The company's liquidity position is increasingly compromised, evidenced by a current ratio that compressed to 0.64 as of 2025Q4 alongside accumulated losses totaling $91.5 million.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 |
|---|
| Total Current Assets | 2.28M | 4.37M | 4.61M | 17.95M | 25.54M | 3.39M | 1.07M | 1.47M | 172.15K | 1.11M | 515.63K | 493.51K | 2.62M | 6.86M | 3.84M | 9.26M | 2.56M |
| Cash & Short-Term Investments | 1.31M | 121.48K | 2.6M | 10.36M | 21.32M | 3.09M | 805.95K | 1.22M | 96.74K | 997.25K | 432.46K | 369.79K | 1.93M | 6.61M | 3.67M | 9.1M | 2.52M |
| Cash Only | 1.31M | 121.48K | 384.91K | 10.36M | 21.16M | 3.09M | 805.95K | 1.22M | 96.74K | 383.97K | 169.6K | 132.49K | 626.63K | 5.32M | 1.11M | 550.38K | 2.12M |
| Short-Term Investments | 0 | 0 | 2.21M | 0 | 159.84K | 0 | 0 | 0 | 0 | 613.28K | 262.86K | 237.3K | 1.3M | 1.29M | 2.56M | 8.55M | 400.18K |
| Accounts Receivable | 372.21K | 1.2M | 619.93K | 6.46K | 2.88M | 119.35K | 77.54K | 217.14K | 0 | 0 | 53.88K | 98.92K | 655.83K | 216.73K | 152.71K | 132.86K | 33.11K |
| Days Sales Outstanding | 816.07 | 503.16 | 7.59K | 32.35 | 3.1K | 18.5K | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 418.62K | 887.51K | 1.05M | 2.96M | 531.92K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 23.62 | 476.38 | 1.16K | 1.27K | 515.28 | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 186.2K | 1.88M | 343.82K | 3.55M | 809.08K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 12.84M | 14.03M | 12.06M | 15.34M | 10.41M | 26.86M | 25.16M | 24.08M | 22.05M | 21.69M | 21.03M | 20.1M | 18.68M | 10.09M | 7.42M | 2.89M | 637.12K |
| Property, Plant & Equipment | 4.67M | 12.73M | 5.74M | 15.34M | 4.82M | 26.86M | 25.16M | 24.08M | 22.05M | 21.69M | 21.03M | 20.1M | 18.68M | 10.09M | 7.42M | 23.82K | 0 |
| Fixed Asset Turnover | 0.04x | 0.07x | 0.01x | 0.00x | 0.07x | 0.00x | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 8.18M | 1.29M | 6.32M | 0 | 5.59M | 0 | 0 | -24.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.87M | 574.62K |
| Total Assets | 15.13M | 18.4M | 16.67M | 33.29M | 35.95M | 30.25M | 26.24M | 25.54M | 22.22M | 22.8M | 21.54M | 20.6M | 21.29M | 16.95M | 11.26M | 12.15M | 3.2M |
| Asset Turnover | 0.01x | 0.05x | 0.00x | 0.00x | 0.01x | 0.00x | - | - | - | - | - | - | - | - | - | - | - |
| Asset Growth % | -17.78% | 10.34% | -49.92% | -7.41% | 18.85% | 15.29% | 2.73% | 14.93% | -2.51% | 5.81% | 4.6% | -3.27% | 25.64% | 50.47% | -7.3% | 280.09% | - |
| Total Current Liabilities | 3.54M | 3.48M | 1.34M | 2.42M | 1.84M | 2.51M | 527.58K | 646.64K | 152.03K | 83.3K | 91.04K | 180.92K | 272.33K | 500.56K | 1.03M | 1.01M | 155.9K |
| Accounts Payable | 2.09M | 2.01M | 399.6K | 911.48K | 834.83K | 348.1K | 390.9K | 621.64K | 127.03K | 58.3K | 66.04K | 155.92K | 187.33K | 460.91K | 998.57K | 671.46K | 0 |
| Days Payables Outstanding | 117.91 | 1.08K | 440.53 | 389.87 | 808.72 | 648.16 | 8.16K | 42.84K | 7.64K | 2.19K | 2.12K | - | - | - | - | - | - |
| Short-Term Debt | 162.15K | 346.75K | 479.64K | 998.08K | 879.32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.28M | 0 | 463.55K | 1 | 127.87K | 2.01M | 111.68K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 315.2K | 155.9K |
| Current Ratio | 0.64x | 1.25x | 3.44x | 7.42x | 13.87x | 1.35x | 2.04x | 2.27x | 1.13x | 13.28x | 5.66x | 2.73x | 9.61x | 13.71x | 3.75x | 9.15x | 16.42x |
| Quick Ratio | 0.53x | 1.00x | 2.65x | 6.19x | 13.58x | 1.35x | 2.04x | 2.27x | 1.13x | 13.28x | 5.66x | 2.73x | 9.61x | 13.71x | 3.75x | 9.15x | 16.42x |
| Cash Conversion Cycle | 721.78 | -97.69 | 8.31K | 910.2 | 2.8K | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.76M | 161.74K | 437.63K | 484.86K | 903.6K | 281.87K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.7K | 0 | 0 |
| Long-Term Debt | 1.76M | 0 | 191.28K | 0 | 797.66K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 161.74K | 246.36K | 484.86K | 387.5K | 281.87K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.7K | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | -281.56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -315.2K | 0 |
| Total Liabilities | 5.3M | 3.65M | 1.78M | 2.9M | 2.75M | 2.79M | 527.58K | 646.64K | 152.03K | 83.3K | 91.04K | 180.92K | 272.33K | 500.56K | 1.04M | 1.01M | 155.9K |
| Total Debt | 1.92M | 680.47K | 917.27K | 1.61M | 2.06M | 404.32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | 611.89K | 558.99K | 532.36K | -8.75M | -19.09M | -2.69M | -805.95K | -1.22M | -96.74K | -383.97K | -169.6K | -132.49K | -626.63K | -5.32M | -1.11M | -550.38K | -2.12M |
