Phillips Edison & Company, Inc. (PECO) Balance Sheet
PECO balance sheet, 2025
December 31, 2025 · U.S. dollars$5.29B assets = $2.70B liabilities + $2.59B equity
Both columns are drawn to the same scale: what PECO owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PECO financial health
Descriptive bands, not a rating. Fiscal 2025.
PECO balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.38B2016 | $5.29B2025 | +9.3%/yr | |
| Total liabilities | $1.16B2016 | $2.70B2025 | +9.9%/yr | |
| Shareholders’ equity | $1.20B2016 | $2.29B2025 | +7.4%/yr | |
| Cash & short-term investments | $8.2M2016 | $19.9M2025 | +10.3%/yr | |
| Total debt | $1.06B2016 | $2.49B2025 | +10.0%/yr | |
| Net cash (debt) | −$1.05B2016 | −$2.47B2025 | −$1.4B | |
| Working capital | −$6.3M2016 | −$101.5M2025 | −$95.2M | |
| Book value per share | $19.312016 | $16.462025 | −1.8%/yr | |
| Current ratio | 0.892016 | 0.662025 | −0.23 | |
| Debt / equity | 0.882016 | 1.092025 | +0.21 | |
| Shares outstanding | 62.2M2016 | 138.9M2025 | +9.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PECO assets
PECO liabilities and equity
PECO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PECO balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $19.9M | $4.9M | $13.4M | $13.3M | $98.1M | $104.3M | $17.8M | $16.8M | $5.7M | $8.2M |
| Cash & equivalents | $3.5M | $4.9M | $4.9M | $5.5M | $92.6M | $104.3M | $17.8M | $16.8M | $5.7M | $8.2M |
| Short-term investments | $16.4M | $7.4M | $8.6M | $7.8M | $5.6M | $0 | $2.7M | $29.7M | $16.5M | $11.9M |
| Receivables | $134.2M | $119.4M | $107.6M | $89.9M | $77.7M | $79.7M | $76.1M | $5.1M | $65.5M | $0 |
| Inventory | $0 | $0 | $0 | $29.2M | $1.6M | $159.6M | $6.0M | $17.4M | −$16.5M | −$11.9M |
| Other current assets | $39.8M | $21.3M | $4.0M | $0 | $22.9M | $0 | $1.1M | $67.5M | $42.5M | $53.6M |
| Total current assets | $193.9M | $145.6M | $125.1M | $115.1M | $200.3M | $211.7M | $101.1M | $106.8M | $97.2M | $49.9M |
| Property, plant & equipment (net) | $30.1M | $4.58B | $24.1M | $23.1M | $24.8M | $21.6M | $19.4M | $14.3M | $10.3M | $2.25B |
| Goodwill & intangible assets | $35.8M | $235.7M | $35.8M | $35.8M | $35.8M | $35.9M | $31.5M | $43.1M | $84.2M | $43.0M |
| Long-term investments | $49.4M | $38.5M | $32.1M | $27.2M | $31.3M | $4.39B | $42.9M | $46.4M | $902,000 | $0 |
| Other non-current assets | $4.98B | $51.3M | $4.65B | $4.53B | $4.38B | $18.4M | $4.63B | $4.95B | $3.33B | $37.6M |
| Total assets | $5.29B | $5.05B | $4.87B | $4.74B | $4.67B | $4.68B | $4.83B | $5.16B | $3.53B | $2.38B |
| Liabilities | ||||||||||
| Accounts payable | $180.3M | $145.4M | $116.5M | $113.2M | $97.2M | $176.9M | $124.1M | $123.0M | $102.6M | $56.2M |
| Short-term debt | $92.0M | $38.1M | $181.0M | $79.0M | $61.0M | $62.7M | $10.3M | $73.4M | $61.6M | $177.0M |
| Deferred revenue | $23.0M | $22.9M | $18.4M | $18.5M | $19.1M | $14.6M | $16.0M | $14.0M | — | −$177.0M |
