Financial leverage has escalated rapidly, with the debt-to-equity ratio climbing from 0.02 in 2025Q1 to 12.53 in 2026Q1, indicating a shift toward a high-risk capital structure.
| Total Current Assets | 127.77M | 121.93M | 3.27M | 5.29M | 1.03M | 1.84M | 721.7K |
| Cash & Short-Term Investments | 4.24M | 9.6M | 2.86M | 5.08M | 981.13K | 1.71M | 415.71K |
| Cash Only | 3.68M | 5.92M | 2.52M | 5.08M | 981.13K | 1.71M | 415.71K |
| Short-Term Investments | 554K | 3.67M | 339.88K | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 52K | 195.4K | 86.14K | 38.29K | 130.45K | 300.1K |
| Days Sales Outstanding | 7.94 | 1.67 | 33.97 | 15.7 | 6.5 | 24.03 | 70.16 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 123.53M | 112.28M | 113.53K | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 101.95M | 185.48M | 1.1M | 1.39M | 309.94K | 18.57K | 18.5K |
| Property, Plant & Equipment | 0 | 0 | 53.75K | 90.92K | 109.66K | 0 | 0 |
| Fixed Asset Turnover | 1038.72x | - | 39.06x | 22.03x | 19.61x | - | - |
| Goodwill | 607K | 607K | 606.67K | 606.67K | 0 | 0 | 0 |
| Intangible Assets | 2.67M | 3.02M | 378.41K | 675.96K | 16.18K | 16.18K | 16.18K |
| Long-Term Investments | 398.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 98.67M | 181.86M | 61.98K | 18.11K | 184.1K | 2.39K | 2.32K |
| Total Assets | 229.72M | 307.41M | 4.38M | 6.68M | 1.34M | 1.86M | 740.2K |
| Asset Turnover | 0.05x | 0.04x | 0.48x | 0.30x | 1.61x | 1.07x | 2.11x |
| Asset Growth % | 25106.96% | 6925.27% | -34.53% | 399.94% | -28.07% | 151.1% | - |
| Total Current Liabilities | 91.74M | 80.79M | 592.89K | 675.1K | 204.9K | 82.68K | 29.32K |
| Accounts Payable | 5.36M | 6.82M | 339.64K | 539.14K | 159.38K | 82.68K | 29.32K |
| Days Payables Outstanding | 3.21K | 10K | 3.89K | - | - | - | - |
| Short-Term Debt | 0 | 107K | 13.93K | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 1.62M | 82K | 239.32K | 83.23K | -159.38K | 0 | 0 |
| Other Current Liabilities | 86.39M | 73.78M | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 1.39x | 1.51x | 5.52x | 7.84x | 5.01x | 22.26x | 24.62x |
| Quick Ratio | 1.39x | 1.51x | 5.52x | 7.84x | 5.01x | 22.26x | 24.62x |
| Cash Conversion Cycle | -3.2K | - | - | - | - | - | - |
| Total Non-Current Liabilities | 127.78M | 127.36M | 280.96K | 192.75K | 606.64K | 1.36M | 845K |
| Long-Term Debt | 127.78M | 127.36M | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 13.93K | 67.06K | 0 | 0 |
| Deferred Tax Liabilities | 20.15M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 178.82K | 178.82K | 539.58K | 1.36M | 845K |
| Total Liabilities | 219.52M | 208.15M | 873.84K | 867.85K | 811.53K | 1.44M | 874.31K |
| Total Debt | 127.78M | 127.47M | 13.93K | 66.66K | 112.57K | 0 | 0 |
| Net Debt | 124.1M | 121.55M | -2.5M | -5.01M | -868.55K | -1.71M | -415.71K |
| Debt / Equity | 12.53x | 1.28x | 0.00x | 0.01x | 0.21x | - | - |
| Debt / EBITDA | 1.52x | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.48x | - | - | - | - | - | -1.01x |
| Interest Coverage | -10.95x | -7.26x | - | - | - | -10108.59x | 4.40x |
| Total Equity | 10.19M | 99.26M | 3.5M | 5.82M | 525.38K | 419.31K | -134.11K |
| Equity Growth % | 10824.01% | 2734.46% | -39.79% | 1007.01% | 25.3% | 412.66% | - |
| Book Value per Share | 0.39 | 5.38 | 0.36 | 0.79 | 0.06 | 0.05 | -0.02 |
| Total Shareholders' Equity | 10.19M | 99.26M | 3.5M | 5.82M | 525.38K | 419.31K | -134.11K |
| Common Stock | 0 | 0 | 14 | 110 | 71 | 68 | 0 |
| Retained Earnings | -175.29M | -91.77M | -9.37M | -6.64M | -3.27M | -2.01M | -134.11K |
| Treasury Stock | -22.02M | -11.52M | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -44K | -27K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Treasury-linked liquidity volatility
As reported in recent financial statements, DFDV's total assets surged from $4.2M in 2025Q1 to $229.7M by 2026Q1, a trajectory that appears driven by aggressive balance sheet expansion rather than organic operational growth, warranting caution regarding the underlying quality of these rapidly accumulated assets.
The dramatic increase in total assets over the last four quarters suggests a fundamental shift in the company's capital strategy, likely tied to the acquisition of digital assets. Investors should monitor whether this growth represents a sustainable increase in productive capacity or merely a volatile expansion of the treasury portfolio.
Based on the company's reported figures, the debt-to-equity ratio spiked from 0.02 in 2025Q1 to 12.53 in 2026Q1, indicating that DFDV has rapidly transitioned toward a debt-heavy capital structure that may expose the firm to significant refinancing risks in a high-interest rate environment.
The sharp rise in debt levels relative to equity suggests that management is utilizing leverage to fund its aggressive growth and treasury-centric model. This reliance on debt appears to be a necessity-driven strategy that could severely constrain future operational flexibility if asset valuations face downward pressure.
According to recent SEC filings, DFDV's current ratio has compressed from 2.89 in 2025Q1 to 1.39 in 2026Q1, reflecting a tightening liquidity buffer that may struggle to support the company's high-burn operational model if market conditions for its core CRE software business deteriorate.
The decline in the current ratio suggests that the company's ability to cover short-term obligations is weakening as it scales. This trend warrants further investigation into the composition of current assets, as a significant portion may be tied to illiquid or volatile holdings rather than cash equivalents.
As indicated by the company's financial disclosures, the reliance on a crypto-native treasury creates a non-obvious risk where the balance sheet's reported strength is highly sensitive to external market fluctuations, potentially masking the true operational health of the underlying AI-driven software platform.
The disconnect between the company's massive asset growth and its negative net margins suggests that the balance sheet is being used as a speculative vehicle. Investors should be wary that the reported equity may be subject to significant impairment if the underlying digital assets experience a sustained correction.
Quick answers to the most common questions about buying DFDV stock.
As of 2025, DeFi Development Corp. (DFDV) had total assets of $307.4M including $121.9M in current assets.
DeFi Development Corp. (DFDV) carries total debt of $127.5M, offset by $9.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
DeFi Development Corp. (DFDV) has total shareholders' equity (book value) of $99.3M ($5.38 book value per share). Book value represents the net worth of the company belonging to common stock holders.
DeFi Development Corp. (DFDV) reported a current ratio of 1.51x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.