The company's financial leverage has intensified, with the debt-to-equity ratio rising to 3.02 in 2026Q1 from 1.43 in 2023Q4, reflecting a concerning trend of capital structure erosion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Current Assets | 54.8M | 58.47M | 56.44M | 70.36M | 42.97M | 60.74M | 66.09M | 76.66M | 89.52M | 22.55M | 26.54M | 22.04M | 15.37M | 19.82M | 15.97M | 16.48M | 14.91M | 13.21M | 12.11M | 11.46M | 10.17M | 7.33M | 6.97M | 5.24M | 4.68M | 4.71M | 3.93M | 3.7M | 3.03M | 2.09M | 2.06M |
| Cash & Short-Term Investments | 31.14M | 31.74M | 31.74M | 43.65M | 10.19M | 30.87M | 41.91M | 58.81M | 78.14M | 9.95M | 14.46M | 11.8M | 5.73M | 7.92M | 4.16M | 4.88M | 3.83M | 2.15M | 2.56M | 3.53M | 2.95M | 1.3M | 2.29M | 306.14K | 379.21K | 578.35K | 278.66K | 415.07K | 278.67K | 48.25K | 120.9K |
| Cash Only | 31.14M | 31.74M | 31.74M | 43.65M | 10.19M | 30.87M | 41.91M | 58.81M | 16.47M | 9.95M | 14.46M | 11.8M | 5.73M | 7.92M | 4.16M | 4.88M | 3.83M | 2.15M | 2.56M | 3.53M | 2.95M | 1.3M | 2.29M | 306.14K | 379.21K | 578.35K | 278.66K | 415.07K | 278.67K | 48.25K | 120.9K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 61.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 12.76M | 16.78M | 15.48M | 14.02M | 18.25M | 21.16M | 17.33M | 9.22M | 5.08M | 4.86M | 4.73M | 2.92M | 1.99M | 1.99M | 2.87M | 2.22M | 2.11M | 2.57M | 2.99M | 2.53M | 2.82M | 2.32M | 1.95M | 1.71M | 1.35M | 1.2M | 1.26M | 1.21M | 1M | 791.83K | 856.4K |
| Days Sales Outstanding | 87.77 | 115.87 | 117.46 | 97.77 | 149.62 | 159.21 | 228.24 | 119.19 | 111.12 | 45.59 | 47.17 | 36.17 | 26.27 | 30.7 | 37.91 | 31.83 | 31.85 | 34.74 | 38.87 | 32.03 | 38.55 | 41.84 | 34.8 | 37.67 | 39.6 | 38.17 | 46.14 | 46.02 | 43.36 | 39.21 | 41.76 |
| Inventory | 9.54M | 8.6M | 7.56M | 9.92M | 11.8M | 6.78M | 4.05M | 5.05M | 5.21M | 6.53M | 6.16M | 5.96M | 5.73M | 8.41M | 7.98M | 8.18M | 7.61M | 6.77M | 5.84M | 4.52M | 3.61M | 3M | 2M | 2.45M | 2.36M | 2.42M | 1.99M | 1.68M | 1.48M | 953.13K | 854K |
| Days Inventory Outstanding | 85.49 | 92.86 | 147.31 | 194.83 | 279.99 | 165.86 | 144.86 | 201.65 | 322.82 | 124.57 | 120.12 | 128.18 | 111.85 | 212.38 | 178.37 | 203.34 | 194.9 | 163.76 | 131.16 | 94.51 | 81.95 | 86.48 | 58.38 | 94.83 | 119.67 | 154.29 | 158.4 | 133.46 | 102.19 | 84.06 | 75.39 |
| Other Current Assets | 1.37M | 1.35M | 1.66M | 2.76M | 2.74M | 0 | 0 | 375K | 130K | 3.03M | 779K | 0 | 804K | 545K | 951K | 500K | 400K | 800K | 216.88K | 603.22K | 386.2K | 386.2K | 386.2K | 386.2K | 431.24K | 386.98K | 397.53K | 392.6K | 198.06K | 232.27K | 175K |
| Total Non-Current Assets | 8.23M | 8.37M | 8.4M | 8.88M | 8.8M | 7.98M | 8.02M | 8.01M | 6.09M | 8.44M | 8.57M | 9.41M | 9.47M | 13.35M | 12.21M | 11.76M | 12.87M | 14.37M | 13.67M | 7.36M | 6.52M | 4.44M | 4.05M | 3.99M | 3.82M | 3.86M | 3.99M | 3.65M | 7.63M | 1.74M | 1.84M |
| Property, Plant & Equipment | 6.33M | 6.62M | 6.74M | 7.15M | 7.59M | 6.87M | 7.21M | 7.62M | 5.79M | 6.41M | 6.45M | 6.81M | 6.95M | 7.06M | 7.23M | 7.18M | 7.43M | 8.81M | 7.13M | 3.42M | 3.22M | 2.6M | 2.12M | 1.9M | 1.56M | 1.53M | 1.55M | 1.43M | 2.16M | 1.44M | 1.42M |
