Mount Logan Capital Inc. (MLCI) Balance Sheet
MLCI balance sheet, 2025
December 31, 2025 · U.S. dollars$1.60B assets = $1.51B liabilities + $91.0M equity
Both columns are drawn to the same scale: what MLCI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MLCI financial health
Descriptive bands, not a rating. Fiscal 2025.
MLCI balance sheet trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.68B2021 | $1.60B2025 | −1.2%/yr | |
| Total liabilities | $1.66B2021 | $1.51B2025 | −2.4%/yr | |
| Shareholders’ equity | $15.3M2021 | $91.0M2025 | +56.1%/yr | |
| Cash & short-term investments | $44.2M2021 | $133.8M2025 | +31.9%/yr | |
| Total debt | $87.7M2021 | $93.9M2025 | +1.7%/yr | |
| Net cash (debt) | −$43.5M2021 | $39.8M2025 | +$83.3M | |
| Working capital | −$662.6M2021 | −$319.5M2025 | +$343.0M | |
| Book value per share | $0.822021 | $10.582025 | +89.5%/yr | |
| Current ratio | 0.502021 | 0.732025 | +0.23 | |
| Debt / equity | 5.722021 | 1.032025 | −4.69 | |
| Shares outstanding | 18.7M2021 | 8.6M2025 | −17.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MLCI assets
MLCI liabilities and equity
MLCI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MLCI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash & short-term investments | $133.8M | $203.7M | $199.6M | $171.4M | $44.2M |
| Cash & equivalents | $133.8M | $86.0M | $90.2M | $65.9M | $44.2M |
| Short-term investments | — | $117.8M | $109.3M | $105.5M | $69.8M |
| Receivables | $712.7M | $429.9M | $469.8M | $455.1M | $617.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $11.3M | $19.3M | $5.0M | $53,000 | $135,000 |
| Total current assets | $857.8M | $653.0M | $674.4M | $626.6M | $661.9M |
| Property, plant & equipment (net) | $405,000 | $560,000 | $0 | $0 | $0 |
| Goodwill & intangible assets | $44.6M | $82.3M | $86.2M | $79.0M | $79.5M |
| Long-term investments | $687.1M | $949.4M | $926.0M | $809.7M | $916.4M |
| Other non-current assets | $10.8M | $4.4M | $1.9M | $29.0M | $22.4M |
| Total assets | $1.60B | $1.69B | $1.69B | $1.54B | $1.68B |
| Liabilities | |||||
| Accounts payable | $15.6M | $5.1M | $13.1M | $24.6M | $8.0M |
| Short-term debt | $408,000 | $4.0M | $1.3M | $53.2M | $42.7M |
| Deferred revenue | $364.0M | $1.28B | $1.28B | $1.16B | $1.31B |
| Total current liabilities | $1.18B | $1.30B | $1.32B | $1.19B | $1.32B |
| Long-term debt | $93.5M | $88.7M | $74.9M | $55.4M | $45.0M |
| Lease obligations | $408,000 | $572,000 | — | — | — |
| Other long-term liabilities | $238.9M | $245.6M | $238.3M | $234.8M | $295.5M |
| Total liabilities | $1.51B | $1.63B | $1.64B | $1.48B | $1.66B |
| Shareholders' equity | |||||
| Common stock & paid-in capital | $13,000 | $116.1M | $115.6M | $108.1M | $108.1M |
| Retained earnings (deficit) | −$120.7M | −$46.1M | −$50.2M | −$32.3M | −$79.2M |
| Accumulated other comprehensive income | $33.2M | −$21.9M | −$21.9M | −$21.9M | −$21.9M |
| Total shareholders' equity | $91.0M | $57.2M | $52.0M | $62.3M | $15.3M |
| Key figures | |||||
| Total debt | $93.9M | $92.7M | $76.3M | $108.6M | $87.7M |
