Zeo Energy Corp. (ZEO) Balance Sheet
ZEO balance sheet, FY2026
September 30, 2026 · U.S. dollars$56.9M assets = $26.7M liabilities + $30.3M equity
Both columns are drawn to the same scale: what ZEO owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ZEO financial health
Descriptive bands, not a rating. Fiscal FY2026.
ZEO balance sheet trends, FY2021–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $32.4MFY2021 | $56.9MFY2026 | +12.0%/yr | |
| Total liabilities | $1.6MFY2021 | $26.7MFY2026 | +76.5%/yr | |
| Shareholders’ equity | $30.8MFY2021 | $5.3MFY2026 | −29.6%/yr | |
| Cash & short-term investments | $450,846FY2021 | $6.1MFY2026 | +68.6%/yr | |
| Total debt | $743,679FY2021 | $1.4MFY2026 | +13.8%/yr | |
| Net cash (debt) | −$292,833FY2021 | $4.7MFY2026 | +$5.0M | |
| Working capital | −$63,773FY2021 | $14.2MFY2026 | +$14.2M | |
| Book value per share | $0.89FY2021 | $0.21FY2026 | −24.9%/yr | |
| Current ratio | 0.94FY2021 | 2.69FY2026 | +1.75 | |
| Debt / equity | 0.02FY2021 | 0.27FY2026 | +0.24 | |
| Shares outstanding | 34.5MFY2021 | 24.9MFY2026 | −6.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ZEO assets
ZEO liabilities and equity
ZEO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ZEO balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $6.1M | $5.6M | $5.6M | $8.0M | $2.3M | $450,846 |
| Cash & equivalents | $6.1M | $5.6M | $5.6M | $8.0M | $2.3M | $450,846 |
| Receivables | $12.8M | $10.3M | $9.0M | $2.9M | $564,279 | $390,058 |
| Inventory | $852,179 | $872,470 | $872,470 | $350,353 | $287,146 | −$390,058 |
| Other current assets | $2.8M | $2.1M | $3.4M | $5.0M | $222,010 | $503,398 |
| Total current assets | $22.6M | $18.9M | $18.9M | $16.2M | $3.3M | $954,244 |
| Property, plant & equipment (net) | $4.0M | $4.2M | $4.2M | $4.1M | $2.7M | $939,901 |
| Goodwill & intangible assets | $27.1M | $34.6M | $34.6M | $27.8M | $29.1M | $30.5M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $3.2M | $3.7M | $3.3M | $62,140 | $62,141 | $10,210 |
| Total assets | $56.9M | $61.4M | $61.0M | $48.1M | $35.2M | $32.4M |
| Liabilities | ||||||
| Accounts payable | $3.8M | $2.8M | $2.8M | $4.7M | $302,113 | $675,706 |
| Short-term debt | $850,440 | $3.4M | — | $944,470 | $703,639 | $204,423 |
| Deferred revenue | $1.4M | $203,607 | — | −$3.8M | $1.1M | −$675,706 |
| Total current liabilities | $8.4M | $15.0M | $15.0M | $15.5M | $2.5M | $1.0M |
| Long-term debt | $0 | $55,586 | $496,623 | $825,764 | $820,714 | $539,256 |
| Lease obligations | — | $1.3M | $1.9M | $1.8M | $1.1M | $0 |
| Other long-term liabilities | $18.3M | $3.5M | $18.7M | $1.2M | $580,979 | $0 |
| Total liabilities | $26.7M | $18.5M | $34.2M | $17.5M | $3.9M | $1.6M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $2,438 | $4,849 | — | $31.2M | $31.2M | $31.2M |
| Retained earnings (deficit) | −$58.1M | −$103.4M | −$103.4M | −$564,799 | $119,982 | −$22.3M |
