The company's financial position has weakened significantly, with total liabilities rising to $49.1 million and the debt-to-equity ratio climbing to 3.66 as of 2026Q2.
| Total Current Assets | 45.49M | 42.93M | 6.38M | 6.27M | 11.6M | 21.32M | 2.44M | 1.37M | 1.58M |
| Cash & Short-Term Investments | 4.06M | 5.4M | 46.79K | 2.48M | 5.82M | 18.15M | 1.3M | 0 | 68.37K |
| Cash Only | 4.06M | 5.4M | 46.79K | 2.48M | 5.82M | 18.15M | 1.3M | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 68.37K |
| Accounts Receivable | 7.46M | 7.94M | 136.62K | 508.74K | 1.21M | 652.65K | 484.5K | 501.86K | 578.21K |
| Days Sales Outstanding | 43.72 | 209.59 | 13.25 | 32.67 | 58.22 | 68.48 | 75.06 | 63.63 | 163.26 |
| Inventory | 30.24M | 26.84M | 4.6M | 1.81M | 2.09M | 1.98M | 491.53K | 818.81K | 931.71K |
| Days Inventory Outstanding | 223.35 | 723.76 | 254.27 | 139.41 | 170.84 | 347.86 | 100 | 152.11 | 382.1 |
| Other Current Assets | 150K | 0 | 0 | 0 | 0 | 0 | 65 | 37.5K | 0 |
| Total Non-Current Assets | 13.14M | 7.96M | 2.07M | 11.57M | 17.5M | 17.48M | 1.19M | 547.79K | 414.91K |
| Property, Plant & Equipment | 12.29M | 7.55M | 1.36M | 3.56M | 4.48M | 4.32M | 1.19M | 507.48K | 355.31K |
| Fixed Asset Turnover | 5.56x | 1.83x | 2.76x | 1.60x | 1.69x | 0.81x | 1.98x | 5.67x | 3.64x |
| Goodwill | 190.94K | 0 | 0 | 7.15M | 9.35M | 9.03M | 0 | 0 | 0 |
| Intangible Assets | 508.6K | 350.32K | 643.77K | 713.06K | 1.11M | 1.23M | 0 | 0 | 0 |
| Long-Term Investments | 282.68K | 59.45K | 5.93K | 84.78K | 118.88K | 33.28K | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 2.44M | 2.85M | 0 | 40.31K | 38.71K |
| Total Assets | 58.63M | 50.9M | 8.46M | 17.84M | 29.1M | 38.8M | 3.63M | 1.91M | 1.99M |
| Asset Turnover | 0.94x | 0.27x | 0.44x | 0.32x | 0.26x | 0.09x | 0.65x | 1.50x | 0.65x |
| Asset Growth % | 927.59% | 501.9% | -52.61% | -38.68% | -25% | 968.43% | 89.68% | -3.94% | - |
| Total Current Liabilities | 35.53M | 36.18M | 5.86M | 7.69M | 2.87M | 2.69M | 1.91M | 1.46M | 1.89M |
| Accounts Payable | 6.87M | 5.86M | 2.88M | 1.3M | 737.95K | 560.87K | 590.5K | 346.68K | 469.23K |
| Days Payables Outstanding | 51.8 | 158.03 | 159.02 | 100.04 | 60.21 | 98.73 | 120.13 | 64.4 | 192.44 |
| Short-Term Debt | 18.59M | 24.15M | 75.16K | 315.14K | 72.09K | 10.18K | 227.25K | 301.44K | 140.49K |
| Deferred Revenue (Current) | 16.24M | 4.13M | 613.48K | 1.34M | 1.03M | 898.71K | 20.44K | 180.07K | 676.07K |
| Other Current Liabilities | 505.87K | 420.02K | 1.75M | 4.26M | 177.83K | 237.44K | 0 | 0 | 0 |
| Current Ratio | 1.28x | 1.19x | 1.09x | 0.82x | 4.04x | 7.91x | 1.28x | 0.94x | 0.83x |
| Quick Ratio | 0.43x | 0.44x | 0.30x | 0.58x | 3.31x | 7.18x | 1.02x | 0.38x | 0.34x |
| Cash Conversion Cycle | 215.27 | 775.32 | 108.5 | 72.04 | 168.84 | 317.61 | 54.93 | 151.34 | 352.92 |
| Total Non-Current Liabilities | 13.61M | 8.57M | 366.88K | 1.55M | 2.2M | 2.58M | 932.88K | 587.33K | 505.71K |
| Long-Term Debt | 6.58M | 4.68M | 264.8K | 24.96K | 155.26K | 53.94K | 354.49K | 125.86K | 60.98K |
| Capital Lease Obligations | 16.49M | 3.89M | 102.08K | 1.47M | 1.85M | 2.4M | 552.17K | 3.84K | 0 |
| Deferred Tax Liabilities | 6.24K | 4.29K | 0 | 48.58K | 188.04K | 122.66K | 26.22K | 4.91K | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 26.22K | 452.72K | 444.73K |
| Total Liabilities | 49.14M | 44.75M | 6.23M | 9.24M | 5.07M | 5.28M | 2.84M | 2.05M | 2.4M |
| Total Debt | 34.7M | 33.92M | 532.53K | 2.29M | 2.64M | 3.03M | 1.25M | 435.52K | 201.47K |
| Net Debt | 30.64M | 28.52M | 485.74K | -189.98K | -3.18M | -15.12M | -42.03K | 435.52K | 201.47K |
| Debt / Equity | 3.66x | 5.51x | 0.24x | 0.27x | 0.11x | 0.09x | 1.58x | - | - |
| Debt / EBITDA | -4.77x | - | - | - | - | - | - | 1.18x | 8.17x |
| Net Debt / EBITDA | -4.22x | - | - | - | - | - | - | 1.18x | 8.17x |
| Interest Coverage | -7.99x | -25.70x | -56.53x | -147.88x | -68.52x | -120.92x | -20.05x | 9.63x | 0.15x |
