The company's financial position has deteriorated rapidly, with the equity base collapsing to $59.0K in 2026Q1 and the debt-to-equity ratio surging to an unsustainable 86.90.
| 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 | Dec'96 |
|---|
| Total Current Assets | 38.78M | 31.44M | 46M | 76.11M | 80.92M | 72.03M | 66.52M | 63.96M | 55.13M | 46.82M | 42.76M | 30.11M | 31.96M | 25.65M | 24M | 17.97M | 16.2M | 13.07M | 16.24M | 15.97M | 14.68M | 13.27M | 12.85M | 15.66M | 19.1M | 24.82M | 29.35M | 35.55M | 23.1M | 32.8M | 43.4M |
| Cash & Short-Term Investments | 4.31M | 3.26M | 18.22M | 4.49M | 9.35M | 13.47M | 15.97M | 10.46M | 7.11M | 8.83M | 7.32M | 5.72M | 4.38M | 2.81M | 1.79M | 1.71M | 923K | 1.66M | 1.69M | 1.25M | 1.15M | 1.91M | 887K | 0 | 0 | 0 | 0 | 2.07M | 11.1M | 13M | 19.5M |
| Cash Only | 4.31M | 3.26M | 18.22M | 4.49M | 9.35M | 13.47M | 15.97M | 10.46M | 7.11M | 8.83M | 7.32M | 5.72M | 4.38M | 2.81M | 1.79M | 1.71M | 923K | 1.66M | 1.69M | 1.25M | 1.15M | 1.91M | 887K | 0 | 0 | 0 | 0 | 2.07M | 11.1M | 13M | 19.5M |
| Short-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 | 0 |
| Accounts Receivable | 33.88M | 27.01M | 24.77M | 43.11M | 63.71M | 54.17M | 46.91M | 49.3M | 46.14M | 35.96M | 33.67M | 23.2M | 26.25M | 21.73M | 21.41M | 15.46M | 14M | 10.23M | 13.11M | 13.75M | 12.98M | 10.66M | 11.31M | 13.94M | 17.41M | 21.14M | 19.47M | 28.52M | 10.6M | 19M | 22.6M |
| Days Sales Outstanding | 100.9 | 72.42 | 55.24 | 342.63 | 89.01 | 77.32 | 74.28 | 71.16 | 73.48 | 72.37 | 91.49 | 71 | 78.51 | 70.86 | 76.06 | 76.75 | 80.91 | 64.89 | 68.74 | 82.65 | 82.67 | 75.4 | 80.34 | 78.46 | 91.31 | 108.87 | 64.89 | 89.35 | 31.77 | 54.1 | 68.8 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 471K | 529K | 464K | 456K | 194K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | 1.64 | 2.15 | 1.85 | 1.97 | 0.94 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 589K | 1.17M | 3.01M | 28.51M | 7.86M | 0 | 0 | 1.8M | 0 | 0 | 0 | 529K | 464K | 456K | 194K | 801K | 0 | 1.18M | 1.45M | 975K | 553K | 0 | 0 | 1.3M | 903K | 3.24M | 1.72M | 4.62M | 2.2M | 800K | 1.3M |
| Total Non-Current Assets | 12.25M | 12.62M | 10.44M | 14.17M | 13.68M | 16.99M | 17.51M | 17.37M | 13.96M | 11.17M | 14.48M | 13.29M | 12.61M | 8.63M | 5.27M | 3.55M | 2.89M | 4.28M | 4.41M | 3.97M | 3.39M | 2.15M | 2.97M | 12.21M | 10.66M | 16.33M | 26.27M | 27.53M | 3M | 3.7M | 4.3M |
| Property, Plant & Equipment | 8.22M | 8.46M | 0 | 4.65M | 4.23M | 4.71M | 5.7M | 7.8M | 2.95M | 2.71M | 2.54M | 2.44M | 2.17M | 2.03M | 1.78M | 1.52M | 1.45M | 1.55M | 1.8M | 1.53M | 901K | 1.13M | 1.54M | 2.1M | 1.97M | 2.64M | 3.56M | 3.46M | 2M | 2.4M | 1.8M |
| Fixed Asset Turnover | 21.90x | 16.08x | - | 9.88x | 61.77x | 54.29x | 40.48x | 32.44x | 77.69x | 66.88x | 52.97x | 48.82x | 56.10x | 55.10x | 57.83x | 48.28x | 43.49x | 37.13x | 38.61x | 39.74x | 63.61x | 45.61x | 33.44x | 30.90x | 35.30x | 26.81x | 30.76x | 33.69x | 60.90x | 53.42x | 66.61x |
