Heart Test Laboratories, Inc. (HSCS) Balance Sheet
HSCS balance sheet, FY2026
April 30, 2026 · U.S. dollars$5.26B assets = $5.04B liabilities + $226.1M equity
Both columns are drawn to the same scale: what HSCS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HSCS financial health
Descriptive bands, not a rating. Fiscal FY2026.
HSCS balance sheet trends, FY2020–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.0MFY2020 | $5.26BFY2026 | +272.9%/yr | |
| Total liabilities | $1.6MFY2020 | $5.04BFY2026 | +281.2%/yr | |
| Shareholders’ equity | $315,551FY2020 | $225.5MFY2026 | +199.0%/yr | |
| Cash & short-term investments | $496,853FY2020 | $1.66BFY2026 | +286.5%/yr | |
| Total debt | $942,710FY2020 | $3.94BFY2026 | +301.3%/yr | |
| Net cash (debt) | −$445,857FY2020 | −$2.28BFY2026 | −$2.3B | |
| Working capital | $396,103FY2020 | −$2.28BFY2026 | −$2.3B | |
| Current ratio | 1.35FY2020 | 0.53FY2026 | −0.82 | |
| Debt / equity | 2.99FY2020 | 17.46FY2026 | +14.47 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HSCS assets
HSCS liabilities and equity
HSCS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HSCS balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $1.66B | $1.1M | $5.8M | $1.7M | $918,260 | $723,481 | $496,853 |
| Cash & equivalents | $1.66B | $1.1M | $5.8M | $1.7M | $918,260 | $723,481 | $496,853 |
| Receivables | $0 | $4,350 | $876,692 | $319,381 | $2,321 | $94,750 | $131,174 |
| Inventory | $655.6M | $650,267 | $629,179 | $676,359 | $674,139 | $750,774 | $857,008 |
| Other current assets | $270.5M | $418,742 | $40,374 | $40,374 | $336,158 | $69,037 | $52,774 |
| Total current assets | $2.58B | $2.2M | $7.4M | $2.7M | $1.9M | $1.6M | $1.5M |
| Property, plant & equipment (net) | $307.4M | $435,175 | $559,974 | $590,652 | $158,570 | $289,329 | $418,047 |
| Goodwill & intangible assets | $2.37B | $1.6M | −$1.59B | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $0 | $1.59B | $0 | $0 | $0 | $0 |
| Total assets | $5.26B | $4.2M | $9.5M | $3.3M | $2.1M | $1.9M | $2.0M |
| Liabilities | |||||||
| Accounts payable | $318.3M | $318,661 | $448,183 | $631,369 | $694,745 | $335,781 | $358,786 |
| Short-term debt | $3.76B | $2.7M | $602,293 | $529,535 | $1.7M | $487,832 | $444,111 |
| Deferred revenue | — | — | $667,144 | $623,391 | — | $421,161 | $337,589 |
| Total current liabilities | $4.86B | $3.7M | $1.8M | $1.8M | $3.5M | $1.1M | $1.1M |
| Long-term debt | $0 | $0 | $0 | $500,000 | $4.4M | $2.5M | $300,000 |
| Lease obligations | $314,527 | $434,045 | $536,338 | $565,870 | $90,968 | $198,599 | $291,944 |
| Other long-term liabilities | $175.5M | $314,527 | $434,045 | $723,785 | $232,868 | $223,201 | $198,599 |
| Total liabilities | $5.04B | $4.0M | $2.2M | $3.1M | $8.1M | $3.8M | $1.6M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $3.2M | $1,119 | $677 | $101 | $3,323 | $3,313 | $3,313 |
| Retained earnings (deficit) | −$85.27B | −$76.1M | −$67.4M | −$60.8M | −$54.4M | −$49.6M | −$47.1M |
| Accumulated other comprehensive income | — | — | −$380,000 | −$381,000 | $0 | — | — |
| Total shareholders' equity | $225.5M | $205,171 | $7.3M | $230,557 | −$6.1M | −$1.9M | $315,551 |
| Key figures | |||||||
| Total debt | $3.94B | $3.0M | $1.0M | $1.6M | $6.2M | $3.1M | $942,710 |
