MDA Space Ltd. (MDA) Balance Sheet

NYSE: MDAAssets, liabilities, debt and equity over 6 years.

MDA balance sheet, 2025

December 31, 2025 · Canadian dollars

C$2.44B assets = C$1.46B liabilities + C$986.7M equity

Both columns are drawn to the same scale: what MDA owns equals what it owes plus shareholders’ equity. Hover a block for its value.

MDA financial health

Current ratio0.47

Tight · current assets cover current liabilities 0.47×

Debt / equity0.30

Low leverage · C$0.30 of debt for each $1 of equity

Equity / assets40.4%

Equity-funded · of assets funded by shareholders

Cash / debt37.0%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles50.0%

Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

MDA balance sheet trends, 2020–2025

MDA Space Ltd. balance sheet trends
Metric	Then	Latest	Change
Total assets	C$1.14B2020	C$2.44B2025	+16.4%/yr
Total liabilities	C$783.2M2020	C$1.46B2025	+13.2%/yr
Shareholders’ equity	C$359.0M2020	C$986.7M2025	+22.4%/yr
Cash & short-term investments	C$61.7M2020	C$110.7M2025	+12.4%/yr
Total debt	C$455.4M2020	C$299.4M2025	−8.0%/yr
Net cash (debt)	−C$393.7M2020	−C$188.7M2025	+C$205.0M
Working capital	C$67.0M2020	−C$512.1M2025	−C$579.1M
Current ratio	1.352020	0.472025	−0.89
Debt / equity	1.272020	0.302025	−0.97
Shares outstanding	117.8M2020	129.7M2025	+1.9%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

MDA assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

MDA liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

MDA debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

MDA balance sheet in Canadian dollars

MDA Space Ltd. annual balance sheet
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	C$110.7M	C$115.8M	C$17.0M	C$29.0M	C$66.1M	C$61.7M
Cash & equivalents	C$110.7M	C$115.8M	C$17.0M	C$29.0M	C$66.1M	C$61.7M
Receivables	C$280.9M	C$264.1M	C$301.7M	C$229.9M	C$149.7M	C$180.8M
Inventory	C$17.1M	C$5.6M	C$7.5M	C$5.5M	C$6.3M	C$5.1M
Other current assets	C$38.8M	C$49.8M	C$18.3M	C$14.6M	C$10.1M	C$9.6M
Total current assets	C$447.5M	C$435.4M	C$344.5M	C$279.0M	C$232.3M	C$257.2M
Property, plant & equipment (net)	C$556.4M	C$425.3M	C$332.7M	C$178.7M	C$98.6M	C$71.7M
Goodwill & intangible assets	C$1.22B	C$709.5M	C$771.3M	C$717.3M	C$783.6M	C$791.9M
Long-term investments	C$11.3M	C$0	C$0	C$0	C$0	C$0
Other non-current assets	C$207.5M	C$234.9M	C$182.5M	C$116.6M	C$98.8M	C$21.4M
Total assets	C$2.44B	C$1.81B	C$1.63B	C$1.29B	C$1.21B	C$1.14B
Liabilities
Accounts payable	C$285.0M	C$172.8M	C$165.3M	C$91.7M	C$56.4M	C$51.6M
Short-term debt	C$14.7M	C$11.3M	C$8.2M	C$4.9M	C$6.2M	C$23.4M
Deferred revenue	C$581.8M	C$529.0M	C$58.0M	C$81.7M	C$72.3M	C$57.5M
Total current liabilities	C$959.6M	C$758.1M	C$281.6M	C$235.0M	C$178.6M	C$190.3M
Long-term debt	C$272.0M	C$0	C$438.9M	C$243.6M	C$0	C$0
Lease obligations	C$139.1M	C$136.8M	C$86.1M	C$8.3M	—	—
Other long-term liabilities	C$225.7M	C$229.7M	C$107.2M	C$74.8M	C$274.3M	C$592.9M
Total liabilities	C$1.46B	C$987.8M	C$827.7M	C$553.4M	C$452.9M	C$783.2M
Shareholders' equity
Common stock & paid-in capital	C$759.3M	C$678.1M	C$721.4M	C$702.0M	C$751.6M	C$377.1M
Retained earnings (deficit)	C$180.0M	C$96.4M	C$44.3M	C$7.3M	−C$11.4M	−C$13.6M
Accumulated other comprehensive income	C$21.2M	C$16.3M	C$14.0M	C$10.4M	C$6.7M	−C$8.3M
Total shareholders' equity	C$986.7M	C$817.2M	C$803.3M	C$738.1M	C$760.3M	C$359.0M
Key figures
Total debt	C$299.4M	C$95.1M	C$396.1M	C$185.8M	C$126.8M	C$455.4M
Net cash (debt)	−C$188.7M	C$20.8M	−C$379.1M	−C$156.8M	−C$60.7M	−C$393.7M
Working capital	−C$512.1M	−C$322.8M	C$62.9M	C$44.0M	C$53.7M	C$67.0M
Tangible book value	−C$234.6M	C$107.7M	C$32.0M	C$20.9M	−C$23.2M	−C$432.9M
Shares outstanding	129.7M	126.0M	121.2M	122.5M	118.7M	117.8M
Current ratio	0.47	0.57	1.22	1.19	1.30	1.35
Quick ratio	0.41	0.50	1.13	1.10	1.21	1.27
Debt / equity	0.30	0.12	0.49	0.25	0.17	1.27
Equity / assets	40.4%	45.3%	49.3%	57.2%	62.7%	31.4%