| Total Equity | 9.49M | 6.15M | 2.23M | 8.61M | 24.03M | 33.53M | 791.91K | -132.3K | -402.79K |
| Equity Growth % | 572.04% | 175.97% | -74.1% | -64.18% | -28.33% | 4133.43% | 698.57% | 67.15% | - |
| Book Value per Share | 118.22 | 2788.94 | 54375.41 | 506243.59 | 999999.00 | 999999.00 | 52794.33 | -8820.13 | -26852.87 |
| Total Shareholders' Equity | 9.49M | 6.15M | 2.23M | 8.61M | 24.03M | 33.53M | 791.91K | -132.3K | -402.79K |
| Common Stock | 73.73M | 48.88M | 42.03M | 38.34M | 43.44M | 42.83M | 2.5M | 525 | 600 |
| Retained Earnings | -77.76M | -52.11M | -49.93M | -39.55M | -30.67M | -17.56M | -2.45M | -170.33K | -403.39K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 1.18M | 802.62K | 717.75K | 693.37K | 697.67K | 388.57K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and liquidity
As reported in recent financial statements, VMAR's total liabilities surged to $49.1 million by 2026Q2, while equity dwindled to $9.5 million, signaling a significant weakening of the balance sheet as the company attempts to fund its aggressive growth trajectory through increased debt obligations.
The rapid expansion of the balance sheet appears driven by debt-fueled growth rather than organic capital accumulation. Investors should monitor whether this trajectory indicates a structural reliance on external financing that may become unsustainable if revenue growth fails to translate into positive operating cash flow.
Based on the latest quarterly filings, the company's debt-to-equity ratio has spiked to 3.66, a marked increase from the 0.03 level observed in 2025Q3, which suggests that the firm is increasingly reliant on debt to bridge the gap between its high operating costs and current revenue.
The shift toward higher leverage appears to be a necessity-driven response to persistent operating losses rather than a strategic capital allocation choice. This elevated debt load warrants further investigation into the company's refinancing risk and the potential for future interest expenses to further compress already strained margins.
According to the 2026Q2 balance sheet, the company holds $4.1 million in cash against a current ratio of 1.28, indicating that while the firm maintains a basic buffer, its liquidity position remains precarious given the ongoing cash burn required to support its manufacturing operations.
The current ratio suggests that the company has just enough liquidity to cover short-term obligations, but the narrow margin of safety leaves little room for operational errors or market volatility. The reliance on deferred revenue, which stands at $6.4 million, further complicates the liquidity picture by creating future performance obligations that must be met.
As evidenced by the company's reported figures, retained earnings have plummeted to a deficit of $77.8 million as of 2026Q2, reflecting the cumulative impact of sustained operating losses that continue to erode the company's underlying equity value over time.
The persistent negative retained earnings suggest that the business model has yet to achieve the scale necessary to offset its historical R&D and administrative expenditures. This erosion of equity may necessitate future dilutive capital raises, which would further impact existing shareholders if the company cannot demonstrate a clear path to profitability.
Quick answers to the most common questions about buying VMAR stock.
As of 2025, Vision Marine Technologies Inc. (VMAR) had total assets of $50.9M including $42.9M in current assets.
Vision Marine Technologies Inc. (VMAR) carries total debt of $33.9M, offset by $5.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Vision Marine Technologies Inc. (VMAR) has total shareholders' equity (book value) of $6.2M ($2788.94 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Vision Marine Technologies Inc. (VMAR) reported a current ratio of 1.19x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.