| Accumulated other comprehensive income | −$4,895 | — | — | $0 | $0 | −$340,244 |
| Minority interest | — | $24.9M | $115.7M | $0 | — | — |
| Total shareholders' equity | $5.3M | −$88.9M | −$88.9M | $30.6M | $31.3M | $30.8M |
| Key figures | ||||||
| Total debt | $1.4M | $5.1M | $496,623 | $3.0M | $2.1M | $743,679 |
| Net cash (debt) | $4.7M | $544,371 | $5.1M | $5.1M | $162,973 | −$292,833 |
| Working capital | $14.2M | $3.9M | $3.9M | $719,123 | $817,859 | −$63,773 |
| Tangible book value | −$21.8M | −$123.5M | −$123.5M | $2.8M | $2.2M | $347,082 |
| Book value per share | $0.21 | −$8.17 | −$6.71 | $2.85 | $0.91 | $0.89 |
| Shares outstanding | 24.9M | 10.9M | 13.3M | 10.7M | 34.5M | 34.5M |
| Current ratio | 2.69 | 1.26 | 1.26 | 1.05 | 1.32 | 0.94 |
| Quick ratio | 2.26 | 1.06 | 0.98 | 0.70 | 1.12 | 0.83 |
| Debt / equity | 0.27 | — | — | 0.10 | 0.07 | 0.02 |
| Equity / assets | 9.4% | −144.8% | −145.8% | 63.6% | 88.8% | 95.2% |
| 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 | $2.5M | $1.7M | $6.1M | $3.9M | $68,691 | $2.9M | $4.3M | $4.3M | $5.3M | $7.7M | $8.0M | $8.0M |
| Cash & equivalents | $2.5M | $1.7M | $6.1M | $3.9M | $68,691 | $2.9M | $4.3M | $4.3M | $5.3M | $7.7M | $8.0M | $8.0M |
| Receivables | $10.3M | $14.8M | $8.2M | $17.5M | $8.2M | $5.6M | $8.5M | $8.5M | $7.2M | $7.4M | $7.8M | $2.9M |
| Inventory | $820,547 | $854,733 | $852,179 | $934,871 | $917,735 | $847,395 | $482,251 | $482,251 | $436,859 | $379,321 | $350,353 | $350,353 |
| Other current assets | $6.0M | $1.1M | $7.4M | $1.6M | $1.6M | $936,673 | $2.3M | $2.3M | $4.9M | $4.4M | $40,403 | $5.0M |
| Total current assets | $19.6M | $18.6M | $22.6M | $23.9M | $10.8M | $10.3M | $15.6M | $15.6M | $17.9M | $19.9M | $16.2M | $16.2M |
| Property, plant & equipment (net) | $2.8M | $3.0M | $4.0M | $4.3M | $4.2M | $4.1M | $4.0M | $4.0M | $3.7M | $3.9M | $4.0M | $4.1M |
| Goodwill & intangible assets | $27.1M | $27.1M | $27.1M | $27.1M | $27.0M | $29.9M | $34.6M | $27.0M | $27.3M | $27.5M | $27.8M | $27.8M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $6.4M | $7.9M | $3.2M | $3.2M | $4.2M | $3.1M | $0 | $491,164 | $235,442 | $207,846 | $62,141 | $62,140 |
| Total assets | $56.0M | $56.5M | $56.9M | $58.5M | $46.2M | $47.4M | $47.1M | $47.1M | $49.1M | $51.6M | $48.1M | $48.1M |
| Liabilities | ||||||||||||
| Accounts payable | $4.7M | $5.0M | $3.8M | $3.4M | $5.1M | $3.6M | $4.9M | $4.9M | $3.4M | $4.6M | $4.7M | $4.7M |
| Short-term debt | $670,079 | $1.1M | — | $3.4M | $3.5M | $3.4M | $995,267 | $995,267 | $805,160 | $900,182 | $952,413 | $944,470 |
| Deferred revenue | $4.0M | $4.5M | — | $1.3M | $204,543 | $119,417 | $601,681 | $601,681 | $279,901 | $585,809 | −$3.8M | $2.0M |
| Total current liabilities | $12.6M | $12.1M | $8.4M | $10.9M | $14.2M | $13.7M | $10.0M | $10.0M | $8.2M | $8.9M | $15.5M | $15.5M |
| Long-term debt | $571,897 | $49,288 | $55,586 | $61,713 | $337,483 | $414,268 | $496,623 | $567,563 | $1.2M | $1.3M | $825,764 | $1.3M |
