The company maintains a highly vulnerable capital structure with negative equity of -$106.0 million and a substantial debt burden of $189.8 million as of 2026Q1.
| 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 |
|---|
| Total Current Assets | 58.83M | 54.28M | 51.1M | 55.54M | 87.56M | 138M | 100.16M | 184.19M | 201.53M | 271.64M | 325.48M | 306.1M | 302.1M | 245.85M | 203.85M | 90.27M | 89.26M | 65.4M | 19.35M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | 30.34M | 26.6M | 29.81M | 32.52M | 51.02M | 98.13M | 58.26M | 82.74M | 58.29M | 105.01M | 149.29M | 179.33M | 161.36M | 130.32M | 105.5M | 32.13M | 22.13M | 30.46M | 6.99M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 42.62M | 76.05M | 78.56M | 58.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.9M | 6.92M | 0 | 11.98M | 7.03M | 3.86M | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | 4.12 | 3.66 | - | 6.18 | 5.21 | 3.85 | - | - | - | - |
| Other Current Assets | 7.8M | 8.45M | 1.58M | 6.29M | 16.88M | 10.6M | 12.15M | 9.37M | 57.51M | 18.21M | 17.48M | 6.88M | 16.31M | 5.56M | 5.94M | 3.83M | 551K | 1.55M | 268K |
| Total Non-Current Assets | 83.32M | 85.52M | 92.5M | 99.32M | 107.45M | 119.8M | 165.53M | 200.93M | 540.17M | 593.52M | 363.74M | 421.88M | 486.12M | 478.99M | 225.38M | 133.89M | 108.54M | 55.15M | 57.32M |
| Property, Plant & Equipment | 1.28M | 1.37M | 2.94M | 5.09M | 9.54M | 14.47M | 30.11M | 53.6M | 45.63M | 73.27M | 103.47M | 119.12M | 127.76M | 87.25M | 50.4M | 25.6M | 17.49M | 11.41M | 9.3M |
| Fixed Asset Turnover | 112.64x | 124.80x | 54.39x | 28.51x | 16.05x | 12.34x | 12.14x | 12.10x | 18.37x | 12.86x | 9.64x | 8.83x | 8.44x | 8.81x | 11.28x | 16.55x | 17.23x | 17.78x | 17.24x |
| Goodwill | 55.96M | 55.96M | 55.96M | 55.96M | 55.96M | 55.96M | 73.85M | 73.85M | 81.39M | 86.28M | 86.28M | 82.8M | 90.85M | 97.38M | 14.91M | 14.91M | 11.84M | 9.32M | 11.54M |
| Intangible Assets | 15.66M | 17.09M | 21.47M | 26.55M | 31.73M | 36.86M | 46.33M | 61.05M | 91.65M | 120.06M | 155.43M | 197M | 245.25M | 276.16M | 56.59M | 64.95M | 72.43M | 33.72M | 36.39M |
| Long-Term Investments | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 142.15M | 139.8M | 143.61M | 154.86M | 195M | 257.81M | 265.69M | 385.12M | 741.7M | 865.16M | 689.21M | 727.98M | 788.22M | 724.84M | 429.23M | 224.16M | 197.8M | 120.56M | 76.67M |
| Asset Turnover | 1.24x | 1.22x | 1.12x | 0.94x | 0.79x | 0.69x | 1.38x | 1.68x | 1.13x | 1.09x | 1.45x | 1.44x | 1.37x | 1.06x | 1.32x | 1.89x | 1.52x | 1.68x | 2.09x |
| Asset Growth % | -10.7% | -2.65% | -7.27% | -20.59% | -24.36% | -2.96% | -31.01% | -48.08% | -14.27% | 25.53% | -5.33% | -7.64% | 8.74% | 68.87% | 91.48% | 13.33% | 64.07% | 57.23% | - |
| Total Current Liabilities | 50.99M | 2.12M | 271.27M | 35.76M | 40.09M | 54.75M | 71.55M | 87.58M | 104.38M | 109.56M | 148.94M | 129.14M | 140.77M | 130.34M | 71.63M | 55.44M | 41.68M | 30.67M | 13.02M |
| Accounts Payable | 0 | 13.49M | 17.89M | 15.28M | 14.98M | 15.98M | 16.8M | 22.43M | 27.85M | 15.68M | 8.79M | 11.64M | 28.28M | 15.17M | 5.08M | 2.97M | 0 | 1.11M | 283K |
| Days Payables Outstanding | 28.62 | 40.33 | 59.03 | 48.31 | 41.64 | 34.03 | 20.09 | 16.6 | 16.34 | 8.18 | 4.65 | 6.18 | 14.6 | 11.24 | 5.06 | 3.94 | - | 3.21 | 0.9 |
| Short-Term Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 45.78M | -19.09M | 751K | 907K | 770K | 977K | 1.7M | 3.33M | 7.2M | 9.41M | 19.06M | 16.27M | 13.23M | 685K | 2.71M | 958K | 40.32M | 5.4M | 6.21M |
