The company maintains a highly leveraged capital structure with a debt-to-equity ratio of 70.22 and a critically low current ratio of 0.11 as of 2026Q1.
| Cash & Short Term Investments | 646.86M | 324.65M | 47.38M | 46.48M | 61.15M | 143.49M | 247.29M | 118.08M | 25K |
| Cash & Due from Banks | 108M | 324.65M | 47.38M | 46.48M | 61.15M | 143.49M | 247.29M | 118.08M | 25K |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 30.54B | 29.35B | 28.07B | 25.96B | 19.27B | 19.98B | 18.4B | 0 | -114K |
| Investments Growth % | 28.62% | 4.56% | 8.13% | 34.7% | -3.53% | 8.58% | - | 100% | - |
| Long-Term Investments | 119.46B | 29.35B | 28.07B | 25.96B | 19.27B | 19.98B | 18.4B | 0 | 0 |
| Accounts Receivables | 0 | 26.43M | 20.93M | 27.49M | 53.26M | 60.07M | 67.01M | 0 | 0 |
| Goodwill & Intangibles | 170.32M | 179.62M | 216.34M | 259.97M | 392.21M | 1.03B | 318.85M | 142.48M | 143.97M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 121.23M | 121.14M | 119.28M |
| Intangible Assets | 170.32M | 179.62M | 216.34M | 259.97M | 392.21M | 1.03B | 197.62M | 21.34M | 24.7M |
| PP&E (Net) | 0 | 21.99M | 24.36M | 29.37M | 37.06M | 91.78M | 71.12M | 84.08M | 30.48M |
| Other Assets | 236.5M | 827.89M | 720.05M | 691.64M | 976.6M | 399.67M | 388.3M | 16.24B | 13.46B |
| Total Current Assets | 376.61M | 324.65M | 122.26M | 162.87M | 192M | 287.08M | 386.15M | 118.08M | 91.88M |
| Total Non-Current Assets | 30.95B | 30.41B | 29.03B | 26.94B | 20.68B | 21.5B | 19.18B | 16.47B | 13.63B |
| Total Assets | 31.33B | 30.73B | 29.16B | 27.11B | 20.87B | 21.79B | 19.57B | 16.58B | 13.73B |
| Asset Growth % | 24.59% | 5.41% | 7.56% | 29.87% | -4.21% | 11.37% | 17.98% | 20.82% | - |
| Return on Assets (ROA) | 0.11% | 0.15% | 0.06% | -0.33% | -0.89% | -1.22% | 2.87% | 0.36% | 0.23% |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 30.76B | 30.21B | 28.72B | 26.63B | 20.12B | 20.31B | 18.46B | 3.9B | 3.3B |
| Net Debt | 30.65B | 29.88B | 28.67B | 26.58B | 20.06B | 20.16B | 18.21B | 3.78B | 3.3B |
| Long-Term Debt | 27.37B | 28.98B | 27.41B | 25.33B | 18.74B | 16.89B | 15.4B | 3.9B | 3.3B |
| Short-Term Debt | 3.36B | 40.59M | 1.28B | 1.27B | 1.34B | 3.36B | 3.02B | 0 | 0 |
| Other Liabilities | 134.39M | 130.73M | 89.58M | 180.76M | 267.63M | 134.61M | 242.25M | 11.88B | 9.74B |
| Total Current Liabilities | 3.36B | 40.59M | 1.29B | 1.28B | 1.42B | 3.6B | 3.25B | 135.56M | 91.97M |
| Total Non-Current Liabilities | 27.53B | 30.3B | 27.55B | 25.55B | 19.05B | 17.11B | 15.69B | 15.78B | 13.04B |
| Total Liabilities | 30.89B | 30.34B | 28.84B | 26.84B | 20.47B | 20.71B | 18.94B | 15.91B | 13.13B |
| Total Equity | 438M | 395.63M | 315.66M | 272.41M | 404.84M | 1.08B | 628.04M | 670.79M | 89.35K |
| Equity Growth % | 104.91% | 25.33% | 15.88% | -32.71% | -62.62% | 72.44% | -6.37% | 750615.13% | - |
| Equity / Assets (Capital Ratio) | 1.4% | 1.29% | 1.08% | 1% | 1.94% | 4.97% | 3.21% | 4.04% | 0% |
| Return on Equity (ROE) | 7.78% | 12.72% | 5.27% | -23.65% | -25.63% | -29.45% | 79.82% | 16.22% | 35882% |
| Book Value per Share | 55.48 | 46.65 | 31.79 | 33.23 | 21.41 | 57.17 | 218.45 | 207.39 | 0.02 |
| Tangible BV per Share | 33.91 | 25.47 | 10.00 | 1.52 | 0.67 | 2.75 | 107.55 | 163.34 | -40.03 |
| Common Stock | 1K | 1K | 1K | 1K | 6K | 6K | 0 | 482.72M | 427.39M |
| Additional Paid-in Capital | 984.13M | 977.82M | 954.47M | 946.94M | 888.49M | 831.62M | 0 | 0 | 0 |
| Retained Earnings | -636.15M | -653.66M | -698.89M | -714.38M | -634.29M | -443.61M | 0 | 0 | 0 |
| Accumulated OCI | -285K | -285K | -276K | -249K | -273K | -110K | 9K | -51K | -98K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Extreme leverage and liquidity
