Sterling Infrastructure, Inc. (STRL) Balance Sheet
STRL balance sheet, 2025
December 31, 2025 · U.S. dollars$2.63B assets = $1.53B liabilities + $1.11B equity
Both columns are drawn to the same scale: what STRL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
STRL financial health
Descriptive bands, not a rating. Fiscal 2025.
STRL balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $301.8M2016 | $2.63B2025 | +27.2%/yr | |
| Total liabilities | $193.7M2016 | $1.53B2025 | +25.8%/yr | |
| Shareholders’ equity | $107.4M2016 | $1.11B2025 | +29.6%/yr | |
| Cash & short-term investments | $44.8M2016 | $390.7M2025 | +27.2%/yr | |
| Total debt | $5.4M2016 | $349.9M2025 | +59.0%/yr | |
| Net cash (debt) | $39.4M2016 | $40.8M2025 | +$1.4M | |
| Working capital | $29.3M2016 | $12.0M2025 | −$17.3M | |
| Book value per share | $4.642016 | $35.822025 | +25.5%/yr | |
| Current ratio | 1.202016 | 1.012025 | −0.19 | |
| Debt / equity | 0.052016 | 0.322025 | +0.27 | |
| Shares outstanding | 23.1M2016 | 30.9M2025 | +3.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
STRL assets
STRL liabilities and equity
STRL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
STRL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $390.7M | $664.2M | $471.6M | $185.3M | $64.8M | $72.7M | $50.5M | $98.0M | $86.6M | $44.8M |
| Cash & equivalents | $390.7M | $664.2M | $471.6M | $185.3M | $64.8M | $72.7M | $50.5M | $98.0M | $86.6M | $44.8M |
| Short-term investments | — | — | — | — | — | — | — | — | $3.6M | $2.0M |
| Receivables | $501.2M | $340.3M | $358.5M | $386.6M | $285.8M | $279.1M | $272.7M | $197.3M | $182.4M | $124.0M |
| Inventory | $0 | $0 | $0 | $0 | $1 | $1 | $1 | $3.2M | $4.6M | $3.7M |
| Other current assets | $142.6M | $17.4M | $17.9M | $25.4M | $84.1M | $9.8M | $34.2M | $4.2M | $4.9M | $3.4M |
| Total current assets | $1.03B | $1.02B | $848.0M | $597.3M | $434.7M | $361.5M | $357.5M | $302.6M | $278.5M | $175.9M |
| Property, plant & equipment (net) | $336.4M | $289.5M | $300.9M | $274.9M | $213.4M | $143.2M | $130.0M | $52.0M | $54.4M | $68.1M |
| Goodwill & intangible assets | $1.14B | $581.0M | $609.5M | $561.8M | $561.5M | $436.9M | $448.2M | $127.6M | $130.0M | $109.6M |
| Long-term investments | $105.8M | $107.4M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $17.2M | $35.2M | $45.7M | $35.0M | $52.1M | $40.8M | $14.0M | $309,000 | $317,000 | $0 |
| Total assets | $2.63B | $2.03B | $1.80B | $1.47B | $1.26B | $982.4M | $949.8M | $482.6M | $463.3M | $301.8M |
| Liabilities | ||||||||||
| Accounts payable | $226.8M | $130.4M | $146.0M | $121.9M | $112.7M | $95.2M | $137.6M | $99.4M | $97.5M | $67.0M |
| Short-term debt | $33.8M | $46.9M | $46.2M | $52.3M | $29.9M | $85.0M | $49.6M | $2.9M | $4.0M | $3.8M |
| Deferred revenue | $652.4M | $508.8M | $444.2M | $239.3M | $118.7M | $114.0M | $57.8M | $62.4M | $62.4M | $64.1M |
| Total current liabilities | $1.02B | $742.0M | $678.2M | $446.6M | $351.8M | $321.9M | $293.5M | $179.2M | $182.3M | $146.6M |
| Long-term debt | $275.9M | $289.9M | $315.0M | $398.7M | $428.6M | $291.2M | $390.6M | $79.1M | $86.2M | $1.5M |
| Lease obligations | $58.9M | $53.0M | $57.4M | $59.8M | $24.7M | $16.5M | $14.1M | — | — | — |
| Other long-term liabilities | $229.0M | $176.6M | $187.0M | $145.8M | $121.1M | $100.5M | $71.7M | $52.0M | $48.7M | $45.6M |
| Total liabilities | $1.53B | $1.21B | $1.18B | $991.1M | $901.4M | $713.7M | $728.6M | $310.3M | $317.1M | $193.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $315,000 | $312,000 | $309,000 | $306,000 | $298,000 | $283,000 | $283,000 | $271,000 | $231.5M | $209.2M |
| Retained earnings (deficit) | $872.6M | $582.5M | $325.0M | $186.4M | $79.9M | $17.3M | −$25.0M | −$64.9M | −$90.1M | −$101.7M |
| Treasury stock | — | — | — | — | — | −$1.4M | −$6.1M | −$4.7M | $0 | $0 |
