The company's capital structure remains under strain, with total debt rising to $238.3 million and a debt-to-equity ratio of 1.27 as of 2026Q1.
| Total Current Assets | 182.08M | 193.07M | 132.08M | 146.38M | 116.55M | 74.4M | 76.57M | 84.52M | 38.26M |
| Cash & Short-Term Investments | 22.23M | 23.22M | 18.84M | 18.38M | 30.02M | 12.92M | 7.44M | 4.61M | 498K |
| Cash Only | 22.23M | 23.22M | 18.84M | 18.38M | 30.02M | 12.92M | 7.44M | 4.61M | 498K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 89.19M | 100.08M | 76.54M | 95.8M | 62.84M | 40.13M | 30M | 61.97M | 18.98M |
| Days Sales Outstanding | 64.07 | 82.62 | 81.62 | 121.97 | 107.71 | 89.94 | 77.96 | 165.43 | 52.42 |
| Inventory | 25.58M | 24.6M | 14.54M | 15.34M | 13.4M | 17.5M | 27.17M | 15.99M | 18.03M |
| Days Inventory Outstanding | 17.58 | 25.38 | 19.46 | 24.62 | 26.15 | 37.5 | 84.22 | 52.41 | 65.27 |
| Other Current Assets | 45.07M | 45.16M | 18.18M | 14.19M | 7.77M | 1.58M | 9.21M | 25K | 0 |
| Total Non-Current Assets | 550.83M | 540.71M | 181.7M | 170.38M | 189.21M | 189.2M | 186.64M | 105.92M | 110.01M |
| Property, Plant & Equipment | 510.12M | 511.72M | 165.43M | 159.46M | 180.06M | 180.47M | 178.08M | 101.87M | 106.55M |
| Fixed Asset Turnover | 1.27x | 0.86x | 2.07x | 1.80x | 1.18x | 0.90x | 0.79x | 1.34x | 1.24x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 10.01M | 9.17M | 7.78M | 5.67M | 5.61M | 3.89M | 4.56M | 1.62M | 1.76M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 30.7M | 19.82M | 8.49M | 5.25M | 3.55M | 4.83M | 4M | 2.43M | 1.71M |
| Total Assets | 732.9M | 733.78M | 313.77M | 316.76M | 305.76M | 263.6M | 263.21M | 190.44M | 148.27M |
| Asset Turnover | 0.84x | 0.60x | 1.09x | 0.91x | 0.70x | 0.62x | 0.53x | 0.72x | 0.89x |
| Asset Growth % | 423.18% | 133.86% | -0.94% | 3.59% | 16% | 0.15% | 38.21% | 28.44% | - |
| Total Current Liabilities | 354.13M | 324.02M | 154.33M | 144.2M | 132.17M | 47.77M | 86.33M | 46.57M | 40.93M |
| Accounts Payable | 59.71M | 49.91M | 29.59M | 19.61M | 21.1M | 7.64M | 16.79M | 11.26M | 10.21M |
| Days Payables Outstanding | 36.96 | 51.49 | 39.61 | 31.48 | 41.19 | 16.37 | 52.05 | 36.89 | 36.95 |
| Short-Term Debt | 179.48M | 192.54M | 32.74M | 26.74M | 57.67M | 1.02M | 2.77M | 4.15M | 2.74M |
| Deferred Revenue (Current) | 195.72M | 42.2M | 55.17M | 49.55M | 28.19M | 20.81M | 30.65M | 2.98M | 216K |
| Other Current Liabilities | 114.94M | 27.73M | 6.39M | 36.16M | 5.71M | 5.37M | 22.9M | 25.54M | 17.85M |
| Current Ratio | 0.51x | 0.60x | 0.86x | 1.02x | 0.88x | 1.56x | 0.89x | 1.81x | 0.93x |
| Quick Ratio | 0.44x | 0.52x | 0.76x | 0.91x | 0.78x | 1.19x | 0.57x | 1.47x | 0.49x |
| Cash Conversion Cycle | 44.69 | 56.51 | 61.47 | 115.11 | 92.67 | 111.07 | 110.12 | 180.95 | 80.73 |
| Total Non-Current Liabilities | 190.92M | 213.75M | 95.96M | 111.86M | 119.61M | 155.91M | 178.47M | 119.7M | 68.74M |
| Long-Term Debt | 32.33M | 32.94M | 34.7M | 36.1M | 35.18M | 58.43M | 69.83M | 43.84M | 33.11M |
| Capital Lease Obligations | 85.3M | 24.86M | 8.65M | 9.33M | 9.36M | 1.2M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 20.58M | 6.37M | 632K | 679K | 1.24M | 995K | 8.06M | 5.67M | 9.93M |
| Other Non-Current Liabilities | 288K | 438K | 69K | 0 | 5.87M | 7.19M | 5.18M | 21.69M | 25.7M |
| Total Liabilities | 545.05M | 537.96M | 250.28M | 256.06M | 251.79M | 203.67M | 264.79M | 166.27M | 109.67M |
| Total Debt | 238.32M | 250.34M | 76.76M | 72.86M | 103.04M | 61.84M | 72.6M | 47.99M | 35.85M |
| Net Debt | 216.09M | 227.12M | 57.91M | 54.48M | 73.02M | 48.92M | 65.16M | 43.38M | 35.35M |
| Debt / Equity | 1.27x | 1.28x | 1.21x | 1.20x | 1.91x | 1.03x | - | 1.99x | 0.93x |
| Debt / EBITDA | 5.27x | 7.26x | 3.04x | 5.15x | - | - | 7.10x | 6.24x | 1.23x |
| Net Debt / EBITDA | 4.78x | 6.58x | 2.29x | 3.85x | - | - | 6.37x | 5.64x | 1.22x |
| Interest Coverage | 18.87x | -0.09x | 0.74x | -1.37x | -5.94x | -14.30x | -1.69x | -2.05x | - |
| Total Equity | 187.85M | 195.82M | 63.49M | 60.7M | 53.98M | 59.93M | -1.58M | 24.17M | 38.6M |
| Equity Growth % | 607.31% | 208.42% | 4.59% | 12.46% | -9.93% | 3883.27% | -106.55% | -37.39% | - |
