The company has demonstrated a disciplined approach to capital structure, successfully lowering its debt-to-equity ratio to 0.54 in 2026Q1 from 0.94 in 2023Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Total Current Assets | 1.06B | 989.39M | 1.04B | 1.08B | 1.07B | 709.71M | 624.33M | 693.38M | 1.15B | 869.48M | 653.82M | 722.24M | 898.78M | 689.21M | 640.83M | 596.26M | 1.14B | 882.16M |
| Cash & Short-Term Investments | 47.15M | 80.79M | 92M | 106M | 187M | 172.76M | 95.68M | 74.23M | 326.86M | 227.28M | 167.56M | 158.08M | 158.07M | 181.97M | 144.99M | 81.2M | 174.09M | 206.96M |
| Cash Only | 47.15M | 80.79M | 92M | 95M | 187M | 172.76M | 95.68M | 74.23M | 326.86M | 227.28M | 167.56M | 158.08M | 158.07M | 181.97M | 144.99M | 81.2M | 174.09M | 206.96M |
| Short-Term Investments | 0 | 0 | 0 | 11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 592.94M | 576.48M | 607M | 618M | 527M | 337.66M | 253.11M | 401.8M | 460.61M | 431.66M | 231.1M | 238M | 386.12M | 311.02M | 288.88M | 257.28M | 245.14M | 296.05M |
| Days Sales Outstanding | 80.34 | 80.5 | 91.78 | 96.27 | 108.2 | 162.36 | 75.91 | 92.98 | 98.71 | 101.43 | 74.61 | 53.33 | 79.14 | 80.8 | 70.22 | 76.53 | 38.37 | 59.22 |
| Inventory | 279.92M | 279.26M | 293M | 294M | 304M | 172.69M | 212.25M | 207.74M | 176.21M | 171.46M | 163.94M | 200.1M | 280.39M | 166.02M | 192.7M | 240.42M | 447.27M | 373.11M |
| Days Inventory Outstanding | 52.73 | 49.81 | 55.99 | 56.9 | 76.26 | 105.09 | 82.62 | 59.85 | 46.09 | 49.4 | 67.48 | 56.06 | 70.2 | 52.28 | 57.25 | 87.64 | 88.55 | 96.21 |
| Other Current Assets | 78.26M | 52.86M | 0 | 7M | 1M | 12.75M | 63.29M | 9.61M | 86.54M | 39.08M | 45.24M | 96.63M | 58.26M | 21.52M | 20.39M | 15.22M | 22.46M | 6.04M |
| Total Non-Current Assets | 1.66B | 1.7B | 1.75B | 1.88B | 2.07B | 1.48B | 1.56B | 1.14B | 1.33B | 1.26B | 1.23B | 1.49B | 1.25B | 726.87M | 748.43M | 774.3M | 1.13B | 482.51M |
| Property, Plant & Equipment | 831.73M | 846.76M | 867M | 1.03B | 1.08B | 756.63M | 794.63M | 625.36M | 627.2M | 559.4M | 509.78M | 594.23M | 443.48M | 209.27M | 220.5M | 225.04M | 550.31M | 369.67M |
| Fixed Asset Turnover | 3.37x | 3.09x | 2.78x | 2.27x | 1.64x | 1.00x | 1.53x | 2.52x | 2.72x | 2.78x | 2.22x | 2.74x | 4.02x | 6.71x | 6.81x | 5.45x | 4.24x | 4.94x |
| Goodwill | 413.35M | 428.87M | 422M | 433M | 498M | 566.27M | 576.03M | 442.59M | 598.83M | 567.99M | 571.83M | 748.6M | 707.91M | 451.21M | 457.21M | 459.94M | 496.11M | 34.8M |
| Intangible Assets | 28.09M | 28.92M | 37M | 55M | 76M | 10.12M | 16.54M | 17.01M | 28.88M | 35.45M | 36.54M | 44.3M | 42.1M | 23.92M | 29.14M | 31.53M | 33.13M | 0 |
| Long-Term Investments | 406.02M | 205.46M | 26M | 28M | 25M | 27.06M | 26.57M | 20.15M | 21.27M | 20.89M | 20.42M | 24.34M | 16.44M | 10.46M | 8.8M | 0 | 0 | 0 |
| Other Non-Current Assets | 197.65M | 166.56M | 374M | 308M | 372M | 121.65M | 141.48M | 152.69K | 320K | 29.54M | 33.62M | 33.84M | 2.19M | 0 | 0 | 18.22M | 45.71M | 78.05M |
