The company's financial position is increasingly fragile, evidenced by a debt-to-equity ratio that reached 15.17 in 2025Q4 and a total asset base that has contracted to $250.1 million as of 2026Q1.
| Total Current Assets | 41.9M | 68.52M | 71.88M | 91.36M | 84.53M | 607.26M | 14.44M | 19.03M |
| Cash & Short-Term Investments | 12.26M | 34.93M | 7.14M | 4.03M | 16.97M | 505.09M | 1.12M | 2.22M |
| Cash Only | 12.26M | 34.93M | 7.14M | 4.03M | 16.97M | 505.09M | 1.12M | 2.22M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 658K | 600K | 0 | 7K | 0 | 0 | 40K | 0 |
| Days Sales Outstanding | 852.66 | 408.58 | - | 3.26 | - | - | - | - |
| Inventory | 1.47M | 3.26M | 27.49M | 34.23M | 4.46M | 0 | 0 | 0 |
| Days Inventory Outstanding | 28.98 | 12.1 | 119.39 | 293.23 | - | - | - | - |
| Other Current Assets | 21.88M | 12.12M | 1.32M | 39.79M | 4.6M | 27.68M | 12.51M | 15.85M |
| Total Non-Current Assets | 208.24M | 209.34M | 353.52M | 477.13M | 444.76M | 300.18M | 301.94M | 296.18M |
| Property, Plant & Equipment | 161.79M | 160.25M | 350.35M | 434.3M | 438.27M | 293.13M | 293.93M | 292.53M |
| Fixed Asset Turnover | 0.00x | 0.00x | 0.00x | 0.00x | - | - | - | - |
| Goodwill | 23.69M | 25.76M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 4.65M | 4.64M | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 18.11M | 18.68M | 3.17M | 4.88M | 6.49M | 7.04M | 7.57M | 3.66M |
| Total Assets | 250.14M | 277.86M | 425.4M | 568.49M | 529.29M | 907.43M | 316.38M | 315.22M |
| Asset Turnover | 0.00x | 0.00x | 0.00x | 0.00x | - | - | - | - |
| Asset Growth % | -116.19% | -34.68% | -25.17% | 7.41% | -41.67% | 186.82% | 0.37% | - |
| Total Current Liabilities | 117.91M | 148.17M | 192.71M | 261.18M | 268.25M | 293.81M | 849.05M | 706.13M |
| Accounts Payable | 53.37M | 57.28M | 71.41M | 93.17M | 91.6M | 37.77M | 86.6M | 68.65M |
| Days Payables Outstanding | 246.48 | 212.67 | 310.2 | 798.16 | - | - | - | - |
| Short-Term Debt | 8.45M | 7.94M | 9.53M | 100.91M | 14.06M | 146.03M | 481.55M | 413.5M |
| Deferred Revenue (Current) | 11.74M | 4.38M | 3.03M | 3.25M | 3.57M | 4.35M | 3.52M | 0 |
| Other Current Liabilities | 34.06M | 17.4M | 45.79M | 9.82M | 115.47M | 11.78M | 139.03M | 145.79M |
| Current Ratio | 0.36x | 0.46x | 0.37x | 0.35x | 0.32x | 2.07x | 0.02x | 0.03x |
| Quick Ratio | 0.34x | 0.44x | 0.23x | 0.22x | 0.30x | 2.07x | 0.02x | 0.03x |
| Cash Conversion Cycle | 635.17 | 208.01 | - | -501.67 | - | - | - | - |
| Total Non-Current Liabilities | 112.99M | 121.93M | 117.73M | 79.08M | 60.05M | 45.97M | 46.67M | 48.75M |
| Long-Term Debt | 44.7M | 57.01M | 48.02M | 0 | 26.01M | 34.68M | 9.17M | 0 |
| Capital Lease Obligations | 207.81M | 50.34M | 38.71M | 39.79M | 24.61M | 7.57M | 36.5M | 41.16M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 37.95M | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 8.41M | 14.59M | 31M | 1.34M | 9.43M | 3.72M | 1M | 7.59M |
| Total Liabilities | 230.9M | 270.1M | 310.43M | 340.26M | 328.3M | 339.78M | 895.72M | 754.88M |
| Total Debt | 113.03M | 117.68M | 99.15M | 144.32M | 68.58M | 190.85M | 531.62M | 454.67M |
| Net Debt | 100.77M | 82.75M | 92.01M | 140.29M | 51.62M | -314.24M | 530.5M | 452.45M |
| Debt / Equity | 5.87x | 15.17x | 0.86x | 0.63x | 0.34x | 0.34x | - | - |
| Debt / EBITDA | -1.00x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.89x | - | - | - | - | - | - | - |
| Interest Coverage | -47.62x | -44.90x | -20.45x | -140.94x | -62.79x | -10.02x | -0.88x | - |
| Total Equity | 19.24M | 7.76M | 114.97M | 228.24M | 200.99M | 567.65M | -579.34M | -439.66M |
| Equity Growth % | -364.45% | -93.25% | -49.63% | 13.55% | -64.59% | 197.98% | -31.77% | - |
| Book Value per Share | 0.09 | 0.06 | 6.20 | 947.55 | 5253.87 | 23348.72 | -35409.69 | -26874.21 |
| Total Shareholders' Equity | -12.39M | -27.34M | 114.97M | 228.24M | 200.99M | 567.65M | -579.34M | -439.66M |
