The company's financial leverage has increased, with the debt-to-equity ratio climbing to 0.81 in 2026Q1 from 0.55 in 2025Q1, signaling heightened reliance on external capital.
| Total Current Assets | 212.1M | 259.9M | 195.01M | 328.83M | 144.53M | 86.95M | 33.3M | 92.03M |
| Cash & Short-Term Investments | 95.83M | 162.07M | 86.65M | 194.51M | 30.5M | 34.87M | 19.55M | 22.71M |
| Cash Only | 95.83M | 162.07M | 86.65M | 194.51M | 30.5M | 34.87M | 19.55M | 22.71M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 98.5M | 55.55M | 85.24M | 94.59M | 96.6M | 39.38M | 11.32M | 7.56M |
| Days Sales Outstanding | 33.14 | 23.48 | 29.09 | 31.07 | 46.66 | 65.29 | 167.77 | 339.86 |
| Inventory | 4.36M | 7.65M | 10.95M | 7.25M | 13.28M | 3.3M | 121K | 184K |
| Days Inventory Outstanding | 4.08 | 4.08 | 5.77 | 4.21 | 16.95 | 11.94 | 1.45 | 8.3 |
| Other Current Assets | 7.81M | 29.57M | 7.58M | 31.48M | 17K | 2.2M | 50K | 0 |
| Total Non-Current Assets | 3.07B | 3.08B | 2.87B | 2.75B | 2.13B | 732.01M | 504.63M | 405.88M |
| Property, Plant & Equipment | 2.9B | 2.93B | 2.85B | 2.73B | 2.13B | 727.22M | 502.64M | 405.88M |
| Fixed Asset Turnover | 0.35x | 0.29x | 0.38x | 0.41x | 0.36x | 0.30x | 0.05x | 0.02x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 725K | 580K |
| Long-Term Investments | 7.28M | 4.2M | 0 | 16.06M | 0 | 0 | -38.9M | 0 |
| Other Non-Current Assets | 14.7M | 15.21M | 19.35M | 5.68M | 6.43M | 4.79M | 1.27M | -580K |
| Total Assets | 3.28B | 3.34B | 3.06B | 3.08B | 2.28B | 818.96M | 537.93M | 497.91M |
| Asset Turnover | 0.24x | 0.26x | 0.35x | 0.36x | 0.33x | 0.27x | 0.05x | 0.02x |
| Asset Growth % | 20.92% | 9.04% | -0.57% | 35.15% | 178.34% | 52.24% | 8.04% | - |
| Total Current Liabilities | 317.08M | 230.26M | 284.63M | 287.39M | 266.13M | 103M | 22.43M | 30.98M |
| Accounts Payable | 51.2M | 84.31M | 74.01M | 63.58M | 105.56M | 38.14M | 7.58M | 11.12M |
| Days Payables Outstanding | 34.71 | 44.95 | 39 | 36.94 | 134.83 | 137.85 | 90.98 | 501.62 |
| Short-Term Debt | 90.66M | 60.84M | 120M | 120M | 0 | 0 | 508K | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 175.23M | 85.1M | 89.9M | 13.32M | 24M | 24.95M | 1.97M | 184K |
| Current Ratio | 0.67x | 1.13x | 0.69x | 1.14x | 0.54x | 0.84x | 1.48x | 2.97x |
| Quick Ratio | 0.66x | 1.10x | 0.65x | 1.12x | 0.49x | 0.81x | 1.48x | 2.96x |
| Cash Conversion Cycle | 2.51 | -17.39 | -4.13 | -1.66 | -71.22 | -60.61 | 78.24 | -153.46 |
| Total Non-Current Liabilities | 1.5B | 1.52B | 1.18B | 1.24B | 843.71M | 162.9M | 41.27M | 13.7M |
| Long-Term Debt | 1.1B | 1.13B | 928.38M | 1.03B | 704.35M | 97.93M | 0 | 0 |
| Capital Lease Obligations | 1.09M | 142K | 670K | 0 | 0 | 0 | 78K | 0 |
| Deferred Tax Liabilities | 1.23B | 365.99M | 232.4M | 197.07M | 131.16M | 55.8M | 38.9M | 0 |
| Other Non-Current Liabilities | 31.87M | 16.3M | 14.75M | 13.31M | 8.19M | 9.17M | 2.37M | 13.7M |
| Total Liabilities | 1.81B | 1.75B | 1.46B | 1.53B | 1.11B | 265.9M | 63.7M | 44.68M |
| Total Debt | 1.19B | 1.19B | 1.05B | 1.15B | 704.69M | 97.93M | 586K | 0 |
| Net Debt | 1.09B | 1.03B | 963.12M | 956.31M | 674.19M | 63.06M | -18.97M | -22.71M |
| Debt / Equity | 0.81x | 0.75x | 0.66x | 0.74x | 0.60x | 0.18x | 0.00x | - |
| Debt / EBITDA | 2.28x | 2.08x | 1.25x | 1.35x | 1.17x | 0.59x | - | - |
| Net Debt / EBITDA | 2.09x | 1.80x | 1.15x | 1.12x | 1.12x | 0.38x | - | - |
| Interest Coverage | 0.71x | 1.02x | 1.73x | 2.83x | 7.17x | 30.17x | -3647.63x | - |
| Total Equity | 1.47B | 1.59B | 1.6B | 1.55B | 1.17B | 553.06M | 474.23M | 453.22M |
| Equity Growth % | -4% | -0.49% | 3.2% | 32.75% | 111.49% | 16.62% | 4.63% | - |