| Net cash (debt) | $39.8M | $111.1M | $123.3M | $62.8M | −$43.5M |
| Working capital | −$319.5M | −$645.1M | −$649.0M | −$565.1M | −$662.6M |
| Tangible book value | $46.4M | −$25.0M | −$34.3M | −$16.7M | −$64.2M |
| Book value per share | $10.58 | $2.03 | $2.17 | $2.77 | $0.82 |
| Shares outstanding | 8.6M | 28.2M | 23.9M | 22.5M | 18.7M |
| Current ratio | 0.73 | 0.50 | 0.51 | 0.53 | 0.50 |
| Quick ratio | 0.72 | 0.49 | 0.51 | 0.53 | 0.50 |
| Debt / equity | 1.03 | 1.62 | 1.47 | 1.74 | 5.72 |
| Equity / assets | 5.7% | 3.4% | 3.1% | 4.0% | 0.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $4.8M | $61.9M | $133.8M | $151.8M | $235.8M | $217.4M | $203.7M | $212.7M | $200.1M | $173.6M |
| Cash & equivalents | $4.8M | $61.9M | $133.8M | $151.8M | $122.5M | $125.8M | $86.0M | $106.3M | $87.7M | $67.8M |
| Short-term investments | — | — | — | — | $113.3M | $91.6M | $117.8M | $106.4M | $112.4M | $105.7M |
| Receivables | $748.4M | $762.7M | $712.7M | $726.6M | $400.1M | $408.5M | $429.9M | $447.0M | $412.5M | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $12.2M | $11.3M | $11.5M | $33.8M | $15.7M | $19.3M | $38.2M | $41.0M | $0 |
| Total current assets | $4.8M | $836.8M | $857.8M | $889.9M | $669.8M | $641.6M | $653.0M | $697.9M | $653.6M | $173.6M |
| Property, plant & equipment (net) | $0 | $0 | $405,000 | $446,000 | $0 | $0 | $560,000 | $0 | $0 | $0 |
| Goodwill & intangible assets | $40.0M | $44.2M | $44.6M | $74.0M | $79.8M | $81.5M | $82.3M | $85.2M | $85.5M | $140.9M |
| Long-term investments | $655.5M | $669.2M | $687.1M | $666.1M | $971.2M | $954.0M | $949.4M | $975.1M | $973.2M | $0 |
| Other non-current assets | $848.5M | $8.8M | $10.8M | $10.7M | $8.2M | $26.8M | $4.4M | $8.4M | $2.1M | $1.38B |
| Total assets | $1.55B | $1.56B | $1.60B | $1.64B | $1.73B | $1.70B | $1.69B | $1.77B | $1.71B | $1.69B |
| Liabilities | ||||||||||
| Accounts payable | $9.0M | $7.0M | $15.6M | $14.2M | $9.9M | — | $5.1M | — | — | — |
| Short-term debt | — | — | $408,000 | $451,000 | $5.2M | $4.0M | $4.0M | $5.2M | $1.1M | $1.0M |
| Deferred revenue | $357.1M | $360.5M | $364.0M | $363.2M | $1.32B | $1.29B | $1.28B | $1.36B | $1.30B | — |
| Total current liabilities | $1.14B | $1.15B | $1.18B | $1.18B | $1.35B | $1.32B | $1.30B | $1.40B | $1.32B | $1.0M |
| Long-term debt | $110.1M | $109.4M | $93.5M | $90.6M | $90.7M | $91.7M | $88.7M | $74.4M | $79.4M | $0 |
| Lease obligations | $0 | $0 | $408,000 | $451,000 | — | — | $572,000 | — | — | — |
| Other long-term liabilities | $1.39B | $232.8M | $238.9M | $244.1M | $238.3M | $241.0M | $245.6M | $244.2M | $242.9M | $1.62B |
| Total liabilities | $1.49B | $1.49B | $1.51B | $1.51B | $1.68B | $1.65B | $1.63B | $1.72B | $1.65B | $1.63B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $11,000 | $11,000 | $13,000 | $13,000 | $121.4M | $121.4M | $116.1M | $115.9M | $115.9M | $115.9M |
| Retained earnings (deficit) | −$131.6M | −$127.1M | −$120.7M | −$80.6M | −$63.6M | −$59.8M | −$46.1M | −$52.3M | −$34.2M | −$37.5M |