| Book Value per Share | 3.85 | 4.02 | 1.34 | 1.33 | 1.32 | 1.50 | -0.04 | 0.62 | 0.99 |
| Total Shareholders' Equity | 180.22M | 187.82M | 57.61M | 53.74M | 53.67M | 61.13M | -16K | 24.17M | 38.6M |
| Common Stock | 495K | 489K | 478K | 470K | 437K | 398K | 3.77M | 7.33M | 3.92M |
| Retained Earnings | -27.36M | -15.05M | -132M | -125.2M | -94.07M | -54.48M | -3.78M | 16.83M | 34.67M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 7.63M | 7.99M | 5.88M | 6.96M | 308K | -1.2M | -1.57M | 0 | 0 |
Liquidity and Dilution Risk
According to recent financial statements, SkyWater's total liabilities have surged from $256.1 million in 2023Q4 to $545.0 million by 2026Q1, indicating a rapid expansion of the balance sheet that has outpaced the company's ability to generate consistent retained earnings or stabilize its equity base.
The trajectory suggests a business model that is increasingly reliant on external financing to support its operational footprint. Investors should monitor whether this rapid accumulation of liabilities will eventually necessitate further equity dilution to maintain solvency.
As reported in quarterly filings, SkyWater's total debt has climbed significantly to $238.3 million in 2026Q1, pushing the debt-to-equity ratio to 1.27, which reflects a strategic reliance on debt to fund the heavy capital requirements of its specialized semiconductor fabrication and ATS service model.
This leverage profile appears aggressive given the company's lack of consistent operating profitability. The reliance on debt to bridge the gap between project-based revenue and high fixed costs may limit financial flexibility during periods of industry-wide cyclical downturns.
Based on the provided balance sheet data, net property, plant, and equipment has expanded to $510.1 million as of 2026Q1, representing the vast majority of total assets and underscoring the company's status as an asset-heavy manufacturer with significant ongoing maintenance capital expenditure requirements.
The concentration of value in PPE suggests that the company's competitive position is tied to its physical fabrication capabilities. However, this asset mix leaves the firm vulnerable to technological obsolescence and requires high utilization rates to justify the depreciation burden on the income statement.
As indicated by the 2026Q1 current ratio of 0.51, SkyWater's liquidity position has deteriorated significantly, with cash reserves of only $22.2 million failing to provide a sufficient buffer against the company's substantial short-term obligations and ongoing operational cash burn requirements.
The current ratio falling below unity suggests that the company may face challenges in meeting its near-term financial commitments without external intervention. This liquidity constraint appears to be a primary risk factor that could force management to prioritize cash preservation over long-term strategic investments.
Analysis of the balance sheet reveals that deferred revenue has reached $126.1 million in 2026Q1, which serves as a critical, albeit non-cash, indicator of future performance obligations that may mask the underlying volatility of the company's project-based revenue recognition model.
While this deferred revenue provides visibility into future work, it also represents a liability that must be serviced through continued operational output. Investors should be wary of interpreting this as a source of immediate liquidity, as it is tied to specific, often complex, engineering milestones.
Quick answers to the most common questions about buying SKYT stock.
As of 2025, SkyWater Technology, Inc. (SKYT) had total assets of $733.8M including $193.1M in current assets.
SkyWater Technology, Inc. (SKYT) carries total debt of $250.3M, offset by $23.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
SkyWater Technology, Inc. (SKYT) has total shareholders' equity (book value) of $187.8M ($4.02 book value per share). Book value represents the net worth of the company belonging to common stock holders.
SkyWater Technology, Inc. (SKYT) reported a current ratio of 0.60x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.