The company's financial position has deteriorated into a structural deficit, with total equity falling to -$265.9M and a current ratio of 0.84 as of 2026Q1.
| Total Current Assets | 85.3M | 100.09M | 136.62M | 472.96M | 532.75M | 1.02B | 49.28M | 28.8M | 159.67K |
| Cash & Short-Term Investments | 36.59M | 48.91M | 56.3M | 113.59M | 249.98M | 920.79M | 6.94M | 12.89M | 159.67K |
| Cash Only | 36.59M | 48.91M | 56.3M | 105.38M | 87.9M | 747.78M | 6.94M | 12.89M | 159.67K |
| Short-Term Investments | 0 | 0 | 0 | 8.22M | 162.07M | 173.01M | 0 | 0 | 0 |
| Accounts Receivable | 33.34M | 38.35M | 59.36M | 302.92M | 223.29M | 61.91M | 13.7M | 6.62M | 1.5M |
| Days Sales Outstanding | 91.92 | 89.58 | 149.86 | 239.57 | 224.54 | 177.42 | 137.68 | 137.64 | 77.86 |
| Inventory | 5.7M | 4.59M | 10.92M | 26.66M | 8.37M | 22.72M | 20.84M | 3.58M | 2.01M |
| Days Inventory Outstanding | 18.17 | 17.38 | 25.61 | 21.26 | 9.27 | 65.75 | 189.16 | 62.79 | 75.6 |
| Other Current Assets | 9.67M | 8.24M | 4.2M | 23.66M | 45.35M | 15.29M | 7.1M | 4.84M | 27.26M |
| Total Non-Current Assets | 196.59M | 208.8M | 300.74M | 884.01M | 889.14M | 167.98M | 156.57M | 159.25M | 322.08K |
| Property, Plant & Equipment | 11.28M | 9.57M | 73.51M | 89.49M | 105.35M | 119.62M | 124.11M | 132.59M | 103.17M |
| Fixed Asset Turnover | 4.23x | 16.33x | 1.97x | 5.16x | 3.45x | 1.06x | 0.29x | 0.13x | 0.07x |
| Goodwill | 0 | 0 | 0 | 547.21M | 546.65M | 1.74M | 1.74M | 1.7M | 1.63M |
| Intangible Assets | 117.29M | 123.03M | 143.91M | 157.15M | 162.26M | 13.97M | 12.09M | 10.7M | 8.66M |
| Long-Term Investments | 6.18M | 6.18M | 2.25M | 2.09M | 1.97M | 1.92M | 744K | 843K | 767K |
| Other Non-Current Assets | 68.02M | 70.02M | 81.07M | 88.08M | 72.91M | 30.73M | 17.9M | 13.43M | 322.08K |
| Total Assets | 281.88M | 308.89M | 437.36M | 1.36B | 1.42B | 1.19B | 205.85M | 188.05M | 481.75K |
| Asset Turnover | 0.45x | 0.51x | 0.33x | 0.34x | 0.26x | 0.11x | 0.18x | 0.09x | 14.60x |
| Asset Growth % | -137.53% | -29.37% | -67.77% | -4.57% | 19.3% | 478.98% | 9.47% | 38934.15% | - |
| Total Current Liabilities | 101.27M | 110.56M | 128.8M | 251.08M | 267M | 87.97M | 190.51M | 109.35M | 464.89K |
| Accounts Payable | 7.08M | 10.31M | 30.15M | 78.28M | 83.83M | 28.27M | 13.75M | 12.69M | 0 |
| Days Payables Outstanding | 36.07 | 39.07 | 70.7 | 62.4 | 92.75 | 81.82 | 124.78 | 222.57 | - |
| Short-Term Debt | 0 | 16.79M | 0 | 0 | 0 | 15.28M | 101.27M | 70.19M | 175K |
| Deferred Revenue (Current) | 171.6M | 43.63M | 43.26M | 54M | 64.31M | 9.16M | 36.94M | 0 | -4.89M |
| Other Current Liabilities | 51.4M | 39.84M | 20.16M | 24.58M | 17.87M | 275K | 15.77M | 12.94M | -13.75M |
| Current Ratio | 0.84x | 0.91x | 1.06x | 1.88x | 2.00x | 11.64x | 0.26x | 0.26x | 0.34x |
| Quick Ratio | 0.79x | 0.86x | 0.98x | 1.78x | 1.96x | 11.38x | 0.15x | 0.23x | -3.97x |
| Cash Conversion Cycle | 74.01 | 67.89 | 104.77 | 198.43 | 141.05 | 161.35 | 202.06 | -22.14 | - |
| Total Non-Current Liabilities | 446.49M | 447.38M | 706.39M | 679.22M | 602.73M | 436.04M | 192.74M | 97.14M | 70.14M |
| Long-Term Debt | 329.07M | 312.39M | 525.92M | 523.63M | 449.51M | 318.23M | 4.61M | 81.21M | 53.84M |
| Capital Lease Obligations | 61.75M | 39.45M | 13.34M | 10.46M | 10.96M | 12.18M | 57K | 390K | 1.26M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 117.43M | 10.29M | 81.23M | 56.48M | 68.49M | 77.34M | 172.61M | 15.54M | 15.03M |
| Total Liabilities | 547.76M | 557.95M | 835.19M | 930.3M | 869.73M | 524M | 383.26M | 206.49M | 464.89K |
| Total Debt | 329.07M | 368.63M | 542.02M | 537.04M | 463.05M | 346.93M | 106.28M | 152.44M | 175K |
| Net Debt | 292.48M | 319.71M | 485.72M | 431.66M | 375.14M | -400.85M | 99.33M | 139.55M | 15.33K |
| Debt / Equity | -1.24x | - | - | 1.26x | 0.84x | 0.52x | - | - | 10.38x |
| Debt / EBITDA | -11.97x | - | - | - | - | - | - | - | 0.04x |
| Net Debt / EBITDA | -10.64x | - | - | - | - | - | - | - | 0.00x |
