Sable Offshore Corp. (SOC) Balance Sheet
SOC balance sheet, FY2025
September 30, 2025 · U.S. dollars$1.74B assets = $1.21B liabilities + $534.3M equity
Both columns are drawn to the same scale: what SOC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SOC financial health
Descriptive bands, not a rating. Fiscal FY2025.
SOC balance sheet trends, FY2020–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $304,223FY2020 | $1.74BFY2025 | +464.3%/yr | |
| Total liabilities | $280,880FY2020 | $1.21BFY2025 | +432.8%/yr | |
| Shareholders’ equity | $23,343FY2020 | $534.3MFY2025 | +644.6%/yr | |
| Cash & short-term investments | $9,014FY2020 | $97.7MFY2025 | +541.2%/yr | |
| Total debt | $43,626FY2020 | $943.4MFY2025 | +636.2%/yr | |
| Net cash (debt) | −$34,612FY2020 | −$845.7MFY2025 | −$845.7M | |
| Working capital | $23,343FY2020 | −$887.7MFY2025 | −$887.7M | |
| Book value per share | $7.63FY2023 | $5.44FY2025 | −15.5%/yr | |
| Current ratio | 1.08FY2020 | 0.13FY2025 | −0.95 | |
| Debt / equity | 1.87FY2020 | 1.77FY2025 | −0.10 | |
| Shares outstanding | 44.4MFY2023 | 98.2MFY2025 | +48.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SOC assets
SOC liabilities and equity
SOC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SOC balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $97.7M | $300.4M | $267,816 | $100,256 | $322,768 | $9,014 |
| Cash & equivalents | $97.7M | $300.4M | $267,816 | $100,256 | $322,768 | $9,014 |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $12.1M | $15.3M | $16.2M | $17.2M | $0 | $0 |
| Other current assets | $25.9M | $39.6M | $0 | $0 | $521,878 | $295,209 |
| Total current assets | $135.7M | $355.3M | $16.2M | $188,468 | $844,646 | $304,223 |
| Property, plant & equipment (net) | $1.56B | $1.21B | $689.0M | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $44.1M | $16.2M | $6.4M | $290.7M | $287.6M | $0 |
| Total assets | $1.74B | $1.58B | $711.6M | $290.9M | $288.4M | $304,223 |
| Liabilities | ||||||
| Accounts payable | $25.2M | $16.8M | $3.2M | $4.6M | $275,500 | $237,254 |
| Short-term debt | $924.1M | $918,000 | $8.7M | $1.8M | $956,115 | $43,626 |
| Deferred revenue | — | — | −$7.0M | −$4.3M | −$275,500 | −$237 |
| Total current liabilities | $1.02B | $120.7M | $17.9M | $6.7M | $1.2M | $280,880 |
| Long-term debt | $0 | $833.5M | $0 | $0 | $0 | $0 |
| Lease obligations | $21.8M | $17.9M | $6.7M | — | — | — |
| Other long-term liabilities | $183.1M | $244.8M | $354.7M | $12.1M | $12.6M | $0 |
| Total liabilities | $1.21B | $1.20B | $372.6M | $18.9M | $13.9M | $280,880 |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $15,000 | $8,000 | $63.5M | $290.3M | $287.5M | $719 |
| Retained earnings (deficit) | −$1.11B | −$698.3M | −$55.6M | −$18.3M | −$12.9M | −$1,657 |
| Accumulated other comprehensive income | — | $0 | — | — | — | $0 |
| Total shareholders' equity | $534.3M | $384.2M | $339.0M | $272.0M | $274.6M | $23,343 |
| Key figures | ||||||
| Total debt | $943.4M | $851.4M | $14.2M | $1.8M | $956,115 | $43,626 |