| Fixed Asset Turnover | 8.52x | 7.99x | 7.14x | 7.33x | 5.87x | 7.06x | 3.84x | 3.70x | 2.88x | 6.07x | 5.68x | 4.33x | 3.98x | 3.35x | 3.83x | 3.54x | 3.26x | 3.06x | 3.94x | 8.41x | 8.29x | 7.79x | 9.68x | 8.71x | 7.98x | 7.50x | 6.40x | 6.69x | 3.90x | 5.12x | 5.28x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 185K | 185K | 185K | 185K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.12K | 40K | 62.7K |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6K | 1.69M | 1.73M | 1.83M | 1.94M | 2.08M | 2.17M | 2.29M | 3.2M | 4.93M | 5.21M | 3.89M | 3.28M | 1.82M | 1.6M | 1.65M | 1.77M | 1.82M | 1.88M | 1.89M | 4.97M | 257.55K | 348.3K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -150K | -187K | 0 | 123K | -3.81M | 120K | 0 | 0 | 0 | 0 | -530.86M | -8.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 129.76K | 7.15K | 7.1K |
| Other Non-Current Assets | 1.9M | 1.75M | 1.66M | 1.73M | 1.22M | 1.11M | 807K | 391K | 114K | 159K | 212K | 430K | 415K | 674K | 1.01M | 783K | 711K | 465.71K | 1.34M | 44.44K | 21.21K | 21.21K | 338.81K | 437.7K | 491.22K | 508.4K | 553.42K | 327.08K | 355.76K | 7.15K | 7.1K |
| Total Assets | 63.02M | 66.84M | 64.84M | 79.24M | 51.77M | 68.72M | 74.11M | 84.68M | 95.61M | 30.99M | 35.11M | 31.45M | 24.83M | 33.18M | 28.18M | 28.24M | 27.79M | 27.58M | 25.78M | 18.82M | 16.69M | 11.77M | 11.02M | 9.23M | 8.5M | 8.58M | 7.91M | 7.34M | 10.66M | 3.84M | 3.9M |
| Asset Turnover | 0.91x | 0.79x | 0.74x | 0.66x | 0.86x | 0.71x | 0.37x | 0.33x | 0.17x | 1.25x | 1.04x | 0.94x | 1.11x | 0.71x | 0.98x | 0.90x | 0.87x | 0.98x | 1.09x | 1.53x | 1.60x | 1.72x | 1.86x | 1.79x | 1.46x | 1.34x | 1.26x | 1.31x | 0.79x | 1.92x | 1.92x |
| Asset Growth % | -8.7% | 3.08% | -18.17% | 53.05% | -24.66% | -7.27% | -12.48% | -11.44% | 208.54% | -11.74% | 11.64% | 26.64% | -25.15% | 17.72% | -0.2% | 1.63% | 0.73% | 7% | 36.97% | 12.8% | 41.75% | 6.82% | 19.33% | 8.62% | -0.91% | 8.4% | 7.76% | -31.11% | 177.77% | -1.57% | 8.28% |
| Total Current Liabilities | 9.45M | 11.7M | 10.72M | 12.74M | 11.85M | 13.21M | 9.15M | 12.24M | 7.7M | 5.97M | 5.27M | 4.12M | 3.77M | 2.91M | 1.92M | 2.39M | 2.14M | 2.47M | 2.32M | 1.7M | 2.09M | 1.83M | 1.41M | 1.4M | 1.6M | 1.58M | 1.52M | 1.33M | 1.36M | 1.54M | 1.4M |
| Accounts Payable | 2.63M | 3.06M | 2.62M | 2.71M | 2.67M | 2.63M | 1.51M | 2.44M | 1.42M | 1.58M | 1.61M | 1.21M | 1.55M | 1.06M | 803K | 1.08M | 951K | 589K | 1.32M | 807.44K | 916.25K | 868.21K | 620.15K | 679.79K | 478.67K | 373.38K | 439.14K | 402.25K | 385.56K | 399.09K | 787.5K |
| Days Payables Outstanding | 28.44 | 33.01 | 50.93 | 53.25 | 63.35 | 64.38 | 54.03 | 97.35 | 88.14 | 30.22 | 31.33 | 26.12 | 30.33 | 26.75 | 17.94 | 26.98 | 24.37 | 14.24 | 29.59 | 16.88 | 20.8 | 25.05 | 18.09 | 26.3 | 24.3 | 23.81 | 34.88 | 32 | 26.68 | 35.2 | 69.52 |
| Short-Term Debt | 441K | 428K | 0 | 0 | 0 | 0 | 0 | 140K | 0 | 239K | 239K | 239K | 239K | 72K | 138K | 130K | 140K | 1.14M | 125K | 0 | 161.95K | 348.33K | 31.67K | 35.34K | 557.13K | 672.31K | 572.93K | 663.57K | 569.19K | 804.76K | 198K |