| Total current liabilities | $295.4M | $195.6M | $315.8M | $210.7M | $116.7M | $191.5M | $140.0M | $126.7M | $149.8M | $56.2M |
| Long-term debt | $2.28B | $2.07B | $1.79B | $1.90B | $1.89B | $2.29B | $2.35B | $2.44B | $1.81B | $0 |
| Lease obligations | $118.8M | $116.1M | $108.5M | $585,000 | $766,000 | $164,000 | $443,000 | $131.6M | — | — |
| Other long-term liabilities | $118.8M | $147.1M | $108.5M | $30.8M | $184.1M | $178.5M | $165.7M | $185.1M | $90.6M | $1.10B |
| Total liabilities | $2.70B | $2.41B | $2.21B | $2.14B | $2.19B | $2.66B | $2.66B | $2.75B | $2.05B | $1.16B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.3M | $1.3M | $1.2M | $1.2M | $1.1M | $2.8M | $2.9M | $2.8M | $1.9M | $1.9M |
| Retained earnings (deficit) | −$1.38B | −$1.33B | −$1.25B | −$1.17B | −$1.09B | −$999.5M | −$947.3M | −$692.0M | −$601.2M | −$438.2M |
| Accumulated other comprehensive income | $358,000 | $4.3M | $10.5M | $21.0M | −$24.8M | −$52.3M | −$20.8M | $12.4M | $16.5M | $10.6M |
| Minority interest | $302.8M | $314.1M | $343.0M | $360.9M | $326.8M | $325.6M | — | — | — | — |
| Total shareholders' equity | $2.29B | $2.32B | $2.31B | $2.24B | $2.15B | $1.69B | $1.81B | $2.00B | $1.05B | $1.20B |
| Key figures | ||||||||||
| Total debt | $2.49B | $2.11B | $2.08B | $2.01B | $2.00B | $2.39B | $2.47B | $2.51B | $1.81B | $1.06B |
| Net cash (debt) | −$2.47B | −$2.11B | −$2.06B | −$1.99B | −$1.90B | −$2.29B | −$2.45B | −$2.50B | −$1.80B | −$1.05B |
| Working capital | −$101.5M | −$50.0M | −$190.7M | −$95.6M | $83.7M | $20.1M | −$38.9M | −$19.9M | −$52.6M | −$6.3M |
| Tangible book value | $2.25B | $2.08B | $2.27B | $2.20B | $2.11B | $1.65B | $1.78B | $1.95B | $962.1M | $1.16B |
| Book value per share | $16.46 | $16.96 | $17.37 | $17.16 | $18.42 | $15.21 | $16.64 | $24.83 | $15.97 | $19.31 |
| Shares outstanding | 138.9M | 136.8M | 133.0M | 130.3M | 116.7M | 111.2M | 109.0M | 80.5M | 65.5M | 62.2M |
| Current ratio | 0.66 | 0.74 | 0.40 | 0.55 | 1.72 | 1.11 | 0.72 | 0.84 | 0.65 | 0.89 |
| Quick ratio | 0.52 | 0.64 | 0.38 | 0.49 | 1.51 | 0.96 | 0.67 | 0.17 | 0.48 | 0.15 |
| Debt / equity | 1.09 | 0.91 | 0.90 | 0.90 | 0.93 | 1.42 | 1.36 | 1.26 | 1.73 | 0.88 |
| Equity / assets | 43.3% | 46.0% | 47.5% | 47.2% | 46.0% | 36.1% | 37.6% | 38.7% | 29.7% | 50.5% |
| 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 | $7.1M | $3.1M | $19.9M | $20.3M | $19.4M | $14.4M | $12.3M | $15.7M | $15.9M | $14.5M | $13.4M | $12.0M |
| Cash & equivalents | $7.1M | $3.1M | $3.5M | $4.1M | $5.6M | $5.5M | $4.9M | $6.4M | $7.1M | $5.6M | $4.9M | $3.8M |
| Short-term investments | $17.2M | $15.3M | $16.4M | $16.2M | $13.8M | $8.9M | $7.4M | $9.3M | $8.8M | $8.9M | $8.6M | $8.2M |
| Receivables | $61.6M | $135.3M | $134.2M | $133.5M | $128.4M | $127.0M | $119.4M | $110.9M | $110.6M | $114.8M | $107.6M | $103.6M |
