Rand Capital Corporation (RAND) Balance Sheet
RAND balance sheet, 2025
December 31, 2025 · U.S. dollars$53.2M assets = $1.0M liabilities + $52.2M equity
Both columns are drawn to the same scale: what RAND owns equals what it owes plus shareholders’ equity. Hover a block for its value.
RAND financial health
Current ratio7.26
Comfortable · current assets cover current liabilities 7.26×
Equity / assets98.1%
Equity-funded · of assets funded by shareholders
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
RAND balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $42.4M2016 | $53.2M2025 | +2.5%/yr | |
| Total liabilities | $9.8M2016 | $1.0M2025 | −22.3%/yr | |
| Shareholders’ equity | $32.6M2016 | $52.2M2025 | +5.4%/yr | |
| Cash & short-term investments | $12.3M2016 | $4.2M2025 | −11.2%/yr | |
| Total debt | $15.7M2016 | $600,0002024 | −33.5%/yr | |
| Net cash (debt) | −$3.4M2016 | $234,8052024 | +$3.6M | |
| Working capital | $12.2M2016 | $3.9M2025 | −$8.3M | |
| Book value per share | $46.422016 | $17.722025 | −10.1%/yr | |
| Current ratio | 34.362016 | 7.262025 | −27.10 | |
| Debt / equity | 0.482016 | 0.012024 | −0.47 | |
| Shares outstanding | 703K2016 | 2.9M2025 | +17.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RAND assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
RAND liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
RAND debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
RAND balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $4.2M | $834,805 | $3.3M | $1.4M | $833,875 | $20.4M | $25.8M | $4.0M | $6.3M | $12.3M |
| Cash & equivalents | $4.2M | $834,805 | $3.3M | $1.4M | $833,875 | $20.4M | $25.8M | $4.0M | $6.3M | $12.3M |
| Short-term investments | — | — | — | $3.5M | $30.3M | — | — | — | — | — |
| Receivables | $168,039 | $393,584 | $329,690 | $379,976 | $299,532 | $323,886 | $399,353 | $156,960 | $271,412 | $1.5M |
| Inventory | $0 | $0 | $0 | $1 | $1 | $0 | $1 | $0 | $0 | $0 |
| Other current assets | $132,290 | $346,342 | $144,580 | $87,300 | $0 | $229,140 | $0 | $0 | $0 | $0 |
| Total current assets | $4.5M | $1.6M | $3.8M | $1.8M | $1.1M | $20.9M | $26.2M | $4.2M | $6.5M | $12.6M |
| Property, plant & equipment (net) | $0 | $0 | $77.2M | −$28,160 | −$181,003 | $0 | −$1.2M | $262 | $2,490 | $6,523 |
| Goodwill & intangible assets | $0 | $0 | $0 | $379,976 | $299,532 | $0 | $399,353 | $156,960 | $271,412 | $324,237 |
| Long-term investments | $48.5M | $70.8M | $77.1M | $61.5M | $64.1M | $40.0M | $37.0M | $34.7M | $32.3M | $27.5M |
| Other non-current assets | $205,539 | $64,661 | $0 | $0 | $324,456 | $0 | $2.4M | $1.5M | $1.1M | $2.0M |
| Total assets | $53.2M | $72.5M | $81.0M | $63.5M | $65.6M | $61.0M | $64.8M | $40.5M | $40.1M | $42.4M |
| Liabilities | ||||||||||
| Accounts payable | $101,975 | $2.3M | $145,516 | $66,680 | $51,689 | $3.6M | $338,437 | $370,758 | $322,348 | $1.6M |
| Short-term debt | — | — | $16.2M | $2.5M | $357,198 | $3.5M | $300,854 | $298,422 | $7.9M | $7.8M |
| Deferred revenue | — | — | −$16.1M | $413,971 | $408,887 | $153,895 | $37,583 | $72,336 | $37,707 | $46,797 |
| Total current liabilities | $621,262 | $2.3M | $1.1M | $66,680 | $51,689 | $3.6M | $338,437 | $370,758 | $799,754 | $366,805 |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $10.8M | $8.6M | $7.9M | $7.8M |
| Other long-term liabilities | $390,597 | $4.9M | $16.8M | $5.7M | $4.2M | $11.3M | $3 | $72,339 | $3 | $1.6M |
