The company has aggressively strengthened its solvency, reducing total debt from $136.1M in 2024Q1 to $88.0M in 2026Q2 while simultaneously growing equity to $297.9M.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 |
|---|
| Total Current Assets | 466.57M | 411.63M | 323.38M | 236.06M | 174.48M | 156.07M | 116.9M | 172.09M | 149.84M | 160.45M | 140.15M | 128.9M | 348K | 128.84M | 108.89M |
| Cash & Short-Term Investments | 275.89M | 229.31M | 127.69M | 78.99M | 10.48M | 11.71M | 44.51M | 70.96M | 60.26M | 62.62M | 52.31M | 52.86M | 2K | 46.59M | 39.18M |
| Cash Only | 275.89M | 229.31M | 127.69M | 78.99M | 10.48M | 11.71M | 44.51M | 70.96M | 60.26M | 62.62M | 52.31M | 52.86M | 2K | 46.59M | 39.18M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 12.94M | 20.65M | 59.1M | 12.57M | 12.53M | 9.97M | 7.62M | 10.54M | 24.07M | 10.15M | 20.32M | 13.75M | 0 | 13.49M | 9.34M |
| Days Sales Outstanding | 4 | 5.09 | 16.01 | 4.05 | 5.71 | 5.32 | 3.16 | 3.77 | 8.57 | 3.74 | 7.96 | 5.46 | - | 6.34 | 5.7 |
| Inventory | 144.76M | 139.47M | 127.8M | 135.29M | 142.98M | 125.21M | 56.52M | 78.83M | 57.33M | 76.16M | 53.81M | 49.18M | 71.3M | 62.6M | 55.36M |
| Days Inventory Outstanding | 44.6 | 43.27 | 42.76 | 49.68 | 68.3 | 74.69 | 26.35 | 32.5 | 23.17 | 32.2 | 24.47 | 22.47 | 34.87 | 33.4 | 37.28 |
| Other Current Assets | 32.97M | 22.2M | 8.79M | 9.21M | 8.49M | 9.19M | 8.24M | 11.77M | 8.18M | 11.53M | 13.72M | 13.11M | 0 | 6.16M | 5.02M |
| Total Non-Current Assets | 222.8M | 213.63M | 201.51M | 181.7M | 191.65M | 199.95M | 200.52M | 193.32M | 157.59M | 135.37M | 137.72M | 139.01M | 115.03M | 134.14M | 127.99M |
| Property, Plant & Equipment | 117.87M | 108.54M | 97.65M | 96.14M | 102.34M | 110.97M | 110.36M | 104.7M | 66.05M | 34.71M | 33.47M | 28.93M | 29.95M | 31.94M | 34.57M |
| Fixed Asset Turnover | 13.48x | 13.64x | 13.80x | 11.78x | 7.82x | 6.16x | 7.97x | 9.73x | 15.52x | 28.54x | 27.85x | 31.77x | 28.57x | 24.31x | 17.31x |
| Goodwill | 18.82M | 18.82M | 18.82M | 18.82M | 18.82M | 18.82M | 18.82M | 18.82M | 18.82M | 18.82M | 18.82M | 18.82M | 18.82M | 18.82M | 18.82M |
| Intangible Assets | 40.75M | 41.69M | 43.55M | 45.42M | 47.43M | 49.44M | 51.63M | 54.72M | 55.47M | 57.48M | 59.49M | 60.38M | 62.24M | 64.1M | 67.7M |
| Long-Term Investments | 147.69M | 35.2M | 32.09M | 17.62M | 10.66M | 14.82M | 14.32M | 11.11M | 11.12M | 11.63M | 12.94M | 12.51M | 9.87M | 8.66M | 6.89M |
| Other Non-Current Assets | 6.15M | 6.68M | 6.99M | 1.52M | 1.48M | 1.48M | 1.02M | 375K | 1.68M | 975K | 1.53M | 2.9M | 115.03M | 10.61M | -127.99M |
| Total Assets | 689.36M | 625.25M | 524.89M | 417.77M | 366.13M | 356.02M | 317.42M | 365.41M | 307.43M | 295.82M | 277.87M | 267.9M | 348K | 262.99M | 240.1M |
| Asset Turnover | 2.36x | 2.37x | 2.57x | 2.71x | 2.19x | 1.92x | 2.77x | 2.79x | 3.33x | 3.35x | 3.35x | 3.43x | 2459.01x | 2.95x | 2.49x |
| Asset Growth % | 88.87% | 19.12% | 25.64% | 14.1% | 2.84% | 12.16% | -13.14% | 18.86% | 3.93% | 6.46% | 3.72% | 76883.62% | -99.87% | 9.53% | - |
| Total Current Liabilities | 254.28M | 236.8M | 235.97M | 229.62M | 164.77M | 124.78M | 111.65M | 169.68M | 148.86M | 138.76M | 130.52M | 133.41M | 323K | 113.78M | 101.22M |
| Accounts Payable | 127.12M | 151.48M | 143.16M | 137.14M | 107.94M | 72.27M | 57.6M | 102.27M | 95.78M | 87.33M | 80.65M | 79.33M | 1.39M | 72.96M | 65.52M |
| Days Payables Outstanding | 42.61 | 46.99 | 47.89 | 50.36 | 51.56 | 43.11 | 26.85 | 42.16 | 38.72 | 36.93 | 36.67 | 36.25 | 0.68 | 38.93 | 44.12 |
