The company's financial position appears increasingly fragile, with the debt-to-equity ratio surging to 297.29 and total equity collapsing to $2.4 million by 2026Q1.
| 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 |
|---|
| Total Current Assets | 369.52M | 375.03M | 495.68M | 742.05M | 852.07M | 1.1B | 355.59M | 81.05M | 131.66M | 101.62M | 109.01M | 110.54M | 117.76M | 126.46M | 115M | 199.6M | 293.11M | 93.75M | 106.93M |
| Cash & Short-Term Investments | 275.98M | 279.51M | 389.93M | 631.42M | 772.32M | 1.04B | 318.81M | 49.1M | 102.35M | 62.87M | 71.98M | 82.27M | 101.35M | 112.53M | 100.58M | 177.43M | 283.67M | 92.73M | 106.05M |
| Cash Only | 56.29M | 63.71M | 55.37M | 179.91M | 325.09M | 460.73M | 81.61M | 29.63M | 18.84M | 62.87M | 16.77M | 82.27M | 36.45M | 26.36M | 46.54M | 58.87M | 147.65M | 89.23M | 78.46M |
| Short-Term Investments | 219.69M | 215.8M | 334.56M | 451.5M | 447.23M | 583.67M | 237.2M | 19.47M | 83.51M | 0 | 55.21M | 0 | 64.9M | 86.17M | 54.04M | 118.57M | 136.02M | 3.5M | 27.59M |
| Accounts Receivable | 29.35M | 35.45M | 27.52M | 36.62M | 18.79M | 24.24M | 16.84M | 15.27M | 8.6M | 13.43M | 16.42M | 15.24M | 3.41M | 2.75M | 2.82M | 4.56M | 341K | 0 | 0 |
| Days Sales Outstanding | 72.8 | 80.86 | 65.23 | 66.65 | 53.44 | 67.79 | 77.9 | 61.31 | 39.9 | 52.46 | 66.07 | 59.97 | 20.52 | 35.57 | 39.64 | 49.12 | 74.35 | - | - |
| Inventory | 51.02M | 49.28M | 58.76M | 56.68M | 50.38M | 24.6M | 14.23M | 13.31M | 17.88M | 23.07M | 15.63M | 10.96M | 11.34M | 10.05M | 9.59M | 15.52M | 6.86M | 0 | 0 |
| Days Inventory Outstanding | 187.87 | 164.54 | 183.72 | 140.02 | 231.98 | 125.31 | 112.11 | 86.28 | 121.9 | 143.15 | 122.58 | 101.66 | 111.24 | 168.56 | 139.8 | 271.91 | - | - | - |
| Other Current Assets | 13.16M | 10.79M | 19.47M | 17.34M | 300K | 500K | 836K | 300K | 0 | 0 | 476K | 741K | 107K | 0 | 2.01M | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 412.85M | 409.05M | 764.77M | 1B | 915.01M | 905.84M | 58.39M | 66.94M | 38.62M | 42.47M | 28.87M | 20.57M | 6.76M | 9.73M | 14.68M | 18.71M | 12.63M | 7.35M | 6.18M |
| Property, Plant & Equipment | 65.22M | 65.84M | 46.6M | 69.03M | 81.34M | 79.12M | 54.85M | 62.9M | 34.07M | 37.92M | 14.56M | 8.55M | 6.6M | 9.24M | 14.33M | 18.4M | 12.31M | 7.14M | 6.03M |
| Fixed Asset Turnover | 2.44x | 2.43x | 3.31x | 2.91x | 1.58x | 1.65x | 1.44x | 1.45x | 2.31x | 2.46x | 6.23x | 10.85x | 9.18x | 3.05x | 1.81x | 1.84x | 0.14x | 0.02x | 0.15x |
| Goodwill | 317.76M | 317.76M | 317.76M | 462.26M | 409.97M | 409.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 14.1M | 15.12M | 389.57M | 456.98M | 410.25M | 410.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 3.1M | 1.53M | 0 | 0 | 0 | 0 | 0 | 0 | 4.5M | 4.5M | 4.5M | 9.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 14.19M | 8.79M | 10.84M | 15.7M | 13.45M | 5.76M | 3.54M | 4.04M | 43K | 45K | 9.81M | 2.52M | 162K | 490K | 354K | 317K | 322K | 211K | 154K |
| Total Assets | 782.37M | 784.08M | 1.26B | 1.75B | 1.77B | 2.01B | 413.98M | 147.99M | 170.28M | 144.08M | 137.88M | 131.11M | 124.52M | 136.19M | 129.68M | 218.32M | 305.75M | 101.1M | 113.11M |
| Asset Turnover | 0.20x | 0.20x | 0.12x | 0.11x | 0.07x | 0.07x | 0.19x | 0.61x | 0.46x | 0.65x | 0.66x | 0.71x | 0.49x | 0.21x | 0.20x | 0.16x | 0.01x | 0.00x | 0.01x |
| Asset Growth % | -136.83% | -37.79% | -27.81% | -1.19% | -11.95% | 384.8% | 179.74% | -13.09% | 18.18% | 4.5% | 5.17% | 5.29% | -8.56% | 5.01% | -40.6% | -28.6% | 202.43% | -10.62% | - |
| Total Current Liabilities | 65.36M | 54.42M | 66.3M | 95.03M | 263.33M | 71.71M | 38.5M | 49.15M | 20.35M | 22.32M | 33.77M | 21.93M | 31.49M | 22.55M | 14.74M | 19.38M | 20.84M | 8.42M | 4.7M |
| Accounts Payable | 13.61M | 20.77M | 16.59M | 15.06M | 12.03M | 11M | 3.58M | 8.37M | 6.74M | 9.09M | 8.36M | 4.75M | 5.61M | 1.72M | 2.99M | 4.74M | 9.52M | 5.78M | 1.84M |
