Deswell Industries, Inc. (DSWL) Balance Sheet
DSWL balance sheet, FY2026
March 31, 2026 · U.S. dollars$130.0M assets = $20.6M liabilities + $109.4M equity
Both columns are drawn to the same scale: what DSWL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
DSWL financial health
Current ratio5.25
Comfortable · current assets cover current liabilities 5.25×
Equity / assets84.2%
Equity-funded · of assets funded by shareholders
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal FY2026.
DSWL balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $91.0MFY2017 | $130.0MFY2026 | +4.0%/yr | |
| Total liabilities | $14.8MFY2017 | $20.6MFY2026 | +3.7%/yr | |
| Shareholders’ equity | $76.2MFY2017 | $109.4MFY2026 | +4.1%/yr | |
| Cash & short-term investments | $29.8MFY2017 | $82.3MFY2026 | +11.9%/yr | |
| Working capital | $41.3MFY2017 | $86.5MFY2026 | +$45.2M | |
| Book value per share | $4.75FY2017 | $6.87FY2026 | +4.2%/yr | |
| Current ratio | 3.79FY2017 | 5.25FY2026 | +1.46 | |
| Shares outstanding | 16.0MFY2017 | 15.9MFY2026 | −0.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DSWL assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
DSWL liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
DSWL debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
DSWL balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $82.3M | $75.5M | $57.9M | $47.0M | $43.9M | $45.3M | $42.7M | $39.2M | $32.5M | $29.8M |
| Cash & equivalents | $23.1M | $28.1M | $15.8M | $22.2M | $13.5M | $20.2M | $22.5M | $14.4M | $15.2M | $8.1M |
| Short-term investments | $59.3M | $47.4M | $42.2M | $24.8M | $30.4M | $25.1M | $20.2M | $24.8M | $17.3M | $21.7M |
| Receivables | $11.4M | $10.1M | $12.2M | $15.7M | $18.3M | $15.2M | $12.3M | $16.2M | $16.1M | $13.2M |
| Inventory | $11.8M | $9.5M | $12.1M | $17.3M | $23.8M | $16.2M | $8.6M | $13.0M | $12.9M | $10.7M |
| Other current assets | $1.4M | $1.4M | $1.0M | $1.1M | $1.9M | $2.0M | $1.8M | $1.6M | $7.4M | $2.4M |
| Total current assets | $106.9M | $96.5M | $83.3M | $81.2M | $88.0M | $78.7M | $65.4M | $70.0M | $68.9M | $56.1M |
| Property, plant & equipment (net) | $22.3M | $23.4M | $24.6M | $26.1M | $27.0M | $27.3M | $28.6M | $30.2M | $31.5M | $32.0M |
| Goodwill & intangible assets | $0 | $0 | $0 | $15.7M | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $2.8M | $2.9M | $313,000 | $332,000 | $1.4M | $0 | $0 | $2.9M |
| Other non-current assets | $746,000 | $335,000 | $419,000 | $0 | $259,000 | $1.5M | $0 | $0 | $0 | $0 |
| Total assets | $130.0M | $120.2M | $111.1M | $110.4M | $115.5M | $107.9M | $95.4M | $100.2M | $100.4M | $91.0M |
| Liabilities | ||||||||||
| Accounts payable | $6.8M | $5.7M | $5.2M | $6.9M | $9.8M | $9.5M | $4.6M | $6.3M | $8.6M | $5.2M |
| Short-term debt | — | — | −$599,000 | — | — | — | — | — | — | — |
| Deferred revenue | — | $2.1M | $1.7M | $2.2M | $2.3M | $1.7M | $1.2M | $1.3M | $1.7M | $2.2M |
| Total current liabilities | $20.4M | $17.7M | $16.4M | $20.2M | $24.0M | $21.2M | $14.3M | $15.5M | $19.1M | $14.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $211,000 | $371,000 | $476,000 | $484,000 | $659,000 | $957,000 | $751,000 | $659,000 | $775,000 | $7.3M |
| Total liabilities | $20.6M | $18.1M | $16.9M | $20.7M | $24.6M | $22.2M | $15.1M | $16.2M | $19.1M | $14.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $53.2M | $53.2M | $53.2M | $53.2M | $53.2M | $53.1M | $53.1M | $53.1M | $53.1M | $53.1M |
