Emergent BioSolutions Inc. (EBS) Balance Sheet
EBS balance sheet, 2025
December 31, 2025 · U.S. dollars$1.32B assets = $796.0M liabilities + $522.6M equity
Both columns are drawn to the same scale: what EBS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
EBS financial health
Descriptive bands, not a rating. Fiscal 2025.
EBS balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $970.1M2016 | $1.32B2025 | +3.5%/yr | |
| Total liabilities | $373.9M2016 | $796.0M2025 | +8.8%/yr | |
| Shareholders’ equity | $596.2M2016 | $522.6M2025 | −1.5%/yr | |
| Cash & short-term investments | $271.5M2016 | $205.4M2025 | −3.1%/yr | |
| Total debt | $268.1M2016 | $572.1M2025 | +8.8%/yr | |
| Net cash (debt) | $3.4M2016 | −$366.7M2025 | −$370.1M | |
| Working capital | $404.4M2016 | $530.3M2025 | +$125.9M | |
| Book value per share | $12.082016 | $9.222025 | −3.0%/yr | |
| Current ratio | 4.822016 | 5.012025 | +0.19 | |
| Debt / equity | 0.452016 | 1.092025 | +0.65 | |
| Shares outstanding | 49.3M2016 | 56.7M2025 | +1.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EBS assets
EBS liabilities and equity
EBS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
EBS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $205.4M | $99.5M | $111.7M | $642.6M | $576.3M | $621.3M | $168.0M | $112.2M | $178.3M | $271.5M |
| Cash & equivalents | $205.4M | $99.5M | $111.7M | $642.6M | $576.3M | $621.3M | $168.0M | $112.2M | $178.3M | $271.5M |
| Short-term investments | — | — | $8.5M | — | — | — | — | — | $1.0M | $0 |
| Receivables | $84.2M | $154.5M | $191.0M | $159.2M | $278.9M | $230.9M | $275.3M | $262.5M | $146.1M | $148.5M |
| Inventory | $343.4M | $311.7M | $328.9M | $350.7M | $344.5M | $307.0M | $222.5M | $205.8M | $142.8M | $74.0M |
| Other current assets | $29.5M | $33.0M | $47.9M | $57.9M | $70.2M | $36.7M | $20.4M | $40.3M | $18.2M | $16.2M |
| Total current assets | $662.5M | $598.7M | $679.5M | $1.21B | $1.27B | $1.20B | $686.2M | $620.8M | $485.4M | $510.2M |
| Property, plant & equipment (net) | $205.4M | $270.6M | $399.0M | $837.0M | $828.4M | $675.1M | $567.0M | $510.2M | $407.2M | $376.4M |
| Goodwill & intangible assets | $436.5M | $501.5M | $784.8M | $947.0M | $829.5M | $929.8M | $1.01B | $1.07B | $168.7M | $74.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $14.2M | $18.9M | $0 | $171.9M | $29.9M | $82.4M | $65.6M | $27.1M | $8.9M | $8.6M |
| Total assets | $1.32B | $1.39B | $1.82B | $3.17B | $2.96B | $2.88B | $2.33B | $2.23B | $1.07B | $970.1M |
| Liabilities | ||||||||||
| Accounts payable | $55.6M | $60.9M | $112.2M | $103.5M | $128.9M | $136.1M | $94.8M | $80.7M | $41.8M | $34.6M |
| Short-term debt | $0 | $2.7M | $413.7M | $963.1M | $37.4M | $44.9M | $16.4M | $10.1M | $42.7M | $20.0M |
| Deferred revenue | — | — | $26.4M | $26.4M | $11.7M | $131.5M | $101.9M | $10.6M | $13.2M | $7.0M |
| Total current liabilities | $132.2M | $162.4M | $651.3M | $1.23B | $374.0M | $384.5M | $216.3M | $200.4M | $100.1M | $105.9M |
| Long-term debt | $572.1M | $663.7M | $446.5M | $448.5M | $809.4M | $841.0M | $798.4M | $784.5M | $13.5M | $248.1M |
| Other long-term liabilities | $91.7M | $80.8M | $76.1M | $101.2M | $162.8M | $210.7M | $224.1M | $233.6M | $44.3M | $20.0M |
| Total liabilities | $796.0M | $906.9M | $1.17B | $1.78B | $1.35B | $1.44B | $1.24B | $1.22B | $157.9M | $373.9M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $318.0M | $352.5M |
| Retained earnings (deficit) | −$159.8M | −$212.4M | −$21.8M | $738.7M | $950.3M | $726.9M | $421.8M | $367.3M | $337.1M | $254.5M |
| Treasury stock | — | — | — | −$227.7M | −$152.2M | −$39.6M | −$39.6M | −$39.6M | −$39.5M | −$6.4M |