| Total Assets | 2.72B | 2.69B | 2.79B | 2.96B | 3.14B | 2.19B | 2.18B | 1.84B | 2.48B | 2.13B | 1.88B | 2.21B | 2.14B | 1.42B | 1.39B | 1.37B | 2.27B | 1.36B |
| Asset Turnover | 1.02x | 0.97x | 0.86x | 0.79x | 0.57x | 0.35x | 0.56x | 0.86x | 0.69x | 0.73x | 0.60x | 0.74x | 0.83x | 0.99x | 1.08x | 0.90x | 1.03x | 1.34x |
| Asset Growth % | 28.78% | -3.73% | -5.65% | -5.92% | 43.47% | 0.54% | 18.7% | -26.05% | 16.53% | 13.21% | -14.82% | 3% | 51.47% | 1.93% | 1.36% | -39.6% | 66.29% | - |
| Total Current Liabilities | 876.87M | 876.69M | 911M | 868M | 839M | 355.4M | 287.56M | 357.73M | 687.19M | 488.31M | 313.55M | 469.18M | 565.23M | 384.66M | 402.23M | 404.55M | 624.21M | 342.89M |
| Accounts Payable | 347.14M | 382.99M | 395M | 416M | 452M | 234.21M | 178.3M | 247.49M | 293.65M | 310.34M | 195.3M | 236.37M | 246.93M | 149.21M | 163.67M | 149.12M | 149.86M | 218.16M |
| Days Payables Outstanding | 69.3 | 68.31 | 75.48 | 80.51 | 113.38 | 142.53 | 69.4 | 71.31 | 76.82 | 89.42 | 80.38 | 66.22 | 61.83 | 46.99 | 48.63 | 54.36 | 29.67 | 56.26 |
| Short-Term Debt | 21.07M | 21.94M | 0 | 40M | 20M | 0 | 40M | 10.93M | 0 | 33.85M | 0 | 50.5M | 0 | 0 | 0 | 0 | 6.89M | 14.04M |
| Deferred Revenue (Current) | 749.16M | 0 | 375M | 297M | 270M | 0 | 0 | 68.95M | 348.98M | 143.3M | 82.09M | 143.51M | 269.2M | 209.27M | 193.4M | 234.76M | 195.39M | 89.81M |
| Other Current Liabilities | 46.15M | 391.97M | 37M | 38M | 25M | 102.99M | 52.51M | 22.32M | 40.88M | 813K | 33.09M | 179.95M | 32.53M | 22.52M | 16.86M | 16.84M | 264.94M | -3.84M |
| Current Ratio | 1.20x | 1.13x | 1.14x | 1.25x | 1.28x | 2.00x | 2.17x | 1.94x | 1.68x | 1.78x | 2.09x | 1.54x | 1.59x | 1.79x | 1.59x | 1.47x | 1.83x | 2.57x |
| Quick Ratio | 0.89x | 0.81x | 0.82x | 0.91x | 0.92x | 1.51x | 1.43x | 1.36x | 1.42x | 1.43x | 1.56x | 1.11x | 1.09x | 1.36x | 1.11x | 0.88x | 1.12x | 1.48x |
| Cash Conversion Cycle | 63.77 | 62 | 72.29 | 72.66 | 71.07 | 124.91 | 89.12 | 81.53 | 67.98 | 61.41 | 61.7 | 43.16 | 87.52 | 86.09 | 78.84 | 109.81 | 97.25 | 99.18 |
| Total Non-Current Liabilities | 700.3M | 720.1M | 831M | 1.04B | 1.17B | 482.29M | 495.32M | 442.9M | 513.15M | 507.82M | 450.76M | 582.04M | 559.77M | 99.76M | 100.36M | 129.74M | 438.39M | 167.71M |
| Long-Term Debt | 553.82M | 630.34M | 708M | 879M | 1.01B | 331.42M | 349.71M | 331.97M | 444.71M | 460.01M | 393.96M | 528.14M | 505.08M | 92.94M | 96.47M | 118.96M | 412.97M | 144.05M |
| Capital Lease Obligations | 218.99M | 49.87M | 47M | 57M | 54M | 43.11M | 47.23M | 40.74M | 0 | 0 | -34.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 140.03M | 50.87M | 48M | 65M | 65M | 0 | 0 | 58.81M | 52.24M | 32.96M | 34.34M | 36.83M | 35.07M | 0 | 410K | 0 | 0 | 0 |
| Other Non-Current Liabilities | 35.12M | -23.94M | 17M | 13M | 14M | 107.76M | 98.38M | 11.39M | 68.44M | 14.69M | 22.17M | 53.9M | 13.62M | 6.82M | 19.86M | 10.78M | 11.28M | 10.28M |
