Financial leverage has reached critical levels, with total debt climbing to $5.5 billion and the current ratio compressing to 0.68 as of 2025Q3.
| Metric | TTM | 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 |
|---|
| Total Current Assets | 3.73B | 3.76B | 3.75B | 3.16B | 3.81B | 4.49B | 4.64B | 2.85B | 2.65B | 2.91B | 3.3B | 3.05B | 2.92B | 3.36B | 3.16B | 3.29B | 2.85B | 2.43B | 1.84B | 1.42B | 862.1M |
| Cash & Short-Term Investments | 299M | 537M | 823.5M | 658.6M | 1.48B | 1.87B | 2.35B | 773.6M | 423.3M | 697.7M | 957.3M | 377.9M | 420.7M | 440.7M | 177.8M | 481.6M | 369M | 216.5M | 133.4M | 184.3M | 241.3M |
| Cash Only | 299M | 537M | 823.5M | 658.6M | 1.48B | 1.87B | 2.35B | 773.6M | 423.3M | 697.7M | 957.3M | 377.9M | 420.7M | 440.7M | 177.8M | 481.6M | 369M | 216.5M | 133.4M | 184.3M | 241.3M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 765.4M | 1.18B | 1.11B | 994.4M | 918.8M | 1.17B | 1.15B | 599.2M | 722.2M | 660.5M | 537M | 605.6M | 550.8M | 420.7M | 267.2M | 246.1M | 205.9M | 262M | 279M | 264.9M | 98.8M |
| Days Sales Outstanding | 55.86 | 68.17 | 67.21 | 72.16 | 84.84 | 125.22 | 53.33 | 30.28 | 37.75 | 35.49 | 29.5 | 32.51 | 33.73 | 28.45 | 20.05 | 21.53 | 18.41 | 25.35 | 26.38 | 30.14 | 29.86 |
| Inventory | 1.21B | 1.89B | 1.77B | 1.47B | 1.38B | 1.42B | 1.12B | 1.01B | 1.45B | 1.52B | 1.77B | 1.75B | 1.84B | 2.41B | 2.63B | 2.51B | 2.21B | 1.88B | 1.34B | 882.2M | 510.7M |
| Days Inventory Outstanding | 72.33 | 89.8 | 110.42 | 107.77 | 123.97 | 136.19 | 60.17 | 60.29 | 90.31 | 97.42 | 117.28 | 114.03 | 136.52 | 190.93 | 229.73 | 255.95 | 231.64 | 217.16 | 153.27 | 109.74 | 176.45 |
| Other Current Assets | 1.42B | 110.6M | 12.5M | 7.1M | 5.3M | 5M | 24.5M | 463.9M | 55.7M | 36.9M | 30.4M | 315.6M | 130.1M | 83.2M | 79.9M | 49.2M | 56.9M | 62.7M | 73.6M | 68.3M | 1.1M |
| Total Non-Current Assets | 2.38B | 3B | 3.2B | 3.51B | 3.93B | 3.9B | 2.96B | 2.83B | 2.62B | 2.49B | 2.48B | 2.11B | 2.17B | 2.06B | 1.89B | 1.81B | 1.62B | 1.33B | 1.5B | 1.3B | 794.5M |
| Property, Plant & Equipment | 1.49B | 2.03B | 2.18B | 2.3B | 2.47B | 2.57B | 2.32B | 2.17B | 2.11B | 1.99B | 1.95B | 1.78B | 1.8B | 1.7B | 1.62B | 1.47B | 1.28B | 1.07B | 963.8M | 773.8M | 518.8M |
| Fixed Asset Turnover | 3.60x | 3.12x | 2.78x | 2.19x | 1.60x | 1.32x | 3.39x | 3.33x | 3.32x | 3.41x | 3.41x | 3.81x | 3.31x | 3.18x | 3.01x | 2.84x | 3.19x | 3.53x | 4.01x | 4.15x | 2.33x |
| Goodwill | 624M | 630M | 631.2M | 630.5M | 623.7M | 565.3M | 2.4M | 2.4M | 2.5M | 2.3M | 2.7M | 2.9M | 3M | 3M | 2.9M | 2.9M | 3M | 2.7M | 0 | 6M | 0 |
| Intangible Assets | 117.5M | 149.5M | 196.2M | 211.4M | 212.3M | 215.2M | 1.2M | 1.4M | 1.8M | 2.2M | 2.8M | 3.2M | 4.7M | 10.1M | 13.9M | 18.1M | 22.8M | 25.2M | 0 | 40.8M | 0 |
| Long-Term Investments | 45.5M | 900K | 800K | 1.1M | 800K | 3.1M | 30.5M | 170.1M | 4.7M | 4.4M | 3.2M | 1.9M | 1.4M | 5.1M | 4.5M | 4.3M | 3.9M | 3.9M | 0 | 0 | 0 |
| Other Non-Current Assets | 147.3M | 194.9M | 193.7M | 359.9M | 623.3M | 540.8M | 501.8M | 284.7M | 429.9M | 365.5M | 356.2M | 265.8M | 326.1M | 151.2M | 193.9M | 257M | 216.1M | 80.9M | 502.8M | 442M | 275.7M |
