Erayak Power Solution Group Inc. (RAYA) Balance Sheet
RAYA balance sheet, 2025
December 31, 2025 · U.S. dollars$59.4M assets = $24.2M liabilities + $35.3M equity
Both columns are drawn to the same scale: what RAYA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
RAYA financial health
Descriptive bands, not a rating. Fiscal 2025.
RAYA balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $13.4M2019 | $59.4M2025 | +28.1%/yr | |
| Total liabilities | $12.5M2019 | $24.2M2025 | +11.7%/yr | |
| Shareholders’ equity | $969,4742019 | $35.3M2025 | +82.0%/yr | |
| Cash & short-term investments | $1.0M2019 | $4.7M2025 | +29.3%/yr | |
| Total debt | $8.6M2019 | $12.5M2025 | +6.4%/yr | |
| Net cash (debt) | −$7.6M2019 | −$7.8M2025 | −$180,519 | |
| Working capital | −$7.3M2019 | $22.6M2025 | +$29.9M | |
| Current ratio | 0.342019 | 2.092025 | +1.75 | |
| Debt / equity | 8.862019 | 0.352025 | −8.51 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RAYA assets
RAYA liabilities and equity
RAYA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
RAYA balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $4.7M | $532,605 | $5.9M | $7.0M | $5.2M | $460,522 | $1.0M |
| Cash & equivalents | $184,856 | $532,605 | $5.9M | $7.0M | $5.2M | $460,522 | $1.0M |
| Short-term investments | $4.5M | — | — | — | — | — | — |
| Receivables | $16.9M | $13.5M | $6.4M | $10.2M | $1.8M | $5.2M | $1.3M |
| Inventory | $9.7M | $8.8M | $7.1M | $6.2M | $3.9M | $1.7M | $1.3M |
| Other current assets | $12.0M | $10.2M | $2.7M | $4.8M | $2.6M | $4.6M | $182,079 |
| Total current assets | $43.4M | $33.1M | $22.1M | $28.2M | $13.5M | $11.9M | $3.7M |
| Property, plant & equipment (net) | $13.1M | $8.6M | $9.3M | $9.3M | $9.9M | $10.2M | $9.7M |
| Goodwill & intangible assets | $2.7M | $61,972 | $31,853 | $8,814 | $11,093 | $12,063 | $3,232 |
| Long-term investments | $193,453 | $410,998 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $78,033 | $3.9M | $3.9M | $33,490 | $36,247 | $5,116 | $34,643 |
| Total assets | $59.4M | $46.0M | $35.3M | $37.6M | $23.5M | $22.1M | $13.4M |
| Liabilities | |||||||
| Accounts payable | $6.2M | $8.3M | $5.7M | $4.7M | $4.2M | $3.2M | $2.7M |
| Short-term debt | $9.1M | $1.2M | $295,807 | $10.6M | $5.8M | $11.1M | $7.2M |
| Deferred revenue | $1.6M | $628,067 | $357,383 | $711,013 | $542,010 | $802,661 | $416,137 |
| Total current liabilities | $20.8M | $15.5M | $13.2M | $18.0M | $11.9M | $17.2M | $11.0M |
| Long-term debt | $3.4M | $3.9M | $1.9M | $217,523 | $4.7M | $1.5M | $1.4M |
| Lease obligations | — | — | — | — | — | $0 | $6.4M |
| Other long-term liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $24.2M | $19.4M | $15.1M | $18.3M | $16.6M | $18.8M | $12.5M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $19,689 | $5,059 | $1,200 | $1,200 | $900 | $1 | $1 |
| Retained earnings (deficit) | $6.5M | $8.1M | $9.2M | $8.2M | $5.0M | $2.0M | −$9,171 |
| Accumulated other comprehensive income | $858,981 | −$121,792 | $368,551 | $532,970 | $795,620 | $326,886 | −$81,866 |
| Total shareholders' equity | $35.3M | $26.6M | $20.2M | $19.3M | $6.9M | $3.4M | $969,474 |
| Key figures | |||||||
