The company's financial position has deteriorated into a negative $168.9 million equity balance as of 2026Q1, while total debt remains elevated at $294.1 million.
| Total Current Assets | 678.54M | 733.97M | 881.65M | 942.54M | 867.3M | 746.52M | 805.12M |
| Cash & Short-Term Investments | 31.95M | 52.71M | 72.19M | 49.18M | 57.91M | 63.34M | 30.89M |
| Cash Only | 31.95M | 52.71M | 72.19M | 49.18M | 57.91M | 63.34M | 30.89M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 619.83M | 636.17M | 774.76M | 858.63M | 771.27M | 609.43M | 602.82M |
| Days Sales Outstanding | 364.22 | 300.72 | 288.51 | 270.08 | 242.38 | 173.89 | 207.98 |
| Inventory | 0 | 0 | 4.5M | 5.5M | 14.08M | 47.9M | 0 |
| Days Inventory Outstanding | - | - | 1.57 | 1.79 | 5.03 | 15.01 | - |
| Other Current Assets | 26.77M | 45.08M | 30.2M | 29.23M | 23.85M | 25.43M | 171.41M |
| Total Non-Current Assets | 249.53M | 255.31M | 322M | 258.53M | 258M | 289.24M | 315.51M |
| Property, Plant & Equipment | 111.25M | 117.83M | 131.22M | 114.64M | 130.98M | 171.85M | 204.56M |
| Fixed Asset Turnover | 6.00x | 6.55x | 7.47x | 10.12x | 8.87x | 7.44x | 5.17x |
| Goodwill | 1.53M | 1.53M | 1.53M | 1.53M | 1.53M | 1.53M | 1.53M |
| Intangible Assets | 1.18M | 1.18M | 1.18M | 1.68M | 2.22M | 3.21M | 5.01M |
| Long-Term Investments | 542.58M | 129.7M | 131.99M | 127.47M | 119.58M | 109.46M | 100.29M |
| Other Non-Current Assets | 159K | 5.08M | 1.54M | 1.71M | 3.7M | 3.19M | 4.12M |
| Total Assets | 928.08M | 989.28M | 1.2B | 1.2B | 1.13B | 1.04B | 1.12B |
| Asset Turnover | 0.67x | 0.78x | 0.81x | 0.97x | 1.03x | 1.24x | 0.94x |
| Asset Growth % | -51.12% | -17.81% | 0.21% | 6.73% | 8.65% | -7.57% | - |
| Total Current Liabilities | 527.41M | 654.99M | 621.14M | 583.97M | 476.1M | 466.88M | 607.69M |
| Accounts Payable | 160.22M | 261.89M | 225.29M | 203.41M | 160.06M | 179.16M | 148.82M |
| Days Payables Outstanding | 97.46 | 103.07 | 78.82 | 66.02 | 57.25 | 56.13 | 56.32 |
| Short-Term Debt | 62.83M | 60.54M | 44.52M | 48.45M | 46.32M | 41.33M | 35.65M |
| Deferred Revenue (Current) | 745.86M | 0 | 249.71M | 193.35M | 131.56M | 111.29M | 284.75M |
| Other Current Liabilities | 77.65M | 332.55M | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 1.29x | 1.12x | 1.42x | 1.61x | 1.82x | 1.60x | 1.32x |
| Quick Ratio | 1.29x | 1.12x | 1.41x | 1.60x | 1.79x | 1.50x | 1.32x |
| Cash Conversion Cycle | 266.76 | - | 211.26 | 205.84 | 190.17 | 132.77 | - |
| Total Non-Current Liabilities | 561.3M | 466.8M | 407.1M | 356.54M | 289.32M | 266.52M | 250.31M |
| Long-Term Debt | 174.7M | 245.41M | 255.63M | 251.91M | 227.28M | 195.6M | 162.69M |
| Capital Lease Obligations | 141.27M | 16.4M | 10.79M | 5.25M | 10.03M | 13.5M | 22.25M |
| Deferred Tax Liabilities | 12.22M | 3.03M | 292K | 2.55M | 3.39M | 5.96M | 6.23M |
| Other Non-Current Liabilities | 327.01M | 201.96M | 140.39M | 96.84M | 48.62M | 51.46M | 59.15M |
| Total Liabilities | 1.09B | 1.12B | 1.03B | 940.5M | 765.42M | 733.4M | 858.01M |
| Total Debt | 294.15M | 322.35M | 321.05M | 319.69M | 300.2M | 270.47M | 238.91M |
| Net Debt | 262.19M | 269.64M | 248.86M | 270.51M | 242.29M | 207.13M | 208.02M |
| Debt / Equity | -1.83x | - | 1.83x | 1.23x | 0.83x | 0.89x | 0.91x |
| Debt / EBITDA | -1.34x | - | - | - | 2.34x | 2.61x | 2.87x |
| Net Debt / EBITDA | -1.20x | - | - | - | 1.89x | 2.00x | 2.50x |
| Interest Coverage | -6.55x | -5.80x | -4.28x | -1.61x | 9.54x | 8.23x | 5.89x |
| Total Equity | -160.64M | -132.51M | 175.41M | 260.56M | 359.88M | 302.35M | 262.63M |
| Equity Growth % | -436.48% | -175.54% | -32.68% | -27.6% | 19.03% | 15.12% | - |
| Book Value per Share | -0.33 | -0.00 | 3.65 | 5.53 | 10.02 | 8.42 | 0.01 |
