The company's financial position is increasingly precarious, evidenced by a negative shareholder equity of -$327.5 million and a current ratio that has deteriorated to 0.84 as of 2025Q2.
| Total Current Assets | 145.06M | 266.02M | 619.02M | 791.05M | 533.12M | 547.2M | 618.12M | 467.97M |
| Cash & Short-Term Investments | 17.23M | 28.89M | 190.17M | 303.44M | 166.54M | 206.74M | 120.96M | 101.71M |
| Cash Only | 17.23M | 28.89M | 190.17M | 227.44M | 166.54M | 206.74M | 120.96M | 101.71M |
| Short-Term Investments | 0 | 0 | 0 | 76M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 8.77M | 12.56M | 92.21M | 114.46M | 80.27M | 102.12M | 179.2M | 97.08M |
| Days Sales Outstanding | 25.21 | 9.01 | 29.97 | 39.41 | 37.41 | 44.12 | 54.58 | 38.84 |
| Inventory | 34.1M | 40.22M | 308.95M | 303.23M | 263.87M | 169.24M | 194.85M | 222.82M |
| Days Inventory Outstanding | 56.23 | 19.36 | 107.91 | 99.89 | 118.57 | 72.28 | 59.24 | 59.7 |
| Other Current Assets | 84.96M | 176.47M | 9.64M | 43.55M | 6.27M | 25.41M | 15.72M | 8.51M |
| Total Non-Current Assets | 41.25M | 110.26M | 382.99M | 469.37M | 523.42M | 433.15M | 372.09M | 503.33M |
| Property, Plant & Equipment | 33.04M | 100.81M | 302.85M | 398.31M | 402.03M | 260.39M | 299.96M | 285.74M |
| Fixed Asset Turnover | 2.18x | 5.05x | 3.71x | 2.66x | 1.95x | 3.24x | 3.99x | 3.19x |
| Goodwill | 0 | 0 | 7.88M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 441K | 523K | 8.08M | 5.22M | 420K | 456K | 5.09M | 12.16M |
| Long-Term Investments | 4M | 4M | 4M | 7.06M | 15.23M | 29.71M | 34.39M | 47.13M |
| Other Non-Current Assets | 7.77M | 4.92M | 60.18M | 48.43M | 100.56M | 132.97M | 23.72M | 147.9M |
| Total Assets | 186.31M | 376.27M | 1B | 1.26B | 1.06B | 980.34M | 990.21M | 971.3M |
| Asset Turnover | 0.59x | 1.35x | 1.12x | 0.84x | 0.74x | 0.86x | 1.21x | 0.94x |
| Asset Growth % | -282.01% | -62.45% | -20.5% | 19.3% | 7.77% | -1% | 1.95% | - |
| Total Current Liabilities | 172.33M | 338.51M | 431.94M | 576.23M | 421.04M | 308.13M | 520.72M | 398.96M |
| Accounts Payable | 47.48M | 62.54M | 153.02M | 247.87M | 270.48M | 159.18M | 286.46M | 199.43M |
| Days Payables Outstanding | 59.67 | 30.1 | 53.45 | 81.65 | 121.54 | 67.99 | 87.09 | 53.43 |
| Short-Term Debt | 482K | 462K | 25.43M | 50.53M | 25.36M | 47.78M | 59.77M | 39.71M |
| Deferred Revenue (Current) | 180.65M | 74.31M | 134.17M | 139.27M | 44.06M | 20.76M | 78.94M | 62.81M |
| Other Current Liabilities | 0 | 122.82M | 75.52M | 47.27M | 59.91M | 65.13M | 59.81M | 65.65M |
| Current Ratio | 0.84x | 0.79x | 1.43x | 1.37x | 1.27x | 1.78x | 1.19x | 1.17x |
| Quick Ratio | 0.64x | 0.67x | 0.72x | 0.85x | 0.64x | 1.23x | 0.81x | 0.61x |
| Cash Conversion Cycle | 21.77 | -1.74 | 84.43 | 57.64 | 34.44 | 48.41 | 26.73 | 45.11 |
| Total Non-Current Liabilities | 335.62M | 326.13M | 565.43M | 636.12M | 280.63M | 232.92M | 101.97M | 136.99M |
| Long-Term Debt | 287.72M | 274.5M | 386.76M | 380.26M | 145.99M | 135.07M | 1.49M | 0 |
| Capital Lease Obligations | 95.65M | 27.43M | 19.61M | 15.6M | 13.46M | 13.03M | 18.34M | 0 |
| Deferred Tax Liabilities | 17.62M | 5.31M | 7M | 14.91M | 1.15M | 18.06M | 337K | 866K |
| Other Non-Current Liabilities | 16.11M | 15.55M | 38.49M | 63.66M | 61.04M | 33.69M | 46.19M | 80.51M |
| Total Liabilities | 507.96M | 664.64M | 997.37M | 1.21B | 701.67M | 541.06M | 622.69M | 535.96M |
| Total Debt | 319.48M | 311.49M | 437.66M | 449.8M | 187.27M | 198.98M | 82.57M | 41.85M |
| Net Debt | 302.26M | 282.6M | 247.49M | 222.36M | 20.73M | -7.76M | -38.38M | -59.86M |
| Debt / Equity | -0.99x | - | 94.28x | 9.36x | 0.53x | 0.45x | 0.22x | 0.10x |
| Debt / EBITDA | -0.66x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.62x | - | - | - | - | - | - | - |
| Interest Coverage | -13.64x | -12.15x | -5.45x | -6.53x | -7.51x | -2.95x | -5.33x | -22.26x |
| Total Equity | -321.65M | -288.37M | 4.64M | 48.07M | 354.88M | 439.29M | 367.52M | 435.35M |
| Equity Growth % | -8280.44% | -6312.09% | -90.34% | -86.45% | -19.22% | 19.53% | -15.58% | - |
| Book Value per Share | -19.13 | -34.63 | 0.09 | 1.17 | 9.47 | 17.93 | 12.39 | 14.68 |
| Total Shareholders' Equity | -327.46M | -293.84M | -1.11M | 42.44M | 349.46M | 432.64M | 362.22M | 434.2M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 369.84M | 438.21M |
