Kingsoft Cloud Holdings Limited (KC) Balance Sheet

NASDAQ: KCAssets, liabilities, debt and equity over 8 years.

KC balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥26.75B assets = CN¥17.43B liabilities + CN¥9.32B equity

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

KC financial health

Current ratio1.17

Adequate · current assets cover current liabilities 1.17×

Debt / equity0.69

Moderate leverage · CN¥0.69 of debt for each $1 of equity

Equity / assets34.9%

Balanced · of assets funded by shareholders

Cash / debt94.6%

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

Goodwill & intangibles19.2%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

KC balance sheet trends, 2018–2025

Kingsoft Cloud Holdings Limited balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥5.86B2018	CN¥26.75B2025	+24.2%/yr
Total liabilities	CN¥9.10B2018	CN¥17.43B2025	+9.7%/yr
Shareholders’ equity	−CN¥3.24B2018	CN¥9.32B2025	—
Cash & short-term investments	CN¥3.72B2018	CN¥6.12B2025	+7.4%/yr
Total debt	CN¥400.1M2018	CN¥6.47B2025	+48.8%/yr
Net cash (debt)	CN¥3.32B2018	−CN¥346.9M2025	−CN¥3.7B
Working capital	CN¥3.30B2018	CN¥1.60B2025	−CN¥1.7B
Current ratio	3.292018	1.172025	−2.12
Debt / equity	0.072020	0.692025	+0.62
Shares outstanding	60.9M2018	273.8M2025	+24.0%/yr

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

KC assets

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

KC liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

KC debt vs cash

Total debtCash & ST investmentsNet cash (debt)

