Total debt of $86.5M against equity of $17.9M yields a debt-to-equity ratio of 4.00, while cash of $19.2M provides a thin buffer given recurring negative free cash flow.
Neuronetics, Inc. (STIM) balance sheet — 10-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Total Current Assets | 53.89M | 61.55M | 58.12M | 93.79M | 98.77M | 115.33M | 65.01M | 88.45M | 114.47M | 37.01M | 22.92M |
| Cash & Short-Term Investments | 22.11M | 34.36M | 19.66M | 60.58M | 71.88M | 96.34M | 50.84M | 76.59M | 104.58M | 29.15M | 17.04M |
| Cash Only | 22.11M | 34.13M | 19.46M | 59.68M | 70.34M | 94.14M | 48.96M | 75.71M | 104.58M | 29.15M | 17.04M |
| Short-Term Investments | 0 | 225K | 206K | 905K | 1.54M | 2.2M | 1.89M | 880K | 0 | 0 | 0 |
| Accounts Receivable | 14.69M | 16.89M | 24.29M | 17.84M | 13.82M | 7.78M | 7.17M | 6.57M | 5.62M | 4.27M | 3.58M |
| Days Sales Outstanding | 36.51 | 41.34 | 118.36 | 91.26 | 77.36 | 51.34 | 53.11 | 38.27 | 38.87 | 38.52 | 38.14 |
| Inventory | 4.94M | 4.33M | 4.25M | 8.09M | 8.9M | 6.56M | 3.72M | 2.77M | 2.43M | 2.47M | 1.7M |
| Days Inventory Outstanding | 22.57 | 20.55 | 74.8 | 150.38 | 209.79 | 205.57 | 117.52 | 65.82 | 71.32 | 93.52 | 93.48 |
| Other Current Assets | 6M | 5.97M | 6.85M | 4.77M | 2.17M | 3.09M | 2.19M | 1.83M | 1.84M | 1.12M | 607K |
| Total Non-Current Assets | 78.07M | 80M | 82.78M | 22.04M | 18.11M | 25.89M | 13.64M | 11.72M | 2.55M | 1.93M | 1.88M |
| Property, Plant & Equipment | 27.88M | 28.03M | 33.34M | 4.78M | 5.32M | 5.1M | 4.15M | 4.9M | 1.38M | 1.36M | 1.63M |
| Fixed Asset Turnover | 5.80x | 5.32x | 2.25x | 14.92x | 12.26x | 10.84x | 11.87x | 12.78x | 38.30x | 29.75x | 21.02x |
| Goodwill | 23.62M | 23.62M | 18.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 17.06M | 18.15M | 19.61M | 0 | 0 | 0 | 0 | 0 | 1M | 400K | 0 |
| Long-Term Investments | 422K | 249K | 86K | 661K | 1.22M | 1.7M | 2.33M | 1.73M | 0 | 0 | 0 |
| Other Non-Current Assets | 9.52M | 9.95M | 11.12M | 16.59M | 11.57M | 19.09M | 7.17M | 5.08M | 171K | 174K | 250K |
| Total Assets | 131.96M | 141.55M | 140.9M | 115.83M | 116.88M | 141.22M | 78.66M | 100.17M | 117.02M | 38.94M | 24.8M |
| Asset Turnover | 1.20x | 1.05x | 0.53x | 0.62x | 0.56x | 0.39x | 0.63x | 0.63x | 0.45x | 1.04x | 1.38x |
| Asset Growth % | -22.8% | 0.46% | 21.65% | -0.9% | -17.23% | 79.54% | -21.47% | -14.4% | 200.53% | 57.02% | - |
| Total Current Liabilities | 26.86M | 30.52M | 31.27M | 19.81M | 33.2M | 15.7M | 13.68M | 27.69M | 13.56M | 11.99M | 13.34M |
| Accounts Payable | 9.96M | 10.74M | 11.08M | 4.75M | 2.43M | 4.3M | 3.75M | 4.63M | 3.76M | 2.51M | 1.48M |
| Days Payables Outstanding | 51.6 | 51.01 | 195.05 | 88.3 | 57.36 | 134.66 | 118.43 | 109.7 | 110.14 | 95.23 | 81.74 |