| Total debt | $12.5M | $5.1M | $2.2M | $10.8M | $10.5M | $12.6M | $8.6M |
| Net cash (debt) | −$7.8M | −$4.6M | $3.7M | −$3.8M | −$5.3M | −$12.2M | −$7.6M |
| Working capital | $22.6M | $17.6M | $8.9M | $10.2M | $1.6M | −$5.3M | −$7.3M |
| Tangible book value | $32.6M | $26.5M | $20.2M | $19.3M | $6.9M | $3.4M | $966,242 |
| Current ratio | 2.09 | 2.13 | 1.67 | 1.56 | 1.14 | 0.69 | 0.34 |
| Quick ratio | 1.04 | 0.90 | 0.93 | 0.96 | 0.59 | 0.33 | 0.21 |
| Debt / equity | 0.35 | 0.19 | 0.11 | 0.56 | 1.52 | 3.74 | 8.86 |
| Equity / assets | 59.3% | 57.8% | 57.3% | 51.4% | 29.4% | 15.3% | 7.2% |
| Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $4.7M | $4.7M | $4.0M | $4.0M | $532,605 | $532,605 | $532,605 | $1.1M | $1.1M | $5.9M | $5.9M | $5.8M |
| Cash & equivalents | $184,856 | $184,856 | $177,098 | $177,098 | $532,605 | $532,605 | $532,605 | $1.1M | $1.1M | $5.9M | $5.9M | $5.8M |
| Short-term investments | $4.5M | $4.5M | $3.8M | $3.8M | — | — | — | — | — | — | — | — |
| Receivables | $16.9M | $16.8M | $13.6M | $13.5M | $13.5M | $13.5M | $13.4M | $10.5M | $10.4M | $6.4M | $6.3M | $6.0M |
| Inventory | $9.7M | $9.7M | $8.9M | $8.9M | $8.8M | $8.8M | $8.8M | $9.6M | $9.6M | $7.1M | $7.1M | $6.9M |
| Other current assets | $12.0M | $12.2M | $9.4M | $9.5M | $10.2M | $10.2M | $10.4M | $8.2M | $8.4M | $2.7M | $2.9M | $3.4M |
| Total current assets | $43.4M | $43.4M | $35.9M | $35.9M | $33.1M | $33.1M | $33.1M | $29.4M | $29.4M | $22.1M | $22.1M | $22.1M |
| Property, plant & equipment (net) | $13.1M | $13.1M | $10.2M | $10.2M | $8.6M | $8.6M | $8.6M | $9.1M | $9.1M | $9.3M | $9.3M | $8.9M |
| Goodwill & intangible assets | $2.7M | $2.7M | $2.6M | $2.6M | $61,972 | $61,972 | $61,972 | $40,394 | $40,394 | $31,853 | $31,853 | $7,765 |
| Long-term investments | $0 | $193,453 | $0 | $418,784 | $0 | $410,998 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $271,486 | $78,033 | $521,691 | $102,907 | $4.3M | $3.9M | $4.3M | $3.8M | $3.8M | $3.9M | $3.9M | $3.8M |
| Total assets | $59.4M | $59.4M | $49.2M | $49.2M | $46.0M | $46.0M | $46.0M | $42.4M | $42.4M | $35.3M | $35.3M | $34.8M |
| Liabilities | ||||||||||||
| Accounts payable | $6.2M | $6.2M | $5.6M | $5.6M | $8.3M | $8.3M | $8.3M | $8.0M | $8.0M | $5.7M | $5.7M | $4.0M |
| Short-term debt | $9.1M | — | $5.1M | — | $1.2M | $1.2M | $4.7M | $1.2M | $3.4M | $295,807 | $2.6M | $9.4M |
| Deferred revenue | $1.6M | — | $1.3M | — | $628,067 | $628,067 | $901,799 | $901,799 | $357,383 | $357,383 | — | $364,844 |
| Total current liabilities | $20.8M | $20.8M | $16.7M | $16.7M | $15.5M | $15.5M | $15.5M | $14.0M | $14.0M | $13.2M | $13.2M | $15.2M |
| Long-term debt | $0 | $3.4M | $0 | $6.0M | $0 | $3.9M | $0 | $1.7M | $0 | $1.9M | $0 | $442,958 |
| Other long-term liabilities | $3.4M | $0 | $6.0M | $0 | $3.9M | $0 | $3.9M | $0 | $1.7M | $0 | $1.9M | $0 |
| Total liabilities | $24.2M | $24.2M | $22.8M | $22.8M | $19.4M | $19.4M | $19.4M | $15.7M | $15.7M | $15.1M | $15.1M | $15.6M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $19,689 | — | $5,059 | — | $5,059 | $5,059 | $5,059 | $2,800 | $2,800 | $1,200 | $1,200 | $1,200 |
