The company's financial position appears increasingly fragile, with equity eroding to $9.4 million and a debt-to-equity ratio reaching 10.97 as of 2024Q2.
Forafric Global PLC (AFRI) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 68.18M | 77.39M | 121.24M | 143.57M | 117.55M | 82.56M | 64.29M |
| Cash & Short-Term Investments | 14.31M | 12.23M | 24.02M | 24.83M | 14.39M | 12.68M | 8.99M |
| Cash Only | 14.31M | 12.23M | 24.02M | 24.83M | 14.39M | 12.68M | 8.99M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 20.44M | 26.19M | 54.74M | 75.78M | 57.55M | 27.48M | 27.95M |
| Days Sales Outstanding | 42.28 | 34.86 | 65.4 | 95.46 | 80.27 | 51.02 | 55.68 |
| Inventory | 17.54M | 15.22M | 28.38M | 27.22M | 37.56M | 26.55M | 14.86M |
| Days Inventory Outstanding | 40.37 | 22.51 | 37.66 | 38.15 | 62.52 | 62.03 | 36.78 |
| Other Current Assets | 13.01M | 15.26M | 8.77M | 8.54M | 3.72M | 9.96M | 12.48M |
| Total Non-Current Assets | 178.75M | 168.69M | 188.21M | 163.59M | 182.35M | 155.17M | 148.29M |
| Property, Plant & Equipment | 124.07M | 117.83M | 130.31M | 110.96M | 125.83M | 106.25M | 102.74M |
| Fixed Asset Turnover | 1.42x | 2.33x | 2.34x | 2.61x | 2.08x | 1.85x | 1.78x |
| Goodwill | 46.56M | 42.89M | 48.49M | 45.9M | 51.57M | 48.07M | 44.67M |
| Intangible Assets | 5.16M | 4.4M | 4.65M | 3.72M | 3.98M | 363K | 448K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 117.31M | 116.15M | 0 |
| Other Non-Current Assets | 2.96M | 3.58M | 4.77M | 3.01M | -116.33M | 484K | 427K |
| Total Assets | 246.93M | 246.08M | 309.45M | 307.16M | 299.9M | 237.74M | 212.58M |
| Asset Turnover | 0.71x | 1.11x | 0.99x | 0.94x | 0.87x | 0.83x | 0.86x |
| Asset Growth % | 0.35% | -20.48% | 0.74% | 2.42% | 26.15% | 11.84% | - |
| Total Current Liabilities | 207.59M | 207.27M | 253.26M | 238.18M | 202.9M | 149.05M | 125.14M |
| Accounts Payable | 41.16M | 35.31M | 46.46M | 27.3M | 26.2M | 12.84M | 13.73M |
| Days Payables Outstanding | 94.76 | 52.2 | 61.66 | 38.26 | 43.6 | 30.01 | 33.97 |
| Short-Term Debt | 139.58M | 145.14M | 185.44M | 189.83M | 160.71M | 117.04M | 92.05M |
| Deferred Revenue (Current) | 1.94M | 2.21M | 1.27M | 540K | 1.91M | 3.62M | 0 |
| Other Current Liabilities | 16.44M | 2.01M | 1.97M | 14.4M | 1.47M | 659K | 19.37M |
| Current Ratio | 0.33x | 0.37x | 0.48x | 0.60x | 0.58x | 0.55x | 0.51x |
| Quick Ratio | 0.24x | 0.30x | 0.37x | 0.49x | 0.39x | 0.38x | 0.39x |
| Cash Conversion Cycle | -12.11 | 5.17 | 41.41 | 95.35 | 99.19 | 83.05 | 58.49 |
| Total Non-Current Liabilities | 32.69M | 33.49M | 26.98M | 24.03M | 49.35M | 36.69M | 161.51M |
| Long-Term Debt | 19.8M | 20.83M | 13.33M | 11.63M | 30.63M | 9.04M | 139.46M |
| Capital Lease Obligations | 0 | 0 | 0 | 900K | 4.45M | 5.78M | 0 |
| Deferred Tax Liabilities | 10.28M | 9.57M | 0 | 12.4M | 18.72M | 0 | 0 |
| Other Non-Current Liabilities | 2.61M | 3.09M | 13.66M | -1 | 14.27M | 21.86M | 22.06M |
| Total Liabilities | 240.28M | 240.76M | 280.24M | 262.21M | 252.25M | 185.74M | 286.66M |
| Total Debt | 159.39M | 165.97M | 198.77M | 201.46M | 198.8M | 135.35M | 231.51M |
| Net Debt | 145.08M | 153.74M | 174.75M | 176.63M | 184.4M | 122.67M | 222.51M |
| Debt / Equity | 23.94x | 31.22x | 6.81x | 4.48x | 4.17x | 2.60x | - |
| Debt / EBITDA | 39.47x | - | 28.62x | 22.72x | 23.13x | 9.11x | 25.66x |
| Net Debt / EBITDA | 35.93x | - | 25.16x | 19.92x | 21.45x | 8.25x | 24.66x |
| Interest Coverage | -0.18x | -0.69x | 0.10x | -0.70x | 0.24x | 1.44x | 0.41x |
| Total Equity | 6.66M | 5.32M | 29.21M | 44.95M | 47.65M | 51.99M | -74.08M |
| Equity Growth % | 25.23% | -81.8% | -35.03% | -5.66% | -8.35% | 170.18% | - |
| Book Value per Share | 0.25 | 0.20 | 1.09 | 1.69 | 2.32 | 3.45 | -2.80 |