| Short-Term Debt | 0 | 5.56M | 0 | 0 | 13.13M | 0 | 0 | 11.25M | 0 | 0 | 4.49M |
| Deferred Revenue (Current) | 3.73M | 753K | 974K | 1.62M | 1.98M | 2.5M | 2.02M | 2.23M | 2.25M | 1.97M | 1.33M |
| Other Current Liabilities | 1.13M | 4.86M | 8.95M | 8M | 11.2M | 5.09M | 5.02M | 5.72M | 2.64M | 2.72M | 2.37M |
| Current Ratio | 2.01x | 2.02x | 1.86x | 4.73x | 2.98x | 7.34x | 4.75x | 3.19x | 8.44x | 3.09x | 1.72x |
| Quick Ratio | 1.82x | 1.87x | 1.72x | 4.33x | 2.71x | 6.93x | 4.48x | 3.09x | 8.26x | 2.88x | 1.59x |
| Cash Conversion Cycle | 7.48 | 10.88 | -1.89 | 153.34 | 229.8 | 122.25 | 52.2 | -5.61 | 0.04 | 36.81 | 49.88 |
| Total Non-Current Liabilities | 82.7M | 84.79M | 77.84M | 61.83M | 26.63M | 40.34M | 39.48M | 24.62M | 32.42M | 219.6M | 188.58M |
| Long-Term Debt | 61.75M | 65.81M | 55.15M | 59.28M | 22.83M | 35.34M | 34.62M | 19.9M | 30.39M | 29.56M | 15.65M |
| Capital Lease Obligations | 78.4M | 18.93M | 22.69M | 2.35M | 2.97M | 3.54M | 3.12M | 2.62M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -167K |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 86K | 187.76M | 172.94M |
| Total Liabilities | 109.56M | 115.31M | 109.1M | 81.64M | 59.82M | 56.05M | 53.16M | 52.32M | 45.98M | 231.59M | 201.92M |
| Total Debt | 87.73M | 90.3M | 82.63M | 62.47M | 39.74M | 39.54M | 38.34M | 34.33M | 30.39M | 29.56M | 20.14M |
| Net Debt | 65.62M | 56.17M | 63.17M | 2.8M | -30.59M | -54.6M | -10.62M | -41.38M | -74.19M | 409K | 3.1M |
| Debt / Equity | 3.92x | 3.44x | 2.60x | 1.83x | 0.70x | 0.46x | 1.50x | 0.72x | 0.43x | - | - |
| Debt / EBITDA | -7.30x | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -5.46x | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -1.74x | -3.63x | -5.00x | -4.57x | -9.34x | -8.45x | -5.93x | -7.67x | -5.53x | -4.72x | -5.12x |
| Total Equity | 22.4M | 26.24M | 31.8M | 34.19M | 57.06M | 85.17M | 25.49M | 47.85M | 71.04M | -192.65M | -177.12M |
| Equity Growth % | -134.2% | -17.48% | -6.99% | -40.08% | -33.01% | 234.11% | -46.73% | -32.64% | 136.88% | -8.77% | - |
| Book Value per Share | 0.29 | 0.40 | 1.00 | 1.19 | 2.12 | 3.34 | 1.35 | 2.60 | 7.94 | -17170.41 | -15786.45 |
| Total Shareholders' Equity | 18.71M | 22.38M | 27.71M | 34.19M | 57.06M | 85.17M | 25.49M | 47.85M | 71.04M | -192.65M | -177.12M |
| Common Stock | 777K | 690K | 557K | 291K | 273K | 264K | 191K | 186K | 177K | 2K | 2K |
| Retained Earnings | -474.84M | -458.79M | -419.79M | -376.08M | -345.89M | -308.73M | -277.54M | -250.09M | -221.04M | -196.95M | -180.89M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.23M | 3.71M |
| Minority Interest | 3.69M | 3.86M | 4.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying STIM stock.
