The company's financial position remains vulnerable, with total assets declining to $816.2M and goodwill write-downs reducing the balance to $177.6M as of 2025Q4.
| Total Current Assets | 126.94M | 103.62M | 107.33M | 91.04M | 59.04M | 166.79K |
| Cash & Short-Term Investments | 31.89M | 14.8M | 22.58M | 8.69M | 12.79M | 0 |
| Cash Only | 31.89M | 14.8M | 22.58M | 8.69M | 12.79M | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 29.23M | 26.28M | 22.43M | 19.54M | 18.74M | 0 |
| Days Sales Outstanding | 39.22 | 35.02 | 37.53 | 42.94 | 48.01 | - |
| Inventory | 54.61M | 53.1M | 55.68M | 54.38M | 21.61M | 0 |
| Days Inventory Outstanding | 134.46 | 236.02 | 265.47 | 156.67 | 143.32 | - |
| Other Current Assets | 4.81M | 1.93M | 1.36M | 2.15M | 929K | 166.79K |
| Total Non-Current Assets | 689.25M | 872.24M | 935.38M | 999.03M | 125.55M | 166.79K |
| Property, Plant & Equipment | 13.97M | 15.67M | 17.52M | 24.71M | 1.2M | 0 |
| Fixed Asset Turnover | 19.47x | 17.48x | 12.45x | 6.72x | 118.92x | - |
| Goodwill | 177.57M | 329.59M | 334.62M | 334.62M | 44.49M | 0 |
| Intangible Assets | 427.1M | 526.44M | 582.86M | 639.16M | 79.57M | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 345.05M | 0 |
| Other Non-Current Assets | 574K | 541K | 380K | 535K | -344.76M | 166.79K |
| Total Assets | 816.2M | 975.86M | 1.04B | 1.09B | 184.59M | 166.79K |
| Asset Turnover | 0.33x | 0.28x | 0.21x | 0.15x | 0.77x | 566.14x |
| Asset Growth % | -16.36% | -6.41% | -4.35% | 490.55% | 110568.38% | - |
| Total Current Liabilities | 74.55M | 76.89M | 62.71M | 72.5M | 40.8M | 177.74K |
| Accounts Payable | 19.46M | 25.09M | 28.09M | 24.25M | 12.68M | 177.74K |
| Days Payables Outstanding | 47.93 | 111.5 | 133.9 | 69.85 | 84.09 | 2.23 |
| Short-Term Debt | 2.88M | 29.48M | 8.53M | 20.09M | 15.44M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 10.29M | 0 | 0 |
| Other Current Liabilities | 43.66M | 2.43M | 23.7M | 1.19M | 5.81M | 0 |
| Current Ratio | 1.70x | 1.35x | 1.71x | 1.26x | 1.45x | 0.94x |
| Quick Ratio | 0.97x | 0.66x | 0.82x | 0.51x | 0.92x | 0.94x |
| Cash Conversion Cycle | 125.75 | 159.54 | 169.1 | 129.76 | 107.23 | - |
| Total Non-Current Liabilities | 241.55M | 169.03M | 210.72M | 217.67M | 104.54M | 0 |
| Long-Term Debt | 135.75M | 137.14M | 151.26M | 159.23M | 103.42M | 0 |
| Capital Lease Obligations | 10.38M | 12.72M | 15.53M | 17.88M | 0 | 0 |
| Deferred Tax Liabilities | 73.12M | 14.04M | 15.23M | 22.25M | 548K | 0 |
| Other Non-Current Liabilities | 22.3M | 5.13M | 28.7M | 18.31M | 571K | 0 |
| Total Liabilities | 316.1M | 245.92M | 273.44M | 290.18M | 145.35M | 177.74K |
| Total Debt | 149.01M | 182.11M | 177.72M | 199.25M | 118.86M | 0 |
| Net Debt | 117.12M | 167.3M | 155.15M | 190.55M | 106.07M | 0 |
| Debt / Equity | 0.30x | 0.25x | 0.23x | 0.25x | 3.03x | - |
| Debt / EBITDA | - | 127.26x | - | - | 9.68x | - |
| Net Debt / EBITDA | - | 116.91x | - | - | 8.64x | - |
| Interest Coverage | -2.46x | -1.83x | -4.97x | -10.43x | 0.10x | 0.08x |
| Total Equity | 500.1M | 729.94M | 769.27M | 799.9M | 39.24M | -10.95K |
| Equity Growth % | -31.49% | -5.11% | -3.83% | 1938.53% | 358414.31% | - |
| Book Value per Share | 4.38 | 6.68 | 7.60 | 7.44 | 0.90 | -0.00 |
| Total Shareholders' Equity | 461.88M | 662.32M | 624.63M | 639.24M | 39.24M | -10.95K |
| Common Stock | 13K | 12K | 11K | 10K | 4M | 863 |
| Retained Earnings | -518.95M | -289.2M | -246.76M | -156.78M | -64.85M | -10.95K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -378K | 251K | -151K | -29K | -25K | 0 |
| Minority Interest | 38.22M | 67.62M | 144.65M | 160.66M | 0 | 0 |
Liquidity and solvency pressure
According to recent financial filings, Waldencast's total assets have declined from $1.1B in 2023Q4 to $816.2M by 2025Q4, a trend that suggests the company is struggling to maintain its scale while simultaneously grappling with significant, persistent erosion in its retained earnings balance.
The consistent decline in total assets, coupled with a ballooning deficit in retained earnings now reaching -$519.0M, indicates that the company's capital base is being eroded by ongoing operational losses. This trajectory suggests that the initial post-SPAC asset valuation may have been overly optimistic, necessitating a fundamental reassessment of the company's long-term viability.
As reported in quarterly statements, Waldencast's cash position has dwindled to $31.9M as of 2025Q4, which, when viewed against the backdrop of negative operating margins, suggests a precarious liquidity buffer that may force management to seek dilutive financing or asset divestitures in the near term.
While the current ratio of 1.70 appears superficially adequate, the lack of consistent cash generation means this liquidity is highly sensitive to working capital fluctuations. Investors should monitor whether the company can sustain its current operating model without further external capital injections, given the rapid depletion of cash reserves observed over the last two years.
Based on the provided balance sheet data, goodwill has decreased from $334.6M in 2023Q4 to $177.6M in 2025Q4, a significant reduction that suggests the company is actively writing down the value of its past acquisitions as the underlying business performance fails to meet initial investment expectations.
The substantial reduction in goodwill highlights the risk that the company's core acquisitions are not delivering the anticipated synergies or market share growth. This impairment trend warrants further investigation, as it may indicate that the carrying value of remaining intangible assets remains susceptible to future write-downs if revenue growth continues to stall.
As disclosed in financial filings, Waldencast maintains a debt-to-equity ratio of 0.30 as of 2025Q4, which, while appearing modest, must be interpreted in the context of a company that is currently unable to generate the positive cash flow necessary to service its obligations without relying on external financing.
The company's reliance on debt to fund operations during a period of negative profitability suggests that leverage is a necessity rather than a strategic choice. The shift in debt composition over the last ten quarters indicates that the company is struggling to manage its capital structure effectively while its equity base continues to shrink.
Quick answers to the most common questions about buying WALD stock.
As of 2025, Waldencast plc (WALD) had total assets of $816.2M including $126.9M in current assets.
Waldencast plc (WALD) carries total debt of $149.0M, offset by $31.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Waldencast plc (WALD) has total shareholders' equity (book value) of $461.9M ($4.38 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Waldencast plc (WALD) reported a current ratio of 1.70x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.