The company's capital structure is severely impaired, evidenced by a persistent negative equity position that reached a deficit of $222.9 million in 2026Q2.
| Total Current Assets | 7.87M | 46.57M | 17.8M | 17.8M | 28.27M | 84.97M | 28.01M | 279.06M | 41.1M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 5.84M | 5.84M | 819K | 12.04M | 12.4M | 232.34M | 13.78M |
| Total Non-Current Assets | 13.01M | 308.31M | 350.7M | 350.7M | 2.88B | 3.06B | 2.79B | 2.4B | 2.04B |
| Property, Plant & Equipment | 0 | 1.73M | 2.33M | 2.33M | 4.34M | 7.34M | 4.58M | 3.15M | 370K |
| Fixed Asset Turnover | -34.33x | -4.59x | -42.49x | -45.10x | -24.17x | 13.90x | 13.18x | 25.27x | 109.27x |
| Goodwill | 9.91M | 9.91M | 13.61M | 13.61M | 2.37B | 2.37B | 2.37B | 2.36B | 1.53B |
| Intangible Assets | 3.1M | 3.1M | 3.1M | 3.1M | 3.1M | 3.29M | 3.45M | 4.83M | 0 |
| Long-Term Investments | 797.34M | 291.37M | 329.12M | 329.12M | 497.22M | 674.17M | 409.94M | 24.55M | 497.73M |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - |
| Total Assets | 337.86M | 354.88M | 368.5M | 368.5M | 2.91B | 3.14B | 2.82B | 2.68B | 2.08B |
| Asset Turnover | -0.04x | -0.02x | -0.27x | -0.28x | -0.04x | 0.03x | 0.02x | 0.03x | 0.02x |
| Asset Growth % | -40.9% | -3.7% | 0% | -88.27% | 689.87% | 11.53% | 5.12% | 28.61% | - |
| Total Current Liabilities | 0 | 177.67M | 175.4M | 175.4M | 79.22M | 47.21M | 25.13M | 19.3M | 28.49M |
| Accounts Payable | 0 | 55.07M | 119.46M | 119.46M | 65.72M | 33.53M | 17.84M | 13.71M | 24.21M |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 101.7M | 37.7M | 37.7M | 0 | 3.8M | 0 | 0 | 2.52M |
| Current Ratio | - | 0.26x | 0.10x | 0.10x | 0.36x | 1.80x | 1.11x | 14.46x | 1.44x |
| Quick Ratio | - | 0.26x | 0.10x | 0.10x | 0.36x | 1.80x | 1.11x | 14.46x | 1.44x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 121.6M | 134.17M | 134.17M | 152.57M | 194.22M | 257.71M | 421.79M | 662.37M |
| Long-Term Debt | 0 | 117.9M | 130.25M | 130.25M | 151.44M | 171.59M | 256.34M | 321.51M | 378.12M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 375.9M | 299.27M | 309.57M | 309.57M | 231.79M | 241.43M | 282.84M | 441.08M | 690.86M |
| Total Debt | 0 | 117.9M | 130.25M | 130.25M | 151.44M | 171.59M | 256.34M | 322.38M | 378.12M |
| Net Debt | -7.87M | 116.55M | 122.33M | 122.33M | 142.72M | 101M | 243.85M | 304.83M | 374.58M |
| Debt / Equity | -0.00x | 2.12x | 2.21x | 2.21x | 0.06x | 0.06x | 0.10x | 0.14x | 0.27x |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | 7.74x | 13.62x |
| Net Debt / EBITDA | 0.09x | - | - | - | - | - | - | 7.31x | 13.49x |
| Interest Coverage | -4.75x | -2.49x | -150.34x | -15.36x | -16.36x | -0.46x | - | - | - |
| Total Equity | -128.57M | 55.6M | 58.93M | 58.93M | 2.68B | 2.9B | 2.53B | 2.24B | 1.39B |
| Equity Growth % | -503.98% | -5.66% | 0% | -97.97% | 4445.6% | 14.45% | 13.2% | 60.75% | - |
| Book Value per Share | -4285.57 | 0.11 | 18.74 | 181.12 | - | 5063.91 | 4424.56 | 49.70 | 27.71 |
| Total Shareholders' Equity | 90.53M | -167M | -234.35M | -234.35M | 1.39B | 1.44B | 621.5M | 563.97M | 320.46M |
| Common Stock | 14K | 8K | 3K | 3K | 599.52M | 718.57M | 624.95M | 563.97M | 420.17M |
| Retained Earnings | -2.06B | -2.01B | -2.06B | -2.06B | 0 | 0 | 0 | 0 | -99.71M |
| Treasury Stock | 0 | -3.44M | -3.44M | -3.44M | -3.44M | -3.44M | -3.44M | 0 | 0 |
| Accumulated OCI | 52K | -2K | -19.76M | -19.76M | 9.9M | -1.33M | 0 | 0 | 0 |
| Minority Interest | 51.16M | 222.6M | 293.28M | 293.28M | 1.09B | 1.46B | 1.91B | 1.67B | 1.07B |
Insolvency and liquidity risk
As reported in financial statements, Beneficient's equity position has remained deeply negative for the majority of the last ten quarters, with the 2026Q2 period showing a deficit of $222.9 million, signaling a structural impairment that continues to challenge the firm's long-term solvency and capital adequacy.
The persistent negative equity suggests that the company's accumulated losses have significantly outpaced its capital base, leaving little room for operational error. Investors should monitor whether the recent shift toward a positive equity position in 2026Q3 represents a sustainable turnaround or merely a temporary accounting fluctuation.
According to recent SEC filings, the company's debt profile has shown significant volatility, peaking at $130.2 million in 2024Q4 before being reported as zero in 2026Q3, which warrants further investigation into whether this reflects a successful deleveraging event or a fundamental shift in the firm's financing structure.
The rapid reduction in reported debt levels appears to be a critical development, yet the lack of clarity regarding the underlying mechanics of this transition raises questions about potential off-balance-sheet obligations. The firm's reliance on debt to fund liquidity provisions makes its cost of capital a primary determinant of future viability.
Based on the provided financial data, Beneficient's cash and equivalents have dwindled to as low as $1.3 million in 2025Q4, indicating an extremely thin liquidity buffer that leaves the firm highly susceptible to market shocks and unable to comfortably meet its short-term operational obligations.
A current ratio consistently near zero suggests that the company lacks the liquid assets necessary to cover its immediate liabilities, which may force management to seek dilutive financing. This liquidity constraint appears to be the most immediate threat to the firm's ability to maintain its fiduciary operations.
As indicated by historical data, the company's retained earnings deficit of $2.1 billion as of 2026Q3 serves as a stark reminder of the massive historical losses that continue to weigh on the balance sheet, potentially masking the true economic value of the firm's current asset portfolio.
This massive deficit suggests that the company's past capital allocation decisions have failed to generate sufficient returns to offset operational costs. Analysts should be wary of headline asset values, as they may not adequately reflect the potential for further impairment given the firm's history of negative earnings.
Quick answers to the most common questions about buying BENF stock.
As of 2025, Beneficient (BENF) had total assets of $354.9M including $46.6M in current assets.
Beneficient (BENF) carries total debt of $117.9M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Beneficient (BENF) has total shareholders' equity (book value) of $-167.0M ($0.11 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Beneficient (BENF) reported a current ratio of 0.26x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.