The company has demonstrated a disciplined approach to leverage, successfully lowering its debt-to-equity ratio to 0.77 as of 2026Q1 from 0.98 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 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash & Short Term Investments | 7.76B | 2.63B | 2.2B | 2.15B | 2.31B | 2.57B | 2.7B | 1.26B | 3.02B | 12.03B | 9.84B | 10.97B | 6.06B | 5.59B | 4.44B | 3.85B | 2.33B | 2.77B | 4.34B | 5.21B | 3.82B | 4.46B | 3.22B | 4B | 1.68B | 1.46B | 2.29B | 605.58M |
| Cash & Due from Banks | 1.32B | 1.95B | 1.56B | 1.63B | 1.82B | 1.82B | 1.88B | 855.2M | 1.28B | 4.2B | 4.05B | 8.52B | 4.28B | 3.59B | 3.36B | 2.47B | 2.33B | 2.77B | 3.59B | 2.73B | 2.62B | 4.46B | 3.22B | 4B | 1.68B | 1.46B | 2.29B | 605.58M |
| Short Term Investments | 798.71M | 676.1M | 639.7M | 521.7M | 494.4M | 750.8M | 817.5M | 409.8M | 1.74B | 7.83B | 5.79B | 2.45B | 1.78B | 2B | 1.08B | 1.38B | 0 | 0 | 750.59M | 2.48B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 1.11B | 995.2M | 1.03B | 719.9M | 676.7M | 820.8M | 874.4M | 432.8M | 1.93B | 8.68B | 6.37B | 5.41B | 1.89B | 2.1B | 1.18B | 1.48B | 0 | 44.08M | 886M | 2.48B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments Growth % | 50.29% | -3.54% | 43.31% | 6.38% | -17.56% | -6.13% | 102.03% | -77.61% | -77.72% | 36.17% | 17.85% | 185.6% | -9.86% | 77.6% | -20.31% | - | -100% | -95.03% | -64.22% | - | - | - | - | - | - | - | - | - |
| Long-Term Investments | 1.49B | 319.1M | 392M | 198.2M | 182.3M | 70M | 56.9M | 23M | 189.8M | 849.36M | 577.52M | 2.96B | 115.55M | 96.76M | 102.53M | 105.18M | 0 | 44.08M | 135.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivables | 883.99M | 289.4M | 320.8M | 217.6M | 202.9M | 189M | 203.4M | 153.4M | 536.5M | 1.6B | 1.56B | 3.44B | 1.77B | 1.24B | 1.01B | 952.51M | 601.53M | 729.83M | 863.53M | 740.69M | 600.9M | 1.15B | 1.51B | 1.13B | 1.88B | 1.16B | 308.13M | 0 |
| Goodwill & Intangibles | 2.79B | 2.72B | 2.5B | 2.33B | 2.25B | 2.21B | 2.08B | 894.1M | 1.9B | 6.23B | 5.43B | 5.53B | 3.15B | 2.36B | 1.79B | 1.41B | 1.2B | 25.26M | 28.58M | 0 | 46.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 22.21M | 21.3M | 19.19M | 23.8M | 22.3M | 21.4M | 21.7M | 10M | 10.4M | 39.69M | 68.52M | 64.55M | 95.79M | 81.63M | 73.59M | 0 | 0 | 25.26M | 28.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.77B | 2.7B | 2.48B | 2.31B | 2.22B | 2.19B | 2.05B | 884.1M | 1.89B | 6.19B | 5.36B | 5.47B | 3.06B | 2.28B | 1.72B | 1.41B | 1.2B | 0 | 0 | 0 | 46.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 2.26B | 2.24B | 2.05B | 1.86B | 1.71B | 1.75B | 2.02B | 1.01B | 1.96B | 6.96B | 7.03B | 7.98B | 5.07B | 4.25B | 3.25B | 2.65B | 2.01B | 1.92B | 1.45B | 1.18B | 891.46M | 1.18B | 1.02B | 1.27B | 1.12B | 712.07M | 490.81M | 516.93M |
| Other Assets | 299.09M | 374.4M | 197M | 201.5M | 194.3M | 150.4M | 144.9M | 76.6M | 2.07B | 8.38B | 8.37B | 9.76B | 6.32B | 4.98B | 4.35B | 3.99B | 3.69B | 3.69B | 3.79B | 3.86B | 4.1B | 4.55B | 4.87B | 7.01B | 3.41B | 1.22B | 1.02B | 1.17B |
