HMH Holding Inc. (HMH) Balance Sheet
HMH balance sheet, 2025
December 31, 2025 · U.S. dollars$1.36B assets = $657.3M liabilities + $700.5M equity
Both columns are drawn to the same scale: what HMH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HMH financial health
Descriptive bands, not a rating. Fiscal 2025.
HMH balance sheet trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.29B2022 | $1.36B2025 | +1.6%/yr | |
| Total liabilities | $727.1M2022 | $657.3M2025 | −3.3%/yr | |
| Shareholders’ equity | $567.2M2022 | $698.6M2025 | +7.2%/yr | |
| Cash & short-term investments | $47.3M2022 | $96.6M2025 | +26.8%/yr | |
| Total debt | $265.4M2022 | $390.5M2025 | +13.7%/yr | |
| Net cash (debt) | −$218.0M2022 | −$293.9M2025 | −$75.9M | |
| Working capital | $159.4M2022 | $405.6M2025 | +$246.2M | |
| Book value per share | $12.892022 | $15.882025 | +7.2%/yr | |
| Current ratio | 1.432022 | 2.812025 | +1.39 | |
| Debt / equity | 0.472022 | 0.562025 | +0.09 | |
| Shares outstanding | 44.0M2022 | 44.0M2025 | 0.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HMH assets
HMH liabilities and equity
HMH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HMH balance sheet
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Assets | ||||
| Cash & short-term investments | $96.6M | $48.9M | $62.5M | $47.3M |
| Cash & equivalents | $96.6M | $48.9M | $62.5M | $47.3M |
| Receivables | $246.0M | $119.2M | $120.1M | $136.2M |
| Inventory | $253.8M | $280.0M | $242.2M | $184.2M |
| Other current assets | $32.9M | $211.9M | $204.2M | $165.3M |
| Total current assets | $629.2M | $660.0M | $629.0M | $533.0M |
| Property, plant & equipment (net) | $249.6M | $233.4M | $248.2M | $254.3M |
| Goodwill & intangible assets | $429.1M | $436.1M | $435.1M | $443.1M |
| Long-term investments | $0 | $0 | $0 | $0 |
| Other non-current assets | $49.9M | $51.7M | $56.1M | $63.9M |
| Total assets | $1.36B | $1.38B | $1.37B | $1.29B |
| Liabilities | ||||
| Accounts payable | $56.3M | $108.4M | $112.2M | $96.1M |
| Short-term debt | $11.2M | — | — | — |
| Deferred revenue | $35.2M | — | — | — |
| Total current liabilities | $223.6M | $340.4M | $376.3M | $373.6M |
| Long-term debt | $195.6M | $328.7M | $316.0M | $265.4M |
| Lease obligations | $50.4M | $35.2M | $35.0M | $38.2M |
| Other long-term liabilities | $238.0M | $80.7M | $82.9M | $88.1M |
| Total liabilities | $657.3M | $749.9M | $775.3M | $727.1M |
| Shareholders' equity | ||||
| Retained earnings (deficit) | $83.9M | $38.5M | −$12.7M | −$30.1M |
| Accumulated other comprehensive income | $4.2M | — | — | — |
| Minority interest | $615.5M | $1.2M | $0 | — |
| Total shareholders' equity | $698.6M | $630.2M | $593.1M | $567.2M |
| Key figures | ||||
| Total debt | $390.5M | $328.7M | $316.0M | $265.4M |
| Net cash (debt) | −$293.9M | −$279.8M | −$253.5M | −$218.0M |
| Working capital | $405.6M | $319.6M | $252.7M | $159.4M |
| Tangible book value | $269.5M | $194.1M | $158.0M | $124.1M |
| Book value per share | $15.88 | $14.32 | $13.48 | $12.89 |
| Shares outstanding | 44.0M | 44.0M | 44.0M | 44.0M |
| Current ratio | 2.81 | 1.94 | 1.67 | 1.43 |
| Quick ratio | 1.53 | 0.49 | 0.49 | 0.49 |
| Debt / equity | 0.56 | 0.52 | 0.53 | 0.47 |
| Equity / assets | 51.5% | 45.6% | 43.3% | 43.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & short-term investments | $119.7M | $101.3M | $96.6M | $56.6M | $38.4M | $47.0M | $48.9M | $33.4M |
| Cash & equivalents | $119.7M | $101.3M | $96.6M | $56.6M | $38.4M | $47.0M | $48.9M | $33.4M |
| Receivables | $258.2M | $271.5M | $246.0M | $274.4M | $306.6M | $300.8M | $307.2M | $306.9M |
| Inventory | $252.2M | $253.0M | $253.8M | $255.7M | $286.1M | $281.3M | $280.0M | $282.0M |
| Other current assets | $18.8M | $43.2M | $32.9M | $36.3M | $32.6M | $25.0M | $24.0M | $26.8M |
| Total current assets | $648.9M | $669.0M | $629.2M | $623.1M | $663.7M | $654.1M | $660.0M | $649.1M |
| Property, plant & equipment (net) | $243.5M | $248.6M | $249.6M | $246.7M | $249.9M | $248.3M | $233.4M | $241.1M |
