Financial leverage remains elevated and volatile, with the debt-to-equity ratio surging to 7.38 in 2026Q1 from 3.79 in 2025Q4, reflecting a precarious reliance on debt to fund a $222.0 million specialized aircraft fleet.
| Total Current Assets | 19.22M | 40.22M | 63.81M | 45.2M | 106.86M | 22.07M | 9.28M |
| Cash & Short-Term Investments | 9M | 31.38M | 39.34M | 23.96M | 85.14M | 13.69M | 5.25M |
| Cash Only | 9M | 31.38M | 39.34M | 22.96M | 30.16M | 13.69M | 5.25M |
| Short-Term Investments | 0 | 0 | 0 | 1.01M | 54.98M | 0 | 0 |
| Accounts Receivable | 6.84M | 3.19M | 5.95M | 4.11M | 29K | 34.99K | 2.26M |
| Days Sales Outstanding | 36.35 | 9.48 | 22 | 22.5 | 0.23 | 0.32 | 61.57 |
| Inventory | 1.24M | 0 | 857K | 0 | 0 | 0 | 749.31K |
| Days Inventory Outstanding | 2.93 | - | 5.44 | - | - | - | 21.28 |
| Other Current Assets | 2.15M | 5.65M | 14.97M | 14.56M | 19.89M | 5.58M | 339.89K |
| Total Non-Current Assets | 295.15M | 290.09M | 227M | 228.28M | 199.11M | 173.05M | 122.78M |
| Property, Plant & Equipment | 222M | 218.81M | 191.49M | 204.18M | 192.54M | 169.25M | 119.98M |
| Fixed Asset Turnover | 0.57x | 0.56x | 0.51x | 0.33x | 0.24x | 0.23x | 0.11x |
| Goodwill | 20.89M | 20.89M | 20.75M | 13.16M | 2.46M | 2.46M | 2.46M |
| Intangible Assets | 5.91M | 6.02M | 6.08M | 1.94M | 431K | 307.95K | 341K |
| Long-Term Investments | 15.7M | 5M | 6.08M | 5M | 1M | 1M | 0 |
| Other Non-Current Assets | 46.35M | 39.36M | 2.61M | 3.99M | 2.69M | 25.48K | 0 |
| Total Assets | 314.37M | 330.31M | 290.81M | 273.47M | 305.98M | 195.11M | 132.06M |
| Asset Turnover | 0.37x | 0.37x | 0.34x | 0.24x | 0.15x | 0.20x | 0.10x |
| Asset Growth % | 27.9% | 13.58% | 6.34% | -10.62% | 56.82% | 47.75% | - |
| Total Current Liabilities | 21.34M | 16.52M | 23.39M | 25.4M | 24.31M | 73.07M | 3.91M |
| Accounts Payable | 5.82M | 3.42M | 5.33M | 3.98M | 3.17M | 4.02M | 711.55K |
| Days Payables Outstanding | 28.81 | 17.53 | 33.85 | 35.12 | 34.15 | 55.22 | 20.2 |
| Short-Term Debt | 5.87M | 3.31M | 2.17M | 2.1M | 2.45M | 2.16M | 1.46M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 9.65M | 9.79M | 0 | 0 | 0 | 66.41M | 0 |
| Current Ratio | 0.90x | 2.43x | 2.73x | 1.78x | 4.40x | 0.30x | 2.37x |
| Quick Ratio | 0.84x | 2.43x | 2.69x | 1.78x | 4.40x | 0.30x | 2.18x |
| Cash Conversion Cycle | 10.47 | - | -6.4 | - | - | - | 62.64 |
| Total Non-Current Liabilities | 258.86M | 249.12M | 213.94M | 221.14M | 206.27M | 60.18M | 191.03M |
| Long-Term Debt | 215.9M | 212.38M | 202.47M | 204.59M | 205.47M | 58.12M | 189.97M |
| Capital Lease Obligations | 72.53M | 29.16M | 6.08M | 5.78M | 755K | 608.57K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 12.68M | 7.58M | 5.39M | 10.78M | 46K | 1.46M | 1.06M |
| Total Liabilities | 280.2M | 265.64M | 237.33M | 246.54M | 230.58M | 133.25M | 194.94M |
| Total Debt | 252.06M | 244.85M | 212.56M | 214.62M | 208.69M | 60.89M | 191.43M |
| Net Debt | 243.06M | 213.47M | 173.22M | 191.66M | 178.53M | 47.2M | 186.18M |
| Debt / Equity | 7.38x | 3.79x | 3.97x | 7.97x | 2.77x | 0.98x | - |
| Debt / EBITDA | 15.93x | 7.93x | 9.34x | - | - | 7.37x | - |
| Net Debt / EBITDA | 15.36x | 6.91x | 7.61x | - | - | 5.71x | - |
| Interest Coverage | -0.01x | 0.66x | 0.31x | -2.34x | -1.10x | 0.30x | -6.64x |
| Total Equity | 34.17M | 64.67M | 53.48M | 26.93M | 75.4M | 61.86M | -62.88M |
| Equity Growth % | 28.12% | 20.92% | 98.57% | -64.28% | 21.89% | 198.38% | - |
| Book Value per Share | 0.62 | 1.19 | 1.06 | 0.35 | 1.87 | 1.54 | -1.46 |
| Total Shareholders' Equity | 34.17M | 64.67M | 53.48M | 26.93M | 75.4M | 61.86M | -62.88M |