| Debt / Equity | 0.20x | 0.05x | 0.06x | 0.05x | 0.06x | 0.01x | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -37.44x | -108.94x | -108.93x | -118.50x | -495.95x | -400.80x | - | - | - | - | - | - | -653.83x | - | - | - | - |
| Total Equity | 9.83M | 14.75M | 14.89M | 30.38M | 33.21M | 27.46M | 25.71M | 24.9M | 22.07M | 22.71M | 21.45M | 20.42M | 21.02M | 16.45M | 10.23M | 11.14M | 3.04M |
| Equity Growth % | -33.37% | -0.96% | -50.99% | -8.5% | 20.91% | 6.81% | 3.28% | 12.79% | -2.82% | 5.87% | 5.08% | -2.88% | 27.81% | 60.82% | -8.18% | 266.3% | - |
| Book Value per Share | 0.09 | 0.14 | 0.15 | 0.31 | 0.36 | 0.33 | 0.33 | 0.37 | 0.35 | 0.37 | 0.37 | 0.36 | 0.39 | 0.40 | 0.26 | 0.40 | 0.14 |
| Total Shareholders' Equity | 9.83M | 14.75M | 14.89M | 30.38M | 33.21M | 27.46M | 25.71M | 24.9M | 22.07M | 22.71M | 21.45M | 20.42M | 21.02M | 16.45M | 10.23M | 11.14M | 3.04M |
| Common Stock | 92.54M | 89.48M | 63.56M | 85.75M | 68.33M | 43.8M | 40.21M | 38.31M | 34.18M | 33.77M | 31.18M | 28.06M | 26.42M | 19.06M | 0 | 0 | 0 |
| Retained Earnings | -91.46M | -83.85M | -56.56M | -66.2M | -41.7M | -20.49M | -16.9M | -16.31M | -18.01M | -18.2M | -15.58M | -12.07M | -9.06M | -5.54M | -3.22M | -1.39M | -147.95K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 8.74M | 6.34M | 7.89M | 10.83M | 6.58M | 0 | 0 | 1.75M | 4.94M | 6.23M | 5.23M | 3.84M | 3.07M | 2.04M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Acute liquidity and dilution
As reported in recent financial statements, Zentek's cash position has dwindled to $1.3 million as of 2025Q4, while the current ratio has compressed to 0.64, indicating that the company's ability to cover short-term obligations without external financing appears increasingly compromised by persistent operational cash burn.
The rapid decline in the current ratio from historical highs above 6.0 suggests that the company has exhausted its initial capital cushion. Investors should monitor the company's ability to secure non-dilutive funding, as the current liquidity profile leaves little room for operational delays or unforeseen capital requirements.
Based on reported figures, Zentek maintains a debt-to-equity ratio of 0.20, which, while appearing conservative on the surface, masks the underlying reality that the company's limited cash flow durability makes even modest debt levels a potential burden on its already strained financial position.
The company's reliance on debt appears to be a necessity-driven measure rather than a strategic capital allocation choice. Given the negative retained earnings of $91.5 million, the current debt load warrants further investigation into the restrictive covenants that may limit management's flexibility during this critical commercialization phase.
According to the latest balance sheet data, Zentek's equity base has been significantly eroded by accumulated losses, with retained earnings reaching negative $91.5 million, a trend that suggests the company's primary source of funding has been shareholder dilution rather than internal value creation.
The consistent expansion of the deficit in retained earnings highlights the high cost of the company's R&D-heavy business model. This trajectory suggests that shareholders may face continued dilution as the firm attempts to bridge the gap between its current commercial output and the scale required for profitability.
Data from recent filings indicates that Zentek's asset base is heavily concentrated in PPE, which fluctuated significantly from $12.8 million to $4.7 million in recent quarters, suggesting that the carrying value of these assets may be subject to impairment risks if commercial adoption fails to materialize.
The volatility in reported PPE values may imply that the company is adjusting its asset base to reflect the shifting focus of its Albany Graphite project. Investors should be cautious, as the lack of goodwill on the balance sheet does not necessarily preclude the risk of future write-downs if the underlying technology fails to achieve broader market integration.
Quick answers to the most common questions about buying ZTEK stock.
As of 2025, Zentek Ltd. (ZTEK) had total assets of $15.1M including $2.3M in current assets.
Zentek Ltd. (ZTEK) carries total debt of $1.9M, offset by $1.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Zentek Ltd. (ZTEK) has total shareholders' equity (book value) of $9.8M ($0.09 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Zentek Ltd. (ZTEK) reported a current ratio of 0.64x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.