The capital structure appears precarious, evidenced by a debt-to-equity ratio that reached 25.26 in 2025Q2 and a reliance on goodwill for 55.9% of total assets.
| Total Current Assets | 24.02M | 23.13M | 19.5M | 18.06M | 18.31M | 20.36M | 16M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 1M | 1M | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 47.23M | 47.09M | 47.18M | 49.35M | 50.37M | 53.72M | 48.34M |
| Property, Plant & Equipment | 3.46M | 3.44M | 4.33M | 5.31M | 5.98M | 8.13M | 8.31M |
| Fixed Asset Turnover | 50.69x | 52.93x | 37.97x | 30.13x | 28.81x | 20.57x | 13.29x |
| Goodwill | 39.84M | 39.84M | 39.84M | 39.84M | 39.84M | 39.84M | 34.21M |
| Intangible Assets | 583K | 671K | 1.02M | 1.58M | 2.16M | 3.14M | 4.16M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - |
| Total Assets | 71.25M | 70.22M | 66.68M | 67.41M | 68.68M | 74.09M | 64.35M |
| Asset Turnover | 2.64x | 2.59x | 2.47x | 2.37x | 2.51x | 2.26x | 1.72x |
| Asset Growth % | 13.79% | 5.31% | -1.09% | -1.85% | -7.29% | 15.14% | - |
| Total Current Liabilities | 28.31M | 25.73M | 21.68M | 19.76M | 63.79M | 21.23M | 18.4M |
| Accounts Payable | 23.53M | 25.73M | 21.68M | 9.08M | 8.9M | 21.23M | 18.4M |
| Days Payables Outstanding | - | - | - | - | - | - | - |
| Short-Term Debt | 3.28M | 0 | 0 | 0 | 39.06M | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - |
| Other Current Liabilities | 1.5M | 0 | 0 | 10.68M | 15.79M | 0 | 0 |
| Current Ratio | 0.85x | 0.90x | 0.90x | 0.91x | 0.29x | 0.96x | 0.87x |
| Quick Ratio | 0.85x | 0.90x | 0.90x | 0.91x | 0.29x | 0.96x | 0.87x |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 22.52M | 41.88M | 43.77M | 42.55M | 0 | 46.65M | 40.65M |
| Long-Term Debt | 22.52M | 22.99M | 25M | 38.17M | 0 | 40.25M | 34.3M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - |
| Total Liabilities | 50.83M | 67.62M | 65.45M | 62.31M | 63.79M | 67.87M | 59.04M |
| Total Debt | 25.8M | 26.21M | 28.82M | 42.55M | 39.06M | 46.65M | 40.65M |
| Net Debt | 15.27M | 16.5M | 21.34M | 35.33M | 31.21M | 39.32M | 33.96M |
| Debt / Equity | 1.26x | 10.09x | 23.41x | 8.34x | 7.98x | 7.51x | 7.67x |
| Debt / EBITDA | 2.72x | 3.49x | 11.52x | 21.82x | 10.83x | 12.81x | 69.64x |
| Net Debt / EBITDA | 1.61x | 2.20x | 8.53x | 18.12x | 8.65x | 10.80x | 58.18x |
| Interest Coverage | 3.07x | 2.23x | 0.22x | 1.09x | 1.45x | 1.70x | -0.44x |
| Total Equity | 20.42M | 2.6M | 1.23M | 5.1M | 4.9M | 6.21M | 5.3M |
| Equity Growth % | 1598.56% | 111.13% | -75.88% | 4.21% | -21.16% | 17.14% | - |
| Book Value per Share | 1.21 | 0.15 | 0.07 | 0.32 | 0.30 | 0.39 | 0.33 |
| Total Shareholders' Equity | 20.42M | 2.6M | 1.23M | 5.1M | 4.9M | 6.21M | 5.3M |
| Common Stock | 0 | 0 | 0 | 12.3M | 12.3M | 12.3M | 0 |
| Retained Earnings | -20.59M | -22.61M | -23.25M | -18.69M | -19.26M | -20.17M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -38K | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and insolvency risk
As reported in recent financial statements, Binah Capital Group's equity base has remained volatile, fluctuating from a low of $1.1 million in 2025Q2 to $20.4 million in 2026Q1, suggesting that the firm's balance sheet trajectory is heavily dependent on periodic capital adjustments rather than organic retained earnings growth.
The persistent negative retained earnings, which reached -$20.6 million in 2026Q1, indicate that the firm has struggled to generate cumulative profitability despite its aggregator strategy. This trajectory suggests that the business model is currently consuming capital rather than building a sustainable equity cushion for future operations.
Based on the company's reported figures, the debt-to-equity ratio has exhibited extreme instability, peaking at 25.26 in 2025Q2 before moderating to 1.26 in 2026Q1, which highlights the significant refinancing and solvency risks inherent in the firm's current capital structure.
The reliance on debt to fund operations, combined with a relatively small equity base, leaves the firm highly sensitive to interest rate fluctuations and credit market tightening. Investors should monitor whether the recent reduction in leverage is a sustainable deleveraging trend or merely a temporary artifact of balance sheet restructuring.
According to historical balance sheet data, goodwill has remained constant at $39.8 million, representing a significant portion of the $71.2 million in total assets as of 2026Q1, which suggests that the firm's asset base is heavily reliant on the valuation of past acquisitions.
The concentration of intangible assets relative to tangible assets like the $3.5 million in net PPE implies that the firm's book value is highly sensitive to impairment risks. If the acquired advisory practices fail to meet performance expectations, the firm may face significant write-downs that would further erode its already thin equity.
As indicated by the quarterly filings, the current ratio has consistently hovered near or below 1.0, reaching 0.85 in 2026Q1, which suggests that the firm maintains a very narrow margin of safety to meet its short-term obligations during periods of market stress.
With cash levels of $10.5 million against substantial short-term liabilities, the firm appears to have limited liquidity to absorb unexpected regulatory costs or advisor departures. This tight liquidity position warrants close monitoring, as it may force the company to seek dilutive financing if operational cash flows remain inconsistent.
Quick answers to the most common questions about buying BCG stock.
As of 2025, Binah Capital Group, Inc. (BCG) had total assets of $70.2M including $23.1M in current assets.
Binah Capital Group, Inc. (BCG) carries total debt of $26.2M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Binah Capital Group, Inc. (BCG) has total shareholders' equity (book value) of $2.6M ($0.15 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Binah Capital Group, Inc. (BCG) reported a current ratio of 0.90x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.