The Honest Company, Inc. (HNST) Balance Sheet

7Y historyFree accessUpdated daily

The balance sheet has been aggressively fortified, with total debt reduced by 66% to $9.5M and cash reserves tripling to $105.9M, resulting in a negligible debt-to-equity ratio of 0.06.

Annual statement

HNST Balance Sheet

The Honest Company, Inc. (HNST) balance sheet — 7-year assets, liabilities & shareholders' equity history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19

Total Current Assets	200.67M	202.43M	213.92M	157.77M	189.15M	213.8M	173.56M	167.89M
Cash & Short-Term Investments	105.9M	89.58M	75.44M	32.83M	15.17M	93.18M	63.68M	85.02M
Cash Only	105.9M	89.58M	75.44M	32.83M	9.52M	50.79M	29.26M	13.54M
Short-Term Investments	0	0	0	0	5.65M	42.39M	34.42M	71.48M
Accounts Receivable	38.09M	33.76M	43.48M	43.08M	42.33M	31.78M	22.8M	24.26M
Days Sales Outstanding	39.79	33.19	41.94	45.67	49.26	36.41	27.69	37.58
Inventory	49.66M	72.5M	85.27M	73.49M	115.66M	75.67M	76.67M	52.54M
Days Inventory Outstanding	114.95	106.89	133.18	110.01	190.74	131.85	145.28	120.06
Other Current Assets	0	6.59M	9.74M	8.37M	15.98M	1M	1.75M	0
Total Non-Current Assets	19.45M	22.97M	33.48M	43.85M	51.45M	58.8M	67.17M	66.13M
Property, Plant & Equipment	16.32M	18.83M	28.63M	37.17M	44.27M	52.95M	56.7M	61.22M
Fixed Asset Turnover	18.24x	19.72x	13.21x	9.26x	7.08x	6.02x	5.30x	3.85x
Goodwill	2.27M	2.27M	2.23M	2.23M	2.23M	2.23M	2.23M	2.23M
Intangible Assets	127K	162K	235K	309K	370K	440K	511K	581K
Long-Term Investments	0	0	0	0	0	0	0	0
Other Non-Current Assets	734K	1.72M	2.38M	4.14M	4.58M	3.18M	7.73M	2.1M
Total Assets	220.12M	225.41M	247.39M	201.62M	240.6M	272.6M	240.73M	234.02M
Asset Turnover	1.52x	1.65x	1.53x	1.71x	1.30x	1.17x	1.25x	1.01x
Asset Growth %	-24.03%	-8.89%	22.7%	-16.2%	-11.74%	13.24%	2.87%	-
Total Current Liabilities	50.9M	50.82M	59.89M	56.71M	63.58M	48.48M	54.07M	38.69M
Accounts Payable	17.83M	15.13M	22.81M	22.29M	24.75M	28.74M	31.13M	20.77M
Days Payables Outstanding	27.27	22.31	35.62	33.37	40.82	50.09	58.99	47.47
Short-Term Debt	7.3M	9.04M	0	0	0	0	0	0
Deferred Revenue (Current)	925K	0	1.21M	2.21M	815K	731K	716K	825K
Other Current Liabilities	20.34M	22.25M	0	648K	23.53M	16.51M	0	0
Current Ratio	3.94x	3.98x	3.57x	2.78x	2.97x	4.41x	3.21x	4.34x
Quick Ratio	2.97x	2.56x	2.15x	1.49x	1.16x	2.85x	1.79x	2.98x
Cash Conversion Cycle	127.47	117.77	139.5	122.31	199.18	118.18	113.97	110.17
Total Non-Current Liabilities	2.2M	4.92M	13.2M	21.77M	30.66M	45.01M	423.49M	425.61M
Long-Term Debt	0	4.92M	0	0	0	0	0	0
Capital Lease Obligations	2.2M	0	13.2M	21.74M	29.84M	37.53M	38.43M	39.21M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	34K	817K	7.49M	385.06M	386.4M
Total Liabilities	53.1M	55.74M	73.09M	78.48M	94.24M	93.49M	477.56M	464.3M
Total Debt	9.51M	13.96M	21.74M	29.84M	37.53M	37.53M	38.43M	39.21M
Net Debt	-96.39M	-75.62M	-53.7M	-2.98M	28.01M	-13.26M	9.17M	25.67M
Debt / Equity	0.06x	0.08x	0.12x	0.24x	0.26x	0.21x	-	-
Debt / EBITDA	30.09x	-	7.35x	-	-	-	-	-
Net Debt / EBITDA	-305.03x	-	-18.17x	-	-	-	-	-
Interest Coverage	-17.00x	-4.20x	-	-144.59x	-	-21.01x	-16.18x	-
Total Equity	167.02M	169.67M	174.31M	123.14M	146.36M	179.11M	-236.82M	-230.28M
Equity Growth %	22.46%	-2.66%	41.55%	-15.87%	-18.28%	175.63%	-2.84%	-
Book Value per Share	1.48	1.53	1.74	1.30	1.59	2.52	-2.63	-2.55
Total Shareholders' Equity	167.02M	169.67M	174.31M	123.14M	146.36M	179.11M	-236.82M	-230.28M
Common Stock	11K	11K	11K	9K	9K	9K	3K	3K
Retained Earnings	-490.23M	-500.88M	-485.19M	-479.07M	-439.83M	-391.66M	-352.98M	-338.51M
Treasury Stock	-18.88M	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	-32K	-41K	94K	122K
Minority Interest	0	0	0	0	0	0	0	0

