Guardforce AI Co., Ltd. key statistics and ratios

In fiscal 2025, Guardforce AI Co., Ltd. had return on equity of -20.1%, an operating margin of -16.7% and a current ratio of 5.32. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Guardforce AI Co., Ltd.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	12.0%	16.7%	10.4%	11.1%	12.7%	15.1%	15.0%
Operating margin	−0.3%	−5.6%	−10.8%	−49.5%	−87.0%	−20.6%	−16.7%
Net margin	0.1%	−8.3%	−15.8%	−54.7%	−90.6%	−18.0%	−18.9%
Free-cash-flow margin	11.8%	9.3%	−12.3%	−64.1%	−11.3%	−10.9%	−4.7%
Return on equity	4.3%	—	—	−144.9%	−133.3%	−20.5%	−20.1%
Return on assets	0.1%	−8.3%	−14.1%	−36.1%	−55.3%	−13.0%	−14.2%
Asset turnover	0.98	1.00	0.89	0.66	0.61	0.72	0.75
Current ratio	0.50	2.11	0.98	1.84	2.22	4.92	5.32
Debt to equity	172.0%	—	261.0%	91.9%	2.3%	0.3%	—
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m	n/m	n/m
Effective tax rate	59.6%	—	—	—	—	—	—
R&D as % of revenue	—	—	—	0.3%	0.5%	1.2%	2.4%
Capital spending as % of revenue	1.1%	3.7%	15.1%	13.0%	6.4%	0.7%	1.0%
Free cash flow ÷ net income	>999%	—	—	—	—	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 3 checks passed · December 31, 2025

What it owns · $49m

Short-term assets $34mLonger-term assets $15m

What it owes, and who funded it · $49m

Short-term liabilities $6mLonger-term liabilities $9mShareholders' equity $34m

Short-term assets cover short-term liabilities $34m of assets due within a year against $6m of liabilities due within a year.
Short-term assets cover long-term liabilities $34m short-term assets against $9m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of −$6m against $183,293 of interest.

From Guardforce AI Co., Ltd.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Guardforce AI Co., Ltd.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Guardforce AI Co., Ltd.