Public Policy Holding Company, Inc. (PPHC) Balance Sheet
PPHC balance sheet, 2025
December 31, 2025 · U.S. dollars$202.6M assets = $127.6M liabilities + $74.9M equity
Both columns are drawn to the same scale: what PPHC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PPHC financial health
Descriptive bands, not a rating. Fiscal 2025.
PPHC balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $90.7M2020 | $202.6M2025 | +17.4%/yr | |
| Total liabilities | $32.1M2020 | $127.6M2025 | +31.8%/yr | |
| Shareholders’ equity | $58.7M2020 | $74.9M2025 | +5.0%/yr | |
| Cash & short-term investments | $6.1M2020 | $20.4M2025 | +27.2%/yr | |
| Total debt | $35.3M2020 | $68.5M2025 | +14.2%/yr | |
| Net cash (debt) | −$29.2M2020 | −$48.1M2025 | −$18.9M | |
| Working capital | −$1.6M2020 | $5.7M2025 | +$7.3M | |
| Book value per share | $0.542020 | $2.592025 | +36.7%/yr | |
| Current ratio | 0.892020 | 1.112025 | +0.21 | |
| Debt / equity | 0.602020 | 0.912025 | +0.31 | |
| Shares outstanding | 108.2M2020 | 28.9M2025 | −23.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PPHC assets
PPHC liabilities and equity
PPHC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PPHC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $20.4M | $14.5M | $14.3M | $21.2M | $18.0M | $6.1M |
| Cash & equivalents | $20.4M | $14.5M | $14.3M | $21.2M | $18.0M | $6.1M |
| Receivables | $22.9M | $19.4M | $15.5M | $11.6M | $8.5M | $6.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $15.3M | $11.7M | $7.1M | $2.4M | $489,752 | $409,785 |
| Total current assets | $58.6M | $45.7M | $36.9M | $35.2M | $27.0M | $13.4M |
| Property, plant & equipment (net) | $19.4M | $19.2M | $22.2M | $16.9M | $16.7M | $16.7M |
| Goodwill & intangible assets | $94.1M | $96.5M | $74.8M | $66.5M | $57.7M | $59.7M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $30.5M | $13.2M | $13.8M | $3.4M | $5.6M | $1.0M |
| Total assets | $202.6M | $174.5M | $147.7M | $122.0M | $106.9M | $90.7M |
| Liabilities | ||||||
| Accounts payable | $6.2M | $4.8M | $4.3M | $1.2M | $8.3M | $6.0M |
| Short-term debt | $14.2M | $10.9M | $7.6M | $3.9M | $3.4M | $2.8M |
| Deferred revenue | — | $3.1M | $2.2M | $2.9M | $1.9M | $1.5M |
| Total current liabilities | $52.9M | $37.8M | $30.3M | $28.2M | $20.8M | $15.0M |
| Long-term debt | $37.9M | $26.0M | $7.6M | $189,975 | $216,048 | $0 |
| Lease obligations | $21.5M | $21.6M | $24.8M | $18.7M | $18.6M | — |
| Other long-term liabilities | $36.9M | $29.4M | $27.7M | $17.7M | $23.2M | $17.1M |
| Total liabilities | $127.6M | $93.2M | $65.6M | $46.1M | $44.3M | $32.1M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $24,000 | $23,000 | $109,542 | $108,024 | $108,028 | — |
| Retained earnings (deficit) | −$163.4M | −$115.7M | −$74.9M | −$44.8M | −$24.2M | — |
| Accumulated other comprehensive income | — | −$535,405 | — | — | — | $58.7M |
| Total shareholders' equity | $74.9M | $81.3M | $82.1M | $76.0M | $62.6M | $58.7M |
| Key figures | ||||||
| Total debt | $68.5M | $53.7M | $35.8M | $18.9M | $34.1M | $35.3M |
| Net cash (debt) | −$48.1M | −$39.1M | −$21.4M | $2.3M | −$16.1M | −$29.2M |
| Working capital | $5.7M | $7.8M | $6.6M | $7.1M | $6.1M | −$1.6M |
| Tangible book value | −$19.2M | −$15.2M | $7.3M | $9.5M | $5.0M | −$983,175 |
| Book value per share | $2.59 | $0.73 | $0.76 | $0.70 | $0.58 | $0.54 |
| Shares outstanding | 28.9M | 111.8M | 108.6M | 108.1M | 108.2M | 108.2M |
| Current ratio | 1.11 | 1.21 | 1.22 | 1.25 | 1.29 | 0.89 |
| Quick ratio | 0.82 | 0.90 | 0.98 | 1.16 | 1.27 | 0.87 |
| Debt / equity | 0.91 | 0.66 | 0.44 | 0.25 | 0.54 | 0.60 |
| Equity / assets | 37.0% | 46.6% | 55.6% | 62.3% | 58.6% | 64.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Dec '24 | Jun '24 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $36.9M | $42.9M | $20.4M | $11.1M | $9.8M | $14.5M | $5.5M |
| Cash & equivalents | $36.9M | $42.9M | $20.4M | $11.1M | $9.8M | $14.5M | $5.5M |
| Receivables | $31.3M | $35.1M | $22.9M | $25.5M | $26.4M | $19.4M | $20.2M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $11.7M | $10.6M | $15.3M | $12.6M | $11.4M | $11.7M | $10.5M |