| Current Ratio | 1.15x | 25.55x | 0.19x | 1.55x | 2.18x | 2.52x | 1.40x | 2.10x | 1.93x | 2.48x | 2.19x | 2.37x | 2.15x | 1.89x | 2.85x | 1.63x | 2.14x | 2.13x | 1.49x |
| Quick Ratio | 1.15x | 25.55x | 0.19x | 1.55x | 2.18x | 2.52x | 1.40x | 2.10x | 1.93x | 2.41x | 2.14x | 2.37x | 2.06x | 1.83x | 2.79x | 1.63x | 2.14x | 2.13x | 1.49x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 197.13M | 247.14M | 29.04M | 244.15M | 273.79M | 271.93M | 276.7M | 318.9M | 340.65M | 415.62M | 478.08M | 546.57M | 606.01M | 436.76M | 197.76M | 2.78M | 4.22M | 3.54M | 3.11M |
| Long-Term Debt | 188.53M | 189.86M | 0 | 215.62M | 245.49M | 243.64M | 242.66M | 287.88M | 331.48M | 403.34M | 467.6M | 528.42M | 582.67M | 391.28M | 196.03M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 248.12M | 249.26M | 300.32M | 279.91M | 313.88M | 326.68M | 348.24M | 406.48M | 445.03M | 525.18M | 627.02M | 675.71M | 746.78M | 567.1M | 269.4M | 58.22M | 45.9M | 34.21M | 16.13M |
| Total Debt | 189.75M | 192.23M | 233.86M | 219.13M | 250.96M | 251.56M | 262.55M | 318.99M | 331.48M | 409.28M | 473.55M | 534.36M | 593.4M | 399.49M | 203.49M | 836K | 1.53M | 664K | 2.48M |
| Net Debt | 159.41M | 165.63M | 204.05M | 186.61M | 199.94M | 153.43M | 204.28M | 236.25M | 273.18M | 304.27M | 324.25M | 355.04M | 432.04M | 269.16M | 97.99M | -31.29M | -20.6M | -29.79M | -4.51M |
| Debt / Equity | -1.80x | - | - | - | - | - | - | - | 1.12x | 1.20x | 7.61x | 10.22x | 14.32x | 2.53x | 1.27x | 0.01x | 0.01x | 0.01x | 0.04x |
| Debt / EBITDA | 13.93x | 12.88x | 21.58x | - | - | 4.94x | - | 4.74x | 0.38x | 0.42x | 0.47x | 3.41x | 2.50x | 1.91x | 1.40x | 0.01x | 0.02x | 0.01x | 0.09x |
| Net Debt / EBITDA | 11.70x | 11.10x | 18.83x | - | - | 3.01x | - | 3.51x | 0.31x | 0.32x | 0.33x | 2.27x | 1.82x | 1.29x | 0.67x | -0.31x | -0.31x | -0.67x | -0.16x |
| Interest Coverage | - | -0.16x | 0.15x | -0.45x | -1.86x | 2.05x | -2.25x | 1.58x | 1.05x | 2.59x | 2.82x | 2.88x | 7.30x | 8.01x | 104.02x | 1011.71x | 469.66x | 22.01x | 6.60x |
| Total Equity | -105.15M | -109.46M | -156.71M | -125.06M | -118.87M | -68.87M | -82.56M | -21.36M | 296.67M | 339.99M | 62.19M | 52.27M | 41.44M | 157.74M | 159.83M | 165.94M | 151.9M | 86.35M | 60.55M |
| Equity Growth % | 99.52% | 30.15% | -25.31% | -5.2% | -72.61% | 16.58% | -286.55% | -107.2% | -12.74% | 446.65% | 18.99% | 26.13% | -73.73% | -1.31% | -3.68% | 9.25% | 75.91% | 42.62% | - |
| Book Value per Share | -9.46 | -9.89 | -5.49 | -5.58 | -7.40 | -4.29 | -5.29 | -1.34 | 17.38 | 18.19 | 3.17 | 2.54 | 1.75 | 6.30 | 6.40 | 6.46 | 5.78 | 3.56 | 2.52 |
| Total Shareholders' Equity | -105.96M | -110.21M | -157.38M | -125.67M | -119.65M | -70.14M | -83.77M | -22.83M | 295.43M | 338.61M | 60.79M | 50.98M | 40.39M | 156.7M | 158.46M | 162.75M | 148.84M | 86.35M | 60.55M |
| Common Stock | 113K | 110K | 29.96M | 29.96M | 25.41M | 25.41M | 25.41M | 25.41M | 25.41M | 25.41M | 25.41M | 25.41M | 25.41M | 25.41M | 25.41M | 25.41M | 25.41M | 24.14M | 6.06M |
| Retained Earnings | -368.34M | -363.74M | -259.98M | -180.16M | 118.95M | 186.59M | 190.38M | 272.03M | 590.65M | 626.6M | 333.79M | 369.27M | 367.97M | 239.56M | 124.13M | 126.16M | 58.55M | 11.66M | 0 |
| Treasury Stock | 0 | -3.95M | -108.96M | -152.75M | -413.36M | -426.44M | -441.03M | -453.93M | -443.3M | -426.61M | -403.95M | -440.03M | -444.5M | -197.55M | -77.95M | -72.05M | -14.42M | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | -118.87M | 0 | 0 | -21.36M | 296.67M | 733K | -1.75M | -129.56M | -95.37M | -70.17M | -51.85M | -40.23M | -31.88M | -27.49M | -86.8M |