| Goodwill | 856K | 856K | 856K | 1.29M | 1.71M | 4.17M | 3.76M | 3.78M | 3.79M | 1.84M | 1.85M | 1.8M | 1.8M | 1.8M | 1.79M | 1.15M | 848K | 798K | 798K | 798K | 798K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 675K | 709K | 841K | 1.18M | 2.04M | 2.29M | 2.25M | 2.8M | 3.33M | 1.63M | 2.34M | 2.55M | 3.15M | 2.26M | 1.47M | 705K | 362K | 0 | 0 | 0 | 0 | 798K | 798K | 8.75M | 7.86M | 8.36M | 21.48M | 23.77M | 0 | 0 | 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 | 0 |
| Other Non-Current Assets | 2.48M | 2.58M | 8.74M | 3.73M | 1.93M | 1.35M | 1.6M | 1.11M | 1.32M | 1.93M | 1.14M | 611K | 353K | 641K | 237K | 178K | 226K | 1.93M | 1.81M | 1.65M | 1.7M | 216K | 636K | 926K | 121K | 4.94M | 1.23M | 308K | 1M | 1.3M | 2.5M |
| Total Assets | 51.03M | 44.06M | 56.43M | 90.28M | 94.6M | 89.02M | 84.03M | 81.33M | 69.09M | 57.99M | 57.24M | 43.41M | 44.57M | 34.28M | 29.27M | 21.52M | 19.09M | 17.35M | 20.65M | 19.94M | 18.08M | 15.42M | 15.82M | 27.87M | 29.76M | 41.16M | 55.62M | 63.09M | 26.1M | 36.5M | 47.7M |
| Asset Turnover | 2.32x | 3.09x | 2.90x | 0.51x | 2.76x | 2.87x | 2.74x | 3.11x | 3.32x | 3.13x | 2.35x | 2.75x | 2.74x | 3.27x | 3.51x | 3.42x | 3.31x | 3.32x | 3.37x | 3.04x | 3.17x | 3.35x | 3.25x | 2.33x | 2.34x | 1.72x | 1.97x | 1.85x | 4.67x | 3.51x | 2.51x |
| Asset Growth % | -55.51% | -21.92% | -37.49% | -4.56% | 6.27% | 5.93% | 3.32% | 17.71% | 19.15% | 1.31% | 31.87% | -2.61% | 30.03% | 17.11% | 36.01% | 12.72% | 10.04% | -15.97% | 3.54% | 10.32% | 17.25% | -2.55% | -43.23% | -6.34% | -27.7% | -26% | -11.84% | 141.71% | -28.49% | -23.48% | 196.27% |
| Total Current Liabilities | 44.22M | 37.72M | 30.05M | 48.56M | 54.55M | 50.21M | 42.91M | 46.54M | 42.52M | 32.33M | 32.15M | 13.28M | 15.5M | 15.66M | 14.27M | 10.77M | 11.85M | 12.82M | 16.88M | 16.42M | 13.04M | 10.15M | 11.89M | 11.58M | 12.78M | 16.35M | 31.53M | 36.19M | 9.2M | 16.8M | 10.6M |
| Accounts Payable | 6.51M | 9.34M | 8.77M | 4.82M | 10.59M | 8.94M | 7.86M | 9.19M | 8.67M | 7.34M | 5.57M | 2.98M | 4.01M | 4.27M | 4.18M | 1.82M | 1.8M | 3.82M | 4.49M | 3.63M | 2.55M | 1.6M | 2.16M | 1.37M | 422K | 440K | 2.92M | 7.42M | 1.5M | 3.4M | 800K |
| Days Payables Outstanding | 32.53 | 29.8 | 24.61 | 49.21 | 18.38 | 15.68 | 15.48 | 16.47 | 17.11 | 18.53 | 19.39 | 12.1 | 15.97 | 18.46 | 20.19 | 13.01 | 15.62 | 34.83 | 33.67 | 31.96 | 24.85 | 18.25 | 23.41 | 11.84 | 3.82 | 3.93 | 14.62 | 33.31 | 5.19 | 10.36 | 3.08 |
| Short-Term Debt | 1.14M | 20.94M | 16.58M | 17.53M | 17.98M | 11.04M | 9.33M | 8.93M | 10.41M | 6.84M | 9.78M | 476K | 658K | 4.34M | 2.39M | 3.64M | 5.26M | 4.86M | 5.49M | 6.12M | 5.32M | 2.97M | 4.96M | 4.08M | 0 | 57K | 1.21M | 3.05M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 6.68M | 1.22M | 0 | 1.91M | 2.4M | 3.9M | 1.8M | 594K | 620K | 1.54M | 1.3M | 503K | 659K | 673K | 263K | 183K | 471K | 477K | 582K | 580K | 560K | 3.83M | 3.38M | 5.36M | 0 | 5.87M | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 32.71M | 3.97M | 4.29M | 15.46M | 5.62M | 7.75M | 9.83M | 15.75M | 101K | 10.22M | 164K | 2.32M | 3.17M | 5.57M | 1.76M | 756K | 0 | 3.44M | 5.21M | 5.36M | 4.23M | 4.65M | 4.45M | 948K | 6.26M | 9.98M | 18.75M | 25.72M | 7.7M | 13.4M | 9.8M |
