The company's financial position appears strained, with total equity declining significantly to $14.8 million by 2026Q1, reflecting the impact of sustained net losses.
| Total Current Assets | 245.83M | 249.94M | 243.04M | 174.9M | 149.9M | 113.27M | 132.3M | 95.84M | 99.44M | 39.38M | 12.52M |
| Cash & Short-Term Investments | 68.1M | 75.57M | 90.35M | 40.03M | 66.36M | 53.41M | 84.52M | 37.66M | 52.64M | 10.86M | 479K |
| Cash Only | 68.1M | 75.57M | 90.35M | 40.03M | 66.36M | 53.41M | 84.52M | 37.66M | 52.64M | 10.86M | 479K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 77.08M | 77.5M | 65M | 46.92M | 35.42M | 24.44M | 19.13M | 22.77M | 17.65M | 13.11M | 6.65M |
| Days Sales Outstanding | 117.69 | 134.01 | 142.9 | 103.69 | 79.96 | 70.41 | 82.45 | 92.78 | 105.24 | 137.96 | 122.55 |
| Inventory | 86.66M | 85.61M | 78.77M | 79.47M | 36.58M | 28.41M | 23.21M | 28.66M | 24.84M | 13.17M | 4.8M |
| Days Inventory Outstanding | 471.39 | 482.46 | 508.84 | 498.62 | 242.32 | 251.19 | 263.31 | 301.43 | 361.44 | 283.18 | 180.53 |
| Other Current Assets | 13.99M | 11.26M | 2.61M | 2.42M | 1.57M | 1.77M | 2.09M | 1.27M | 4.3M | 0 | 0 |
| Total Non-Current Assets | 105.21M | 107.23M | 103.79M | 93.74M | 61.16M | 26.26M | 24.09M | 20.69M | 17.14M | 17.71M | 17.04M |
| Property, Plant & Equipment | 78.58M | 79.95M | 83.59M | 80.59M | 54.79M | 20.86M | 18.81M | 16.42M | 12.91M | 13.5M | 13.23M |
| Fixed Asset Turnover | 2.87x | 2.64x | 1.99x | 2.05x | 2.95x | 6.07x | 4.50x | 5.46x | 4.74x | 2.57x | 1.50x |
| Goodwill | 1.21M | 1.21M | 1.21M | 465K | 465K | 465K | 465K | 465K | 465K | 465K | 255K |
| Intangible Assets | 9.3M | 9.94M | 11.68M | 7.99M | 4.61M | 4.37M | 4.15M | 3.44M | 3.44M | 3.4M | 2.1M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 75K | 171K |
| Other Non-Current Assets | 16.11M | 16.12M | 7.31M | 4.7M | 1.29M | 558K | 664K | 368K | 315K | 347K | 1.46M |
| Total Assets | 351.04M | 357.17M | 346.83M | 268.64M | 211.06M | 139.53M | 156.39M | 116.53M | 116.57M | 57.09M | 29.56M |
| Asset Turnover | 0.67x | 0.59x | 0.48x | 0.61x | 0.77x | 0.91x | 0.54x | 0.77x | 0.53x | 0.61x | 0.67x |
| Asset Growth % | 43.8% | 2.98% | 29.11% | 27.28% | 51.27% | -10.78% | 34.2% | -0.04% | 104.17% | 93.14% | - |
| Total Current Liabilities | 83.15M | 82.14M | 68.28M | 57.15M | 38.96M | 31.89M | 25.9M | 23.24M | 16.45M | 57.44M | 54.57M |
| Accounts Payable | 41.81M | 43.11M | 44.76M | 41.62M | 20.03M | 14.47M | 9.72M | 10.37M | 6.24M | 9.13M | 7.28M |
| Days Payables Outstanding | 239.53 | 242.94 | 289.16 | 261.16 | 132.7 | 127.99 | 110.29 | 109.02 | 90.76 | 196.29 | 273.83 |
| Short-Term Debt | 0 | 12.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24.09M | 39.8M |
| Deferred Revenue (Current) | 3.24M | 0 | 1.75M | 1.84M | 1.69M | 769K | 1.21M | 785K | 908K | 2.33M | 1.2M |
| Other Current Liabilities | 41.34M | 24.91M | 5.53M | 4.57M | 9.88M | 9.08M | 8.63M | 7.53M | 4.12M | 21.89M | 6.29M |
| Current Ratio | 2.96x | 3.04x | 3.56x | 3.06x | 3.85x | 3.55x | 5.11x | 4.12x | 6.05x | 0.69x | 0.23x |
| Quick Ratio | 1.91x | 2.00x | 2.41x | 1.67x | 2.91x | 2.66x | 4.21x | 2.89x | 4.54x | 0.46x | 0.14x |
| Cash Conversion Cycle | 349.55 | 373.53 | 362.59 | 341.16 | 189.58 | 193.6 | 235.46 | 285.19 | 375.91 | 224.85 | 29.24 |
| Total Non-Current Liabilities | 253.1M | 251.48M | 225.46M | 193.1M | 180.29M | 56.9M | 55.53M | 53.67M | 30.64M | 4.67M | 1.43M |
| Long-Term Debt | 2.41M | 247.52M | 219.58M | 188.74M | 175.46M | 51.91M | 49.83M | 48.14M | 22.32M | 0 | 0 |
| Capital Lease Obligations | 11.57M | 2.82M | 4.2M | 2.71M | 3.2M | 1.9M | 1.92M | 0 | 0 | 599K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.58M | 0 | 0 |
| Other Non-Current Liabilities | 250.69M | 0 | 554K | 147K | -44K | 703K | 1.91M | 4.19M | 7.13M | 4.07M | 1.43M |
| Total Liabilities | 336.25M | 333.62M | 293.74M | 250.25M | 219.25M | 88.79M | 81.43M | 76.92M | 47.09M | 62.11M | 56M |
| Total Debt | 2.41M | 264.47M | 225.29M | 192.22M | 179.35M | 54.21M | 52.54M | 48.4M | 22.32M | 24.09M | 38.15M |
| Net Debt | -65.69M | 188.9M | 134.95M | 152.19M | 112.99M | 793K | -31.98M | 10.74M | -30.32M | 13.22M | 37.67M |
| Debt / Equity | 0.16x | 11.23x | 4.24x | 10.45x | - | 1.07x | 0.70x | 1.22x | 0.32x | - | - |
| Debt / EBITDA | -0.10x | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 2.70x | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -0.96x | -1.30x | -3.06x | -4.11x | -5.19x | -3.38x | -3.06x | -3.31x | -1.37x | -2.34x | -5.45x |