| Deferred Revenue (Current) | 3.37M | 0 | 693K | 488K | 853K | 533K | 0 | 7.91M | 0 | 0 | 0 | 0 | 0 | 1.24M | 749K | 0 | 714K | 3.99K | 24.54K | 56.39K | 173.99K | 141.59K | 36M | 112M | 396.95K | 499.85K | 0 | 0 | 0 | 0 | -4.6K |
| Other Current Liabilities | 3.84M | 8.21M | 0 | 1.54M | 0 | 2.12M | 811K | -2.5M | 3.8M | 2.38M | 2.6M | 2.12M | 1.78M | 1.61M | 677K | 937K | 776K | 621.22K | 50.17K | 86.08K | 91.2K | 0 | 36K | 112K | 165.21K | 32.7K | 507.85K | 264.15K | 0 | 0 | 0 |
| Current Ratio | 5.80x | 5.00x | 5.26x | 5.52x | 3.63x | 4.60x | 7.22x | 6.26x | 11.62x | 3.77x | 5.03x | 5.35x | 4.08x | 6.81x | 8.31x | 6.90x | 6.98x | 5.34x | 5.23x | 6.73x | 4.87x | 4.01x | 4.93x | 3.73x | 2.93x | 2.99x | 2.58x | 2.78x | 2.23x | 1.36x | 1.48x |
| Quick Ratio | 4.79x | 4.26x | 4.56x | 4.74x | 2.63x | 4.09x | 6.78x | 5.85x | 10.95x | 2.68x | 3.87x | 3.90x | 2.56x | 3.92x | 4.16x | 3.48x | 3.42x | 2.60x | 2.71x | 4.08x | 3.14x | 2.37x | 3.51x | 1.99x | 1.46x | 1.45x | 1.27x | 1.52x | 1.15x | 0.74x | 0.87x |
| Cash Conversion Cycle | 144.83 | 175.72 | 213.84 | 239.36 | 366.27 | 260.69 | 319.07 | 223.49 | 345.81 | 139.95 | 135.96 | 138.22 | 107.79 | 216.33 | 198.34 | 208.19 | 202.38 | 184.27 | 140.43 | 109.67 | 99.7 | 103.26 | 75.1 | 106.2 | 134.98 | 168.65 | 169.67 | 147.49 | 118.86 | 88.07 | 47.63 |
| Total Non-Current Liabilities | 40.49M | 40.31M | 39.79M | 39.58M | 2.13M | 1.51M | 1.1M | 1.18M | 140K | 2.98M | 3.62M | 3.92M | 16.37M | 8.93M | 3.37M | 3.73M | 3.88M | 3.96M | 4.67M | 326.34K | 418.15K | 140M | 348.32K | 380K | 411.66K | 0 | 0 | 0 | 11.23K | 74.11K | 482.7K |
| Long-Term Debt | 35.09M | 34.85M | 33.89M | 33.19M | 0 | 0 | 0 | 0 | 140K | 2.6M | 2.83M | 3.07M | 3.17M | 3.19M | 3.28M | 3.63M | 3.88M | 3.96M | 4.14M | 0 | 0 | 0 | 348.32K | 380K | 411.66K | 0 | 0 | 0 | 11.23K | 74.11K | 482.7K |
| Capital Lease Obligations | 16.5M | 4.06M | 4.52M | 4.95M | 543K | 18K | 312K | 656K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 150K | 368K | 564K | 564K | 564K | 0 | 0 | 0 | 0 | -531K | 530.86K | 8.19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 339K | 347K | 259K | 198K | 181K | 166K | 166K | 519K | 0 | 20K | 217K | 285K | 3.19M | 5.75M | 85K | 105K | 0 | 0 | -530.86K | -81.85K | 418.15K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 49.94M | 52.01M | 50.51M | 52.32M | 13.98M | 14.71M | 10.25M | 13.42M | 7.84M | 8.96M | 8.89M | 8.04M | 20.14M | 11.85M | 5.29M | 6.12M | 6.02M | 6.43M | 6.99M | 2.03M | 2.51M | 1.83M | 1.76M | 1.78M | 2.01M | 1.58M | 1.52M | 1.33M | 1.37M | 1.61M | 1.88M |
| Total Debt | 39.46M | 39.34M | 38.76M | 38.5M | 796K | 305K | 676K | 1.13M | 140K | 2.83M | 3.07M | 3.31M | 3.41M | 3.26M | 3.42M | 4.22M | 4.02M | 5.09M | 4M | 0 | 161.95K | 348.33K | 379.99K | 415.34K | 968.8K | 672.31K | 572.93K | 663.57K | 580.41K | 878.87K | 685.3K |
| Net Debt | 8.32M | 7.6M | 7.02M | -5.15M | -9.4M | -30.57M | -41.24M | -57.68M | -16.33M | -7.12M | -11.38M | -8.49M | -2.32M | -4.67M | -743K | -664K | 197K | 2.94M | 1.44M | -3.53M | -2.79M | -946.94K | -1.91M | 109.2K | 589.59K | 93.95K | 294.27K | 248.5K | 301.74K | 830.62K | 564.4K |