| Total Current Assets | 7.18B | 7.15B | 6.51B | 6.06B | 5.76B | 5.88B | 6.12B | 8.57B | 7.07B | 23.42B | 22.26B | 25.24B | 14.53B | 12.29B | 10.01B | 9.46B | 8.32B | 9.83B | 11.66B | 11.8B | 10.36B | 11.22B | 10.34B | 10.53B | 6.42B | 4.98B | 4.06B | 2.59B |
| Total Non-Current Assets | 5.77B | 5.77B | 5.31B | 4.73B | 4.39B | 4.28B | 4.4B | 2B | 4.22B | 16.19B | 15.98B | 20.7B | 11.51B | 9.32B | 7.7B | 6.75B | 5.69B | 5.66B | 5.38B | 5.05B | 4.99B | 5.74B | 5.89B | 8.28B | 4.53B | 1.93B | 1.51B | 1.69B |
| Total Assets | 12.95B | 12.92B | 11.82B | 10.78B | 10.14B | 10.15B | 10.52B | 10.57B | 11.29B | 39.61B | 38.24B | 45.93B | 26.04B | 21.62B | 17.71B | 16.2B | 14.01B | 15.49B | 17.04B | 16.85B | 15.35B | 16.96B | 16.23B | 18.81B | 10.95B | 6.92B | 5.57B | 4.28B |
| Asset Growth % | 38.37% | 9.27% | 9.66% | 6.31% | -0.13% | -3.43% | -0.53% | -6.38% | -71.49% | 3.57% | -16.75% | 76.4% | 20.46% | 22.08% | 9.27% | 15.64% | -9.52% | -9.1% | 1.14% | 9.75% | -9.5% | 4.49% | -13.72% | 71.87% | 58.21% | 24.22% | 30.13% | - |
| Return on Assets (ROA) | 2.47% | 2.84% | 3.12% | 1.57% | -1.83% | -0.43% | -6.94% | -2.95% | -0.7% | 2.24% | 1.38% | 0.76% | 3.51% | 3.71% | 3.83% | 1.35% | 3.74% | 4.98% | 4.52% | 6.35% | 5.22% | 6.27% | 5.79% | 2.89% | 6.37% | 10.22% | 12.54% | 9.9% |
| Accounts Payable | 1.28B | 1.18B | 1.01B | 821.78M | 757.92M | 510M | 502.3M | 358M | 892.1M | 2.73B | 3.11B | 4.07B | 2.45B | 2.16B | 1.42B | 1.52B | 2.55B | 2.37B | 2.13B | 1.91B | 1.97B | 154.88M | 1.49B | 1.28B | 825.3M | 516.05M | 513.77M | 58.16M |
| Total Debt | 2.81B | 2.71B | 2.6B | 2.98B | 3.27B | 4.09B | 4.51B | 147.2M | 3.99B | 15.09B | 13.49B | 15.41B | 7.27B | 5.53B | 4.61B | 3.88B | 3.23B | 4.51B | 4.6B | 4.68B | 4.72B | 5.55B | 6.26B | 8.84B | 3.84B | 2.14B | 1.69B | 159.2M |
| Net Debt | 1.49B | 762.1M | 1.04B | 1.35B | 1.46B | 2.27B | 2.63B | -708M | 2.71B | 10.89B | 9.44B | 6.89B | 2.99B | 1.94B | 1.25B | 1.41B | 901.13M | 1.74B | 1.01B | 1.95B | 2.1B | 1.09B | 3.04B | 4.85B | 2.16B | 687.37M | -595.68M | -446.38M |
| Long-Term Debt | 2.59B | 2.49B | 2.38B | 2.76B | 2.89B | 3.45B | 4.07B | 89.7M | 3.49B | 13.75B | 11.75B | 14.51B | 7.02B | 5.33B | 3.96B | 2.85B | 2.92B | 3.24B | 3.28B | 2.49B | 2.78B | 3.68B | 3.95B | 6.06B | 3.02B | 1.07B | 954.28M | 159.2M |
| Short-Term Debt | 117.49M | 105.3M | 113.8M | 127.1M | 308.5M | 574.2M | 375.5M | 18.9M | 503.3M | 1.34B | 1.74B | 903.33M | 250.11M | 194.79M | 650.31M | 1.03B | 307.95M | 1.27B | 1.33B | 2.2B | 1.93B | 1.86B | 2.31B | 2.79B | 820.78M | 1.07B | 739.31M | 0 |
| Other Liabilities | 578M | 607.6M | 409.2M | 291.8M | 258.6M | 194M | 259.6M | 125.9M | 313.4M | 1.2B | 1.39B | 1.42B | 1.48B | 1.43B | 1.85B | 1.87B | 950.06M | 1.5B | 2.09B | 2.53B | 1.89B | 1.86B | 2.01B | 1.34B | 929.65M | 569.65M | 377.83M | 733.15M |
| Total Current Liabilities | 4.85B | 4.76B | 4.42B | 3.67B | 3.22B | 2.83B | 2.43B | 6.39B | 3.03B | 9.27B | 10.53B | 12.12B | 6.39B | 6.17B | 5.21B | 5.2B | 3.99B | 4.79B | 6.99B | 6.97B | 6.48B | 6.2B | 6.18B | 7.69B | 4.19B | 3.28B | 2.56B | 2.34B |
