The capital structure appears highly distressed, featuring a negative equity position of $563.8 million and a critical current ratio of 0.01 as of 2025Q3.
| Total Current Assets | 4.72M | 15.47M | 21.95M | 51.36M | 19.04M | 16.8M |
| Cash & Short-Term Investments | 1.82M | 12.33M | 11.63M | 3.66M | 1.66M | 11.88M |
| Cash Only | 1.82M | 12.33M | 11.63M | 3.66M | 1.66M | 11.88M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 295K | 1.5M | 1.41M | 8.62M | 4.07M | 4.87M |
| Days Sales Outstanding | 45.57 | 29.98 | 66.56 | 134.34 | 101.57 | 128.03 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 2.6M | 1.65M | 8.91M | 39.08M | 13.3M | 54K |
| Total Non-Current Assets | 1.55B | 1.9B | 3.14B | 3.37B | 84.97M | 1.04M |
| Property, Plant & Equipment | 5.11M | 5.39M | 5.25M | 3.43M | 750K | 612K |
| Fixed Asset Turnover | 1.85x | 3.39x | 1.47x | 6.82x | 19.50x | 22.69x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.54B | 1.9B | 3.13B | 3.36B | 84.22M | 427K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 1.55B | 1.92B | 3.16B | 3.42B | 104.01M | 17.84M |
| Asset Turnover | 0.01x | 0.01x | 0.00x | 0.01x | 0.14x | 0.78x |
| Asset Growth % | -166.85% | -39.27% | -7.55% | 3186.3% | 482.9% | - |
| Total Current Liabilities | 712.22M | 1.27B | 46.51M | 115.72M | 54.06M | 42.13M |
| Accounts Payable | 12.13M | 13.97M | 6.24M | 8.42M | 4.61M | 398K |
| Days Payables Outstanding | 651.61 | 530.8 | 1.06K | 1.5K | 8.85K | 844.59 |
| Short-Term Debt | 512.62M | 31.2M | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 249K | 249K |
| Other Current Liabilities | 187.48M | 1.19B | 19.62M | 107.29M | 3.49M | 41.48M |
| Current Ratio | 0.01x | 0.01x | 0.47x | 0.44x | 0.35x | 0.40x |
| Quick Ratio | 0.01x | 0.01x | 0.47x | 0.44x | 0.35x | 0.40x |
| Cash Conversion Cycle | -606.04 | - | - | - | - | - |
| Total Non-Current Liabilities | 1.68B | 782.18M | 1.69B | 1.11B | 201.35M | 91.56M |
| Long-Term Debt | 248.86M | 763.35M | 678.99M | 324.25M | 106.81M | 24.04M |
| Capital Lease Obligations | 194K | 102K | 235K | 0 | 106.81M | 24.04M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.44B | 18.72M | 1.02B | 790.71M | 94.55M | 43.48M |
| Total Liabilities | 2.4B | 2.05B | 1.74B | 1.23B | 255.41M | 133.69M |
| Total Debt | 761.48M | 794.66M | 679.22M | 324.25M | 213.61M | 48.09M |
| Net Debt | 759.66M | 782.33M | 667.59M | 320.59M | 211.95M | 36.21M |
| Debt / Equity | -0.90x | - | 0.48x | 0.15x | - | - |
| Debt / EBITDA | -1.16x | - | - | - | - | - |
| Net Debt / EBITDA | -1.15x | - | - | - | - | - |
| Interest Coverage | -2.49x | -2.71x | -1.89x | -2.32x | -0.22x | -0.16x |
| Total Equity | -844.39M | -128.41M | 1.42B | 2.19B | -151.41M | -115.85M |
| Equity Growth % | -596.31% | -109.05% | -35.12% | 1544.62% | -30.7% | - |
| Book Value per Share | -0.67 | -128.15 | 3979.71 | 22111.52 | -1249.50 | -13.30 |
| Total Shareholders' Equity | -563.84M | 100.58M | 272.39M | 109.69M | -155.76M | -120.18M |
| Common Stock | 0 | 0 | 1K | 1.82M | 0 | 0 |
| Retained Earnings | -878.63M | -446.05M | -85.55M | -29.2M | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -280.55M | -228.99M | 1.15B | 2.08B | 4.35M | 0 |
Liquidity and insolvency risk
As reported in recent financial filings, the company's equity position has deteriorated into a deficit of $563.8 million by 2025Q3, reflecting a consistent trend of value destruction as accumulated losses continue to outpace the company's ability to monetize its underlying healthcare claim assets.
The persistent decline in total assets from $3.4 billion in 2023Q2 to $1.6 billion in 2025Q3 suggests that the valuation of the company's core claim portfolio is being aggressively written down or failing to materialize as expected. This trajectory indicates that the business model is struggling to convert its legal rights into tangible balance sheet value, which warrants significant caution regarding the firm's long-term viability.
Based on the most recent quarterly data, the company's current ratio has plummeted to 0.01, with cash reserves dwindling to just $1.8 million, signaling an acute liquidity crisis that leaves virtually no buffer against ongoing operational expenses or unexpected legal costs.
The near-total depletion of liquid assets relative to the company's massive liability structure suggests that MSPR is operating in a state of extreme financial fragility. Investors should monitor the company's ability to secure external financing, as the current cash position appears insufficient to sustain the high-burn litigation-heavy business model for any extended period.
According to balance sheet disclosures, goodwill accounts for $1.5 billion of the company's $1.6 billion in total assets, indicating that the vast majority of the firm's reported value is tied to intangible assets rather than tangible, cash-generating infrastructure or liquid holdings.
This heavy reliance on goodwill suggests that the company's asset base is highly sensitive to impairment charges if the underlying legal claims fail to perform as projected. The lack of meaningful tangible assets, such as PPE, underscores the speculative nature of the balance sheet and the high risk of future write-downs.
As indicated by financial statements, the company maintains a debt load of $761.5 million, which, when combined with a negative equity position, creates a highly leveraged and precarious capital structure that limits the firm's financial flexibility in a high-interest rate environment.
The presence of significant debt on a balance sheet with negative equity suggests that the company is effectively insolvent on a book-value basis, relying entirely on the future success of its litigation portfolio to satisfy creditors. This leverage profile appears to be a necessity-driven burden rather than a strategic choice, significantly increasing the risk of a restructuring event.
Quick answers to the most common questions about buying MSPR stock.
As of 2024, MSP Recovery, Inc. (MSPR) had total assets of $1.92B including $15.5M in current assets.
MSP Recovery, Inc. (MSPR) carries total debt of $794.7M, offset by $12.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
MSP Recovery, Inc. (MSPR) has total shareholders' equity (book value) of $100.6M ($-128.15 book value per share). Book value represents the net worth of the company belonging to common stock holders.
MSP Recovery, Inc. (MSPR) reported a current ratio of 0.01x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.