| Debt / Equity | 3.02x | 2.65x | 2.70x | 1.43x | 0.02x | 0.01x | 0.01x | 0.02x | 0.00x | 0.13x | 0.12x | 0.14x | 0.73x | 0.15x | 0.15x | 0.19x | 0.18x | 0.24x | 0.21x | - | 0.01x | 0.04x | 0.04x | 0.06x | 0.15x | 0.10x | 0.09x | 0.11x | 0.06x | 0.40x | 0.34x |
| Debt / EBITDA | -10.90x | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.80x | 4.65x | - | 2.89x | 1.77x | - | 0.05x | 0.37x | 0.23x | 0.40x | - | 0.61x | 0.62x | - | - | 1.35x | 0.92x |
| Net Debt / EBITDA | -2.30x | - | - | - | - | - | - | - | - | - | - | - | - | - | -0.39x | -0.73x | - | 1.67x | 0.63x | -1.23x | -0.89x | -1.00x | -1.14x | 0.11x | - | 0.08x | 0.32x | - | - | 1.28x | 0.76x |
| Interest Coverage | -0.66x | -1.15x | -2.95x | -7.59x | -1526.40x | -1481.00x | -420.93x | -2478.50x | -140.26x | -100.75x | -23.59x | -32.83x | -86.98x | -24.11x | 4.59x | 1.08x | -10.04x | 9.68x | 48.50x | 852.49x | 162.40x | 17.79x | 84.07x | 19.48x | -9.78x | 8.94x | 7.93x | - | -8.86x | - | 6.34x |
| Total Equity | 13.09M | 14.83M | 14.34M | 26.92M | 37.79M | 54.01M | 63.86M | 71.26M | 87.77M | 22.03M | 26.22M | 23.4M | 4.69M | 21.33M | 22.89M | 22.12M | 21.77M | 21.15M | 18.79M | 16.79M | 14.18M | 9.94M | 9.26M | 7.45M | 6.49M | 7M | 6.39M | 6.01M | 9.29M | 2.22M | 2.02M |
| Equity Growth % | -69.32% | 3.46% | -46.75% | -28.76% | -30.02% | -15.42% | -10.38% | -18.81% | 298.37% | -15.98% | 12.04% | 398.59% | -77.99% | -6.84% | 3.52% | 1.62% | 2.89% | 12.59% | 11.89% | 18.42% | 42.64% | 7.4% | 24.25% | 14.77% | -7.27% | 9.49% | 6.32% | -35.25% | 317.51% | 10.12% | 389.98% |
| Book Value per Share | 0.31 | 0.35 | 0.40 | 0.78 | 1.09 | 1.57 | 1.87 | 2.09 | 2.55 | 0.70 | 0.96 | 0.84 | 0.26 | 1.21 | 1.29 | 1.25 | 1.25 | 1.19 | 1.10 | 0.95 | 0.84 | 0.63 | 0.55 | 0.55 | 0.45 | 0.47 | 0.40 | 0.43 | 0.67 | 0.26 | 0.26 |
| Total Shareholders' Equity | 12.83M | 14.54M | 14.21M | 26.7M | 37.58M | 53.7M | 63.72M | 71.26M | 87.77M | 22.03M | 26.22M | 23.4M | 4.69M | 21.33M | 22.89M | 22.12M | 21.77M | 21.15M | 18.79M | 16.79M | 14.06M | 9.8M | 9.26M | 7.45M | 6.49M | 7M | 6.39M | 6.01M | 9.29M | 2.22M | 2.02M |
| Common Stock | 42K | 42K | 38K | 35K | 35K | 34K | 34K | 34K | 34K | 33K | 31K | 27K | 18K | 18K | 18K | 18K | 18K | 16.95K | 16.8K | 15.46K | 15.24K | 14.06K | 13.88K | 16.64K | 13.27K | 13.27K | 13.76K | 14.12K | 14.78K | 124.07K | 121.7K |
| Retained Earnings | -91.23M | -89.12M | -77.91M | -54.45M | -35.73M | -12.55M | 2.62M | 14.52M | 35.51M | -28.5M | -23.43M | -19.48M | -27.85M | -9.63M | -2.64M | -3.26M | -3.37M | -1.83M | -3.98M | -5.66M | -8.06M | -10.74M | -11.15M | -12.66M | -13.34M | -12.83M | -13.61M | -14.11M | -11.93M | -10.86M | -10.96M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.36M | -6.71M | -7.27M | -6.87M | -6.35M | -5.67M | -5.45M | -5M | 0 | -88.97K | -88.46K | -3.02M | -2.41M | -1.93M | -1.56M | -1.29M | -1.06M | -867.46K | -674K | -535.53K | -2K | 0 | 0 |