| Inventory | $39.4M | $0 | $0 | $7.8M | $0 | $0 | $0 | $9.3M | $0 | $0 | $0 | $1 |
| Other current assets | $0 | $0 | $39.8M | $2.2M | $3.6M | $2.4M | $3.8M | $0 | $3.9M | $4.5M | $4.0M | $4.5M |
| Total current assets | $30.0M | $22.4M | $193.9M | $163.8M | $151.4M | $143.8M | $135.4M | $129.5M | $130.4M | $133.8M | $125.1M | $120.1M |
| Property, plant & equipment (net) | $5.04B | $5.01B | $30.1M | $29.1M | $28.7M | $26.6M | $4.58B | $25.5M | $25.1M | $24.4M | $384,000 | $23.8M |
| Goodwill & intangible assets | $35.8M | $58.1M | $35.8M | $35.8M | $35.8M | $35.8M | $235.7M | $35.8M | $35.8M | $35.8M | $245.8M | $35.8M |
| Long-term investments | $54.6M | $49.9M | $49.4M | $43.4M | $40.6M | $41.6M | $38.5M | $34.0M | $30.9M | $31.5M | $32.1M | $25.6M |
| Other non-current assets | $273.7M | $211.8M | $4.98B | $4.99B | $5.01B | $4.91B | $61.5M | $4.73B | $4.68B | $4.66B | $4.46B | $4.51B |
| Total assets | $5.44B | $5.35B | $5.29B | $5.26B | $5.27B | $5.16B | $5.05B | $4.95B | $4.91B | $4.89B | $4.87B | $4.72B |
| Liabilities | ||||||||||||
| Accounts payable | $155.3M | $135.3M | $180.3M | $156.8M | $136.0M | $123.6M | $145.4M | $129.5M | $118.1M | $102.2M | $116.5M | $117.8M |
| Short-term debt | — | — | $92.0M | $3.0M | $11.0M | $222.0M | $38.1M | $36.0M | $47.0M | $227.0M | $28.1M | $82.0M |
| Deferred revenue | $35.6M | $23.2M | $23.0M | $22.7M | $24.9M | $21.6M | $22.9M | $22.1M | $18.2M | $20.6M | $18.4M | $17.9M |
| Total current liabilities | $190.9M | $158.5M | $295.4M | $183.0M | $172.0M | $367.2M | $195.6M | $187.6M | $183.3M | $349.8M | $315.8M | $217.7M |
| Long-term debt | $2.31B | $2.31B | $2.28B | $2.38B | $2.38B | $2.06B | $2.07B | $2.07B | $2.00B | $1.79B | $1.79B | $1.87B |
| Lease obligations | $134.4M | $123.5M | $118.8M | $117.8M | $121.7M | $118.3M | $116.1M | $114.9M | $112.9M | $111.0M | $108.5M | $105.3M |
| Other long-term liabilities | $276.4M | $304.5M | $118.8M | $117.8M | $121.7M | $118.3M | $147.1M | $280.4M | $112.9M | $111.0M | $406.0M | $23.3M |
| Total liabilities | $2.78B | $2.77B | $2.70B | $2.68B | $2.68B | $2.54B | $2.41B | $2.37B | $2.29B | $2.25B | $2.21B | $2.11B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M |
| Retained earnings (deficit) | −$1.39B | −$1.39B | −$1.38B | −$1.39B | −$1.37B | −$1.34B | −$1.33B | −$1.31B | −$1.29B | −$1.27B | −$1.25B | −$1.23B |
| Accumulated other comprehensive income | $286,000 | $416,000 | $358,000 | $980,000 | $2.0M | $2.7M | $4.3M | $1.9M | $11.4M | $13.1M | $10.5M | $19.8M |
| Minority interest | $293.9M | $301.2M | $302.8M | $301.9M | $304.1M | — | — | — | — | — | — | — |
| Total shareholders' equity | $2.37B | $2.28B | $2.29B | $2.28B | $2.29B | $2.31B | $2.32B | $2.25B | $2.28B | $2.30B | $2.31B | $2.26B |
| Key figures | ||||||||||||
| Total debt | $2.58B | $2.61B | $2.49B | $2.50B | $2.51B | $2.40B | $2.11B | $2.22B | $2.16B | $2.13B | $2.08B | $1.98B |