| Short-Term Debt | 5M | 5M | 5M | 19.8M | 19.8M | 14.85M | 9.9M | 9.9M | 9.9M | 8M | 11.75M | 11.75M | 0 | 2.98M | 0 |
| Deferred Revenue (Current) | 45.79M | 11.33M | 9.42M | 8.1M | 7.21M | 7.83M | 8.54M | 8.63M | 8.16M | 6.78M | 5.67M | 4.86M | -1.39M | 0 | 0 |
| Other Current Liabilities | 104.5M | 13.83M | 21.65M | 59.52M | 23.12M | 25.72M | 30.27M | 39.25M | 29.29M | 33.45M | 12M | 14.49M | 0 | 12.7M | 35.71M |
| Current Ratio | 1.83x | 1.74x | 1.37x | 1.03x | 1.06x | 1.25x | 1.05x | 1.01x | 1.01x | 1.16x | 1.07x | 0.97x | 1.08x | 1.13x | 1.08x |
| Quick Ratio | 1.27x | 1.15x | 0.83x | 0.44x | 0.19x | 0.25x | 0.54x | 0.55x | 0.62x | 0.61x | 0.66x | 0.60x | -219.67x | 0.58x | 0.53x |
| Cash Conversion Cycle | 6 | 1.37 | 10.87 | 3.37 | 22.45 | 36.9 | 2.66 | -5.89 | -6.97 | -0.99 | -4.25 | -8.32 | - | 0.82 | -1.15 |
| Total Non-Current Liabilities | 137.15M | 133.04M | 129.36M | 148.15M | 199.97M | 263.89M | 259M | 263.54M | 186.91M | 215.57M | 234.32M | 255.72M | 121K | 69.79M | 41.28M |
| Long-Term Debt | 82.98M | 85.32M | 89.99M | 110.54M | 150.39M | 194.57M | 164.2M | 173.23M | 132.24M | 143.22M | 140.37M | 175.42M | 0 | 10.08M | 41.28M |
| Capital Lease Obligations | 0 | 0 | 6K | 987K | 1.57M | 10.07M | 5.88M | 3.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 19.17M | 5.44M | 2.78M | 2.51M | 22.03M | 3.67M | 254K | 168K | 197K | 44.76M | 11.47M | 15.47M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 22.69M | 19.91M | 18.03M | 19.08M | 14.39M | 43.27M | 74.61M | 70.81M | 39.44M | 59.83M | 83.43M | 69.84M | 3.74M | 59.71M | -41.28M |
| Total Liabilities | 391.44M | 369.84M | 365.33M | 377.77M | 364.74M | 388.68M | 370.64M | 433.22M | 335.77M | 354.33M | 364.84M | 389.13M | 323K | 183.57M | 225.09M |
| Total Debt | 87.98M | 90.32M | 95.97M | 131.91M | 174.48M | 220.82M | 182.32M | 188.95M | 142.14M | 151.22M | 152.12M | 188.35M | 121K | 13.06M | 0 |
| Net Debt | -187.91M | -138.99M | -31.71M | 52.93M | 164M | 209.11M | 137.82M | 117.99M | 81.88M | 88.61M | 99.81M | 135.49M | 119K | -33.53M | -39.18M |
| Debt / Equity | 0.30x | 0.35x | 0.60x | 3.30x | 126.25x | - | - | - | - | - | - | - | 4.84x | 0.16x | - |
| Debt / EBITDA | 0.48x | 0.49x | 0.62x | 1.95x | - | 11.06x | 5.01x | 3.49x | 3.22x | 2.23x | 4.38x | 4.22x | - | 0.34x | - |
| Net Debt / EBITDA | -1.02x | -0.76x | -0.21x | 0.78x | - | 10.47x | 3.79x | 2.18x | 1.86x | 1.31x | 2.88x | 3.04x | - | -0.86x | -3.05x |
| Interest Coverage | 394.69x | 24.54x | 13.00x | 2.43x | -2.62x | 0.80x | 1.86x | 3.30x | 5.03x | 6.15x | 1.60x | 1.88x | -0.93x | - | - |
| Total Equity | 297.93M | 255.41M | 159.56M | 40M | 1.38M | -32.66M | -53.23M | -67.81M | -28.34M | -58.51M | -86.97M | -121.23M | 25K | 79.42M | 15.01M |
| Equity Growth % | 229.16% | 60.07% | 298.93% | 2794.21% | 104.23% | 38.65% | 21.5% | -139.31% | 51.57% | 32.73% | 28.26% | -485020% | -99.97% | 428.96% | - |
| Book Value per Share | 9.15 | 7.77 | 4.78 | 1.24 | 0.04 | -1.20 | -1.97 | -2.51 | -0.99 | -2.35 | -4.08 | -4.75 | 0.01 | 27.62 | 5.22 |
| Total Shareholders' Equity | 297.93M | 255.41M | 159.56M | 40M | 1.38M | -32.66M | -53.23M | -67.81M | -28.34M | -58.51M | -86.97M | -121.23M | 25K | 79.42M | 15.01M |
| Common Stock | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 3K | 2K | 2K | 2K | 101.76M | 1K | 1K |
| Retained Earnings | 128.3M | 88.19M | 0 | -55.7M | -79.51M | -33.75M | -33.46M | -45.65M | -69.23M | -100.06M | -128.86M | -135.34M | -5.65M | 26.84M | -27.37M |
