HWH International Inc. (HWH) Balance Sheet

NASDAQ: HWHAssets, liabilities, debt and equity over 6 years.

HWH balance sheet, FY2025

November 30, 2025 · U.S. dollars

$4.6M assets = $1.9M liabilities + $2.7M equity

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

HWH financial health

Current ratio2.32

Comfortable · current assets cover current liabilities 2.32×

Debt / equity0.37

Low leverage · $0.37 of debt for each $1 of equity

Equity / assets57.3%

Equity-funded · of assets funded by shareholders

Cash / debt224.9%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal FY2025.

HWH balance sheet trends, FY2020–FY2025

HWH International Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$4.7MFY2020	$4.6MFY2025	−0.5%/yr
Total liabilities	$4.1MFY2020	$1.9MFY2025	−14.4%/yr
Shareholders’ equity	$596,439FY2020	$2.6MFY2025	+34.4%/yr
Cash & short-term investments	$1.6MFY2020	$2.2MFY2025	+6.4%/yr
Total debt	$789,372FY2020	$964,965FY2025	+4.1%/yr
Net cash (debt)	$800,921FY2020	$1.2MFY2025	+$404,498
Working capital	−$441,709FY2020	$1.7MFY2025	+$2.1M
Book value per share	$0.06FY2020	$0.40FY2025	+45.7%/yr
Current ratio	0.89FY2020	2.32FY2025	+1.43
Debt / equity	1.32FY2020	0.37FY2025	−0.96
Shares outstanding	9.8MFY2020	6.6MFY2025	−7.7%/yr

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

HWH assets

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

HWH liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

HWH debt vs cash

Total debtCash & ST investmentsNet cash (debt)

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

HWH balance sheet

HWH International Inc. annual balance sheet
	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Assets
Cash & short-term investments	$2.2M	$4.3M	$1.2M	$1.7M	$2.7M	$1.6M
Cash & equivalents	$2.1M	$4.3M	$1.2M	$1.7M	$2.7M	$1.6M
Short-term investments	$84,466	$0	—	—	—	—
Receivables	$778,842	$1.1M	$69,814	$9,070	$2,519	$937,480
Inventory	$1,057	$1,574	$1,977	$34,126	$47,289	$119,962
Other current assets	$21,754	$26,767	$106,862	$355,626	$610,258	$1.0M
Total current assets	$3.0M	$5.5M	$1.3M	$2.0M	$3.3M	$3.7M
Property, plant & equipment (net)	$111,808	$582,345	$727,738	$1.1M	$385,796	$451,797
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0
Long-term investments	$62,239	$140	$0	$207,402	$0	$0
Other non-current assets	$1.4M	$351,240	$21.6M	$305,036	$234,928	$586,351
Total assets	$4.6M	$6.4M	$23.7M	$3.7M	$3.9M	$4.7M
Liabilities
Accounts payable	$305,028	$483,430	$167,355	$63,354	$19,069	$6,847
Short-term debt	$360,873	$1.6M	$429,687	$419,303	$229,175	$789,372
Deferred revenue	—	—	−$137,199	$21,198	$700,385	—
Total current liabilities	$1.3M	$3.3M	$6.0M	$2.4M	$2.2M	$4.1M
Long-term debt	$473,750	$0	$0	$0	$0	$0
Lease obligations	$95,907	$560,900	$612,067	$978,633	$351,222	—
Other long-term liabilities	$130,342	$220,249	$182,380	$559,330	$122,047	$0
Total liabilities	$1.9M	$3.5M	$6.2M	$3.0M	$2.3M	$4.1M
Shareholders' equity
Common stock & paid-in capital	$747	$559	$21.1M	$10	$10	$10
Retained earnings (deficit)	−$8.9M	−$6.2M	−$3.6M	$930,175	$1.8M	$570,281
Accumulated other comprehensive income	−$904,609	−$416,861	−$197,051	−$195,203	−$219,647	$26,148
Minority interest	$65,844	$111,835	$8,666	—	—	—
Total shareholders' equity	$2.6M	$2.8M	$17.5M	$734,982	$1.6M	$596,439
Key figures
Total debt	$964,965	$1.8M	$612,067	$978,633	$351,222	$789,372
Net cash (debt)	$1.2M	$2.6M	$547,134	$672,455	$2.3M	$800,921
Working capital	$1.7M	$2.2M	−$4.7M	−$362,369	$1.1M	−$441,709
Tangible book value	$2.6M	$2.8M	$17.5M	$734,982	$1.6M	$596,439
Book value per share	$0.40	$0.17	$5.39	$0.08	$0.16	$0.06
Shares outstanding	6.6M	16.7M	3.2M	9.6M	9.8M	9.8M
Current ratio	2.32	1.65	0.22	0.85	1.50	0.89
Quick ratio	2.31	1.64	0.20	0.69	1.20	0.62
Debt / equity	0.37	0.64	0.03	1.33	0.22	1.32
Equity / assets	57.3%	43.2%	73.8%	19.9%	40.7%	12.7%

