The company's financial position appears increasingly precarious, with cash reserves dwindling to $5.0 million and a current ratio of 0.98 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Current Assets | 30.74M | 35.77M | 34.66M | 55.67M | 139.53M | 136.19M | 108.57M | 4.65M | 5.58M | 10.83M | 3.38M | 5.43M | 4.74M | 2.23M |
| Cash & Short-Term Investments | 6.01M | 6.92M | 9.91M | 15.54M | 91.14M | 114.58M | 100.46M | 305.12K | 2.68M | 7.5M | 2.89M | 5.19M | 4.3M | 527.11K |
| Cash Only | 5.02M | 2.94M | 7.88M | 3.59M | 7.43M | 2.06M | 100.46M | 305.12K | 2.68M | 7.5M | 2.89M | 5.19M | 4.3M | 527.11K |
| Short-Term Investments | 996K | 3.98M | 2.03M | 11.95M | 83.71M | 112.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 3.3M | 9.63M | 23.64M | 38.89M | 45.82M | 9.88M | 1.73M | 4.1M | 2.16M | 3.05M | 122.91K | 171.87K | 208.49K | 893.83K |
| Days Sales Outstanding | 478.4 | 89.34 | 264.8 | 321.98 | 268.45 | 457.91 | 254.46 | 253.41 | 793.71 | 208.94 | 51.75 | 69.09 | 82.2 | 127.61 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.28K | 15.82K | 17.59K | 6.56K | 7.08K | 11.69K | 224.35K |
| Days Inventory Outstanding | - | - | - | - | - | - | - | 0.74 | 3.55 | 1.46 | 5.68 | 12.89 | 6.32 | 54.44 |
| Other Current Assets | 21.43M | 19.21M | 1.11M | 1.24M | 2.57M | 8M | 0 | 0 | 421.44K | 568.67K | 1M | 0 | 0 | 0 |
| Total Non-Current Assets | 32.83M | 35.14M | 50.8M | 55.76M | 100.06M | 37.9M | 25.64M | 24.77M | 19.02M | 16.88M | 14.63M | 13.44M | 12.59M | 12.36M |
| Property, Plant & Equipment | 6.55M | 7.06M | 8.18M | 10.82M | 13.24M | 3.23M | 2.07M | 4.07M | 75.63K | 94.67K | 90.46K | 150.95K | 32.42K | 78.75K |
| Fixed Asset Turnover | 1.54x | 5.57x | 3.99x | 4.07x | 4.70x | 2.43x | 1.20x | 1.45x | 13.13x | 56.36x | 9.58x | 6.02x | 28.56x | 32.46x |
| Goodwill | 0 | 0 | 0 | 0 | 33.47M | 15.23M | 10.37M | 10.37M | 10.37M | 10.37M | 10.37M | 10.37M | 10.37M | 10.37M |
| Intangible Assets | 16.9M | 17.6M | 22.34M | 24.29M | 36.95M | 12.67M | 11.86M | 9.96M | 89.99K | 1.86M | 1.85M | 1.92M | 1.88M | 1.87M |
| Long-Term Investments | 22.95M | 5.48M | 16.43M | 19.09M | 16.25M | 6.7M | 1.3M | 0 | 0 | 1.78M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 9.37M | 5M | 3.85M | 1.56M | 148K | 69K | 43K | 368K | 8.49M | 2.76M | 2.26M | 1M | 311.45K | 54.58K |
| Total Assets | 63.57M | 70.91M | 85.47M | 111.44M | 239.59M | 174.08M | 134.2M | 29.41M | 24.6M | 27.71M | 18.01M | 18.87M | 17.33M | 14.59M |
| Asset Turnover | 0.16x | 0.55x | 0.38x | 0.40x | 0.26x | 0.05x | 0.02x | 0.20x | 0.04x | 0.19x | 0.05x | 0.05x | 0.05x | 0.18x |
| Asset Growth % | -73.3% | -17.04% | -23.3% | -53.49% | 37.63% | 29.72% | 356.26% | 19.56% | -11.22% | 53.87% | -4.56% | 8.92% | 18.73% | - |
| Total Current Liabilities | 31.4M | 33.45M | 33.44M | 45.64M | 110.91M | 21.13M | 7.18M | 8.3M | 4.61M | 2.79M | 3.86M | 2.61M | 2.22M | 2.72M |
| Accounts Payable | 7.14M | 12.12M | 11.95M | 16.86M | 11.44M | 7.19M | 786K | 946.45K | 285.56K | 453.2K | 648.64K | 359.43K | 312.73K | 889.92K |
| Days Payables Outstanding | 125.68 | 164.82 | 188.61 | 152.36 | 84.57 | 119.39 | 135.07 | 75.62 | 64.14 | 37.74 | 561.15 | 654.6 | 169.11 | 215.95 |
| Short-Term Debt | 1.23M | 11.82M | 10.12M | 19.02M | 80.83M | 6.39M | 366K | 2.37M | 1.83M | 0 | 0 | 410.54K | 411.01K | 516.66K |