MDA Space Ltd. quarterly balance sheet
	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	C$280.1M	C$391.1M	C$110.7M	C$140.5M	C$489.1M	C$261.5M	C$115.8M	C$102.9M	C$33.9M	C$21.6M	C$17.0M	C$9.9M
Cash & equivalents	C$280.1M	C$391.1M	C$110.7M	C$140.5M	C$489.1M	C$261.5M	C$115.8M	C$102.9M	C$33.9M	C$21.6M	C$17.0M	C$9.9M
Receivables	C$318.3M	C$296.8M	C$280.9M	C$365.2M	C$273.5M	C$271.8M	C$264.1M	C$336.2M	C$346.3M	C$323.8M	C$301.7M	C$239.7M
Inventory	C$22.5M	C$26.6M	C$17.1M	C$12.6M	C$10.0M	C$8.6M	C$5.6M	C$7.5M	C$7.5M	C$7.5M	C$7.5M	C$7.9M
Other current assets	C$31.6M	C$33.6M	C$38.8M	C$49.0M	C$46.2M	C$49.5M	C$49.8M	C$58.3M	C$40.9M	C$23.8M	C$18.3M	C$16.6M
Total current assets	C$652.5M	C$748.0M	C$447.5M	C$567.3M	C$818.7M	C$591.4M	C$435.4M	C$504.8M	C$428.6M	C$376.7M	C$344.5M	C$274.1M
Property, plant & equipment (net)	C$576.2M	C$558.7M	C$556.4M	C$501.2M	C$485.6M	C$448.0M	C$425.3M	C$396.1M	C$365.6M	C$354.7M	C$332.7M	C$243.4M
Goodwill & intangible assets	C$1.19B	C$1.21B	C$1.22B	C$1.21B	C$755.4M	C$713.9M	C$709.5M	C$754.9M	C$743.9M	C$751.7M	C$771.3M	C$707.0M
Long-term investments	C$9.7M	C$9.8M	C$11.3M	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0	C$0
Other non-current assets	C$226.9M	C$206.7M	C$207.5M	C$220.5M	C$258.9M	C$227.6M	C$234.9M	C$243.3M	C$200.7M	C$180.7M	C$182.5M	C$153.6M
Total assets	C$2.65B	C$2.73B	C$2.44B	C$2.50B	C$2.32B	C$1.98B	C$1.81B	C$1.90B	C$1.74B	C$1.66B	C$1.63B	C$1.38B
Liabilities
Accounts payable	C$384.5M	C$329.7M	C$285.0M	C$262.8M	C$228.5M	C$197.3M	C$172.8M	C$173.8M	C$157.5M	C$151.0M	C$165.3M	C$137.1M
Short-term debt	C$13.4M	C$14.2M	C$14.7M	C$14.6M	C$14.5M	C$12.4M	C$11.3M	C$10.1M	C$9.4M	C$8.9M	C$8.2M	C$4.6M
Deferred revenue	C$407.5M	C$510.9M	C$581.8M	C$689.1M	C$658.6M	C$652.0M	C$529.0M	C$386.6M	C$219.5M	C$89.2M	C$58.0M	C$48.5M
Total current liabilities	C$869.4M	C$940.7M	C$959.6M	C$1.02B	C$947.1M	C$909.2M	C$758.1M	C$610.0M	C$427.1M	C$291.0M	C$281.6M	C$244.6M
Long-term debt	C$245.0M	C$244.7M	C$272.0M	C$289.3M	C$249.1M	C$0	C$0	C$0	C$0	C$0	C$0	C$0
Lease obligations	C$133.3M	C$136.0M	C$139.1M	C$142.0M	C$142.0M	C$138.1M	C$136.8M	—	—	—	—	—
Other long-term liabilities	C$206.5M	C$216.2M	C$225.7M	C$231.8M	C$180.6M	C$227.3M	C$229.7M	C$446.8M	C$509.6M	C$566.8M	C$546.1M	C$357.5M
Total liabilities	C$1.32B	C$1.40B	C$1.46B	C$1.54B	C$1.38B	C$1.14B	C$987.8M	C$1.06B	C$936.7M	C$857.8M	C$827.7M	C$602.1M
Shareholders' equity
Common stock & paid-in capital	C$1.06B	C$1.08B	C$759.3M	C$748.4M	C$753.1M	C$688.9M	C$678.1M	C$712.1M	C$701.8M	C$707.8M	C$721.4M	C$703.0M
Retained earnings (deficit)	C$214.5M	C$199.0M	C$180.0M	C$160.3M	C$146.0M	C$119.2M	C$96.4M	C$83.5M	C$61.0M	C$53.5M	C$44.3M	C$33.3M
Accumulated other comprehensive income	C$26.2M	C$21.6M	C$21.2M	C$25.3M	C$22.5M	C$14.4M	C$16.3M	C$19.6M	C$14.4M	C$20.9M	C$14.0M	C$18.1M
Total shareholders' equity	C$1.33B	C$1.33B	C$986.7M	C$954.4M	C$941.8M	C$844.4M	C$817.2M	C$842.4M	C$801.9M	C$806.0M	C$803.3M	C$775.8M
Key figures
Total debt	C$266.3M	C$273.7M	C$299.4M	C$309.7M	C$287.3M	C$96.0M	C$95.1M	C$294.4M	C$367.2M	C$421.0M	C$396.1M	C$229.1M
Net cash (debt)	C$13.7M	C$117.4M	−C$188.7M	−C$169.2M	C$201.8M	C$165.5M	C$20.8M	−C$191.5M	−C$333.3M	−C$399.4M	−C$379.1M	−C$219.2M
Working capital	−C$216.8M	−C$192.7M	−C$512.1M	−C$456.1M	−C$128.3M	−C$317.8M	−C$322.8M	−C$105.2M	C$1.5M	C$85.7M	C$62.9M	C$29.4M
Tangible book value	C$144.5M	C$121.6M	−C$234.6M	−C$255.5M	C$186.5M	C$130.5M	C$107.7M	C$87.5M	C$58.1M	C$54.3M	C$32.0M	C$68.8M
Shares outstanding	142.5M	132.7M	126.3M	130.1M	128.1M	127.6M	127.4M	124.3M	123.5M	123.3M	122.7M	121.9M
Current ratio	0.75	0.80	0.47	0.55	0.86	0.65	0.57	0.83	1.00	1.29	1.22	1.12
Quick ratio	0.69	0.73	0.41	0.49	0.81	0.59	0.50	0.72	0.89	1.19	1.13	1.02
Debt / equity	0.20	0.21	0.30	0.32	0.30	0.11	0.12	0.35	0.46	0.52	0.49	0.30
Equity / assets	50.2%	48.6%	40.4%	38.2%	40.6%	42.6%	45.3%	44.4%	46.1%	48.4%	49.3%	56.3%

Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed December 31, 2025); data from EODHD.

MDA financial position

At the end of fiscal 2025 (December 31, 2025), MDA Space had total assets of C$2.4 billion (up 35.4% from a year earlier), total liabilities of C$1.5 billion and shareholders' equity of C$986.7 million. It held C$110.7 million in cash and short-term investments against C$299.4 million of debt, net debt of C$188.7 million. Its current ratio was 0.47. In the latest quarter (ended June 30, 2026) total assets were C$2.7 billion and equity C$1.3 billion.

Related: MDA income statement, MDA cash flow statement, MDA key metrics. See the MDA stock overview for the latest quote and news.

MDA balance sheet FAQ

What are MDA Space's total assets?

MDA Space reported total assets of C$2.4 billion at the end of fiscal 2025 (December 31, 2025), compared with C$1.8 billion a year earlier.

How much debt does MDA Space have?

MDA Space had C$299.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.30.

How much cash does MDA Space have?

MDA Space held C$110.7 million in cash and short-term investments at the end of fiscal 2025; with C$299.4 million of debt that is net debt of C$188.7 million.

What is MDA Space's book value?

MDA Space's shareholders' equity (book value) was C$986.7 million at the end of fiscal 2025.

What is MDA Space's current ratio?

MDA Space had current assets of C$447.5 million and current liabilities of C$959.6 million, a current ratio of 0.47 (current liabilities exceed current assets).

How much goodwill does MDA Space have?

MDA Space carried C$1.2 billion of goodwill and intangible assets, 50.0% of total assets, at the end of fiscal 2025.