Vulcan Infrastructure and Power Inc. (VIP) Balance Sheet
VIP balance sheet, 2025
December 31, 2025 · U.S. dollars$53.6M assets = $99.9M liabilities + −$46.3M equity
Liabilities exceed assets: shareholders’ equity is negative (−$46.3M).
Both columns are drawn to the same scale: what VIP owns equals what it owes plus shareholders’ equity. Hover a block for its value.
VIP financial health
Descriptive bands, not a rating. Fiscal 2025.
VIP balance sheet trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $163.8M2022 | $53.6M2025 | −31.1%/yr | |
| Total liabilities | $210.8M2022 | $99.9M2025 | −22.0%/yr | |
| Shareholders’ equity | −$47.0M2022 | −$46.3M2025 | — | |
| Cash & short-term investments | $15.2M2022 | $19.6M2025 | +8.8%/yr | |
| Total debt | $84.6M2022 | $43.1M2025 | −20.1%/yr | |
| Net cash (debt) | −$69.4M2022 | −$23.5M2025 | +$45.9M | |
| Working capital | −$65.7M2022 | −$28.2M2025 | +$37.5M | |
| Book value per share | −$5.312024 | −$3.022025 | — | |
| Current ratio | 0.332022 | 0.552025 | +0.22 | |
| Shares outstanding | 10.5M2024 | 15.3M2025 | +46.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VIP assets
VIP liabilities and equity
VIP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
VIP balance sheet
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Assets | ||||
| Cash & short-term investments | $19.6M | $8.6M | $13.3M | $15.2M |
| Cash & equivalents | $19.6M | $8.6M | $13.3M | $15.2M |
| Short-term investments | — | — | — | $0 |
| Receivables | $2.5M | $1.5M | $358,000 | $2.7M |
| Inventory | $0 | $0 | $0 | $0 |
| Other current assets | $12.8M | $16.7M | $10.8M | $15.1M |
| Total current assets | $34.8M | $26.8M | $24.4M | $33.1M |
| Property, plant & equipment (net) | $15.7M | $30.3M | $45.1M | $130.4M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 |
| Other non-current assets | $3.1M | $7.8M | $1.7M | $292,000 |
| Total assets | $53.6M | $64.9M | $71.2M | $163.8M |
| Liabilities | ||||
| Accounts payable | $1.9M | $3.9M | $3.5M | $9.6M |
| Short-term debt | $40.0M | — | — | — |
| Deferred revenue | $2.3M | — | — | — |
| Total current liabilities | $63.0M | $19.3M | $21.0M | $98.7M |
| Long-term debt | $3.1M | $68.1M | $68.7M | $84.6M |
| Other long-term liabilities | $33.8M | $33.2M | $32.5M | $27.5M |
| Total liabilities | $99.9M | $120.6M | $122.2M | $210.8M |
| Shareholders' equity | ||||
| Common stock & paid-in capital | $2,000 | — | — | — |
| Retained earnings (deficit) | −$384.5M | −$389.7M | −$370.0M | −$340.5M |
| Total shareholders' equity | −$46.3M | −$55.8M | −$51.0M | −$47.0M |
| Key figures | ||||
| Total debt | $43.1M | $68.1M | $68.7M | $84.6M |
| Net cash (debt) | −$23.5M | −$59.4M | −$55.4M | −$69.4M |
| Working capital | −$28.2M | $7.5M | $3.5M | −$65.7M |
| Tangible book value | −$46.3M | −$55.8M | −$51.0M | −$47.0M |
| Book value per share | −$3.02 | −$5.31 | — | — |
| Shares outstanding | 15.3M | 10.5M | — | — |
| Current ratio | 0.55 | 1.39 | 1.16 | 0.33 |
| Quick ratio | 0.35 | 0.52 | 0.65 | 0.18 |
| Equity / assets | −86.5% | −86.0% | −71.7% | −28.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $3.2M | $7.1M | $19.6M | $7.6M | $3.4M | $4.9M |
| Cash & equivalents | $3.2M | $7.1M | $19.6M | $7.6M | $3.4M | $4.9M |
| Receivables | $315,000 | $1.0M | $2.5M | $742,000 | $1.2M | $423,000 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $20.3M | $21.4M | $12.8M | $13.5M | $13.8M | $15.2M |
| Total current assets | $23.8M | $29.5M | $34.8M | $21.8M | $18.4M | $20.5M |