| Total Non-Current Liabilities | 4.44B | 4.35B | 4.06B | 4.08B | 4.1B | 4.55B | 5.18B | 571.9M | 4.32B | 16.52B | 14.86B | 18.68B | 9.99B | 7.71B | 6.24B | 5.3B | 4.79B | 5.67B | 5.56B | 5.03B | 4.68B | 5.9B | 6.38B | 7.39B | 3.95B | 1.64B | 1.48B | 892.35M |
| Total Liabilities | 9.29B | 9.11B | 8.48B | 7.74B | 7.32B | 7.38B | 7.61B | 6.96B | 7.35B | 25.79B | 25.4B | 30.8B | 16.37B | 13.87B | 11.45B | 10.5B | 8.78B | 10.46B | 12.55B | 12B | 11.16B | 12.1B | 12.56B | 15.08B | 8.14B | 4.92B | 4.04B | 3.23B |
| Total Equity | 3.64B | 3.81B | 3.34B | 3.04B | 2.82B | 2.77B | 2.91B | 3.61B | 3.85B | 13.44B | 12.54B | 14.73B | 9.42B | 7.53B | 6.09B | 5.5B | 5.06B | 4.87B | 4.35B | 4.7B | 4.05B | 4.73B | 3.61B | 3.69B | 2.78B | 1.98B | 1.51B | 1.05B |
| Equity Growth % | 50.32% | 13.97% | 10.05% | 7.61% | 1.78% | -4.56% | -19.56% | -6.01% | -71.39% | 7.17% | -14.84% | 56.41% | 25.03% | 23.75% | 10.62% | 8.77% | 3.94% | 11.73% | -7.31% | 15.91% | -14.3% | 30.9% | -2.17% | 32.63% | 40.45% | 31.14% | 44.03% | - |
| Equity / Assets (Capital Ratio) | 28.12% | 29.5% | 28.29% | 28.19% | 27.85% | 27.33% | 27.65% | 34.19% | 34.05% | 33.94% | 32.8% | 32.06% | 36.16% | 34.84% | 34.37% | 33.95% | 36.09% | 31.42% | 25.56% | 27.89% | 26.41% | 27.89% | 22.26% | 19.63% | 25.44% | 28.66% | 27.14% | 24.52% |
| Return on Equity (ROE) | 8.31% | 9.83% | 11.04% | 5.59% | -6.62% | -1.57% | -22.44% | -8.64% | -2.06% | 6.72% | 4.27% | 2.26% | 9.88% | 10.71% | 11.21% | 3.87% | 11.11% | 17.58% | 16.93% | 23.36% | 19.21% | 24.93% | 27.77% | 13.27% | 23.85% | 36.52% | 48.21% | 40.39% |
| Book Value per Share | 20.24 | 20.80 | 18.21 | 16.55 | 15.38 | 15.11 | 15.80 | 19.65 | 20.94 | 73.17 | 68.05 | 80.31 | 51.07 | 41.05 | 33.45 | 30.36 | 27.94 | 26.89 | 23.99 | 25.36 | 21.82 | 26.08 | 20.02 | 20.59 | 15.87 | 20.69 | 17.05 | 8.58 |
| Tangible BV per Share | 4.75 | 5.95 | 4.58 | 3.86 | 3.15 | 3.06 | 4.52 | 14.79 | 10.60 | 39.28 | 38.58 | 50.15 | 33.97 | 28.17 | 23.61 | 22.59 | 21.33 | 26.75 | 23.83 | 25.36 | 21.57 | 26.08 | 20.02 | 20.59 | 15.87 | 20.69 | 17.05 | 8.58 |
| Common Stock | 988.06M | 1.55B | 1.55B | 1.55B | 1.55B | 1.55B | 1.55B | 1.55B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.55B | 4.76B | 4.69B | 5.66B | 3.6B | 3.06B | 2.69B | 2.63B | 0 | 0 | 0 | 0 | 0 | 0 | 22.29M | 26.38M | 21.34M | 16.23M | 0 | 0 |
| Retained Earnings | 33.48M | 0 | 0 | 0 | 0 | 0 | -31.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -150.01M | 1.86B | 1.67B | 943.11M | 999.51M | 626.72M | 570.9M | 315.19M | 1.02B | 0 | 0 |
| Accumulated OCI | 2.64B | 2.05B | 1.5B | 1.22B | 1B | 1.11B | 1.26B | 1.96B | 2.29B | 8.72B | 7.93B | 9.08B | 5.89B | 4.63B | 3.65B | 3.18B | 18.2M | 29.79M | 23.85M | 31.22M | 0 | 142.06M | 305.1M | 268.73M | 171.99M | 111.9M | 58.69M | 342.36M |
| Treasury Stock | -391.57M | -215M | -28.2M | -28.2M | -28.2M | -28.2M | -14.17M | -26.5M | -31.4M | -171.33M | -160.2M | -151.15M | -150.32M | -221.22M | -287.99M | -336.04M | -306.78M | -320.05M | -362.29M | -1.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital and FX volatility
