The financial position has weakened as cash reserves plummeted from $50.9M in 2013Q4 to $6.4M in 2016Q1, while the debt-to-equity ratio rose to 0.11 over the same period.
| Total Current Assets | 190.91M | 224.17M | 156.48M | 167.12M | 99.28M | 93.66M | 77.35M | 74.15M | 73.84M | 92.64B | 70.54B |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 2.81M | 3.77M | 6.18M | 9.54M | 2.68M | 2.59M | 10.5M | 20.21M | 493K | 2.74B | -2.03B |
| Total Non-Current Assets | 116.86M | 111.65M | 108.74M | 89.26M | 59.87M | 48.92M | 40.86M | 36.3M | 34.15M | 17.21B | 19.24B |
| Property, Plant & Equipment | 55.81M | 52.61M | 49.87M | 45.95M | 42.58M | 36.33M | 30.95M | 27.73M | 25.62M | 8.29B | 8.33B |
| Fixed Asset Turnover | 8.83x | 8.43x | 5.15x | 5.88x | 3.81x | 3.58x | 3.15x | 3.70x | 5.29x | 0.01x | 14.45x |
| Goodwill | 41.58M | 41.58M | 40.21M | 30.23M | 12.88M | 7.97M | 7.97M | 7.26M | 7.26M | 7.26B | 9.15B |
| Intangible Assets | 11.11M | 11.83M | 13.64M | 8.71M | 1.33M | 1.64M | 1.94M | 1.32M | 1.28M | 1.66B | 1.76B |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 6K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 307.77M | 335.81M | 265.22M | 256.38M | 159.15M | 142.57M | 118.21M | 110.45M | 108M | 109.85B | 89.78B |
| Asset Turnover | 1.56x | 1.32x | 0.97x | 1.05x | 1.02x | 0.91x | 0.82x | 0.93x | 1.25x | 0.00x | 1.34x |
| Asset Growth % | 62.4% | 26.62% | 3.44% | 61.1% | 11.62% | 20.61% | 7.03% | 2.27% | -99.9% | 22.36% | - |
| Total Current Liabilities | 108.98M | 148.29M | 85.64M | 61.37M | 40.03M | 24.27M | 22.84M | 25.9M | 31.29M | 51.37B | 31.69B |
| Accounts Payable | 57.46M | 88.37M | 39.7M | 24.3M | 14.15M | 6.89M | 8.44M | 4.12M | 5.82M | 11.32B | 15.09B |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 4.25M | 4.42M | 986K | 935K | 886K | 840K | 796K | 756K | 181K | 5.33M | 7.43M |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 47.27M | 54.47M | 44.03M | 35.4M | 24.66M | 15.89M | 11.87M | 18.32M | 22.37M | 37.51B | 16.36B |
| Current Ratio | 1.75x | 1.51x | 1.83x | 2.72x | 2.48x | 3.86x | 3.39x | 2.86x | 2.36x | 1.80x | 2.23x |
| Quick Ratio | 1.75x | 1.51x | 1.83x | 2.72x | 2.48x | 3.86x | 3.39x | 2.86x | 2.36x | 1.80x | 2.23x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 42.56M | 22.04M | 23.2M | 35.43M | 8.11M | 5.84M | 0 | 0 | 0 | 5.33M | 7.43M |
| Long-Term Debt | 13.26M | 14.19M | 17.83M | 986K | 1.92M | 2.81M | 0 | 0 | 0 | 5.33M | 7.43M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 151.54M | 170.33M | 108.85M | 96.8M | 48.59M | 31.02M | 22.84M | 25.9M | 31.29M | -51.36B | -31.68B |
| Total Debt | 17.51M | 18.6M | 18.82M | 1.92M | 2.81M | 3.65M | 796K | 756K | 0 | 10.65M | 14.86M |
| Net Debt | 11.11M | 170K | -14.96M | -48.99M | -16.32M | -20.96M | -7.41M | 756K | -24.32M | -28.7B | -15.9B |
| Debt / Equity | 0.11x | 0.11x | 0.12x | 0.01x | 0.03x | 0.03x | 0.01x | 0.01x | - | 0.00x | 0.00x |
| Debt / EBITDA | 2.84x | 0.86x | - | 0.12x | 0.42x | 1.53x | 0.99x | 0.14x | - | 0.01x | 0.00x |
| Net Debt / EBITDA | 1.80x | 0.01x | - | -3.08x | -2.45x | -8.77x | -9.25x | 0.14x | -2.60x | -19.23x | -1.25x |
| Interest Coverage | -3.54x | 9.67x | -4.66x | 6.18x | 5.67x | 39.62x | 3.09x | 9.66x | - | - | - |
| Total Equity | 156.24M | 165.49M | 156.37M | 159.59M | 110.56M | 111.55M | 85.49M | 78.13M | 72.81M | 59.24B | 58B |
| Equity Growth % | 11.77% | 5.83% | -2.02% | 44.35% | -0.89% | 30.49% | 9.42% | 7.31% | -99.88% | 2.14% | - |
| Book Value per Share | 6.94 | 7.33 | 7.02 | 7.92 | 5.88 | 5.87 | 1.29 | 1.62 | 4.51 | 3692.09 | 3.52 |