| Property, plant & equipment (net) | $12.0M | $13.1M | $15.7M | $19.7M | $25.3M | $27.2M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $3.5M | $3.5M | $3.1M | $9.0M | $9.0M | $9.0M |
| Total assets | $39.3M | $46.1M | $53.6M | $50.6M | $52.8M | $56.7M |
| Liabilities | ||||||
| Accounts payable | $3.3M | $1.9M | $1.9M | $2.5M | $2.7M | $3.5M |
| Short-term debt | $34.8M | $39.2M | $40.0M | $3.5M | — | — |
| Deferred revenue | — | $2.9M | $2.3M | $2.1M | — | — |
| Total current liabilities | $58.3M | $59.5M | $63.0M | $24.5M | $17.5M | $14.6M |
| Long-term debt | $4.7M | $3.0M | $3.1M | $42.3M | $63.3M | $67.2M |
| Other long-term liabilities | $33.8M | $33.8M | $33.8M | $33.2M | $33.2M | $33.2M |
| Total liabilities | $96.8M | $96.3M | $99.9M | $100.0M | $114.0M | $115.0M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $2,000 | $2,000 | $2,000 | $1,000 | — | — |
| Retained earnings (deficit) | −$398.9M | −$389.0M | −$384.5M | −$387.5M | −$399.4M | −$395.3M |
| Total shareholders' equity | −$57.5M | −$50.2M | −$46.3M | −$49.4M | −$61.2M | −$58.2M |
| Key figures | ||||||
| Total debt | $39.6M | $42.2M | $43.1M | $45.8M | $63.3M | $67.2M |
| Net cash (debt) | −$36.4M | −$35.2M | −$23.5M | −$38.3M | −$59.9M | −$62.3M |
| Working capital | −$34.5M | −$30.0M | −$28.2M | −$2.7M | $921,000 | $5.9M |
| Tangible book value | −$57.5M | −$50.2M | −$46.3M | −$49.4M | −$61.2M | −$58.2M |
| Book value per share | −$3.35 | −$3.15 | −$2.96 | −$3.11 | −$4.02 | −$4.18 |
| Shares outstanding | 17.1M | 16.0M | 15.6M | 15.9M | 15.2M | 13.9M |
| Current ratio | 0.41 | 0.50 | 0.55 | 0.89 | 1.05 | 1.41 |
| Quick ratio | 0.06 | 0.14 | 0.35 | 0.34 | 0.26 | 0.36 |
| Equity / assets | −146.4% | −108.8% | −86.5% | −97.7% | −116.0% | −102.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 31, 2025); data from EODHD.
VIP financial position
At the end of fiscal 2025 (December 31, 2025), Vulcan Infrastructure and Power had total assets of $53.6 million (down 17.4% from a year earlier), total liabilities of $99.9 million and shareholders' equity of -$46.3 million. It held $19.6 million in cash and short-term investments against $43.1 million of debt, net debt of $23.5 million. Its current ratio was 0.55. In the latest quarter (ended June 30, 2026) total assets were $39.3 million and equity -$57.5 million.
Related: VIP income statement, VIP cash flow statement, VIP key metrics. See the VIP stock overview for the latest quote and news.
VIP balance sheet FAQ
What are Vulcan Infrastructure and Power's total assets?
Vulcan Infrastructure and Power reported total assets of $53.6 million at the end of fiscal 2025 (December 31, 2025), compared with $64.9 million a year earlier.
How much debt does Vulcan Infrastructure and Power have?
Vulcan Infrastructure and Power had $43.1 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was —.
How much cash does Vulcan Infrastructure and Power have?
Vulcan Infrastructure and Power held $19.6 million in cash and short-term investments at the end of fiscal 2025; with $43.1 million of debt that is net debt of $23.5 million.
What is Vulcan Infrastructure and Power's book value?
Vulcan Infrastructure and Power's shareholders' equity (book value) was -$46.3 million at the end of fiscal 2025, or −$3.02 per share.
What is Vulcan Infrastructure and Power's current ratio?
Vulcan Infrastructure and Power had current assets of $34.8 million and current liabilities of $63.0 million, a current ratio of 0.55 (current liabilities exceed current assets).