The balance sheet has ballooned to $2.5B in total assets with $975.1M in debt, but the 36% asset concentration in goodwill ($904.2M) creates significant impairment risk given the company's thin 2.1% net margin.
Aebi Schmidt Holding AG (AEBI) balance sheet — 3-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Total Current Assets | 1.11B | 877.73M | 518.16M | 520.13M |
| Cash & Short-Term Investments | 136.04M | 98.51M | 65.17M | 42.7M |
| Cash Only | 136.04M | 98.51M | 65.17M | 42.7M |
| Short-Term Investments | 0 | 0 | 0 | 0 |
| Accounts Receivable | 457.61M | 393.1M | 198.1M | 211.96M |
| Days Sales Outstanding | 73.34 | 93.99 | 66.58 | 76.18 |
| Inventory | 471.28M | 346.42M | 231.4M | 245.51M |
| Days Inventory Outstanding | 90.22 | 103.42 | 98.47 | 110.78 |
| Other Current Assets | 47.12M | 39.7M | 23.49M | 19.96M |
| Total Non-Current Assets | 1.39B | 1.13B | 569.96M | 590.66M |
| Property, Plant & Equipment | 410.76M | 335.06M | 131.71M | 141.15M |
| Fixed Asset Turnover | 5.57x | 4.56x | 8.24x | 7.19x |
| Goodwill | 0 | 403.15M | 221.19M | 221.19M |
| Intangible Assets | 904.18M | 334.73M | 175.32M | 188.51M |
| Long-Term Investments | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 64.83M | 51.7M | 36.04M | 34.26M |
| Total Assets | 2.5B | 2.01B | 1.09B | 1.11B |
| Asset Turnover | 0.92x | 0.76x | 1.00x | 0.91x |
| Asset Growth % | 383.47% | 84.56% | -2.04% | - |
| Total Current Liabilities | 561.09M | 461.25M | 267.22M | 267.49M |
| Accounts Payable | 256.97M | 234.64M | 93.63M | 100.07M |
| Days Payables Outstanding | 52.45 | 70.05 | 39.85 | 45.16 |
| Short-Term Debt | 104.88M | 46.91M | 23.26M | 25.12M |
| Deferred Revenue (Current) | 106.54M | 19.86M | 20.04M | 12.98M |
| Other Current Liabilities | 128.36M | 123.32M | 89.26M | 91.64M |
| Current Ratio | 1.98x | 1.90x | 1.94x | 1.94x |
| Quick Ratio | 1.14x | 1.15x | 1.07x | 1.03x |
| Cash Conversion Cycle | 111.11 | 127.36 | 125.21 | 141.8 |
| Total Non-Current Liabilities | 915.91M | 732.07M | 455.73M | 505.33M |
| Long-Term Debt | 680.93M | 546.97M | 376.59M | 416.51M |
| Capital Lease Obligations | 657.47M | 145.48M | 52.75M | 59.13M |
| Deferred Tax Liabilities | 117.15M | 24.32M | 18.34M | 23.26M |
| Other Non-Current Liabilities | 18.36M | 15.31M | 8.05M | 6.43M |
| Total Liabilities | 1.48B | 1.19B | 722.95M | 772.82M |
| Total Debt | 975.11M | 758.22M | 461.84M | 509.65M |
| Net Debt | 839.07M | 659.7M | 396.67M | 466.95M |
| Debt / Equity | 0.95x | 0.93x | 1.26x | 1.51x |
| Debt / EBITDA | 6.42x | 6.47x | 4.87x | 5.91x |
| Net Debt / EBITDA | 5.53x | 5.63x | 4.18x | 5.42x |
| Interest Coverage | 1.55x | 1.27x | 2.22x | 1.46x |
| Total Equity | 1.02B | 814.95M | 365.18M | 337.96M |
| Equity Growth % | 574.83% | 123.17% | 8.05% | - |
| Book Value per Share | 13.18 | 13.86 | 4.71 | 4.36 |
| Total Shareholders' Equity | 1.02B | 814.9M | 365.09M | 337.96M |
| Common Stock | 95.73M | 77M | 50.79M | 50.79M |
| Retained Earnings | 80.41M | 57.55M | 61.25M | 33.79M |
| Treasury Stock | -318.6K | -257K | -257K | 0 |
| Accumulated OCI | 35.02M | 28.18M | 31.47M | 31.53M |
| Minority Interest | -12.4K | 50K | 83K | 3K |
Quick answers to the most common questions about buying AEBI stock.