HWH International Inc. quarterly balance sheet
	May '26	Feb '26	Nov '25	Aug '25	May '25	Feb '25	Nov '24	Aug '24	May '24	Feb '24	Nov '23	Aug '23
Assets
Cash & short-term investments	$1.6M	$1.6M	$2.2M	$3.1M	$3.8M	$4.2M	$4.3M	$832,368	$821,353	$974,632	$585,654	$812,293
Cash & equivalents	$1.5M	$1.5M	$2.1M	$2.9M	$3.7M	$4.2M	$4.3M	$832,368	$821,353	$974,632	$585,654	$812,293
Short-term investments	$113,687	$99,615	$84,466	$223,670	$100,476	—	$0	—	$137,500	$141,667	—	—
Receivables	$1.3M	$867,417	$3,324	$713,929	$5.3M	$1.4M	$17,546	$894,739	$1.0M	$412,890	$28,611	$3,863
Inventory	$1,514	$1,085	$1,057	$1,113	$6,369	$2,585	$1,574	$1,894	$1,460	$3,598	$1,977	$0
Other current assets	$21,768	$21,164	$797,272	$21,656	$25,128	$318,446	$1.1M	$21,433	$152,421	$157,446	$86,912	$285,000
Total current assets	$3.0M	$2.4M	$3.0M	$3.9M	$9.2M	$5.9M	$5.5M	$1.8M	$2.0M	$1.5M	$703,154	$1.1M
Property, plant & equipment (net)	$196,941	$77,509	$111,808	$145,878	$357,006	$481,034	$582,345	$748,176	$687,758	$572,859	$727,738	$0
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-term investments	$85,070	$78,917	$62,239	$57,098	$2,356	$141	$140	$14,977	$14,010	$0	$0	$0
Other non-current assets	$1.3M	$1.6M	$1.4M	$1.1M	$1.1M	$142,645	$351,240	$406,479	$389,928	$436,734	$20.5M	$21.0M
Total assets	$4.5M	$4.2M	$4.6M	$5.2M	$10.6M	$6.5M	$6.4M	$2.9M	$3.1M	$2.6M	$22.0M	$22.1M
Liabilities
Accounts payable	$302,931	$298,486	$305,028	$428,844	$443,906	$545,229	$483,430	$446,807	$525,552	$602,624	$137,199	—
Short-term debt	$130,011	$331,516	—	$1.1M	$1.2M	$1.3M	—	$707,666	$626,117	$642,138	$205,305	$205,305
Deferred revenue	—	—	—	—	$15,631	$14,872	—	—	$1	—	−$137,199	—
Total current liabilities	$1.6M	$1.5M	$1.3M	$2.3M	$7.1M	$2.7M	$3.3M	$1.9M	$5.4M	$4.5M	$837,575	$729,682
Long-term debt	$0	$473,750	$473,750	$0	$0	$0	$0	$962,640	$947,499	$947,500	$0	$0
Lease obligations	$183,989	$63,149	$95,907	$127,629	$332,621	$460,319	$560,900	$724,770	$583,117	$472,687	—	—
Other long-term liabilities	$76,236	$126,757	$130,342	$24,084	$135,386	$175,235	$220,249	$286,759	$198,300	$110,343	$3.0M	$3.0M
Total liabilities	$1.7M	$2.1M	$1.9M	$2.3M	$7.3M	$2.8M	$3.5M	$3.2M	$6.6M	$5.5M	$3.9M	$3.7M
Shareholders' equity
Common stock & paid-in capital	$772	$747	—	$647	$647	$647	—	$2,226	$1,623	$1,623	$20.5M	$20.4M
Retained earnings (deficit)	−$9.4M	−$9.6M	−$8.9M	−$7.0M	−$6.7M	−$6.9M	−$6.3M	−$5.0M	−$4.5M	−$4.1M	−$2.4M	−$2.1M
Accumulated other comprehensive income	−$874,641	−$884,348	—	−$1.1M	−$811,200	−$360,547	—	−$289,586	−$261,469	−$110,223	−$197,039	—