| Deferred Revenue (Current) | 19.98M | 4.39M | 6M | 3.13M | 9.06M | 432K | 684K | 664.89K | 0 | 453.93K | 410.66K | 0 | 0 | 0 |
| Other Current Liabilities | 19.44M | 2.86M | 1.06M | 63K | 803K | 2.62M | 1.2M | 0 | 2.3M | 1.72M | 2.66M | 1.74M | 1.45M | 1.25M |
| Current Ratio | 0.98x | 1.07x | 1.04x | 1.22x | 1.26x | 6.44x | 15.12x | 0.56x | 1.21x | 3.88x | 0.88x | 2.08x | 2.13x | 0.82x |
| Quick Ratio | 0.98x | 1.07x | 1.04x | 1.22x | 1.26x | 6.44x | 15.12x | 0.56x | 1.21x | 3.87x | 0.87x | 2.08x | 2.12x | 0.74x |
| Cash Conversion Cycle | 352.72 | - | - | - | - | - | - | 178.53 | 733.12 | 172.67 | -503.72 | -572.61 | -80.59 | -33.9 |
| Total Non-Current Liabilities | 9.58M | 9.92M | 15.57M | 12.54M | 15.81M | 8.3M | 7.83M | 12.03M | 7.15M | 9.88M | 4.1M | 0 | 0 | 0 |
| Long-Term Debt | 4.26M | 0 | 0 | 0 | 0 | 82K | 1.1M | 3.09M | 2.18M | 4.32M | 1.33M | 0 | 0 | 0 |
| Capital Lease Obligations | 14.72M | 4.63M | 5.41M | 7.66M | 9.12M | 2.46M | 2.05M | 3.57M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 5.08M | 1.23M | 1.3M | 1.4M | 2.37M | 0 | 0 | 0 | 0 | 14.9K | 70.9K | 0 | 0 | 0 |
| Other Non-Current Liabilities | 4.12M | 697K | 5.48M | 14K | 952K | 2.27M | 925K | 925K | 4.98M | 910.1K | 0 | 0 | 0 | 0 |
| Total Liabilities | 40.98M | 43.37M | 49.01M | 58.17M | 126.72M | 29.43M | 15M | 20.33M | 11.76M | 12.67M | 7.96M | 2.61M | 2.22M | 2.72M |
| Total Debt | 5.49M | 17.68M | 16.78M | 28.71M | 92.37M | 9.6M | 3.67M | 9.63M | 4.01M | 4.32M | 1.33M | 410.54K | 411.01K | 516.66K |
| Net Debt | 476K | 14.74M | 8.9M | 25.12M | 84.94M | 7.54M | -96.79M | 9.33M | 1.33M | -3.18M | -1.56M | -4.78M | -3.89M | -10.45K |
| Debt / Equity | 0.24x | 0.64x | 0.46x | 0.54x | 0.82x | 0.07x | 0.03x | 1.06x | 0.31x | 0.29x | 0.13x | 0.03x | 0.03x | 0.04x |
| Debt / EBITDA | -0.17x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.01x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -59.34x | -35.63x | -23.23x | -22.58x | -17.17x | -6317.35x | -339.40x | -13.22x | -7.83x | -1520.15x | -554.84x | -126.43x | -98.19x | -3.20x |
| Total Equity | 22.59M | 27.53M | 36.46M | 53.26M | 112.87M | 144.65M | 119.2M | 9.09M | 12.84M | 15.04M | 10.06M | 14.12M | 13.72M | 11.5M |
| Equity Growth % | -126.34% | -24.48% | -31.54% | -52.81% | -21.97% | 21.36% | 1211.77% | -29.23% | -14.63% | 49.57% | -28.79% | 2.93% | 19.35% | - |
| Book Value per Share | 0.36 | 0.55 | 0.95 | 1.58 | 3.60 | 4.86 | 8.37 | 7.63 | 14.66 | 24.72 | 25.68 | 56.47 | 65.81 | 243.97 |
| Total Shareholders' Equity | 21.3M | 26.21M | 34.97M | 51.57M | 111.08M | 142.73M | 119.2M | 9.09M | 12.84M | 15.04M | 10.06M | 14.12M | 13.72M | 11.5M |
| Common Stock | 57K | 55K | 45K | 352K | 319K | 303K | 258K | 21.88K | 9.46K | 7.61K | 4.01K | 3.75K | 6.38K | 5.92K |
| Retained Earnings | -770.18M | -763.82M | -739.28M | -718.55M | -641.44M | -595.85M | -469.56M | -66.05M | -50.7M | -41.55M | -36.64M | -30.43M | -23.85M | -17.42M |
| Treasury Stock | 0 | -604K | -340K | -339K | -290K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -3.24M | -3.24M | -3.38M | -3.88M | -9.93M | -1.22M | -5K | -5.12K | -5.12K | -5.12K | -2.73K | 24 | 0 | 0 |
| Minority Interest | 1.28M | 1.32M | 1.49M | 1.69M | 1.79M | 1.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital exhaustion
