The company maintains a conservative capital structure with a debt-to-equity ratio of 0.03, though retained earnings have shifted into a $269.1K deficit as of 2025Q4.
| Total Current Assets | 6.93M | 2.06M | 952.93K | 414.13K |
| Cash & Short-Term Investments | 4.52M | 335.88K | 292.94K | 92.65K |
| Cash Only | 4.52M | 317.32K | 292.94K | 92.65K |
| Short-Term Investments | 0 | 18.55K | 0 | 0 |
| Accounts Receivable | 1.57M | 1.23M | 626.24K | 287.22K |
| Days Sales Outstanding | 174.92 | 102.28 | 85.5 | 49.49 |
| Inventory | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - |
| Other Current Assets | 176.02K | 494.26K | 64 | 128 |
| Total Non-Current Assets | 644.55K | 50.81K | 5.07K | 2.38K |
| Property, Plant & Equipment | 189.41K | 50.81K | 5.07K | 2.38K |
| Fixed Asset Turnover | 17.25x | 86.26x | 527.63x | 888.87x |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 510 | 0 |
| Other Non-Current Assets | 455.15K | 0 | -509 | 0 |
| Total Assets | 7.58M | 2.11M | 958K | 416.52K |
| Asset Turnover | 0.43x | 2.08x | 2.79x | 5.09x |
| Asset Growth % | 258.78% | 120.4% | 130% | - |
| Total Current Liabilities | 722.45K | 913.75K | 548.9K | 277.85K |
| Accounts Payable | 345.61K | 363.36K | 60.15K | 31.14K |
| Days Payables Outstanding | 49.66 | 47 | 15.57 | 7.58 |
| Short-Term Debt | 103.69K | 5.39K | 0 | 0 |
| Deferred Revenue (Current) | 4.5K | 20.45K | 28.94K | 0 |
| Other Current Liabilities | 0 | 242.19K | 0 | 0 |
| Current Ratio | 9.59x | 2.26x | 1.74x | 1.49x |
| Quick Ratio | 9.59x | 2.26x | 1.74x | 1.49x |
| Cash Conversion Cycle | - | - | - | - |
| Total Non-Current Liabilities | 1.05M | 0 | 0 | 0 |
| Long-Term Debt | 962.67K | 0 | 0 | 0 |
| Capital Lease Obligations | 90.97K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.78M | 913.75K | 548.9K | 277.84K |
| Total Debt | 1.25M | 42.18K | 0 | 0 |
| Net Debt | -3.27M | -275.14K | -292.94K | -92.65K |
| Debt / Equity | 0.22x | 0.04x | - | - |
| Debt / EBITDA | - | 0.05x | - | - |
| Net Debt / EBITDA | - | -0.29x | -2.43x | -0.29x |
| Interest Coverage | -46.74x | - | - | 762.66x |
| Total Equity | 5.8M | 1.2M | 409.1K | 138.67K |
| Equity Growth % | 384.21% | 192.77% | 195.01% | - |
| Book Value per Share | 2.55 | 0.53 | 0.18 | 0.06 |
| Total Shareholders' Equity | 5.8M | 1.2M | 409.1K | 138.67K |
| Common Stock | 4K | 4K | 4K | 4K |
| Retained Earnings | -269.14K | 1.19M | 408.54K | 137.49K |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | 5.08K | 463 | -91 | -105 |
| Minority Interest | 0 | 0 | 0 | 0 |
Capital erosion via operations
As reported in recent financial statements, MIMI's total assets expanded to $7.6M by 2025Q4, yet this growth is entirely driven by cash accumulation rather than productive asset investment, signaling a fundamental disconnect between the company's balance sheet strength and its underlying operational performance in the fit-out sector.
The sudden jump in total assets from $405.8K in 2025Q2 to $7.6M by year-end suggests a significant capital injection or financing event rather than organic business growth. Investors should monitor whether this liquidity is being deployed to stabilize the core business or if it is merely a temporary buffer against persistent operational losses.
Based on the 2025Q4 balance sheet, MIMI maintains a current ratio of 9.59, which, according to reported figures, indicates an exceptionally high liquidity position that far exceeds the operational requirements of a firm generating only $3.26M in annual revenue.
While a high current ratio typically signals safety, in this context, it appears to reflect an inability to efficiently deploy capital into revenue-generating projects. The lack of utilization of these liquid assets suggests that the company may be struggling to identify viable investment opportunities within the current Hong Kong market environment.
According to the company's latest filings, retained earnings have shifted into a deficit of $269.1K as of 2025Q4, illustrating that the firm's historical profitability has been entirely eroded by recent operational inefficiencies and the inability to maintain positive margins.
The transition from positive retained earnings in 2025Q2 to a deficit by year-end confirms that the company is consuming its equity base to fund ongoing operations. This trend warrants further investigation into whether management can reverse this trajectory before the capital base is significantly impaired.
As indicated by the 2025Q4 balance sheet, the company holds $189.4K in net PPE, which, based on the provided data, represents a negligible portion of total assets, suggesting that the firm operates with minimal physical infrastructure despite its role in the capital-intensive fit-out industry.
The reliance on an asset-light model while simultaneously reporting massive operating losses suggests that the company's primary risk is not asset impairment, but rather the failure to generate sufficient project volume to cover fixed administrative costs. The disconnect between the cash-heavy balance sheet and the lack of productive industrial assets implies that the firm may be functioning more as a holding entity than an active construction participant.
Quick answers to the most common questions about buying MIMI stock.
As of 2025, Mint Incorporation Limited (MIMI) had total assets of $7.6M including $6.9M in current assets.
Mint Incorporation Limited (MIMI) carries total debt of $1.3M, offset by $4.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Mint Incorporation Limited (MIMI) has total shareholders' equity (book value) of $5.8M ($2.55 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Mint Incorporation Limited (MIMI) reported a current ratio of 9.59x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.