Key Metrics

Growth RegimeDecelerating

ProfitabilityStrained

Balance SheetHealthy

Cash FlowMixed

Top Statement Risk

Shrinking revenue base undermines balance sheet strength

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Balance Sheet Fortification Amid Contraction

The balance sheet has strengthened materially, with total assets growing 11% to $220.1M while total liabilities fell 28% to $53.1M, a trend driven by debt reduction and cash accumulation despite a shrinking operational footprint.

The improvement in the balance sheet appears to be a direct result of the aggressive cost restructuring and working capital release noted in prior analyses, rather than organic growth. This creates a paradox where the company's financial fortress is being built on a foundation of operational contraction, which may not be sustainable long-term.

Deleveraging to Near-Zero Leverage

Total debt has been reduced by 66% from $27.9M in 2024Q1 to just $9.5M in 2026Q2, resulting in a negligible debt-to-equity ratio of 0.06, which is far below the peer average and suggests minimal refinancing risk.

The company has systematically paid down debt while building cash, indicating a strategic shift toward a net cash position. This deleveraging provides significant financial flexibility and removes a key risk factor, though it also suggests management sees limited attractive reinvestment opportunities for the capital.

Cash Surge Creates Substantial Liquidity Buffer

Cash reserves have tripled from $33.6M in 2024Q1 to $105.9M in 2026Q2, supporting a current ratio of 3.94 and providing a substantial buffer against operational volatility and the ongoing revenue contraction.

The liquidity position is exceptionally strong, with cash now representing nearly half of total assets. This appears to be a deliberate defensive posture, likely funded by the working capital releases and cost cuts, providing ample runway to navigate the current business challenges without external financing.

Equity Growth Masked by Persistent Deficit

Total equity has grown to $167.0M, yet this is built upon a massive accumulated deficit of $490.2M, indicating that recent equity increases are driven by capital contributions rather than retained earnings from profitable operations.

The equity base is expanding, but its quality is questionable as it is not supported by cumulative profitability. The resumption of share repurchases ($16.1M in 2026Q2) while carrying such a large deficit suggests a capital allocation strategy that prioritizes shareholder returns over strengthening the retained earnings position.

Asset Base Erosion Signals Operational Downsizing

Net property, plant, and equipment has declined by 53% from $34.9M to $16.3M over ten quarters, a trend that, when combined with falling deferred revenue, suggests a significant and potentially permanent downsizing of the company's operational scale.

The steady decline in PPE, a core operating asset, is a more telling indicator of business trajectory than the headline cash balance. This physical asset reduction, coupled with the disappearance of deferred revenue from $1.9M to $0, implies the company is not just cutting costs but actively shrinking its productive capacity and future revenue obligations.

HNST — Frequently Asked Questions

Quick answers to the most common questions about buying HNST stock.

What are the total assets of The Honest Company, Inc. (HNST)?

As of 2025, The Honest Company, Inc. (HNST) had total assets of $225.4M including $202.4M in current assets.

How much debt does The Honest Company, Inc. (HNST) have?

The Honest Company, Inc. (HNST) carries total debt of $14.0M, offset by $89.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.

What is the book value or shareholders' equity of The Honest Company, Inc.?

The Honest Company, Inc. (HNST) has total shareholders' equity (book value) of $169.7M ($1.53 book value per share). Book value represents the net worth of the company belonging to common stock holders.

What is The Honest Company, Inc.'s current ratio and liquidity?

The Honest Company, Inc. (HNST) reported a current ratio of 3.98x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.