SOLV Energy, Inc. (MWH) Balance Sheet
MWH balance sheet, 2025
December 31, 2025 · U.S. dollars$1.82B assets = $1.36B liabilities + $455.2M equity
Both columns are drawn to the same scale: what MWH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MWH financial health
Descriptive bands, not a rating. Fiscal 2025.
MWH balance sheet trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.59B2023 | $1.82B2025 | +7.0%/yr | |
| Total liabilities | $1.19B2023 | $1.36B2025 | +6.7%/yr | |
| Shareholders’ equity | $388.3M2023 | $452.2M2025 | +7.9%/yr | |
| Cash & short-term investments | $178.0M2023 | $394.9M2025 | +48.9%/yr | |
| Total debt | $436.2M2023 | $471.9M2025 | +4.0%/yr | |
| Net cash (debt) | −$258.2M2023 | −$77.0M2025 | +$181.2M | |
| Working capital | −$126.4M2023 | −$11.3M2025 | +$115.1M | |
| Book value per share | $1.952023 | $2.232025 | +7.1%/yr | |
| Current ratio | 0.832023 | 0.992025 | +0.15 | |
| Debt / equity | 1.122023 | 1.042025 | −0.08 | |
| Shares outstanding | 199.4M2023 | 202.5M2025 | +0.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MWH assets
MWH liabilities and equity
MWH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MWH balance sheet
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Assets | |||
| Cash & short-term investments | $394.9M | $208.0M | $178.0M |
| Cash & equivalents | $394.9M | $208.0M | $178.0M |
| Receivables | $431.8M | $337.4M | $413.3M |
| Inventory | $48.1M | $0 | $0 |
| Other current assets | $6.8M | $43.0M | $44.3M |
| Total current assets | $881.6M | $588.3M | $635.6M |
| Property, plant & equipment (net) | $114.4M | $75.6M | $70.0M |
| Goodwill & intangible assets | $791.7M | $808.6M | $874.9M |
| Long-term investments | $3.8M | $3.8M | $3.0M |
| Other non-current assets | $24.9M | $1.7M | $1.5M |
| Total assets | $1.82B | $1.48B | $1.59B |
| Liabilities | |||
| Accounts payable | $422.9M | $330.3M | $436.4M |
| Short-term debt | $22.0M | $15.8M | $11.4M |
| Deferred revenue | $314.1M | $241.0M | $167.0M |
| Total current liabilities | $892.8M | $663.4M | $762.0M |
| Long-term debt | $413.3M | $378.6M | $402.6M |
| Lease obligations | $49.5M | $37.6M | $28.0M |
| Other long-term liabilities | $54.9M | $42.5M | $30.1M |
| Total liabilities | $1.36B | $1.08B | $1.19B |
| Shareholders' equity | |||
| Common stock & paid-in capital | — | $638.3M | $645.6M |
| Retained earnings (deficit) | −$98.1M | −$247.3M | −$257.2M |
| Accumulated other comprehensive income | $550.3M | — | — |
| Minority interest | $3.0M | $2.5M | $2.0M |
| Total shareholders' equity | $452.2M | $390.9M | $388.3M |
| Key figures | |||
| Total debt | $471.9M | $422.4M | $436.2M |
| Net cash (debt) | −$77.0M | −$214.4M | −$258.2M |
| Working capital | −$11.3M | −$75.1M | −$126.4M |
| Tangible book value | −$339.5M | −$417.6M | −$486.6M |
| Book value per share | $2.23 | $1.96 | $1.95 |
| Shares outstanding | 202.5M | 199.4M | 199.4M |
| Current ratio | 0.99 | 0.89 | 0.83 |
| Quick ratio | 0.93 | 0.82 | 0.78 |
| Debt / equity | 1.04 | 1.08 | 1.12 |
| Equity / assets | 24.9% | 26.4% | 24.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Dec '24 | |
|---|---|---|---|---|---|
| Assets | |||||
| Cash & short-term investments | $364.0M | $384.9M | $394.9M | $144.4M | $208.0M |
| Cash & equivalents | $364.0M | $384.9M | $394.9M | $144.4M | $208.0M |
| Receivables | $576.9M | $445.1M | $431.8M | $530.2M | $337.4M |
| Inventory | $90.4M | $95.8M | $48.1M | $0 | $0 |
| Other current assets | $17.2M | $7.5M | $6.8M | $96.1M | $43.0M |
| Total current assets | $1.05B | $933.4M | $881.6M | $770.7M | $588.3M |