| Net cash (debt) | −$2.28B | −$1.9M | $4.8M | $94,597 | −$5.2M | −$2.4M | −$445,857 |
| Working capital | −$2.28B | −$1.5M | $5.6M | $863,690 | −$1.5M | $524,282 | $396,103 |
| Tangible book value | −$2.15B | −$1.4M | $1.59B | $230,557 | −$6.1M | −$1.9M | $315,551 |
| Book value per share | $85.90 | — | — | — | — | — | — |
| Shares outstanding | 2.6M | — | — | — | — | — | — |
| Current ratio | 0.53 | 0.59 | 4.20 | 1.47 | 0.56 | 1.47 | 1.35 |
| Quick ratio | 0.34 | 0.30 | 3.82 | 1.08 | 0.27 | 0.73 | 0.55 |
| Debt / equity | 17.46 | 14.55 | 0.14 | 6.79 | — | — | 2.99 |
| Equity / assets | 4.3% | 4.9% | 77.0% | 7.0% | −289.8% | −99.1% | 16.1% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $29.9M | $1.66B | $3.40B | $2.0M | $2.8M | $1.1M | $2.6M | $4.1M | $4.3M | $5.8M | $7.1M | $100,144 |
| Cash & equivalents | $29.9M | $1.66B | $3.40B | $2.0M | $2.8M | $1.1M | $2.6M | $4.1M | $4.3M | $5.8M | $7.1M | $100,144 |
| Receivables | $0 | $0 | $0 | $0 | $0 | $4,350 | $0 | $0 | $1.1M | $876,692 | $14,700 | $3,900 |
| Inventory | $403.0M | $655.6M | $657.3M | $657,285 | $649,507 | $650,267 | $652,147 | $652,907 | $643,039 | $629,179 | $670,278 | $674,839 |
| Other current assets | $0 | $0 | $0 | $1.2M | $974,857 | $418,742 | $380,285 | $984,047 | $40,374 | $40,374 | $929,275 | $1.0M |
| Total current assets | $686,606 | $2.4M | $4.3M | $3.8M | $4.4M | $2.2M | $3.6M | $5.7M | $6.1M | $7.4M | $8.7M | $1.8M |
| Property, plant & equipment (net) | $272.9M | $307.4M | $341.4M | $374,619 | $403,500 | $435,175 | $466,436 | $495,403 | $526,656 | $559,974 | $541,136 | $556,147 |
| Goodwill & intangible assets | $1.66B | $1.66B | $1.66B | $1.8M | $1.6M | $1.6M | $1.6M | $1.6M | −$1.59B | $1.6M | −$1.57B | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.59B | $0 | $1.57B | $0 |
| Total assets | $3.7M | $5.3M | $7.6M | $6.0M | $6.4M | $4.2M | $5.7M | $7.8M | $8.2M | $9.5M | $10.8M | $2.4M |
| Liabilities | ||||||||||||
| Accounts payable | $1.0M | $318.3M | $410,727 | $317,390 | $283,225 | $318,661 | $405,076 | $276,848 | $396,506 | $448,183 | $415,076 | $1.1M |
| Short-term debt | $3.9M | $3.8M | $3.2M | $628,977 | $1.7M | $2.7M | $2.6M | $2.5M | $106,402 | $602,293 | $598,319 | $1.5M |
| Deferred revenue | — | — | — | — | — | — | — | — | $622,438 | $667,144 | — | $772,670 |
| Total current liabilities | $5.6M | $4.9M | $4.3M | $1.6M | $3.0M | $3.7M | $3.6M | $3.3M | $1.4M | $1.8M | $1.7M | $3.5M |
| Long-term debt | $0 | $0 | $421,564 | $0 | $0 | $0 | $0 | $49,470 | $500,000 | $0 | $0 | $0 |
| Lease obligations | $281,570 | $314,527 | $345,844 | $376,240 | $405,743 | $434,045 | $460,859 | $486,886 | $512,145 | $536,338 | $559,178 | $581,348 |
| Other long-term liabilities | $137,265 | $175,501 | $211,916 | $247,263 | $281,570 | $314,527 | $345,844 | $408,344 | $405,743 | $434,045 | $460,859 | $486,885 |
| Total liabilities | $5.8M | $5.0M | $4.9M | $1.8M | $3.3M | $4.0M | $3.9M | $3.8M | $2.3M | $2.2M | $2.2M | $4.0M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $3,904 | $3,188 | $3,184 | $3,071 | $2,281 | $1,119 | $1,032 | $948 | $907 | $677 | $63,611 | $11,213 |
| Retained earnings (deficit) | −$88.4M | −$85.3M | −$82.5M | −$80.5M | −$78.2M | −$76.1M | −$74.0M | −$71.5M | −$69.4M | −$67.4M | −$65.5M | −$63.9M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | −$380,000 | $0 | −$380,000 | −$380,000 |