| Total Shareholders' Equity | -168.94M | -140.93M | 163.66M | 249.62M | 349.44M | 291.29M | 259.02M |
| Common Stock | 5K | 5K | 5K | 5K | 327.61M | 267.83M | 234.75M |
| Retained Earnings | -459.51M | -431.16M | -124.62M | -19.25M | 0 | -8.2M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -3.17M | -3.02M | -3.9M | -1.46M | -2.58M | -937K | -1.74M |
| Minority Interest | 8.3M | 8.43M | 11.75M | 10.94M | 10.45M | 11.06M | 3.62M |
Insolvency and liquidity depletion
According to the most recent quarterly filings, Southland's equity position has deteriorated into a negative $168.9 million balance, marking a rapid decline from the $249.6 million reported in 2023Q4 as persistent operational losses continue to erode the company's net asset base at an alarming rate.
The shift into negative equity suggests that the company's cumulative losses have now fully exhausted its book value, leaving the balance sheet in a precarious state. Investors should monitor whether this trajectory necessitates a capital raise or debt restructuring to maintain operational continuity.
Based on reported financial statements, Southland's cash reserves have dwindled to $32.0 million as of 2026Q1, representing a significant reduction from the $91.4 million peak observed in 2024Q3, which severely limits the company's buffer against ongoing project-related cash outflows and working capital volatility.
The current liquidity position appears insufficient given the company's history of large, lumpy cash outflows associated with its heavy civil project portfolio. This tightening liquidity profile may restrict the company's ability to secure the performance bonds required to bid on new, potentially more profitable infrastructure contracts.
As reported in recent financial filings, Southland carries $294.1 million in total debt, yet the company's negative equity position renders traditional debt-to-equity ratios non-calculable, highlighting a capital structure that has become increasingly reliant on debt financing despite the absence of positive earnings to support such obligations.
The reliance on debt in the face of negative equity and contracting revenue suggests that the company's leverage is driven by necessity rather than strategic growth. This debt burden warrants further investigation into covenant compliance and the potential for future interest expense to further exacerbate the company's cash burn.
Data from the balance sheet indicates that deferred revenue has fluctuated significantly, reaching $226.7 million in 2026Q1, which may suggest that reported revenue figures are heavily dependent on unapproved change orders or claims that have not yet been realized as actual cash inflows from project owners.
The presence of substantial unbilled receivables in a construction business often implies that the company is recognizing revenue for work that remains subject to client dispute or negotiation. This creates a risk that future write-downs could occur if these claims are not settled at the values currently carried on the balance sheet.
Quick answers to the most common questions about buying SLND stock.
As of 2025, Southland Holdings, Inc. (SLND) had total assets of $989.3M including $734.0M in current assets.
Southland Holdings, Inc. (SLND) carries total debt of $322.4M, offset by $52.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Southland Holdings, Inc. (SLND) has total shareholders' equity (book value) of $-140.9M ($-0.00 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Southland Holdings, Inc. (SLND) reported a current ratio of 1.12x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.