| Total Assets | 6.1B | 6.76B | 6.95B | 6.67B | 7.74B | 8.38B | 7.61B | 5.69B | 5.27B | 5.41B | 5.78B | 5.16B | 5.09B | 5.42B | 5.04B | 5.1B | 4.47B | 3.76B | 3.34B | 2.72B | 1.66B |
| Asset Turnover | 1.00x | 0.93x | 0.87x | 0.75x | 0.51x | 0.41x | 1.03x | 1.27x | 1.33x | 1.26x | 1.15x | 1.32x | 1.17x | 1.00x | 0.96x | 0.82x | 0.91x | 1.00x | 1.16x | 1.18x | 0.73x |
| Asset Growth % | -29.38% | -2.69% | 4.26% | -13.84% | -7.71% | 10.23% | 33.77% | 7.94% | -2.54% | -6.44% | 11.91% | 1.53% | -6.1% | 7.4% | -1.17% | 14.04% | 18.97% | 12.59% | 22.69% | 64.32% | - |
| Total Current Liabilities | 5.46B | 3.57B | 2.2B | 1.95B | 1.88B | 1.71B | 1.76B | 1.62B | 1.62B | 1.54B | 1.46B | 1.26B | 1.34B | 1.07B | 913.5M | 1.16B | 982.2M | 743.3M | 675M | 569.7M | 311.5M |
| Accounts Payable | 899.5M | 1.04B | 1.11B | 919.8M | 720.3M | 558.9M | 1.06B | 902.6M | 693.1M | 579.7M | 618.2M | 611.2M | 753.7M | 659M | 559.4M | 443.5M | 441.3M | 316.9M | 362.6M | 339.1M | 173.7M |
| Days Payables Outstanding | 43.33 | 49.42 | 69.15 | 67.4 | 64.58 | 53.52 | 56.92 | 53.74 | 43.17 | 37.27 | 40.86 | 39.76 | 55.84 | 52.19 | 48.85 | 45.26 | 46.32 | 36.57 | 41.4 | 42.18 | 60.02 |
| Short-Term Debt | 1.41B | 915.9M | 16.5M | 11.5M | 7.3M | 305.4M | 56.2M | 31.4M | 31.1M | 26.7M | 34.3M | 9.4M | 16.8M | 10.3M | 48.9M | 9.5M | 9.1M | 7.1M | 16M | 23.9M | 11.6M |
| Deferred Revenue (Current) | 1.52B | 1.04B | 242.2M | 132.8M | 170.6M | 119.8M | 194.7M | 235.8M | 86.2M | 326.5M | 297.4M | 23.4M | 19.8M | 18.4M | 28.5M | 302.6M | 107.1M | 110.5M | 42.3M | 8.2M | 125.6M |
| Other Current Liabilities | 2.61B | 289M | 413.2M | 482.3M | 606.6M | 328.7M | 191.3M | 371.1M | 592.7M | 433.8M | 118.5M | 343M | 359.8M | 196.1M | 106M | 215.4M | 295.1M | 174.1M | 98.5M | 28.5M | 103.7M |
| Current Ratio | 0.68x | 1.05x | 1.71x | 1.62x | 2.03x | 2.62x | 2.64x | 1.76x | 1.64x | 1.88x | 2.26x | 2.42x | 2.19x | 3.14x | 3.45x | 2.83x | 2.90x | 3.27x | 2.73x | 2.49x | 2.77x |
| Quick Ratio | 0.46x | 0.52x | 0.90x | 0.86x | 1.29x | 1.79x | 2.00x | 1.13x | 0.74x | 0.90x | 1.05x | 1.03x | 0.81x | 0.89x | 0.57x | 0.68x | 0.66x | 0.74x | 0.74x | 0.94x | 1.13x |
| Cash Conversion Cycle | 84.86 | 108.55 | 108.48 | 112.53 | 144.22 | 207.9 | 56.59 | 36.83 | 84.89 | 95.64 | 105.92 | 106.78 | 114.41 | 167.19 | 200.94 | 232.22 | 203.73 | 205.95 | 138.26 | 97.7 | 146.3 |
| Total Non-Current Liabilities | 5.16B | 5.81B | 5.25B | 4.96B | 5.41B | 5.82B | 4.08B | 2.82B | 1.85B | 1.93B | 2.2B | 2.28B | 2.27B | 2.35B | 2.16B | 2.13B | 1.92B | 1.72B | 1.4B | 1.29B | 1.02B |
| Long-Term Debt | 3.95B | 4.28B | 4.1B | 3.71B | 3.62B | 3.41B | 2.86B | 1.86B | 1.09B | 1.06B | 1.08B | 1.14B | 1.15B | 1.17B | 1.15B | 1.19B | 591.1M | 580.9M | 579M | 594.3M | 710M |
| Capital Lease Obligations | 468.1M | 131.9M | 179.3M | 187.7M | 201.7M | 188.1M | 164.3M | 35.3M | 33.6M | 9M | 8.5M | 12M | 14.2M | 116.6M | -534.1M | 0 | 293.6M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 32.1M | 7.8M | 9.1M | 1.3M | 21.8M | 13M | 8.3M | 800K | 300K | 385.9M | 13.1M | 57.9M | 42.2M | 7.2M | 5M | 8.1M | 15.6M | 3.4M | 23.7M | 0 | 1.1M |
