The capital structure remains highly precarious, with retained earnings plummeting to a deficit of $37.9M as of 2026Q2, reflecting significant erosion of shareholder equity.
| Total Current Assets | 43.15M | 8.13M | 15M | 25.13M | 14.8M | 43.92M | 17.56M |
| Cash & Short-Term Investments | 26.07M | 1.31M | 3.07M | 2.07M | 1.66M | 28.94M | 3.99M |
| Cash Only | 20.54M | 1.31M | 3.07M | 2.07M | 1.66M | 28.94M | 3.99M |
| Short-Term Investments | 5.53M | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 5.21M | 3.94M | 7.74M | 7.06M | 3.38M | 6.79M | 4.63M |
| Days Sales Outstanding | -110.23 | 220.37 | 80.79 | 21.66 | 13.32 | 53.89 | 39.69 |
| Inventory | 2.09M | 2.08M | 3.37M | 5.72M | 4.02M | 5.25M | 4.87M |
| Days Inventory Outstanding | -80.08 | 150.52 | 55.6 | 21.9 | 18.48 | 59.27 | 62.93 |
| Other Current Assets | 9.78M | 794K | 825K | 9.56M | 5.31M | 845K | 2.29M |
| Total Non-Current Assets | 215K | 276K | 800K | 39.38M | 19.99M | 33.5M | 33.69M |
| Property, Plant & Equipment | 76K | 108K | 12.52M | 10.64M | 7.36M | 425K | 597K |
| Fixed Asset Turnover | -8.38x | 60.50x | 2.79x | 11.18x | 12.59x | 108.25x | 71.34x |
| Goodwill | 0 | 0 | 405K | 18.48M | 8.78M | 18.61M | 18.61M |
| Intangible Assets | 0 | 0 | 7M | 9.79M | 3.78M | 11.59M | 13.12M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 139K | 168K | -18.87M | 473.41K | 61.54K | 116K | 1.36M |
| Total Assets | 43.36M | 8.4M | 15.8M | 64.51M | 34.79M | 77.42M | 51.25M |
| Asset Turnover | -0.60x | 0.78x | 2.21x | 1.84x | 2.66x | 0.59x | 0.83x |
| Asset Growth % | 487.99% | -46.83% | -75.51% | 85.46% | -55.07% | 51.06% | - |
| Total Current Liabilities | 25.08M | 3.54M | 7.15M | 65.5M | 22.04M | 7.34M | 54.58M |
| Accounts Payable | 952K | 2.15M | 39.84M | 24.36M | 13.58M | 4.55M | 3.14M |
| Days Payables Outstanding | -322.5 | 155.52 | 657.55 | 93.28 | 62.51 | 51.45 | 40.55 |
| Short-Term Debt | 22.62M | 0 | 37.52M | 34.6M | 5.66M | 909K | 8.19M |
| Deferred Revenue (Current) | 0 | 0 | 29K | 0 | 0 | 225K | 350K |
| Other Current Liabilities | 1.51M | 0 | -74.16M | 5.2M | 1.88M | 899K | 41.99M |
| Current Ratio | 1.72x | 2.29x | 2.10x | 0.38x | 0.67x | 5.98x | 0.32x |
| Quick Ratio | 1.64x | 1.71x | 1.63x | 0.30x | 0.49x | 5.27x | 0.23x |
| Cash Conversion Cycle | 132.19 | 215.38 | -521.16 | -49.73 | -30.71 | 61.71 | 62.07 |
| Total Non-Current Liabilities | 0 | 4.45M | 7.58M | 5.3M | 11.82M | 12.21M | 24.78M |
| Long-Term Debt | 0 | 4.45M | 696K | 0 | 8.99M | 9.41M | 24.59M |
| Capital Lease Obligations | 3.85M | 0 | 5.62M | 3.57M | 2.3M | 5K | 184K |
| Deferred Tax Liabilities | 0 | 0 | 1.26M | 0 | 0 | 2.79M | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 1.73M | 529.99K | 0 | 0 |
| Total Liabilities | 25.08M | 8M | 7.15M | 70.8M | 33.86M | 19.55M | 79.36M |
| Total Debt | 22.62M | 4.47M | 45.31M | 39.38M | 17.85M | 10.33M | 32.97M |
| Net Debt | 2.07M | 3.16M | -585K | 37.31M | 16.19M | -18.61M | 28.98M |
| Debt / Equity | 1.24x | 10.99x | 5.24x | - | 19.25x | 0.18x | - |
| Debt / EBITDA | 4.72x | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.43x | - | - | - | - | - | - |
| Interest Coverage | -7.75x | -18.36x | 0.66x | -4.26x | -1.55x | 2.06x | -5.42x |
| Total Equity | 18.29M | 407K | 8.65M | -6.29M | 927.48K | 57.88M | -28.1M |
| Equity Growth % | -1189.98% | -95.29% | 237.49% | -778.15% | -98.4% | 305.95% | - |
| Book Value per Share | 0.06 | 0.02 | 5.35 | -0.51 | 1.32 | 116.27 | -151.15 |
