The company's financial stability appears vulnerable as goodwill accounts for 31.8% of total assets, while the cash position has dwindled to $9.8 million as of 2026Q1.
Proficient Auto Logistics, Inc. Common Stock (PAL) balance sheet — 3-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Total Current Assets | 73.05M | 70.38M | 67.69M | 493.23K |
| Cash & Short-Term Investments | 8.13M | 14.29M | 15.4M | 458.23K |
| Cash Only | 8.13M | 14.29M | 15.4M | 458.23K |
| Short-Term Investments | 0 | 0 | 0 | 0 |
| Accounts Receivable | 55.48M | 42.32M | 40.61M | 35K |
| Days Sales Outstanding | 42.1 | 35.88 | 61.54 | 0.09 |
| Inventory | 2.08M | 1.71M | 1.36M | 0 |
| Days Inventory Outstanding | 1.13 | 1.58 | 2.54 | - |
| Other Current Assets | 7.36M | 2.36M | 2.45M | 0 |
| Total Non-Current Assets | 387.45M | 406.58M | 440.4M | 3.9M |
| Property, Plant & Equipment | 114.31M | 128.48M | 133.61M | 0 |
| Fixed Asset Turnover | 3.43x | 3.35x | 1.80x | - |
| Goodwill | 148.64M | 148.48M | 169.06M | 0 |
| Intangible Assets | 117.98M | 122.8M | 132.49M | 0 |
| Long-Term Investments | 59.28K | 21.78K | 175.33K | 0 |
| Other Non-Current Assets | 6.52M | 6.79M | 5.07M | 3.9M |
| Total Assets | 460.5M | 476.96M | 508.09M | 4.4M |
| Asset Turnover | 0.88x | 0.90x | 0.47x | 30.89x |
| Asset Growth % | -22.92% | -6.13% | 11459.95% | - |
| Total Current Liabilities | 61.68M | 61.21M | 52.62M | 4.01M |
| Accounts Payable | 11.34M | 8.31M | 9.83M | 4.01M |
| Days Payables Outstanding | 12.39 | 7.64 | 18.43 | 12.36 |
| Short-Term Debt | 21.75M | 22.87M | 19.05M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 28.59M | 0 | 10.3M | 0 |
| Current Ratio | 1.18x | 1.15x | 1.29x | 0.12x |
| Quick Ratio | 1.15x | 1.12x | 1.26x | 0.12x |
| Cash Conversion Cycle | 30.84 | 29.82 | 45.65 | - |
| Total Non-Current Liabilities | 95.64M | 101.79M | 117.48M | 0 |
| Long-Term Debt | 51.28M | 64.41M | 63.34M | 0 |
| Capital Lease Obligations | 37.95M | 10.69M | 9.27M | 0 |
| Deferred Tax Liabilities | 139.15M | 34.31M | 42.64M | 0 |
| Other Non-Current Liabilities | 2.97M | -7.62M | 2.24M | 0 |
| Total Liabilities | 157.32M | 163M | 170.11M | 4.01M |
| Total Debt | 82.4M | 97.97M | 93.57M | 0 |
| Net Debt | 74.27M | 83.68M | 78.17M | -458.23K |
| Debt / Equity | 0.27x | 0.31x | 0.28x | - |
| Debt / EBITDA | 2.13x | 1.76x | 6.92x | - |
| Net Debt / EBITDA | 1.92x | 1.50x | 5.78x | -0.04x |
| Interest Coverage | 1.43x | -5.21x | -2.01x | 10.86x |
| Total Equity | 303.19M | 313.96M | 337.98M | 389.17K |
| Equity Growth % | -26.83% | -7.11% | 86746.02% | - |
| Book Value per Share | 10.86 | 11.38 | 18.84 | 0.02 |
| Total Shareholders' Equity | 303.19M | 313.96M | 337.98M | 389.17K |
| Common Stock | 280.53K | 278.35K | 270.69K | 29.39K |
| Retained Earnings | -55.45M | -42.49M | -9.05M | -572.83K |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying PAL stock.
As of 2025, Proficient Auto Logistics, Inc. Common Stock (PAL) had total assets of $477.0M including $70.4M in current assets.
Proficient Auto Logistics, Inc. Common Stock (PAL) carries total debt of $98.0M, offset by $14.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Proficient Auto Logistics, Inc. Common Stock (PAL) has total shareholders' equity (book value) of $314.0M ($11.38 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Proficient Auto Logistics, Inc. Common Stock (PAL) reported a current ratio of 1.15x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Integration and Liquidity Risk
Metrics are mathematically derived from official filings.
Balance Sheet Erosion Following Consolidation
As reported in financial statements, PAL's total assets have contracted from a peak of $520.5 million in 2025Q2 to $466.4 million by 2026Q1, signaling a potential deterioration in the company's underlying asset base as it struggles to stabilize its post-IPO financial position.
The decline in total assets alongside a persistent accumulation of negative retained earnings suggests that the company is consuming capital faster than it can generate value from its integrated logistics platform. Investors should monitor whether this downward trajectory in asset value reflects genuine operational downsizing or an inability to maintain the carrying value of its acquired fleet.
Goodwill Concentration and Asset Quality
Based on the provided balance sheet data, goodwill accounts for approximately 31.8% of total assets as of 2026Q1, which warrants further investigation into the potential for future impairment charges if the company fails to achieve the synergies originally projected during its five-entity consolidation phase.
The reliance on significant intangible assets relative to tangible PPE suggests that the company's valuation is heavily predicated on the success of its roll-up strategy rather than its physical fleet. If the company's operational performance continues to lag, the carrying value of this goodwill may become a significant liability for the balance sheet.
Tightening Liquidity Buffers and Runway
According to recent SEC filings, PAL's cash position has dwindled to $9.8 million in 2026Q1 from a high of $36.3 million in 2024Q2, indicating that the company's liquidity buffer is rapidly eroding as it navigates a period of sustained negative net margins.
The current ratio of 1.06 suggests that the company has very little margin for error in managing its short-term obligations. This tight liquidity profile may force management to prioritize cash preservation over necessary capital investments, potentially hindering the long-term efficiency of its specialized transport fleet.
Eroding Equity Base and Retained Losses
As indicated by the company's reported figures, retained earnings have plummeted to a deficit of $51.6 million by 2026Q1, reflecting a consistent pattern of losses that continues to weigh heavily on the company's total equity base and overall financial stability.
The persistent negative retained earnings suggest that the company has yet to reach a break-even point, which may necessitate future capital raises if the current burn rate persists. This erosion of equity highlights the significant execution risk inherent in the company's current business model and its reliance on external financing.