The company's financial position has deteriorated significantly, with the debt-to-equity ratio climbing to 1.55 in 2026Q1 from 0.50 in 2023Q4, signaling an increasing reliance on leverage.
| Total Current Assets | 2.76B | 3.3B | 4.87B | 4.76B | 4.91B | 6.51B | 662.56M | 423.24M |
| Cash & Short-Term Investments | 738.89M | 997.83M | 4.03B | 3.86B | 3.91B | 6.26B | 614.92M | 352.19M |
| Cash Only | 738.89M | 997.83M | 1.61B | 1.37B | 1.74B | 6.26B | 614.41M | 351.68M |
| Short-Term Investments | 0 | 0 | 2.42B | 2.49B | 2.18B | 0 | 505K | 505K |
| Accounts Receivable | 131.24M | 177.16M | 112.03M | 51.82M | 19.54M | 3.15M | 260K | 408K |
| Days Sales Outstanding | 46.6 | 47.77 | 50.62 | 31.78 | 11.73 | 42.38 | 23.87 | 32.44 |
| Inventory | 1.47B | 1.11B | 407.77M | 696.24M | 834.4M | 127.25M | 1.04M | 684K |
| Days Inventory Outstanding | 142.25 | 155.15 | 85.99 | 131.26 | 185.02 | 299.85 | 124 | 63.59 |
| Other Current Assets | 353.8M | 1.02B | 270.22M | 79.67M | 81.54M | 43.33M | 24.5M | 40.34M |
| Total Non-Current Assets | 4.73B | 5.09B | 4.77B | 3.76B | 2.97B | 1.37B | 740.13M | 156.37M |
| Property, Plant & Equipment | 4.34B | 4.22B | 3.47B | 3.03B | 2.38B | 1.34B | 713.27M | 142.81M |
| Fixed Asset Turnover | 0.27x | 0.32x | 0.23x | 0.20x | 0.26x | 0.02x | 0.01x | 0.03x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 2.05B | 512.24M | 1.05B | 461.03M | 529.97M | 24.38M | 0 | 0 |
| Other Non-Current Assets | 350.07M | 354.98M | 249.44M | 262.16M | 55.3M | 6.23M | 26.85M | 13.55M |
| Total Assets | 7.48B | 8.39B | 9.65B | 8.51B | 7.88B | 7.88B | 1.4B | 579.6M |
| Asset Turnover | 0.13x | 0.16x | 0.08x | 0.07x | 0.08x | 0.00x | 0.00x | 0.01x |
| Asset Growth % | -20.1% | -13.07% | 13.34% | 8.04% | -0.03% | 461.9% | 142.01% | - |
| Total Current Liabilities | 2.69B | 2.64B | 1.17B | 1.01B | 937.56M | 396.1M | 185.28M | 65.86M |
| Accounts Payable | 484.85M | 487.52M | 133.83M | 108.72M | 229.08M | 41.34M | 17.33M | 12.66M |
| Days Payables Outstanding | 52.57 | 68.17 | 28.22 | 20.5 | 50.8 | 97.42 | 2.06K | 1.18K |
| Short-Term Debt | 782.33M | 755.97M | 126.42M | 72.53M | 9.6M | 15.28M | 980K | 0 |
| Deferred Revenue (Current) | 79.78M | 0 | 18.47M | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.17B | 1.39B | 653.46M | 569.41M | 269.2M | 155.73M | 109.25M | 37.92M |
| Current Ratio | 1.02x | 1.25x | 4.18x | 4.72x | 5.24x | 16.43x | 3.58x | 6.43x |
| Quick Ratio | 0.48x | 0.83x | 3.83x | 4.03x | 4.35x | 16.11x | 3.57x | 6.42x |
| Cash Conversion Cycle | 136.28 | 134.75 | 108.38 | 142.54 | 145.95 | 244.82 | -1.91K | -1.08K |
| Total Non-Current Liabilities | 2.75B | 5.03B | 4.61B | 2.65B | 2.59B | 3.58B | 2.54B | 59.06M |
| Long-Term Debt | 2.05B | 104.56M | 2B | 2B | 1.99B | 1.99B | 0 | 0 |
| Capital Lease Obligations | 1.07B | 0 | 305.93M | 321.77M | 325.18M | 191.41M | 0 | 244K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 305.17M | 4.93B | 2.3B | 333.88M | 274.96M | 1.4B | 2.54B | 58.81M |
| Total Liabilities | 5.45B | 7.67B | 5.78B | 3.66B | 3.53B | 3.97B | 2.72B | 124.92M |
| Total Debt | 3.17B | 860.53M | 2.48B | 2.43B | 2.35B | 2.21B | 980K | 244K |
| Net Debt | 2.43B | -137.3M | 870.02M | 1.06B | 612.7M | -4.05B | -613.43M | -351.44M |
| Debt / Equity | 1.55x | 1.20x | 0.64x | 0.50x | 0.54x | 0.56x | - | 0.00x |
| Debt / EBITDA | -0.89x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.68x | - | - | - | - | - | - | - |
| Interest Coverage | -146.67x | -27.39x | -81.40x | -112.48x | -41.62x | -1876.52x | -11242.25x | -31.45x |
| Total Equity | 2.04B | 717.29M | 3.87B | 4.85B | 4.35B | 3.91B | -1.32B | 454.69M |
| Equity Growth % | -181.9% | -81.48% | -20.18% | 11.54% | 11.26% | 396.44% | -390.04% | - |
| Book Value per Share | 0.62 | 2.29 | 15.84 | 23.31 | 25.69 | 52.80 | -531.21 | 183.15 |
| Total Shareholders' Equity | 2.04B | 717.29M | 3.87B | 4.85B | 4.35B | 3.91B | -1.32B | 454.69M |
| Common Stock | 33K | 33K | 303K | 230K | 183K | 165K | 3K | 1K |