| Total shareholders' equity | −$2.0M | $226,060 | $2.7M | $4.2M | $3.1M | $205,171 | $1.8M | $4.0M | $5.9M | $7.3M | $8.6M | −$1.6M |
| Key figures | ||||||||||||
| Total debt | $4.0M | $3.9M | $3.9M | $876,240 | $1.9M | $3.0M | $3.0M | $2.9M | $1.0M | $1.0M | $1.1M | $2.0M |
| Net cash (debt) | $25.9M | $1.65B | $3.39B | $1.1M | $845,368 | −$1.9M | −$390,557 | $1.1M | $3.3M | $4.8M | $6.0M | −$1.9M |
| Working capital | −$4.9M | −$2.4M | $7,719 | $2.2M | $1.4M | −$1.5M | $57,632 | $2.4M | $4.7M | $5.6M | $7.0M | −$1.7M |
| Tangible book value | −$1.66B | −$1.66B | −$1.65B | $2.4M | $1.5M | −$1.4M | $178,224 | $2.4M | $1.59B | $5.7M | $1.57B | −$1.6M |
| Book value per share | −$0.55 | $0.09 | $0.84 | $1.50 | $2.41 | $0.18 | $1.81 | — | — | — | — | — |
| Shares outstanding | 3.7M | 2.6M | 3.2M | 2.8M | 1.3M | 1.1M | 986K | — | — | — | — | — |
| Current ratio | 0.12 | 0.50 | 1.00 | 2.42 | 1.47 | 0.59 | 1.02 | 1.72 | 4.49 | 4.20 | 5.09 | 0.51 |
| Quick ratio | 5.31 | 340.83 | 795.76 | 1.25 | 0.93 | 0.30 | 0.73 | 1.23 | 3.99 | 3.82 | 4.16 | 0.03 |
| Debt / equity | — | 17.41 | 1.46 | 0.21 | 0.62 | 14.55 | 1.67 | 0.72 | 0.17 | 0.14 | 0.12 | — |
| Equity / assets | −54.4% | 4.3% | 35.1% | 69.8% | 48.8% | 4.9% | 31.3% | 51.6% | 72.4% | 77.0% | 79.9% | −69.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed June 23, 2026); data from EODHD.
HSCS financial position
At the end of fiscal 2026 (April 30, 2026), Heart Test Laboratories had total assets of $5.3 billion (up 124,522.0% from a year earlier), total liabilities of $5.0 billion and shareholders' equity of $225.5 million. It held $1.7 billion in cash and short-term investments against $3.9 billion of debt, net debt of $2.3 billion. Its current ratio was 0.53. In the latest quarter (ended July 31, 2026) total assets were $3.7 million and equity -$2.0 million.
Related: HSCS income statement, HSCS cash flow statement, HSCS key metrics. See the HSCS stock overview for the latest quote and news.
HSCS balance sheet FAQ
What are Heart Test Laboratories's total assets?
Heart Test Laboratories reported total assets of $5.3 billion at the end of fiscal 2026 (April 30, 2026), compared with $4.2 million a year earlier.
How much debt does Heart Test Laboratories have?
Heart Test Laboratories had $3.9 billion of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 17.46.
How much cash does Heart Test Laboratories have?
Heart Test Laboratories held $1.7 billion in cash and short-term investments at the end of fiscal 2026; with $3.9 billion of debt that is net debt of $2.3 billion.
What is Heart Test Laboratories's book value?
Heart Test Laboratories's shareholders' equity (book value) was $225.5 million at the end of fiscal 2026, or $85.90 per share.
What is Heart Test Laboratories's current ratio?
Heart Test Laboratories had current assets of $2.6 billion and current liabilities of $4.9 billion, a current ratio of 0.53 (current liabilities exceed current assets).
How much goodwill does Heart Test Laboratories have?
Heart Test Laboratories carried $2.4 billion of goodwill and intangible assets, 45.1% of total assets, at the end of fiscal 2026.