| Accumulated other comprehensive income | −$7.5M | −$5.2M | −$5.7M | $3.1M | −$16.1M | −$25.3M | −$9.9M | −$5.5M | −$3.7M | −$4.3M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $522.6M | $482.8M | $649.3M | $1.39B | $1.61B | $1.45B | $1.09B | $1.01B | $912.3M | $596.2M |
| Key figures | ||||||||||
| Total debt | $572.1M | $676.1M | $860.2M | $1.43B | $871.0M | $923.0M | $836.9M | $794.6M | $56.2M | $268.1M |
| Net cash (debt) | −$366.7M | −$576.6M | −$748.5M | −$783.8M | −$294.7M | −$301.7M | −$668.9M | −$682.4M | $122.1M | $3.4M |
| Working capital | $530.3M | $436.3M | $28.2M | −$18.5M | $895.9M | $811.4M | $469.9M | $420.4M | $385.3M | $404.4M |
| Tangible book value | $86.1M | −$18.7M | −$135.5M | $440.7M | $782.0M | $517.2M | $80.0M | −$60.4M | $743.6M | $521.3M |
| Book value per share | $9.22 | $9.11 | $12.68 | $27.70 | $29.79 | $26.90 | $20.77 | $19.67 | $18.13 | $12.08 |
| Shares outstanding | 56.7M | 53.0M | 51.2M | 50.1M | 54.1M | 53.8M | 52.4M | 51.4M | 50.3M | 49.3M |
| Current ratio | 5.01 | 3.69 | 1.04 | 0.98 | 3.40 | 3.11 | 3.17 | 3.10 | 4.85 | 4.82 |
| Quick ratio | 2.19 | 1.56 | 0.46 | 0.65 | 2.29 | 2.22 | 2.05 | 1.87 | 3.24 | 3.97 |
| Debt / equity | 1.09 | 1.40 | 1.32 | 1.03 | 0.54 | 0.64 | 0.77 | 0.79 | 0.06 | 0.45 |
| Equity / assets | 39.6% | 34.7% | 35.6% | 43.8% | 54.5% | 50.2% | 46.8% | 45.3% | 85.2% | 61.5% |
| 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 | $139.7M | $160.3M | $205.4M | $245.5M | $271.0M | $149.1M | $105.6M | $149.9M | $69.7M | $79.0M | $111.7M | $87.8M |
| Cash & equivalents | $139.7M | $160.3M | $205.4M | $245.5M | $271.0M | $149.1M | $105.6M | $149.9M | $69.7M | $79.0M | $111.7M | $87.8M |
| Short-term investments | — | — | — | — | — | — | — | — | — | — | — | $8.5M |
| Receivables | $190.0M | $121.6M | $84.2M | $149.5M | $79.8M | $203.7M | $154.5M | $121.3M | $196.3M | $233.5M | $191.0M | $216.5M |
| Inventory | $303.6M | $327.6M | $343.4M | $356.3M | $338.6M | $314.0M | $311.7M | $322.7M | $317.5M | $333.4M | $328.9M | $354.1M |
| Other current assets | $32.7M | $28.1M | $29.5M | $35.6M | $30.1M | $40.0M | $26.9M | $67.5M | $71.0M | $36.5M | $47.9M | $53.0M |
| Total current assets | $666.0M | $637.6M | $662.5M | $786.9M | $719.5M | $706.8M | $598.7M | $661.4M | $654.5M | $682.4M | $679.5M | $711.4M |
| Property, plant & equipment (net) | $178.0M | $199.4M | $205.4M | $209.8M | $223.8M | $221.0M | $282.3M | $290.5M | $319.9M | $394.7M | $399.0M | $412.5M |
| Goodwill & intangible assets | $261.8M | $470.4M | $436.5M | $452.7M | $469.0M | $485.2M | $501.5M | $517.8M | $534.1M | $550.4M | $566.6M | $801.0M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $11.0M | $13.0M | $14.2M | $11.6M | $4.8M | $13.1M | $14.4M | $8.1M | $5.0M | $176.1M | $189.8M | $0 |
| Total assets | $1.12B | $1.32B | $1.32B | $1.46B | $1.42B | $1.43B | $1.40B | $1.48B | $1.51B | $1.80B | $1.83B | $1.89B |
| Liabilities | ||||||||||||
| Accounts payable | $50.2M | $39.5M | $55.6M | $57.4M | $63.7M | $58.1M | $60.9M | $82.1M | $95.9M | $100.2M | $112.2M | $112.7M |
| Short-term debt | — | — | $0 | $0 | $1.8M | $0 | $2.7M | $3.5M | $418.3M | $462.5M | $417.2M | $417.1M |
| Deferred revenue | $15.0M | $12.2M | — | — | $4.9M | — | $4.8M | — | $6.2M | $5.5M | $27.2M | $22.9M |
| Total current liabilities | $122.8M | $148.7M | $132.2M | $136.5M | $127.1M | $111.9M | $162.4M | $229.9M | $619.7M | $630.2M | $651.3M | $664.0M |
| Long-term debt | $581.8M | $573.6M | $572.1M | $663.1M | $667.8M | $665.7M | $663.7M | $661.8M | $447.0M | $446.7M | $446.5M | $448.2M |
| Other long-term liabilities | $35.4M | $75.0M | $91.7M | $78.9M | $86.0M | $95.8M | $88.0M | $77.7M | $60.5M | $62.8M | $87.8M | $83.7M |