| Days Payables Outstanding | 59.63 | 69.34 | 51.87 | 37.21 | 55.38 | 56.04 | 28.2 | 54.24 | 45.93 | 56.44 | 65.54 | 44.07 | 55.04 | 28.8 | 43.55 | 83.1 | - | - | - |
| Short-Term Debt | 277K | 448K | 0 | 490K | 1.84M | 1.61M | 0 | 15.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 110K | 0 | 1.3M |
| Deferred Revenue (Current) | 31.19M | 0 | 13.86M | 16.34M | 30.5M | 10.98M | 8.72M | 7.61M | 6.54M | 6.32M | 7.13M | 17.64M | 12.91M | 10.83M | 3.38M | 6.58M | 3.22M | 0 | 1.1M |
| Other Current Liabilities | 35.14M | 32.75M | 3.22M | 7.84M | 175.5M | 4.15M | 4.52M | 225K | 5.09M | 5.65M | 9.72M | 7.66M | 6.65M | 4.65M | 3.54M | 844K | 463K | 0 | 0 |
| Current Ratio | 5.65x | 6.89x | 7.48x | 7.81x | 3.24x | 15.36x | 9.24x | 1.65x | 6.47x | 4.55x | 3.23x | 5.04x | 3.74x | 5.61x | 7.80x | 10.30x | 14.06x | 11.13x | 22.74x |
| Quick Ratio | 4.87x | 5.99x | 6.59x | 7.21x | 3.04x | 15.01x | 8.87x | 1.38x | 5.59x | 3.52x | 2.76x | 4.54x | 3.38x | 5.16x | 7.15x | 9.50x | 13.74x | 11.13x | 22.74x |
| Cash Conversion Cycle | 201.04 | 176.06 | 197.07 | 169.46 | 230.04 | 137.06 | 161.81 | 93.35 | 115.87 | 139.17 | 123.11 | 117.56 | 76.72 | 175.33 | 135.9 | 237.94 | - | - | - |
| Total Non-Current Liabilities | 714.64M | 724.32M | 687.55M | 949.68M | 940.85M | 1.14B | 39.99M | 43.91M | 35.87M | 35.66M | 19.44M | 35.64M | 38.09M | 44.45M | 5.56M | 7.48M | 5.04M | 269.8M | 201.79M |
| Long-Term Debt | 644.11M | 702.42M | 647.49M | 892.24M | 896.68M | 896.07M | 0 | 0 | 14.66M | 13.63M | 16.11M | 14.95M | 14.12M | 13.35M | 0 | 0 | 2.93M | 0 | 0 |
| Capital Lease Obligations | 222.43M | 57.04M | 14.91M | 31.61M | 41.07M | 49.97M | 37.67M | 41.96M | 0 | 0 | 0 | 0 | 0 | 2.4M | 2.61M | 2.79M | 2.93M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | -25.05M | 0 | 0 | 0 | 0 | 356K | -786K | 944K | -2.4M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 7.98M | -55.01M | 19.25M | 20.3M | 1.3M | 198.24M | 752K | 0 | 13.78M | 14.64M | 2.04M | 4.44M | 3.1M | 1.66M | 2.15M | 3.08M | -813K | 269.8M | 201.79M |
| Total Liabilities | 780M | 778.73M | 753.85M | 1.04B | 1.2B | 1.22B | 78.49M | 93.07M | 56.21M | 57.98M | 53.22M | 57.57M | 69.57M | 67M | 20.3M | 26.85M | 25.88M | 278.22M | 206.5M |
| Total Debt | 703.39M | 759.46M | 672.43M | 933.93M | 948.48M | 955.36M | 42M | 61.67M | 14.66M | 13.63M | 16.11M | 14.95M | 14.12M | 15.96M | 2.79M | 2.93M | 3.04M | 0 | 1.3M |
| Net Debt | 647.1M | 695.75M | 617.06M | 754.02M | 623.39M | 494.63M | -39.61M | 32.05M | -4.18M | -49.24M | -659K | -67.32M | -22.32M | -10.4M | -43.75M | -55.94M | -144.61M | -89.23M | -77.16M |
| Debt / Equity | 297.29x | 141.98x | 1.33x | 1.33x | 1.68x | 1.21x | 0.13x | 1.12x | 0.13x | 0.16x | 0.19x | 0.20x | 0.26x | 0.23x | 0.03x | 0.02x | 0.01x | - | - |
| Debt / EBITDA | -4.66x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -4.28x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -44.67x | -77.52x | -22.08x | -21.18x | -20.39x | -20.94x | 111.12x | -31.22x | -41.33x | -30.56x | -22.00x | -9.83x | -22.39x | -31.00x | -343.76x | -380.14x | - | - | - |
| Total Equity | 2.37M | 5.35M | 506.59M | 701.3M | 562.9M | 790.99M | 335.49M | 54.92M | 114.06M | 86.1M | 84.67M | 73.54M | 54.95M | 69.18M | 109.38M | 191.46M | 279.87M | -177.12M | -93.39M |
| Equity Growth % | -375.92% | -98.94% | -27.76% | 24.59% | -28.84% | 135.77% | 510.91% | -51.85% | 32.47% | 1.69% | 15.13% | 33.83% | -20.57% | -36.75% | -42.87% | -31.59% | 258.01% | -89.66% | - |
| Book Value per Share | 0.01 | 0.02 | 1.76 | 2.77 | 2.51 | 3.87 | 1.92 | 0.36 | 0.84 | 0.81 | 0.95 | 0.97 | 0.78 | 1.10 | 1.96 | 3.55 | 10.41 | -228.89 | -120.68 |
| Total Shareholders' Equity | 2.37M | 5.35M | 506.59M | 701.3M | 562.9M | 790.99M | 335.49M | 54.92M | 114.06M | 86.1M | 84.67M | 73.54M | 54.95M | 69.18M | 109.38M | 191.46M | 279.87M | -177.12M | -93.39M |
