Tekla Healthcare Investors (HQH) Balance Sheet
HQH balance sheet, FY2025
September 30, 2025 · U.S. dollars$1.10B assets = $3.4M liabilities + $1.09B equity
Both columns are drawn to the same scale: what HQH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HQH financial health
Descriptive bands, not a rating. Fiscal FY2025.
HQH balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.01BFY2016 | $1.10BFY2025 | +0.9%/yr | |
| Total liabilities | $34.8MFY2016 | $3.4MFY2025 | −22.7%/yr | |
| Shareholders’ equity | $974.8MFY2016 | $1.09BFY2025 | +1.3%/yr | |
| Cash & short-term investments | $883FY2016 | $59FY2025 | −26.0%/yr | |
| Total debt | $0FY2016 | $8.5MFY2022 | — | |
| Net cash (debt) | $883FY2016 | −$8.5MFY2022 | −$8.5M | |
| Working capital | $23.5MFY2016 | $1.4MFY2025 | −$22.1M | |
| Book value per share | $24.99FY2016 | $20.39FY2025 | −2.2%/yr | |
| Current ratio | 1.67FY2016 | 2.15FY2025 | +0.48 | |
| Debt / equity | 0.00FY2016 | 0.01FY2022 | +0.01 | |
| Shares outstanding | 39.0MFY2016 | 53.6MFY2025 | +3.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HQH assets
HQH liabilities and equity
HQH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HQH balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $59 | $56 | $214 | $792 | $935 | $2.5M | $1.7M | $927 | $6.5M | $883 |
| Cash & equivalents | $59 | $56 | $214 | $792 | $935 | −$2.5M | $1.7M | $927 | $6.5M | $883 |
| Short-term investments | — | — | $32.7M | $48.3M | $19.6M | $2.5M | $15.9M | — | — | — |
| Receivables | $2.5M | $495,638 | $6.9M | $2.9M | $4.0M | $4.3M | $9.0M | $459,020 | $184,618 | $9.6M |
| Inventory | $0 | $0 | $272 | $51.2M | $23.7M | $0 | $26.6M | $0 | $0 | $0 |
| Other current assets | $75,341 | $108,188 | $32.8M | $0 | $0 | $50,427 | $0 | $18.2M | $26.5M | $48.7M |
| Total current assets | $2.6M | $603,882 | $39.6M | $42.7M | $12.4M | $6.8M | $27.4M | $18.6M | $33.1M | $58.3M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $1.09B | $1.06B | $925.6M | $923.4M | $1.17B | $1.05B | $866.3M | $1.08B | $1.06B | $907.0M |
| Other non-current assets | $14,059 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $44.3M |
| Total assets | $1.10B | $1.06B | $932.5M | $926.3M | $1.17B | $1.06B | $877.8M | $1.09B | $1.07B | $1.01B |
| Liabilities | ||||||||||
| Accounts payable | $1.2M | — | — | — | — | — | $6.0M | $2.6M | $8.6M | $33.7M |
| Short-term debt | — | — | — | $8.5M | $11.3M | $31,402 | $0 | $0 | $0 | $0 |
| Total current liabilities | $1.2M | $1.4M | $1.1M | $9.7M | $15.6M | $1.1M | $6.9M | $3.8M | $9.8M | $34.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $2.2M | $1 | $1.1M | $9.7M | $15.6M | $31,402 | $6.9M | $0 | $0 | $0 |
| Total liabilities | $3.4M | $1.4M | $1.1M | $9.7M | $15.6M | $1.1M | $6.9M | $3.8M | $9.8M | $34.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $555,103 | $521,298 | $494,420 | $473,437 | $454,254 | $438,717 | $796.1M | $784.5M | $749.6M | $712.5M |
| Retained earnings (deficit) | $101.6M | $117.9M | $6.0M | $24.8M | $303.1M | $239.5M | $74.7M | $297.3M | $308.1M | $262.3M |