| Total liabilities | $775.4M | $797.3M | $796.0M | $878.5M | $880.9M | $873.4M | $914.1M | $969.4M | $1.13B | $1.14B | $1.19B | $1.20B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 | $100,000 |
| Retained earnings (deficit) | −$333.2M | −$153.0M | −$159.8M | −$105.2M | −$156.4M | −$144.4M | −$212.4M | −$181.1M | −$295.9M | −$12.8M | −$21.8M | $27.7M |
| Accumulated other comprehensive income | −$6.8M | −$6.9M | −$7.5M | −$7.5M | −$8.1M | −$6.1M | −$5.2M | −$7.3M | −$5.5M | −$5.5M | −$5.7M | −$2.6M |
| Total shareholders' equity | $341.4M | $523.1M | $522.6M | $582.5M | $536.2M | $552.7M | $482.8M | $508.4M | $386.3M | $663.9M | $649.3M | $697.2M |
| Key figures | ||||||||||||
| Total debt | $581.8M | $573.6M | $572.1M | $663.1M | $676.1M | $665.7M | $676.1M | $676.0M | $876.8M | $922.2M | $877.5M | $879.9M |
| Net cash (debt) | −$442.1M | −$413.3M | −$366.7M | −$417.6M | −$405.1M | −$516.6M | −$570.5M | −$526.1M | −$807.1M | −$843.2M | −$765.8M | −$792.1M |
| Working capital | $543.2M | $488.9M | $530.3M | $650.4M | $592.4M | $594.9M | $436.3M | $431.5M | $34.8M | $52.2M | $28.2M | $47.4M |
| Tangible book value | $79.6M | $52.7M | $86.1M | $129.8M | $67.2M | $67.5M | −$18.7M | −$9.4M | −$147.8M | $113.5M | $82.7M | −$103.8M |
| Book value per share | $6.62 | $9.26 | $9.97 | $10.31 | $9.89 | $9.65 | $8.91 | $9.14 | $7.34 | $12.72 | $12.51 | $13.46 |
| Shares outstanding | 51.6M | 56.5M | 52.4M | 56.5M | 54.2M | 57.3M | 54.2M | 55.6M | 52.6M | 52.2M | 51.9M | 51.8M |
| Current ratio | 5.42 | 4.29 | 5.01 | 5.76 | 5.66 | 6.32 | 3.69 | 2.88 | 1.06 | 1.08 | 1.04 | 1.07 |
| Quick ratio | 2.68 | 1.90 | 2.19 | 2.89 | 2.76 | 3.15 | 1.60 | 1.18 | 0.43 | 0.50 | 0.46 | 0.46 |
| Debt / equity | 1.70 | 1.10 | 1.09 | 1.14 | 1.26 | 1.20 | 1.40 | 1.33 | 2.27 | 1.39 | 1.35 | 1.26 |
| Equity / assets | 30.6% | 39.6% | 39.6% | 39.9% | 37.8% | 38.8% | 34.6% | 34.4% | 25.5% | 36.8% | 35.4% | 36.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
EBS financial position
At the end of fiscal 2025 (December 31, 2025), Emergent BioSolutions had total assets of $1.3 billion (down 5.1% from a year earlier), total liabilities of $796.0 million and shareholders' equity of $522.6 million. It held $205.4 million in cash and short-term investments against $572.1 million of debt, net debt of $366.7 million. Its current ratio was 5.01. In the latest quarter (ended June 30, 2026) total assets were $1.1 billion and equity $341.4 million.
Related: EBS income statement, EBS cash flow statement, EBS key metrics. See the EBS stock overview for the latest quote and news.
EBS balance sheet FAQ
What are Emergent BioSolutions's total assets?
Emergent BioSolutions reported total assets of $1.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.4 billion a year earlier.
How much debt does Emergent BioSolutions have?
Emergent BioSolutions had $572.1 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.09.
How much cash does Emergent BioSolutions have?
Emergent BioSolutions held $205.4 million in cash and short-term investments at the end of fiscal 2025; with $572.1 million of debt that is net debt of $366.7 million.
What is Emergent BioSolutions's book value?
Emergent BioSolutions's shareholders' equity (book value) was $522.6 million at the end of fiscal 2025, or $9.22 per share.
What is Emergent BioSolutions's current ratio?
Emergent BioSolutions had current assets of $662.5 million and current liabilities of $132.2 million, a current ratio of 5.01 (it can cover its short-term obligations).
How much goodwill does Emergent BioSolutions have?
Emergent BioSolutions carried $436.5 million of goodwill and intangible assets, 33.1% of total assets, at the end of fiscal 2025.