As reported in recent financial filings, Kartoon Studios has seen total assets decline from $117.6 million in 2023Q4 to $63.6 million by 2026Q1, reflecting a persistent contraction in the company's resource base as it struggles to convert its intellectual property portfolio into sustainable, long-term balance sheet growth.
The steady reduction in total assets suggests that the company is consuming its capital base faster than it can replenish it through operational success. This downward trajectory warrants concern, as it implies that the firm's strategic pivot toward a unified studio identity has not yet yielded the asset-building momentum required to stabilize its financial position.
Based on the company's reported figures, cash reserves have dwindled to $5.0 million as of 2026Q1, while the current ratio has hovered near or below 1.0, indicating a precarious liquidity buffer that leaves the firm with limited flexibility to navigate unexpected operational shocks or market downturns.
The proximity of the current ratio to parity suggests that the company is operating with minimal working capital headroom. Investors should monitor this closely, as the inability to maintain a robust cash cushion may force management to prioritize short-term survival over the long-term investment needed to grow its celebrity-anchored IP library.
According to historical balance sheet data, Kartoon Studios' retained earnings have deepened to a deficit of $770.2 million by 2026Q1, signaling that years of aggressive content investment and operational overhead have significantly eroded the company's equity base and overall shareholder value over the observed period.
The massive accumulated deficit highlights the difficulty the firm has faced in achieving a return on its capitalized content costs. This persistent negative trend in equity quality suggests that the current business model may be structurally incapable of generating the earnings necessary to reverse the long-term dilution and value destruction experienced by shareholders.
As indicated by the company's financial statements, goodwill remains a significant portion of the asset base at $16.9 million in 2026Q1, which may represent an overvaluation risk if the acquired IP assets fail to meet the performance expectations originally set during the integration of WOW! Unlimited Media.
The presence of substantial goodwill on the balance sheet necessitates careful scrutiny, as any future impairment charges could lead to a sudden and material reduction in book value. Given the volatility of the children's entertainment market, the carrying value of these intangibles appears vulnerable to downward revisions if the underlying properties do not achieve anticipated monetization levels.
Quick answers to the most common questions about buying TOON stock.
As of 2025, Kartoon Studios Inc. (TOON) had total assets of $70.9M including $35.8M in current assets.
Kartoon Studios Inc. (TOON) carries total debt of $17.7M, offset by $6.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Kartoon Studios Inc. (TOON) has total shareholders' equity (book value) of $26.2M ($0.55 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Kartoon Studios Inc. (TOON) reported a current ratio of 1.07x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.