The company's financial position is increasingly vulnerable, evidenced by a $404.6 million deficit in retained earnings and a debt-to-equity ratio that has fluctuated as high as 0.69 in recent periods.
| 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 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Total Current Assets | 36.94M | 38.16M | 37.03M | 28.77M | 35.31M | 35.29M | 69.47M | 36.87M | 46.83M | 48.83M | 78.51M | 84.63M | 94.71M | 31.92M | 13.15M | 25.9M | 32.67M | 29.95M | 14.43M | 18.65M | 9.06M | 5.38M | 4.24M | 3.74M | 3.33M | 2.67M | 1.97M | 2.5M | 2.9M | 900K |
| Cash & Short-Term Investments | 23.89M | 21.6M | 21.6M | 10.94M | 21.49M | 22.44M | 58.68M | 26.05M | 33.53M | 33.06M | 57.94M | 70.68M | 85.73M | 23.92M | 4.71M | 17.53M | 24.2M | 23.04M | 5.6M | 11.1M | 2.66M | 299.03K | 166.19K | 106.64K | 133 | 83.04K | 210.8K | 1.1M | 1.9M | 100K |
| Cash Only | 9.61M | 15.66M | 15.66M | 8.98M | 10.1M | 13.28M | 48.68M | 11.79M | 22.71M | 8.41M | 17.18M | 31.2M | 65.8M | 11.88M | 4.71M | 5.72M | 12.26M | 23.04M | 5.6M | 11.1M | 2.66M | 299.03K | 166.19K | 106.64K | 133 | 83.04K | 210.8K | 1.1M | 1.9M | 100K |
| Short-Term Investments | 14.28M | 14.29M | 5.94M | 1.95M | 11.39M | 9.16M | 10M | 14.25M | 10.82M | 24.65M | 40.76M | 39.48M | 19.93M | 12.03M | 0 | 11.81M | 11.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 8.82M | 8.14M | 8.29M | 10.9M | 6.26M | 5.91M | 4.17M | 4.2M | 7.35M | 6.36M | 6.39M | 5.05M | 4.47M | 4.58M | 4.43M | 4.22M | 4.51M | 3.49M | 5.23M | 4.69M | 3.47M | 2.84M | 2.3M | 2.17M | 1.72M | 1.12M | 926.88K | 1M | 700K | 400K |
| Days Sales Outstanding | 0.18 | 42.91 | 29.82 | 47.59 | 31.38 | 34.85 | 24.48 | 25.02 | 42.33 | 40.48 | 43.79 | 33.28 | 30.12 | 31.9 | 32.46 | 31.48 | 27.62 | 23.29 | 36.95 | 39.75 | 44.28 | 37.38 | 46.83 | 52.9 | 54.69 | 45.16 | 45.37 | 54.48 | 48.21 | 44.24 |
| Inventory | 3.06M | 3.42M | 5.78M | 5.87M | 5.81M | 4.08M | 3.91M | 3.65M | 4.04M | 7.64M | 12.14M | 7.87M | 3.92M | 2.8M | 2.65M | 2.5M | 2.94M | 3.09M | 3.16M | 2.56M | 2.66M | 2.05M | 1.65M | 1.35M | 1.48M | 1.07M | 585.12K | 400K | 200K | 300K |
| Days Inventory Outstanding | 0.07 | 21.71 | 25.11 | 28.61 | 30.87 | 23.12 | 24.02 | 22.77 | 22.69 | 52.01 | 95.24 | 61.91 | 31.35 | 22.35 | 22.41 | 21.1 | 21.57 | 24.06 | 23.72 | 23.34 | 37.58 | 30.33 | 39.84 | 39.7 | 53.67 | 48.04 | 35.02 | 27.04 | 14.6 | 31.29 |
| Other Current Assets | 1.17M | -24.97B | 1.36M | 1.06M | 1.75M | 0 | 0 | 0 | 0 | 0 | 2.03M | 1.03M | 587.2K | 623.73K | 1.36M | 1.64M | 1.02M | 329.88K | 440.76K | 302.57K | 261.47K | 193.16K | 120.29K | 112.63K | 132.28K | 400.9K | 248.62K | 0 | 100K | 100K |
| Total Non-Current Assets | 20.48M | 18.98M | 22.18M | 23.4M | 11.32M | 13.29M | 8.28M | 7.44M | 5.73M | 9.95M | 4.64M | 3.2M | 3.29M | 4.44M | 3.88M | 6.04M | 4.3M | 4.93M | 4.53M | 4.16M | 4.09M | 3.88M | 3.46M | 3.31M | 3.12M | 3.39M | 2.08M | 2M | 2.4M | 2.7M |
