Powell Max Limited Class A (PMAX) Balance Sheet

NASDAQ: PMAXAssets, liabilities, debt and equity over 2 years.

PMAX balance sheet, 2025

December 31, 2025 · Hong Kong dollars

HK$42.4M assets = HK$17.5M liabilities + HK$24.9M equity

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

PMAX financial health

Current ratio1.80

Comfortable · current assets cover current liabilities 1.80×

Debt / equity0.19

Low leverage · HK$0.19 of debt for each $1 of equity

Equity / assets58.8%

Equity-funded · of assets funded by shareholders

Cash / debt141.9%

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

Goodwill & intangibles19.7%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

PMAX balance sheet trends, 2024–2025

Powell Max Limited Class A balance sheet trends
Metric	Then	Latest	Change
Total assets	HK$62.6M2024	HK$42.4M2025	−32.3%/yr
Total liabilities	HK$41.3M2024	HK$17.5M2025	−57.7%/yr
Shareholders’ equity	HK$21.3M2024	HK$24.9M2025	+17.1%/yr
Cash & short-term investments	HK$42.2M2024	HK$6.9M2025	−83.8%/yr
Total debt	HK$20.1M2024	HK$4.8M2025	−75.9%/yr
Net cash (debt)	HK$22.1M2024	HK$2.0M2025	−HK$20.1M
Working capital	HK$18.2M2024	HK$12.4M2025	−HK$5.7M
Current ratio	1.452024	1.802025	+0.35
Debt / equity	0.942024	0.192025	−0.75
Shares outstanding	147K2024	25K2025	−83.1%/yr

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

PMAX assets

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

PMAX liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

PMAX debt vs cash

Total debtCash & ST investmentsNet cash (debt)

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

PMAX balance sheet in Hong Kong dollars

Powell Max Limited Class A annual balance sheet
	2025	2024
Assets
Cash & short-term investments	HK$6.9M	HK$42.2M
Cash & equivalents	HK$6.9M	HK$42.2M
Receivables	HK$10.6M	HK$8.0M
Inventory	HK$0	HK$0
Other current assets	HK$10.5M	HK$8.1M
Total current assets	HK$27.9M	HK$58.3M
Property, plant & equipment (net)	HK$6.1M	HK$4.3M
Goodwill & intangible assets	HK$8.4M	HK$0
Long-term investments	HK$0	HK$0
Other non-current assets	HK$0	HK$0
Total assets	HK$42.4M	HK$62.6M
Liabilities
Accounts payable	HK$7.7M	HK$7.2M
Short-term debt	HK$3.0M	HK$19.1M
Deferred revenue	HK$1.9M	HK$1.3M
Total current liabilities	HK$15.5M	HK$40.1M
Long-term debt	HK$0	HK$0
Lease obligations	HK$4.8M	HK$2.4M
Other long-term liabilities	HK$2.0M	HK$1.2M
Total liabilities	HK$17.5M	HK$41.3M
Shareholders' equity
Common stock & paid-in capital	HK$16,501	HK$11,457
Retained earnings (deficit)	−HK$57.3M	−HK$33.8M
Accumulated other comprehensive income	HK$26,066	HK$55.0M
Total shareholders' equity	HK$24.9M	HK$21.3M
Key figures
Total debt	HK$4.8M	HK$20.1M
Net cash (debt)	HK$2.0M	HK$22.1M
Working capital	HK$12.4M	HK$18.2M
Tangible book value	HK$16.6M	HK$21.3M
Shares outstanding	25K	147K
Current ratio	1.80	1.45
Quick ratio	1.13	1.25
Debt / equity	0.19	0.94
Equity / assets	58.8%	34.0%

