Trio Petroleum Corp. (TPET) Balance Sheet

NYSE American: TPETAssets, liabilities, debt and equity over 5 years.

TPET balance sheet, FY2025

October 31, 2025 · U.S. dollars

$13.2M assets = $1.9M liabilities + $11.3M equity

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

TPET financial health

Current ratio0.58

Tight · current assets cover current liabilities 0.58×

Debt / equity0.04

Low leverage · $0.04 of debt for each $1 of equity

Equity / assets85.5%

Equity-funded · of assets funded by shareholders

Cash / debt188.8%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal FY2025.

TPET balance sheet trends, FY2021–FY2025

Trio Petroleum Corp. balance sheet trends
Metric	Then	Latest	Change
Total assets	$7.8MFY2021	$13.2MFY2025	+14.2%/yr
Total liabilities	$3.7MFY2021	$1.9MFY2025	−15.4%/yr
Shareholders’ equity	$4.1MFY2021	$11.3MFY2025	+29.2%/yr
Cash & short-term investments	$78,877FY2021	$882,162FY2025	+82.9%/yr
Total debt	$3.7MFY2021	$467,179FY2025	−40.2%/yr
Net cash (debt)	−$3.6MFY2021	$414,983FY2025	+$4.0M
Working capital	−$3.4MFY2021	−$785,902FY2025	+$2.6M
Current ratio	0.08FY2021	0.58FY2025	+0.50
Debt / equity	0.90FY2021	0.04FY2025	−0.86

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

TPET assets

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

TPET liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

TPET debt vs cash

Total debtCash & ST investmentsNet cash (debt)

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

TPET balance sheet

Trio Petroleum Corp. annual balance sheet
	FY2025	FY2024	FY2023	FY2022	FY2021
Assets
Cash & short-term investments	$882,162	$285,945	$1.6M	$73,648	$78,877
Cash & equivalents	$882,162	$285,945	$1.6M	$73,648	$78,877
Receivables	$59,970	$0	$0	$35,000	$21,154
Inventory	$0	$0	$0	$1.6M	$169,144
Other current assets	$128,856	$279,274	$133,417	$35,000	$21,154
Total current assets	$1.1M	$565,219	$1.7M	$1.8M	$290,329
Property, plant & equipment (net)	$12.1M	$11.1M	$9.9M	$5.8M	$7.5M
Goodwill & intangible assets	$0	$0	$0	$0	$0
Long-term investments	$0	$0	$0	$0	$0
Other non-current assets	$0	$0	$0	$1.9M	$0
Total assets	$13.2M	$11.7M	$11.6M	$9.5M	$7.8M
Liabilities
Accounts payable	$1.3M	$1.0M	$609,360	$1.2M	$16,119
Short-term debt	$467,179	$877,852	$1.2M	$5.4M	$3.7M
Deferred revenue	—	−$1.8M	−$1.8M	−$1.2M	−$16,119
Total current liabilities	$1.9M	$2.6M	$1.9M	$6.7M	$3.7M
Long-term debt	$0	$0	$0	$0	$0
Other long-term liabilities	$53,869	$51,091	$48,313	$54,985	$42,757
Total liabilities	$1.9M	$2.6M	$1.9M	$6.8M	$3.7M
Shareholders' equity
Common stock & paid-in capital	$906	$320	$3,105	$1,697	$1,098
Retained earnings (deficit)	−$27.4M	−$20.1M	−$10.4M	−$3.9M	−$102,064
Accumulated other comprehensive income	$14,471	—	—	—	—
Total shareholders' equity	$11.3M	$9.0M	$9.7M	$2.7M	$4.1M
Key figures
Total debt	$467,179	$877,852	$1.2M	$5.4M	$3.7M
Net cash (debt)	$414,983	−$591,907	$344,327	−$5.4M	−$3.6M
Working capital	−$785,902	−$2.0M	−$156,045	−$5.0M	−$3.4M
Tangible book value	$11.3M	$9.0M	$9.7M	$2.7M	$4.1M
Book value per share	—	—	$0.42	—	—
Shares outstanding	—	—	23.1M	—	—
Current ratio	0.58	0.22	0.92	0.26	0.08
Quick ratio	0.51	0.11	0.84	0.02	0.03
Debt / equity	0.04	0.10	0.12	1.99	0.90
Equity / assets	85.5%	77.4%	83.7%	28.7%	52.1%