| Property, Plant & Equipment | 9.48M | 0 | 10.34M | 11.02M | 8.61M | 10.22M | 5.55M | 5.65M | 2.64M | 2.55M | 1.39M | 1.65M | 1.5M | 1.65M | 1.86M | 2.29M | 3.05M | 3.63M | 3.25M | 2.84M | 2.59M | 2.43M | 2.05M | 1.94M | 1.73M | 1.72M | 823.75K | 700K | 900K | 700K |
| Fixed Asset Turnover | 2503.07x | - | 9.81x | 7.59x | 8.46x | 6.06x | 11.20x | 10.86x | 24.03x | 22.48x | 38.29x | 33.62x | 36.20x | 31.77x | 26.82x | 21.38x | 19.53x | 15.07x | 15.90x | 15.16x | 11.07x | 11.40x | 8.76x | 7.70x | 6.64x | 5.25x | 9.05x | 9.57x | 5.89x | 4.71x |
| Goodwill | 921K | 921K | 921K | 921K | 921K | 921K | 921K | 921K | 920.75K | 920.75K | 920.75K | 920.75K | 920.75K | 920.75K | 920.75K | 920.75K | 920.75K | 920.75K | 920.75K | 920.75K | 920.75K | 0 | 0 | 0 | 0 | 920.75K | 0 | 0 | 0 | 0 |
| Intangible Assets | 9.52M | 9.66M | 10.21M | 10.76M | 0 | 0 | 0 | 0 | 0 | 4.03K | 4.38K | 165.66K | 332.69K | 499.71K | 666.74K | 833.77K | 166.66K | 214.34K | 240.66K | 270.45K | 457.85K | 1.32M | 1.29M | 1.23M | 1.26M | 0 | 1.09M | 1.1M | 1.3M | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 556K | 8.4M | 706K | 705K | 1.8M | 2.14M | 1.8M | 876K | 2.17M | 6.48M | 2.33M | 462.84K | 542.22K | 1.37M | 429.72K | 2M | 163.62K | 163.65K | 120.89K | 125.67K | 127.63K | 134.79K | 120.6K | 127.47K | 134.78K | 755.36K | 170.99K | 200K | 200K | 2M |
| Total Assets | 57.42M | 57.15M | 59.21M | 52.17M | 46.63M | 48.57M | 77.75M | 44.32M | 52.56M | 58.78M | 83.15M | 87.82M | 98M | 36.36M | 17.03M | 31.94M | 36.97M | 34.88M | 18.96M | 22.8M | 13.15M | 9.26M | 7.7M | 7.04M | 6.45M | 6.06M | 4.05M | 4.5M | 5.3M | 3.6M |
| Asset Turnover | 309.53x | 1.21x | 1.71x | 1.60x | 1.56x | 1.27x | 0.80x | 1.38x | 1.21x | 0.97x | 0.64x | 0.63x | 0.55x | 1.44x | 2.93x | 1.53x | 1.61x | 1.57x | 2.73x | 1.89x | 2.18x | 2.99x | 2.33x | 2.12x | 1.78x | 1.49x | 1.84x | 1.49x | 1.00x | 0.92x |
| Asset Growth % | 2.88% | -3.48% | 13.48% | 11.88% | -3.99% | -37.52% | 75.44% | -15.68% | -10.59% | -29.31% | -5.32% | -10.39% | 169.51% | 113.58% | -46.7% | -13.6% | 5.99% | 83.96% | -16.85% | 73.37% | 42.03% | 20.26% | 9.31% | 9.16% | 6.53% | 49.51% | -9.96% | -15.09% | 47.22% | - |
| Total Current Liabilities | 9.87M | 9.58M | 14.09M | 16.64M | 17.69M | 20.97M | 12.79M | 12.37M | 13.2M | 9.14M | 10.15M | 8.09M | 9.8M | 17.85M | 26.99M | 13.69M | 6.42M | 5.54M | 7.1M | 4.64M | 4.45M | 4.68M | 3.46M | 2.95M | 2.63M | 2.57M | 1.17M | 900K | 700K | 1.7M |
| Accounts Payable | 3.45M | 2M | 2.87M | 4.52M | 4.05M | 3.74M | 4.16M | 3.02M | 4.49M | 4.22M | 5.86M | 4M | 5.29M | 8.69M | 14.83M | 5.36M | 3.66M | 3.39M | 5.21M | 2.98M | 2.92M | 1.8M | 2.12M | 1.67M | 1.68M | 1.16M | 740.89K | 500K | 500K | 1M |
| Days Payables Outstanding | 0.05 | 12.68 | 12.47 | 22 | 21.52 | 21.21 | 25.5 | 18.84 | 25.24 | 28.75 | 45.95 | 31.42 | 42.34 | 69.34 | 125.48 | 45.2 | 26.88 | 26.41 | 39.1 | 27.21 | 41.25 | 26.54 | 51.23 | 49.01 | 61.09 | 52.22 | 44.34 | 33.8 | 36.5 | 104.29 |
| Short-Term Debt | 2.69M | 264K | 268K | 244K | 2.13M | 7.82M | 0 | 763K | 0 | 0 | 0 | 0 | 0 | 2.31M | 0 | 0 | 0 | 0 | 176.85K | 194.24K | 369.55K | 2.32M | 842.28K | 949.98K | 612.05K | 823.53K | 10.64K | 0 | 0 | 200K |