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

KC balance sheet in Chinese yuan

Kingsoft Cloud Holdings Limited annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018
Assets
Cash & short-term investments	CN¥6.12B	CN¥2.74B	CN¥2.26B	CN¥4.67B	CN¥6.71B	CN¥6.12B	CN¥2.25B	CN¥3.72B
Cash & equivalents	CN¥6.12B	CN¥2.65B	CN¥2.26B	CN¥3.42B	CN¥4.22B	CN¥3.42B	CN¥2.02B	CN¥1.51B
Short-term investments	CN¥0	CN¥90.4M	CN¥0	CN¥1.25B	CN¥2.49B	CN¥2.69B	CN¥225.4M	CN¥2.21B
Receivables	CN¥2.32B	CN¥2.63B	CN¥2.51B	CN¥3.30B	CN¥4.54B	CN¥2.54B	CN¥1.48B	CN¥781.2M
Inventory	CN¥0	CN¥0	CN¥1.25B	CN¥114.6M	CN¥239.1M	CN¥0	CN¥388.3M	CN¥226.6M
Other current assets	CN¥2.59B	CN¥1.47B	CN¥80.7M	CN¥965.0M	CN¥920.9M	CN¥887.1M	CN¥33.6M	CN¥11.5M
Total current assets	CN¥11.03B	CN¥6.84B	CN¥6.10B	CN¥9.05B	CN¥12.41B	CN¥9.54B	CN¥4.15B	CN¥4.73B
Property, plant & equipment (net)	CN¥10.20B	CN¥5.18B	CN¥3.21B	CN¥2.37B	CN¥2.62B	CN¥2.25B	CN¥1.75B	CN¥1.11B
Goodwill & intangible assets	CN¥5.14B	CN¥5.30B	CN¥5.44B	CN¥5.61B	CN¥5.79B	CN¥16.6M	CN¥7.4M	CN¥10.1M
Long-term investments	CN¥234.2M	CN¥234.2M	CN¥259.9M	CN¥273.6M	CN¥207.2M	CN¥126.6M	CN¥114.9M	CN¥5.0M
Other non-current assets	CN¥140.1M	CN¥34.5M	CN¥66.4M	CN¥7.8M	CN¥42.6M	CN¥17.6M	CN¥4.8M	CN¥3.2M
Total assets	CN¥26.75B	CN¥17.59B	CN¥15.07B	CN¥17.32B	CN¥21.08B	CN¥11.96B	CN¥6.03B	CN¥5.86B
Liabilities
Accounts payable	CN¥2.02B	CN¥1.88B	CN¥1.81B	CN¥2.30B	CN¥2.94B	CN¥2.06B	CN¥1.25B	CN¥720.8M
Short-term debt	CN¥3.39B	CN¥2.77B	CN¥1.23B	CN¥1.05B	CN¥1.46B	CN¥429.3M	CN¥100.0M	CN¥80.8M
Deferred revenue	—	CN¥492.2M	CN¥438.1M	CN¥428.7M	CN¥387.4M	CN¥191.4M	CN¥79.6M	CN¥39.0M
Total current liabilities	CN¥9.43B	CN¥9.16B	CN¥6.83B	CN¥6.66B	CN¥7.52B	CN¥3.47B	CN¥2.42B	CN¥1.44B
Long-term debt	CN¥3.02B	CN¥1.66B	CN¥100.0M	CN¥0	CN¥0	CN¥0	CN¥74.4M	CN¥319.4M
Lease obligations	CN¥3.91B	CN¥1.31B	CN¥511.6M	CN¥259.8M	CN¥266.9M	CN¥259.4M	—	—
Other long-term liabilities	CN¥4.98B	CN¥1.27B	CN¥895.8M	CN¥1.07B	CN¥2.07B	CN¥223.6M	CN¥7.73B	CN¥7.35B
Total liabilities	CN¥17.43B	CN¥12.09B	CN¥7.82B	CN¥7.73B	CN¥9.59B	CN¥3.69B	CN¥10.23B	CN¥9.10B
Shareholders' equity
Common stock & paid-in capital	CN¥30.9M	CN¥25.7M	CN¥25.4M	CN¥25.1M	CN¥24.8M	CN¥22.8M	CN¥5.6M	CN¥4.9M
Retained earnings (deficit)	−CN¥15.26B	−CN¥14.29B	−CN¥12.32B	−CN¥10.12B	−CN¥7.46B	−CN¥5.86B	−CN¥4.90B	−CN¥3.79B
Accumulated other comprehensive income	CN¥492.4M	CN¥598.9M	CN¥577.1M	CN¥453.1M	−CN¥207.9M	−CN¥68.4M	CN¥484.3M	CN¥419.8M
Minority interest	−CN¥4.0M	CN¥337.3M	CN¥355.8M	CN¥782.5M	—	—	—	—
Total shareholders' equity	CN¥9.32B	CN¥5.17B	CN¥6.89B	CN¥8.80B	CN¥10.60B	CN¥8.24B	−CN¥4.20B	−CN¥3.24B
Key figures
Total debt	CN¥6.47B	CN¥5.20B	CN¥1.72B	CN¥1.35B	CN¥1.62B	CN¥612.3M	CN¥174.4M	CN¥400.1M
Net cash (debt)	−CN¥346.9M	−CN¥2.46B	CN¥532.8M	CN¥3.32B	CN¥5.09B	CN¥5.51B	CN¥2.07B	CN¥3.32B
Working capital	CN¥1.60B	−CN¥2.32B	−CN¥730.5M	CN¥2.39B	CN¥4.90B	CN¥6.08B	CN¥1.73B	CN¥3.30B
Tangible book value	CN¥4.18B	−CN¥132.6M	CN¥1.45B	CN¥3.19B	CN¥4.81B	CN¥8.22B	−CN¥4.20B	−CN¥3.25B
Shares outstanding	273.8M	245.1M	238.4M	242.8M	230.6M	160.9M	59.6M	60.9M
Current ratio	1.17	0.75	0.89	1.36	1.65	2.75	1.71	3.29
Quick ratio	0.89	0.59	0.70	1.20	1.50	2.50	1.54	3.13
Debt / equity	0.69	1.01	0.25	0.15	0.15	0.07	—	—
Equity / assets	34.9%	29.4%	45.7%	50.8%	50.3%	68.9%	−69.6%	−55.4%