| Minority Interest | 817K | 751K | 665K | 615K | 775K | 1.27M | 1.21M | 1.47M | 1.24M | 1.37M | 1.41M | 1.29M | 1.05M | 1.04M | 1.37M | 3.19M | 3.06M | 0 | 0 |
Negative equity and insolvency
According to reported financial statements, Altisource's equity position has remained deeply negative throughout the trailing ten quarters, deteriorating from -$125.7 million in 2023Q4 to -$106.0 million in 2026Q1, which signals a structural inability to generate sufficient retained earnings to offset ongoing operational losses.
The persistent negative equity position suggests that the company has effectively exhausted its book value, leaving it reliant on debt financing to sustain operations. This trajectory warrants significant caution, as it implies that the business model has not yet achieved the scale or margin profile necessary to rebuild its capital base.
Based on the provided balance sheet data, Altisource carries a substantial debt load of $189.8 million as of 2026Q1, which, when viewed against the company's negative equity, indicates a highly leveraged capital structure that leaves little room for operational error or unexpected market downturns.
The reliance on debt to fund operations in the absence of positive equity suggests that the company's financial flexibility is severely limited. Investors should monitor the maturity profile of this debt, as the lack of internal cash generation may necessitate future refinancing at potentially unfavorable terms.
As reported in recent filings, the company's cash position of $30.3 million in 2026Q1 provides a thin buffer against its $248.1 million in total liabilities, suggesting that liquidity remains a primary concern for management as they navigate the current distressed asset cycle.
While the current ratio of 1.15 indicates a marginal ability to cover short-term obligations, the volatility in working capital suggests that this liquidity is fragile. The company's reliance on cash reserves to fund ongoing operations may lead to further liquidity strain if revenue growth does not materialize as expected.
Analysis of the balance sheet reveals that goodwill remains constant at $56.0 million, a figure that represents nearly 40% of total assets, which may be misleading given the company's persistent net losses and the challenging environment for its core default management services.
The stability of this intangible asset in the face of negative equity and operational losses suggests that the carrying value of these assets may be overstated. Investors should consider the potential for future impairment charges, which would further erode the company's already precarious financial position.
Quick answers to the most common questions about buying ASPS stock.
As of 2025, Altisource Portfolio Solutions S.A. (ASPS) had total assets of $139.8M including $54.3M in current assets.
Altisource Portfolio Solutions S.A. (ASPS) carries total debt of $192.2M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Altisource Portfolio Solutions S.A. (ASPS) has total shareholders' equity (book value) of $-110.2M ($-9.89 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Altisource Portfolio Solutions S.A. (ASPS) reported a current ratio of 25.55x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.