| Current Ratio | 0.88x | 0.83x | 1.53x | 1.57x | 1.48x | 1.43x | 1.55x | 1.37x | 1.30x | 1.45x | 1.33x | 2.27x | 2.06x | 1.64x | 1.68x | 1.67x | 1.37x | 1.02x | 0.96x | 0.97x | 1.13x | 1.31x | 1.08x | 1.35x | 1.49x | 1.52x | 0.93x | 0.98x | 2.51x | 1.95x | 4.09x |
| Quick Ratio | 0.88x | 0.83x | 1.53x | 1.57x | 1.48x | 1.43x | 1.55x | 1.37x | 1.30x | 1.45x | 1.32x | 2.23x | 2.03x | 1.61x | 1.67x | 1.67x | 1.37x | 1.02x | 0.96x | 0.97x | 1.13x | 1.31x | 1.08x | 1.35x | 1.49x | 1.52x | 0.93x | 0.98x | 2.51x | 1.95x | 4.09x |
| Cash Conversion Cycle | 68.37 | - | - | - | - | - | - | - | - | - | 73.74 | 61.05 | 64.38 | 54.37 | 56.81 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 6.75M | 5.71M | 2.08M | 1.47M | 1.98M | 1.46M | 2.5M | 3.42M | 1.81M | 107K | 4K | 5.73M | 5.86M | 57K | 267K | 334K | 450K | 0 | 593K | 975K | 504K | 10K | 12K | 270K | 383K | 13.87M | 11.85M | 16.01M | 2.2M | 1M | 400K |
| Long-Term Debt | 3.99M | 1.28M | 1.72M | 310K | 1.38M | 700K | 1M | 1.3M | 1.81M | 107K | 4K | 5.73M | 5.86M | 57K | 268K | 334K | 0 | 0 | 0 | 0 | 0 | 0 | 12K | 0 | 148K | 13.29M | 10.25M | 16.01M | 300K | 0 | 0 |
| Capital Lease Obligations | 5.22M | 4.39M | 353K | 986K | 606K | 762K | 1.5M | 2.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 66K | 34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 693K | 2.39M | 2.15M | 1.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K |
| Other Non-Current Liabilities | 2.72M | 0 | 0 | 174K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 593K | 0 | 504K | 10K | 0 | 270K | 235K | 585K | 1.6M | 0 | -35K | 1M | 100K |
| Total Liabilities | 50.97M | 43.44M | 32.13M | 50.03M | 56.54M | 51.67M | 45.41M | 49.96M | 44.32M | 32.43M | 32.16M | 19.01M | 21.36M | 15.72M | 14.54M | 11.11M | 11.85M | 12.82M | 16.88M | 16.42M | 13.04M | 10.16M | 11.9M | 11.85M | 13.16M | 30.22M | 43.38M | 52.2M | 11.4M | 17.8M | 11M |
| Total Debt | 5.13M | 27.26M | 18.93M | 19.77M | 20.32M | 13.52M | 13.23M | 15.18M | 12.22M | 6.95M | 9.78M | 6.21M | 6.51M | 4.48M | 2.66M | 3.98M | 5.26M | 4.86M | 5.49M | 6.12M | 5.32M | 2.97M | 4.97M | 4.08M | 148K | 13.34M | 11.46M | 19.06M | 0 | 0 | 0 |
| Net Debt | 817K | 24M | 712K | 15.28M | 10.98M | 50K | -2.74M | 4.72M | 5.11M | -1.88M | 2.46M | 489K | 2.13M | 1.66M | 869K | 2.27M | 4.34M | 3.2M | 3.81M | 4.87M | 4.17M | 1.05M | 4.08M | 4.08M | 148K | 13.34M | 11.46M | 16.98M | -11.1M | -13M | -19.5M |
| Debt / Equity | 86.90x | 43.83x | 0.78x | 0.49x | 0.53x | 0.36x | 0.34x | 0.48x | 0.49x | 0.27x | 0.39x | 0.25x | 0.28x | 0.24x | 0.18x | 0.38x | 0.73x | 1.07x | 1.46x | 1.74x | 1.06x | 0.56x | 1.27x | 0.25x | 0.01x | 1.22x | 0.94x | 1.75x | - | - | - |
| Debt / EBITDA | -0.47x | - | 72.26x | 5.40x | 2.52x | 1.83x | 0.95x | 1.14x | 2.09x | 1.12x | 2.27x | 1.20x | 1.29x | 1.02x | 0.51x | 1.01x | 1.37x | 3.47x | 2.28x | - | 241.73x | 1.42x | - | 2.63x | 0.01x | 1.13x | 1.87x | 2.97x | - | - | - |