| Net cash (debt) | −$2.58B | −$2.61B | −$2.47B | −$2.48B | −$2.49B | −$2.38B | −$2.10B | −$2.20B | −$2.14B | −$2.11B | −$2.06B | −$1.96B |
| Working capital | −$160.9M | −$136.2M | −$101.5M | −$19.2M | −$20.6M | −$223.4M | −$60.2M | −$58.1M | −$52.9M | −$216.0M | −$190.7M | −$97.6M |
| Tangible book value | $2.34B | $2.22B | $2.25B | $2.24B | $2.25B | $2.28B | $2.08B | $2.21B | $2.24B | $2.26B | $2.06B | $2.22B |
| Book value per share | $18.99 | $18.23 | $18.29 | $16.40 | $16.49 | $16.67 | $19.18 | $16.47 | $16.71 | $16.86 | $18.78 | $16.99 |
| Shares outstanding | 125.0M | 125.0M | 125.0M | 138.9M | 138.9M | 138.6M | 120.9M | 136.6M | 136.4M | 136.4M | 123.0M | 132.8M |
| Current ratio | 0.16 | 0.14 | 0.66 | 0.90 | 0.88 | 0.39 | 0.69 | 0.69 | 0.71 | 0.38 | 0.40 | 0.55 |
| Quick ratio | 0.36 | 0.87 | 0.52 | 0.84 | 0.86 | 0.39 | 0.67 | 0.68 | 0.69 | 0.37 | 0.38 | 0.53 |
| Debt / equity | 1.09 | 1.15 | 1.09 | 1.10 | 1.10 | 1.04 | 0.91 | 0.99 | 0.95 | 0.92 | 0.90 | 0.88 |
| Equity / assets | 43.7% | 42.6% | 43.3% | 43.3% | 43.5% | 44.8% | 46.0% | 45.4% | 46.5% | 47.1% | 47.5% | 47.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 10, 2026); data from EODHD.
PECO financial position
At the end of fiscal 2025 (December 31, 2025), Phillips Edison & had total assets of $5.3 billion (up 4.8% from a year earlier), total liabilities of $2.7 billion and shareholders' equity of $2.3 billion. It held $19.9 million in cash and short-term investments against $2.5 billion of debt, net debt of $2.5 billion. Its current ratio was 0.66. In the latest quarter (ended June 30, 2026) total assets were $5.4 billion and equity $2.4 billion.
Related: PECO income statement, PECO cash flow statement, PECO key metrics. See the PECO stock overview for the latest quote and news.
PECO balance sheet FAQ
What are Phillips Edison &'s total assets?
Phillips Edison & reported total assets of $5.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.0 billion a year earlier.
How much debt does Phillips Edison & have?
Phillips Edison & had $2.5 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.09.
How much cash does Phillips Edison & have?
Phillips Edison & held $19.9 million in cash and short-term investments at the end of fiscal 2025; with $2.5 billion of debt that is net debt of $2.5 billion.
What is Phillips Edison &'s book value?
Phillips Edison &'s shareholders' equity (book value) was $2.3 billion at the end of fiscal 2025, or $16.46 per share.
What is Phillips Edison &'s current ratio?
Phillips Edison & had current assets of $193.9 million and current liabilities of $295.4 million, a current ratio of 0.66 (current liabilities exceed current assets).
How much goodwill does Phillips Edison & have?
Phillips Edison & carried $35.8 million of goodwill and intangible assets, 0.7% of total assets, at the end of fiscal 2025.