The company maintains a debt-to-equity ratio of 0.92 as of 2026Q1, while its cash position has rapidly declined from a peak of $39.2 million in 2025Q1 to $13.5 million in 2026Q1.
| Total Current Assets | 192.87M | 183.3M | 196.27M | 175.2M | 145.35M | 110.64K | 888.58K | 76.32K |
| Cash & Short-Term Investments | 35.33M | 46.62M | 47.85M | 52.45M | 47.74M | 110.64K | 754.44K | 76.32K |
| Cash Only | 13.48M | 25.02M | 26.86M | 30.85M | 21.2M | 110.64K | 754.44K | 76.32K |
| Short-Term Investments | 21.85M | 21.6M | 20.98M | 21.6M | 26.54M | 0 | 0 | 0 |
| Accounts Receivable | 50.45M | 66.1M | 78.78M | 56.04M | 85.62M | 85.64M | 0 | 0 |
| Days Sales Outstanding | 51.01 | 49.31 | 65.07 | 56.24 | 110.66 | 125.41 | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 7.83M | 3.14M | 3.06M | 66.7M | 6.27M | -85.64M | 0 | 0 |
| Total Non-Current Assets | 66.1M | 69.9M | 50.45M | 48.04M | 46.62M | 58.75M | 57.5M | 0 |
| Property, Plant & Equipment | 53.61M | 51.92M | 28.27M | 23.75M | 18.84M | 10.74M | 0 | 0 |
| Fixed Asset Turnover | 13.24x | 9.42x | 15.63x | 15.32x | 14.99x | 23.21x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 413K | 408K | 11.46M | 12.01M | 13.63M | 23.53M | 0 | 0 |
| Long-Term Investments | 1.14M | 286K | 274K | 282K | 290K | 314K | 0 | 0 |
| Other Non-Current Assets | 0 | 5.34M | 0 | 0 | 794K | 12.09M | 57.5M | 0 |
| Total Assets | 258.96M | 253.2M | 246.73M | 223.24M | 191.97M | 58.87M | 58.39M | 76.32K |
| Asset Turnover | 1.95x | 1.93x | 1.79x | 1.63x | 1.47x | 4.23x | 4.09x | - |
| Asset Growth % | 18.69% | 2.62% | 10.52% | 16.29% | 226.11% | 0.82% | 76406.85% | - |
| Total Current Liabilities | 150.55M | 147.26M | 156.76M | 124.39M | 155.19M | 664.98K | 87.48K | 85.94K |
| Accounts Payable | 46.92M | 41.4M | 56.81M | 26.64M | 24.2M | 0 | 0 | 79.53K |
| Days Payables Outstanding | 46.25 | 34.46 | 53.11 | 30.19 | 38.03 | - | - | - |
| Short-Term Debt | 82.12M | 80.47M | 83.6M | 83.03M | 74.65M | 575K | 0 | 0 |
| Deferred Revenue (Current) | 14.12M | 5.73M | 2.42M | 3.05M | 3.57M | 0 | 0 | 0 |
| Other Current Liabilities | 3.25M | 5.54M | 3.9M | 9.86M | 50.92M | 0 | 0 | 6.41K |
| Current Ratio | 1.28x | 1.24x | 1.25x | 1.41x | 0.94x | 0.17x | 10.16x | 0.89x |
| Quick Ratio | 1.28x | 1.24x | 1.25x | 1.41x | 0.94x | 0.17x | 10.16x | 0.89x |
| Cash Conversion Cycle | 4.76 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 15.27M | 15.26M | 23.73M | 30.85M | 0 | 2.85M | 2.75M | 0 |
| Long-Term Debt | 1.38M | 1.36M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 2.55M | 1.33M | 21K | 504K | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 12.74M | 12.57M | 23.71M | 30.35M | 0 | 2.85M | 2.75M | 0 |
| Total Liabilities | 165.82M | 162.51M | 180.49M | 155.25M | 155.19M | 3.52M | 2.84M | 85.94K |
| Total Debt | 85.49M | 83.99M | 84.16M | 84.28M | 74.97M | 575K | 0 | 0 |
| Net Debt | 72.01M | 58.97M | 57.3M | 53.43M | 53.77M | 464.36K | -754.44K | -76.32K |
| Debt / Equity | 0.92x | 0.93x | 1.27x | 1.24x | 2.04x | 0.01x | - | - |
| Debt / EBITDA | 5.27x | 7.76x | - | - | - | 0.04x | - | - |
| Net Debt / EBITDA | 4.44x | 5.45x | - | - | - | 0.03x | -0.08x | -0.44x |
| Interest Coverage | 2.36x | 0.52x | -12.60x | -2.38x | -1.92x | - | 3.73x | - |
| Total Equity | 93.15M | 90.68M | 66.23M | 67.99M | 36.78M | 55.35M | 55.55M | -9.63K |
| Equity Growth % | 82.95% | 36.91% | -2.58% | 84.88% | -33.55% | -0.36% | 577219.47% | - |
| Book Value per Share | 0.91 | 0.89 | 0.69 | 0.80 | 0.45 | 0.68 | 0.25 | -0.00 |
| Total Shareholders' Equity | 33.17M | 32.55M | 11.89M | 16.08M | -5.28M | 55.35M | 55.55M | -9.63K |
| Common Stock | 11K | 6K | 5K | 4K | 3K | 61.51M | 60.26M | 25K |
