mF International Limited (MFI) Balance Sheet

NASDAQ: MFIAssets, liabilities, debt and equity over 4 years.

MFI balance sheet, 2025

December 31, 2025 · Hong Kong dollars

HK$4.04B assets = HK$26.3M liabilities + HK$4.01B equity

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

MFI financial health

Debt / equity0.00

Low leverage · HK$0.00 of debt for each $1 of equity

Equity / assets99.3%

Equity-funded · of assets funded by shareholders

Cash / debt66,917.6%

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

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

MFI balance sheet trends, 2020–2025

mF International Limited balance sheet trends
Metric	Then	Latest	Change
Total assets	HK$38.8M2020	HK$4.04B2025	+370.2%/yr
Total liabilities	HK$28.7M2020	HK$26.3M2025	−2.8%/yr
Shareholders’ equity	HK$10.2M2020	HK$4.01B2025	+633.9%/yr
Cash & short-term investments	HK$23.0M2020	HK$3.89B2025	+453.0%/yr
Total debt	HK$15.4M2020	HK$5.8M2025	−27.8%/yr
Net cash (debt)	HK$7.6M2020	HK$3.88B2025	+HK$3.9B
Working capital	HK$9.2M2020	HK$4.01B2025	+HK$4.0B
Debt / equity	1.522020	0.002025	−1.52
Shares outstanding	1.4M2020	5.8M2025	+58.9%/yr

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

MFI assets

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

MFI liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

MFI debt vs cash

Total debtCash & ST investmentsNet cash (debt)

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

MFI balance sheet in Hong Kong dollars

mF International Limited annual balance sheet
	2025	2024	2021	2020
Assets
Cash & short-term investments	HK$3.89B	HK$20.0M	HK$17.1M	HK$23.0M
Cash & equivalents	HK$223.4M	HK$19.7M	HK$10.1M	HK$19.3M
Short-term investments	HK$3.66B	HK$343,862	HK$7.0M	HK$3.6M
Receivables	HK$590,879	HK$1.1M	HK$681,230	HK$244,716
Inventory	HK$0	HK$0	HK$1	HK$0
Other current assets	HK$146.4M	HK$12.9M	HK$866,681	HK$794,536
Total current assets	HK$4.03B	HK$34.0M	HK$18.7M	HK$24.0M
Property, plant & equipment (net)	HK$4.7M	HK$2.0M	HK$56,690	HK$2.1M
Goodwill & intangible assets	HK$53,381	HK$18.8M	HK$13.7M	HK$12.7M
Long-term investments	HK$0	HK$0	HK$0	HK$0
Other non-current assets	HK$233,588	HK$3.5M	HK$864,365	HK$1
Total assets	HK$4.04B	HK$58.3M	HK$33.3M	HK$38.8M
Liabilities
Short-term debt	HK$4.1M	HK$5.5M	HK$2.9M	HK$3.1M
Deferred revenue	HK$8.8M	HK$8.7M	HK$5.5M	—
Total current liabilities	HK$24.5M	HK$17.0M	HK$10.3M	HK$14.8M
Long-term debt	HK$0	HK$2.0M	HK$13.6M	HK$0
Lease obligations	HK$4.4M	HK$1.6M	HK$138,275	—
Other long-term liabilities	HK$1.8M	HK$3.3M	HK$2.0M	HK$13.9M
Total liabilities	HK$26.3M	HK$22.4M	HK$25.9M	HK$28.7M
Shareholders' equity
Common stock & paid-in capital	HK$3,900	HK$3,900	HK$3,900	HK$3,900
Retained earnings (deficit)	HK$68.3M	−HK$10.4M	HK$29.8M	HK$19.4M
Accumulated other comprehensive income	−HK$543,179	−HK$77,428	−HK$24.3M	−HK$11.3M
Total shareholders' equity	HK$4.01B	HK$35.9M	HK$7.5M	HK$10.2M
Key figures
Total debt	HK$5.8M	HK$7.6M	HK$16.5M	HK$15.4M
Net cash (debt)	HK$3.88B	HK$12.4M	HK$665,522	HK$7.6M
Working capital	HK$4.01B	HK$17.0M	HK$8.4M	HK$9.2M
Tangible book value	HK$4.01B	HK$17.1M	−HK$6.3M	−HK$2.6M
Shares outstanding	5.8M	1.6M	1.7M	1.4M
Current ratio	164.32	2.00	1.82	1.62
Quick ratio	158.36	1.24	1.74	1.57
Debt / equity	0.00	0.21	2.20	1.52
Equity / assets	99.3%	61.6%	22.4%	26.1%