| Retained Earnings | -16.64B | -15.61B | -12.91B | -10.2B | -7.37B | -6.07B | -1.36B | -637.51M |
| Treasury Stock | -20.72M | 0 | -20.72M | -20.72M | -20.72M | -20.72M | 0 | 0 |
| Accumulated OCI | 3.51M | 11.69M | -2.1M | 4.85M | -11.57M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital dependency
As reported in quarterly financial filings, Lucid's total equity has contracted significantly from $4.9B in 2023Q4 to $2.0B by 2026Q1, signaling a persistent erosion of shareholder value driven by the company's inability to achieve operational self-sufficiency amidst its ongoing, capital-intensive manufacturing expansion efforts.
The consistent decline in equity, coupled with a ballooning accumulated deficit of -$16.6B, suggests that the company is consuming its capital base at an unsustainable rate. Investors should monitor whether the recent shift in asset composition can eventually support a reversal of this downward trajectory.
Based on the most recent balance sheet data, Lucid's current ratio has compressed to 1.02 in 2026Q1 from a peak of 4.72 in 2023Q4, indicating that the company's liquidity cushion is rapidly thinning as cash reserves dwindle relative to its immediate short-term obligations.
This compression suggests that the company has limited flexibility to absorb further operational delays or market volatility without external intervention. The rapid depletion of cash reserves appears to be the primary constraint on the company's ability to fund its ongoing production and development cycles.
According to financial statements, Lucid's net property, plant, and equipment (PPE) has grown to $4.3B as of 2026Q1, reflecting a heavy asset-based business model that requires continuous, massive capital investment to maintain its specialized manufacturing capabilities and proprietary electrical architecture development.
The concentration of assets in long-lived manufacturing infrastructure implies that the company is locked into a high-fixed-cost structure that necessitates high production volumes to achieve profitability. This asset-heavy profile warrants further investigation into the potential for future impairment if production targets continue to be missed.
As evidenced by the company's reported figures, the debt-to-equity ratio has climbed to 1.55 in 2026Q1, up from 0.50 in 2023Q4, which indicates that Lucid is increasingly relying on debt financing to bridge the gap between its high operating costs and its limited revenue generation.
The shift toward higher leverage appears to be a necessity-driven response to persistent cash burn rather than a strategic choice to optimize capital structure. This trend suggests that the company's financial risk profile is intensifying, potentially limiting its future access to favorable financing terms.
Based on an analysis of the balance sheet, the absence of goodwill is notable, yet the massive $16.6B accumulated deficit suggests that the company's headline equity is heavily distorted by historical losses, masking the true extent of the capital required to sustain the current business model.
Investors should be wary that the reported equity figure may not reflect the actual economic value of the firm, given the persistent reliance on external capital injections to remain solvent. The lack of intangible assets suggests that the company's value is almost entirely tied to its physical manufacturing assets, which may be difficult to monetize if the core business fails to scale.
Quick answers to the most common questions about buying LCID stock.
As of 2025, Lucid Group, Inc. (LCID) had total assets of $8.39B including $3.30B in current assets.
Lucid Group, Inc. (LCID) carries total debt of $860.5M, offset by $997.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Lucid Group, Inc. (LCID) has total shareholders' equity (book value) of $717.3M ($2.29 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Lucid Group, Inc. (LCID) reported a current ratio of 1.25x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.