| Retained earnings (deficit) | $45.9M | $38.5M | $30.5M | $26.0M | $27.2M | $22.1M | $16.7M | $20.4M | $17.7M | $12.6M |
| Treasury stock | — | — | — | — | — | — | −$2.8M | −$2.8M | −$2.8M | −$2.8M |
| Accumulated other comprehensive income | $5.3M | $5.3M | $5.3M | $5.3M | $5.3M | $5.3M | $5.3M | $5.3M | $5.3M | $5.3M |
| Total shareholders' equity | $109.4M | $102.1M | $94.2M | $89.6M | $90.9M | $85.7M | $80.3M | $84.0M | $81.3M | $76.2M |
| Key figures | ||||||||||
| Total debt | — | — | −$599,000 | — | — | — | — | — | — | — |
| Net cash (debt) | — | — | $58.5M | — | — | — | — | — | — | — |
| Working capital | $86.5M | $78.8M | $66.8M | $60.9M | $64.0M | $57.5M | $51.1M | $54.4M | $49.8M | $41.3M |
| Tangible book value | $109.4M | $102.1M | $94.2M | $73.9M | $90.9M | $85.7M | $80.3M | $84.0M | $81.3M | $76.2M |
| Book value per share | $6.87 | $6.40 | $5.89 | $5.58 | $5.63 | $5.34 | $5.05 | $5.23 | $5.08 | $4.75 |
| Shares outstanding | 15.9M | 16.0M | 16.0M | 16.1M | 16.1M | 16.0M | 15.9M | 16.1M | 16.0M | 16.0M |
| Current ratio | 5.25 | 5.45 | 5.07 | 4.01 | 3.67 | 3.71 | 4.57 | 4.50 | 3.60 | 3.79 |
| Quick ratio | 4.60 | 4.83 | 4.27 | 3.10 | 2.60 | 2.85 | 3.85 | 3.56 | 2.54 | 2.91 |
| Debt / equity | — | — | −0.01 | — | — | — | — | — | — | — |
| Equity / assets | 84.2% | 85.0% | 84.8% | 81.2% | 78.7% | 79.4% | 84.2% | 83.8% | 81.0% | 83.7% |
| Mar '26 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $82.3M | $79.7M | $75.5M | $75.5M | $75.5M | $65.8M | $65.8M | $57.9M | $57.9M | $50.6M | $50.6M | $47.0M |
| Cash & equivalents | $23.1M | $23.4M | $28.1M | $28.1M | $28.1M | $13.4M | $13.4M | $15.8M | $15.8M | $17.4M | $17.4M | $22.2M |
| Short-term investments | $59.3M | $56.3M | $47.4M | $47.4M | $47.4M | $52.3M | $52.3M | $42.2M | $42.2M | $33.2M | $33.2M | $24.8M |
| Receivables | $11.4M | $13.9M | $10.1M | $10.1M | $9.9M | $17.2M | $17.2M | $12.2M | $12.0M | $16.8M | $16.8M | $15.7M |
| Inventory | $11.8M | $10.1M | $9.5M | $9.5M | $9.5M | $11.8M | $11.8M | $12.1M | $12.1M | $14.8M | $14.8M | $17.3M |
| Other current assets | $1.4M | $1.2M | $1.4M | $1.4M | $1.6M | $1.4M | $1.4M | $1.0M | $1.2M | $1.2M | $1.2M | $1.1M |
| Total current assets | $106.9M | $104.9M | $96.5M | $96.5M | $96.5M | $96.1M | $96.1M | $83.3M | $83.3M | $83.3M | $83.3M | $81.2M |
| Property, plant & equipment (net) | $22.3M | $23.0M | $23.4M | $23.4M | $23.4M | $24.0M | $24.0M | $24.6M | $24.6M | $25.3M | $25.3M | $26.1M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $16.8M | $15.7M | $15.7M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.8M | $0 | $2.7M | $0 | $2.9M |
| Other non-current assets | $746,000 | $337,000 | $335,000 | $335,000 | $335,000 | $419,000 | $419,000 | $419,000 | $3.2M | $0 | $0 | $0 |
| Total assets | $130.0M | $128.2M | $120.2M | $120.2M | $120.2M | $120.5M | $120.5M | $111.1M | $111.1M | $111.6M | $111.6M | $110.4M |
| Liabilities | ||||||||||||
| Accounts payable | $6.8M | $7.3M | $5.7M | $5.7M | $5.7M | $8.3M | $8.3M | $5.2M | $5.2M | $7.6M | $7.6M | $6.9M |
| Short-term debt | — | — | — | — | — | — | −$599,000 | — | — | — | — | — |
| Deferred revenue | — | $1.9M | $2.1M | $2.1M | — | $2.9M | $1.7M | $1.7M | — | $2.1M | $2.2M | $2.2M |