| Common Stock | 29K | 21K | 6K | 4K | 0 | 17K | 15K | 0 |
| Retained Earnings | -4.74B | -4.71B | -4.31B | -3.96B | -3.53B | -2.91B | -2.39B | -2.24B |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 2.57M | 3.82M | 7.74M | 5.86M | 3.5M | -6.95M | -5.97M | -3.28M |
| Minority Interest | 31.64M | 35.1M | 0 | 0 | 0 | 0 | 0 | 0 |
Insolvency and extreme dilution
As reported in recent financial statements, FFAI's total assets have contracted from $568.5 million in 2023Q4 to $250.1 million in 2026Q1, reflecting a persistent liquidation of the company's resource base to fund ongoing operational deficits and sustain its high-burn manufacturing model.
The consistent decline in total assets suggests that the company is consuming its capital base faster than it can replenish it through financing. This trajectory indicates that the business model remains fundamentally unviable without continuous, dilutive capital injections to offset the rapid depletion of resources.
Based on the company's 2025Q4 filings, the debt-to-equity ratio reached an extreme 15.17, illustrating a capital structure that is heavily reliant on debt financing despite the company's inability to generate positive operating cash flows to service these obligations.
The high leverage ratio, combined with the negative equity position observed in recent quarters, suggests that the company is operating in a state of technical insolvency. Investors should monitor the company's ability to refinance these debt loads, as the current balance sheet provides little cushion against further operational setbacks.
According to the 2026Q1 balance sheet, FFAI maintains a current ratio of 0.36, which indicates that the company's liquid assets are insufficient to cover its short-term liabilities, leaving it highly vulnerable to sudden liquidity shocks or a cessation of external funding.
A current ratio consistently below 0.50 suggests that the company is perpetually reliant on emergency financing to meet its immediate obligations. This lack of liquidity buffer implies that the company's survival is contingent upon the willingness of capital markets to provide ongoing, high-risk funding.
As evidenced by the shift to a negative equity position of -$12.4 million in 2026Q1, the company's cumulative losses have now exceeded its total capital contributions, signaling a severe erosion of shareholder value over the observed period.
The transition into negative equity is a clear indicator of the persistent, large-scale losses that have characterized the company's operations. This trend suggests that the capital structure is no longer supporting the business, and future growth will likely require significant dilution of existing shareholders.
Based on the provided data, the presence of $23.7 million in goodwill as of 2026Q1 warrants further investigation, as it may represent an overvaluation of intangible assets that could be subject to significant impairment charges in a restructuring scenario.
Given the company's distressed financial state, the carrying value of these intangible assets may not reflect their true market value in a liquidation event. Investors should be cautious, as these non-cash assets often mask the true extent of the company's capital impairment.
Quick answers to the most common questions about buying FFAI stock.
As of 2025, Faraday Future Intelligent Electric Inc. (FFAI) had total assets of $277.9M including $68.5M in current assets.
Faraday Future Intelligent Electric Inc. (FFAI) carries total debt of $117.7M, offset by $34.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Faraday Future Intelligent Electric Inc. (FFAI) has total shareholders' equity (book value) of $-27.3M ($0.06 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Faraday Future Intelligent Electric Inc. (FFAI) reported a current ratio of 0.46x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.