| Total Shareholders' Equity | -8.69M | -1.67M | 22.8M | 38.05M | 40.13M | 51.91M | -74.08M |
| Common Stock | 27K | 27K | 27K | 57K | 21K | 120M | 4K |
| Retained Earnings | -154.57M | -139.68M | -115.35M | -102.68M | -83.55M | -74.4M | -74.62M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -6.19M | -5.67M | -5M | -2.98M | 3.69M | 6.31M | 535K |
| Minority Interest | 15.35M | 6.99M | 6.41M | 6.9M | 7.52M | 82K | 0 |
Quick answers to the most common questions about buying AFRI stock.
As of 2025, Forafric Global PLC (AFRI) had total assets of $246.9M including $68.2M in current assets.
Forafric Global PLC (AFRI) carries total debt of $159.4M, offset by $14.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Forafric Global PLC (AFRI) has total shareholders' equity (book value) of $-8.7M ($0.25 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Forafric Global PLC (AFRI) reported a current ratio of 0.33x. 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
Excessive leverage and insolvency
Metrics are mathematically derived from official filings.
Eroding Equity Base Signals Distress
As reported in recent financial statements, AFRI's equity has plummeted from $49.9 million in 2022Q2 to just $9.4 million by 2024Q2, reflecting a consistent pattern of value destruction that underscores the company's inability to generate sustainable returns on its invested capital over the observed period.
The rapid contraction of the equity base suggests that persistent net losses are eroding the company's net worth at an alarming rate. Investors should monitor whether this trajectory leads to a technical insolvency event, as the current pace of equity depletion appears unsustainable.
Leverage Ratios Indicate Financial Fragility
Based on the provided balance sheet data, AFRI's debt-to-equity ratio has surged to 10.97 as of 2024Q2, a dramatic increase from the 3.42 level observed in 2022Q2, which highlights a reliance on debt financing that significantly elevates the company's risk profile in a volatile commodity environment.
The extreme leverage ratio suggests that the company is highly sensitive to interest rate fluctuations and credit market tightening. This level of indebtedness may limit management's strategic flexibility and suggests that a substantial portion of operating cash flow is likely diverted toward servicing debt obligations.
Tight Liquidity Constrains Operational Buffer
According to the latest quarterly filings, AFRI maintains a current ratio of 0.42, which indicates that the company's short-term assets are insufficient to cover its immediate liabilities, leaving it with a precarious liquidity buffer that warrants close scrutiny by stakeholders concerned with near-term solvency.
A current ratio consistently below 1.0 implies that the firm may struggle to meet its short-term obligations without external financing or significant working capital improvements. This liquidity constraint appears to be a structural issue rather than a temporary anomaly, given the multi-quarter trend of sub-unity ratios.
Asset Quality Obscured by Goodwill
As indicated by the balance sheet, goodwill accounts for $48 million of the $287.1 million in total assets as of 2024Q2, representing a significant portion of the company's book value that may be subject to impairment if operational performance does not improve in the near term.
The reliance on intangible assets to bolster the balance sheet suggests that the tangible asset base, primarily PPE, may be less robust than the headline asset figures imply. Investors should consider the risk that future write-downs could further impair the already thin equity position.