Powell Max Limited Class A quarterly balance sheet
	Mar '26	Dec '25	Jun '25	Mar '25	Dec '24	Jun '24	Dec '23
Assets
Cash & short-term investments	HK$6.9M	HK$6.9M	HK$8.9M	HK$42.2M	HK$42.2M	HK$2.1M	HK$3.7M
Cash & equivalents	HK$6.9M	HK$6.9M	HK$8.9M	HK$42.2M	HK$42.2M	HK$2.1M	HK$3.7M
Receivables	HK$10.6M	HK$9.8M	HK$12.5M	HK$8.0M	HK$7.8M	HK$15.0M	HK$11.0M
Inventory	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0
Other current assets	HK$10.5M	HK$11.2M	HK$2.5M	HK$8.1M	HK$8.3M	HK$7.8M	HK$2.5M
Total current assets	HK$27.9M	HK$27.9M	HK$23.9M	HK$58.3M	HK$58.3M	HK$24.9M	HK$17.2M
Property, plant & equipment (net)	HK$6.1M	HK$6.1M	HK$7.9M	HK$4.3M	HK$4.3M	HK$3.8M	HK$5.8M
Goodwill & intangible assets	HK$8.4M	HK$8.4M	HK$28.1M	HK$0	HK$0	HK$0	HK$0
Long-term investments	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0
Other non-current assets	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0
Total assets	HK$42.4M	HK$42.4M	HK$59.9M	HK$62.6M	HK$62.6M	HK$28.6M	HK$23.0M
Liabilities
Accounts payable	HK$7.7M	HK$7.7M	HK$9.7M	HK$7.2M	HK$7.2M	HK$9.7M	HK$7.2M
Short-term debt	HK$3.0M	—	HK$6.3M	HK$19.1M	—	HK$7.1M	HK$8.1M
Deferred revenue	HK$1.9M	—	HK$622,226	HK$1.3M	—	HK$612,761	HK$1.5M
Total current liabilities	HK$15.5M	HK$15.5M	HK$18.8M	HK$40.1M	HK$40.1M	HK$43.0M	HK$37.0M
Long-term debt	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0	HK$0
Lease obligations	—	HK$4.8M	HK$6.3M	—	HK$2.4M	HK$2.8M	HK$4.5M
Other long-term liabilities	HK$2.0M	HK$2.0M	HK$3.5M	HK$1.2M	HK$1.2M	HK$150,000	HK$1.3M
Total liabilities	HK$17.5M	HK$17.5M	HK$22.3M	HK$41.3M	HK$41.3M	HK$43.2M	HK$38.3M
Shareholders' equity
Common stock & paid-in capital	HK$16,501	—	HK$15,253	HK$11,457	—	HK$9,750	HK$9,750
Retained earnings (deficit)	−HK$57.3M	−HK$57.3M	−HK$54.5M	−HK$33.8M	−HK$33.8M	−HK$14.9M	−HK$15.7M
Accumulated other comprehensive income	HK$26,066	—	HK$383,388	HK$55.0M	—	—	HK$358,010
Total shareholders' equity	HK$24.9M	HK$24.9M	HK$37.6M	HK$21.3M	HK$21.3M	−HK$14.5M	−HK$15.3M
Key figures
Total debt	HK$4.8M	—	HK$9.6M	HK$20.1M	—	HK$7.1M	HK$9.3M
Net cash (debt)	HK$2.0M	—	−HK$741,224	HK$22.1M	—	−HK$5.0M	−HK$5.6M
Working capital	HK$12.4M	HK$12.4M	HK$5.1M	HK$18.2M	HK$18.2M	−HK$18.2M	−HK$19.9M
Tangible book value	HK$16.6M	HK$16.6M	HK$9.4M	HK$21.3M	HK$21.3M	−HK$14.5M	−HK$15.3M
Shares outstanding	26K	265K	191K	147K	409K	145K	145K
Current ratio	1.80	1.80	1.27	1.45	1.45	0.58	0.46
Quick ratio	1.13	1.08	1.14	1.25	1.25	0.40	0.40
Debt / equity	0.19	—	0.26	0.94	—	—	—
Equity / assets	58.8%	58.8%	62.7%	34.0%	34.0%	−50.8%	−66.6%

Quarterly columns are labeled by the month the quarter ended. Figures in Hong Kong dollars as reported (latest annual report filed April 30, 2026); data from EODHD.

PMAX financial position

At the end of fiscal 2025 (December 31, 2025), Powell Max had total assets of HK$42.4 million (down 32.3% from a year earlier), total liabilities of HK$17.5 million and shareholders' equity of HK$24.9 million. It held HK$6.9 million in cash and short-term investments against HK$4.8 million of debt, a net cash position of HK$2.0 million. Its current ratio was 1.80. In the latest quarter (ended March 31, 2026) total assets were HK$42.4 million and equity HK$24.9 million.

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

PMAX balance sheet FAQ

What are Powell Max's total assets?

Powell Max reported total assets of HK$42.4 million at the end of fiscal 2025 (December 31, 2025), compared with HK$62.6 million a year earlier.

How much debt does Powell Max have?

Powell Max had HK$4.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.19.

How much cash does Powell Max have?

Powell Max held HK$6.9 million in cash and short-term investments at the end of fiscal 2025; with HK$4.8 million of debt that is net cash of HK$2.0 million.

What is Powell Max's book value?

Powell Max's shareholders' equity (book value) was HK$24.9 million at the end of fiscal 2025.

What is Powell Max's current ratio?

Powell Max had current assets of HK$27.9 million and current liabilities of HK$15.5 million, a current ratio of 1.80 (it can cover its short-term obligations).

How much goodwill does Powell Max have?

Powell Max carried HK$8.4 million of goodwill and intangible assets, 19.7% of total assets, at the end of fiscal 2025.