The company's financial foundation is highly unstable, with goodwill accounting for 48% of the $56.5M total asset base as of 2026Q1 and equity positions showing extreme historical volatility.
Zeo Energy Corp. (ZEO) balance sheet — 5-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Total Current Assets | 19.62M | 22.55M | 18.89M | 16.23M | 3.34M | 954.24K |
| Cash & Short-Term Investments | 2.45M | 6.14M | 5.63M | 8.02M | 2.27M | 450.85K |
| Cash Only | 2.45M | 6.14M | 5.63M | 8.02M | 2.27M | 450.85K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 10.3M | 12.79M | 10.25M | 2.91M | 564.28K | 390.06K |
| Days Sales Outstanding | 70.39 | 67.3 | 51.08 | 9.67 | 2.32 | 5.79 |
| Inventory | 820.55K | 852.18K | 872.47K | 350.35K | 287.15K | 0 |
| Days Inventory Outstanding | 8.73 | 10.01 | 8.38 | 2.15 | 1.47 | - |
| Other Current Assets | 2M | 2.77M | 2.13M | 0 | 0 | 0 |
| Total Non-Current Assets | 36.36M | 34.38M | 42.51M | 31.9M | 31.86M | 31.42M |
| Property, Plant & Equipment | 2.82M | 4.04M | 4.19M | 4.05M | 2.72M | 939.9K |
| Fixed Asset Turnover | 20.32x | 17.17x | 17.48x | 27.06x | 32.74x | 26.16x |
| Goodwill | 27.09M | 27.09M | 27.01M | 27.01M | 27.01M | 27.01M |
| Intangible Assets | 0 | 0 | 7.57M | 771.03K | 2.07M | 3.46M |
| Long-Term Investments | 15.84M | 0 | 3M | 0 | 0 | 0 |
| Other Non-Current Assets | 61.28K | 3.25M | 75.94K | 62.14K | 62.14K | 10.21K |
| Total Assets | 55.97M | 56.93M | 61.4M | 48.13M | 35.2M | 32.37M |
| Asset Turnover | 1.26x | 1.22x | 1.19x | 2.28x | 2.53x | 0.76x |
| Asset Growth % | 57.15% | -7.28% | 27.57% | 36.73% | 8.74% | - |
| Total Current Liabilities | 12.56M | 8.39M | 14.97M | 15.51M | 2.52M | 1.02M |
| Accounts Payable | 4.72M | 3.77M | 2.78M | 4.7M | 302.11K | 675.71K |
| Days Payables Outstanding | 42.72 | 44.28 | 26.7 | 28.86 | 1.55 | 17.5 |
| Short-Term Debt | 24.86K | 23.53K | 3.44M | 404.87K | 229.84K | 204.42K |
| Deferred Revenue (Current) | 11.1M | 1.35M | 203.61K | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 7.83M | 5.28M | 1.22M | 56.07K |
| Current Ratio | 1.56x | 2.69x | 1.26x | 1.05x | 1.32x | 0.94x |
| Quick Ratio | 1.50x | 2.59x | 1.20x | 1.02x | 1.21x | 0.94x |
| Cash Conversion Cycle | 36.4 | 33.03 | 32.76 | -17.04 | 2.24 | - |
| Total Non-Current Liabilities | 2.1M | 18.27M | 3.52M | 2.03M | 1.4M | 539.26K |
| Long-Term Debt | 571.9K | 55.59K | 496.62K | 1.39M | 820.71K | 539.26K |
| Capital Lease Obligations | 1.87M | 513.16K | 1.15M | 636.41K | 580.98K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 423.41K | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.23M | 17.7M | 1.45M | 0 | -1 | 0 |
| Total Liabilities | 46.71M | 26.66M | 18.49M | 17.54M | 3.93M | 1.56M |
| Total Debt | 1.54M | 1.42M | 5.09M | 2.97M | 2.11M | 743.68K |
| Net Debt | -910.87K | -4.72M | -544.37K | -5.05M | -162.97K | 292.83K |
| Debt / Equity | 0.17x | 0.05x | 0.12x | 0.10x | 0.07x | 0.02x |
| Debt / EBITDA | -0.15x | - | - | 0.43x | 0.20x | 0.10x |
| Net Debt / EBITDA | 0.09x | - | - | -0.72x | -0.02x | 0.04x |
| Interest Coverage | -55.09x | -123.55x | -31.56x | - | 169.94x | - |
| Total Equity | 9.26M | 30.27M | 42.91M | 30.59M | 31.28M | 30.82M |
| Equity Growth % | 291.68% | -29.46% | 40.28% | -2.19% | 1.49% | - |
| Book Value per Share | 0.37 | 1.21 | 3.94 | 2.85 | 0.91 | 0.89 |
| Total Shareholders' Equity | 9.26M | 5.33M | -88.91M | 30.59M | 31.28M | 30.82M |
| Common Stock | 5.83K | 2.44K | 4.85K | 31.16M | 31.16M | 31.16M |
