The company's debt-to-equity ratio has surged to 5.96 as of 2026Q1, reflecting a rapid asset expansion to $2.9B that is increasingly reliant on leverage rather than organic equity accumulation.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Total Current Assets | 454.53M | 348.96M | 459.88M | 291.35M | 654.91M | 242.54M | 112.98M | 89.89M | 77.21M | 31.34M | 29.08M | 62.35M | 39.39M | 85.28M | 51.15M | 40.72M | 52M | 90.45M | 117.08M | 159.59M | 69.83M | 76.82M | 40.44M | 51.87M | 64.17M | 56.44M | 46.88M | 33.43M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 26.48M | 0 | 0 | 601.22M | 191.21M | 58.18M | 36.96M | 29.03M | 18.07M | 20.88M | 22.9M | 1.92M | 16.88M | -2.56M | 2.47M | 11.76M | 6.94M | 14.5M | 12.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 2.43B | 2.4B | 1.6B | 1.14B | 343.99M | 818.41M | 728M | 707.52M | 576.13M | 488.27M | 372.37M | 290.08M | 262.29M | 139.28M | 101.59M | 77.22M | 113.02M | 45.63M | 52.44M | 58.23M | 170.91M | 188.19M | 3.21M | 140.32M | 8.46M | 26.92M | 36.65M | 21.22M |
| Property, Plant & Equipment | 2.68M | 2.79M | 5.69M | 5.7M | 6.48M | 7.31M | 6.93M | 7.99M | 0 | 0 | 0 | 0 | 329K | 3.74M | 3.52M | 2.85M | 3.21M | 3.63M | 5.06M | 5.43M | 4.46M | 6.59M | 1.96M | 670.72K | 546.23K | 460.22K | 531.46K | 8.71K |
| Fixed Asset Turnover | 130.80x | 115.47x | 56.06x | 44.35x | 20.28x | 23.02x | 13.39x | 11.11x | - | - | - | - | 395.48x | 36.49x | 37.22x | 40.76x | 34.82x | 26.51x | 17.38x | 14.50x | 19.78x | 14.55x | 35.83x | 90.19x | - | - | 16.39x | 1363.57x |
| Goodwill | 0 | 14.09M | 14.09M | 25.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.09M | 12.09M | 12.09M | 12.09M | 12.09M | 12.09M | 13M | 10.57M | 9.44M | 11.15M | 1.83M | 2.86M | 963.74K | 0 | 0 |
| Intangible Assets | 69.88M | 512K | 667K | 4.24M | 30.27M | 28.01M | 26.06M | 24.41M | 21.36M | 19.36M | 16.25M | 13.04M | 444K | 1.24M | 1.56M | 1.42M | 2.75M | 4.22M | 6.1M | 8.83M | 9.14M | 6.7M | 6.48M | 3.02M | 356.68K | 0 | 0 | 0 |
| Long-Term Investments | 5.95B | 2.22B | 1.42B | 936M | 283.6M | 758.78M | 671.19M | 659.04M | 541.1M | 456.69M | 345.22M | 267.73M | 235.69M | 98.02M | 67.3M | 59.56M | 93.75M | 75.4M | 103.6M | 121.04M | 141.8M | 14.64M | 6.42M | 53.95M | 5.05M | -14.45M | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 2.89B | 2.74B | 2.06B | 1.43B | 998.9M | 1.06B | 840.98M | 797.41M | 653.34M | 519.61M | 401.45M | 352.43M | 301.83M | 198.61M | 152.74M | 129.79M | 165.01M | 136.08M | 169.53M | 217.82M | 240.74M | 265.01M | 228.4M | 192.18M | 169.05M | 83.36M | 83.54M | 54.65M |
| Asset Turnover | 0.13x | 0.12x | 0.15x | 0.18x | 0.13x | 0.16x | 0.11x | 0.11x | 0.08x | 0.07x | 0.08x | 0.07x | 0.43x | 0.69x | 0.86x | 0.90x | 0.68x | 0.71x | 0.52x | 0.36x | 0.37x | 0.36x | 0.31x | 0.31x | - | - | 0.10x | 0.22x |
| Asset Growth % | 143.14% | 33.25% | 44.1% | 43.11% | -5.46% | 25.63% | 5.46% | 22.05% | 25.74% | 29.43% | 13.91% | 16.76% | 51.97% | 30.03% | 17.68% | -21.34% | 21.26% | -19.73% | -22.17% | -9.52% | -9.16% | 16.03% | 18.84% | 13.68% | 102.79% | -0.21% | 52.88% | - |
