Arq, Inc. (ARQ) Balance Sheet
ARQ balance sheet, FY2025
September 30, 2025 · U.S. dollars$230.6M assets = $62.6M liabilities + $168.0M equity
Both columns are drawn to the same scale: what ARQ owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ARQ financial health
Descriptive bands, not a rating. Fiscal FY2025.
ARQ balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $107.5MFY2016 | $230.6MFY2025 | +8.8%/yr | |
| Total liabilities | $31.4MFY2016 | $62.6MFY2025 | +8.0%/yr | |
| Shareholders’ equity | $76.2MFY2016 | $168.0MFY2025 | +9.2%/yr | |
| Cash & short-term investments | $26.9MFY2016 | $6.6MFY2025 | −14.5%/yr | |
| Total debt | $244,001FY2016 | $37.4MFY2025 | +74.9%/yr | |
| Net cash (debt) | $26.7MFY2016 | −$30.8MFY2025 | −$57.5M | |
| Working capital | $15.2MFY2016 | $1.6MFY2025 | −$13.6M | |
| Book value per share | $3.43FY2016 | $4.05FY2025 | +1.9%/yr | |
| Current ratio | 1.64FY2016 | 1.04FY2025 | −0.60 | |
| Debt / equity | 0.00FY2016 | 0.22FY2025 | +0.22 | |
| Shares outstanding | 22.2MFY2016 | 41.5MFY2025 | +7.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ARQ assets
ARQ liabilities and equity
ARQ debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ARQ balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $6.6M | $13.5M | $45.4M | $66.4M | $78.8M | $25.9M | $12.1M | $18.6M | $30.7M | $26.9M |
| Cash & equivalents | $6.6M | $13.5M | $45.4M | $66.4M | $78.8M | $25.9M | $12.1M | $18.6M | $30.7M | $26.9M |
| Receivables | $15.0M | $14.9M | $16.2M | $13.9M | $15.1M | $16.6M | $11.7M | $13.8M | $4.4M | $10.6M |
| Inventory | $15.9M | $19.3M | $19.7M | $17.8M | $7.8M | $9.9M | $15.5M | $21.8M | $74,000 | $16,000 |
| Other current assets | $6.4M | $4.7M | $5.2M | $7.5M | $6.7M | $9.6M | $7.8M | $5.6M | $1.8M | $1.3M |
| Total current assets | $43.9M | $52.4M | $86.5M | $105.7M | $108.4M | $62.0M | $47.0M | $59.8M | $36.9M | $38.9M |
| Property, plant & equipment (net) | $143.2M | $196.5M | $105.2M | $49.7M | $43.2M | $37.4M | $58.6M | $48.5M | $410,000 | $735,000 |
| Goodwill & intangible assets | $570,000 | $7.6M | $7.9M | $847,000 | $1.2M | $2.0M | $4.2M | $4.8M | $805,000 | $696,000 |
| Long-term investments | $0 | $0 | $0 | $0 | $2.4M | $8.2M | $39.7M | $0 | $0 | $0 |
| Other non-current assets | $43.0M | $27.9M | $35.9M | $24.9M | $30.2M | $37.1M | $24.3M | $54.8M | $44.7M | $67.2M |
| Total assets | $230.6M | $284.4M | $235.5M | $181.2M | $185.4M | $146.7M | $173.8M | $167.9M | $82.8M | $107.5M |
| Liabilities | ||||||||||
| Accounts payable | $15.3M | $21.0M | $14.6M | $16.1M | $16.5M | $7.8M | $8.0M | $6.2M | $1.0M | $1.9M |
| Short-term debt | $22.9M | $17.5M | $4.6M | $3.9M | $3.2M | $20.3M | $26.3M | $24.1M | $207,000 | $244,001 |
| Deferred revenue | — | — | $948,000 | $1.0M | $807,000 | $1.3M | $678,000 | $479,000 | $1.8M | $5.0M |
| Total current liabilities | $42.3M | $44.7M | $23.0M | $23.9M | $22.6M | $42.5M | $39.3M | $40.7M | $6.9M | $23.7M |
| Long-term debt | $8.5M | $9.4M | $18.3M | $3.5M | $3.2M | $5.4M | $0 | $0 | $0 | $0 |
| Lease obligations | $8.9M | $9.5M | $10.8M | $7.9M | $6.3M | $3.0M | — | — | — | — |
| Other long-term liabilities | $11.9M | $13.1M | $15.8M | $13.9M | $12.4M | $13.5M | $26.2M | $59.3M | $2.4M | $7.6M |
| Total liabilities | $62.6M | $67.1M | $57.1M | $41.2M | $38.1M | $61.5M | $65.5M | $100.0M | $9.3M | $31.4M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $47,000 | $47,000 | $38,000 | $24,000 | $23,000 | $23,000 | $23,000 | $23,000 | $22,000 | $22,000 |