As reported in recent SEC filings, FOA's total assets have expanded to $31.3 billion by 2026Q1, yet this growth is almost entirely offset by a corresponding rise in liabilities, leaving the company's equity base thin and highly susceptible to volatility in fair value asset adjustments.
The expansion of the balance sheet appears to be driven by the accumulation of mortgage-related assets rather than organic capital growth. This trajectory suggests that the company is increasingly reliant on debt-funded asset growth, which may limit its flexibility as it navigates the transition away from forward mortgage operations.
Based on financial statements, FOA maintains a precarious debt-to-equity ratio of 70.22 as of 2026Q1, reflecting a reliance on warehouse credit facilities that leaves the firm highly exposed to interest rate fluctuations and potential margin calls on its non-agency loan portfolio.
The extreme leverage levels indicate that the company's capital structure is built for high-volume, low-margin lending, which is inherently risky in a volatile rate environment. Investors should monitor whether this debt load can be sustained if the fair value of the underlying mortgage servicing rights continues to fluctuate.
According to quarterly data, FOA's current ratio has remained consistently low, dropping to 0.11 in 2026Q1, which suggests that the company lacks the immediate liquid assets necessary to cover its short-term obligations without continuous access to external financing markets.
The persistent inability to maintain a healthy current ratio highlights a structural liquidity risk that could be exacerbated by any disruption in the secondary mortgage market. This tight liquidity position appears to leave little room for error in managing the company's operational cash burn.
As indicated by the company's reported figures, retained earnings have remained deeply negative, reaching -$636.2 million in 2026Q1, which underscores the long-term impact of operational losses and the difficulty of building a sustainable capital base through internal earnings generation.
The erosion of equity suggests that the company has struggled to achieve consistent profitability, forcing a reliance on external capital to maintain operations. This trend warrants further investigation into whether the current strategic pivot can realistically reverse the long-term trend of capital depletion.
Based on the provided balance sheet data, FOA carries $170.3 million in goodwill as of 2026Q1, a figure that may be subject to future impairment charges if the expected synergies from the reverse mortgage pivot fail to materialize in the current high-rate environment.
The presence of significant goodwill on a thin equity base creates a risk of balance sheet impairment that could further weaken the company's financial position. Investors should consider that these intangible assets may not provide the same level of support as tangible capital during periods of market stress.
Quick answers to the most common questions about buying FOA stock.
As of 2025, Finance Of America Companies Inc. (FOA) had total assets of $30.73B including $324.6M in current assets.
Finance Of America Companies Inc. (FOA) carries total debt of $30.21B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Finance Of America Companies Inc. (FOA) has total shareholders' equity (book value) of $323.9M ($46.65 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Finance Of America Companies Inc. (FOA) reported a current ratio of 8.00x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.