| Total liabilities | $1.0M | $7.1M | $20.2M | $5.8M | $51,689 | $14.9M | $11.2M | $9.0M | $8.2M | $9.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $303,771 | $264,892 | $264,892 | $264,892 | $264,892 | $264,892 | $1.5M | $686,304 | $686,304 | $686,304 |
| Retained earnings (deficit) | −$10.6M | $2.5M | $6.3M | $7.6M | $10.4M | −$4.6M | −$1.8M | −$1.7M | −$1.6M | −$1.6M |
| Treasury stock | — | — | — | — | — | — | −$1.5M | −$1.5M | −$1.5M | −$1.5M |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | $21.2M | $26.2M | $23.7M | $24.4M |
| Total shareholders' equity | $52.2M | $65.3M | $60.8M | $57.7M | $65.6M | $46.1M | $53.6M | $31.5M | $31.9M | $32.6M |
| Key figures | ||||||||||
| Total debt | — | $600,000 | $16.2M | $2.5M | $357,198 | $10.8M | $11.1M | $8.9M | $15.7M | $15.7M |
| Net cash (debt) | — | $234,805 | −$13.0M | −$1.2M | $476,677 | $9.5M | $14.7M | −$4.8M | −$9.4M | −$3.4M |
| Working capital | $3.9M | −$685,895 | $2.6M | $1.8M | $1.1M | $17.3M | $25.9M | $3.8M | $5.7M | $12.2M |
| Tangible book value | $52.2M | $65.3M | $60.8M | $57.3M | $65.3M | $46.1M | $53.2M | $31.4M | $31.6M | $32.3M |
| Book value per share | $17.72 | $25.31 | $23.56 | $22.36 | $25.41 | $20.33 | $64.08 | $44.88 | $45.44 | $46.42 |
| Shares outstanding | 2.9M | 2.6M | 2.6M | 2.6M | 2.6M | 2.3M | 837K | 702K | 702K | 703K |
| Current ratio | 7.26 | 0.70 | 3.35 | 27.54 | 21.93 | 5.80 | 77.46 | 11.30 | 8.12 | 34.36 |
| Quick ratio | 7.05 | 0.54 | 3.22 | 26.23 | 21.93 | 5.74 | 77.46 | 11.30 | 8.17 | 37.46 |
| Debt / equity | — | 0.01 | 0.27 | 0.04 | 0.01 | 0.23 | 0.21 | 0.28 | 0.49 | 0.48 |
| Equity / assets | 98.1% | 90.2% | 75.1% | 90.9% | 99.9% | 75.6% | 82.8% | 77.8% | 79.5% | 76.9% |
| 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 | $429,639 | $330,550 | $4.2M | $9.5M | $4.4M | $4.9M | $834,805 | $3.4M | $2.3M | $759,183 | $3.3M | $3.5M |
| Cash & equivalents | $429,639 | $330,550 | $4.2M | $9.5M | $4.4M | $4.9M | $834,805 | $3.4M | $2.3M | $759,183 | $3.3M | $3.5M |
| Receivables | $231,192 | $244,962 | $168,039 | $183,737 | $270,263 | $256,398 | $393,584 | $738,748 | $947,481 | $449,410 | $329,690 | $599,322 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $1 | $0 | $1 |
| Other current assets | $413,000 | $119,838 | $132,290 | $209,089 | $423,771 | $413,264 | $346,342 | $234,555 | $228,341 | $225,346 | $144,580 | $0 |
| Total current assets | $1.1M | $695,350 | $4.5M | $9.9M | $5.1M | $5.6M | $1.6M | $4.3M | $3.5M | $1.4M | $3.8M | $3.7M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $56.5M | $51.5M | $48.5M | $44.3M | $52.4M | $62.2M | $70.8M | $75.0M | $87.1M | $82.8M | $77.1M | $74.7M |
| Other non-current assets | $85,929 | $276,212 | $205,539 | $365,343 | $161,438 | $61,136 | $64,661 | $436,515 | $249,053 | $147,065 | $126,679 | $638,432 |
| Total assets | $57.7M | $52.5M | $53.2M | $54.6M | $57.6M | $67.8M | $72.5M | $79.8M | $90.8M | $84.4M | $81.0M | $79.0M |
| Liabilities | ||||||||||||
| Accounts payable | $85,575 | $99,873 | $101,975 | $64,976 | $38,600 | $45,676 | $2.3M | $104,381 | $108,358 | $272,086 | $145,516 | $169,995 |
| Short-term debt | $5.1M | — | — | — | — | — | — | — | −$566,423 | −$272,086 | — | $169,995 |
| Deferred revenue | $467,155 | $427,307 | — | $366,073 | $377,485 | $428,663 | — | $513,619 | $566,423 | $619,225 | — | $561,524 |
