 1.90x | 0.79x | 0.74x | 1.00x | 0.81x | 0.72x | 0.73x | 0.81x | 0.95x |
| Asset Growth % | -21.4% | 36.34% | -54.49% | -3.55% | 54.61% | 10.27% | 2.62% | 24.89% | 34.3% | 24.11% | - |
| Total Current Liabilities | 31.88M | 49.87M | 24.89M | 43.85M | 44.51M | 40.88M | 34.58M | 39.13M | 39.81M | 35.97M | 32.04M |
| Accounts Payable | 2.49M | 3.13M | 2.61M | 10.07M | 2.16M | 10.35M | 4.18M | 1.67M | 717.27K | 1.14M | 379.36K |
| Days Payables Outstanding | 13.5 | 11.22 | 8.64 | 38.76 | 8.48 | 45.58 | 31.65 | 16.66 | 8.22 | 16.45 | 5.58 |
| Short-Term Debt | 17.15M | 15.3M | 13.44M | 20.31M | 24.5M | 17.95M | 16.58M | 19.27M | 21.34M | 25.69M | 27.38M |
| Deferred Revenue (Current) | 1.13M | 14.86M | 821.69K | 1.76M | 5.67M | 2.35M | 2.42M | 3.41M | 1.98M | 1.62M | 333.48K |
| Other Current Liabilities | 4.5M | 10.09M | 1.76M | 2.8M | 2.05M | 234.34K | 229.11K | 1.97M | 639.55K | 265.5K | 78.69K |
| Current Ratio | 1.44x | 1.26x | 1.74x | 1.52x | 1.77x | 1.58x | 1.70x | 1.64x | 1.37x | 1.08x | 0.92x |
| Quick Ratio | 1.02x | 0.99x | 1.02x | 1.04x | 1.30x | 1.05x | 1.10x | 1.19x | 1.12x | 0.90x | 0.73x |
| Cash Conversion Cycle | 177.57 | 129.81 | 101.1 | 152.34 | 180.29 | 196.85 | 282.7 | 361.61 | 293.64 | 329.85 | 258.23 |
| Total Non-Current Liabilities | 6.38M | 1.8M | 8.54M | 10.26K | 27.83K | 269.29K | 0 | 0 | 0 | 0 | 0 |
| Long-Term Debt | 6.32M | 1.8M | 8.53M | 0 | 0 | 269.29K | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 56.28K | 0 | 11.81K | 10.26K | 27.83K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 38.25M | 51.67M | 33.43M | 43.86M | 44.54M | 41.15M | 34.58M | 39.13M | 39.81M | 35.97M | 32.04M |
| Total Debt | 23.58M | 17.12M | 22M | 20.33M | 24.56M | 18.22M | 16.58M | 19.27M | 21.34M | 25.69M | 27.38M |
| Net Debt | 19.76M | 13.11M | 17.01M | 12.82M | 11.03M | 14.46M | 13.13M | 11.59M | 10.06M | 25.57M | 26.76M |
| Debt / Equity | 0.96x | 0.60x | 0.87x | 0.24x | 0.28x | 0.40x | 0.38x | 0.52x | 1.00x | 2.68x | 5.87x |
| Debt / EBITDA | - | - | - | - | - | - | 1.83x | 1.92x | 2.50x | 3.18x | 3.38x |
| Net Debt / EBITDA | - | - | - | - | - | - | 1.45x | 1.16x | 1.18x | 3.17x | 3.30x |
| Interest Coverage | -11.16x | -0.91x | -4.57x | -0.35x | -3.05x | -1.88x | 7.51x | 7.76x | 6.49x | 5.37x | 3.98x |
| Total Equity | 24.61M | 28.32M | 25.24M | 85.06M | 89.12M | 45.3M | 43.82M | 37.27M | 21.37M | 9.58M | 4.67M |
| Equity Growth % | -13.07% | 12.19% | -70.33% | -4.56% | 96.73% | 3.39% | 17.58% | 74.42% | 123.06% | 105.33% | - |
| Book Value per Share | 4.34 | 5.77 | 5.62 | 20.32 | 28.52 | 19.15 | 18.53 | 19.14 | 13.63 | 4.97 | 2.42 |
| Total Shareholders' Equity | 24.62M | 28.16M | 25.08M | 84.68M | 88.8M | 44.99M | 43.52M | 37.04M | 21.22M | 9.49M | 4.64M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50K |
| Retained Earnings | -54.43M | -50.45M | -47.67M | 13.39M | 19.74M | 23.55M | 24.37M | 17.14M | 10.98M | 5.7M | 1.03M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 32.52K | 849.59K | -139.43K | 535.8K | 5.81M | 3.4M | 1.1M | 1.9M | 1.86M | 991.23K | 811.7K |
| Minority Interest | 116.6K | 153.59K | 157.98K | 386.68K | 324.57K | 309.79K | 299.67K | 225.75K | 150.03K | 88.93K | 24.14K |
Liquidity and solvency pressure
As reported in recent financial statements, ZKIN's total assets have declined from $133.7 million in 2021Q4 to $62.9 million in 2025Q4, reflecting a persistent contraction in the company's balance sheet that signals significant long-term business quality deterioration amidst ongoing market headwinds in the Chinese infrastructure sector.