| Common Stock | 6K | 6K | 6K | 5K | 4K | 0 | 0 |
| Retained Earnings | -456.4M | -425.1M | -429.24M | -413.67M | -415.3M | -84.83M | -62.38M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.07M | 187K | 1.04M | 987K | 1.68M | 24.71K | -502.13K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High Debt-to-Equity Volatility
As reported in recent financial filings, Bridger Aerospace's equity base has experienced significant fluctuations, dropping from $64.7 million in 2025Q4 to $34.2 million in 2026Q1, which underscores the structural instability inherent in a business model heavily dependent on seasonal wildfire suppression revenue cycles.
The rapid contraction in equity over the most recent quarter suggests that the company's capital base is highly sensitive to the timing of operational expenses and debt servicing. Investors should monitor whether this trajectory indicates a recurring need for capital injections to sustain the fleet during off-peak periods.
Based on the company's reported figures, the debt-to-equity ratio reached a concerning 7.38 in 2026Q1, a sharp increase from 3.79 in 2025Q4, which highlights the significant reliance on debt financing to maintain the specialized aircraft fleet required for aerial firefighting operations.
The elevated debt load relative to equity suggests that the company's financial flexibility is constrained, particularly given the high interest burden associated with capital-intensive aviation assets. This leverage profile warrants further investigation into the company's ability to refinance existing obligations without further diluting shareholders.
According to the balance sheet data, net property, plant, and equipment accounts for the vast majority of total assets, with $222.0 million reported in 2026Q1, confirming that the business model is heavily asset-heavy and reliant on the continued operational viability of its specialized aircraft.
The concentration of value in specialized airframes implies that the company's asset quality is tied to the maintenance and regulatory compliance of its fleet. Any impairment or unexpected grounding of these assets could have a disproportionate impact on the company's overall asset valuation and future revenue-generating capacity.
As evidenced by the quarterly balance sheets, the current ratio declined to 0.90 in 2026Q1 from 2.43 in 2025Q4, indicating that the company's ability to cover short-term liabilities with current assets has deteriorated significantly as the business enters its off-season period.
This compression in liquidity suggests that the company may face challenges in managing its working capital requirements during periods of low flight activity. The reliance on seasonal cash inflows to meet immediate obligations appears to leave little room for operational errors or unexpected capital expenditures.
Quick answers to the most common questions about buying BAER stock.
As of 2025, Bridger Aerospace Group Holdings, Inc. Common Stock (BAER) had total assets of $330.3M including $40.2M in current assets.
Bridger Aerospace Group Holdings, Inc. Common Stock (BAER) carries total debt of $244.9M, offset by $31.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Bridger Aerospace Group Holdings, Inc. Common Stock (BAER) has total shareholders' equity (book value) of $64.7M ($1.19 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Bridger Aerospace Group Holdings, Inc. Common Stock (BAER) reported a current ratio of 2.43x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.