| Minority Interest | 256K | 291K | 125K | 221K | 211K | 305K | 138K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 120K | 140K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent capital structure erosion
As reported in recent financial statements, Apyx Medical's equity has contracted significantly from $26.7 million in 2023Q4 to $12.8 million in 2026Q1, reflecting a persistent trend of value destruction driven by ongoing operational losses that continue to weigh heavily on the company's overall balance sheet trajectory.
The consistent decline in shareholders' equity suggests that the company is failing to retain earnings, which is a concerning indicator for long-term solvency. Investors should monitor whether this downward trend in equity will necessitate further dilutive financing to maintain operations.
Based on reported figures, the company's debt-to-equity ratio has surged from 1.43 in 2023Q4 to 3.02 in 2026Q1, indicating that the firm is increasingly reliant on debt financing to sustain its operations while its underlying equity base continues to shrink under the pressure of recurring losses.
This elevated leverage ratio suggests that the company's capital structure is becoming increasingly precarious. The reliance on debt in the absence of consistent profitability may limit future financial flexibility and increase the risk profile for equity holders.
According to quarterly filings, cash reserves have declined from $43.7 million in 2023Q4 to $31.1 million in 2026Q1, highlighting a persistent cash burn that warrants close scrutiny as the company attempts to fund its commercial expansion without a clear path to self-sustaining operational cash flow.
While the current ratio remains relatively high, the absolute decline in cash balances suggests that the company is consuming its liquidity buffer to cover operating deficits. This trend implies that the company may face liquidity constraints if revenue growth does not accelerate to offset the current burn rate.
As disclosed in the balance sheet, the accumulated deficit has ballooned to $91.2 million as of 2026Q1, which serves as a stark reminder that historical investments have yet to translate into a profitable business model, potentially misleading investors who focus solely on short-term revenue growth metrics.
The magnitude of the accumulated deficit suggests that the company has historically struggled to convert its R&D and marketing spend into sustainable returns. This persistent deficit may continue to act as a drag on the company's valuation until a fundamental shift in profitability is achieved.
Quick answers to the most common questions about buying APYX stock.
As of 2025, Apyx Medical Corporation (APYX) had total assets of $66.8M including $58.5M in current assets.
Apyx Medical Corporation (APYX) carries total debt of $39.3M, offset by $31.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Apyx Medical Corporation (APYX) has total shareholders' equity (book value) of $14.5M ($0.35 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Apyx Medical Corporation (APYX) reported a current ratio of 5.00x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.