The company's leverage profile has intensified significantly, with the debt-to-equity ratio rising to 5.96 in 2026Q1 compared to 2.07 in 2025Q4.
| 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 |
Regulatory capital and liquidity
As reported in financial statements, NewtekOne has aggressively expanded its total assets from $1.4B in 2023Q4 to $2.9B by 2026Q1, while equity growth has lagged significantly, resulting in a balance sheet trajectory that appears increasingly reliant on debt-funded expansion rather than organic capital accumulation.
The rapid doubling of the asset base suggests a deliberate strategy to scale the bank holding company model, yet the slower pace of equity growth raises questions regarding long-term capital adequacy. Investors should monitor whether this asset-heavy trajectory can eventually generate sufficient returns to offset the dilution and leverage risks inherent in such a rapid transition.
Based on the provided quarterly data, the company's debt-to-equity ratio spiked to 5.96 in 2026Q1, a significant departure from the 2.07 level observed in 2025Q4, indicating that the firm is utilizing substantial leverage to support its evolving financial holding company structure and lending operations.
This sharp increase in leverage warrants further investigation into the cost and maturity profile of the debt being utilized to fund the balance sheet. The shift suggests that the company is prioritizing growth in its loan portfolio over maintaining a conservative capital structure, which may heighten sensitivity to interest rate volatility.
According to recent SEC filings, the current ratio has experienced extreme volatility, collapsing from 15.87 in 2023Q4 to 0.20 in 2025Q4, which suggests that the company's liquid assets are no longer sufficient to cover its short-term obligations as it scales its banking operations.
The dramatic decline in the current ratio implies that the firm has shifted its liquidity profile to match a traditional banking model, where short-term assets are less liquid than in its former BDC structure. This transition may leave the company with a thinner buffer against unexpected shocks, requiring careful management of deposit inflows to maintain operational stability.
As indicated by the balance sheet data, goodwill levels fluctuated significantly, peaking at $69.9M in 2026Q1, which may suggest that recent acquisitions or structural changes are creating intangible assets that could be subject to future impairment if the expected synergies fail to materialize.
The presence of these intangibles, combined with the reliance on gain-on-sale accounting, creates a balance sheet that is sensitive to management's valuation assumptions. Investors should be wary that the headline equity figure may be overstated if the underlying servicing assets or goodwill do not perform in line with internal projections.
Quick answers to the most common questions about buying NEWTI stock.
As of 2025, NewtekOne, Inc. 8.00% Fixed Rate Senior Notes due 2028 (NEWTI) had total assets of $2.74B including $349.0M in current assets.
NewtekOne, Inc. 8.00% Fixed Rate Senior Notes due 2028 (NEWTI) carries total debt of $822.8M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NewtekOne, Inc. 8.00% Fixed Rate Senior Notes due 2028 (NEWTI) 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. 8.00% Fixed Rate Senior Notes due 2028 (NEWTI) 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.