mF International Limited quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23	Jun '23
Assets
Cash & short-term investments	HK$386.0M	HK$3.89B	HK$3.89B	HK$13.2M	HK$20.0M	HK$20.0M	HK$20.0M	HK$30.9M	HK$30.9M	HK$7.2M	HK$7.2M	HK$7.8M
Cash & equivalents	HK$227.6M	HK$223.4M	HK$223.4M	HK$12.9M	HK$19.7M	HK$19.7M	HK$19.7M	HK$30.5M	HK$30.5M	HK$6.8M	HK$6.8M	HK$6.8M
Short-term investments	HK$158.4M	HK$3.66B	HK$3.66B	HK$343,862	HK$343,862	HK$343,862	HK$343,862	HK$343,862	HK$343,862	HK$343,862	HK$343,862	HK$992,378
Receivables	HK$96,538	HK$590,879	HK$224,396	HK$389,104	HK$1.1M	HK$1.1M	HK$1.1M	HK$1.1M	HK$1.1M	HK$2.6M	HK$2.6M	HK$2.4M
Inventory	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	−HK$403,250	HK$0	HK$0	HK$0	HK$1
Other current assets	HK$1.50B	HK$146.4M	HK$146.7M	HK$11.2M	HK$12.9M	HK$12.9M	HK$12.9M	HK$16.1M	HK$15.7M	HK$371,143	HK$371,143	HK$637,242
Total current assets	HK$1.89B	HK$4.03B	HK$4.03B	HK$24.8M	HK$34.0M	HK$34.0M	HK$34.0M	HK$47.6M	HK$47.6M	HK$10.1M	HK$10.1M	HK$10.9M
Property, plant & equipment (net)	HK$3.3M	HK$4.7M	HK$4.7M	HK$1.2M	HK$2.0M	HK$2.0M	HK$2.0M	HK$2.3M	HK$2.3M	HK$3.0M	HK$3.0M	HK$1.0M
Goodwill & intangible assets	HK$43,087	HK$53,381	HK$53,381	HK$17.6M	HK$18.8M	HK$18.8M	HK$18.8M	HK$16.6M	HK$16.6M	HK$15.3M	HK$15.3M	HK$13.6M
Long-term investments	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0
Other non-current assets	HK$237,142	HK$233,588	HK$233,588	HK$219,040	HK$3.5M	HK$3.5M	HK$3.5M	HK$6.0M	HK$6.0M	HK$5.4M	HK$5.4M	HK$5.8M
Total assets	HK$1.89B	HK$4.04B	HK$4.04B	HK$43.7M	HK$58.3M	HK$58.3M	HK$58.3M	HK$72.5M	HK$72.5M	HK$33.9M	HK$33.9M	HK$31.2M
Liabilities
Short-term debt	HK$2.9M	HK$4.1M	—	HK$4.6M	HK$5.5M	HK$5.5M	HK$5.8M	HK$5.6M	HK$5.6M	HK$5.3M	HK$5.6M	HK$4.7M
Deferred revenue	HK$1.6M	HK$8.8M	—	—	HK$8.7M	HK$8.7M	—	HK$9.5M	−HK$523,588	HK$4.6M	—	HK$5.3M
Total current liabilities	HK$7.4M	HK$24.5M	HK$24.5M	HK$18.2M	HK$17.0M	HK$17.0M	HK$17.0M	HK$15.6M	HK$15.6M	HK$12.2M	HK$12.2M	HK$11.0M
Long-term debt	HK$0	HK$0	HK$0	HK$0	HK$0	HK$2.0M	HK$0	HK$4.1M	HK$0	HK$6.1M	HK$0	HK$8.0M
Lease obligations	—	—	HK$4.4M	—	—	HK$1.6M	—	HK$2.3M	—	HK$3.0M	—	HK$961,623
Other long-term liabilities	HK$487,909	HK$1.8M	HK$1.8M	HK$3.3M	HK$5.4M	HK$3.3M	HK$5.4M	HK$2.3M	HK$6.4M	HK$3.9M	HK$9.9M	HK$2.2M
Total liabilities	HK$7.9M	HK$26.3M	HK$26.3M	HK$21.5M	HK$22.4M	HK$22.4M	HK$22.4M	HK$21.9M	HK$21.9M	HK$22.1M	HK$22.1M	HK$21.1M
Shareholders' equity
Common stock & paid-in capital	HK$3,900	HK$3,900	—	HK$3,900	HK$3,900	HK$3,900	HK$3,900	HK$3,900	HK$3,900	HK$3,900	HK$3,900	HK$3,900
Retained earnings (deficit)	−HK$2.06B	HK$68.3M	HK$68.3M	−HK$24.1M	−HK$10.4M	−HK$10.4M	−HK$10.4M	HK$4.2M	HK$4.2M	HK$9.8M	HK$9.8M	HK$8.2M
Accumulated other comprehensive income	HK$114,961	−HK$543,179	—	−HK$64,638	−HK$77,428	−HK$77,428	−HK$77,428	−HK$77,911	−HK$77,911	−HK$81,392	−HK$81,392	−HK$99,415
Total shareholders' equity	HK$1.88B	HK$4.01B	HK$4.01B	HK$22.2M	HK$35.9M	HK$35.9M	HK$35.9M	HK$50.6M	HK$50.6M	HK$11.7M	HK$11.7M	HK$10.1M
Key figures
Total debt	HK$3.3M	HK$5.8M	—	HK$4.9M	HK$7.6M	HK$7.6M	HK$7.9M	HK$10.6M	HK$10.6M	HK$12.9M	HK$11.8M	HK$12.7M
Net cash (debt)	HK$382.7M	HK$3.88B	—	HK$8.3M	HK$12.4M	HK$12.4M	HK$12.1M	HK$20.3M	HK$20.3M	−HK$5.7M	−HK$4.6M	−HK$4.9M
Working capital	HK$1.88B	HK$4.01B	HK$4.01B	HK$6.6M	HK$17.0M	HK$17.0M	HK$17.0M	HK$32.0M	HK$32.0M	−HK$2.1M	−HK$2.1M	−HK$94,987
Tangible book value	HK$1.88B	HK$4.01B	HK$4.01B	HK$4.7M	HK$17.1M	HK$17.1M	HK$17.1M	HK$34.0M	HK$34.0M	−HK$3.6M	−HK$3.6M	−HK$3.5M
Shares outstanding	50.2M	50.2M	50.2M	1.7M	1.7M	1.7M	1.7M	1.5M	1.5M	1.4M	1.4M	1.4M
Current ratio	254.01	164.32	164.32	1.36	2.00	2.00	2.00	3.05	3.05	0.83	0.83	0.99
Quick ratio	51.93	158.36	158.35	0.75	1.24	1.24	1.24	2.05	2.05	0.80	0.80	0.93
Debt / equity	0.00	0.00	—	0.22	0.21	0.21	0.22	0.21	0.21	1.10	1.01	1.26
Equity / assets	99.6%	99.3%	99.3%	50.8%	61.6%	61.6%	61.6%	69.7%	69.7%	34.7%	34.7%	32.4%

