Founder Group Limited (FGL) Balance Sheet

NASDAQ: FGLAssets, liabilities, debt and equity over 5 years.

FGL balance sheet, 2025

December 31, 2025 · MYR

RM 189.7M assets = RM 159.5M liabilities + RM 30.3M equity

Both columns are drawn to the same scale: what FGL owns equals what it owes plus shareholders’ equity. Hover a block for its value.

FGL financial health

Current ratio1.16

Adequate · current assets cover current liabilities 1.16×

Debt / equity4.24

High leverage · RM 4.24 of debt for each $1 of equity

Equity / assets15.9%

Thin equity · of assets funded by shareholders

Cash / debt62.6%

Partial cover · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

FGL balance sheet trends, 2021–2025

Founder Group Limited balance sheet trends
Metric	Then	Latest	Change
Total assets	RM 10.0M2021	RM 189.7M2025	+108.9%/yr
Total liabilities	RM 6.3M2021	RM 159.5M2025	+124.5%/yr
Shareholders’ equity	RM 3.7M2021	RM 30.3M2025	+69.2%/yr
Cash & short-term investments	RM 1.3M2021	RM 80.2M2025	+180.8%/yr
Total debt	RM 238,0072021	RM 128.2M2025	+381.8%/yr
Net cash (debt)	RM 1.1M2021	−RM 48.0M2025	RM 49.0M
Working capital	RM 3.1M2021	RM 21.9M2025	RM 18.8M
Current ratio	1.512021	1.162025	−0.36
Debt / equity	0.062021	4.242025	+4.17

Change is the average annual growth (CAGR) or the difference between the first and latest year.

FGL assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

FGL liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

FGL debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

FGL balance sheet in MYR

Founder Group Limited annual balance sheet
	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	RM 80.2M	RM 13.9M	RM 5.6M	RM 8.2M	RM 1.3M
Cash & equivalents	RM 80.2M	RM 13.9M	RM 5.6M	RM 8.2M	RM 1.3M
Receivables	RM 63.4M	RM 54.8M	RM 68.2M	RM 22.4M	RM 7.2M
Inventory	RM 2.5M	RM 3.0M	RM 1.9M	RM 1.6M	RM 624,786
Other current assets	RM 17.4M	RM 12.7M	RM 3.5M	RM 1.6M	RM 65,743
Total current assets	RM 163.4M	RM 84.4M	RM 79.3M	RM 33.8M	RM 9.2M
Property, plant & equipment (net)	RM 22.7M	RM 27.3M	RM 1.9M	RM 552,599	RM 806,371
Goodwill & intangible assets	RM 0	RM 0	RM 0	RM 0	RM 0
Long-term investments	RM 1.9M	RM 0	RM 0	RM 0	RM 0
Other non-current assets	RM 1.7M	RM 2.6M	RM 2.7M	RM 0	RM 0
Total assets	RM 189.7M	RM 114.3M	RM 83.9M	RM 34.4M	RM 10.0M
Liabilities
Accounts payable	RM 18.3M	RM 27.4M	RM 38.4M	RM 18.6M	RM 5.2M
Short-term debt	RM 110.2M	RM 33.3M	RM 24.0M	RM 4.5M	RM 536,425
Deferred revenue	RM 2.1M	RM 818,931	RM 134,194	RM 842,736	RM 206,458
Total current liabilities	RM 141.5M	RM 94.6M	RM 68.2M	RM 26.6M	RM 6.1M
Long-term debt	RM 17.5M	RM 1.9M	RM 811,236	RM 0	RM 0
Lease obligations	RM 1.1M	RM 919,201	RM 215,647	RM 146,640	RM 238,007
Other long-term liabilities	RM 511,622	RM 642,677	RM 73,831	RM 125,520	RM 221,955
Total liabilities	RM 159.5M	RM 97.2M	RM 69.1M	RM 26.7M	RM 6.3M
Shareholders' equity
Common stock & paid-in capital	RM 28.9M	RM 7.4M	RM 69,284	RM 69,284	RM 69,284
Retained earnings (deficit)	RM 95,920	RM 7.9M	RM 13.0M	RM 5.9M	RM 1.9M
Accumulated other comprehensive income	RM 1.2M	RM 1.8M	RM 1.7M	RM 1.7M	RM 1.7M
Minority interest	RM 1	RM 0	—	—	—
Total shareholders' equity	RM 30.3M	RM 17.1M	RM 14.8M	RM 7.6M	RM 3.7M
Key figures
Total debt	RM 128.2M	RM 35.8M	RM 24.9M	RM 4.5M	RM 238,007
Net cash (debt)	−RM 48.0M	−RM 21.9M	−RM 19.3M	RM 3.7M	RM 1.1M
Working capital	RM 21.9M	−RM 10.2M	RM 11.1M	RM 7.2M	RM 3.1M
Tangible book value	RM 30.3M	RM 17.1M	RM 14.8M	RM 7.6M	RM 3.7M
Current ratio	1.16	0.89	1.16	1.27	1.51
Quick ratio	1.01	0.73	1.08	1.15	1.40
Debt / equity	4.24	2.09	1.69	0.59	0.06
Equity / assets	15.9%	15.0%	17.6%	22.2%	37.0%