| Retained earnings (deficit) | $13.8M | $66.4M | $71.5M | $83.9M | $92.9M | $32.5M | $57.3M | $12.9M | −$15.5M | −$43.4M |
| Accumulated other comprehensive income | — | — | $0 | $0 | $97.4M | $92.4M | — | — | — | — |
| Total shareholders' equity | $168.0M | $217.3M | $178.4M | $140.0M | $147.3M | $85.2M | $108.3M | $67.9M | $73.5M | $76.2M |
| Key figures | ||||||||||
| Total debt | $37.4M | $34.4M | $31.7M | $12.4M | $10.5M | $26.9M | $49.6M | $74.1M | $207,000 | $244,001 |
| Net cash (debt) | −$30.8M | −$20.8M | $13.6M | $54.0M | $68.3M | −$946,000 | −$37.5M | −$55.5M | $30.5M | $26.7M |
| Working capital | $1.6M | $7.7M | $63.4M | $81.8M | $85.7M | $19.4M | $7.7M | $19.1M | $30.0M | $15.2M |
| Tangible book value | $167.4M | $209.7M | $170.5M | $139.1M | $146.1M | $83.2M | $104.1M | $63.1M | $72.7M | $75.5M |
| Book value per share | $4.05 | $6.03 | $6.13 | $7.59 | $7.98 | $4.72 | $5.89 | $3.39 | $3.43 | $3.43 |
| Shares outstanding | 41.5M | 36.1M | 29.1M | 18.5M | 18.5M | 18.0M | 18.4M | 20.0M | 21.4M | 22.2M |
| Current ratio | 1.04 | 1.17 | 3.75 | 4.42 | 4.79 | 1.46 | 1.20 | 1.47 | 5.36 | 1.64 |
| Quick ratio | 0.51 | 0.64 | 2.67 | 3.36 | 4.15 | 1.00 | 0.60 | 0.80 | 5.10 | 1.58 |
| Debt / equity | 0.22 | 0.16 | 0.18 | 0.09 | 0.07 | 0.32 | 0.46 | 1.09 | 0.00 | 0.00 |
| Equity / assets | 72.8% | 76.4% | 75.8% | 77.3% | 79.4% | 58.1% | 62.3% | 40.5% | 88.7% | 70.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $906,000 | $4.7M | $6.6M | $7.0M | $7.0M | $6.3M | $13.5M | $48.7M | $28.5M | $35.2M | $45.4M | $52.5M |
| Cash & equivalents | $906,000 | $4.7M | $6.6M | $7.0M | $7.0M | $6.3M | $13.5M | $48.7M | $28.5M | $35.2M | $45.4M | $52.5M |
| Receivables | $20.0M | $16.0M | $15.0M | $14.4M | $15.5M | $15.4M | $14.9M | $16.6M | $15.8M | $10.9M | $16.2M | $14.2M |
| Inventory | $19.4M | $19.9M | $15.9M | $15.7M | $20.8M | $21.7M | $19.3M | $18.5M | $22.6M | $21.7M | $19.7M | $18.5M |
| Other current assets | $6.9M | $5.5M | $6.4M | $6.8M | $7.4M | $4.8M | $4.7M | $3.5M | $4.3M | $4.2M | $5.2M | $6.2M |
| Total current assets | $47.2M | $46.0M | $43.9M | $43.9M | $50.7M | $48.2M | $52.4M | $87.3M | $71.2M | $72.0M | $86.5M | $91.5M |
| Property, plant & equipment (net) | $139.0M | $147.2M | $143.2M | $189.6M | $190.1M | $199.9M | $196.5M | $139.1M | $133.2M | $113.6M | $114.6M | $96.4M |
| Goodwill & intangible assets | $0 | $585,000 | $570,000 | $7.3M | $7.4M | $7.5M | $7.6M | $7.6M | $7.7M | $7.8M | $7.9M | $8.1M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $46.7M | $38.3M | $43.0M | $37.1M | $36.4M | $28.1M | $27.9M | $45.9M | $36.4M | $36.3M | $26.6M | $34.7M |
| Total assets | $233.0M | $232.1M | $230.6M | $277.9M | $284.5M | $283.7M | $284.4M | $280.0M | $248.6M | $229.8M | $235.5M | $230.6M |
| Liabilities | ||||||||||||
| Accounts payable | $15.4M | $17.1M | $15.3M | $13.1M | $15.9M | $17.5M | $21.0M | $20.2M | $16.8M | $12.5M | $14.6M | $14.0M |
| Short-term debt | $4.0M | $24.9M | $22.9M | $19.6M | $25.1M | $20.3M | $17.5M | $4.3M | $4.4M | $4.4M | $4.6M | $4.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | $1.5M | $1.1M | $948,000 | $1.1M |
| Total current liabilities | $46.0M | $45.1M | $42.3M | $39.8M | $46.2M | $43.0M | $44.7M | $30.2M | $26.6M | $22.0M | $23.0M | $22.0M |
| Long-term debt | $8.2M | $8.2M | $8.5M | $8.8M | $8.7M | $9.1M | $9.4M | $17.6M | $18.0M | $18.1M | $18.3M | $19.2M |
| Lease obligations | $7.4M | $8.2M | $8.9M | $9.1M | $9.7M | $10.4M | $9.5M | $9.6M | $10.0M | $10.2M | $10.8M | $10.8M |
