The company maintains a conservative capital structure with a debt-to-equity ratio of 0.06 as of 2026Q1, though this limited leverage may constrain its ability to fund further capital-intensive upgrades.
Arq, Inc. (ARQ) balance sheet — 10-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Total Current Assets | 47.24M | 43.85M | 52.36M | 86.46M | 105.66M | 108.37M | 61.99M | 47.05M | 59.78M | 36.89M | 38.91M |
| Cash & Short-Term Investments | 906K | 6.57M | 13.52M | 45.36M | 66.43M | 78.75M | 25.93M | 12.08M | 18.58M | 30.69M | 26.94M |
| Cash Only | 906K | 6.57M | 13.52M | 45.36M | 66.43M | 78.75M | 25.93M | 12.08M | 18.58M | 30.69M | 26.94M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 20.03M | 14.98M | 14.88M | 16.19M | 13.86M | 15.1M | 16.58M | 11.68M | 13.84M | 4.36M | 10.61M |
| Days Sales Outstanding | 48.29 | 45.44 | 49.83 | 59.59 | 49.14 | 54.96 | 89.83 | 60.81 | 210.94 | 35.08 | 76.48 |
| Inventory | 19.41M | 15.89M | 19.31M | 19.69M | 17.83M | 7.85M | 9.88M | 15.46M | 21.79M | 74K | 16K |
| Days Inventory Outstanding | 73.67 | 66.84 | 101.41 | 106.77 | 80.87 | 43.69 | 71.57 | 114.13 | 1.27K | 0.85 | 0.15 |
| Other Current Assets | 0 | 1.83M | 1.41M | 2.44M | 2.4M | 1.31M | 6.3M | 1.9M | 1.4M | 83K | 172K |
| Total Non-Current Assets | 185.77M | 186.73M | 232.01M | 149.04M | 75.5M | 77.07M | 84.68M | 126.75M | 108.17M | 45.88M | 68.61M |
| Property, Plant & Equipment | 139.04M | 143.15M | 196.51M | 105.24M | 49.71M | 43.24M | 37.41M | 58.61M | 48.51M | 410K | 735K |
| Fixed Asset Turnover | 0.80x | 0.84x | 0.55x | 0.94x | 2.07x | 2.32x | 1.80x | 1.20x | 0.49x | 110.64x | 68.87x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 570K | 7.57M | 7.9M | 847K | 1.24M | 1.96M | 4.17M | 4.83M | 805K | 696K |
| Long-Term Investments | 29.92M | 9.07M | 8.72M | 0 | 0 | 2.39M | 8.24M | 39.71M | 12.79M | 4.9M | 4.97M |
| Other Non-Current Assets | 46.74M | 33.94M | 19.22M | 35.9M | 24.95M | 30.2M | 26.46M | 10.17M | 1.22M | 951K | 586K |
| Total Assets | 233.01M | 230.58M | 284.37M | 235.5M | 181.16M | 185.44M | 146.67M | 173.8M | 167.95M | 82.77M | 107.52M |
| Asset Turnover | 0.51x | 0.52x | 0.38x | 0.42x | 0.57x | 0.54x | 0.46x | 0.40x | 0.14x | 0.55x | 0.47x |
| Asset Growth % | -55.91% | -18.91% | 20.75% | 29.99% | -2.3% | 26.43% | -15.61% | 3.48% | 102.9% | -23.01% | - |
| Total Current Liabilities | 45.99M | 42.3M | 44.65M | 23.05M | 23.88M | 22.62M | 42.54M | 39.31M | 40.72M | 6.88M | 23.71M |
| Accounts Payable | 15.41M | 15.27M | 21.02M | 14.6M | 16.11M | 16.49M | 7.85M | 8.05M | 6.24M | 1M | 1.92M |
| Days Payables Outstanding | 63.23 | 64.2 | 110.35 | 79.17 | 73.07 | 91.76 | 56.84 | 59.4 | 363.95 | 11.45 | 17.6 |
| Short-Term Debt | 1.1M | 19.78M | 15.45M | 2.65M | 1.13M | 1.01M | 18.44M | 23.93M | 24.07M | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 479K | 1.83M | 5.02M |
| Other Current Liabilities | 26.58M | 2.87M | 3.78M | 2.9M | 2.88M | -4.32M | 9.74M | 1.04M | 1.66M | 2.46M | 14.4M |
| Current Ratio | 1.03x | 1.04x | 1.17x | 3.75x | 4.42x | 4.79x | 1.46x | 1.20x | 1.47x | 5.36x | 1.64x |
| Quick Ratio | 0.61x | 0.66x | 0.74x | 2.90x | 3.68x | 4.44x | 1.22x | 0.80x | 0.93x | 5.35x | 1.64x |
| Cash Conversion Cycle | 58.73 | 48.07 | 40.89 | 87.18 | 56.94 | 6.9 | 104.55 | 115.54 | 1.12K | 24.48 | 59.03 |
| Total Non-Current Liabilities | 18.8M | 20.32M | 22.44M | 34.05M | 17.3M | 15.51M | 18.92M | 26.19M | 59.28M | 2.44M | 7.64M |
| Long-Term Debt | 8.2M | 8.36M | 8.96M | 18.27M | 3.45M | 3.15M | 5.45M | 20.43M | 43.64M | 0 | 0 |
| Capital Lease Obligations | 23M | 6.17M | 7.87M | 8.87M | 5.13M | 4.18M | 1.11M | 2.81M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.28M | 155K | 219K |
| Other Non-Current Liabilities | 5.71M | 5.78M | 5.61M | 6.91M | 8.72M | 8.18M | 12.36M | 2.95M | 9.22M | 285K | 5.6M |
| Total Liabilities | 64.79M | 62.62M | 67.09M | 57.1M | 41.19M | 38.13M | 61.46M | 65.51M | 100M | 9.32M | 31.35M |
| Total Debt | 17.1M | 37.39M | 34.36M | 31.74M | 12.44M | 10.5M | 26.88M | 49.56M | 74.13M | 0 | 0 |
| Net Debt | 16.19M | 30.82M | 20.85M | -13.62M | -53.99M | -68.25M | 946K | 37.48M | 55.55M | -30.69M | -26.94M |
| Debt / Equity | 0.10x | 0.22x | 0.16x | 0.18x | 0.09x | 0.07x | 0.32x | 0.46x | 1.09x | - | - |
| Debt / EBITDA | 3.55x | 10.27x | 5.18x | - | - | 0.82x | - | - | - | - | - |