| Other Non-Current Liabilities | 1.12B | 1.14B | 691.8M | 735.9M | 1.22B | 1.77B | 657.3M | 578.5M | 524.8M | 652.9M | 835.5M | 1.04B | 1.05B | 1.15B | 316.6M | 901.9M | 1.14B | 1.04B | 795.6M | 699.2M | 308.2M |
| Total Liabilities | 10.62B | 9.38B | 7.45B | 6.91B | 7.29B | 7.53B | 5.84B | 4.45B | 3.47B | 3.48B | 3.66B | 3.54B | 3.6B | 3.42B | 3.08B | 3.29B | 2.9B | 2.46B | 2.07B | 1.86B | 1.33B |
| Total Debt | 5.49B | 5.38B | 4.36B | 3.96B | 3.88B | 3.95B | 3.08B | 1.9B | 1.15B | 1.09B | 1.13B | 1.17B | 1.17B | 1.18B | 1.2B | 1.2B | 600.2M | 588M | 595M | 618.2M | 721.6M |
| Net Debt | 5.19B | 4.84B | 3.53B | 3.3B | 2.4B | 2.07B | 732.5M | 1.12B | 727.7M | 389M | 175.9M | 788.5M | 746.6M | 735.5M | 1.02B | 715.2M | 231.2M | 371.5M | 461.6M | 433.9M | 480.3M |
| Debt / Equity | -1.21x | - | - | - | 8.64x | 4.60x | 1.75x | 1.53x | 0.64x | 0.56x | 0.53x | 0.72x | 0.79x | 0.59x | 0.61x | 0.66x | 0.38x | 0.45x | 0.47x | 0.72x | 2.21x |
| Debt / EBITDA | -2.81x | - | 24.02x | 70.88x | - | - | 2.95x | 1.74x | 1.04x | 1.01x | 1.08x | 1.06x | 1.22x | 1.59x | 1.93x | 2.35x | 1.10x | 1.09x | 1.14x | 72.73x | - |
| Net Debt / EBITDA | -2.66x | - | 19.48x | 59.10x | - | - | 0.70x | 1.03x | 0.66x | 0.36x | 0.17x | 0.72x | 0.78x | 1.00x | 1.64x | 1.41x | 0.42x | 0.69x | 0.88x | 51.05x | - |
| Interest Coverage | -5.57x | -5.05x | -0.42x | -1.15x | -1.89x | -3.34x | 8.63x | 10.69x | 21.28x | 15.07x | 16.57x | 10.50x | 11.40x | 7.03x | 6.30x | 6.57x | 9.42x | 10.35x | 11.39x | -1.12x | -2.66x |
| Total Equity | -4.52B | -2.62B | -495.9M | -243.8M | 448.8M | 857M | 1.76B | 1.24B | 1.8B | 1.93B | 2.12B | 1.62B | 1.48B | 2B | 1.96B | 1.81B | 1.57B | 1.3B | 1.27B | 859M | 325.8M |
| Equity Growth % | -897.94% | -427.53% | -103.4% | -154.32% | -47.63% | -51.36% | 42.31% | -31.27% | -6.6% | -9.02% | 30.7% | 9.52% | -25.84% | 1.64% | 8.49% | 15.07% | 21.34% | 2.4% | 47.45% | 163.66% | - |
| Book Value per Share | -38.42 | -22.40 | -4.65 | -2.33 | 4.31 | 8.25 | 16.83 | 11.35 | 15.28 | 15.19 | 15.21 | 11.45 | 10.48 | 13.99 | 13.81 | 12.84 | 11.26 | 9.32 | 9.09 | 7.16 | 2.89 |
| Total Shareholders' Equity | -4.52B | -2.62B | -499.7M | -247.5M | 448.3M | 856.5M | 1.76B | 1.24B | 1.8B | 1.93B | 2.12B | 1.62B | 1.48B | 2B | 1.96B | 1.81B | 1.57B | 1.3B | 1.27B | 859M | 325.8M |
| Common Stock | 1.2M | 1.2M | 1.2M | 1.1M | 1.1M | 1.1M | 1.1M | 1.1M | 1.1M | 1.2M | 1.4M | 1.4M | 1.4M | 1.4M | 1.4M | 1.4M | 1.4M | 1.4M | 1.4M | 1.3M | 1.2M |
| Retained Earnings | -3.49B | -1.52B | 616.3M | 1.23B | 1.78B | 2.33B | 3.2B | 2.71B | 2.42B | 2.11B | 1.66B | 867.5M | 508.7M | 1.13B | 1.09B | 900.7M | 681.8M | 490.1M | 222.9M | -73.5M | -90.3M |
| Treasury Stock | -2.46B | -2.46B | -2.46B | -2.46B | -2.46B | -2.46B | -2.46B | -2.38B | -1.58B | -1.08B | -429.2M | -129.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -54.2M | -100.1M | -89.6M | -203.9M | -23.7M | -154.1M | -109.2M | -196.6M | -128.5M | -186.9M | -160.5M | -153.8M | -54.6M | -145.2M | -126.2M | -75.3M | -59.7M | -134.2M | 117.7M | 72.5M | 4.2M |
| Minority Interest | 6.2M | 5.5M | 3.8M | 3.7M | 500K | 500K | 500K | 500K | 500K | 500K | 500K | 500K | 500K | 500K | 500K | 500K | 500K | 0 | 0 | 0 | 0 |