| Total Liabilities | 1.58B | 1.6B | 1.74B | 1.9B | 2B | 837.69M | 782.88M | 800.63M | 1.2B | 996.13M | 764.32M | 1.05B | 1.13B | 484.42M | 502.58M | 534.3M | 1.06B | 510.6M |
| Total Debt | 623.04M | 702.15M | 777M | 995M | 1.1B | 388.44M | 451.64M | 383.64M | 444.71M | 460.01M | 393.96M | 578.64M | 505.08M | 92.94M | 96.47M | 118.96M | 419.93M | 158.09M |
| Net Debt | 575.89M | 621.36M | 685M | 900M | 909M | 215.68M | 355.96M | 309.41M | 117.85M | 232.73M | 226.4M | 420.56M | 347.01M | -89.04M | -48.52M | 37.76M | 245.84M | -48.86M |
| Debt / Equity | 0.54x | 0.64x | 0.74x | 0.94x | 0.96x | 0.29x | 0.32x | 0.37x | 0.35x | 0.41x | 0.35x | 0.50x | 0.50x | 0.10x | 0.11x | 0.14x | 0.35x | 0.19x |
| Debt / EBITDA | 1.56x | 2.82x | 2.17x | 3.12x | 10.10x | 3.43x | 2.46x | 1.44x | 1.89x | 2.27x | 2.49x | 2.83x | 2.92x | 0.76x | 0.63x | 0.97x | 1.76x | 0.66x |
| Net Debt / EBITDA | 1.44x | 2.49x | 1.91x | 2.82x | 8.38x | 1.91x | 1.94x | 1.16x | 0.50x | 1.15x | 1.43x | 2.06x | 2.00x | -0.73x | -0.31x | 0.31x | 1.03x | -0.20x |
| Interest Coverage | 3.59x | 2.99x | 1.79x | 0.56x | 1.11x | 2.85x | 6.33x | 10.67x | 8.74x | 10.65x | -5.44x | 7.43x | 12.96x | 14.47x | 17.25x | 9.56x | 2.25x | 20.44x |
| Total Equity | 1.14B | 1.09B | 1.05B | 1.05B | 1.14B | 1.35B | 1.4B | 1.04B | 1.28B | 1.13B | 1.12B | 1.16B | 1.02B | 931.66M | 886.68M | 836.26M | 1.21B | 854.06M |
| Equity Growth % | 72.53% | 3.92% | -0.47% | -7.54% | -15.79% | -3.07% | 34.88% | -19.26% | 13.05% | 1.51% | -3.49% | 13.54% | 9.48% | 5.07% | 6.03% | -30.69% | 41.28% | - |
| Book Value per Share | 9.37 | 8.86 | 8.45 | 8.51 | 11.75 | 15.10 | 15.57 | 11.54 | 14.40 | 12.73 | 13.62 | 14.63 | 12.89 | 11.91 | 11.41 | 10.81 | 15.80 | 13.17 |
| Total Shareholders' Equity | 1.14B | 1.09B | 1.05B | 1.05B | 1.14B | 1.35B | 1.4B | 1.03B | 1.28B | 1.13B | 1.11B | 1.15B | 1.02B | 931.66M | 886.68M | 836.26M | 1.21B | 854.06M |
| Common Stock | 502.65M | 496.69M | 505M | 504M | 503M | 375.52M | 375.52M | 289.59M | 366.12M | 357.7M | 353.26M | 238.58M | 229.53M | 220.9M | 212.88M | 0 | 0 | 0 |
| Retained Earnings | 169.56M | 129.66M | 80M | 58M | 151M | 274.96M | 301.04M | 176.47M | 118.13M | 49.01M | -17M | 115.4M | 96.5M | 50.48M | 16.83M | -35.54M | 755.45M | 712.42M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -193.63M | -198.48M | -214M | -186M | -192M | 44.65M | 63.3M | 63.06M | 142.49M | 72.36M | 125.22M | 146.97M | 36.82M | 5.75M | 1.1M | 7.86M | -29.72M | -628K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.18M | 1.45M | 1.32M | 2.64M | 3.97M | 3.5M | 0 | 0 | 0 | 945K | 0 |
Working capital and leverage
According to recent financial filings, Enerflex's total assets have fluctuated significantly, peaking at $4.0 billion in 2025Q3 before contracting to $2.7 billion by 2026Q1, suggesting that the company's balance sheet trajectory remains highly sensitive to large-scale project cycles and recent corporate integration activities.