| Interest Coverage | 5.93x | 6.78x | -45.67x | -8.35x | -12.30x | -4.82x | -6.50x | -3.79x | - |
| Total Equity | -265.5M | -248.68M | -397.83M | 426.68M | 552.17M | 667.83M | -177.41M | -18.44M | 16.86K |
| Equity Growth % | 100.08% | 37.49% | -193.24% | -22.73% | -17.32% | 476.43% | -862.19% | -109485.38% | - |
| Book Value per Share | -31.17 | -29.29 | -49.28 | 54.85 | 71.98 | 126.53 | -88.56 | -7.69 | 0.01 |
| Total Shareholders' Equity | -265.88M | -249.06M | -398.37M | 426.2M | 551.63M | 667.83M | -177.41M | -18.44M | 16.86K |
| Common Stock | 1K | 1K | 16K | 16K | 15K | 14K | 4K | 0 | 1.01K |
| Retained Earnings | -1.51B | -1.49B | -1.63B | -772.49M | -632.08M | -509.05M | -407.84M | -259.05M | -8.14K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 179K | 41K | 76K | -42K | -1.67M | 20K | -192K | 54K | -220.63M |
| Minority Interest | 383K | 383K | 541K | 485K | 541K | 0 | 0 | 0 | 0 |
Liquidity and solvency pressure
As reported in recent financial statements, Stem's total assets have plummeted from $1.4 billion in 2023Q4 to $281.9 million by 2026Q1, signaling a rapid contraction in the company's resource base as it attempts to pivot its business model away from capital-intensive hardware deployments.
The consistent decline in total assets alongside a persistent negative equity position suggests that the company is consuming its capital base to fund ongoing operations. This trajectory implies that the firm's ability to support future growth initiatives is increasingly constrained by the depletion of its balance sheet strength.
Based on the latest quarterly data, Stem's current ratio has deteriorated to 0.84 in 2026Q1, down from 1.88 in 2023Q4, indicating a significant reduction in the company's ability to cover short-term obligations with its existing liquid assets.
The decline in cash reserves to $36.6 million, coupled with a current ratio below parity, suggests that the company faces an increasingly narrow window to achieve operational self-sufficiency. Investors should monitor whether this liquidity profile necessitates further dilutive capital raises to sustain the current business transition.
According to historical balance sheet filings, Stem's equity position has shifted from a positive $426.2 million in 2023Q4 to a deficit of $265.9 million in 2026Q1, primarily driven by the accumulation of $1.5 billion in retained earnings losses.
The persistent negative equity indicates that the company has effectively exhausted its book value through years of operating losses. This structural deficit suggests that the firm's financial health is heavily dependent on external financing or a rapid turnaround in profitability, as there is no remaining equity buffer to absorb further operational shocks.
As indicated by recent SEC filings, Stem's goodwill remains a significant component of its asset base at $117.3 million in 2026Q1, representing a substantial portion of total assets that may be subject to future impairment charges if the software pivot fails to deliver expected returns.
The presence of large intangible assets on a balance sheet characterized by negative equity warrants caution, as these values are highly sensitive to management's long-term growth assumptions. If the company's software-led strategy does not materialize as planned, these assets may require write-downs, further pressuring the already strained capital position.
Quick answers to the most common questions about buying STEM stock.
As of 2025, Stem, Inc. (STEM) had total assets of $308.9M including $100.1M in current assets.
Stem, Inc. (STEM) carries total debt of $368.6M, offset by $48.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Stem, Inc. (STEM) has total shareholders' equity (book value) of $-249.1M ($-29.29 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Stem, Inc. (STEM) reported a current ratio of 0.91x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.