Insolvency and negative equity
As reported in recent financial filings, Spirit AeroSystems' equity position has deteriorated into a deep deficit of $4.5 billion by 2025Q3, marking a consistent downward trajectory from the negative $499.7 million recorded in 2023Q4, which signals severe and accelerating structural financial distress.
The persistent decline in equity suggests that the company is consistently failing to generate sufficient returns to offset its operational losses and debt-servicing requirements. Investors should monitor this trend as it indicates that the firm's capital base is being rapidly consumed by ongoing production inefficiencies and reach-forward losses.
Based on the company's latest quarterly data, total debt has climbed to $5.5 billion as of 2025Q3, representing a significant increase from the $4.0 billion reported in 2023Q3, which underscores a reliance on external financing to sustain operations amidst chronic negative cash flow.
The accumulation of debt in the face of negative equity suggests that the company is increasingly dependent on credit markets to bridge its operational funding gap. This leverage profile warrants further investigation into the company's ability to meet future obligations without a fundamental restructuring of its balance sheet.
According to the provided balance sheet figures, the current ratio has compressed to 0.68 in 2025Q3, down from 1.71 in 2023Q4, indicating that the company's ability to cover short-term liabilities with current assets has become increasingly compromised over the last two years.
A current ratio below 1.0 suggests that the company may face significant challenges in meeting its immediate financial obligations without further capital injections or asset liquidation. This liquidity constraint appears to be a direct consequence of the company's inability to stabilize its working capital cycle.
As indicated by the latest financial statements, the company carries $624 million in goodwill alongside $1.5 billion in net PPE, which may be subject to impairment risks given the ongoing production pauses and the potential for future restructuring under new ownership.
The valuation of these long-term assets appears highly sensitive to the company's ability to maintain its production rates and contractual relationships. Any further deterioration in operational performance may necessitate significant write-downs, which would further exacerbate the existing deficit in shareholder equity.
Quick answers to the most common questions about buying SPR stock.
As of 2024, Spirit AeroSystems Holdings, Inc. (SPR) had total assets of $6.76B including $3.76B in current assets.
Spirit AeroSystems Holdings, Inc. (SPR) carries total debt of $5.38B, offset by $537.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Spirit AeroSystems Holdings, Inc. (SPR) has total shareholders' equity (book value) of $-2621.5M ($-22.40 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Spirit AeroSystems Holdings, Inc. (SPR) reported a current ratio of 1.05x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.