| Treasury Stock | 0 | 0 | 0 | -50.28M | -50.28M | -50.28M | -50.28M | -50.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -28.07M | -28.25M | -26.42M | -31.88M | -41.93M | -44.79M | -58.4M | -56.15M | -38.43M | -43.88M | -58.89M | -51.77M | -46.57M | -42.42M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Federal subsidy funding cliff
According to recent balance sheet data, Blue Bird has significantly strengthened its financial position, reducing its debt-to-equity ratio from a peak of 1.80 in 2024Q1 to a conservative 0.30 by 2026Q2, signaling a clear shift toward a more resilient and self-funded capital structure.
The consistent improvement in the debt-to-equity ratio suggests that management is successfully utilizing operational cash flows to pay down obligations rather than relying on external financing. This trajectory indicates a maturing business model that is increasingly capable of funding its own growth initiatives without compromising balance sheet integrity.
As reported in financial statements, Blue Bird has aggressively curtailed its total debt from $136.1M in 2024Q1 to $88.0M in 2026Q2, a move that appears to mitigate refinancing risks and provides the company with greater maneuverability in a potentially volatile interest rate environment.
The reduction in debt levels relative to the company's expanding asset base suggests a deliberate effort to de-risk the balance sheet. Investors should monitor whether this deleveraging trend continues, as it may provide the company with the necessary capacity to pursue strategic investments or weather cyclical downturns in municipal demand.
Based on the provided quarterly figures, Blue Bird's cash position has surged from $77.3M in 2024Q1 to $275.9M in 2026Q2, while the current ratio has improved to 1.83, indicating a robust liquidity buffer that effectively insulates the company against short-term operational shocks or supply chain disruptions.
The substantial accumulation of cash relative to current liabilities suggests that the company is well-positioned to manage the working capital requirements inherent in its seasonal bus manufacturing business. This liquidity profile appears to offer a significant margin of safety, potentially allowing for continued investment in alternative fuel technologies.
As indicated by the company's historical balance sheet, equity has grown from $75.6M in 2024Q1 to $297.9M in 2026Q2, a transformation largely driven by the accumulation of retained earnings which have turned positive after a period of deficit, reflecting improved underlying profitability and operational execution.
The shift from negative to positive retained earnings is a critical indicator of the company's transition toward sustained profitability. This trend suggests that the business is successfully generating value for shareholders, though analysts should continue to monitor the impact of stock-based compensation on the overall quality of this equity growth.
Quick answers to the most common questions about buying BLBD stock.
As of 2025, Blue Bird Corporation (BLBD) had total assets of $625.3M including $411.6M in current assets.
Blue Bird Corporation (BLBD) carries total debt of $90.3M, offset by $229.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Blue Bird Corporation (BLBD) has total shareholders' equity (book value) of $255.4M ($7.77 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Blue Bird Corporation (BLBD) reported a current ratio of 1.74x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.