Leverage has increased as the equity base eroded from operating losses, with the D/E ratio doubling from 0.32 to 0.79 over ten quarters while the cash position has declined to $79.8M.
Sight Sciences, Inc. (SGHT) balance sheet — 8-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Total Current Assets | 101.47M | 112.73M | 139.77M | 162.87M | 209.68M | 277.04M | 70.63M | 28M | 7.16M |
| Cash & Short-Term Investments | 77.4M | 91.97M | 120.36M | 138.13M | 185M | 260.69M | 61.51M | 21.24M | 4.24M |
| Cash Only | 77.4M | 91.97M | 120.36M | 138.13M | 185M | 260.69M | 61.51M | 21.24M | 4.24M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 13.38M | 9.74M | 10.79M | 14.29M | 15.15M | 8.71M | 5.36M | 4.09M | 1.81M |
| Days Sales Outstanding | 46.56 | 45.98 | 49.29 | 64.34 | 77.51 | 64.93 | 70.82 | 64 | 87.98 |
| Inventory | 6.5M | 7.77M | 6.33M | 7.85M | 6.11M | 3.48M | 2.6M | 2.24M | 486K |
| Days Inventory Outstanding | 227.16 | 265.02 | 199.35 | 241.13 | 180.54 | 147.31 | 102.97 | 125.16 | 75.87 |
| Other Current Assets | 0 | 3.26M | 2.31M | 2.6M | 3.42M | 1 | 0 | 0 | 0 |
| Total Non-Current Assets | 3.48M | 2.57M | 3.06M | 3.78M | 3.4M | 3.15M | 2.17M | 2.74M | 930K |
| Property, Plant & Equipment | 2.79M | 2.05M | 2.52M | 3.1M | 3.19M | 2.95M | 1.79M | 2.57M | 868K |
| Fixed Asset Turnover | 33.65x | 37.77x | 31.76x | 26.16x | 22.40x | 16.60x | 15.47x | 9.08x | 8.68x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 690K | 518K | 550K | 682K | 211K | 202K | 386K | 168K | 62K |
| Total Assets | 104.95M | 115.3M | 142.84M | 166.65M | 213.07M | 280.19M | 72.81M | 30.74M | 8.09M |
| Asset Turnover | 0.81x | 0.67x | 0.56x | 0.49x | 0.33x | 0.17x | 0.38x | 0.76x | 0.93x |
| Asset Growth % | -58.43% | -19.28% | -14.29% | -21.79% | -23.95% | 284.84% | 136.84% | 279.8% | - |
| Total Current Liabilities | 20.14M | 11.03M | 15.47M | 12.25M | 17.82M | 13.5M | 9.31M | 7.34M | 2.9M |
| Accounts Payable | 2.78M | 1.34M | 1.69M | 1.73M | 2.69M | 3.35M | 2.16M | 2.31M | 1.88M |
| Days Payables Outstanding | 63.24 | 45.83 | 53.3 | 53.18 | 79.37 | 142.06 | 85.53 | 129.12 | 293.34 |
| Short-Term Debt | 6.06M | 0 | 0 | 2.22M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 650K | 6.07M | 9.68M | 4.53M | 7.35M | 5.99M | 4.07M | 0 | 328K |
| Current Ratio | 5.04x | 10.22x | 9.04x | 13.29x | 11.77x | 20.52x | 7.58x | 3.82x | 2.47x |
| Quick Ratio | 4.72x | 9.52x | 8.63x | 12.65x | 11.43x | 20.26x | 7.30x | 3.51x | 2.31x |
| Cash Conversion Cycle | 210.48 | 265.18 | 195.34 | 252.3 | 178.68 | 70.19 | 88.26 | 60.04 | -129.49 |
| Total Non-Current Liabilities | 35.67M | 40.33M | 39.85M | 34.18M | 35.18M | 34.58M | 152.34M | 78.09M | 34.16M |
| Long-Term Debt | 34.97M | 40.3M | 39.36M | 31.71M | 33.31M | 32.66M | 31.95M | 12.86M | 34.15M |
| Capital Lease Obligations | 2.35M | 0 | 473K | 914K | 635K | 1.04M | 134K | 528K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 30K | 31K | 19K | 1.56M | 1.23M | 879K | 120.25M | 64.7M | 7K |
| Total Liabilities | 55.81M | 51.36M | 55.32M | 46.44M | 53M | 48.08M | 161.66M | 85.42M | 37.06M |
| Total Debt | 42.11M | 40.77M | 40.36M | 35.41M | 34.98M | 34.21M | 32.48M | 13.94M | 34.15M |
| Net Debt | -35.3M | -51.19M | -80M | -102.72M | -150.02M | -226.48M | -29.03M | -7.3M | 29.91M |
| Debt / Equity | 0.86x | 0.64x | 0.46x | 0.29x | 0.22x | 0.15x | - | - | - |
| Debt / EBITDA | -1.67x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.40x | - | - | - | - | - | - | - | - |
| Interest Coverage | -9.42x | -6.47x | -10.00x | -9.25x | -18.30x | -13.38x | -13.41x | -12.19x | - |
| Total Equity | 49.14M | 63.94M | 87.52M | 120.22M | 160.08M | 232.11M | -88.85M | -54.68M | -28.96M |