As of 2025, Aebi Schmidt Holding AG (AEBI) had total assets of $2.01B including $877.7M in current assets.
Aebi Schmidt Holding AG (AEBI) carries total debt of $758.2M, offset by $98.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Aebi Schmidt Holding AG (AEBI) has total shareholders' equity (book value) of $814.9M ($13.86 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Aebi Schmidt Holding AG (AEBI) reported a current ratio of 1.90x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Merger integration straining balance sheet
Metrics are mathematically derived from official filings.
Balance Sheet Doubles in Scale, Leverage Eases
Total assets surged from $987.7M in 2024Q4 to $2.5B in 2026Q2, a 153% increase driven by the Shyft merger, while the debt-to-equity ratio improved from 1.26 to 0.95, suggesting a significant equity infusion accompanied the transaction.
The dramatic expansion in the balance sheet's size is a direct reflection of the inorganic growth strategy, with goodwill and intangibles ballooning from $200.8M to $904.2M. The concurrent improvement in the D/E ratio, despite a near-doubling of total debt, indicates the merger was likely financed with a substantial equity component, which has strengthened the capital structure on a relative basis but has not yet translated into meaningful profitability.
Leverage Elevated but Supported by Equity
Total debt stands at $975.1M against equity of $1.0B, resulting in a D/E of 0.95, which, while lower than the 1.56 peak in 2025Q2, remains significantly above the pre-merger level of 1.26 in 2024Q4.
The absolute debt load has more than doubled since 2024Q4, reflecting the financing needs of the Shyft acquisition. The current D/E ratio, while improved from its peak, suggests the company is operating with a meaningfully leveraged balance sheet relative to its historical profile. Given the razor-thin net margin of 0.64%, investors should monitor the company's ability to service this debt, as any operational misstep could quickly strain cash flows.
Goodwill Dominates Post-Merger Asset Base
Goodwill and intangible assets have ballooned to $904.2M, representing 36% of total assets in 2026Q2, a stark increase from just 20% of assets in 2024Q4, highlighting the acquisition-driven nature of the company's growth.
The asset mix has fundamentally shifted from a focus on tangible operating assets to one dominated by acquisition-derived intangibles. This concentration introduces significant impairment risk if the expected synergies from the Shyft merger fail to materialize or if end-market demand softens. The relatively modest growth in PPE net to $410.8M suggests the expansion is not yet supported by a commensurate increase in productive capacity.
Equity Growth Outpaces Retained Earnings
Total equity has grown to $1.0B from $331.4M in 2024Q4, yet retained earnings have only increased to $80.4M, indicating the equity expansion is primarily driven by new capital contributions rather than organic profit generation.
The disconnect between the massive equity increase and the modest growth in retained earnings underscores that the balance sheet strengthening is a financing event, not an operational outcome. This suggests potential dilution for pre-merger shareholders and raises questions about the long-term value creation thesis. The low ROE of 1.7% further confirms that the enlarged equity base is not yet generating adequate returns.
Adequate Liquidity Masked by Working Capital Volatility
The current ratio has remained stable near 2.0, but cash has fluctuated significantly, from $50.8M in 2025Q2 to $144.2M in 2026Q1, suggesting that working capital management is a key driver of short-term liquidity.
While the headline current ratio appears healthy, the underlying cash position is volatile, which aligns with the prior cash flow analysis noting significant working capital swings. The company's ability to maintain a cash buffer above $100M in recent quarters provides a cushion, but the low cash-to-debt ratio (approximately 14%) indicates limited flexibility to absorb shocks without accessing external financing.
Goodwill Impairment Risk Looms Over Thin Margins
The $904.2M goodwill balance, representing 36% of total assets, is a critical vulnerability given the company's 0.64% net margin, as any earnings shortfall could trigger a material impairment charge that would devastate equity.
The core non-obvious risk is the potential mismatch between the valuation embedded in the Shyft merger goodwill and the actual earnings power of the combined entity. With operating margins under pressure and integration costs likely ongoing, the company's ability to generate the cash flows needed to support this intangible asset base is questionable. A significant impairment would not only erase a large portion of shareholder equity but would also signal a fundamental failure of the merger's strategic rationale.