| Property, plant & equipment (net) | $129.4M | $123.7M | $114.4M | $104.5M | $75.6M |
| Goodwill & intangible assets | $760.5M | $776.5M | $791.7M | $805.8M | $808.6M |
| Long-term investments | $0 | $0 | $3.8M | $0 | $3.8M |
| Other non-current assets | $191.3M | $123.0M | $24.9M | $103.7M | $1.7M |
| Total assets | $2.13B | $1.96B | $1.82B | $1.78B | $1.48B |
| Liabilities | |||||
| Accounts payable | $523.2M | $413.2M | $422.9M | $330.3M | $258.8M |
| Short-term debt | $22.9M | $21.1M | $22.0M | $18.1M | $15.8M |
| Deferred revenue | $258.2M | $346.3M | $314.1M | $342.7M | $241.0M |
| Total current liabilities | $961.6M | $892.3M | $892.8M | $862.6M | $663.4M |
| Long-term debt | $17.5M | $19.7M | $413.3M | $23.2M | $378.6M |
| Lease obligations | $59.2M | $54.2M | $49.5M | $40.9M | $37.6M |
| Other long-term liabilities | $299.3M | $233.4M | $54.9M | $211.7M | $42.5M |
| Total liabilities | $1.28B | $1.15B | $1.36B | $1.10B | $1.08B |
| Shareholders' equity | |||||
| Common stock & paid-in capital | $21,000 | $21,000 | — | $20,000 | $638.3M |
| Retained earnings (deficit) | $13.6M | −$23.4M | −$98.1M | −$133.7M | −$247.3M |
| Accumulated other comprehensive income | — | — | $550.3M | — | — |
| Minority interest | $354.4M | $378.7M | $3.0M | $245.2M | $2.5M |
| Total shareholders' equity | $496.8M | $432.5M | $452.2M | $442.4M | $390.9M |
| Key figures | |||||
| Total debt | $83.6M | $80.5M | $471.9M | $70.5M | $422.4M |
| Net cash (debt) | $280.3M | $304.4M | −$77.0M | $73.9M | −$214.4M |
| Working capital | $86.8M | $41.1M | −$11.3M | −$91.9M | −$75.1M |
| Tangible book value | −$263.7M | −$344.0M | −$339.5M | −$363.4M | −$417.6M |
| Book value per share | $2.45 | $2.14 | $2.23 | $3.94 | $1.96 |
| Shares outstanding | 202.4M | 202.5M | 202.5M | 112.4M | 199.4M |
| Current ratio | 1.09 | 1.05 | 0.99 | 0.89 | 0.89 |
| Quick ratio | 0.98 | 0.93 | 0.93 | 0.78 | 0.82 |
| Debt / equity | 0.17 | 0.19 | 1.04 | 0.16 | 1.08 |
| Equity / assets | 23.3% | 22.1% | 24.9% | 24.8% | 26.4% |
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.
MWH financial position
At the end of fiscal 2025 (December 31, 2025), SOLV Energy had total assets of $1.8 billion (up 22.9% from a year earlier), total liabilities of $1.4 billion and shareholders' equity of $452.2 million. It held $394.9 million in cash and short-term investments against $471.9 million of debt, net debt of $77.0 million. Its current ratio was 0.99. In the latest quarter (ended June 30, 2026) total assets were $2.1 billion and equity $496.8 million.
Related: MWH income statement, MWH cash flow statement, MWH key metrics. See the MWH stock overview for the latest quote and news.
MWH balance sheet FAQ
What are SOLV Energy's total assets?
SOLV Energy reported total assets of $1.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.5 billion a year earlier.
How much debt does SOLV Energy have?
SOLV Energy had $471.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.04.
How much cash does SOLV Energy have?
SOLV Energy held $394.9 million in cash and short-term investments at the end of fiscal 2025; with $471.9 million of debt that is net debt of $77.0 million.
What is SOLV Energy's book value?
SOLV Energy's shareholders' equity (book value) was $452.2 million at the end of fiscal 2025, or $2.23 per share.
What is SOLV Energy's current ratio?
SOLV Energy had current assets of $881.6 million and current liabilities of $892.8 million, a current ratio of 0.99 (current liabilities exceed current assets).
How much goodwill does SOLV Energy have?
SOLV Energy carried $791.7 million of goodwill and intangible assets, 43.6% of total assets, at the end of fiscal 2025.