Toro maintains an exceptionally liquid balance sheet with a current ratio of 22.23 and zero debt, though this is largely supported by a shrinking asset base that saw net PPE decline to $94.8 million in 2026Q1.
| Total Current Assets | 90.01M | 96.3M | 55.27M | 165.14M | 54.76M | 12.63M |
| Cash & Short-Term Investments | 81.64M | 87.63M | 37.42M | 155.24M | 41.78M | 4.96M |
| Cash Only | 81.64M | 87.42M | 37.19M | 155.24M | 41.78M | 4.96M |
| Short-Term Investments | 0 | 209.49K | 226.57K | 0 | 0 | 0 |
| Accounts Receivable | 6.91M | 7.51M | 16.87M | 1.4M | 10.62M | 4.1M |
| Days Sales Outstanding | 120.46 | 130.04 | 275.01 | 22.97 | 247.8 | 51.16 |
| Inventory | 0 | 200.4K | 194.98K | 172.72K | 893.57K | 3.14M |
| Days Inventory Outstanding | 1.91 | 4.27 | 4.01 | 3.71 | 49.32 | 39.35 |
| Other Current Assets | 1.47M | 964.93K | 786.84K | 6.74M | 558.33K | 25.34K |
| Total Non-Current Assets | 233.61M | 235.04M | 271.13M | 142.97M | 102.72M | 111.42M |
| Property, Plant & Equipment | 94.84M | 96.18M | 72.77M | 88.71M | 92.49M | 108.09M |
| Fixed Asset Turnover | 0.23x | 0.22x | 0.31x | 0.25x | 0.17x | 0.27x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 635.6M | 135.68M | 105.34M | 50.54M | 2.41M | 1.51M |
| Other Non-Current Assets | 11.65M | 3.18M | 93.03M | 3.72M | 7.82M | 1.82M |
| Total Assets | 323.62M | 331.35M | 326.41M | 308.1M | 157.48M | 124.05M |
| Asset Turnover | 0.06x | 0.06x | 0.07x | 0.07x | 0.10x | 0.24x |
| Asset Growth % | 12.99% | 1.51% | 5.94% | 95.65% | 26.95% | - |
| Total Current Liabilities | 4.05M | 41.94M | 4.7M | 7.86M | 6.52M | 6.95M |
| Accounts Payable | 0 | 1.13M | 770.83K | 3.19M | 1.64M | 505.63K |
| Days Payables Outstanding | 18.14 | 24.03 | 15.87 | 68.55 | 90.71 | 6.34 |
| Short-Term Debt | 0 | 0 | 0 | 1.31M | 2.61M | 2.93M |
| Deferred Revenue (Current) | 768.78K | 768.78K | 984K | 0 | 0 | 547.94K |
| Other Current Liabilities | 3.75M | 1.32M | 1.62M | 625K | 2.42M | 2.48M |
| Current Ratio | 22.23x | 2.30x | 11.77x | 21.01x | 8.40x | 1.82x |
| Quick Ratio | 22.23x | 2.29x | 11.73x | 20.99x | 8.26x | 1.37x |
| Cash Conversion Cycle | 104.23 | 110.28 | 263.15 | -41.87 | 206.41 | 84.17 |
| Total Non-Current Liabilities | 0 | 0 | 0 | 3.9M | 10.46M | 13.07M |
| Long-Term Debt | 0 | 0 | 0 | 3.9M | 10.46M | 13.07M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 4.05M | 41.94M | 4.7M | 11.76M | 16.98M | 20.02M |
| Total Debt | 0 | 0 | 0 | 5.21M | 13.07M | 16M |
| Net Debt | -81.64M | -87.42M | -37.19M | -150.02M | -28.71M | 11.04M |
| Debt / Equity | 0.00x | - | - | 0.02x | 0.09x | 0.15x |
| Debt / EBITDA | 0.00x | - | - | 1.56x | 1.57x | 5.16x |
| Net Debt / EBITDA | -144.79x | -306.87x | - | -44.94x | -3.44x | 3.56x |
| Interest Coverage | - | 83.40x | 24.91x | 353.92x | 7.31x | -1.41x |
| Total Equity | 319.57M | 289.41M | 321.71M | 296.34M | 140.5M | 104.03M |
| Equity Growth % | 1.74% | -10.04% | 8.56% | 110.92% | 35.05% | - |
| Book Value per Share | 17.53 | 16.18 | 18.49 | 16.04 | 14.85 | 11.00 |
| Total Shareholders' Equity | 319.57M | 289.41M | 321.71M | 296.34M | 140.5M | 104.03M |
| Common Stock | 28.85K | 21.47K | 19.09K | 19.02K | 140.5M | 104.03M |
| Retained Earnings | 103.64M | 104.27M | 140.42M | 119.7M | -34 | 0 |
| Treasury Stock | 0 | 0 | 0 | -223.84K | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Asset-play capital allocation risk
As reported in financial statements, Toro Corp.'s total assets have declined from a peak of $388.1 million in 2025Q3 to $323.6 million in 2026Q1, signaling a strategic pivot toward asset liquidation rather than fleet expansion or operational growth within the competitive tanker market.
The reduction in total assets suggests that management is actively pruning the fleet to preserve capital rather than reinvesting in long-term operational capacity. This trajectory implies that the company is prioritizing liquidity over maintaining a consistent market footprint, which may limit future revenue potential.
Based on recent SEC filings, Toro maintains a current ratio of 22.23 as of 2026Q1, a figure driven by $81.6 million in cash reserves that provides a substantial buffer against the company's persistent inability to generate positive cash flow from its core shipping operations.
While the high liquidity position protects the company from immediate insolvency, it also highlights a lack of productive capital deployment. Investors should monitor whether this cash pile remains idle or if it is eventually utilized for opportunistic vessel acquisitions that could alter the company's risk profile.
According to the balance sheet data, Toro's net PPE has fluctuated significantly, dropping from $114.5 million in 2025Q3 to $94.8 million in 2026Q1, which confirms the company's reliance on frequent vessel turnover rather than building a stable, long-term asset base for recurring revenue generation.
The volatility in PPE values suggests that the company's asset mix is highly sensitive to secondary market pricing for tankers. This strategy appears to favor short-term capital gains over the operational stability typically associated with a larger, more diversified fleet.
As indicated by the reported figures, the absence of debt and the presence of $81.6 million in cash relative to a $323.6 million asset base suggests that Toro functions more as a financial holding vehicle than a traditional shipping operator, potentially misleading investors regarding its true business model.
The lack of leverage is a notable departure from industry norms, suggesting that management is avoiding debt-funded growth in favor of a conservative, cash-heavy approach. This structure warrants further investigation into whether the company's valuation is being driven by its cash-on-hand rather than the underlying performance of its shipping assets.
Quick answers to the most common questions about buying TORO stock.
As of 2025, Toro Corp. (TORO) had total assets of $331.3M including $96.3M in current assets.
Toro Corp. (TORO) carries total debt of $0.0M, offset by $87.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Toro Corp. (TORO) has total shareholders' equity (book value) of $289.4M ($16.18 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Toro Corp. (TORO) reported a current ratio of 2.30x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.