| Retained Earnings | -56.44M | -58.06M | -103.44M | -564.8K | 119.98K | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 15.9K | -4.89K | 0 | 0 | 0 | -340.24K |
| Minority Interest | 0 | 24.94M | 131.82M | 0 | 0 | 0 |
Quick answers to the most common questions about buying ZEO stock.
As of 2025, Zeo Energy Corp. (ZEO) had total assets of $56.9M including $22.6M in current assets.
Zeo Energy Corp. (ZEO) carries total debt of $1.4M, offset by $6.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Zeo Energy Corp. (ZEO) has total shareholders' equity (book value) of $5.3M ($1.21 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Zeo Energy Corp. (ZEO) reported a current ratio of 2.69x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Liquidity and capital runway
Metrics are mathematically derived from official filings.
Capital Base Erosion and Instability
According to the latest quarterly balance sheet data, ZEO's equity position has experienced extreme volatility, swinging from a deficit of $88.9M in 2024Q4 to a positive $13.7M by 2026Q1, which suggests that the company's financial foundation remains highly unstable and sensitive to external financing events.
The erratic movement in shareholder equity indicates that the company is likely relying on periodic capital injections to offset persistent operating losses. Investors should monitor whether this trajectory reflects a sustainable path toward solvency or merely a series of stop-gap measures to maintain minimum listing requirements.
Tight Liquidity Constrains Operational Runway
As reported in recent financial statements, ZEO's cash reserves have dwindled to $1.7M as of 2026Q1, representing a significant decline from the $8.0M held in 2023Q4, which indicates that the company's liquidity buffer is insufficient to support its current rate of cash burn.
The current ratio of 1.53 provides a superficial appearance of health, but the absolute cash balance is alarmingly low relative to the company's historical operating losses. This suggests that ZEO may face an imminent need for dilutive financing to sustain its Florida-based installation operations.
Goodwill Concentration Risks Asset Quality
Based on the provided balance sheet, goodwill remains a dominant component of total assets at $27.1M, accounting for nearly 48% of the $56.5M total asset base as of 2026Q1, which warrants further investigation into the potential for future impairment charges given the company's negative profitability.
The high proportion of intangible assets relative to tangible PPE suggests that the company's book value is heavily reliant on historical acquisition premiums rather than productive physical infrastructure. If the core solar installation business fails to achieve scale, these intangible assets may be subject to significant write-downs.
Hidden Risks in Equity Volatility
Analysis of the balance sheet reveals that ZEO's equity has frequently dipped into negative territory, such as the -$169.6M reported in 2024Q1, which suggests that the company's headline solvency is potentially distorted by aggressive accounting adjustments or significant non-cash charges related to its SPAC transition.
The extreme fluctuations in retained earnings and equity suggest that the balance sheet may not accurately reflect the underlying economic value of the business. Investors should be wary of the potential for future equity dilution as management attempts to repair the balance sheet and address the persistent deficit.