Toro Corp. (TORO) Balance Sheet

NASDAQ: TOROAssets, liabilities, debt and equity over 5 years.

TORO balance sheet, 2025

December 31, 2025 · U.S. dollars

$331.3M assets = $41.9M liabilities + $289.4M equity

Both columns are drawn to the same scale: what TORO owns equals what it owes plus shareholders’ equity. Hover a block for its value.

TORO financial health

Current ratio2.30

Comfortable · current assets cover current liabilities 2.30×

Equity / assets87.3%

Equity-funded · of assets funded by shareholders

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

TORO balance sheet trends, 2021–2025

Toro Corp. balance sheet trends
Metric	Then	Latest	Change
Total assets	$124.0M2021	$331.3M2025	+27.8%/yr
Total liabilities	$20.0M2021	$41.9M2025	+20.3%/yr
Shareholders’ equity	$104.0M2021	$289.4M2025	+29.1%/yr
Cash & short-term investments	$5.0M2021	$87.6M2025	+105.0%/yr
Total debt	$16.0M2021	$5.2M2023	−42.9%/yr
Net cash (debt)	−$11.0M2021	$150.0M2023	+$161.1M
Working capital	$5.7M2021	$54.4M2025	+$48.7M
Book value per share	$11.002021	$16.182025	+10.1%/yr
Current ratio	1.822021	2.302025	+0.48
Debt / equity	0.152021	0.022023	−0.14
Shares outstanding	9.5M2021	17.9M2025	+17.3%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

TORO assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

TORO liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

TORO debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

TORO balance sheet

Toro Corp. annual balance sheet
	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	$87.6M	$37.4M	$155.2M	$41.8M	$5.0M
Cash & equivalents	$87.4M	$37.2M	$155.2M	$41.8M	$5.0M
Short-term investments	$209,486	$226,566	$0	—	—
Receivables	$7.5M	$16.9M	$1.4M	$10.6M	$4.1M
Inventory	$200,395	$194,981	$172,716	$893,569	$3.1M
Other current assets	$964,933	$786,835	$8.3M	$1.5M	$427,837
Total current assets	$96.3M	$55.3M	$165.1M	$54.8M	$12.6M
Property, plant & equipment (net)	$96.2M	$72.8M	$88.7M	$92.5M	$108.1M
Goodwill & intangible assets	$0	$0	$0	$0	$0
Long-term investments	$135.7M	$105.3M	$50.5M	$0	$0
Other non-current assets	$3.2M	$93.0M	$3.7M	$10.2M	$3.3M
Total assets	$331.3M	$326.4M	$308.1M	$157.5M	$124.0M
Liabilities
Accounts payable	$1.1M	$770,826	$3.2M	$1.6M	$505,631
Short-term debt	—	—	$1.3M	$2.6M	$2.9M
Deferred revenue	$768,785	$984,000	$310,000	—	$547,939
Total current liabilities	$41.9M	$4.7M	$7.9M	$6.5M	$6.9M
Long-term debt	$0	$0	$3.9M	$10.5M	$13.1M
Other long-term liabilities	$0	$0	$0	$0	$0
Total liabilities	$41.9M	$4.7M	$11.8M	$17.0M	$20.0M
Shareholders' equity
Common stock & paid-in capital	$21,474	$19,094	$19,022	$140.5M	$104.0M
Retained earnings (deficit)	$104.3M	$140.4M	$119.7M	−$34	—
Accumulated other comprehensive income	—	—	$0	$149.9M	—
Total shareholders' equity	$289.4M	$321.7M	$296.3M	$140.5M	$104.0M
Key figures
Total debt	—	—	$5.2M	$13.1M	$16.0M
Net cash (debt)	—	—	$150.0M	$28.7M	−$11.0M
Working capital	$54.4M	$50.6M	$157.3M	$48.2M	$5.7M
Tangible book value	$289.4M	$321.7M	$296.3M	$140.5M	$104.0M
Book value per share	$16.18	$18.49	$16.04	$14.85	$11.00
Shares outstanding	17.9M	17.4M	18.5M	9.5M	9.5M
Current ratio	2.30	11.77	21.01	8.40	1.82
Quick ratio	2.27	11.56	19.93	8.04	1.31
Debt / equity	—	—	0.02	0.09	0.15
Equity / assets	87.3%	98.6%	96.2%	89.2%	83.9%