| Net Debt / EBITDA | -0.08x | - | 2.72x | 4.17x | 1.36x | 0.01x | -0.20x | 0.36x | 0.88x | -0.30x | 0.57x | 0.09x | 0.42x | 0.38x | 0.17x | 0.57x | 1.13x | 2.28x | 1.58x | - | 189.55x | 0.51x | - | 2.63x | 0.01x | 1.13x | 1.87x | 2.65x | - | - | -3.36x |
| Interest Coverage | -7.76x | -7.51x | 0.24x | 0.56x | 6.08x | 8.02x | 14.44x | 10.00x | 3.41x | 12.14x | 16.56x | 15.26x | 20.82x | 16.98x | 31.28x | 14.70x | 9.20x | 5.08x | 2.44x | -6.30x | -3.05x | 5.52x | - | 0.09x | - | - | 1.90x | - | - | - | - |
| Total Equity | 59K | 622K | 24.31M | 40.25M | 38.06M | 37.35M | 38.62M | 31.37M | 24.77M | 25.55M | 25.08M | 24.4M | 23.21M | 18.56M | 14.73M | 10.41M | 7.25M | 4.53M | 3.77M | 3.52M | 5.03M | 5.25M | 3.92M | 16.02M | 16.59M | 10.93M | 12.24M | 10.89M | 14.7M | 18.7M | 36.7M |
| Equity Growth % | -259.96% | -97.44% | -39.61% | 5.74% | 1.91% | -3.3% | 23.12% | 26.62% | -3.06% | 1.89% | 2.8% | 5.11% | 25.09% | 25.93% | 41.51% | 43.69% | 59.94% | 20.12% | 7.01% | -29.95% | -4.24% | 34.06% | -75.54% | -3.43% | 51.75% | -10.67% | 12.44% | -25.95% | -21.39% | -49.05% | 511.67% |
| Book Value per Share | 0.00 | 0.03 | 1.02 | 1.65 | 1.72 | 1.76 | 1.83 | 1.48 | 1.20 | 1.24 | 1.18 | 1.13 | 1.06 | 0.85 | 0.68 | 0.49 | 0.35 | 0.23 | 0.20 | 0.19 | 0.27 | 0.27 | 0.21 | 0.85 | 0.87 | 0.59 | 0.67 | 0.71 | 2.71 | 3.37 | 6.13 |
| Total Shareholders' Equity | 59K | 622K | 24.31M | 28.23M | 22.43M | 19.75M | 22.16M | 18.95M | 16.3M | 19.65M | 18.09M | 18.7M | 18.76M | 15.81M | 12.84M | 9.34M | 6.8M | 4.1M | 3.18M | 2.55M | 4.53M | 4.85M | 3.71M | 16.02M | 16.59M | 10.93M | 12.24M | 10.89M | 14.7M | 18.7M | 36.7M |
| Common Stock | 241K | 241K | 234K | 232K | 229K | 213K | 211K | 211K | 208K | 207K | 207K | 207K | 207K | 207K | 205K | 201K | 193K | 191K | 191K | 191K | 189K | 189K | 189K | 189K | 188K | 186K | 182K | 182K | 0 | 0 | 0 |
| Retained Earnings | -17.72M | -17.17M | 7.46M | 10.61M | 6.71M | 7.44M | 9.22M | 5.83M | 3.43M | 4.98M | 5.83M | 5.66M | 4.77M | 1.65M | -1.7M | -4.63M | -6.81M | -8.97M | -9.48M | -9.58M | -7.04M | -6.41M | -7.29M | 4.98M | 5.51M | 217K | 1.93M | 609K | -16.1M | -11.8M | 3.3M |
| Treasury Stock | 0 | -1.05M | -2.08M | -285K | -285K | -104K | -2K | -2K | -8K | -115K | -51K | -169K | -183K | -356K | -26K | 0 | -1K | -1K | -1K | -1K | -1K | -1K | -108K | -384K | -30K | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.16M | -1.15M | -1.2M | -3.34M | -4.94M | -5.03M | -3.91M | -3.6M | -3.64M | -1.69M | -4M | -2.87M | -1.56M | -1.03M | -382K | -172K | -142K | -220K | -361K | -43K | -109K | 17K | -86K | -7K | -6.13M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 12.02M | 15.63M | 17.6M | 16.46M | 12.41M | 8.48M | 5.91M | 6.99M | 5.7M | 4.45M | 2.74M | 1.9M | 1.07M | 450K | 431K | 593K | 975K | 504K | 405K | 206K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency risk