| Total Current Liabilities | 0 | 1.7B | 1.08B | 534.91M | 77.24M | 10.94M | 11.38M | 39.16M | 45.09M | 10.15M | 9.27M | 12.47M | 8.13M | 8.94M | 5.58M | 15.83M | 15.09M | 13.81M | 79.9M | 89.34M | 0 | 102.36M | 0 | 65.7M | 0 | 51.18M | 1.38M | 0 |
| Accounts Payable | 0 | 9.41M | 9.22M | 7.91M | 13.4M | 3.08M | 3.6M | 2.47M | 3.1M | 6.42M | 1.74M | 1.32M | 0 | 3.89M | 11.21M | 12.13M | 41.1M | 8.31M | 9.34M | 10.26M | 8.51M | 10.31M | 0 | 0 | 0 | -48.1M | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 218.49M | 98.24M | 61.26M | 55.88M | 183K | 0 | 30M | 34.7M | 0 | 5.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27M | 79.08M | 86.33M | 92.05M | 76.26M | 65.7M | 65.2M | 49.64M | 1.38M | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 1.42B | 974.55M | 464.4M | 0 | -1.59M | 0 | 0 | 3.09M | 0 | -105K | 9.06M | -249K | 1.91M | -7.34M | 453K | -27.78M | 3.63M | 43.56M | 0 | -94.84M | 0 | -85.98M | 0 | -65.2M | 0 | 0 | 0 |
| Current Ratio | - | 0.20x | 0.42x | 0.54x | 8.48x | 22.18x | 9.93x | 2.30x | 1.71x | 3.09x | 3.14x | 5.00x | 4.84x | 9.54x | 9.17x | 2.57x | 3.45x | 6.55x | 1.47x | 1.79x | - | 0.75x | - | 0.79x | - | 1.10x | 33.94x | - |
| Quick Ratio | - | 0.20x | 0.42x | 0.54x | 8.48x | 22.18x | 9.93x | 2.30x | 1.71x | 3.09x | 3.14x | 5.00x | 4.84x | 9.54x | 9.17x | 2.57x | 3.45x | 6.55x | 1.47x | 1.79x | - | 0.75x | - | 0.79x | - | 1.10x | 33.94x | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 2.48B | 643.59M | 681.29M | 645.55M | 546.3M | 481.11M | 490.25M | 436.02M | 320.8M | 231.13M | 183.09M | 136.21M | 127.28M | 112.66M | 78.26M | 62.45M | 94.33M | 68.25M | 33.55M | 46.68M | 0 | 80.16M | 0 | 77.85M | 0 | 15.71M | 68.37M | 40.4M |
| Long-Term Debt | 2.41B | 601.4M | 609.8M | 582.86M | 483.44M | 472.05M | 451.78M | 401.93M | 296.93M | 216.25M | 166.14M | 133.95M | 125.2M | 105M | 70.56M | 56.88M | 63.55M | 68.25M | 69.56M | 26.77M | 27.04M | 44.36M | 40.31M | 60.94M | 63.97M | 63.79M | 66.18M | 39.18M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 2.48B | 2.35B | 1.76B | 1.18B | 623.54M | 652.67M | 501.63M | 475.19M | 365.9M | 241.28M | 192.36M | 148.48M | 135.41M | 121.6M | 83.84M | 70.64M | 109.42M | 82.06M | 113.45M | 136.02M | 180.54M | 182.52M | 145.58M | 143.54M | 137.11M | 66.89M | 69.75M | 40.4M |
| Total Debt | 2.41B | 822.76M | 714.54M | 651.07M | 547.3M | 481.11M | 460.48M | 441.82M | 331.63M | 216.25M | 171.24M | 133.95M | 125.42M | 105.64M | 71.2M | 56.88M | 63.55M | 68.25M | 96.56M | 105.85M | 113.37M | 136.41M | 116.57M | 126.63M | 129.17M | 113.43M | 67.56M | 39.18M |
| Net Debt | 2.01B | 538.95M | 361.39M | 497.99M | 493.61M | 478.71M | 458.41M | 440.06M | 329.31M | 213.79M | 169.19M | 129.64M | 107.61M | 93.13M | 56.97M | 45.68M | 53.16M | 55.66M | 79.7M | 80.48M | 86.69M | 112.47M | 87.03M | 93.19M | 87.99M | 82.25M | 32.86M | 13.72M |
| Debt / Equity | 5.96x | 2.07x | 2.41x | 2.61x | 1.46x | 1.19x | 1.36x | 1.37x | 1.15x | 0.78x | 0.82x | 0.66x | 0.75x | 1.37x | 1.03x | 0.96x | 1.14x | 1.26x | 1.72x | 1.72x | 2.22x | 1.65x | 1.41x | 2.60x | 4.04x | 6.89x | 4.90x | 2.75x |