Toro Corp. quarterly balance sheet
	Sep '26	Mar '26	Dec '25	Sep '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23	Jun '23
Assets
Cash & short-term investments	$90.5M	$81.6M	$87.6M	$25.1M	$92.7M	$37.4M	$192.4M	$189.6M	$186.4M	$155.2M	$103.1M	$127.9M
Cash & equivalents	$90.5M	$81.6M	$87.4M	$25.1M	$92.7M	$37.2M	$192.1M	$189.2M	$186.4M	$155.2M	$103.1M	$127.9M
Short-term investments	—	$209,486	$209,486	—	$226,566	$226,566	$282,767	$446,766	$478,821	$0	—	—
Receivables	$7.6M	$6.9M	$69,900	$6.7M	$18.5M	$416,300	$1.3M	$661,199	$2.5M	$1.4M	$5.0M	$4.8M
Inventory	$0	$200,395	$200,395	$142,731	$194,981	$194,981	$207,332	$213,824	$420,372	$172,716	$695,052	$857,881
Other current assets	$1.8M	$1.3M	$8.4M	$2.4M	$2.0M	$17.2M	$1.3M	$2.3M	$3.0M	$8.3M	$29.1M	$29.0M
Total current assets	$99.9M	$90.0M	$96.3M	$34.4M	$113.5M	$55.3M	$195.2M	$192.8M	$192.4M	$165.1M	$137.9M	$162.6M
Property, plant & equipment (net)	$106.9M	$94.8M	$96.2M	$97.4M	$71.7M	$72.8M	$73.8M	$80.3M	$76.0M	$88.7M	$89.9M	$81.2M
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-term investments	$0	$127.1M	$135.7M	$187.1M	$101.1M	$105.3M	$53.1M	$53.1M	$50.5M	$50.5M	$50.4M	$0
Other non-current assets	$161.1M	$11.6M	$3.2M	$11.4M	$43.6M	$93.0M	$3.3M	$20.5M	$2.0M	$3.7M	$3.0M	$4.4M
Total assets	$367.9M	$323.6M	$331.3M	$330.3M	$329.9M	$326.4M	$325.4M	$346.6M	$320.9M	$308.1M	$281.2M	$248.1M
Liabilities
Accounts payable	—	$1.1M	$1.1M	$2.1M	$770,826	$770,826	$1.4M	$1.9M	$2.1M	$3.2M	$3.7M	$4.6M
Short-term debt	—	—	—	—	—	—	—	—	$2	$1.3M	$1.3M	$1.3M
Deferred revenue	—	$768,785	—	—	$984,000	—	$984,000	$859,643	$618,500	$342,441	$310,000	$440,425
Total current liabilities	$4.8M	$4.0M	$41.9M	$5.8M	$6.0M	$4.7M	$5.3M	$5.6M	$5.3M	$7.9M	$8.7M	$10.0M
Long-term debt	$0	$0	$0	$0	$0	$0	$0	$0	$0	$3.9M	$4.2M	$4.6M
Other long-term liabilities	$0	$0	$0	$0	$0	$0	$0	$0	$130.0M	$0	$0	$118.1M
Total liabilities	$4.8M	$4.0M	$41.9M	$5.8M	$6.0M	$4.7M	$5.3M	$5.6M	$5.3M	$11.8M	$12.9M	$132.7M
Shareholders' equity
Common stock & paid-in capital	$39,511	$28,852	—	$19,073	$19,094	—	$19,094	$19,094	$18,978	$19,022	$19,201	$17,961
Retained earnings (deficit)	$88.1M	$103.6M	$104.3M	$141.3M	$140.9M	$140.4M	$140.6M	$140.7M	$140.7M	$119.7M	$92.6M	$58.6M
Accumulated other comprehensive income	—	—	—	—	—	—	—	—	−$20,496	−$21,011	$0	$0
Total shareholders' equity	$363.1M	$319.6M	$289.4M	$324.5M	$323.9M	$321.7M	$320.1M	$340.6M	$315.6M	$296.3M	$268.3M	$115.4M
Key figures
Total debt	—	—	—	—	—	—	—	—	$130.0M	$5.2M	$5.5M	$5.9M
Net cash (debt)	—	—	—	—	—	—	—	—	$56.4M	$150.0M	$97.6M	$122.0M
Working capital	$95.1M	$86.0M	$54.4M	$28.6M	$107.4M	$50.6M	$189.9M	$187.2M	$187.1M	$157.3M	$129.2M	$152.6M
Tangible book value	$363.1M	$319.6M	$289.4M	$324.5M	$323.9M	$321.7M	$320.1M	$340.6M	$315.6M	$296.3M	$268.3M	$115.4M
Book value per share	$13.28	$17.53	$13.48	$18.39	$18.36	$16.85	$18.71	$19.92	$17.79	$16.04	$13.97	$6.43
Shares outstanding	27.3M	18.2M	21.5M	17.6M	17.6M	19.1M	17.1M	17.1M	17.7M	18.5M	19.2M	18.0M
Current ratio	20.86	22.23	2.30	5.94	18.79	11.77	36.82	34.24	36.15	21.01	15.91	16.25
Quick ratio	20.48	21.87	2.09	5.50	18.42	8.06	36.53	33.80	35.50	19.93	12.47	13.27
Debt / equity	—	—	—	—	—	—	—	—	0.41	0.02	0.02	0.05
Equity / assets	98.7%	98.7%	87.3%	98.2%	98.2%	98.6%	98.4%	98.3%	98.3%	96.2%	95.4%	46.5%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 15, 2026); data from EODHD.

TORO financial position

At the end of fiscal 2025 (December 31, 2025), Toro had total assets of $331.3 million (up 1.5% from a year earlier), total liabilities of $41.9 million and shareholders' equity of $289.4 million. Its current ratio was 2.30. In the latest quarter (ended September 30, 2026) total assets were $367.9 million and equity $363.1 million.

Related: TORO income statement, TORO cash flow statement, TORO key metrics. See the TORO stock overview for the latest quote and news.

TORO balance sheet FAQ

What are Toro's total assets?

Toro reported total assets of $331.3 million at the end of fiscal 2025 (December 31, 2025), compared with $326.4 million a year earlier.

How much cash does Toro have?

Toro held $87.6 million in cash and short-term investments at the end of fiscal 2025.

What is Toro's book value?

Toro's shareholders' equity (book value) was $289.4 million at the end of fiscal 2025, or $16.18 per share.

What is Toro's current ratio?

Toro had current assets of $96.3 million and current liabilities of $41.9 million, a current ratio of 2.30 (it can cover its short-term obligations).