| Accumulated other comprehensive income | — | — | $0 | $0 | −$1.7M | −$5.3M | −$209,000 | −$109.1M | −$98.6M | −$93.1M |
| Minority interest | −$2.1M | $18.4M | $4.9M | $3.2M | $1.5M | $1.5M | $1.3M | $7.9M | $4.9M | $656,000 |
| Total shareholders' equity | $1.11B | $808.1M | $618.9M | $474.6M | $358.8M | $267.3M | $219.9M | $164.4M | $141.3M | $107.4M |
| Key figures | ||||||||||
| Total debt | $349.9M | $369.3M | $398.9M | $491.2M | $471.5M | $385.2M | $447.2M | $82.0M | $90.1M | $5.4M |
| Net cash (debt) | $40.8M | $294.9M | $72.7M | −$305.9M | −$406.7M | −$312.5M | −$396.6M | $16.0M | −$3.6M | $39.4M |
| Working capital | $12.0M | $279.9M | $169.8M | $150.6M | $82.9M | $39.7M | $64.0M | $123.4M | $96.2M | $29.3M |
| Tangible book value | −$31.4M | $227.1M | $9.4M | −$87.2M | −$202.7M | −$169.6M | −$228.3M | $36.8M | $11.3M | −$2.2M |
| Book value per share | $35.82 | $25.94 | $19.83 | $15.53 | $12.33 | $9.48 | $8.11 | $6.05 | $5.29 | $4.64 |
| Shares outstanding | 30.9M | 31.1M | 31.2M | 30.6M | 29.1M | 28.2M | 27.1M | 27.2M | 26.7M | 23.1M |
| Current ratio | 1.01 | 1.38 | 1.25 | 1.34 | 1.24 | 1.12 | 1.22 | 1.69 | 1.53 | 1.20 |
| Quick ratio | 0.87 | 1.35 | 1.22 | 1.28 | 1.00 | 1.09 | 1.10 | 1.65 | 1.48 | 1.15 |
| Debt / equity | 0.32 | 0.46 | 0.64 | 1.03 | 1.31 | 1.44 | 2.03 | 0.50 | 0.64 | 0.05 |
| Equity / assets | 42.1% | 39.7% | 34.3% | 32.3% | 28.4% | 27.2% | 23.2% | 34.1% | 30.5% | 35.6% |
| 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 | $464.5M | $511.9M | $390.7M | $306.4M | $699.4M | $638.6M | $664.2M | $648.1M | $540.0M | $480.4M | $471.6M | $409.4M |
| Cash & equivalents | $464.5M | $511.9M | $390.7M | $306.4M | $699.4M | $638.6M | $664.2M | $648.1M | $540.0M | $480.4M | $471.6M | $409.4M |
| Receivables | $933.9M | $652.9M | $501.2M | $604.0M | $409.9M | $341.4M | $340.3M | $417.4M | $457.3M | $380.6M | $358.5M | $448.3M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $0 | $0 |
| Other current assets | $30.3M | $30.0M | $142.6M | $52.8M | $23.0M | $17.7M | $17.4M | $18.1M | $19.5M | $17.9M | $17.9M | $18.3M |
| Total current assets | $1.43B | $1.19B | $1.03B | $963.1M | $1.13B | $997.7M | $1.02B | $1.08B | $1.02B | $878.9M | $848.0M | $876.0M |
| Property, plant & equipment (net) | $374.8M | $338.2M | $336.4M | $332.3M | $289.3M | $292.9M | $289.5M | $325.3M | $327.2M | $314.0M | $300.9M | $289.6M |
| Goodwill & intangible assets | $1.28B | $1.13B | $1.14B | $1.14B | $612.8M | $617.4M | $581.0M | $596.9M | $601.2M | $605.5M | $609.5M | $550.6M |
| Long-term investments | $101.6M | $100.5M | $105.8M | $108.5M | $109.0M | $109.3M | $107.4M | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $12.9M | $17.4M | $17.2M | $16.1M | $17.4M | $17.2M | $35.2M | $17.8M | $19.4M | $19.2M | $45.7M | $7.7M |
| Total assets | $3.19B | $2.78B | $2.63B | $2.56B | $2.16B | $2.03B | $2.03B | $2.02B | $1.96B | $1.82B | $1.80B | $1.72B |
| Liabilities | ||||||||||||
| Accounts payable | $316.0M | $234.5M | $226.8M | $198.3M | $159.3M | $128.9M | $130.4M | $160.2M | $163.8M | $135.4M | $146.0M | $150.2M |
| Short-term debt | $29.8M | $31.3M | $33.8M | $36.1M | $33.4M | $45.8M | $46.9M | $46.0M | $46.3M | $45.6M | $46.2M | $53.5M |
| Deferred revenue | $802.6M | $695.6M | $652.4M | $616.3M | $553.2M | $534.4M | $508.8M | $563.5M | $556.1M | $485.0M | $444.2M | $432.2M |
| Total current liabilities | $1.29B | $1.08B | $1.02B | $966.8M | $796.2M | $756.8M | $742.0M | $839.0M | $820.9M | $705.7M | $678.2M | $685.8M |
| Long-term debt | $268.7M | $272.3M | $275.9M | $279.5M | $283.1M | $283.6M | $289.9M | $296.2M | $302.5M | $308.7M | $315.0M | $321.6M |
| Lease obligations | $52.9M | $54.7M | $58.9M | $64.6M | $44.9M | $48.7M | $53.0M | $55.0M | $59.0M | $55.3M | $57.4M | $58.6M |
| Other long-term liabilities | $243.9M | $232.3M | $229.0M | $231.0M | $170.2M | $167.2M | $176.6M | $157.4M | $160.2M | $150.8M | $187.0M | $130.9M |
