While the debt-to-equity ratio remains low at 0.08 as of 2026Q1, the company's long-term solvency is pressured by a massive $330.1 million accumulated deficit in retained earnings.
| Total Current Assets | 200.1M | 195.46M | 118.29M | 35.42M | 42.47M |
| Cash & Short-Term Investments | 129.1M | 131.33M | 82.36M | 7.26M | 11.44M |
| Cash Only | 17.2M | 20.43M | 24.05M | 6.04M | 4.05M |
| Short-Term Investments | 111.9M | 110.9M | 58.31M | 1.22M | 7.39M |
| Accounts Receivable | 38.29M | 33.41M | 28.27M | 21.97M | 18.74M |
| Days Sales Outstanding | 61.52 | 64.43 | 60.33 | 59.28 | 50.54 |
| Inventory | 2.01M | 2.03M | 1.79M | 3.83M | 3.83M |
| Days Inventory Outstanding | 5.59 | 6.29 | 7.52 | 17.62 | 17.73 |
| Other Current Assets | 30.7M | 28.69M | 5.69M | 1.63M | 0 |
| Total Non-Current Assets | 26.16M | 44.38M | 27.78M | 36.19M | 24.4M |
| Property, Plant & Equipment | 14.8M | 15.09M | 13.42M | 18.6M | 23.61M |
| Fixed Asset Turnover | 14.87x | 12.55x | 12.75x | 7.27x | 5.73x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 20M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 11.36M | 29.29M | 14.36M | 17.6M | 790.88K |
| Total Assets | 226.26M | 239.84M | 146.07M | 71.61M | 66.87M |
| Asset Turnover | 0.82x | 0.79x | 1.17x | 1.89x | 2.02x |
| Asset Growth % | 382.47% | 64.19% | 103.98% | 7.09% | - |
| Total Current Liabilities | 86.12M | 81.28M | 122.65M | 51.85M | 34.11M |
| Accounts Payable | 16.28M | 16.77M | 14.67M | 19.61M | 15.04M |
| Days Payables Outstanding | 48.34 | 52.04 | 61.57 | 90.07 | 69.54 |
| Short-Term Debt | 0 | 0 | 4.09B | 500K | 0 |
| Deferred Revenue (Current) | 48.27M | 12.6M | 13.65M | 14.85M | 0 |
| Other Current Liabilities | 32.71M | 32.95M | -4.02B | 7.28M | 10.93M |
| Current Ratio | 2.32x | 2.40x | 0.96x | 0.68x | 1.24x |
| Quick Ratio | 2.30x | 2.38x | 0.95x | 0.61x | 1.13x |
| Cash Conversion Cycle | 18.77 | 18.68 | 6.28 | -13.17 | -1.27 |
| Total Non-Current Liabilities | 33.11M | 52.52M | 32.49M | 43.35M | 14.66M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 14.23M | 5.29M | 4.18M | 8.07M | 11.44M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 25.91M | 44.08M | 25.48M | 32.16M | 3.22M |
| Total Liabilities | 119.23M | 133.79M | 155.14M | 95.19M | 48.77M |
| Total Debt | 8.32M | 9.36M | 4.1B | 12.41M | 14.98M |
| Net Debt | -8.87M | -11.08M | 4.08B | 6.37M | 10.93M |
| Debt / Equity | 0.08x | 0.09x | - | - | 0.83x |
| Debt / EBITDA | -0.10x | - | - | - | - |
| Net Debt / EBITDA | 0.10x | - | - | - | - |
| Interest Coverage | -4322.58x | -4310.21x | -787.42x | -1057.22x | - |
| Total Equity | 107.02M | 106.05M | -9.07M | -23.58M | 18.1M |
| Equity Growth % | 2744.15% | 1269.63% | 61.56% | -230.3% | - |
| Book Value per Share | 0.83 | 0.82 | -0.07 | -0.18 | 0.22 |
| Total Shareholders' Equity | 107.02M | 106.05M | -9.07M | -23.58M | 18.1M |
| Common Stock | 129.14K | 129.13K | 10 | 10 | 10 |
| Retained Earnings | -330.06M | -327.87M | -227.77M | -153.04M | -108.71M |
| Treasury Stock | 0 | 0 | -14.62M | -14.62M | -14.62M |
| Accumulated OCI | 223.32K | 464.37K | -52.85K | 0 | -93.68K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Persistent Negative Equity Position
According to the latest quarterly filings, NMAX has managed to stabilize its equity position at $107.0 million as of 2026Q1, a notable improvement from the negative equity territory observed throughout 2024, though this recovery remains heavily reliant on external capital injections rather than organic earnings growth.
The transition from negative equity to a positive balance suggests a potential recapitalization or debt-to-equity conversion that has temporarily bolstered the firm's solvency. However, the persistent accumulation of retained earnings losses, now totaling -$330.1 million, indicates that the underlying business model continues to consume capital at an unsustainable rate.
As reported in recent financial statements, NMAX's cash position declined to $17.2 million in 2026Q1 from a peak of $126.7 million in 2025Q1, signaling that the company is rapidly depleting its liquid reserves to fund ongoing operational deficits and marketing-heavy customer acquisition strategies.
While the current ratio of 2.32 appears superficially healthy, the rapid drawdown of cash reserves warrants close monitoring by investors. The company's liquidity profile suggests it may face significant pressure to secure additional financing if the current burn rate persists without a corresponding improvement in operating cash flow.
Based on the reported figures, NMAX maintains a conservative debt-to-equity ratio of 0.08 as of 2026Q1, which might initially appear favorable, yet this low leverage is a function of limited access to traditional credit markets rather than a strategic choice to avoid interest-bearing obligations.
The company's reliance on minimal debt suggests that its primary financing needs are likely met through equity-linked instruments or parent-company support. Investors should interpret this low leverage as a sign of limited borrowing capacity, which could constrain the firm's ability to pivot or weather prolonged periods of market volatility.
Data from the balance sheet reveals that NMAX's retained earnings have plummeted to -$330.1 million, a figure that significantly outweighs the current equity base and highlights the profound, long-term erosion of shareholder value caused by persistent operating losses and aggressive expansion spending.
This massive deficit in retained earnings serves as a critical warning that the company's growth strategy has not yet achieved the scale required for profitability. The discrepancy between the company's top-line expansion and its bottom-line erosion suggests that the business model may be fundamentally misaligned with its current cost structure.
Quick answers to the most common questions about buying NMAX stock.
As of 2025, Newsmax, Inc. (NMAX) had total assets of $239.8M including $195.5M in current assets.
Newsmax, Inc. (NMAX) carries total debt of $9.4M, offset by $131.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Newsmax, Inc. (NMAX) has total shareholders' equity (book value) of $106.0M ($0.82 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Newsmax, Inc. (NMAX) reported a current ratio of 2.40x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.