| Retained Earnings | -1.47B | -1.41B | -796.09M | -520.26M | -262.96M | -8.44M | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -647K | -20.49M | -16.38M | -22.11M | -11.84M | -10.39M | -7.62M | -4.01M |
| Minority Interest | 5.81M | 5.48M | 5.75M | 5.63M | 5.42M | 6.64M | 5.3M | 1.15M |
Imminent insolvency and liquidity
As reported in recent financial filings, Maxeon's total assets have collapsed from $1.5 billion in 2023Q2 to just $186.3 million by 2025Q2, signaling a severe and rapid contraction of the company's resource base as it struggles to maintain operational viability in a hostile market environment.
The precipitous decline in total assets reflects both the liquidation of working capital and the impairment of the company's manufacturing footprint. This trajectory suggests that the firm is rapidly consuming its remaining economic value, leaving little room for a pivot or recovery without substantial external capital injection.
According to the latest quarterly data, Maxeon's cash reserves have dwindled to a precarious $17.2 million, while the current ratio has fallen to 0.84, indicating that the company lacks the necessary liquidity to cover its short-term obligations without immediate and significant external financing.
A current ratio below 1.0 is a clear indicator of financial distress, suggesting that current liabilities now exceed the company's ability to generate near-term cash. Investors should monitor this closely, as the lack of a liquidity buffer leaves the firm highly susceptible to even minor operational disruptions or further market volatility.
Based on the company's reported figures, shareholder equity has plummeted into negative territory, reaching -$327.5 million in 2025Q2, which serves as a stark testament to the persistent and deep losses that have effectively wiped out the company's book value over the past two years.
The shift to negative equity implies that the company's liabilities now exceed its total assets, a condition that typically precedes formal restructuring or insolvency proceedings. This erosion of equity highlights the failure of the current business model to generate returns that exceed the cost of capital, leaving shareholders with minimal protection.
As evidenced by the company's balance sheet, net PPE has shrunk from $387.2 million in 2023Q2 to $33.0 million in 2025Q2, suggesting that the firm is either aggressively writing down the value of its manufacturing assets or failing to maintain the capital intensity required for its IBC technology.
The rapid decline in PPE value may indicate that the company's specialized manufacturing equipment is becoming obsolete or is being impaired due to underutilization. This trend warrants further investigation, as it suggests that the company's core technological moat is being eroded by its inability to sustain the necessary capital investment.
While the headline debt of $319.5 million appears stable, the company's reliance on purchase commitment settlements and long-term warranty obligations, as noted in recent filings, creates a significant, non-obvious liability profile that could easily overwhelm the company's remaining $17.2 million in cash reserves.
The presence of significant off-balance-sheet commitments and long-term warranty risks suggests that the reported debt figures may understate the true extent of the company's financial burden. Investors should be wary of these contingent liabilities, which could trigger a liquidity crisis if the company is forced to settle these obligations prematurely.
Quick answers to the most common questions about buying MAXN stock.
As of 2024, Maxeon Solar Technologies, Ltd. (MAXN) had total assets of $376.3M including $266.0M in current assets.
Maxeon Solar Technologies, Ltd. (MAXN) carries total debt of $311.5M, offset by $28.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Maxeon Solar Technologies, Ltd. (MAXN) has total shareholders' equity (book value) of $-293.8M ($-34.63 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Maxeon Solar Technologies, Ltd. (MAXN) reported a current ratio of 0.79x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.