| Deferred Revenue (Current) | 314K | 0 | 143K | 289K | 1.8M | 2.31M | 2.33M | 2.29M | 2.32M | 205.3K | 77.22K | 264.88K | 183.89K | 207.54K | 135.13K | 96.33K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.31M | 5.69M | 5.29M | 5.17M | 2.87M | 2.17M | 3.03M | 1.49M | 2.38M | 1.99M | 2M | 1.89M | 1.36M | 1.49M | 1.12M | 895.2K | 165.48K | 250.91K | 68.34K | 337.4K | 48.27K | 33.56K | 11.01K | 0 | 0 | 0 | 419.38K | 400K | 200K | 500K |
| Current Ratio | 3.74x | 3.98x | 2.63x | 1.73x | 2.00x | 1.68x | 5.43x | 2.98x | 3.55x | 5.34x | 7.74x | 10.46x | 9.66x | 1.79x | 0.49x | 1.89x | 5.09x | 5.41x | 2.03x | 4.02x | 2.03x | 1.15x | 1.23x | 1.27x | 1.27x | 1.04x | 1.68x | 2.78x | 4.14x | 0.53x |
| Quick Ratio | 3.43x | 3.63x | 2.22x | 1.38x | 1.67x | 1.49x | 5.12x | 2.69x | 3.24x | 4.51x | 6.54x | 9.49x | 9.26x | 1.63x | 0.39x | 1.71x | 4.63x | 4.85x | 1.59x | 3.47x | 1.44x | 0.71x | 0.75x | 0.81x | 0.71x | 0.62x | 1.18x | 2.33x | 3.86x | 0.35x |
| Cash Conversion Cycle | 0.19 | 51.95 | 42.46 | 54.19 | 40.73 | 36.76 | 22.99 | 28.95 | 39.78 | 63.74 | 93.08 | 63.77 | 19.13 | -15.09 | -70.61 | 7.38 | 22.32 | 20.95 | 21.57 | 35.88 | 40.61 | 41.17 | 35.44 | 43.59 | 47.26 | 40.97 | 36.05 | 47.72 | 26.31 | -28.76 |
| Total Non-Current Liabilities | 11.7M | 10.58M | 12.53M | 14.24M | 14.84M | 25.07M | 30.79M | 11.62M | 12.08M | 16.72M | 20.05M | 17.41M | 19.49M | 17.92M | 0 | 2.28K | 8.75K | 19.06K | 41.2K | 204.84K | 326.05K | 733.72K | 818.68K | 926.23K | 781.5K | 892.54K | 19.84K | 0 | 0 | 200K |
| Long-Term Debt | 8.21M | 8.83M | 8.47M | 8.29M | 7.55M | 13.19M | 20.95M | 0 | 0 | 0 | 0 | 0 | 0 | 17.92M | 0 | 0 | 0 | 0 | 41.2K | 204.84K | 326.05K | 733.72K | 818.68K | 926.23K | 781.5K | 892.54K | 19.84K | 0 | 0 | 0 |
| Capital Lease Obligations | 10.02M | 1.76M | 2.63M | 2.96M | 4.67M | 5.89M | 1.82M | 1.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.28K | 8.75K | 19.06K | 41.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 1M | 2.51M | 14K | 14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -41.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200K |
| Total Liabilities | 21.57M | 20.16M | 26.62M | 30.88M | 32.53M | 46.04M | 43.58M | 24M | 25.28M | 25.87M | 30.2M | 25.5M | 29.3M | 35.77M | 26.99M | 13.69M | 6.43M | 5.56M | 7.14M | 4.84M | 4.78M | 5.42M | 4.28M | 3.87M | 3.41M | 3.46M | 1.19M | 900K | 700K | 1.9M |
| Total Debt | 14.39M | 12.47M | 13.54M | 13.44M | 16.36M | 28.89M | 23.94M | 4.04M | 0 | 0 | 0 | 0 | 0 | 20.23M | 2.28K | 8.75K | 26.96K | 62K | 436.11K | 399.08K | 695.6K | 3.06M | 1.66M | 1.88M | 1.39M | 1.72M | 30.48K | 0 | 0 | 200K |
| Net Debt | 4.78M | -3.19M | -2.13M | 4.46M | 6.26M | 15.62M | -24.75M | -7.76M | -22.71M | -8.41M | -17.18M | -31.2M | -65.8M | 8.34M | -4.71M | -5.71M | -12.24M | -22.98M | -5.16M | -10.7M | -1.97M | 2.76M | 1.49M | 1.77M | 1.39M | 1.63M | -180.32K | -1.1M | -1.9M | 100K |
| Debt / Equity | 0.40x | 0.34x | 0.42x | 0.63x | 1.16x | 11.40x | 0.70x | 0.20x | - | - | - | - | - | 33.96x | - | 0.00x | 0.00x | 0.00x | 0.04x | 0.02x | 0.08x | 0.79x | 0.49x | 0.59x | 0.46x | 0.66x | 0.01x | - | - | 0.12x |