| Total current liabilities | $6.2M | $632,464 | $621,262 | $592,201 | $548,100 | $45,676 | $2.3M | $104,381 | $108,358 | $272,086 | $145,516 | $591,101 |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $5.4M | $927,307 | $390,597 | $366,073 | $377,485 | $2.5M | $4.9M | $9.2M | $22.1M | $22.5M | $20.1M | $17.1M |
| Total liabilities | $6.2M | $1.6M | $1.0M | $958,274 | $925,585 | $2.5M | $7.1M | $9.4M | $22.2M | $22.8M | $20.2M | $17.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $303,771 | $303,771 | $303,771 | $303,771 | $303,771 | $303,771 | $264,892 | $264,892 | $264,892 | $264,892 | $264,892 | $264,892 |
| Retained earnings (deficit) | −$11.3M | −$11.8M | −$10.6M | −$9.2M | −$6.1M | $2.5M | $2.5M | $15.9M | $14.1M | $7.1M | $6.3M | $11.2M |
| Accumulated other comprehensive income | — | — | — | — | $0 | — | — | — | $0 | $0 | $0 | $0 |
| Total shareholders' equity | $51.5M | $51.0M | $52.2M | $53.6M | $56.7M | $65.3M | $65.3M | $70.4M | $68.6M | $61.6M | $60.8M | $61.4M |
| Key figures | ||||||||||||
| Total debt | $5.1M | $500,000 | — | — | — | — | $600,000 | $3.9M | $17.2M | $19.2M | $16.2M | $13.8M |
| Net cash (debt) | −$4.7M | −$169,450 | — | — | — | — | $234,805 | −$547,266 | −$14.9M | −$18.4M | −$13.0M | −$10.3M |
| Working capital | −$5.1M | $62,886 | $3.9M | $9.3M | $4.6M | $5.6M | −$685,895 | $4.2M | $3.4M | $1.2M | $3.6M | $3.1M |
| Tangible book value | $51.5M | $51.0M | $52.2M | $53.6M | $56.7M | $65.3M | $65.3M | $70.4M | $68.6M | $61.6M | $60.8M | $61.4M |
| Book value per share | $17.33 | $17.16 | $17.72 | $18.06 | $19.10 | $22.76 | $25.31 | $27.29 | $26.56 | $23.85 | $23.56 | $23.77 |
| Shares outstanding | 3.0M | 3.0M | 2.9M | 3.0M | 3.0M | 2.9M | 2.6M | 2.6M | 2.6M | 2.6M | 2.6M | 2.6M |
| Current ratio | 0.17 | 1.10 | 7.26 | 16.69 | 9.33 | 122.67 | 0.70 | 41.44 | 32.01 | 5.27 | 25.90 | 6.29 |
| Quick ratio | 0.11 | 0.91 | 7.05 | 16.34 | 8.56 | 113.62 | 0.54 | 39.20 | 29.91 | 4.44 | 24.91 | 6.90 |
| Debt / equity | 0.10 | 0.01 | — | — | — | — | 0.01 | 0.06 | 0.25 | 0.31 | 0.27 | 0.22 |
| Equity / assets | 89.2% | 97.0% | 98.1% | 98.2% | 98.4% | 96.3% | 90.2% | 88.3% | 75.5% | 73.0% | 75.1% | 77.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 5, 2026); data from EODHD.
RAND financial position
At the end of fiscal 2025 (December 31, 2025), Rand Capital had total assets of $53.2 million (down 26.6% from a year earlier), total liabilities of $1.0 million and shareholders' equity of $52.2 million. Its current ratio was 7.26. In the latest quarter (ended June 30, 2026) total assets were $57.7 million and equity $51.5 million.
Related: RAND income statement, RAND cash flow statement, RAND key metrics. See the RAND stock overview for the latest quote and news.
RAND balance sheet FAQ
What are Rand Capital's total assets?
Rand Capital reported total assets of $53.2 million at the end of fiscal 2025 (December 31, 2025), compared with $72.5 million a year earlier.
How much cash does Rand Capital have?
Rand Capital held $4.2 million in cash and short-term investments at the end of fiscal 2025.
What is Rand Capital's book value?
Rand Capital's shareholders' equity (book value) was $52.2 million at the end of fiscal 2025, or $17.72 per share.
What is Rand Capital's current ratio?
Rand Capital had current assets of $4.5 million and current liabilities of $0.6 million, a current ratio of 7.26 (it can cover its short-term obligations).