| Debt / EBITDA | 18.47x | 5.99x | 10.14x | 13.49x | 14.03x | 5.61x | 13.94x | 35.54x | - | - | - | - | 7.13x | - | 3.94x | - | - | - | - | - | 5.97x | 3.97x | 6.25x | 3.90x | 17.62x | 73.75x | 17.78x | 3.74x |
| Net Debt / EBITDA | 15.39x | 3.92x | 5.13x | 10.32x | 12.65x | 5.58x | 13.88x | 35.39x | - | - | - | - | 6.12x | - | 3.15x | - | - | - | - | - | 4.56x | 3.27x | 4.67x | 2.87x | 12.00x | 53.48x | 8.65x | 1.31x |
| Interest Coverage | 1.42x | 2.42x | 0.85x | 0.67x | 1.47x | 4.17x | 1.82x | 3.17x | 3.29x | 4.61x | -0.10x | 0.05x | - | 2.89x | 3.10x | 1.59x | 1.20x | 0.61x | -0.20x | -0.18x | 0.74x | 1.86x | 2.15x | 2.41x | - | - | 0.52x | - |
| Total Equity | 404.69M | 397.57M | 296.28M | 249.05M | 375.36M | 403.89M | 339.35M | 322.23M | 287.44M | 278.33M | 209.09M | 203.95M | 166.42M | 77.01M | 68.9M | 59.15M | 55.59M | 54.03M | 56.08M | 61.55M | 51.01M | 82.49M | 82.82M | 48.64M | 31.95M | 16.47M | 13.79M | 14.25M |
| Equity Growth % | 119.23% | 34.19% | 18.97% | -33.65% | -7.06% | 19.02% | 5.32% | 12.1% | 3.28% | 33.11% | 2.52% | 22.55% | 116.1% | 11.77% | 16.48% | 6.4% | 2.9% | -3.66% | -8.89% | 20.66% | -38.16% | -0.39% | 70.26% | 52.26% | 93.92% | 19.5% | -3.24% | - |
| Book Value per Share | 12.99 | 15.50 | 11.76 | 10.23 | 15.51 | 17.72 | 16.05 | 16.67 | 15.36 | 16.06 | 14.38 | 18.94 | 15.45 | 10.16 | 9.38 | 8.20 | 7.76 | 7.58 | 7.85 | 8.59 | 7.31 | 12.03 | 13.63 | 9.29 | 6.57 | 3.76 | 3.57 | 3.90 |
| Total Shareholders' Equity | 404.69M | 397.57M | 296.28M | 249.05M | 375.36M | 403.89M | 339.35M | 322.23M | 287.44M | 278.33M | 209.09M | 203.95M | 166.42M | 75.34M | 66.85M | 57.97M | 54.28M | 52.41M | 53.77M | 56.58M | 55.6M | 87.53M | 77.09M | 40.25M | 27.17M | 11.39M | 9.27M | 8.31M |
| Common Stock | 577K | 573K | 526K | 492K | 492K | 483K | 439K | 411K | 379K | 369K | 293K | 290K | 205K | 148K | 738K | 734K | 734K | 733K | 733K | 722K | 710K | 696K | 677.47K | 524.18K | 506.83K | 444.25K | 427.47K | 0 |
| Retained Earnings | 101.84M | 94.99M | 57.77M | 28.05M | 20.62M | 35.74M | 22.29M | 31.85M | 32.57M | 14.79M | 8.09M | 4.44M | -2.52M | 14.54M | 7.01M | 45K | -3.44M | -4.97M | -4.54M | 20.25M | 31.46M | 33.58M | 25.86M | 15.24M | 5.67M | -2.5M | -3.43M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.28M | -1.51M | -620K | -663K | -649K | -649K | -303K | -54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -6K | -4K | -21K | -148K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.11M | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.67M | 2.06M | 1.18M | 1.31M | 1.61M | 2.31M | 4.97M | -4.6M | -5.03M | 5.72M | 8.39M | 4.77M | 5.08M | 4.52M | 5.94M |
High leverage and liquidity
As reported in financial statements, NewtekOne's total assets surged to $2.9B in 2026Q1 from $1.4B in 2023Q4, yet this rapid expansion has significantly outpaced equity growth, suggesting that the company's balance sheet trajectory is increasingly reliant on debt-funded growth rather than organic capital accumulation.