Minority interest	$63,982	$65,275	$65,844	$68,291	$93,389	—	—	—	—	—	—	—
Total shareholders' equity	$2.7M	$2.0M	$2.6M	$2.8M	$3.2M	$3.6M	$2.8M	−$374,893	−$3.6M	−$3.1M	$18.1M	$18.3M
Key figures
Total debt	$206,247	$805,266	$473,750	$1.1M	$1.3M	$1.4M	—	$2.0M	$1.8M	$1.7M	$205,305	$205,305
Net cash (debt)	$1.4M	$754,148	$1.7M	$2.0M	$2.5M	$2.7M	—	−$1.1M	−$950,563	−$725,350	$380,349	$606,988
Working capital	$1.3M	$917,510	$1.7M	$1.6M	$2.0M	$3.2M	$2.2M	−$171,346	−$3.4M	−$2.9M	−$134,421	$371,474
Tangible book value	$2.7M	$2.0M	$2.6M	$2.8M	$3.2M	$3.6M	$2.8M	−$374,893	−$3.6M	−$3.1M	$18.1M	$18.3M
Book value per share	$0.36	$0.27	$0.35	$0.44	$0.50	$0.22	$0.49	−$0.02	−$0.23	−$0.21	$2.20	—
Shares outstanding	7.5M	7.5M	7.5M	6.5M	6.5M	16.7M	5.6M	16.7M	15.7M	14.8M	8.2M	—
Current ratio	1.82	1.60	2.32	1.71	1.28	2.22	1.65	0.91	0.36	0.35	0.84	1.51
Quick ratio	1.80	1.58	1.70	1.70	1.28	2.10	1.32	0.90	0.34	0.31	0.73	1.12
Debt / equity	0.08	0.40	0.18	0.39	0.41	0.40	—	—	—	—	0.01	0.01
Equity / assets	60.6%	47.8%	57.3%	54.8%	30.4%	55.0%	43.2%	−12.8%	−117.7%	−122.5%	82.4%	83.0%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 26, 2026); data from EODHD.

HWH financial position

At the end of fiscal 2025 (November 30, 2025), HWH International had total assets of $4.6 million (down 28.7% from a year earlier), total liabilities of $1.9 million and shareholders' equity of $2.6 million. It held $2.2 million in cash and short-term investments against $1.0 million of debt, a net cash position of $1.2 million. Its current ratio was 2.32. In the latest quarter (ended May 31, 2026) total assets were $4.5 million and equity $2.7 million.

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

HWH balance sheet FAQ

What are HWH International's total assets?

HWH International reported total assets of $4.6 million at the end of fiscal 2025 (November 30, 2025), compared with $6.4 million a year earlier.

How much debt does HWH International have?

HWH International had $1.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.37.

How much cash does HWH International have?

HWH International held $2.2 million in cash and short-term investments at the end of fiscal 2025; with $1.0 million of debt that is net cash of $1.2 million.

What is HWH International's book value?

HWH International's shareholders' equity (book value) was $2.6 million at the end of fiscal 2025, or $0.40 per share.

What is HWH International's current ratio?

HWH International had current assets of $3.0 million and current liabilities of $1.3 million, a current ratio of 2.32 (it can cover its short-term obligations).