The company has achieved a robust financial foundation by reducing total debt from $12.2M in 2024Q1 to $738.3K in 2026Q1, resulting in a healthy current ratio of 4.81.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Sep'11 | Sep'10 |
|---|
| Total Current Assets | 25M | 24.65M | 18.89M | 9.5M | 10.67M | 8.21M | 3.95M | 3.07M | 102 | 106.41K | 126.1K | 134 | 138.63K | 244.15K |
| Cash & Short-Term Investments | 15.77M | 14.88M | 12.01M | 1.83M | 4.64M | 2.02M | 2.41M | 1.3M | 102 | 255 | 17.23K | 134 | 17.71K | 22.11K |
| Cash Only | 15.77M | 14.88M | 12.01M | 1.83M | 4.64M | 2.02M | 2.41M | 1.3M | 102 | 255 | 17.23K | 134 | 17.71K | 22.11K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 8.31M | 8.81M | 5.78M | 7.04M | 5.45M | 6.01M | 1.51M | 1.77M | 0 | 0 | 1.62K | 0 | 0 | 0 |
| Days Sales Outstanding | 60.18 | 60.81 | 47.11 | 56.83 | 47.16 | 87.44 | 41.19 | 567.3 | - | - | 246.38 | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 106.15K | 107.25K | 0 | 103.64K | 181.47K |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | 553.89 | 819.13 | - | - | - |
| Other Current Assets | 764.89K | 800.67K | 953.81K | 404.23K | 223K | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 16.83M | 22.98M | 18.95M | 20.61M | 22.38M | 22.55M | 6.66M | 8.15M | 0 | 1.3K | 620.77K | 665.59K | 828.2K | 463.77K |
| Property, Plant & Equipment | 938.56K | 1.03M | 1.23M | 923.31K | 208.87K | 278.48K | 5.76K | 5.08K | 0 | 1.3K | 1.89K | 0 | 747.08K | 425.24K |
| Fixed Asset Turnover | 52.07x | 51.27x | 36.33x | 49.00x | 201.99x | 90.01x | 2314.54x | 223.75x | - | - | 1.27x | - | - | - |
| Goodwill | 10.68M | 10.68M | 10.68M | 10.72M | 15.53M | 14.06M | 4.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 5.07M | 5.37M | 6.79M | 8.97M | 6.63M | 7.6M | 2.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 374.24K | 177.51K | 52.11K | 0 | 0 | 0 | 6.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 191.47K | 0 | 0 | 610.03K | -6.66M | 8.14M | 0 | 0 | 618.88K | 0 | 81.11K | 38.53K |
| Total Assets | 41.82M | 47.62M | 37.84M | 30.11M | 33.04M | 30.76M | 10.61M | 11.22M | 102 | 107.7K | 746.87K | 665.72K | 966.83K | 707.92K |
| Asset Turnover | 1.24x | 1.11x | 1.18x | 1.50x | 1.28x | 0.82x | 1.26x | 0.10x | - | - | 0.00x | - | - | - |
| Asset Growth % | 135.4% | 25.87% | 25.68% | -8.88% | 7.43% | 189.75% | -5.37% | 10997124.51% | -99.91% | -85.58% | 12.19% | -31.14% | 36.57% | - |
| Total Current Liabilities | 5.19M | 5.6M | 9.82M | 7.98M | 7.76M | 5.1M | 1.07M | 1.45M | 620.05K | 549.58K | 472.1K | 667.42K | 2.09M | 910.09K |
| Accounts Payable | 1.98M | 1.9M | 1.14M | 784.97K | 1.62M | 1.44M | 234.22K | 809.69K | 88.54K | 11.82K | 0 | 0 | 557.79K | 123.38K |
| Days Payables Outstanding | 21.9 | 20.76 | 15.71 | 10.78 | 24.01 | 37.51 | 11.94 | 345.04 | 140.76 | 61.67 | - | - | - | - |
| Short-Term Debt | 251.07K | 670.87K | 3.45M | 2.94M | 2.33M | 1.28M | 0 | 60.3K | 302.75K | 276.05K | 378.06K | 620.67K | 916.88K | 399.86K |
| Deferred Revenue (Current) | 0 | 0 | 0 | -350K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 524.78K | 331.68K |
| Other Current Liabilities | 10K | 262K | 1.29M | 1.49M | 1.64M | 757K | 0 | 580.65K | 228.75K | 261.71K | 94.04K | 46.75K | 0 | 0 |
| Current Ratio | 4.81x | 4.40x | 1.92x | 1.19x | 1.37x | 1.61x | 3.70x | 2.12x | 0.00x | 0.19x | 0.27x | 0.00x | 0.07x | 0.27x |
| Quick Ratio | 4.81x | 4.40x | 1.92x | 1.19x | 1.37x | 1.61x | 3.70x | 2.12x | 0.00x | 0.00x | 0.04x | 0.00x | 0.02x | 0.07x |
| Cash Conversion Cycle | 38.28 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 487.19K | 6.27M | 7.83M | 9.18M | 7.75M | 10.34M | 6.94M | 6M | 294.77K | 296.7K | 223.15K | 0 | 0 | 475.86K |
| Long-Term Debt | 0 | 0 | 6.95M | 8.4M | 7.74M | 10.32M | 5.87M | 4.2M | 294.77K | 296.7K | 223.15K | 0 | 0 | 463.46K |
| Capital Lease Obligations | 2.32M | 550.22K | 780.76K | 435.2K | 12.63K | 18.71K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.39K |
| Deferred Tax Liabilities | 5.72M | 5.72M | 0 | 6.29K | 0 | 0 | 0 | 1.81M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 100K | 340K | 0 | 0 | 1.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 5.68M | 11.87M | 17.66M | 17.16M | 15.51M | 15.43M | 8.01M | 7.45M | 914.82K | 846.28K | 695.26K | 667.42K | 2.09M | 1.39M |
| Total Debt | 738.26K | 1.22M | 11.49M | 11.96M | 10.11M | 11.73M | 5.87M | 4.26M | 597.53K | 572.75K | 601.22K | 620.67K | 929.27K | 892.65K |
