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NPWRNET Power Inc.
$1.64$139M
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HomeStocksNPWRBalance Sheet

NET Power Inc. (NPWR) Balance Sheet

6Y historyFree accessUpdated daily

The company's financial position appears increasingly vulnerable, as total assets contracted from $2.5 billion in 2023Q4 to $542.8 million by 2026Q1, alongside a negative retained earnings balance of $704.5 million.

NPWR Balance Sheet

Income StatementBalance SheetCash FlowRatios
AnnualQuarterly
MetricTTMDec'25Dec'24Dec'23Dec'22Dec'21Dec'20
Total Current Assets311.06M343.76M513.03M640.8M7.5M3.33M13.63M
Cash & Short-Term Investments308.01M337.89M507.57M636.93M5.16M2.57M12.78M
Cash Only133.15M199.43M329.23M536.93M5.16M2.57M12.78M
Short-Term Investments174.87M138.46M178.34M100M000
Accounts Receivable845K1.38M3.68M2M352K7.96K34K
Days Sales Outstanding--5.38K4.17K221.521.38275.78
Inventory0000000
Days Inventory Outstanding-------
Other Current Assets2.2M4.5M093K1.79M0824K
Total Non-Current Assets231.76M255.94M1.78B1.83B70.64M345.04M93.45M
Property, Plant & Equipment41.08M33.31M154.17M99.07M70.38M80.43M93.14M
Fixed Asset Turnover0.00x-0.00x0.00x0.01x0.03x0.00x
Goodwill00359.85M423.92M000
Intangible Assets179.06M181.57M1.24B1.31B263K285K307K
Long-Term Investments176.06M38.24M22.63M00345.04M0
Other Non-Current Assets1.35M2.81M3.1M00345.04M0
Total Assets542.82M599.7M2.29B2.47B78.14M348.37M107.08M
Asset Turnover0.00x-0.00x0.00x0.01x0.01x0.00x
Asset Growth %-241.47%-73.86%-7.24%3065.23%-77.57%225.33%-
Total Current Liabilities13.06M47.47M17.91M12.02M8.45M519.32K8.5M
Accounts Payable346K1.44M3.09M617K577K143.41K622K
Days Payables Outstanding8.268.41574.93203.44765.8463.146.14K
Short-Term Debt1.16M1.2M0347K07.01M0
Deferred Revenue (Current)00000-7.01M0
Other Current Liabilities11.55M44.83M2.61M11.06M5.35M07.88M
Current Ratio23.82x7.24x28.65x53.31x0.89x6.40x1.60x
Quick Ratio23.82x7.24x28.65x53.31x0.89x6.40x1.60x
Cash Conversion Cycle-------
Total Non-Current Liabilities11.89M17.03M114.02M130.28M5.28M41.8M0
Long-Term Debt02.58M00000
Capital Lease Obligations10.77M02.23M1.81M656K00
Deferred Tax Liabilities4.98M04.31M59.88M000
Other Non-Current Liabilities9.5M14.45M107.48M68.59M4.63M41.8M0
Total Liabilities24.95M64.5M131.93M142.3M13.73M42.32M8.5M
Total Debt3.55M3.79M3.1M2.15M786K7.01M0
Net Debt-129.6M-195.65M-326.13M-534.77M-4.38M4.44M-12.78M
Debt / Equity0.01x0.01x0.00x0.00x0.01x0.02x-
Debt / EBITDA-0.00x------
Net Debt / EBITDA0.15x------
Interest Coverage-----10.44x--
Total Equity517.88M535.21M2.16B2.33B64.4M306.05M98.58M
Equity Growth %-243.31%-75.25%-7.24%3519.32%-78.96%210.44%-
Book Value per Share6.076.7929.4656.590.907.1028.40
Total Shareholders' Equity205.32M203.9M655.6M785.01M64.4M306.44M98.58M
Common Stock23K22K22K21K262.62M345M227.96M
Retained Earnings-704.53M-694.67M-116.04M-66.85M-224.53M-38.56M-131.46M
Treasury Stock0000000
Accumulated OCI1K129K32K017K20K20K
Minority Interest312.55M331.3M1.51B1.55B0-390.89K0

Key Metrics

Growth RegimeContracting
ProfitabilityNegative
Balance SheetVulnerable
Cash FlowBurning
Top Statement Risk

Capital depletion and commercialization

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q1)

Rapid Erosion of Asset Base

As reported in recent financial filings, NPWR's total assets have plummeted from $2.5 billion in 2023Q4 to $542.8 million by 2026Q1, signaling a significant contraction in the company's resource base as it continues to fund pre-commercial development without any offsetting revenue generation to replenish its capital.

The precipitous decline in total assets appears to be driven by substantial write-downs and the ongoing consumption of cash reserves. This trend suggests that the company is rapidly exhausting the capital provided at its inception, which may limit its operational flexibility as it approaches critical project milestones.

Diminishing Runway Amidst Cash Burn

Based on the company's quarterly balance sheet data, cash reserves have declined from a peak of $536.9 million in 2023Q4 to $133.1 million in 2026Q1, indicating that the firm's liquidity buffer is narrowing significantly as it sustains its high-cost research and development activities without commercial revenue.

While the current ratio remains elevated at 23.82, this figure is largely a function of the company's minimal current liabilities rather than robust operational liquidity. Investors should monitor the burn rate closely, as the current trajectory suggests that the company may require additional capital infusions to reach commercial viability.

Goodwill Impairment Risks Loom Large

According to the provided financial statements, goodwill has decreased from $423.9 million in 2023Q4 to $179.1 million in 2026Q1, reflecting significant downward adjustments that suggest the carrying value of past acquisitions may no longer be supported by the company's current commercial progress or future earnings potential.

The volatility in intangible assets warrants further investigation, as it may indicate that the company is struggling to justify the valuation of its core technology assets. Continued impairment charges could further erode the equity base and signal that the underlying intellectual property is not translating into tangible economic value.

Accumulated Deficits Weaken Equity Quality

As disclosed in the latest balance sheet, retained earnings have deteriorated to a negative $704.5 million as of 2026Q1, highlighting the severe impact of persistent operating losses on the company's equity position since its transition to the public markets and the commencement of its intensive development phase.

The consistent growth of the accumulated deficit suggests that the company is effectively consuming its shareholder equity to fund its R&D and operational overhead. This trend may limit the company's ability to raise future capital on favorable terms, as the lack of profitability continues to weigh on the balance sheet.

NPWR — Frequently Asked Questions

Quick answers to the most common questions about buying NPWR stock.

What are the total assets of NET Power Inc. (NPWR)?

As of 2025, NET Power Inc. (NPWR) had total assets of $599.7M including $343.8M in current assets.

How much debt does NET Power Inc. (NPWR) have?

NET Power Inc. (NPWR) carries total debt of $3.8M, offset by $337.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.

What is the book value or shareholders' equity of NET Power Inc.?

NET Power Inc. (NPWR) has total shareholders' equity (book value) of $203.9M ($6.79 book value per share). Book value represents the net worth of the company belonging to common stock holders.

What is NET Power Inc.'s current ratio and liquidity?

NET Power Inc. (NPWR) reported a current ratio of 7.24x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.