| Total Shareholders' Equity | 156.24M | 165.49M | 156.37M | 159.59M | 110.56M | 111.55M | 85.49M | 78.13M | 72.81M | 59.24B | 58B |
| Common Stock | 225K | 225K | 224K | 219K | 182K | 189K | 187K | 172K | 171K | 168.6M | 158.09M |
| Retained Earnings | -9.03M | 898K | -4.94M | 2.05M | -2.36M | -5.44M | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -106K | -64K | -77K | -84K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and Solvency Pressure
According to historical balance sheet data, the entity's financial trajectory has weakened significantly, as evidenced by cash reserves plummeting from 50.9M in 2013Q4 to just 6.4M by 2016Q1, while retained earnings shifted from a positive 2.1M to a deficit of 9.0M over the same period.
The consistent erosion of retained earnings suggests that the entity has struggled to generate sustainable value, leading to a reliance on external financing or asset liquidation. Investors should monitor whether this downward trend in capital preservation indicates a fundamental inability to stabilize the balance sheet under current operational constraints.
As reported in quarterly filings, the entity's debt-to-equity ratio climbed from a negligible 0.01 in 2013Q4 to 0.11 by 2016Q1, reflecting a shift toward increased leverage as the company attempts to bridge the gap between its operational cash requirements and its limited internal liquidity.
While the absolute debt levels remain relatively modest, the rapid increase in leverage during a period of declining cash reserves warrants further investigation into the entity's long-term solvency. This reliance on debt appears to be a necessity-driven response to persistent cash burn rather than a strategic capital allocation decision.
Based on the provided financial statements, the current ratio has contracted sharply from 2.72 in 2013Q4 to 1.75 in 2016Q1, signaling a tightening liquidity buffer that may leave the entity increasingly exposed to short-term operational shocks or unexpected capital demands in the near future.
The rapid depletion of cash relative to total liabilities suggests that the entity's ability to meet short-term obligations is becoming more constrained. This trend may indicate that the current liquidity position is insufficient to support ongoing operations without further capital injections or significant improvements in cash flow generation.
As indicated by the balance sheet, goodwill has expanded from 30.2M in 2013Q4 to 41.6M in 2016Q1, representing a growing portion of total assets that may be susceptible to impairment if the underlying business units fail to meet performance expectations in the current market environment.
The increasing reliance on intangible assets to bolster the balance sheet total may mask underlying weaknesses in tangible asset quality. Investors should be wary that a significant portion of the asset base is tied to goodwill, which could lead to substantial write-downs if the entity's profitability continues to deteriorate.
Quick answers to the most common questions about buying POWR stock.
As of 2015, iShares U.S. Power Infrastructure ETF (POWR) had total assets of $335.8M including $224.2M in current assets.
iShares U.S. Power Infrastructure ETF (POWR) carries total debt of $18.6M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
iShares U.S. Power Infrastructure ETF (POWR) has total shareholders' equity (book value) of $165.5M ($7.33 book value per share). Book value represents the net worth of the company belonging to common stock holders.
iShares U.S. Power Infrastructure ETF (POWR) reported a current ratio of 1.51x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.