The company maintains a vulnerable capital structure characterized by a deeply negative equity position of -$626.1M and a substantial total debt burden of $1.4B as of 2026Q2.
| Total Current Assets | 608.1M | 631.4M | 761M | 749.1M | 664.7M | 292M | 235M | 248M |
| Cash & Short-Term Investments | 184.9M | 225.5M | 267.5M | 326.5M | 330.9M | 0 | 0 | 0 |
| Cash Only | 184.9M | 225.5M | 267.5M | 326.3M | 330.9M | 0 | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 147.1M | 148.9M | 248M | 17.9M | 23.4M | 150.6M | 120M | 127M |
| Days Sales Outstanding | 55.84 | 50.3 | 80.6 | 5.83 | 7.56 | 47.18 | 40.35 | 41.8 |
| Inventory | 192.6M | 178.6M | 171.5M | 152.1M | 122.8M | 118M | 102M | 101M |
| Days Inventory Outstanding | 168.63 | 162.61 | 158.8 | 149.68 | 126.4 | 118 | 115.26 | 114.13 |
| Other Current Assets | 83.5M | 3.1M | 74M | 142.4M | 109.7M | 200K | 0 | 0 |
| Total Non-Current Assets | 421.2M | 459.5M | 524.3M | 465.3M | 421.7M | 496M | 503M | 497M |
| Property, Plant & Equipment | 237.5M | 48.5M | 290.4M | 323.2M | 301.6M | 451M | 462M | 457M |
| Fixed Asset Turnover | 4.14x | 22.28x | 3.87x | 3.47x | 3.75x | 2.58x | 2.35x | 2.43x |
| Goodwill | 21.9M | 15.4M | 15.6M | 15.6M | 15.7M | 16M | 16M | 16M |
| Intangible Assets | 0 | 7M | 8.1M | 9.1M | 8.9M | 18M | 14M | 16M |
| Long-Term Investments | 0 | 0 | 0 | 0 | -95.5M | -11.4M | 0 | 0 |
| Other Non-Current Assets | 0 | 368.4M | 210.2M | 117.4M | 95.5M | 11M | 11M | 8M |
| Total Assets | 1.03B | 1.09B | 1.29B | 1.21B | 1.09B | 788M | 738M | 745M |
| Asset Turnover | 0.96x | 0.99x | 0.87x | 0.92x | 1.04x | 1.48x | 1.47x | 1.49x |
| Asset Growth % | -39.4% | -15.12% | 5.84% | 11.78% | 37.87% | 6.78% | -0.94% | - |
| Total Current Liabilities | 247.3M | 261.5M | 374M | 353.5M | 301M | 164M | 137M | 126M |
| Accounts Payable | 79.7M | 74.2M | 91M | 53.5M | 41.4M | 54.2M | 50M | 47M |
| Days Payables Outstanding | 65.35 | 67.56 | 84.26 | 52.65 | 42.61 | 54.2 | 56.5 | 53.11 |
| Short-Term Debt | 13M | 12.9M | 9.5M | 9.5M | 9.5M | 0 | 1M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 33.6M | 0 | 0 | -1M | 0 |
| Other Current Liabilities | 154.6M | 115.2M | 0 | 33.6M | 198M | 1.1M | 1M | 0 |
| Current Ratio | 2.46x | 2.41x | 2.03x | 2.12x | 2.21x | 1.78x | 1.72x | 1.97x |
| Quick Ratio | 1.68x | 1.73x | 1.58x | 1.69x | 1.80x | 1.06x | 0.97x | 1.17x |
| Cash Conversion Cycle | 159.12 | 145.36 | 155.14 | 102.86 | 91.35 | 110.98 | 99.11 | 102.82 |
| Total Non-Current Liabilities | 1.41B | 1.48B | 1.65B | 1.68B | 1.68B | 29.7M | 29M | 0 |
| Long-Term Debt | 1.34B | 1.39B | 1.57B | 1.59B | 1.6B | 0 | 0 | 0 |
| Capital Lease Obligations | 95.5M | 28.7M | 30.2M | 31.5M | 36.9M | 0 | 4M | 0 |
| Deferred Tax Liabilities | 63.4M | 62.6M | 11.9M | 0 | 46.1M | 29.7M | 25M | 0 |
| Other Non-Current Liabilities | 0 | 0 | 42.2M | 57.2M | 41.8M | 0 | 0 | 0 |
| Total Liabilities | 1.66B | 1.74B | 2.02B | 2.04B | 1.98B | 194M | 166M | 126M |
| Total Debt | 1.36B | 1.43B | 1.61B | 1.64B | 1.64B | 0 | 5M | 0 |
| Net Debt | 1.17B | 1.2B | 1.34B | 1.31B | 1.31B | 0 | 5M | 0 |
| Debt / Equity | -2.17x | - | - | - | - | - | 0.01x | - |
| Debt / EBITDA | 4.29x | 3.76x | 7.42x | 6.25x | 4.01x | - | 0.01x | - |
| Net Debt / EBITDA | 3.71x | 3.17x | 6.19x | 5.00x | 3.20x | - | 0.01x | - |
| Interest Coverage | 39.48x | 2.27x | 1.39x | 1.99x | 6.55x | - | - | - |
| Total Equity | -626.1M | -650.6M | -738.3M | -821.7M | -891.4M | 594M | 572M | 577M |
| Equity Growth % | 59.41% | 11.88% | 10.15% | 7.82% | -250.07% | 3.85% | -0.87% | - |
| Book Value per Share | -10.63 | -11.04 | -12.66 | -14.23 | -15.62 | 10.46 | 10.04 | 10.12 |