| Book Value per Share | 11.72 | 12.73 | 12.40 | 12.62 | 10.52 | 5.84 | 5.16 | 4.95 |
| Total Shareholders' Equity | 1.47B | 1.59B | 1.6B | 1.55B | 1.17B | 553.06M | 474.23M | 453.22M |
| Common Stock | 13K | 13K | 13K | 13K | 11K | 10K | 9K | 0 |
| Retained Earnings | 305.1M | 432.55M | 435.83M | 363.28M | 160.74M | -64.44M | -107.21M | -5.75M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and leverage pressure
As reported in financial statements, HighPeak Energy's total assets have remained stagnant at $3.3 billion since 2025Q4, while the company's equity base has simultaneously eroded from $1.6 billion to $1.5 billion, signaling a weakening balance sheet trajectory that reflects the ongoing challenges of its capital-intensive Midland Basin operations.
The lack of asset growth despite continued capital deployment suggests that the company is struggling to replace its reserve base effectively or is facing significant impairment risks. This trend indicates that the business quality is deteriorating as the firm fails to expand its productive footprint in a meaningful way.
Based on recent SEC filings, HighPeak Energy's total debt has climbed to $1.2 billion in 2026Q1, pushing the debt-to-equity ratio to 0.81, which represents a notable increase from the 0.55 level observed in 2025Q1 and suggests a growing reliance on external financing to sustain operations.
The rising leverage profile appears to be a necessity-driven response to declining internal cash generation rather than a strategic choice to optimize capital structure. Investors should monitor whether this debt burden becomes unsustainable if commodity price realizations remain depressed, as the current trajectory limits the firm's financial flexibility.
According to the company's reported figures, the current ratio plummeted to 0.67 in 2026Q1 from a peak of 1.65 in 2025Q3, indicating that the firm's ability to cover short-term obligations has significantly diminished as cash reserves dwindled to just $95.8 million during the most recent quarter.
This rapid contraction in liquidity suggests that the company is operating with a razor-thin margin of safety, leaving it highly vulnerable to operational shocks or unexpected service cost inflation. The current cash position appears insufficient to support a sustained period of low commodity prices without further dilutive financing or debt restructuring.
As indicated by the company's balance sheet data, retained earnings have fallen sharply to $305.1 million in 2026Q1 from a high of $487.2 million in 2025Q2, reflecting a consistent pattern of value destruction that undermines the quality of the firm's equity base over the last several quarters.
The decline in retained earnings suggests that the company is failing to generate sufficient net income to offset its operational costs and capital expenditures. This trend warrants further investigation into whether the firm's current development program is fundamentally profitable or if it is merely consuming shareholder capital to maintain production levels.
Quick answers to the most common questions about buying HPK stock.
As of 2025, HighPeak Energy, Inc. (HPK) had total assets of $3.34B including $259.9M in current assets.
HighPeak Energy, Inc. (HPK) carries total debt of $1.19B, offset by $162.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
HighPeak Energy, Inc. (HPK) has total shareholders' equity (book value) of $1.59B ($12.73 book value per share). Book value represents the net worth of the company belonging to common stock holders.
HighPeak Energy, Inc. (HPK) reported a current ratio of 1.13x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.