| Accumulated other comprehensive income | — | $0 | $0 | $0 | $0 | $0 | — | $0 | $308.1M | $262.3M |
| Total shareholders' equity | $1.09B | $1.06B | $931.3M | $916.6M | $1.16B | $1.05B | $870.8M | $1.08B | $1.06B | $974.8M |
| Key figures | ||||||||||
| Total debt | — | — | — | $8.5M | $11.3M | $31,402 | $0 | $0 | $0 | $0 |
| Net cash (debt) | — | — | — | −$8.5M | −$11.3M | $2.4M | $1.7M | $927 | $6.5M | $883 |
| Working capital | $1.4M | −$791,217 | $38.5M | $33.0M | −$3.2M | $5.7M | $20.4M | $14.9M | $23.4M | $23.5M |
| Tangible book value | $1.09B | $1.06B | $931.3M | $916.6M | $1.16B | $1.05B | $870.8M | $1.08B | $1.06B | $974.8M |
| Book value per share | $20.39 | $20.33 | $18.84 | $19.36 | $25.47 | $24.04 | $20.33 | $25.62 | $26.02 | $24.99 |
| Shares outstanding | 53.6M | 52.1M | 49.4M | 47.3M | 45.4M | 43.9M | 42.8M | 42.2M | 40.6M | 39.0M |
| Current ratio | 2.15 | 0.43 | 34.51 | 4.40 | 0.79 | 6.26 | 3.95 | 4.96 | 3.40 | 1.67 |
| Quick ratio | 2.09 | 0.36 | 5.97 | 0.30 | 0.26 | 6.21 | 1.54 | 0.12 | 0.68 | 0.28 |
| Debt / equity | — | — | — | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Equity / assets | 99.7% | 99.9% | 99.9% | 99.0% | 98.7% | 99.9% | 99.2% | 99.7% | 99.1% | 96.6% |
| Mar '26 | Sep '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | — | $59 | $54 | $56 | $56 | $14,098 | $14,098 | $214 | $214 | $1,053 | $1,053 | $792 |
| Cash & equivalents | — | $59 | $54 | $56 | $56 | $14,098 | $14,098 | $214 | $214 | $1,053 | $1,053 | $792 |
| Short-term investments | — | — | — | — | — | — | $15.2M | — | $32.7M | — | $25.7M | — |
| Receivables | $0 | $13,787 | $0 | $495,638 | $495,366 | $374,017 | $368,122 | $6.9M | $6.9M | $140,078 | $139,806 | $2.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $5,895 | $0 | $39.6M | $0 | $25.8M | $1 |
| Other current assets | — | $75,341 | — | $108,188 | $108,188 | $125,622 | $125,622 | $32.8M | $0 | $15.4M | $0 | $39.8M |
| Total current assets | — | $89,187 | — | $603,882 | $603,610 | $513,737 | $513,737 | $39.6M | $214 | $15.5M | $140,859 | $42.7M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $1.14B | $1.09B | $968.0M | $0 | $1.06B | $0 | $1.01B | $0 | $925.6M | $0 | $990.6M | $0 |
| Other non-current assets | $1.4M | $2.5M | $10.3M | $1.06B | $272 | $1.01B | $0 | $892.8M | $6.9M | $975.3M | $62,102 | $883.6M |
| Total assets | $1.14B | $1.10B | $978.4M | $1.06B | $1.06B | $1.01B | $1.01B | $932.5M | $932.5M | $990.8M | $990.8M | $926.3M |
| Liabilities | ||||||||||||
| Accounts payable | $35,510 | $1.2M | $9.4M | $9.4M | — | — | — | — | — | — | — | — |
| Short-term debt | — | — | — | — | — | — | — | — | — | $10.4M | $10.4M | $8.5M |
| Total current liabilities | — | $2.1M | — | $1.4M | — | $1.1M | $1.1M | $1.1M | $1.1M | $11.7M | $11.7M | $9.7M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | — | $1.3M | — | $16.1M | — | $0 | $1.1M | $1.1M | $1.1M | $0 | $11.7M | $0 |