| Other long-term liabilities | $10.6M | $11.1M | $11.9M | $12.2M | $12.9M | $13.4M | $13.1M | $14.0M | $14.4M | $14.5M | $15.8M | $15.1M |
| Total liabilities | $64.8M | $64.3M | $62.6M | $60.8M | $67.8M | $65.5M | $67.1M | $61.8M | $59.0M | $54.6M | $57.1M | $56.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $47,000 | $47,000 | $47,000 | $47,000 | $47,000 | $47,000 | $47,000 | $47,000 | $41,000 | $38,000 | $38,000 | $38,000 |
| Retained earnings (deficit) | $12.3M | $13.0M | $13.8M | $63.9M | $64.5M | $66.6M | $66.4M | $67.8M | $66.2M | $68.1M | $71.5M | $68.3M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $168.2M | $167.8M | $168.0M | $217.2M | $216.8M | $218.2M | $217.3M | $218.1M | $189.6M | $175.2M | $178.4M | $174.3M |
| Key figures | ||||||||||||
| Total debt | $17.1M | $38.3M | $37.4M | $35.0M | $41.0M | $37.2M | $34.4M | $29.5M | $30.4M | $30.9M | $31.7M | $32.0M |
| Net cash (debt) | −$16.2M | −$33.7M | −$30.8M | −$27.9M | −$34.0M | −$30.9M | −$20.8M | $19.1M | −$1.9M | $4.3M | $13.6M | $20.5M |
| Working capital | $1.2M | $972,000 | $1.6M | $4.1M | $4.5M | $5.3M | $7.7M | $57.1M | $44.6M | $50.1M | $63.4M | $69.5M |
| Tangible book value | $168.2M | $167.2M | $167.4M | $209.9M | $209.4M | $210.7M | $209.7M | $210.5M | $181.9M | $167.4M | $170.5M | $166.2M |
| Book value per share | $4.00 | $4.02 | $4.03 | $5.22 | $5.22 | $5.13 | $6.03 | $5.83 | $5.52 | $4.73 | $5.41 | $5.48 |
| Shares outstanding | 42.1M | 41.7M | 41.7M | 41.6M | 41.5M | 42.5M | 36.1M | 37.4M | 34.4M | 37.1M | 33.0M | 31.8M |
| Current ratio | 1.03 | 1.02 | 1.04 | 1.10 | 1.10 | 1.12 | 1.17 | 2.89 | 2.68 | 3.28 | 3.75 | 4.15 |
| Quick ratio | 0.46 | 0.46 | 0.51 | 0.54 | 0.49 | 0.51 | 0.64 | 2.16 | 1.66 | 2.10 | 2.67 | 3.03 |
| Debt / equity | 0.10 | 0.23 | 0.22 | 0.16 | 0.19 | 0.17 | 0.16 | 0.14 | 0.16 | 0.18 | 0.18 | 0.18 |
| Equity / assets | 72.2% | 72.3% | 72.8% | 78.1% | 76.2% | 76.9% | 76.4% | 77.9% | 76.3% | 76.2% | 75.8% | 75.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 10, 2026); data from EODHD.
ARQ financial position
At the end of fiscal 2025 (September 30, 2025), Arq had total assets of $230.6 million (down 18.9% from a year earlier), total liabilities of $62.6 million and shareholders' equity of $168.0 million. It held $6.6 million in cash and short-term investments against $37.4 million of debt, net debt of $30.8 million. Its current ratio was 1.04. In the latest quarter (ended June 30, 2026) total assets were $233.0 million and equity $168.2 million.
Related: ARQ income statement, ARQ cash flow statement, ARQ key metrics. See the ARQ stock overview for the latest quote and news.
ARQ balance sheet FAQ
What are Arq's total assets?
Arq reported total assets of $230.6 million at the end of fiscal 2025 (September 30, 2025), compared with $284.4 million a year earlier.
How much debt does Arq have?
Arq had $37.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.22.
How much cash does Arq have?
Arq held $6.6 million in cash and short-term investments at the end of fiscal 2025; with $37.4 million of debt that is net debt of $30.8 million.
What is Arq's book value?
Arq's shareholders' equity (book value) was $168.0 million at the end of fiscal 2025, or $4.05 per share.
What is Arq's current ratio?
Arq had current assets of $43.9 million and current liabilities of $42.3 million, a current ratio of 1.04 (it can cover its short-term obligations).
How much goodwill does Arq have?
Arq carried $0.6 million of goodwill and intangible assets, 0.2% of total assets, at the end of fiscal 2025.