| Debt / EBITDA | -0.01x | - | 4.85x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.58x | 1.60x | 2.92x | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.00x | - | -0.76x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.23x | 1.44x | 2.76x | - | - | - | - | - | - |
| Interest Coverage | -1313.51x | -4.17x | 0.62x | -2.67x | -8.65x | -12.84x | -15.44x | - | - | - | - | - | -4.13x | -25.77x | -56803.96x | -11627.28x | -275.61x | -275.75x | - | -32.64x | - | 0.69x | 2.07x | 1.03x | -7.46x | -16.00x | - | - | -18.00x | - |
| Total Equity | 35.86M | 36.98M | 32.59M | 21.29M | 14.11M | 2.54M | 34.17M | 20.32M | 27.28M | 32.91M | 52.96M | 62.32M | 68.7M | 595.54K | -9.96M | 18.24M | 30.54M | 29.32M | 11.82M | 17.96M | 8.37M | 3.84M | 3.42M | 3.17M | 3.05M | 2.6M | 2.86M | 3.6M | 4.6M | 1.7M |
| Equity Growth % | 83.71% | 13.49% | 53.05% | 50.94% | 456.45% | -92.58% | 68.16% | -25.5% | -17.12% | -37.85% | -15.02% | -9.29% | 11436.24% | 105.98% | -154.6% | -40.25% | 4.14% | 148.06% | -34.19% | 114.48% | 117.8% | 12.34% | 7.89% | 4.16% | 17.29% | -9.25% | -20.52% | -21.74% | 170.59% | - |
| Book Value per Share | 0.91 | 1.03 | 1.05 | 0.91 | 1.43 | 0.30 | 4.97 | 3.67 | 5.68 | 7.12 | 11.47 | 13.79 | 18.25 | 0.20 | -5.37 | 11.32 | 20.03 | 21.69 | 9.40 | 17.00 | 8.26 | 4.82 | 3.56 | 3.67 | 4.34 | 4.96 | 6.48 | 7.92 | 10.44 | 3.79 |
| Total Shareholders' Equity | 35.86M | 36.98M | 32.59M | 21.29M | 14.11M | 2.54M | 34.17M | 20.32M | 27.28M | 32.91M | 52.96M | 62.32M | 68.7M | 595.54K | -9.96M | 18.24M | 30.54M | 29.32M | 11.82M | 17.96M | 8.37M | 3.84M | 3.42M | 3.17M | 3.05M | 2.6M | 2.86M | 3.6M | 4.6M | 1.7M |
| Common Stock | 4K | 4K | 3K | 3K | 1K | 1K | 9K | 7K | 5.7K | 273.21M | 268.2M | 257.77M | 249.02M | 154.46M | 92.87M | 67.41M | 0 | 0 | 0 | 0 | 0 | 12.63M | 11.87M | 12.15M | 12.03M | 10.6M | 9.29M | 9.1M | 8.9M | 0 |
| Retained Earnings | -404.6M | -402.99M | -397.68M | -397.2M | -388.76M | -370.08M | -337.41M | -306.52M | -272.39M | -240.26M | -214.34M | -194.54M | -180.12M | -158.79M | -110.01M | -55.99M | -34.54M | -31.86M | -26.36M | -18.49M | -14.77M | -10.2M | -8.77M | -8.98M | -8.99M | -8M | -6.43M | -5.4M | -4.3M | -1.9M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 133K | 131K | 54K | -1K | 163K | 52K | 57K | 52K | 63.15K | -35.38K | -902.55K | -915.5K | -197.67K | 32.42K | 0 | -281.11K | -213.62K | 0 | 3.38M | 3.04M | 0 | 1.41M | 320.15K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital erosion
As reported in recent financial filings, RMTI's total assets have fluctuated within a narrow range, yet the persistent accumulation of a $404.6 million deficit in retained earnings as of 2026Q1 signals a long-term erosion of shareholder value that outweighs any minor improvements in asset composition.
The company's inability to generate positive retained earnings suggests that the business model has struggled to achieve the scale necessary for self-sustainability. Investors should monitor whether the recent stabilization in total assets reflects a strategic downsizing or merely a lack of investment capacity.
