Terex Corporation (TEX) Balance Sheet

Goodwill climbed from roughly $301M to $2.5B over the same period, which suggests the expansion is largely acquisition-funded and shifts the risk profile toward intangible-heavy assets. Equity grew more modestly to $5.0B, indicating the expansion was financed substantially through liabilities, and investors should monitor whether the acquired earnings base justifies the carrying values.

The D/E ratio spiked above 1.3 through 2025 as debt was added alongside acquisitions, then fell as equity rebuilt, suggesting the improvement reflects both earnings retention and a larger equity base rather than debt paydown alone. Current leverage of roughly 0.5x appears manageable, but the sharp swings warrant further investigation into the maturity profile and refinancing terms, which the supplied data does not disclose.

A current ratio consistently near or above 1.8 suggests short-term obligations are covered with a reasonable margin, though it declined from 2.39 to 1.76 as the balance sheet scaled. Cash of roughly $407M is modest relative to total debt, implying liquidity depends meaningfully on continued operating cash generation rather than a large reserve buffer.

Retained earnings have been relatively flat, so the recent equity growth appears driven primarily by new share issuance or other equity-recognized items rather than accumulated profits, a distinction that bears on earnings quality. Investors should monitor dilution and the composition of equity movements, as the supplied data does not isolate buybacks or stock-based compensation.

The lumpy deferred revenue profile suggests backlog recognition is uneven and difficult to extrapolate from a single quarter. Remaining performance obligation data is not provided, so forward revenue visibility remains limited and warrants further investigation before inferring durable order momentum.