Kingsoft Cloud Holdings Limited quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	CN¥4.73B	CN¥4.90B	CN¥6.12B	CN¥3.95B	CN¥5.46B	CN¥2.38B	CN¥2.74B	CN¥1.62B	CN¥1.84B	CN¥1.81B	CN¥2.26B	CN¥2.61B
Cash & equivalents	CN¥4.73B	CN¥4.90B	CN¥6.12B	CN¥3.95B	CN¥5.46B	CN¥2.32B	CN¥2.65B	CN¥1.62B	CN¥1.84B	CN¥1.81B	CN¥2.26B	CN¥2.61B
Short-term investments	—	—	CN¥0	CN¥0	CN¥0	CN¥60.2M	CN¥90.4M	—	—	—	CN¥0	CN¥0
Receivables	CN¥3.14B	CN¥2.75B	CN¥2.32B	CN¥3.03B	CN¥2.61B	CN¥2.44B	CN¥1.79B	CN¥2.02B	CN¥2.05B	CN¥2.15B	CN¥2.51B	CN¥2.09B
Inventory	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥1.25B	CN¥1.25B	CN¥119.6M
Other current assets	CN¥3.12B	CN¥2.84B	CN¥2.59B	CN¥2.64B	CN¥2.32B	CN¥2.32B	CN¥2.31B	CN¥2.41B	CN¥2.41B	CN¥1.02B	CN¥80.7M	CN¥1.75B
Total current assets	CN¥10.99B	CN¥10.50B	CN¥11.03B	CN¥9.62B	CN¥10.39B	CN¥7.14B	CN¥6.84B	CN¥6.05B	CN¥6.30B	CN¥6.24B	CN¥6.10B	CN¥6.57B
Property, plant & equipment (net)	CN¥13.92B	CN¥12.31B	CN¥10.20B	CN¥10.44B	CN¥8.37B	CN¥6.64B	CN¥4.77B	CN¥4.64B	CN¥4.03B	CN¥3.29B	CN¥3.21B	CN¥1.51B
Goodwill & intangible assets	CN¥5.05B	CN¥5.09B	CN¥5.14B	CN¥5.18B	CN¥5.22B	CN¥5.27B	CN¥5.30B	CN¥5.31B	CN¥5.35B	CN¥5.40B	CN¥5.44B	CN¥5.50B
Long-term investments	CN¥336.5M	CN¥281.7M	CN¥234.2M	CN¥230.3M	CN¥231.6M	CN¥232.8M	CN¥234.2M	CN¥252.6M	CN¥247.2M	CN¥254.5M	CN¥259.9M	CN¥277.7M
Other non-current assets	CN¥419.3M	CN¥271.3M	CN¥140.1M	CN¥172.9M	CN¥616.8M	CN¥444.6M	CN¥450.0M	CN¥442.1M	CN¥531.2M	CN¥769.3M	CN¥66.4M	CN¥261.9M
Total assets	CN¥30.71B	CN¥28.46B	CN¥26.75B	CN¥25.65B	CN¥24.83B	CN¥19.72B	CN¥17.59B	CN¥16.70B	CN¥16.46B	CN¥15.95B	CN¥15.07B	CN¥14.11B
Liabilities
Accounts payable	CN¥2.43B	CN¥2.22B	CN¥2.02B	CN¥2.32B	CN¥2.20B	CN¥2.04B	CN¥1.88B	CN¥2.12B	CN¥1.98B	CN¥1.93B	CN¥1.81B	CN¥2.16B
Short-term debt	CN¥3.36B	CN¥3.64B	CN¥3.39B	CN¥3.43B	CN¥3.16B	CN¥2.59B	CN¥3.87B	CN¥1.86B	CN¥1.43B	CN¥1.29B	CN¥1.23B	CN¥982.7M
Deferred revenue	—	—	—	—	—	CN¥492.2M	—	—	—	CN¥438.1M	CN¥438.1M	CN¥438.1M
Total current liabilities	CN¥10.86B	CN¥10.22B	CN¥9.43B	CN¥10.30B	CN¥10.82B	CN¥9.80B	CN¥9.16B	CN¥9.07B	CN¥7.48B	CN¥7.04B	CN¥6.83B	CN¥5.61B
Long-term debt	CN¥3.42B	CN¥3.29B	CN¥3.02B	CN¥2.79B	CN¥2.40B	CN¥2.00B	CN¥1.66B	CN¥541.3M	CN¥197.4M	CN¥198.4M	CN¥100.0M	CN¥0
Lease obligations	CN¥180.2M	CN¥113.4M	CN¥3.91B	CN¥95.5M	CN¥100.2M	CN¥106.4M	CN¥1.31B	CN¥127.0M	CN¥117.7M	CN¥150.0M	CN¥511.6M	CN¥153.0M
Other long-term liabilities	CN¥7.53B	CN¥5.95B	CN¥4.98B	CN¥5.49B	CN¥4.56B	CN¥2.58B	CN¥1.27B	CN¥1.51B	CN¥2.08B	CN¥1.71B	CN¥895.8M	CN¥1.01B
Total liabilities	CN¥21.82B	CN¥19.46B	CN¥17.43B	CN¥18.58B	CN¥17.77B	CN¥14.38B	CN¥12.09B	CN¥11.13B	CN¥9.76B	CN¥8.94B	CN¥7.82B	CN¥6.62B
Shareholders' equity
Common stock & paid-in capital	CN¥30.9M	CN¥30.9M	CN¥30.9M	CN¥28.5M	CN¥28.5M	CN¥25.7M	CN¥25.7M	CN¥25.9M	CN¥25.7M	CN¥25.6M	CN¥25.4M	CN¥25.3M
Retained earnings (deficit)	−CN¥15.69B	−CN¥15.59B	−CN¥15.26B	−CN¥15.04B	−CN¥15.06B	−CN¥14.61B	−CN¥14.26B	−CN¥14.08B	−CN¥13.03B	−CN¥12.67B	−CN¥12.32B	−CN¥11.99B
Accumulated other comprehensive income	CN¥388.6M	CN¥457.6M	CN¥492.4M	CN¥511.6M	CN¥649.8M	CN¥606.7M	CN¥566.9M	CN¥485.0M	CN¥597.4M	CN¥597.9M	CN¥577.1M	CN¥608.3M
Minority interest	−CN¥3.8M	−CN¥3.9M	−CN¥4.0M	CN¥332.4M	CN¥335.7M	—	—	—	—	—	—	—
Total shareholders' equity	CN¥8.90B	CN¥9.00B	CN¥9.32B	CN¥6.74B	CN¥6.72B	CN¥5.01B	CN¥5.17B	CN¥5.23B	CN¥6.36B	CN¥6.66B	CN¥6.89B	CN¥7.14B
Key figures
Total debt	CN¥6.86B	CN¥7.00B	CN¥6.47B	CN¥6.29B	CN¥5.63B	CN¥4.65B	CN¥5.91B	CN¥2.48B	CN¥1.70B	CN¥1.57B	CN¥1.72B	CN¥1.08B
Net cash (debt)	−CN¥2.13B	−CN¥2.09B	−CN¥346.9M	−CN¥2.33B	−CN¥161.8M	−CN¥2.27B	−CN¥3.17B	−CN¥858.6M	CN¥136.9M	CN¥244.7M	CN¥532.8M	CN¥1.53B
Working capital	CN¥120.7M	CN¥283.5M	CN¥1.60B	−CN¥672.5M	−CN¥430.5M	−CN¥2.66B	−CN¥2.32B	−CN¥3.02B	−CN¥1.18B	−CN¥797.0M	−CN¥730.5M	CN¥958.4M
Tangible book value	CN¥3.85B	CN¥3.91B	CN¥4.18B	CN¥1.56B	CN¥1.50B	−CN¥257.1M	−CN¥132.6M	−CN¥81.9M	CN¥1.00B	CN¥1.27B	CN¥1.45B	CN¥1.64B
Shares outstanding	300.1M	303.7M	303.0M	275.8M	248.5M	248.5M	247.4M	244.9M	244.5M	242.2M	239.3M	238.8M
Current ratio	1.01	1.03	1.17	0.93	0.96	0.73	0.75	0.67	0.84	0.89	0.89	1.17
Quick ratio	0.72	0.75	0.89	0.68	0.75	0.49	0.49	0.40	0.52	0.56	0.70	0.84
Debt / equity	0.77	0.78	0.69	0.93	0.84	0.93	1.14	0.47	0.27	0.24	0.25	0.15
Equity / assets	29.0%	31.6%	34.9%	26.3%	27.1%	25.4%	29.4%	31.3%	38.6%	41.8%	45.7%	50.6%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 23, 2026); data from EODHD.