According to quarterly financial data, Embraer's total assets have expanded from $10.8 billion in 2024Q1 to $13.0 billion in 2026Q1, yet this growth is accompanied by persistent fluctuations in equity and debt levels that suggest a complex, cyclical path toward long-term balance sheet strengthening.
The expansion in the asset base appears driven by inventory accumulation and ongoing capital investment, yet the inconsistent trajectory of retained earnings indicates that the company has struggled to build a permanent equity cushion. Investors should monitor whether the recent asset growth translates into sustained operational efficiency or if it merely reflects temporary working capital bloat.
As reported in recent balance sheet filings, Embraer has successfully reduced its debt-to-equity ratio from 0.98 in 2023Q4 to 0.77 by 2026Q1, signaling a strategic effort to deleverage despite the inherent capital intensity of the aerospace manufacturing sector and its associated financing requirements.
While the reduction in leverage is a positive development, the absolute debt level remains significant at $2.8 billion, necessitating careful management of interest obligations. The reliance on debt to fund long-cycle projects warrants further investigation into the company's refinancing risk, particularly if delivery schedules face further supply chain-related delays.
Based on the latest quarterly reports, Embraer maintains a current ratio of 1.48, which provides a moderate buffer against short-term shocks, though the cash position has shown significant volatility, dropping from $2.6 billion in 2025Q4 to $2.1 billion in 2026Q1 due to working capital demands.
The fluctuation in cash reserves appears to be a direct consequence of the lumpy nature of aircraft deliveries and the timing of customer advances. This liquidity profile suggests that while the company is not currently facing an immediate funding crisis, it remains highly sensitive to any disruption in the cash conversion cycle.
Analysis of the balance sheet reveals that Embraer's net PPE has grown to $2.3 billion as of 2026Q1, which may mask potential impairment risks if the E2 platform or other new programs fail to achieve the anticipated market penetration and margin targets over the coming years.
The concentration of value in specialized manufacturing assets makes the balance sheet vulnerable to shifts in aerospace demand or technological obsolescence. Furthermore, the minimal goodwill reported suggests that the company has avoided aggressive M&A-driven balance sheet inflation, but it also highlights that the firm's value is almost entirely tied to its internal R&D and production capabilities.
Quick answers to the most common questions about buying EMBJ stock.
As of 2025, Embraer S.A. (EMBJ) had total assets of $12.92B including $7.15B in current assets.
Embraer S.A. (EMBJ) carries total debt of $2.71B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Embraer S.A. (EMBJ) has total shareholders' equity (book value) of $3.44B ($20.80 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Embraer S.A. (EMBJ) reported a current ratio of 1.50x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.