| Total liabilities | $1.80B | $1.59B | $1.53B | $1.48B | $1.25B | $1.21B | $1.21B | $1.29B | $1.28B | $1.17B | $1.18B | $1.14B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $315,000 | $315,000 | $315,000 | $315,000 | $312,000 | $312,000 | $312,000 | $312,000 | $312,000 | $311,000 | $309,000 | $308,000 |
| Retained earnings (deficit) | $1.12B | $968.6M | $872.6M | $785.1M | $693.0M | $622.0M | $582.5M | $469.3M | $408.0M | $356.1M | $325.0M | $284.9M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | — | $0 | — |
| Minority interest | $33.2M | $5.7M | −$2.1M | $33.9M | $29.6M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.36B | $1.19B | $1.11B | $1.05B | $881.7M | $805.4M | $808.1M | $716.5M | $670.7M | $644.6M | $618.9M | $580.3M |
| Key figures | ||||||||||||
| Total debt | $336.8M | $342.2M | $349.9M | $359.2M | $343.1M | $358.7M | $369.3M | $377.6M | $387.9M | $390.5M | $398.9M | $415.3M |
| Net cash (debt) | $127.6M | $169.7M | $40.8M | −$52.8M | $356.2M | $280.0M | $294.9M | $270.5M | $152.1M | $89.9M | $72.7M | −$5.9M |
| Working capital | $137.7M | $110.9M | $12.0M | −$3.6M | $336.1M | $241.0M | $279.9M | $244.6M | $195.9M | $173.1M | $169.8M | $190.1M |
| Tangible book value | $81.1M | $56.7M | −$31.4M | −$91.2M | $268.9M | $188.1M | $227.1M | $119.6M | $69.5M | $39.1M | $9.4M | $29.7M |
| Book value per share | $43.58 | $38.33 | $35.57 | $33.95 | $28.66 | $26.08 | $25.97 | $23.06 | $21.53 | $20.67 | $19.75 | $18.59 |
| Shares outstanding | 31.1M | 31.0M | 31.2M | 31.0M | 30.8M | 30.9M | 31.1M | 31.1M | 31.1M | 31.2M | 31.3M | 31.2M |
| Current ratio | 1.11 | 1.10 | 1.01 | 1.00 | 1.42 | 1.32 | 1.38 | 1.29 | 1.24 | 1.25 | 1.25 | 1.28 |
| Quick ratio | 1.08 | 1.07 | 0.87 | 0.94 | 1.39 | 1.29 | 1.35 | 1.27 | 1.21 | 1.22 | 1.22 | 1.25 |
| Debt / equity | 0.25 | 0.29 | 0.32 | 0.34 | 0.39 | 0.45 | 0.46 | 0.53 | 0.58 | 0.61 | 0.64 | 0.72 |
| Equity / assets | 42.5% | 42.7% | 42.1% | 41.0% | 40.8% | 39.6% | 39.7% | 35.4% | 34.1% | 35.5% | 34.3% | 33.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
STRL financial position
At the end of fiscal 2025 (December 31, 2025), Sterling Infrastructure had total assets of $2.6 billion (up 29.4% from a year earlier), total liabilities of $1.5 billion and shareholders' equity of $1.1 billion. It held $390.7 million in cash and short-term investments against $349.9 million of debt, a net cash position of $40.8 million. Its current ratio was 1.01. In the latest quarter (ended June 30, 2026) total assets were $3.2 billion and equity $1.4 billion.
Related: STRL income statement, STRL cash flow statement, STRL key metrics. See the STRL stock overview for the latest quote and news.
STRL balance sheet FAQ
What are Sterling Infrastructure's total assets?
Sterling Infrastructure reported total assets of $2.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.0 billion a year earlier.
How much debt does Sterling Infrastructure have?
Sterling Infrastructure had $349.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.32.
How much cash does Sterling Infrastructure have?
Sterling Infrastructure held $390.7 million in cash and short-term investments at the end of fiscal 2025; with $349.9 million of debt that is net cash of $40.8 million.
What is Sterling Infrastructure's book value?
Sterling Infrastructure's shareholders' equity (book value) was $1.1 billion at the end of fiscal 2025, or $35.82 per share.
What is Sterling Infrastructure's current ratio?
Sterling Infrastructure had current assets of $1.0 billion and current liabilities of $1.0 billion, a current ratio of 1.01 (it can cover its short-term obligations).
How much goodwill does Sterling Infrastructure have?
Sterling Infrastructure carried $1.1 billion of goodwill and intangible assets, 43.3% of total assets, at the end of fiscal 2025.