| Total Equity | 14.78M | 23.55M | 53.09M | 18.39M | -8.19M | 50.74M | 74.96M | 39.61M | 69.48M | -5.01M | -26.43M |
| Equity Growth % | -216.72% | -55.65% | 188.64% | 324.74% | -116.13% | -32.31% | 89.23% | -42.99% | 1486.1% | 81.04% | - |
| Book Value per Share | 0.50 | 0.79 | 1.89 | 0.72 | -0.33 | 2.12 | 3.21 | 1.93 | 4.00 | -0.27 | -1.43 |
| Total Shareholders' Equity | 14.78M | 23.55M | 53.09M | 18.39M | -8.19M | 50.74M | 74.96M | 39.61M | 69.48M | -5.01M | -26.43M |
| Common Stock | 434.53M | 433.38M | 420.36M | 315.63M | 223.64M | 219.74M | 213.47M | 147.69M | 145.71M | 41.27M | 7.12M |
| Retained Earnings | -509.14M | -495.76M | -444.69M | -360.1M | -281.59M | -206.38M | -165.25M | -127.13M | -88.97M | -67.88M | -32.98M |
| Treasury Stock | 0 | -2.85M | -2.85M | -2.85M | -2.85M | -2.85M | -2.85M | -2.85M | -2.85M | -6.46M | -3.61M |
| Accumulated OCI | 2.37M | 1.16M | 3.29M | 1.96M | 2.71M | 3.66M | 2.87M | 691K | 449K | 76K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital Dilution and Liquidity
As reported in financial statements, Establishment Labs' equity has contracted from $56.9 million in 2024Q1 to $14.8 million by 2026Q1, a trend that suggests the company is rapidly consuming its net worth to fund ongoing international operations and regulatory-related expenditures in the absence of profitability.
The consistent decline in retained earnings, which reached -$509.1 million in 2026Q1, indicates that the business model is currently unable to generate sufficient internal capital to offset its operating losses. This trajectory implies that the company's long-term viability is increasingly dependent on external financing rather than organic value creation.
Based on the provided balance sheet data, the debt-to-equity ratio spiked to 11.23 in 2025Q4 before settling at 0.16 in 2026Q1, a volatility that suggests the company is managing a precarious capital structure while attempting to navigate the high costs of global market expansion.
The significant fluctuation in leverage metrics warrants further investigation into the nature of the company's debt instruments and their associated covenants. Investors should monitor whether these debt levels represent a strategic bridge to US market entry or a necessity-driven reliance on credit to sustain basic operations.
According to recent SEC filings, the company's cash position of $68.1 million in 2026Q1, when viewed against a backdrop of persistent negative operating margins, suggests a limited buffer that may necessitate further capital raises to maintain current growth initiatives and support the ongoing FDA approval process.
While the current ratio of 2.96 appears healthy on the surface, the underlying cash burn rate implies that liquidity could tighten rapidly if revenue growth fails to translate into positive cash flow. The reliance on cash reserves to cover operating deficits highlights a vulnerability to any unforeseen delays in commercial milestones.
Analysis of the balance sheet reveals that net PPE of $78.6 million represents a substantial portion of total assets, which suggests that the company's valuation is heavily tied to its physical manufacturing infrastructure in Costa Rica rather than intangible assets or high-margin intellectual property alone.
This asset-heavy profile implies that the company faces significant operational risk if its manufacturing facility experiences disruptions or if demand for its specific implant technology shifts. The relatively low goodwill balance suggests that the company has grown primarily through internal development, which may limit the risk of future impairment charges but increases the burden of maintaining high-cost production assets.
Quick answers to the most common questions about buying ESTA stock.
As of 2025, Establishment Labs Holdings Inc. (ESTA) had total assets of $357.2M including $249.9M in current assets.
Establishment Labs Holdings Inc. (ESTA) carries total debt of $264.5M, offset by $75.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Establishment Labs Holdings Inc. (ESTA) has total shareholders' equity (book value) of $23.5M ($0.79 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Establishment Labs Holdings Inc. (ESTA) reported a current ratio of 3.04x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.