| Net cash (debt) | −$845.7M | −$551.1M | −$13.9M | −$1.7M | −$633,347 | −$34,612 |
| Working capital | −$887.7M | $234.6M | −$1.7M | −$6.5M | −$386,969 | $23,343 |
| Tangible book value | $534.3M | $384.2M | $339.0M | $272.0M | $274.6M | $23,343 |
| Book value per share | $5.44 | $4.30 | $7.63 | — | — | — |
| Shares outstanding | 98.2M | 89.3M | 44.4M | — | — | — |
| Current ratio | 0.13 | 2.94 | 0.91 | 0.03 | 0.69 | 1.08 |
| Quick ratio | 0.10 | 2.49 | 0.01 | 0.01 | 0.26 | 0.03 |
| Debt / equity | 1.77 | 2.22 | 0.04 | 0.01 | 0.00 | 1.87 |
| Equity / assets | 30.7% | 24.3% | 47.6% | 93.5% | 95.2% | 7.7% |
| 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 | $21.6M | $52.2M | $97.7M | $41.6M | $247.1M | $189.0M | $300.4M | $288.2M | $112.1M | $209.1M | $267,816 | $709,450 |
| Cash & equivalents | $21.6M | $52.2M | $97.7M | $41.6M | $247.1M | $189.0M | $300.4M | $288.2M | $112.1M | $209.1M | $267,816 | $709,450 |
| Receivables | $50.1M | $1.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $11.6M | $6.3M | $26.7M | $25.1M | $20.5M | $15.1M | $15.3M | $15.8M | $16.6M | $16.6M | $0 | $0 |
| Other current assets | $24.1M | $25.0M | $11.3M | $11.3M | $40.6M | $41.0M | $39.6M | $40.1M | $38.4M | $3.4M | $96,601 | $246,392 |
| Total current assets | $107.3M | $85.0M | $135.7M | $78.0M | $308.2M | $245.1M | $355.3M | $344.1M | $167.1M | $229.1M | $364,417 | $955,842 |
| Property, plant & equipment (net) | $1.61B | $1.60B | $1.56B | $1.53B | $1.43B | $1.28B | $1.21B | $1.11B | $1.07B | $1.06B | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $42.9M | $43.4M | $44.1M | $39.1M | $36.8M | $34.5M | $16.2M | $17.7M | $5.5M | $5.8M | $63.6M | $63.9M |
| Total assets | $1.76B | $1.73B | $1.74B | $1.65B | $1.77B | $1.56B | $1.58B | $1.47B | $1.24B | $1.30B | $63.9M | $64.9M |
| Liabilities | ||||||||||||
| Accounts payable | $54.5M | $37.7M | $25.2M | $53.3M | $62.2M | $56.1M | $16.8M | $22.8M | $4.8M | $78.0M | $7.0M | $6.2M |
| Short-term debt | $236.7M | $956.3M | $924.1M | $898.0M | $876.7M | $1.0M | $918,000 | $361,000 | — | — | $7.5M | $3.8M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | −$7.0M | −$5.4M |
| Total current liabilities | $446.4M | $1.08B | $1.02B | $1.06B | $1.06B | $146.9M | $120.7M | $98.3M | $61.3M | $81.8M | $16.8M | $13.0M |
| Long-term debt | $732.1M | $0 | $0 | $0 | $0 | $854.6M | $833.5M | $814.4M | $790.4M | $771.2M | $0 | $0 |
| Lease obligations | $21.6M | $23.2M | $21.8M | $19.9M | $18.6M | $18.2M | $17.9M | $17.2M | $5.1M | $5.4M | — | — |
| Other long-term liabilities | $188.2M | $230.2M | $183.1M | $239.9M | $264.0M | $280.0M | $244.8M | $392.9M | $267.2M | $178.3M | $39.2M | $15.2M |
| Total liabilities | $1.37B | $1.31B | $1.21B | $1.30B | $1.33B | $1.28B | $1.20B | $1.31B | $1.12B | $1.03B | $56.0M | $28.2M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $16,000 | $16,000 | $15,000 | $10,000 | $10,000 | $8,000 | $8,000 | $7,000 | $6,000 | $6,000 | $63.5M | $63.1M |
| Retained earnings (deficit) | −$1.37B | −$1.31B | −$1.11B | −$1.05B | −$935.9M | −$807.8M | −$698.3M | −$682.1M | −$426.6M | −$261.1M | −$55.6M | −$26.4M |