Trio Petroleum Corp. quarterly balance sheet
	Jul '26	Apr '26	Jan '26	Oct '25	Jul '25	Apr '25	Jan '25	Oct '24	Jul '24	Apr '24	Jan '24	Oct '23
Assets
Cash & short-term investments	$24.3M	$22.1M	$684,653	$882,162	$584,365	$1.5M	$2.0M	$285,945	$293,107	$220,647	$348,748	$1.6M
Cash & equivalents	$24.3M	$22.1M	$684,653	$882,162	$584,365	$1.5M	$2.0M	$285,945	$293,107	$220,647	$348,748	$1.6M
Receivables	$157,392	$107,016	$42,265	$59,970	$95,785	$31,571	$0	$0	$0	$0	$127,120	$0
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	−$127,120	$0
Other current assets	$228,062	$252,998	$175,624	$128,856	$196,400	$250,051	$53,818	$279,274	$324,603	$584,229	$127,120	$133,417
Total current assets	$24.7M	$22.5M	$902,542	$1.1M	$876,550	$1.7M	$2.0M	$565,219	$617,710	$804,876	$475,868	$1.7M
Property, plant & equipment (net)	$84,821	$93,003	$92,763	$12.1M	$12.2M	$12.0M	$11.2M	$11.1M	$11.1M	$11.0M	$10.9M	$9.9M
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	$13.1M	$13.2M	$13.2M	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total assets	$37.9M	$35.7M	$14.2M	$13.2M	$13.0M	$13.8M	$13.2M	$11.7M	$11.7M	$11.8M	$11.3M	$11.6M
Liabilities
Accounts payable	$1.1M	$832,423	$1.5M	$1.3M	$1.4M	$1.1M	$1.0M	$1.0M	$1.4M	$1.0M	$561,687	$609,360
Short-term debt	—	—	$167,879	$467,179	$865	$589,131	$312,784	$877,852	$1.6M	$548,452	$1.3M	$1.2M
Deferred revenue	—	—	—	—	—	—	—	—	$21,411	$66,656	−$1.8M	—
Total current liabilities	$1.2M	$999,174	$1.8M	$1.9M	$1.6M	$2.3M	$1.5M	$2.6M	$3.6M	$2.0M	$1.9M	$1.9M
Long-term debt	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other long-term liabilities	$210,602	$171,758	$167,692	$53,869	$53,175	$52,480	$51,786	$51,091	$50,397	$49,702	$369,008	$48,313
Total liabilities	$1.4M	$1.2M	$2.0M	$1.9M	$1.6M	$2.3M	$1.5M	$2.6M	$3.6M	$2.1M	$2.3M	$1.9M
Shareholders' equity
Common stock & paid-in capital	$532	$4,120	$1,278	$906	$840	$750	$672	$320	$5,033	$5,033	$3,235	$3,105
Retained earnings (deficit)	−$31.6M	−$29.7M	−$28.4M	−$27.4M	−$24.6M	−$23.3M	−$21.7M	−$20.1M	−$18.4M	−$16.2M	−$12.1M	−$10.4M
Accumulated other comprehensive income	$13,047	$50,024	$49,323	$14,471	$30,520	$34,846	—	—	—	—	—	—
Total shareholders' equity	$36.5M	$34.6M	$12.2M	$11.3M	$11.4M	$11.4M	$11.7M	$9.0M	$8.1M	$9.7M	$9.0M	$9.7M
Key figures
Total debt	—	—	$167,879	$467,179	$865	$589,131	$312,784	$877,852	$1.6M	$548,452	$1.3M	$1.2M
Net cash (debt)	—	—	$516,774	$414,983	$583,500	$867,925	$1.6M	−$591,907	−$1.3M	−$327,805	−$922,179	$344,327
Working capital	$23.5M	$21.5M	−$901,484	−$785,902	−$679,729	−$531,983	$547,056	−$2.0M	−$3.0M	−$1.2M	−$1.5M	−$156,045
Tangible book value	$36.5M	$34.6M	$12.2M	$11.3M	$11.4M	$11.4M	$11.7M	$9.0M	$8.1M	$9.7M	$9.0M	$9.7M
Book value per share	$7.22	$11.08	$10.43	—	—	—	—	—	—	—	—	—
Shares outstanding	5.1M	3.1M	1.2M	—	—	—	—	—	—	—	—	—
Current ratio	20.55	22.48	0.50	0.58	0.56	0.77	1.37	0.22	0.17	0.40	0.25	0.92
Quick ratio	20.36	22.22	0.40	0.51	0.44	0.66	1.34	0.11	0.08	0.11	0.25	0.84
Debt / equity	—	—	0.01	0.04	0.00	0.05	0.03	0.10	0.20	0.06	0.14	0.12
Equity / assets	96.3%	96.7%	86.1%	85.5%	87.6%	83.1%	88.5%	77.4%	68.9%	82.5%	79.7%	83.7%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed January 20, 2026); data from EODHD.

TPET financial position

At the end of fiscal 2025 (October 31, 2025), Trio Petroleum had total assets of $13.2 million (up 13.1% from a year earlier), total liabilities of $1.9 million and shareholders' equity of $11.3 million. It held $0.9 million in cash and short-term investments against $0.5 million of debt, a net cash position of $0.4 million. Its current ratio was 0.58. In the latest quarter (ended July 31, 2026) total assets were $37.9 million and equity $36.5 million.

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

TPET balance sheet FAQ

What are Trio Petroleum's total assets?

Trio Petroleum reported total assets of $13.2 million at the end of fiscal 2025 (October 31, 2025), compared with $11.7 million a year earlier.

How much debt does Trio Petroleum have?

Trio Petroleum had $0.5 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.04.

How much cash does Trio Petroleum have?

Trio Petroleum held $0.9 million in cash and short-term investments at the end of fiscal 2025; with $0.5 million of debt that is net cash of $0.4 million.

What is Trio Petroleum's book value?

Trio Petroleum's shareholders' equity (book value) was $11.3 million at the end of fiscal 2025.

What is Trio Petroleum's current ratio?

Trio Petroleum had current assets of $1.1 million and current liabilities of $1.9 million, a current ratio of 0.58 (current liabilities exceed current assets).