| Goodwill & intangible assets | $423.4M | $426.2M | $429.1M | $427.4M | $429.8M | $433.5M | $436.1M | $443.7M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $46.8M | $49.1M | $49.9M | $53.0M | $52.5M | $52.8M | $51.7M | $58.6M |
| Total assets | $1.36B | $1.39B | $1.36B | $1.35B | $1.40B | $1.39B | $1.38B | $1.39B |
| Liabilities | ||||||||
| Accounts payable | $64.5M | $56.5M | $56.3M | $51.5M | $76.1M | $81.8M | $108.4M | $85.7M |
| Short-term debt | $8.2M | $11.9M | $11.2M | $10.0M | $22.5M | $9.2M | $22.5M | $37.7M |
| Deferred revenue | $42.8M | $53.2M | $35.2M | $43.6M | $60.7M | $61.8M | $55.6M | $61.5M |
| Total current liabilities | $218.3M | $245.9M | $223.6M | $233.1M | $298.5M | $314.3M | $342.2M | $344.1M |
| Long-term debt | $196.4M | $342.5M | $195.6M | $339.1M | $335.1M | $332.1M | $328.7M | $0 |
| Lease obligations | $47.2M | $49.8M | $50.4M | $46.7M | $48.3M | $48.0M | $35.2M | — |
| Other long-term liabilities | $101.5M | $94.6M | $238.0M | $91.6M | $93.0M | $91.5M | $79.0M | $406.9M |
| Total liabilities | $516.2M | $683.0M | $657.3M | $663.8M | $726.6M | $737.9M | $749.9M | $751.0M |
| Shareholders' equity | ||||||||
| Common stock & paid-in capital | $439,000 | — | — | — | — | — | — | — |
| Retained earnings (deficit) | $27.6M | $87.4M | $83.9M | $69.7M | $53.5M | $44.6M | $38.5M | $32.2M |
| Accumulated other comprehensive income | $2.0M | $9.8M | $4.2M | $4.8M | $3.6M | −$5.2M | −$18.8M | −$2.2M |
| Minority interest | $636.1M | $2.3M | $615.5M | $1.4M | $1.8M | — | — | — |
| Total shareholders' equity | $210.3M | $707.7M | $698.6M | $684.9M | $667.6M | $649.9M | $630.2M | $640.5M |
| Key figures | ||||||||
| Total debt | $245.0M | $393.8M | $390.5M | $386.5M | $396.4M | $380.0M | $378.3M | $388.6M |
| Net cash (debt) | −$125.3M | −$292.5M | −$293.9M | −$329.9M | −$358.0M | −$333.0M | −$329.4M | −$355.2M |
| Working capital | $430.6M | $423.1M | $405.6M | $390.0M | $365.3M | $339.7M | $317.9M | $304.9M |
| Tangible book value | −$213.1M | $281.5M | $269.5M | $257.5M | $237.8M | $216.3M | $194.1M | $196.8M |
| Book value per share | $4.79 | $16.08 | $15.88 | $15.57 | $15.17 | $14.77 | $14.32 | $14.56 |
| Shares outstanding | 43.9M | 44.0M | 44.0M | 44.0M | 44.0M | 44.0M | 44.0M | 44.0M |
| Current ratio | 2.97 | 2.72 | 2.81 | 2.67 | 2.22 | 2.08 | 1.93 | 1.89 |
| Quick ratio | 1.73 | 1.52 | 1.53 | 1.42 | 1.16 | 1.11 | 1.04 | 0.99 |
| Debt / equity | 1.17 | 0.56 | 0.56 | 0.56 | 0.59 | 0.58 | 0.60 | 0.61 |
| Equity / assets | 15.4% | 50.8% | 51.5% | 50.7% | 47.8% | 46.8% | 45.6% | 46.0% |
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.
HMH financial position
At the end of fiscal 2025 (December 31, 2025), HMH had total assets of $1.4 billion (down 1.7% from a year earlier), total liabilities of $657.3 million and shareholders' equity of $698.6 million. It held $96.6 million in cash and short-term investments against $390.5 million of debt, net debt of $293.9 million. Its current ratio was 2.81. In the latest quarter (ended June 30, 2026) total assets were $1.4 billion and equity $210.3 million.
Related: HMH income statement, HMH cash flow statement, HMH key metrics. See the HMH stock overview for the latest quote and news.
HMH balance sheet FAQ
What are HMH's total assets?
HMH reported total assets of $1.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.4 billion a year earlier.
How much debt does HMH have?
HMH had $390.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.56.
How much cash does HMH have?
HMH held $96.6 million in cash and short-term investments at the end of fiscal 2025; with $390.5 million of debt that is net debt of $293.9 million.
What is HMH's book value?
HMH's shareholders' equity (book value) was $698.6 million at the end of fiscal 2025, or $15.88 per share.
What is HMH's current ratio?
HMH had current assets of $629.2 million and current liabilities of $223.6 million, a current ratio of 2.81 (it can cover its short-term obligations).
How much goodwill does HMH have?
HMH carried $429.1 million of goodwill and intangible assets, 31.6% of total assets, at the end of fiscal 2025.