Total assets contracted from $5.3B in 2025Q3 to $3.7B in 2026Q2, with equity down to $1.5B and D/E rising to 0.75, while goodwill of $1.6B (43% of assets) and negative retained earnings of -$1.3B signal significant balance sheet risk.
Ralliant Corp (RAL) balance sheet — 3-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Total Current Assets | 972M | 976.1M | 618.6M | 612.4M |
| Cash & Short-Term Investments | 270.9M | 318.8M | 0 | 0 |
| Cash Only | 270.9M | 318.8M | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 |
| Accounts Receivable | 291.8M | 285.3M | 293.8M | 296M |
| Days Sales Outstanding | 48.59 | 50.34 | 49.77 | 50.12 |
| Inventory | 337M | 301.6M | 282.9M | 273.3M |
| Days Inventory Outstanding | 103.15 | 98.69 | 99.04 | 96.29 |
| Other Current Assets | 72.3M | 70.4M | 41.9M | 43.1M |
| Total Non-Current Assets | 2.73B | 2.85B | 4.1B | 2.45B |
| Property, Plant & Equipment | 213.5M | 214.2M | 200.2M | 207.2M |
| Fixed Asset Turnover | 10.24x | 9.66x | 10.76x | 10.40x |
| Goodwill | 1.61B | 1.67B | 2.94B | 1.86B |
| Intangible Assets | 736.9M | 795.2M | 809.6M | 251.8M |
| Long-Term Investments | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 168.5M | 163.7M | 151M | 133M |
| Total Assets | 3.71B | 3.82B | 4.72B | 3.06B |
| Asset Turnover | 0.53x | 0.54x | 0.46x | 0.70x |
| Asset Growth % | -72.78% | -19.02% | 54.18% | - |
| Total Current Liabilities | 637.9M | 1.16B | 533.7M | 554.8M |
| Accounts Payable | 277.1M | 263.7M | 254.6M | 233.2M |
| Days Payables Outstanding | 87.16 | 86.29 | 89.13 | 82.16 |
| Short-Term Debt | 0 | 530.4M | 0 | 0 |
| Deferred Revenue (Current) | 165.1M | 0 | 143.1M | 161.1M |
| Other Current Liabilities | 637.9M | 365.6M | 118.6M | 145.4M |
| Current Ratio | 1.52x | 0.84x | 1.16x | 1.10x |
| Quick Ratio | 1.00x | 0.58x | 0.63x | 0.61x |
| Cash Conversion Cycle | 64.59 | 62.74 | 59.68 | 64.25 |
| Total Non-Current Liabilities | 1.53B | 1.03B | 422.9M | 245.4M |
| Long-Term Debt | 1.15B | 618.4M | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 59.7M | 36.3M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 385.4M | 409.2M | 327.4M | 184.5M |
| Total Liabilities | 2.17B | 2.19B | 956.6M | 800.2M |
| Total Debt | 1.15B | 1.15B | 71.7M | 47.1M |
| Net Debt | 877.6M | 830M | 71.7M | 47.1M |
| Debt / Equity | 0.75x | 0.70x | 0.02x | 0.02x |
| Debt / EBITDA | 3.42x | 3.07x | 0.13x | 0.09x |
| Net Debt / EBITDA | 2.61x | 2.22x | 0.13x | 0.09x |
| Interest Coverage | -320.18x | -36.66x | 5.96x | - |
| Total Equity | 1.53B | 1.63B | 3.76B | 2.26B |
| Equity Growth % | -140.3% | -56.57% | 66.44% | - |
| Book Value per Share | 13.59 | 14.41 | 33.30 | 20.06 |
| Total Shareholders' Equity | 1.53B | 1.63B | 3.76B | 2.26B |
| Common Stock | 1.1M | 1.1M | 0 | 0 |
| Retained Earnings | -1.25B | -1.35B | 4.25B | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | -314.5M | -244.9M | -491.3M | -353.2M |
| Minority Interest | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying RAL stock.
As of 2025, Ralliant Corp (RAL) had total assets of $3.82B including $976.1M in current assets.
Ralliant Corp (RAL) carries total debt of $1.15B, offset by $318.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ralliant Corp (RAL) has total shareholders' equity (book value) of $1.63B ($14.41 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ralliant Corp (RAL) reported a current ratio of 0.84x. 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
Goodwill impairment and negative equity
Metrics are mathematically derived from official filings.
Balance Sheet Volatility Signals Distress
RAL's total assets fell from $5.3B in 2025Q3 to $3.7B by 2026Q2, while equity swung from $3.0B to $1.5B, per reported quarterly data, indicating significant balance sheet contraction.
The sharp decline in assets and equity, coupled with a $1.4B net loss in 2025Q4, suggests a major write-down, likely goodwill impairment. This contraction appears to have stabilized in 2026, but the balance sheet remains significantly smaller than a year ago, implying reduced financial flexibility.
Leverage Rises as Equity Erodes
Total debt held steady at $1.1B, but D/E climbed from 0.39 in 2025Q3 to 0.75 by 2026Q2, as reported in financial statements, reflecting equity erosion rather than new borrowing.
The stable debt level against a shrinking equity base indicates that leverage is rising due to losses, not strategic expansion. With debt-to-assets at approximately 30%, refinancing risk appears manageable, but the trend warrants monitoring if equity continues to decline.
Goodwill Dominates Asset Base
Goodwill of $1.6B represents 43% of total assets as of 2026Q2, per latest balance sheet data, while PPE is only $213.5M, indicating an asset-light model with significant intangible risk.
The substantial goodwill, down from $3.1B in 2025Q3, suggests a major impairment occurred, likely in 2025Q4. This concentration in intangibles implies that future impairments could further erode equity, and the low PPE indicates limited tangible asset backing.
Negative Retained Earnings Undermine Equity
Retained earnings turned negative at -$1.3B in 2026Q2, per reported figures, while equity fell to $1.5B, indicating that accumulated losses have eroded the company's capital base.
The negative retained earnings, combined with a $1.4B loss in 2025Q4, suggests that RAL has not generated sufficient profits to offset historical losses. This may limit future dividend capacity and could constrain financial flexibility, though the company continues to operate.
Liquidity Buffer Remains Thin
Current ratio improved to 1.52 in 2026Q2 from 0.84 in 2025Q4, per quarterly data, but cash of $270.9M is modest relative to total debt of $1.1B, suggesting a limited buffer.
The improvement in current ratio indicates better short-term liquidity, but the cash position covers only about 25% of total debt. Given the volatile earnings and negative equity, investors should monitor whether cash generation can support debt service without further dilution or asset sales.
Goodwill Impairment Risk Persists
With goodwill still at $1.6B and equity at $1.5B, any further impairment could push equity negative, as reported in balance sheet data, making headline leverage metrics misleading.
The balance sheet appears highly sensitive to additional write-downs, given that goodwill exceeds total equity. While the 2025Q4 impairment reduced goodwill, the remaining balance remains substantial, and if the business performance deteriorates further, another impairment could wipe out equity entirely, distorting D/E and other ratios.