Based on the company's reported figures, the debt-to-equity ratio has fluctuated between 0.34 and 0.69 over the last ten quarters, indicating that while management has avoided excessive borrowing, the reliance on debt remains a necessity to bridge the gap created by ongoing operational cash burn.
The debt load appears to be a defensive measure rather than a strategic tool for growth, given the lack of corresponding asset expansion. The company's reliance on external financing in a high-rate environment warrants further investigation into the cost and terms of these obligations.
According to recent balance sheet data, RMTI's cash position has declined from $15.7 million in 2024Q4 to $9.6 million in 2026Q1, which, when viewed alongside the current rate of cash burn, suggests a narrowing buffer against potential operational shocks or further revenue volatility.
While the current ratio of 3.74 appears healthy on the surface, it may be distorted by the composition of current assets and the timing of payables. The rapid depletion of cash reserves indicates that the company may soon face a critical decision regarding further dilutive equity raises.
As indicated by the financial statements, the equity base has remained under pressure, with retained earnings consistently deep in negative territory, reflecting the cumulative impact of years of operating losses that have effectively hollowed out the company's book value over time.
The persistent negative retained earnings suggest that the company has not yet found a path to profitability, making the equity base highly sensitive to further losses. Investors should be wary of the potential for continued dilution if management is forced to issue shares to maintain operations.
Based on the reported figures, the complete disappearance of net PPE from the balance sheet by 2025Q4, down from $11.8 million in 2024Q1, suggests a significant shift in the company's operational footprint that may be masking underlying structural changes or asset impairments.
This rapid reduction in tangible assets warrants further investigation, as it could imply a move toward a more asset-light model or, conversely, a distress-driven liquidation of production capacity. Such a drastic change in the asset base makes historical comparisons of operational efficiency potentially misleading.
Quick answers to the most common questions about buying RMTI stock.
As of 2025, Rockwell Medical, Inc. (RMTI) had total assets of $57.1M including $38.2M in current assets.
Rockwell Medical, Inc. (RMTI) carries total debt of $12.5M, offset by $21.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Rockwell Medical, Inc. (RMTI) has total shareholders' equity (book value) of $37.0M ($1.03 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Rockwell Medical, Inc. (RMTI) reported a current ratio of 3.98x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.