| Common Stock | 311K | 302K | 294K | 268K | 227K | 221K | 192K | 153K | 150K | 116K | 93K | 80K | 74K | 684.48M | 645.37M | 55K | 53K | 0 | 0 |
| Retained Earnings | -2.7B | -2.7B | -2.15B | -1.84B | -1.53B | -1.22B | -1.04B | -1.07B | -982.11M | -879.73M | -787.54M | -713.17M | -681.47M | -615.31M | -536.02M | -441.56M | -332.17M | -192M | -104.3M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -147K | 457K | 422K | 219K | -4.76M | -1.09M | 85K | 5K | -36K | -32K | 5K | -7K | 9K | 14K | 30K | 57K | -21K | 1K | 44K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Solvency and liquidity constraints
As reported in recent financial filings, PACB's equity has plummeted from $701.3 million in 2023Q4 to a mere $2.4 million by 2026Q1, signaling a severe deterioration in the company's net worth driven by persistent operational losses and the accumulation of significant debt obligations.
The precipitous decline in equity suggests that the company is rapidly consuming its capital base to fund ongoing R&D and commercialization efforts. This trajectory indicates that the business model is currently unable to generate sufficient internal value to offset its operational burn, leaving the balance sheet increasingly reliant on external financing.
Based on the latest quarterly data, PACB's debt-to-equity ratio has surged to an alarming 297.29, a dramatic increase from 1.33 in 2023Q4, which highlights the company's heavy reliance on debt financing amidst a shrinking equity cushion and limited operational cash flow generation.
The massive spike in leverage suggests that the company's capital structure has become highly sensitive to interest rate fluctuations and credit market conditions. Investors should monitor whether this debt load imposes restrictive covenants that could further limit the company's strategic flexibility during its critical product transition phase.
According to the most recent balance sheet, cash reserves have dwindled to $56.3 million as of 2026Q1, down significantly from the $180.2 million reported in 2023Q4, indicating a narrowing runway to support the company's high-burn operating model without further dilutive capital raises.
While the current ratio remains elevated, the absolute level of cash relative to the company's historical burn rate suggests a precarious liquidity position. This trend implies that the company may face imminent pressure to secure additional funding, which could lead to significant shareholder dilution or unfavorable debt refinancing terms.
As evidenced by the company's reported figures, goodwill remains a substantial component of total assets at $317.8 million, which warrants further investigation given the persistent operating losses and the potential for future impairment charges if the Revio platform fails to meet long-term commercial expectations.
The presence of significant goodwill on a balance sheet with near-zero equity suggests that the company's asset valuation is highly sensitive to management's future growth assumptions. Any downward revision in these assumptions could trigger impairment charges, further eroding the already fragile equity position and potentially violating debt covenants.
Quick answers to the most common questions about buying PACB stock.
As of 2025, Pacific Biosciences of California, Inc. (PACB) had total assets of $784.1M including $375.0M in current assets.
Pacific Biosciences of California, Inc. (PACB) carries total debt of $759.5M, offset by $279.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Pacific Biosciences of California, Inc. (PACB) has total shareholders' equity (book value) of $5.3M ($0.02 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Pacific Biosciences of California, Inc. (PACB) reported a current ratio of 6.89x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.