| Accumulated other comprehensive income | $30.6M | $31.4M | $33.2M | $33.3M | −$21.9M | −$21.9M | −$21.9M | −$21.9M | −$21.9M | −$20.7M |
| Total shareholders' equity | $60.8M | $67.4M | $91.0M | $131.2M | $45.8M | $48.9M | $57.2M | $50.9M | $68.2M | $65.0M |
| Key figures | ||||||||||
| Total debt | $110.1M | $109.4M | $93.9M | $91.1M | $95.9M | $95.7M | $92.7M | $79.6M | $80.5M | $81.0M |
| Net cash (debt) | −$105.3M | −$47.5M | $39.8M | $60.8M | $140.0M | $121.8M | $111.1M | $133.1M | $119.6M | $92.6M |
| Working capital | −$1.14B | −$312.4M | −$319.5M | −$285.4M | −$684.3M | −$680.8M | −$645.1M | −$699.2M | −$670.4M | $172.6M |
| Tangible book value | $20.7M | $23.3M | $46.4M | $57.2M | −$34.0M | −$32.6M | −$25.0M | −$34.3M | −$17.4M | −$76.0M |
| Book value per share | $5.43 | $7.84 | $10.58 | $16.06 | $1.60 | $1.76 | $2.05 | $1.97 | $2.62 | $2.50 |
| Shares outstanding | 11.2M | 8.6M | 8.6M | 8.2M | 28.7M | 27.8M | 28.0M | 25.8M | 26.0M | 25.9M |
| Current ratio | 0.00 | 0.73 | 0.73 | 0.76 | 0.49 | 0.49 | 0.50 | 0.50 | 0.49 | 172.03 |
| Quick ratio | 0.66 | 0.72 | 0.72 | 0.75 | 0.47 | 0.47 | 0.49 | 0.47 | 0.46 | 172.03 |
| Debt / equity | 1.81 | 1.62 | 1.03 | 0.69 | 2.09 | 1.96 | 1.62 | 1.56 | 1.18 | 1.25 |
| Equity / assets | 3.9% | 4.3% | 5.7% | 8.0% | 2.6% | 2.9% | 3.4% | 2.9% | 4.0% | 3.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 19, 2026); data from EODHD.
MLCI financial position
At the end of fiscal 2025 (December 31, 2025), Mount Logan Capital had total assets of $1.6 billion (down 5.3% from a year earlier), total liabilities of $1.5 billion and shareholders' equity of $91.0 million. It held $133.8 million in cash and short-term investments against $93.9 million of debt, a net cash position of $39.8 million. Its current ratio was 0.73. In the latest quarter (ended June 30, 2026) total assets were $1.5 billion and equity $60.8 million.
Related: MLCI income statement, MLCI cash flow statement, MLCI key metrics. See the MLCI stock overview for the latest quote and news.
MLCI balance sheet FAQ
What are Mount Logan Capital's total assets?
Mount Logan Capital reported total assets of $1.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.7 billion a year earlier.
How much debt does Mount Logan Capital have?
Mount Logan Capital had $93.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.03.
How much cash does Mount Logan Capital have?
Mount Logan Capital held $133.8 million in cash and short-term investments at the end of fiscal 2025; with $93.9 million of debt that is net cash of $39.8 million.
What is Mount Logan Capital's book value?
Mount Logan Capital's shareholders' equity (book value) was $91.0 million at the end of fiscal 2025, or $10.58 per share.
What is Mount Logan Capital's current ratio?
Mount Logan Capital had current assets of $857.8 million and current liabilities of $1.2 billion, a current ratio of 0.73 (current liabilities exceed current assets).
How much goodwill does Mount Logan Capital have?
Mount Logan Capital carried $44.6 million of goodwill and intangible assets, 2.8% of total assets, at the end of fiscal 2025.