The contraction in total assets over the last two quarters indicates a potential reduction in project-based inventory or a strategic shift in asset deployment. Investors should monitor whether this trend reflects a disciplined downsizing of capital-intensive operations or a broader deceleration in the company's ability to secure new, large-scale infrastructure contracts.
As reported in quarterly statements, Enerflex has successfully reduced its total debt from $995.0 million in 2023Q4 to $623.0 million in 2026Q1, resulting in a D/E ratio of 0.54, which appears to indicate a concerted effort to de-lever following the transformative Exterran acquisition.
While the reduction in absolute debt levels is a positive development, the company's reliance on debt to fund its capital-intensive compression fleet warrants ongoing scrutiny. The current leverage profile suggests a more conservative stance, yet the sensitivity of these obligations to interest rate environments remains a key factor for long-term solvency.
Based on the reported figures, Enerflex's current ratio has remained relatively constrained, hovering between 1.12 and 1.27 over the past ten quarters, which suggests a limited liquidity buffer to absorb unexpected operational shocks or sudden shifts in project-related working capital requirements.
The narrow current ratio indicates that the company maintains a lean liquidity position, likely prioritizing capital reinvestment over cash accumulation. This approach may leave the firm vulnerable if project milestones are delayed, as the company's ability to meet short-term obligations appears tightly coupled with the timing of customer payments.
Data from the balance sheet reveals significant volatility in deferred revenue, which plummeted from $406.0 million in 2025Q2 to zero in 2025Q3 before reappearing at $367.2 million in 2026Q1, highlighting potential distortions in revenue recognition and project-based billing cycles that may obscure underlying performance.
The extreme swings in deferred revenue suggest that the company's reported top-line figures may be heavily influenced by the timing of project milestones rather than consistent operational demand. Analysts should treat these fluctuations as a warning sign that headline revenue growth may not accurately reflect the underlying health of the service and infrastructure segments.
Quick answers to the most common questions about buying EFXT stock.
As of 2025, Enerflex Ltd. (EFXT) had total assets of $2.69B including $989.4M in current assets.
Enerflex Ltd. (EFXT) carries total debt of $702.1M, offset by $80.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Enerflex Ltd. (EFXT) has total shareholders' equity (book value) of $1.09B ($8.86 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Enerflex Ltd. (EFXT) reported a current ratio of 1.13x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.