| Total liabilities | $3.1M | $3.4M | $27.2M | $1.4M | $1.4M | $1.1M | $1.1M | $1.1M | $1.1M | $11.7M | $11.7M | $9.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | $555,103 | — | $521,298 | $521,299 | $506,248 | $506,248 | $494,420 | $494,420 | $483,511 | $483,511 | $473,437 |
| Retained earnings (deficit) | $113.8M | $101.6M | −$19.4M | $117.9M | $117.9M | $62.9M | $62.9M | $6.0M | $6.0M | $69.4M | $69.4M | $24.8M |
| Accumulated other comprehensive income | — | — | — | $0 | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $1.14B | $1.09B | $951.2M | $1.06B | $1.06B | $1.01B | $1.01B | $931.3M | $931.3M | $979.1M | $979.1M | $916.6M |
| Key figures | ||||||||||||
| Total debt | — | — | — | — | — | — | — | — | — | $10.4M | $10.4M | $8.5M |
| Net cash (debt) | — | — | — | — | — | — | — | — | — | −$10.4M | −$10.4M | −$8.5M |
| Working capital | — | −$2.0M | — | −$791,217 | — | −$591,541 | −$591,541 | $38.5M | −$1.1M | $3.8M | −$11.5M | $33.0M |
| Tangible book value | $1.14B | $1.09B | $951.2M | $1.06B | $1.06B | $1.01B | $1.01B | $931.3M | $931.3M | $979.1M | $979.1M | $916.6M |
| Book value per share | $19.88 | $19.97 | $17.66 | $19.76 | $19.76 | $19.90 | $19.90 | $18.43 | $18.84 | $20.25 | $20.25 | $18.96 |
| Shares outstanding | 57.2M | 54.8M | 53.9M | 53.6M | 53.6M | 50.6M | 50.6M | 50.5M | 49.4M | 48.4M | 48.4M | 48.3M |
| Current ratio | — | 0.04 | — | 0.43 | — | 0.46 | 0.46 | 34.51 | 0.00 | 1.33 | 0.01 | 4.40 |
| Quick ratio | — | 0.01 | — | 0.36 | — | 0.35 | 0.35 | 5.97 | 5.97 | 0.01 | 0.01 | 0.30 |
| Debt / equity | — | — | — | — | — | — | — | — | — | 0.01 | 0.01 | 0.01 |
| Equity / assets | 99.7% | 99.7% | 97.2% | 99.9% | 99.9% | 99.9% | 99.9% | 99.9% | 99.9% | 98.8% | 98.8% | 99.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed September 30, 2025); data from EODHD.
HQH financial position
At the end of fiscal 2025 (September 30, 2025), Tekla Healthcare Investors had total assets of $1.1 billion (up 3.4% from a year earlier), total liabilities of $3.4 million and shareholders' equity of $1.1 billion. Its current ratio was 2.15. In the latest quarter (ended March 31, 2026) total assets were $1.1 billion and equity $1.1 billion.
Related: HQH income statement, HQH key metrics. See the HQH stock overview for the latest quote and news.
HQH balance sheet FAQ
What are Tekla Healthcare Investors's total assets?
Tekla Healthcare Investors reported total assets of $1.1 billion at the end of fiscal 2025 (September 30, 2025), compared with $1.1 billion a year earlier.
How much cash does Tekla Healthcare Investors have?
Tekla Healthcare Investors held $0.0 million in cash and short-term investments at the end of fiscal 2025.
What is Tekla Healthcare Investors's book value?
Tekla Healthcare Investors's shareholders' equity (book value) was $1.1 billion at the end of fiscal 2025, or $20.39 per share.
What is Tekla Healthcare Investors's current ratio?
Tekla Healthcare Investors had current assets of $2.6 million and current liabilities of $1.2 million, a current ratio of 2.15 (it can cover its short-term obligations).