The company's financial position remains vulnerable, with total assets declining to $115.6M and a substantial $49.9M deficit in retained earnings as of 2025Q4.
| Total Current Assets | 52.57M | 72.34M | 63.74M | 40.89M | 39.74M | 56.12M |
| Cash & Short-Term Investments | 2.33M | 9.17M | 5.85M | 8.59M | 1.43M | 421.5K |
| Cash Only | 2.33M | 9.17M | 5.85M | 8.59M | 1.43M | 421.5K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 8.73M | 35.16M | 32.34M | 26.61M | 37.05M | 54.31M |
| Days Sales Outstanding | 23.21 | 54.46 | 67.77 | 27.96 | 56.22 | 108.58 |
| Inventory | 12.11M | 3.62M | 5.32M | 1.3M | 680.02K | 1.33M |
| Days Inventory Outstanding | 51.08 | 7.09 | 13.95 | 1.55 | 1.14 | 2.83 |
| Other Current Assets | 4.92K | 3.59K | 8.2M | 4.25M | 584.03K | 11.43K |
| Total Non-Current Assets | 63.06M | 63.31M | 26.88M | 987.6K | 483.04K | 7.93M |
| Property, Plant & Equipment | 49.12M | 47.24M | 25.18M | 708.27K | 21.77K | 6.9M |
| Fixed Asset Turnover | 2.79x | 4.99x | 6.92x | 490.56x | 11050.51x | 26.45x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 11.04M | 13.54M | 0 | 112.05K | 274.69K | 426.59K |
| Long-Term Investments | 318.13K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 2.51M | 2.33M | 1.7M | 159.4K | 178.71K | 588.63K |
| Total Assets | 115.63M | 135.65M | 90.62M | 41.87M | 40.23M | 64.04M |
| Asset Turnover | 1.19x | 1.74x | 1.92x | 8.30x | 5.98x | 2.85x |
| Asset Growth % | -14.76% | 49.69% | 116.41% | 4.09% | -37.19% | - |
| Total Current Liabilities | 20.15M | 39.3M | 69.83M | 102.17M | 115.29M | 140.42M |
| Accounts Payable | 0 | 0 | 0 | 10.43M | 84.61M | 52.16M |
| Days Payables Outstanding | - | - | - | 12.46 | 141.71 | 111.38 |
| Short-Term Debt | 4.76M | 27.11M | 30.75M | 83.96M | 27.47M | 60.71M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 2.61x | 1.84x | 0.91x | 0.40x | 0.34x | 0.40x |
| Quick Ratio | 2.01x | 1.75x | 0.84x | 0.39x | 0.34x | 0.39x |
| Cash Conversion Cycle | - | - | - | 17.05 | -84.35 | 0.03 |
| Total Non-Current Liabilities | 38.89M | 39.52M | 23.18M | 375.06K | 525.62K | 2.28M |
| Long-Term Debt | 0 | 0 | 0 | 375.06K | 525.62K | 529.13K |
| Capital Lease Obligations | 36.87M | 38.6M | 23.18M | 0 | 0 | 1.76M |
| Deferred Tax Liabilities | 2.01M | 920.14K | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 59.03M | 78.82M | 93M | 102.55M | 115.82M | 142.71M |
| Total Debt | 46.44M | 69.6M | 54.64M | 84.99M | 28M | 64.26M |
| Net Debt | 44.11M | 60.43M | 48.79M | 76.4M | 26.57M | 63.83M |
| Debt / Equity | 0.82x | 1.22x | - | - | - | - |
| Debt / EBITDA | 7.69x | 3.95x | 4.39x | 4.48x | 2.88x | - |
| Net Debt / EBITDA | 7.31x | 3.43x | 3.92x | 4.03x | 2.73x | - |
| Interest Coverage | 2.32x | 3.43x | 2.00x | 3.51x | 3.89x | -0.11x |
| Total Equity | 56.6M | 56.83M | -2.39M | -60.68M | -75.59M | -78.66M |
| Equity Growth % | -0.4% | 2480.85% | 96.07% | 19.73% | 3.91% | - |
| Book Value per Share | 111.42 | 22.37 | -0.95 | -24.27 | -30.24 | -41.95 |
| Total Shareholders' Equity | 56.6M | 56.83M | -2.39M | -60.68M | -75.59M | -78.66M |
| Common Stock | 9.91K | 9.91K | 8.78K | 8.78K | 8.78K | 8.78K |
| Retained Earnings | -49.94M | -50.27M | -58.33M | -62.75M | -75.15M | -78.08M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 440.22K | 998.97K | 844.79K | 1.97M | -543.42K | -681.48K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency fragility
As reported in recent financial filings, NCI's total assets declined from $137.8M in 2025Q2 to $115.6M by 2025Q4, reflecting a rapid downsizing of the balance sheet that suggests the company is struggling to maintain its operational scale in the face of significant revenue headwinds.
The reduction in total assets appears to be driven by a contraction in the underlying business footprint rather than strategic divestment. This trajectory warrants caution, as the shrinking asset base may limit the company's future capacity to pivot or capture market share when demand eventually stabilizes.
Based on the company's 2025Q4 balance sheet, total debt decreased to $46.4M from $68.7M in 2025Q2, indicating that management is prioritizing debt repayment, likely funded by the liquidation of working capital assets rather than organic cash flow generation from core operations.
While the reduction in the debt-to-equity ratio from 1.18 to 0.82 appears positive on the surface, it may mask a lack of access to new financing. Investors should monitor whether this deleveraging is sustainable or if it merely reflects a defensive posture in response to a deteriorating revenue environment.
According to the latest reported figures, NCI maintains a cash position of only $2.3M against a backdrop of significant operational volatility, which suggests a precarious liquidity buffer that may leave the firm vulnerable to sudden shocks in its supply chain or retail segment.
The current ratio of 2.61 may appear healthy, but it is likely inflated by inventory and receivables that could prove difficult to convert to cash in a downturn. This liquidity profile suggests that the company has very little room for error in managing its short-term obligations.
As indicated in the 2025Q4 financial statements, NCI's retained earnings have deepened to a negative $49.9M, highlighting a persistent inability to generate long-term shareholder value through its current business model of integrated design and retail operations.
The erosion of equity through sustained losses suggests that the company's capital structure is becoming increasingly reliant on external financing or asset sales to remain solvent. This trend raises concerns about the long-term viability of the current business model if profitability cannot be restored.
Financial data reveals that NCI carries $11.0M in goodwill and $49.1M in net PPE, which together represent a significant portion of the company's $56.6M in equity, suggesting that any further operational decline could trigger substantial impairment charges that would severely impact the balance sheet.
Given the 41.76% revenue contraction, the carrying value of these assets may no longer be supported by future cash flow projections. Investors should be wary that the book value of these assets may be overstated, potentially masking a more severe deterioration in the company's net asset value.
Quick answers to the most common questions about buying NCI stock.
As of 2025, Neo-Concept International Group Holdings Limited (NCI) had total assets of $115.6M including $52.6M in current assets.
Neo-Concept International Group Holdings Limited (NCI) carries total debt of $46.4M, 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.
Neo-Concept International Group Holdings Limited (NCI) has total shareholders' equity (book value) of $56.6M ($111.42 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Neo-Concept International Group Holdings Limited (NCI) reported a current ratio of 2.61x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.