As reported in recent financial statements, SGRP's equity has plummeted from $33.0M in 2024Q1 to a nominal $59.0K by 2026Q1, signaling a severe and rapid deterioration of the company's net worth driven by persistent operational losses and the accumulation of a significant deficit in retained earnings.
The trajectory of the balance sheet suggests that the company is consuming its capital base at an unsustainable rate. This rapid decline in equity relative to total assets indicates that the business model is currently failing to generate sufficient value to offset its operational and financial obligations.
Based on the most recent quarterly filings, SGRP's current ratio has compressed to 0.88 in 2026Q1, down from 1.69 in 2024Q1, indicating that the company's ability to cover short-term liabilities with current assets is increasingly compromised as cash reserves dwindle to $4.3M.
The tightening liquidity position suggests that the company may face imminent challenges in meeting its short-term obligations without external financing or a drastic improvement in working capital management. Investors should monitor the current ratio closely, as any further decline could signal a potential liquidity crisis.
According to the provided balance sheet data, the debt-to-equity ratio has surged to an alarming 86.90 in 2026Q1, a dramatic increase from 0.71 in 2024Q3, which highlights the company's heavy reliance on debt financing amidst a shrinking equity base and declining operational performance.
The extreme spike in leverage appears to be a function of both rising debt levels and the near-total depletion of shareholder equity. This capital structure suggests that the company is highly vulnerable to interest rate fluctuations and may have limited flexibility to manage its debt obligations moving forward.
As indicated by the company's financial disclosures, the shift in retained earnings from a positive $20.2M in 2024Q2 to a deficit of $17.7M in 2026Q1 reveals a fundamental impairment in the company's ability to generate long-term value, which is currently masked by headline asset figures.
The transition to a significant retained earnings deficit suggests that historical profitability has been entirely reversed by recent operational failures. This trend warrants further investigation into whether the current asset base is overstated, as the company's ability to sustain operations without further dilution or debt appears increasingly questionable.
Quick answers to the most common questions about buying SGRP stock.
As of 2025, SPAR Group, Inc. (SGRP) had total assets of $44.1M including $31.4M in current assets.
SPAR Group, Inc. (SGRP) carries total debt of $27.3M, offset by $3.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
SPAR Group, Inc. (SGRP) has total shareholders' equity (book value) of $0.6M ($0.03 book value per share). Book value represents the net worth of the company belonging to common stock holders.
SPAR Group, Inc. (SGRP) reported a current ratio of 0.83x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.