Fervo Energy Company (FRVO) Balance Sheet
FRVO balance sheet, 2025
December 31, 2025 · U.S. dollars$1.37B assets = $1.43B liabilities + −$66.6M equity
Liabilities exceed assets: shareholders’ equity is negative (−$66.6M).
Both columns are drawn to the same scale: what FRVO owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FRVO financial health
Descriptive bands, not a rating. Fiscal 2025.
FRVO balance sheet trends, 2024–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $531.3M2024 | $1.37B2025 | +156.9%/yr | |
| Total liabilities | $708.5M2024 | $1.43B2025 | +102.1%/yr | |
| Shareholders’ equity | −$177.2M2024 | −$246.5M2025 | — | |
| Cash & short-term investments | $193.4M2024 | $461.8M2025 | +138.8%/yr | |
| Total debt | $39.0M2024 | $250.3M2025 | +541.5%/yr | |
| Net cash (debt) | $154.4M2024 | $211.5M2025 | +$57.1M | |
| Working capital | $138.5M2024 | $330.2M2025 | +$191.7M | |
| Book value per share | −$0.622024 | −$0.872025 | — | |
| Current ratio | 3.072024 | 3.172025 | +0.10 | |
| Shares outstanding | 283.6M2024 | 283.6M2025 | 0.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FRVO assets
FRVO liabilities and equity
FRVO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FRVO balance sheet
| 2025 | 2024 | |
|---|---|---|
| Assets | ||
| Cash & short-term investments | $461.8M | $193.4M |
| Cash & equivalents | $461.8M | $193.4M |
| Receivables | $10.6M | $0 |
| Inventory | $0 | $0 |
| Other current assets | $9.7M | $11.9M |
| Total current assets | $482.1M | $205.3M |
| Property, plant & equipment (net) | $848.3M | $284.6M |
| Goodwill & intangible assets | $0 | $0 |
| Long-term investments | $0 | $0 |
| Other non-current assets | $34.8M | $41.4M |
| Total assets | $1.37B | $531.3M |
| Liabilities | ||
| Accounts payable | $10.8M | $35.0M |
| Short-term debt | $4.8M | — |
| Deferred revenue | $888,000 | — |
| Total current liabilities | $151.9M | $66.8M |
| Long-term debt | $172.8M | $39.0M |
| Lease obligations | $77.5M | $42.8M |
| Other long-term liabilities | $1.11B | $602.6M |
| Total liabilities | $1.43B | $708.5M |
| Shareholders' equity | ||
| Common stock & paid-in capital | $1,000 | — |
| Retained earnings (deficit) | −$244.5M | −$179.8M |
| Minority interest | $179.9M | $0 |
| Total shareholders' equity | −$246.5M | −$177.2M |
| Key figures | ||
| Total debt | $250.3M | $39.0M |
| Net cash (debt) | $211.5M | $154.4M |
| Working capital | $330.2M | $138.5M |
| Tangible book value | −$246.5M | −$177.2M |
| Book value per share | −$0.87 | −$0.62 |
| Shares outstanding | 283.6M | 283.6M |
| Current ratio | 3.17 | 3.07 |
| Quick ratio | 3.11 | 2.89 |
| Equity / assets | −18.1% | −33.4% |
| Jun '26 | Mar '26 | |
|---|---|---|
| Assets | ||
| Cash & short-term investments | $2.11B | $280.8M |
| Cash & equivalents | $2.11B | $280.8M |
| Receivables | $17.2M | $16.8M |
| Inventory | $0 | $0 |
| Other current assets | $30.6M | $10.3M |
| Total current assets | $2.15B | $307.9M |
| Property, plant & equipment (net) | $1.32B | $1.06B |
| Goodwill & intangible assets | $0 | $0 |
| Long-term investments | $0 | $0 |
| Other non-current assets | $57.1M | $56.5M |
| Total assets | $3.54B | $1.43B |
| Liabilities | ||
| Accounts payable | $29.7M | $8.0M |
| Short-term debt | $35.8M | $25.3M |
| Total current liabilities | $250.0M | $201.9M |
| Long-term debt | $217.4M | $186.6M |
| Lease obligations | $109.9M | $111.7M |
| Other long-term liabilities | $86.9M | $111.0M |
| Total liabilities | $554.3M | $499.6M |
| Shareholders' equity | ||
| Common stock & paid-in capital | $30,000 | $1,000 |
| Retained earnings (deficit) | −$332.3M | −$276.4M |
| Minority interest | $187.0M | $183.4M |
| Total shareholders' equity | $2.79B | $744.6M |
| Key figures | ||
| Total debt | $338.3M | $298.3M |
| Net cash (debt) | $1.77B | −$17.5M |
| Working capital | $1.90B | $105.9M |
| Tangible book value | $2.79B | $744.6M |
| Book value per share | $9.48 | $2.63 |
| Shares outstanding | 294.7M | 283.6M |
| Current ratio | 8.62 | 1.52 |
| Quick ratio | 8.49 | 1.47 |
| Debt / equity | 0.12 | 0.40 |
| Equity / assets | 79.0% | 52.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 31, 2025); data from EODHD.
FRVO financial position
At the end of fiscal 2025 (December 31, 2025), Fervo Energy had total assets of $1.4 billion (up 156.9% from a year earlier), total liabilities of $1.4 billion and shareholders' equity of -$246.5 million. It held $461.8 million in cash and short-term investments against $250.3 million of debt, a net cash position of $211.5 million. Its current ratio was 3.17. In the latest quarter (ended June 30, 2026) total assets were $3.5 billion and equity $2.8 billion.
Related: FRVO income statement, FRVO cash flow statement, FRVO key metrics. See the FRVO stock overview for the latest quote and news.
FRVO balance sheet FAQ
What are Fervo Energy's total assets?
Fervo Energy reported total assets of $1.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $531.3 million a year earlier.
How much debt does Fervo Energy have?
Fervo Energy had $250.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Fervo Energy have?
Fervo Energy held $461.8 million in cash and short-term investments at the end of fiscal 2025; with $250.3 million of debt that is net cash of $211.5 million.
What is Fervo Energy's book value?
Fervo Energy's shareholders' equity (book value) was -$246.5 million at the end of fiscal 2025, or −$0.87 per share.
What is Fervo Energy's current ratio?
Fervo Energy had current assets of $482.1 million and current liabilities of $151.9 million, a current ratio of 3.17 (it can cover its short-term obligations).