Total debt rose to $1.1B in 2026Q1, pushing D/E to 0.75, the highest in the series, while retained earnings fell 29% to $305.1M and the current ratio dropped to 0.67, indicating tightening liquidity.
HighPeak Energy, Inc. (HPK) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 264.26M | 259.9M | 195.01M | 328.83M | 144.53M | 86.95M | 33.3M | 92.03M |
| Cash & Short-Term Investments | 146.35M | 162.07M | 86.65M | 194.51M | 30.5M | 34.87M | 19.55M | 22.71M |
| Cash Only | 146.35M | 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 | 74.96M | 55.55M | 85.24M | 94.59M | 96.6M | 39.38M | 11.32M | 7.56M |
| Days Sales Outstanding | 30.69 | 23.48 | 29.09 | 31.07 | 46.66 | 65.29 | 167.77 | 339.86 |
| Inventory | 3.82M | 7.65M | 10.95M | 7.25M | 13.28M | 3.3M | 121K | 184K |
| Days Inventory Outstanding | 4.21 | 4.08 | 5.77 | 4.21 | 16.95 | 11.94 | 1.45 | 8.3 |
| Other Current Assets | 35.91M | 29.57M | 7.58M | 31.48M | 17K | 2.2M | 50K | 0 |
| Total Non-Current Assets | 2.91B | 3.08B | 2.87B | 2.75B | 2.13B | 732.01M | 504.63M | 405.88M |
| Property, Plant & Equipment | 2.89B | 2.93B | 2.85B | 2.73B | 2.13B | 727.22M | 502.64M | 405.88M |
| Fixed Asset Turnover | 0.39x | 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 | 18.03M | 15.21M | 19.35M | 5.68M | 6.43M | 4.79M | 1.27M | -580K |
| Total Assets | 3.17B | 3.34B | 3.06B | 3.08B | 2.28B | 818.96M | 537.93M | 497.91M |
| Asset Turnover | 0.26x | 0.26x | 0.35x | 0.36x | 0.33x | 0.27x | 0.05x | 0.02x |
| Asset Growth % | 22.6% | 9.04% | -0.57% | 35.15% | 178.34% | 52.24% | 8.04% | - |
| Total Current Liabilities | 305.49M | 230.26M | 284.63M | 287.39M | 266.13M | 103M | 22.43M | 30.98M |
| Accounts Payable | 52.61M | 84.31M | 74.01M | 63.58M | 105.56M | 38.14M | 7.58M | 11.12M |
| Days Payables Outstanding | 38.04 | 44.95 | 39 | 36.94 | 134.83 | 137.85 | 90.98 | 501.62 |
| Short-Term Debt | 120M | 0 | 0 | 120M | 0 | 0 | 508K | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 118.56M | 62.59M | 125.7M | 13.32M | 24M | 24.95M | 1.97M | 184K |
| Current Ratio | 0.87x | 1.13x | 0.69x | 1.14x | 0.54x | 0.84x | 1.48x | 2.97x |
| Quick Ratio | 0.85x | 1.10x | 0.65x | 1.12x | 0.49x | 0.81x | 1.48x | 2.96x |
| Cash Conversion Cycle | -3.14 | -17.39 | -4.13 | -1.66 | -71.22 | -60.61 | 78.24 | -153.46 |
| Total Non-Current Liabilities | 1.32B | 1.52B | 1.18B | 1.24B | 843.71M | 162.9M | 41.27M | 13.7M |
| Long-Term Debt | 1.07B | 1.13B | 928.38M | 1.03B | 704.35M | 97.93M | 0 | 0 |
| Capital Lease Obligations | 640K | 142K | 670K | 0 | 0 | 0 | 78K | 0 |
| Deferred Tax Liabilities | 980.35M | 365.99M | 232.4M | 197.07M | 131.16M | 55.8M | 38.9M | 0 |
| Other Non-Current Liabilities | 248.97M | 16.3M | 14.75M | 13.31M | 8.19M | 9.17M | 2.37M | 13.7M |
| Total Liabilities | 1.62B | 1.75B | 1.46B | 1.53B | 1.11B | 265.9M | 63.7M | 44.68M |
| Total Debt | 1.19B | 1.13B | 929.77M | 1.15B | 704.69M | 97.93M | 586K | 0 |
| Net Debt | 1.04B | 971.72M | 843.12M | 956.31M | 674.19M | 63.06M | -18.97M | -22.71M |
| Debt / Equity | 0.77x | 0.71x | 0.58x | 0.74x | 0.60x | 0.18x | 0.00x | - |
| Debt / EBITDA | 2.07x | 1.98x | 1.11x | 1.35x | 1.17x | 0.59x | - | - |
| Net Debt / EBITDA | 1.82x | 1.70x | 1.01x | 1.12x | 1.12x | 0.38x | - | - |
| Interest Coverage | -0.15x | 1.18x | 1.73x | 2.83x | 7.17x | 30.17x | -3647.63x | - |
| Total Equity | 1.55B | 1.59B | 1.6B | 1.55B | 1.17B | 553.06M | 474.23M | 453.22M |
| Equity Growth % | -15.55% | -0.49% | 3.2% | 32.75% | 111.49% | 16.62% | 4.63% | - |
| Book Value per Share | 12.27 | 12.73 | 12.40 | 12.62 | 10.52 | 5.84 | 5.16 | 4.95 |
| Total Shareholders' Equity | 1.55B | 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 | 387.38M | 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 |
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 $1.13B, 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.