| Total Shareholders' Equity | -626.1M | -650.6M | -738.3M | -821.7M | -891.4M | 594M | 572M | 577M |
| Common Stock | 600K | 600K | 600K | 600K | 600K | 865M | 834M | 855M |
| Retained Earnings | -424.7M | -445.6M | -498.6M | -541.1M | -577.1M | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -290M | -285.6M | -292.8M | -309.1M | -324.9M | -271M | -262M | -278M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Negative equity and leverage
As reported in financial statements, Embecta's equity position has remained deeply negative, deteriorating from -$793.5M in 2024Q1 to -$626.1M in 2026Q2, which suggests that the company's cumulative losses are consistently outpacing its ability to generate retained earnings or maintain a stable capital structure post-spin.
The persistent negative equity indicates that the company is operating with a balance sheet deficit that warrants significant investor caution. This trajectory suggests that the firm's historical capital allocation and operational performance have failed to build a foundation of tangible net worth, potentially limiting future financial flexibility.
Based on the company's quarterly filings, total debt has remained elevated at $1.4B as of 2026Q2, representing a substantial liability relative to total assets of $1.0B, which implies that the firm's capital structure is heavily reliant on debt financing to sustain its ongoing operations.
The high debt-to-asset ratio suggests that the company is operating under significant leverage constraints, which may limit its capacity to fund R&D initiatives like the insulin patch pump. Investors should monitor whether this debt load necessitates future refinancing at potentially higher costs, which could further pressure cash flows.
According to recent balance sheet data, Embecta's cash reserves have declined from $299.8M in 2024Q2 to $184.9M in 2026Q2, indicating that the company is consuming its liquidity buffer to manage operational requirements and debt obligations in an increasingly challenging revenue environment.
While the current ratio of 2.46 suggests a superficial level of short-term liquidity, the downward trend in absolute cash levels is concerning given the company's negative net income. This suggests that the firm may face liquidity tightening if operational cash generation does not improve in the near term.
As evidenced by the reported figures, the company's negative equity position of -$626.1M in 2026Q2 creates a structural distortion that makes traditional leverage metrics difficult to interpret, suggesting that the firm's solvency is heavily dependent on the continued stability of its core insulin delivery cash flows.
The presence of negative equity often signals that the company has been aggressively returning capital or absorbing significant impairment charges, which may mask the true underlying risk of the business. This warrants further investigation into whether the current debt load is sustainable if the core needle business faces further volume erosion.
Quick answers to the most common questions about buying EMBC stock.
As of 2025, Embecta Corp. (EMBC) had total assets of $1.09B including $631.4M in current assets.
Embecta Corp. (EMBC) carries total debt of $1.43B, offset by $225.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Embecta Corp. (EMBC) has total shareholders' equity (book value) of $-650.6M ($-11.04 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Embecta Corp. (EMBC) reported a current ratio of 2.41x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.