Founder Group Limited quarterly balance sheet
	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Dec '23	Dec '22
Assets
Cash & short-term investments	RM 80.2M	RM 80.2M	RM 23.0M	RM 23.0M	RM 13.9M	RM 13.9M	RM 5.6M	RM 10.0M	RM 5.6M	RM 8.2M
Cash & equivalents	RM 80.2M	RM 80.2M	RM 23.0M	RM 23.0M	RM 13.9M	RM 13.9M	RM 5.6M	RM 10.0M	RM 5.6M	RM 8.2M
Receivables	RM 63.4M	RM 20.8M	RM 50.6M	RM 22.8M	RM 54.8M	RM 17.4M	RM 68.2M	RM 51.2M	RM 68.2M	RM 22.4M
Inventory	RM 2.5M	RM 2.5M	RM 1.4M	RM 1.4M	RM 3.0M	RM 3.0M	RM 1.9M	RM 1.8M	RM 1.9M	RM 1.6M
Other current assets	RM 17.4M	RM 59.9M	RM 17.7M	RM 45.4M	RM 12.7M	RM 50.1M	RM 3.5M	RM 3.8M	RM 3.5M	RM 1.6M
Total current assets	RM 163.4M	RM 163.4M	RM 92.7M	RM 92.7M	RM 84.4M	RM 84.4M	RM 79.3M	RM 66.9M	RM 79.3M	RM 33.8M
Property, plant & equipment (net)	RM 22.7M	RM 22.7M	RM 26.5M	RM 26.5M	RM 27.3M	RM 27.3M	RM 1.9M	RM 5.3M	RM 1.9M	RM 552,599
Goodwill & intangible assets	RM 0	RM 0	RM 0	RM 0	RM 0	RM 0	RM 0	RM 0	RM 0	RM 0
Long-term investments	RM 0	RM 1.9M	RM 0	RM 0	RM 0	RM 0	RM 0	RM 0	RM 0	RM 0
Other non-current assets	RM 3.6M	RM 1.7M	RM 2.8M	RM 2.8M	RM 2.6M	RM 2.6M	RM 2.7M	RM 3.3M	RM 2.7M	RM 0
Total assets	RM 189.7M	RM 189.7M	RM 122.0M	RM 122.0M	RM 114.3M	RM 114.3M	RM 83.9M	RM 75.4M	RM 83.9M	RM 34.4M
Liabilities
Accounts payable	RM 18.3M	RM 18.3M	RM 25.2M	RM 25.2M	RM 27.4M	RM 27.4M	RM 38.4M	RM 22.9M	RM 38.4M	RM 18.6M
Short-term debt	RM 110.2M	—	RM 45.0M	—	RM 33.3M	—	RM 24.0M	RM 26.3M	RM 24.0M	RM 4.5M
Deferred revenue	RM 2.1M	—	RM 2.0M	—	RM 818,931	—	RM 134,194	RM 2.6M	RM 134,194	RM 842,736
Total current liabilities	RM 141.5M	RM 141.5M	RM 86.1M	RM 86.1M	RM 94.6M	RM 94.6M	RM 68.2M	RM 60.3M	RM 68.2M	RM 26.6M
Long-term debt	RM 0	RM 17.5M	RM 0	RM 17.9M	RM 0	RM 1.9M	RM 0	RM 2.0M	RM 811,236	RM 0
Lease obligations	—	RM 1.1M	—	RM 1.1M	—	RM 997,819	—	RM 0	RM 215,647	—
Other long-term liabilities	RM 18.0M	RM 511,622	RM 18.6M	RM 653,894	RM 2.6M	RM 642,677	RM 885,067	RM 0	RM 73,831	RM 125,520
Total liabilities	RM 159.5M	RM 159.5M	RM 104.7M	RM 104.7M	RM 97.2M	RM 97.2M	RM 69.1M	RM 62.3M	RM 69.1M	RM 26.7M
Shareholders' equity
Common stock & paid-in capital	RM 28.9M	—	RM 9.8M	—	RM 7.4M	—	RM 69,284	RM 69,284	RM 69,284	RM 69,284
Retained earnings (deficit)	RM 95,920	RM 95,920	RM 5.9M	RM 5.9M	RM 7.9M	RM 7.9M	RM 13.0M	RM 11.3M	RM 13.0M	RM 5.9M
Accumulated other comprehensive income	RM 1.2M	—	RM 1.6M	—	RM 1.8M	—	RM 1.7M	RM 1.7M	RM 1.7M	RM 1.7M
Minority interest	—	RM 1	—	—	—	RM 0	—	—	—	—
Total shareholders' equity	RM 30.3M	RM 30.3M	RM 17.3M	RM 17.3M	RM 17.1M	RM 17.1M	RM 14.8M	RM 13.1M	RM 14.8M	RM 7.6M
Key figures
Total debt	RM 128.2M	RM 17.5M	RM 63.6M	RM 17.9M	RM 35.8M	RM 1.9M	RM 24.9M	RM 28.3M	RM 24.9M	RM 4.5M
Net cash (debt)	−RM 48.0M	RM 62.8M	−RM 40.5M	RM 5.1M	−RM 21.9M	RM 12.0M	−RM 19.3M	−RM 18.3M	−RM 19.3M	RM 3.7M
Working capital	RM 21.9M	RM 21.9M	RM 6.6M	RM 6.6M	−RM 10.2M	−RM 10.2M	RM 11.1M	RM 6.6M	RM 11.1M	RM 7.2M
Tangible book value	RM 30.3M	RM 30.3M	RM 17.3M	RM 17.3M	RM 17.1M	RM 17.1M	RM 14.8M	RM 13.1M	RM 14.8M	RM 7.6M
Shares outstanding	—	330K	16.1M	185K	—	177K	—	—	169K	—
Current ratio	1.16	1.16	1.08	1.08	0.89	0.89	1.16	1.11	1.16	1.27
Quick ratio	1.01	0.71	0.86	0.53	0.73	0.33	1.08	1.02	1.08	1.15
Debt / equity	4.24	0.58	3.67	1.04	2.09	0.11	1.69	2.17	1.69	0.59
Equity / assets	15.9%	15.9%	14.2%	14.2%	15.0%	15.0%	17.6%	17.4%	17.6%	22.2%