Key Metrics
Top Statement Risk
Liquidity strain and margin erosion
Metrics are mathematically derived from official filings.
Balance Sheet Stability Amid Revenue Decline
Total assets remained flat near $3.3B over the past year, while equity dipped slightly to $1.5B, per recent filings, suggesting a stable but unexpanding balance sheet.
The balance sheet has shown remarkable stability, with total assets hovering around $3.1-3.3B and equity fluctuating between $1.5B and $1.7B. However, the recent decline in retained earnings from $432.5M in 2025Q4 to $305.1M in 2026Q1, as reported, indicates that losses are eroding equity. This trend, combined with a 19.3% revenue contraction, suggests the company is in a holding pattern, preserving asset base but not growing.
Leverage Creeps Higher as Debt Rises
Total debt increased to $1.1B in 2026Q1, pushing D/E to 0.75, the highest in the series, per balance sheet data, indicating rising leverage.
Debt has grown from $929.8M in 2024Q4 to $1.1B in 2026Q1, while equity has contracted, lifting the D/E ratio from 0.58 to 0.75. This suggests the company is increasingly relying on debt to fund operations or capital expenditures, possibly due to negative free cash flow. The elevated leverage, though still moderate, may strain cash flows if interest rates remain high, especially given the low net margin of 2.2%.
Asset Base Dominated by PPE, No Goodwill
PP&E constitutes nearly 88% of total assets at $2.9B, with zero goodwill, as per the latest balance sheet, underscoring a pure-play E&P model.
The asset mix is heavily weighted toward property, plant, and equipment, reflecting the capital-intensive nature of oil and gas extraction. The absence of goodwill indicates that acquisitions, if any, were at fair value, reducing impairment risk. However, the high PPE concentration means that asset values are sensitive to commodity price fluctuations and reserve write-downs, which could impact the balance sheet if prices remain weak.
Retained Earnings Erode as Losses Persist
Retained earnings fell from $432.5M in 2025Q4 to $305.1M in 2026Q1, a 29% drop, per financial statements, reflecting sustained net losses.
The decline in retained earnings is a direct result of the net loss of $127.4M in 2026Q1, which outweighed any positive contributions. This erosion reduces the equity buffer and may limit future dividend capacity or financial flexibility. The company has not engaged in significant buybacks, with only $5.9M in 2025Q4, indicating a focus on preserving cash rather than returning capital.
Liquidity Deteriorates with Current Ratio Below 1
Current ratio fell to 0.67 in 2026Q1, down from 1.13 in 2025Q4, while cash dropped to $95.8M, per balance sheet data, signaling a tightening liquidity position.
The current ratio has deteriorated sharply, indicating that current liabilities exceed current assets, which may strain the company's ability to meet short-term obligations. Cash reserves have also declined from $162.1M to $95.8M, partly due to negative free cash flow of -$60.2M. This suggests a reduced buffer against operational shocks, especially if commodity prices remain depressed.
PP&E Anomaly May Distort Asset Quality
PP&E dropped to $3.1M in 2025Q3 from $2.9B in prior quarters, per balance sheet data, a likely data error that could mislead asset quality assessments.
The reported PP&E of $3.1M in 2025Q3 is an outlier compared to the $2.9B in adjacent quarters, suggesting a data reporting issue rather than a real divestiture. Analysts should treat this as unavailable data and not infer any operational change. This anomaly underscores the need to verify data integrity before drawing conclusions about asset trends.