KC financial position

At the end of fiscal 2025 (December 31, 2025), Kingsoft Cloud had total assets of CN¥26.7 billion (up 52.0% from a year earlier), total liabilities of CN¥17.4 billion and shareholders' equity of CN¥9.3 billion. It held CN¥6.1 billion in cash and short-term investments against CN¥6.5 billion of debt, net debt of CN¥346.9 million. Its current ratio was 1.17. In the latest quarter (ended June 30, 2026) total assets were CN¥30.7 billion and equity CN¥8.9 billion.

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

KC balance sheet FAQ

What are Kingsoft Cloud's total assets?

Kingsoft Cloud reported total assets of CN¥26.7 billion at the end of fiscal 2025 (December 31, 2025), compared with CN¥17.6 billion a year earlier.

How much debt does Kingsoft Cloud have?

Kingsoft Cloud had CN¥6.5 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.69.

How much cash does Kingsoft Cloud have?

Kingsoft Cloud held CN¥6.1 billion in cash and short-term investments at the end of fiscal 2025; with CN¥6.5 billion of debt that is net debt of CN¥346.9 million.

What is Kingsoft Cloud's book value?

Kingsoft Cloud's shareholders' equity (book value) was CN¥9.3 billion at the end of fiscal 2025.

What is Kingsoft Cloud's current ratio?

Kingsoft Cloud had current assets of CN¥11.0 billion and current liabilities of CN¥9.4 billion, a current ratio of 1.17 (it can cover its short-term obligations).

How much goodwill does Kingsoft Cloud have?

Kingsoft Cloud carried CN¥5.1 billion of goodwill and intangible assets, 19.2% of total assets, at the end of fiscal 2025.