| Net Debt / EBITDA | 3.36x | 8.46x | 3.14x | - | - | -5.34x | - | - | - | - | - |
| Interest Coverage | -43.50x | -20.48x | -0.62x | -3.01x | -24.92x | 52.06x | -2.52x | 7.63x | 22.33x | 18.20x | 8.25x |
| Total Equity | 168.22M | 167.96M | 217.28M | 178.4M | 139.98M | 147.3M | 85.21M | 108.29M | 67.95M | 73.45M | 76.17M |
| Equity Growth % | -68.62% | -22.7% | 21.79% | 27.45% | -4.97% | 72.87% | -21.31% | 59.38% | -7.5% | -3.56% | - |
| Book Value per Share | 4.00 | 4.05 | 6.03 | 6.13 | 7.59 | 7.98 | 4.72 | 5.89 | 3.39 | 3.43 | 3.43 |
| Total Shareholders' Equity | 168.22M | 167.96M | 217.28M | 178.4M | 139.98M | 147.3M | 85.21M | 108.29M | 67.95M | 73.45M | 76.17M |
| Common Stock | 47K | 47K | 47K | 38K | 24K | 23K | 23K | 23K | 23K | 22K | 22K |
| Retained Earnings | 12.35M | 13.82M | 66.43M | 71.54M | 83.95M | 92.86M | 32.45M | 57.34M | 12.91M | -15.48M | -43.35M |
| Treasury Stock | -47.69M | -47.69M | -47.69M | -47.69M | -47.69M | -47.69M | -47.69M | -47.53M | -41.74M | -16.4M | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying ARQ stock.
As of 2025, Arq, Inc. (ARQ) had total assets of $230.6M including $43.9M in current assets.
Arq, Inc. (ARQ) carries total debt of $37.4M, offset by $6.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Arq, Inc. (ARQ) has total shareholders' equity (book value) of $168.0M ($4.05 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Arq, Inc. (ARQ) reported a current ratio of 1.04x. 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
Liquidity and operational execution
Metrics are mathematically derived from official filings.
Capital Structure Undergoing Significant Strain
According to recent financial disclosures, ARQ's total asset base has contracted from $284.4M in 2024Q4 to $232.1M in 2026Q1, reflecting a period of intense balance sheet volatility as the company attempts to pivot its core industrial operations toward higher-value water treatment carbon products.
The contraction in total assets suggests that the company is struggling to maintain its scale while simultaneously funding the transition of its Red River facility. Investors should monitor whether this downward trend in asset value indicates a permanent reduction in operational capacity or merely a strategic shedding of legacy assets.
Cash Runway Nearing Critical Threshold
As reported in quarterly filings, ARQ's cash position has plummeted from a peak of $48.7M in 2024Q3 to a precarious $4.7M by 2026Q1, significantly weakening the company's ability to absorb further operational shocks or fund ongoing capital-intensive facility upgrades without seeking external financing.
The current ratio of 1.02 suggests that the company has almost no margin for error regarding its short-term obligations. This liquidity profile implies that the company may be forced into dilutive capital markets activity if the GAC transition does not generate positive cash flow in the immediate future.
Asset Quality Tied to Conversion
Based on reported figures, net PPE has fluctuated significantly, reaching $141.1M in 2026Q1, which underscores the capital-intensive nature of retooling the Red River facility for GAC production rather than relying on legacy coal-related infrastructure that previously defined the company's asset base.
The reliance on PPE as the primary component of the asset base makes the company's valuation highly sensitive to the successful execution of its manufacturing pivot. If the conversion to GAC fails to yield the expected market share, these assets may face significant impairment risks given their specialized nature.
Leverage Remains Low Despite Losses
Despite persistent net losses, ARQ has maintained a relatively low debt-to-equity ratio of 0.06 as of 2026Q1, suggesting that management has avoided aggressive debt financing during this transition, though this may limit the company's flexibility to fund growth through traditional credit facilities.
While the low leverage profile provides a degree of insulation from interest rate volatility, it also highlights the company's reliance on equity-based funding or cash reserves. Investors should consider whether this conservative debt stance is a strategic choice or a reflection of limited access to debt capital markets.