| Retained earnings (deficit) | $6.5M | $6.5M | $7.5M | $7.5M | $8.1M | $8.1M | $9.2M | $8.1M | $9.2M | $9.2M | $10.3M | $8.6M |
| Accumulated other comprehensive income | $858,981 | — | $207,760 | — | −$121,792 | −$121,792 | −$1.2M | −$107,890 | −$1.2M | $368,551 | −$744,620 | −$126,157 |
| Total shareholders' equity | $35.3M | $35.3M | $26.4M | $26.4M | $26.6M | $26.6M | $26.6M | $26.7M | $26.7M | $20.2M | $20.2M | $19.2M |
| Key figures | ||||||||||||
| Total debt | $12.5M | $3.4M | $11.2M | $6.0M | $5.1M | $5.1M | $8.6M | $3.0M | $5.1M | $2.2M | $4.5M | $9.8M |
| Net cash (debt) | −$7.8M | $1.3M | −$7.2M | −$2.0M | −$4.6M | −$4.6M | −$8.1M | −$1.8M | −$4.0M | $3.7M | $1.4M | −$4.1M |
| Working capital | $22.6M | $22.6M | $19.2M | $19.2M | $17.6M | $17.6M | $17.6M | $15.4M | $15.4M | $8.9M | $8.9M | $6.9M |
| Tangible book value | $32.6M | $32.6M | $23.8M | $23.8M | $26.5M | $26.5M | $26.5M | $26.6M | $26.6M | $20.2M | $20.2M | $19.2M |
| Current ratio | 2.09 | 2.09 | 2.14 | 2.14 | 2.13 | 2.13 | 2.13 | 2.10 | 2.10 | 1.67 | 1.67 | 1.46 |
| Quick ratio | 1.04 | 1.03 | 1.05 | 1.04 | 0.90 | 0.90 | 0.89 | 0.83 | 0.82 | 0.93 | 0.92 | 0.78 |
| Debt / equity | 0.35 | 0.10 | 0.42 | 0.23 | 0.19 | 0.19 | 0.33 | 0.11 | 0.19 | 0.11 | 0.22 | 0.51 |
| Equity / assets | 59.3% | 59.3% | 53.7% | 53.7% | 57.8% | 57.8% | 57.8% | 62.9% | 62.9% | 57.3% | 57.3% | 55.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 29, 2026); data from EODHD.
RAYA financial position
At the end of fiscal 2025 (December 31, 2025), Erayak Power Solution had total assets of $59.4 million (up 29.1% from a year earlier), total liabilities of $24.2 million and shareholders' equity of $35.3 million. It held $4.7 million in cash and short-term investments against $12.5 million of debt, net debt of $7.8 million. Its current ratio was 2.09. In the latest quarter (ended March 31, 2026) total assets were $59.4 million and equity $35.3 million.
Related: RAYA income statement, RAYA cash flow statement, RAYA key metrics. See the RAYA stock overview for the latest quote and news.
RAYA balance sheet FAQ
What are Erayak Power Solution's total assets?
Erayak Power Solution reported total assets of $59.4 million at the end of fiscal 2025 (December 31, 2025), compared with $46.0 million a year earlier.
How much debt does Erayak Power Solution have?
Erayak Power Solution had $12.5 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.35.
How much cash does Erayak Power Solution have?
Erayak Power Solution held $4.7 million in cash and short-term investments at the end of fiscal 2025; with $12.5 million of debt that is net debt of $7.8 million.
What is Erayak Power Solution's book value?
Erayak Power Solution's shareholders' equity (book value) was $35.3 million at the end of fiscal 2025.
What is Erayak Power Solution's current ratio?
Erayak Power Solution had current assets of $43.4 million and current liabilities of $20.8 million, a current ratio of 2.09 (it can cover its short-term obligations).
How much goodwill does Erayak Power Solution have?
Erayak Power Solution carried $2.7 million of goodwill and intangible assets, 4.5% of total assets, at the end of fiscal 2025.