Quarterly columns are labeled by the month the quarter ended. Figures in Hong Kong dollars as reported (latest annual report filed June 29, 2026); data from EODHD.

MFI financial position

At the end of fiscal 2025 (December 31, 2025), mF International had total assets of HK$4.0 billion (up 6,826.8% from a year earlier), total liabilities of HK$26.3 million and shareholders' equity of HK$4.0 billion. It held HK$3.9 billion in cash and short-term investments against HK$5.8 million of debt, a net cash position of HK$3.9 billion. Its current ratio was 164.32. In the latest quarter (ended June 30, 2026) total assets were HK$1.9 billion and equity HK$1.9 billion.

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

MFI balance sheet FAQ

What are mF International's total assets?

mF International reported total assets of HK$4.0 billion at the end of fiscal 2025 (December 31, 2025), compared with HK$58.3 million a year earlier.

How much debt does mF International have?

mF International had HK$5.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.00.

How much cash does mF International have?

mF International held HK$3.9 billion in cash and short-term investments at the end of fiscal 2025; with HK$5.8 million of debt that is net cash of HK$3.9 billion.

What is mF International's book value?

mF International's shareholders' equity (book value) was HK$4.0 billion at the end of fiscal 2025.

What is mF International's current ratio?

mF International had current assets of HK$4.0 billion and current liabilities of HK$24.5 million, a current ratio of 164.32 (it can cover its short-term obligations).

How much goodwill does mF International have?

mF International carried HK$0.1 million of goodwill and intangible assets, 0.0% of total assets, at the end of fiscal 2025.