| Total Shareholders' Equity | 18.29M | 407K | -55.12M | -6.29M | 927.48K | 57.88M | -28.1M |
| Common Stock | 419K | 31K | 22K | 8.8M | 7.27M | 29K | 52K |
| Retained Earnings | -37.92M | -22.93M | -70.03M | -17.58M | -6.34M | -259.26M | -260.64M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 2.4M | 2.49M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and solvency crisis
As reported in quarterly financial filings, SRXH's total assets have fluctuated wildly from $64.5M in 2024Q1 to $43.4M in 2026Q2, reflecting a volatile asset base that appears increasingly disconnected from the company's ability to maintain a stable, long-term capital structure amidst persistent operational losses.
The erratic movement in total assets suggests that the company is struggling to maintain a consistent operational footprint, likely due to the divestiture of assets or the impairment of goodwill. Investors should monitor whether this volatility indicates a forced liquidation of core business components to satisfy immediate creditor demands.
Based on the provided financial data, SRXH's debt-to-equity ratio reached a precarious 10.99 in 2025Q4, signaling that the firm's reliance on debt financing has become increasingly unsustainable as the equity base has been severely eroded by cumulative losses over the past ten quarters.
The high leverage ratio, combined with the company's inability to generate positive operating income, suggests that the debt load may be a necessity-driven burden rather than a strategic tool. This level of indebtedness warrants further investigation into the company's ability to meet interest obligations without further dilutive financing.
According to recent balance sheet figures, SRXH's cash position has dwindled to $1.3M as of 2025Q4, which appears insufficient to support the company's high fixed-cost structure and ongoing operational burn rate, leaving the firm with a dangerously thin buffer against potential liquidity shocks.
The current ratio of 2.29 in 2025Q4 may provide a misleading sense of security, as it likely includes current assets that are not readily convertible to cash. Given the consistent history of negative net margins, the current cash runway appears extremely limited, suggesting an imminent need for external capital.
As indicated by the reported financial statements, the company's retained earnings have plummeted to a deficit of $37.9M by 2026Q2, which suggests that the equity base is largely composed of accounting adjustments rather than genuine value creation from profitable operations.
The persistent negative retained earnings highlight a long-term trend of value destruction that makes the headline equity figures potentially misleading. Analysts should be wary of the quality of this equity, as it appears to be insufficient to absorb further operational shocks or potential asset impairments.
Quick answers to the most common questions about buying SRXH stock.
As of 2025, SRx Health Solutions Inc. (SRXH) had total assets of $8.4M including $8.1M in current assets.
SRx Health Solutions Inc. (SRXH) carries total debt of $4.5M, offset by $1.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
SRx Health Solutions Inc. (SRXH) has total shareholders' equity (book value) of $0.4M ($0.02 book value per share). Book value represents the net worth of the company belonging to common stock holders.
SRx Health Solutions Inc. (SRXH) reported a current ratio of 2.29x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.