The aggressive asset growth appears to be a direct consequence of the transition to a bank holding company model, which necessitates a larger balance sheet to support deposit-taking and lending activities. Investors should monitor whether this asset expansion can eventually generate sufficient returns to offset the dilution and leverage risks inherent in such a rapid scaling process.
Based on recent SEC filings, NewtekOne's debt-to-equity ratio spiked to 5.96 in 2026Q1, a marked increase from the 2.61 observed in 2023Q4, indicating that the company's shift toward a bank holding company structure has significantly elevated its reliance on debt to fund its operations.
The sharp rise in debt levels suggests that the company is aggressively utilizing leverage to fuel its lending engine, which may increase sensitivity to interest rate fluctuations and credit quality deterioration. This level of leverage warrants further investigation into the sustainability of the company's funding costs as it continues to integrate its banking and non-banking segments.
According to the company's reported figures, the current ratio has experienced extreme volatility, collapsing from 15.87 in 2023Q4 to effectively zero in 2026Q1, which highlights a significant reduction in the company's immediate liquidity buffer relative to its short-term obligations.
The erratic nature of these liquidity metrics suggests that the company's cash management is heavily influenced by the timing of loan sales and the cyclical nature of its lending business. This lack of consistent liquidity coverage may leave the firm vulnerable to sudden market shocks or unexpected disruptions in the secondary SBA loan market.
As indicated by historical balance sheet data, NewtekOne's goodwill peaked at $69.9M in 2026Q1, representing a substantial increase from previous periods, which may imply that recent acquisitions or structural changes have introduced significant intangible asset risk that could necessitate future impairment charges.
The accumulation of goodwill suggests that the company's growth strategy is partially dependent on inorganic expansion, which often carries the risk of overpayment or failure to achieve expected synergies. Market participants should carefully evaluate the carrying value of these assets, as any downward revision could materially impact the company's reported equity and overall balance sheet health.
Quick answers to the most common questions about buying NEWTH stock.
As of 2025, NewtekOne, Inc. (NEWTH) had total assets of $2.74B including $349.0M in current assets.
NewtekOne, Inc. (NEWTH) carries total debt of $822.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NewtekOne, Inc. (NEWTH) has total shareholders' equity (book value) of $397.6M ($15.50 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NewtekOne, Inc. (NEWTH) reported a current ratio of 0.20x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.