Reformation Inc. (REF) Balance Sheet
REF balance sheet, 2025
December 31, 2025 · U.S. dollars$937.9M assets = $497.1M liabilities + $440.8M equity
Both columns are drawn to the same scale: what REF owns equals what it owes plus shareholders’ equity. Hover a block for its value.
REF financial health
Descriptive bands, not a rating. Fiscal 2025.
REF balance sheet trends, 2024–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $873.8M2024 | $937.9M2025 | +7.3%/yr | |
| Total liabilities | $447.2M2024 | $497.1M2025 | +11.2%/yr | |
| Shareholders’ equity | $426.6M2024 | $440.8M2025 | +3.3%/yr | |
| Cash & short-term investments | $87.7M2024 | $65.5M2025 | −25.3%/yr | |
| Total debt | $155.0M2024 | $339.5M2025 | +119.0%/yr | |
| Net cash (debt) | −$67.3M2024 | −$274.0M2025 | −$206.7M | |
| Working capital | $82.6M2024 | $54.8M2025 | −$27.8M | |
| Book value per share | $7.222024 | $8.602025 | +19.0%/yr | |
| Current ratio | 2.012024 | 1.522025 | −0.49 | |
| Debt / equity | 0.362024 | 0.772025 | +0.41 | |
| Shares outstanding | 59.1M2024 | 51.3M2025 | −13.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
REF assets
REF liabilities and equity
REF debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
REF balance sheet
| 2025 | 2024 | |
|---|---|---|
| Assets | ||
| Cash & short-term investments | $65.5M | $87.7M |
| Cash & equivalents | $65.5M | $87.7M |
| Receivables | $18.4M | $12.3M |
| Inventory | $60.6M | $51.9M |
| Other current assets | $16.4M | $12.4M |
| Total current assets | $160.9M | $164.3M |
| Property, plant & equipment (net) | $251.0M | $184.6M |
| Goodwill & intangible assets | $519.9M | $520.8M |
| Long-term investments | $0 | $0 |
| Other non-current assets | $6.0M | $4.1M |
| Total assets | $937.9M | $873.8M |
| Liabilities | ||
| Accounts payable | $7.7M | $4.9M |
| Short-term debt | $24.9M | — |
| Deferred revenue | $6.7M | — |
| Total current liabilities | $106.1M | $81.7M |
| Long-term debt | $147.7M | $155.0M |
| Lease obligations | $183.5M | $147.6M |
| Other long-term liabilities | $243.2M | $210.4M |
| Total liabilities | $497.1M | $447.2M |
| Shareholders' equity | ||
| Common stock & paid-in capital | $4,000 | — |
| Retained earnings (deficit) | $82.5M | $69.9M |
| Accumulated other comprehensive income | $25,000 | — |
| Total shareholders' equity | $440.8M | $426.6M |
| Key figures | ||
| Total debt | $339.5M | $155.0M |
| Net cash (debt) | −$274.0M | −$67.3M |
| Working capital | $54.8M | $82.6M |
| Tangible book value | −$79.1M | −$94.1M |
| Book value per share | $8.60 | $7.22 |
| Shares outstanding | 51.3M | 59.1M |
| Current ratio | 1.52 | 2.01 |
| Quick ratio | 0.79 | 1.22 |
| Debt / equity | 0.77 | 0.36 |
| Equity / assets | 47.0% | 48.8% |
| Jun '26 | Mar '26 | |
|---|---|---|
| Assets | ||
| Cash & short-term investments | $76.6M | $41.2M |
| Cash & equivalents | $76.6M | $41.2M |
| Receivables | $29.5M | $31.8M |
| Inventory | $81.8M | $70.8M |
| Other current assets | $22.9M | $17.4M |
| Total current assets | $210.8M | $161.3M |
| Property, plant & equipment (net) | $266.2M | $256.5M |
| Goodwill & intangible assets | $519.5M | $519.7M |
| Long-term investments | $0 | $0 |
| Other non-current assets | $8.7M | $7.2M |
| Total assets | $1.01B | $944.7M |
| Liabilities | ||
| Accounts payable | $6.3M | $3.0M |
| Short-term debt | $18.4M | $25.0M |
| Deferred revenue | $7.6M | $6.8M |
| Total current liabilities | $133.7M | $102.4M |
| Long-term debt | $239.9M | $145.9M |
| Lease obligations | $193.8M | $187.8M |
| Other long-term liabilities | $254.8M | $243.8M |
| Total liabilities | $628.4M | $492.1M |
| Shareholders' equity | ||
| Common stock & paid-in capital | $5,000 | $4,000 |
| Retained earnings (deficit) | $1.3M | $70.3M |
| Accumulated other comprehensive income | −$537,000 | −$157,000 |
| Total shareholders' equity | $376.7M | $452.6M |
| Key figures | ||
| Total debt | $435.3M | $341.9M |
| Net cash (debt) | −$358.7M | −$300.7M |
| Working capital | $77.1M | $58.9M |
| Tangible book value | −$142.8M | −$67.1M |
| Book value per share | $7.12 | $9.09 |
| Shares outstanding | 52.9M | 49.8M |
| Current ratio | 1.58 | 1.57 |
| Quick ratio | 0.79 | 0.71 |
| Debt / equity | 1.16 | 0.76 |
| Equity / assets | 37.5% | 47.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed June 25, 2026); data from EODHD.
REF financial position
At the end of fiscal 2025 (December 31, 2025), Reformation had total assets of $937.9 million (up 7.3% from a year earlier), total liabilities of $497.1 million and shareholders' equity of $440.8 million. It held $65.5 million in cash and short-term investments against $339.5 million of debt, net debt of $274.0 million. Its current ratio was 1.52. In the latest quarter (ended June 30, 2026) total assets were $1.0 billion and equity $376.7 million.
Related: REF income statement, REF cash flow statement, REF key metrics. See the REF stock overview for the latest quote and news.
REF balance sheet FAQ
What are Reformation's total assets?
Reformation reported total assets of $937.9 million at the end of fiscal 2025 (December 31, 2025), compared with $873.8 million a year earlier.
How much debt does Reformation have?
Reformation had $339.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.77.
How much cash does Reformation have?
Reformation held $65.5 million in cash and short-term investments at the end of fiscal 2025; with $339.5 million of debt that is net debt of $274.0 million.
What is Reformation's book value?
Reformation's shareholders' equity (book value) was $440.8 million at the end of fiscal 2025, or $8.60 per share.
What is Reformation's current ratio?
Reformation had current assets of $160.9 million and current liabilities of $106.1 million, a current ratio of 1.52 (it can cover its short-term obligations).
How much goodwill does Reformation have?
Reformation carried $519.9 million of goodwill and intangible assets, 55.4% of total assets, at the end of fiscal 2025.