| Total current assets | $79.9M | $88.5M | $58.6M | $49.2M | $47.6M | $45.7M | $36.1M |
| Property, plant & equipment (net) | $28.7M | $27.4M | $19.4M | $18.0M | $19.0M | $19.2M | $21.3M |
| Goodwill & intangible assets | $92.2M | $92.3M | $94.1M | $108.3M | $108.1M | $96.5M | $100.4M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $40.0M | $34.3M | $30.5M | $29.1M | $29.2M | $13.2M | $16.5M |
| Total assets | $240.8M | $242.5M | $202.6M | $204.6M | $203.9M | $174.5M | $174.3M |
| Liabilities | |||||||
| Accounts payable | $20.8M | $17.8M | $6.2M | $5.7M | $6.5M | $4.8M | $6.5M |
| Short-term debt | $15.1M | $15.3M | $14.2M | $13.7M | $13.5M | $10.9M | $10.5M |
| Deferred revenue | $6.2M | $6.1M | — | — | — | — | — |
| Total current liabilities | $49.8M | $51.9M | $52.9M | $50.4M | $47.4M | $37.8M | $33.8M |
| Long-term debt | $32.3M | $34.1M | $37.9M | $41.5M | $43.9M | $26.0M | $28.1M |
| Lease obligations | $30.1M | $28.5M | $21.5M | $19.9M | $21.2M | $21.6M | $23.9M |
| Other long-term liabilities | $47.7M | $47.6M | $36.9M | $31.2M | $31.5M | $29.4M | $32.5M |
| Total liabilities | $129.8M | $133.6M | $127.6M | $123.1M | $122.8M | $93.2M | $94.4M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $28,000 | $28,000 | $24,000 | $23,000 | $116,275 | $23,000 | $112,503 |
| Retained earnings (deficit) | −$185.7M | −$174.9M | −$163.4M | −$146.6M | −$137.8M | −$115.7M | −$96.2M |
| Accumulated other comprehensive income | $834,000 | $863,000 | — | — | — | — | — |
| Total shareholders' equity | $110.9M | $108.9M | $74.9M | $81.5M | $81.0M | $81.3M | $79.9M |
| Key figures | |||||||
| Total debt | $72.3M | $73.1M | $68.5M | $69.5M | $73.2M | $53.7M | $57.7M |
| Net cash (debt) | −$35.3M | −$30.3M | −$48.1M | −$58.4M | −$63.4M | −$39.1M | −$52.2M |
| Working capital | $30.1M | $36.6M | $5.7M | −$1.2M | $176,819 | $7.8M | $2.3M |
| Tangible book value | $18.8M | $16.6M | −$19.2M | −$26.8M | −$27.0M | −$15.2M | −$20.5M |
| Book value per share | $4.45 | $3.76 | $2.59 | $0.94 | $0.82 | $0.82 | $3.33 |
| Shares outstanding | 25.0M | 28.9M | 28.9M | 87.0M | 99.4M | 99.4M | 24.0M |
| Current ratio | 1.60 | 1.70 | 1.11 | 0.98 | 1.00 | 1.21 | 1.07 |
| Quick ratio | 1.37 | 1.50 | 0.82 | 0.73 | 0.76 | 0.90 | 0.76 |
| Debt / equity | 0.65 | 0.67 | 0.91 | 0.85 | 0.90 | 0.66 | 0.72 |
| Equity / assets | 46.1% | 44.9% | 37.0% | 39.8% | 39.8% | 46.6% | 45.8% |
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.
PPHC financial position
At the end of fiscal 2025 (December 31, 2025), Public Policy had total assets of $202.6 million (up 16.1% from a year earlier), total liabilities of $127.6 million and shareholders' equity of $74.9 million. It held $20.4 million in cash and short-term investments against $68.5 million of debt, net debt of $48.1 million. Its current ratio was 1.11. In the latest quarter (ended June 30, 2026) total assets were $240.8 million and equity $110.9 million.
Related: PPHC income statement, PPHC cash flow statement, PPHC key metrics. See the PPHC stock overview for the latest quote and news.
PPHC balance sheet FAQ
What are Public Policy's total assets?
Public Policy reported total assets of $202.6 million at the end of fiscal 2025 (December 31, 2025), compared with $174.5 million a year earlier.
How much debt does Public Policy have?
Public Policy had $68.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.91.
How much cash does Public Policy have?
Public Policy held $20.4 million in cash and short-term investments at the end of fiscal 2025; with $68.5 million of debt that is net debt of $48.1 million.
What is Public Policy's book value?
Public Policy's shareholders' equity (book value) was $74.9 million at the end of fiscal 2025, or $2.59 per share.
What is Public Policy's current ratio?
Public Policy had current assets of $58.6 million and current liabilities of $52.9 million, a current ratio of 1.11 (it can cover its short-term obligations).
How much goodwill does Public Policy have?
Public Policy carried $94.1 million of goodwill and intangible assets, 46.5% of total assets, at the end of fiscal 2025.