As of 2025, Neuronetics, Inc. (STIM) had total assets of $141.6M including $61.6M in current assets.
Neuronetics, Inc. (STIM) carries total debt of $90.3M, offset by $34.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Neuronetics, Inc. (STIM) has total shareholders' equity (book value) of $22.4M ($0.40 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Neuronetics, Inc. (STIM) reported a current ratio of 2.02x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Eroding equity against high leverage
Metrics are mathematically derived from official filings.
Equity Base Erodes Despite Revenue Recovery
As reported in financial statements, STIM's shareholders' equity fell from $35.5M in Q1 2025 to $17.9M in Q2 2026, suggesting the balance sheet is weakening even as quarterly revenue rebounded from a depressed base.
The equity decline tracks the retained earnings deficit widening from -$432.5M to -$473.2M over the same period, which points to accumulated operating and net losses rather than asset shrinkage. Total assets have stayed within a $125M to $146M band, so the erosion appears driven by liabilities and losses rather than balance sheet contraction. This pattern suggests the top-line rebound has not yet translated into balance sheet repair, warranting continued monitoring of equity trends.
Leverage Elevated Relative to Equity Cushion
Based on reported figures, STIM's debt-to-equity ratio stood at 4.00 in Q2 2026, with total debt of $86.5M against equity of $17.9M, indicating leverage that is high for a company without consistent operating profit.
Total debt has held in an $80M to $90M range across recent quarters while the equity cushion thinned, pushing D/E between roughly 2.1x and 5.0x over the ten-quarter window. With operating income negative in the reported periods, debt service appears to depend on cash reserves and external financing rather than internally generated earnings. Investors should monitor refinancing terms and maturity profile, as the supplied data does not detail them.
Thin Cash Buffer Against Ongoing Burn
As reported in financial statements, STIM held $19.2M in cash at Q2 2026 against a current ratio of 1.88, a position that appears adequate on paper but thin relative to the company's recurring negative free cash flow.
Cash has fluctuated sharply, falling to $13.2M in Q1 2026 before recovering to $19.2M, which suggests reliance on the timing of inflows rather than a stable reserve. The current ratio has held above 1.6 in recent quarters, but this reflects short-term asset composition rather than sustainable self-funding. Liquidity appears sensitive to any delay in collections or financing given the persistent cash consumption.
Goodwill Step-Up Raises Impairment Questions
Based on STIM's reported figures, goodwill of $23.6M now represents roughly 18% of total assets at Q2 2026, a step-up from zero through Q3 2024 that raises questions about acquisition quality and future impairment exposure.
Goodwill was absent through Q3 2024 and appeared at $18.6M to $23.6M thereafter, indicating an acquisition or structural transaction during that period. Net PP&E declined from $33.3M in Q4 2024 to $27.4M in Q2 2026, suggesting limited reinvestment in fixed assets. Given persistent operating losses, the goodwill balance warrants scrutiny for impairment exposure if the acquired business underperforms.
Deferred Revenue Shrinks to Minimal Levels
As reported in financial statements, STIM's deferred revenue fell from $1.7M in Q1 2024 to $1.2M in Q2 2026, a trend that appears to limit visibility into contracted future revenue.
Deferred revenue has trended downward with occasional uptick, and the current balance is small relative to quarterly revenue of roughly $41.6M. This suggests the business relies largely on transactional rather than prepaid or subscription revenue. Limited contracted revenue may indicate that near-term results remain sensitive to demand volatility.
Headline Rebound Masks Structural Loss Pattern
Based on the supplied balance sheet data, the most misleading signal is the recent current ratio improvement, which may overstate balance sheet health given equity of $17.9M and a debt-to-equity ratio of 4.00.
A current ratio of 1.88 can look reassuring, but it sits alongside negative retained earnings of -$473.2M and thin equity, meaning short-term liquidity coverage does not offset the long-term capital structure strain. Goodwill now forms a meaningful share of assets, so any impairment would further reduce equity from an already low base. Investors should treat the liquidity ratio as a timing indicator rather than evidence of durable solvency, and monitor whether equity stabilizes.