| Equity Growth % | -105.52% | -26.94% | -27.19% | -24.9% | -31.03% | 361.24% | -62.48% | -88.81% | - |
| Book Value per Share | 0.89 | 1.23 | 1.75 | 2.47 | 3.35 | 4.89 | -1.90 | -1.63 | -0.90 |
| Total Shareholders' Equity | 49.14M | 63.94M | 87.52M | 120.22M | 160.08M | 232.11M | -88.85M | -54.68M | -28.96M |
| Common Stock | 55K | 54K | 51K | 49K | 48K | 48K | 9K | 9K | 9K |
| Retained Earnings | -408.96M | -384.72M | -346.3M | -294.79M | -239.24M | -153M | -90.04M | -55.35M | -29.48M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -64.49M | -34.15M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying SGHT stock.
As of 2025, Sight Sciences, Inc. (SGHT) had total assets of $115.3M including $112.7M in current assets.
Sight Sciences, Inc. (SGHT) carries total debt of $40.8M, offset by $92.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Sight Sciences, Inc. (SGHT) has total shareholders' equity (book value) of $63.9M ($1.23 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Sight Sciences, Inc. (SGHT) reported a current ratio of 10.22x. 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
Cash burn eroding liquidity buffer
Metrics are mathematically derived from official filings.
Balance Sheet Contraction Signals Cash Burn
Sight Sciences' total assets have declined by 32.6% from $155.6M in 2024Q1 to $104.9M in 2026Q2, driven by a persistent cash burn that has reduced the cash balance from $127.3M to $79.8M over the same period.
The relentless drawdown of the cash position appears to be the primary driver of balance sheet contraction, as the company has not generated positive free cash flow to offset its operating losses. This trajectory suggests the business is consuming its initial capital raise, raising questions about the timeline to self-funding.
Leverage Creeps as Equity Base Erodes
Despite a relatively stable absolute debt level near $42M, the company's D/E ratio has more than doubled from 0.32 to 0.79 over ten quarters as the equity base has shrunk, indicating leverage is increasing due to operating losses rather than strategic borrowing.
The rising debt-to-equity ratio is a mathematical consequence of retained losses eroding shareholder equity, not a deliberate leveraging strategy. This trend warrants monitoring, as it suggests the company's financial flexibility is diminishing even without taking on new debt.
Cash Runway Tightens Dramatically
The current ratio has fallen sharply from 13.01 to 4.95, and the cash position has dropped by $47.5M over two years, while the quarterly cash burn implied by free cash flow averages around $8M, suggesting the remaining cash provides a limited runway.
The company's liquidity cushion is being rapidly consumed, with cash declining faster than the current ratio suggests because a significant portion of liabilities are long-term debt. Investors should monitor the pace of cash burn relative to the accelerating revenue growth to gauge whether the company can reach profitability before requiring additional capital.
Hidden Dilution Risk from Accumulated Deficit
The $402.1M accumulated deficit dwarfs the $52.9M equity base, implying that future equity raises to fund operations would be severely dilutive to existing shareholders, a risk not captured by the headline D/E ratio.
The massive retained earnings deficit suggests the company has consumed over seven times its current equity base in cumulative losses. Any future financing would likely need to be equity-based given the leverage trend, which would significantly dilute current investors. This structural overhang is a critical risk for valuation models that assume minimal future dilution.