The consistent decline in total assets suggests that the company is shrinking its operational footprint rather than optimizing for efficiency. This trend, coupled with the erosion of retained earnings, indicates that the firm is struggling to maintain its competitive position in a capital-intensive industry.
Based on the company's reported figures, the debt-to-equity ratio has climbed from 0.28 in 2021Q4 to 0.96 in 2025Q4, indicating that ZKIN is increasingly relying on debt financing to sustain operations as its internal equity base continues to shrink due to recurring net losses.
The shift toward higher leverage is particularly concerning given the company's inability to generate consistent operating profits. Investors should monitor whether this debt is being used for essential working capital or if it represents a necessity-driven attempt to bridge the gap created by declining project-based cash flows.
According to recent SEC filings, ZKIN's cash position has dwindled to $3.8 million as of 2025Q4, which represents a precarious liquidity buffer relative to the company's scale and suggests limited flexibility to absorb further shocks in the volatile Chinese municipal infrastructure market.
A current ratio of 1.44 may appear adequate on the surface, but the composition of current assets—likely heavily weighted toward accounts receivable—warrants further investigation into collection quality. The lack of a substantial cash cushion leaves the firm vulnerable to even minor delays in project payments from municipal clients.
As evidenced by the company's financial data, retained earnings have plummeted to a deficit of $54.4 million in 2025Q4, highlighting a severe degradation in equity quality that stems from years of persistent net losses and the failure to achieve sustainable profitability in its core piping business.
The rapid depletion of retained earnings suggests that the company has been unable to reinvest in its business effectively, leading to a reliance on external capital or debt. This trajectory raises questions about the long-term viability of the current business model and the potential for further shareholder dilution.
Based on reported figures, the presence of $1.2 million in goodwill alongside a significant net loss profile suggests that the company may face future impairment risks if the carrying value of its past acquisitions cannot be justified by current, diminished operational performance.
While the goodwill figure is relatively small, it represents a potential distortion in the asset base that could lead to further write-downs. Analysts should be wary that the balance sheet may be overstating the value of intangible assets, which would further weaken the firm's already strained equity position.
Quick answers to the most common questions about buying ZKIN stock.
As of 2025, ZK International Group Co., Ltd. (ZKIN) had total assets of $62.9M including $45.8M in current assets.
ZK International Group Co., Ltd. (ZKIN) carries total debt of $23.6M, offset by $3.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ZK International Group Co., Ltd. (ZKIN) has total shareholders' equity (book value) of $24.6M ($4.34 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ZK International Group Co., Ltd. (ZKIN) reported a current ratio of 1.44x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.