| Retained Earnings | -198.6M | -199.33M | -195.39M | -126.72M | -99.58M | -6.24M | -4.7M | -34.63K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.23M | -1.15M | -1.43M | -1.37M | -1.48M | 82.4K | -3.67K | 0 |
| Minority Interest | 59.97M | 58.13M | 54.34M | 51.91M | 42.06M | 0 | 0 | 0 |
Liquidity and solvency pressure
According to quarterly financial data, SunCar's equity base has experienced significant volatility, contracting from $34.8 million in 2025Q1 to $33.2 million by 2026Q1, reflecting the persistent erosion of shareholder value driven by cumulative losses and an inability to achieve consistent operational scale within the competitive auto-service market.
The downward trend in equity, coupled with a massive accumulated deficit of $198.6 million, suggests that the company's business model is struggling to generate the internal capital necessary for self-sustainability. Investors should monitor whether the current trajectory of equity depletion necessitates future dilutive financing to maintain operations.
As reported in financial statements, SunCar maintains a debt-to-equity ratio of 0.92 as of 2026Q1, which, while appearing moderate on the surface, masks a precarious reliance on debt financing to support a business that has yet to demonstrate a consistent ability to generate positive net income.
The company's debt load of $85.5 million remains high relative to its thin equity base, creating a structural vulnerability to interest rate fluctuations or credit tightening. This leverage appears to be a necessity-driven strategy to fund working capital gaps rather than a strategic choice to optimize capital structure.
Based on recent SEC filings, SunCar's cash position has dwindled to $13.5 million in 2026Q1 from a peak of $39.2 million in 2025Q1, indicating a rapid consumption of liquid assets that leaves the company with a narrow buffer against potential operational shocks or payment cycle disruptions.
With a current ratio of 1.28, the company's ability to meet short-term obligations appears increasingly strained, especially given the lumpy nature of its B2B2C revenue model. The rapid decline in cash reserves warrants further investigation into the company's ability to manage its working capital requirements without further external funding.
Data from the last ten quarters reveals that SunCar's asset base is heavily influenced by fluctuating PPE and intangible valuations, with PPE net rising to $53.6 million in 2026Q1, which may obscure the underlying economic reality of the company's asset-light service-oriented business model.
The significant shift in PPE values suggests potential capital expenditure volatility that may not align with the company's stated goal of scaling through digital integration. This asset intensity, combined with the persistent negative retained earnings, implies that the balance sheet may be carrying assets that are not yet contributing to meaningful operational profitability.
Quick answers to the most common questions about buying SDA stock.
As of 2025, SunCar Technology Group Inc. (SDA) had total assets of $253.2M including $183.3M in current assets.
SunCar Technology Group Inc. (SDA) carries total debt of $84.0M, offset by $46.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
SunCar Technology Group Inc. (SDA) has total shareholders' equity (book value) of $32.5M ($0.89 book value per share). Book value represents the net worth of the company belonging to common stock holders.
SunCar Technology Group Inc. (SDA) reported a current ratio of 1.24x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.