| Total current liabilities | $20.4M | $19.9M | $17.7M | $17.7M | $17.7M | $21.3M | $21.3M | $16.4M | $16.4M | $19.6M | $19.6M | $20.2M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $211,000 | $310,000 | $371,000 | $371,000 | $371,000 | $454,000 | $454,000 | $476,000 | $476,000 | $447,000 | $484,000 | $484,000 |
| Total liabilities | $20.6M | $20.2M | $18.1M | $18.1M | $18.1M | $21.7M | $21.7M | $16.9M | $16.9M | $20.0M | $19.6M | $20.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $53.2M | $53.2M | $53.2M | $53.2M | $53.2M | $53.2M | $53.2M | $53.2M | $53.2M | $53.2M | $53.2M | $53.2M |
| Retained earnings (deficit) | $45.9M | $44.4M | $38.5M | $38.5M | $38.5M | $35.1M | $35.1M | $30.5M | $30.5M | $27.9M | $27.9M | $26.0M |
| Accumulated other comprehensive income | $5.3M | $5.3M | $5.3M | $5.3M | $5.3M | $5.3M | $5.3M | $5.3M | $5.3M | $5.3M | $5.3M | $5.3M |
| Total shareholders' equity | $109.4M | $108.0M | $102.1M | $102.1M | $102.1M | $98.8M | $98.8M | $94.2M | $94.2M | $91.6M | $91.6M | $89.6M |
| Key figures | ||||||||||||
| Total debt | — | — | — | — | — | — | −$599,000 | — | — | — | — | — |
| Net cash (debt) | — | — | — | — | — | — | $66.4M | — | — | — | — | — |
| Working capital | $86.5M | $85.1M | $78.8M | $78.8M | $78.8M | $74.8M | $74.8M | $66.8M | $66.8M | $63.8M | $63.8M | $60.9M |
| Tangible book value | $109.4M | $108.0M | $102.1M | $102.1M | $102.1M | $98.8M | $98.8M | $94.2M | $94.2M | $74.8M | $75.9M | $73.9M |
| Book value per share | $6.87 | $6.78 | $6.41 | $6.40 | $6.39 | $6.20 | $6.20 | $5.88 | $5.88 | $5.74 | $5.74 | $5.60 |
| Shares outstanding | 15.9M | 15.9M | 15.9M | 16.0M | 16.0M | 15.9M | 15.9M | 16.0M | 16.0M | 16.0M | 16.0M | 16.0M |
| Current ratio | 5.25 | 5.28 | 5.45 | 5.45 | 5.45 | 4.52 | 4.52 | 5.07 | 5.07 | 4.26 | 4.26 | 4.01 |
| Quick ratio | 4.60 | 4.71 | 4.83 | 4.83 | 4.82 | 3.90 | 3.90 | 4.27 | 4.25 | 3.44 | 3.44 | 3.10 |
| Debt / equity | — | — | — | — | — | — | −0.01 | — | — | — | — | — |
| Equity / assets | 84.2% | 84.3% | 85.0% | 85.0% | 85.0% | 82.0% | 82.0% | 84.8% | 84.8% | 82.1% | 82.1% | 81.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed July 30, 2026); data from EODHD.
DSWL financial position
At the end of fiscal 2026 (March 31, 2026), Deswell Industries had total assets of $130.0 million (up 8.1% from a year earlier), total liabilities of $20.6 million and shareholders' equity of $109.4 million. Its current ratio was 5.25.
Related: DSWL income statement, DSWL cash flow statement, DSWL key metrics. See the DSWL stock overview for the latest quote and news.
DSWL balance sheet FAQ
What are Deswell Industries's total assets?
Deswell Industries reported total assets of $130.0 million at the end of fiscal 2026 (March 31, 2026), compared with $120.2 million a year earlier.
How much cash does Deswell Industries have?
Deswell Industries held $82.3 million in cash and short-term investments at the end of fiscal 2026.
What is Deswell Industries's book value?
Deswell Industries's shareholders' equity (book value) was $109.4 million at the end of fiscal 2026, or $6.87 per share.
What is Deswell Industries's current ratio?
Deswell Industries had current assets of $106.9 million and current liabilities of $20.4 million, a current ratio of 5.25 (it can cover its short-term obligations).