| Net Debt | -15.03M | -13.66M | -513.97K | 10.13M | 5.47M | 9.71M | 3.46M | 2.95M | 597.42K | 572.5K | 583.98K | 620.53K | 911.56K | 870.54K |
| Debt / Equity | 0.02x | 0.03x | 0.57x | 0.92x | 0.58x | 0.77x | 2.25x | 1.13x | - | - | 11.65x | - | - | - |
| Debt / EBITDA | -1.27x | - | - | - | - | - | 16.21x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 25.88x | - | - | - | - | - | 9.55x | - | - | - | - | - | - | - |
| Interest Coverage | -59.70x | -6.93x | -7.56x | -4.87x | -2.53x | -3.05x | -0.64x | -3.38x | -98.87x | -45.69x | -17.95x | -2.26x | - | - |
| Total Equity | 36.14M | 35.75M | 20.18M | 12.95M | 17.53M | 15.32M | 2.61M | 3.76M | -914.72K | -738.58K | 51.62K | -1.69K | -1.12M | -678.03K |
| Equity Growth % | 484.11% | 77.15% | 55.86% | -26.14% | 14.42% | 487.39% | -30.71% | 511.57% | -23.85% | -1530.88% | 3147.05% | 99.85% | -65.3% | - |
| Book Value per Share | 0.38 | 0.38 | 0.37 | 0.27 | 0.64 | 0.84 | 0.17 | 0.26 | -0.15 | -0.13 | 0.01 | -0.00 | -224156.80 | -169507.25 |
| Total Shareholders' Equity | 36.14M | 35.75M | 20.18M | 12.95M | 17.53M | 15.32M | 2.61M | 3.76M | -914.72K | -738.58K | 51.62K | -1.69K | -1.12M | -678.03K |
| Common Stock | 9.46K | 9.46K | 7.71K | 4.77K | 4.17K | 2K | 30.82K | 294.89K | 120.07K | 112.14K | 91.84K | 83.27K | 19.57K | 18K |
| Retained Earnings | -56.97M | -56.59M | -54.08M | -43.98M | -26.09M | -11.09M | -3.53M | -819.8K | -3.61M | -3.15M | -1.47M | -761.34K | -3.08M | -905.82K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -294.89K | -120.07K | -112.14K | -91.84K | -83.27K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Operating scale and profitability
According to quarterly financial data, Castellum has significantly improved its balance sheet health, reducing total debt from $12.2M in 2024Q1 to just $738.3K by 2026Q1, while simultaneously expanding its total asset base to $41.8M, signaling a transition toward a more conservative and stable financial foundation.
The dramatic reduction in debt levels suggests a strategic shift away from reliance on external financing to fund operations. This deleveraging trend appears to provide the company with greater flexibility to navigate the federal contracting cycle without the burden of interest obligations.
As reported in recent filings, Castellum has successfully lowered its debt-to-equity ratio from a peak of 0.98 in 2024Q2 to a negligible 0.02 in 2026Q1, indicating that the firm is currently operating with almost no reliance on debt to support its ongoing business activities.
This minimal leverage profile is a notable departure from typical growth-stage firms that often utilize debt to accelerate expansion. Investors should monitor whether this lack of debt reflects a deliberate risk-aversion strategy or a temporary pause in acquisition-led growth.
Based on the most recent balance sheet, Castellum maintains a current ratio of 4.81, reflecting a significant improvement from the 1.11 ratio observed in 2024Q3, which provides a substantial liquidity cushion to support the company's ongoing operational requirements and potential future investment needs.
The expansion of the current ratio suggests that the company has successfully bolstered its short-term asset position relative to its liabilities. This liquidity buffer appears sufficient to mitigate risks associated with the lumpy cash flow nature of federal government contract milestones.
As indicated by the company's financial statements, retained earnings have remained deeply negative, reaching -$57.0M in 2026Q1, which highlights that the firm's equity base is primarily supported by capital contributions rather than internally generated profits from its federal services operations.
The persistent negative retained earnings suggest that the company has yet to achieve the profitability inflection point required to build organic equity value. This warrants further investigation into the long-term sustainability of the current capital structure if net losses continue to accumulate.
Quick answers to the most common questions about buying CTM stock.
As of 2025, Castellum, Inc. (CTM) had total assets of $47.6M including $24.6M in current assets.
Castellum, Inc. (CTM) carries total debt of $1.2M, offset by $14.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Castellum, Inc. (CTM) has total shareholders' equity (book value) of $35.8M ($0.38 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Castellum, Inc. (CTM) reported a current ratio of 4.40x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.