Quarterly columns are labeled by the month the quarter ended. Figures in MYR as reported (latest annual report filed April 28, 2026); data from EODHD.

FGL financial position

At the end of fiscal 2025 (December 31, 2025), Founder had total assets of RM 189.7 million (up 66.0% from a year earlier), total liabilities of RM 159.5 million and shareholders' equity of RM 30.3 million. It held RM 80.2 million in cash and short-term investments against RM 128.2 million of debt, net debt of RM 48.0 million. Its current ratio was 1.16. In the latest quarter (ended March 31, 2026) total assets were RM 189.7 million and equity RM 30.3 million.

Related: FGL income statement, FGL cash flow statement, FGL key metrics. See the FGL stock overview for the latest quote and news.

FGL balance sheet FAQ

What are Founder's total assets?

Founder reported total assets of RM 189.7 million at the end of fiscal 2025 (December 31, 2025), compared with RM 114.3 million a year earlier.

How much debt does Founder have?

Founder had RM 128.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 4.24.

How much cash does Founder have?

Founder held RM 80.2 million in cash and short-term investments at the end of fiscal 2025; with RM 128.2 million of debt that is net debt of RM 48.0 million.

What is Founder's book value?

Founder's shareholders' equity (book value) was RM 30.3 million at the end of fiscal 2025.

What is Founder's current ratio?

Founder had current assets of RM 163.4 million and current liabilities of RM 141.5 million, a current ratio of 1.16 (it can cover its short-term obligations).