| Accumulated other comprehensive income | — | — | — | — | — | — | $0 | — | — | $0 | — | — |
| Total shareholders' equity | $395.0M | $421.9M | $534.3M | $348.1M | $445.6M | $280.7M | $384.2M | $167.5M | $122.0M | $264.6M | $7.9M | $36.7M |
| Key figures | ||||||||||||
| Total debt | $968.8M | $956.3M | $943.4M | $916.5M | $894.2M | $872.8M | $851.4M | $831.6M | $790.4M | $771.2M | $7.5M | $3.8M |
| Net cash (debt) | −$947.2M | −$904.1M | −$845.7M | −$874.9M | −$647.0M | −$683.8M | −$551.1M | −$543.4M | −$678.3M | −$562.1M | −$7.2M | −$3.1M |
| Working capital | −$339.0M | −$992.8M | −$887.7M | −$983.7M | −$754.2M | $98.1M | $234.6M | $245.9M | $105.8M | $147.4M | −$16.4M | −$12.1M |
| Tangible book value | $395.0M | $421.9M | $534.3M | $348.1M | $445.6M | $280.7M | $384.2M | $167.5M | $122.0M | $264.6M | $7.9M | $36.7M |
| Book value per share | $2.57 | $2.94 | $5.44 | $3.82 | $4.88 | $3.32 | $4.30 | $2.69 | $2.03 | $4.40 | $0.18 | $0.83 |
| Shares outstanding | 153.5M | 143.7M | 98.2M | 91.2M | 91.2M | 84.4M | 89.3M | 62.2M | 60.2M | 60.2M | 44.4M | 44.4M |
| Current ratio | 0.24 | 0.08 | 0.13 | 0.07 | 0.29 | 1.67 | 2.94 | 3.50 | 2.73 | 2.80 | 0.02 | 0.07 |
| Quick ratio | 0.16 | 0.05 | 0.10 | 0.04 | 0.23 | 1.29 | 2.49 | 2.93 | 1.83 | 2.56 | 0.02 | 0.05 |
| Debt / equity | 2.45 | 2.27 | 1.77 | 2.63 | 2.01 | 3.11 | 2.22 | 4.96 | 6.48 | 2.91 | 0.95 | 0.10 |
| Equity / assets | 22.4% | 24.4% | 30.7% | 21.1% | 25.1% | 18.0% | 24.3% | 11.4% | 9.8% | 20.4% | 12.4% | 56.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
SOC financial position
At the end of fiscal 2025 (September 30, 2025), Sable Offshore had total assets of $1.7 billion (up 10.0% from a year earlier), total liabilities of $1.2 billion and shareholders' equity of $534.3 million. It held $97.7 million in cash and short-term investments against $943.4 million of debt, net debt of $845.7 million. Its current ratio was 0.13. In the latest quarter (ended June 30, 2026) total assets were $1.8 billion and equity $395.0 million.
Related: SOC income statement, SOC cash flow statement, SOC key metrics. See the SOC stock overview for the latest quote and news.
SOC balance sheet FAQ
What are Sable Offshore's total assets?
Sable Offshore reported total assets of $1.7 billion at the end of fiscal 2025 (September 30, 2025), compared with $1.6 billion a year earlier.
How much debt does Sable Offshore have?
Sable Offshore had $943.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.77.
How much cash does Sable Offshore have?
Sable Offshore held $97.7 million in cash and short-term investments at the end of fiscal 2025; with $943.4 million of debt that is net debt of $845.7 million.
What is Sable Offshore's book value?
Sable Offshore's shareholders' equity (book value) was $534.3 million at the end of fiscal 2025, or $5.44 per share.
What is Sable Offshore's current ratio?
Sable Offshore had current assets of $135.7 million and current liabilities of $1.0 billion, a current ratio of 0.13 (current liabilities exceed current assets).