| Lease obligations | $944,354 | $1.1M | $1.3M | $1.6M | $1.6M | $1.7M | $1.9M | $2.0M | $853,211 | $1.0M | $1.8M | $1.3M |
| Other long-term liabilities | $1.5M | $934,478 | $18.2M | $1.4M | $18.7M | $18.3M | $18.9M | $18.8M | $2.8M | $3.7M | $1.1M | $716,702 |
| Total liabilities | $46.7M | $13.1M | $26.7M | $12.4M | $33.2M | $32.4M | $29.4M | $29.4M | $12.2M | $13.8M | $17.5M | $17.5M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $5,828 | $5,802 | — | $5,568 | $4,858 | $4,853 | $57.0M | $57.0M | $4,026 | $4,026 | $3,373 | $31.2M |
| Retained earnings (deficit) | −$56.4M | −$51.4M | −$58.1M | −$61.8M | −$96.2M | −$39.6M | −$43.2M | −$43.2M | −$53.2M | −$169.6M | −$533,345 | −$564,799 |
| Accumulated other comprehensive income | $15,898 | $8,251 | — | −$4,895 | — | — | — | — | — | — | $0 | $0 |
| Minority interest | $14.1M | $12.3M | $24.9M | $31.0M | $72.4M | — | — | — | — | — | — | — |
| Total shareholders' equity | $9.3M | $13.7M | $5.3M | −$1.7M | −$59.4M | −$23.1M | $17.7M | $17.7M | −$51.1M | −$169.6M | $30.6M | $30.6M |
| Key figures | ||||||||||||
| Total debt | $1.5M | $1.5M | $55,586 | $4.2M | $4.7M | $4.8M | $2.9M | $2.9M | $2.4M | $2.7M | $2.9M | $3.0M |
| Net cash (debt) | $910,872 | $244,589 | $6.1M | −$256,435 | −$4.6M | −$1.9M | $1.5M | $1.5M | $2.9M | $5.0M | $5.1M | $5.1M |
| Working capital | $7.1M | $6.5M | $14.2M | $13.0M | −$3.4M | −$3.5M | $5.6M | $5.6M | $9.7M | $11.1M | $711,180 | $719,123 |
| Tangible book value | −$17.8M | −$13.4M | −$21.8M | −$28.8M | −$86.5M | −$53.0M | −$16.9M | −$9.3M | −$78.4M | −$197.1M | $2.8M | $2.8M |
| Book value per share | $0.37 | $0.55 | $0.16 | −$0.06 | −$2.69 | −$1.74 | $1.33 | $1.62 | −$4.69 | −$15.58 | $3.42 | $3.12 |
| Shares outstanding | 24.9M | 24.9M | 33.2M | 27.3M | 22.1M | 13.3M | 13.3M | 10.9M | 10.9M | 10.9M | 8.9M | 9.8M |
| Current ratio | 1.56 | 1.53 | 2.69 | 2.19 | 0.76 | 0.75 | 1.56 | 1.56 | 2.17 | 2.24 | 1.05 | 1.05 |
| Quick ratio | 1.02 | 1.37 | 1.70 | 1.96 | 0.59 | 0.62 | 1.28 | 1.28 | 1.52 | 1.70 | 1.02 | 0.70 |
| Debt / equity | 0.17 | 0.11 | 0.01 | — | — | — | 0.16 | 0.16 | — | — | 0.09 | 0.10 |
| Equity / assets | 16.5% | 24.2% | 9.4% | −2.9% | −128.6% | −48.6% | 37.5% | 37.5% | −104.2% | −328.8% | 63.7% | 63.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 1, 2026); data from EODHD.
ZEO financial position
At the end of fiscal 2026 (September 30, 2026), Zeo Energy had total assets of $56.9 million (down 7.3% from a year earlier), total liabilities of $26.7 million and shareholders' equity of $5.3 million. It held $6.1 million in cash and short-term investments against $1.4 million of debt, a net cash position of $4.7 million. Its current ratio was 2.69.
Related: ZEO income statement, ZEO cash flow statement, ZEO key metrics. See the ZEO stock overview for the latest quote and news.
ZEO balance sheet FAQ
What are Zeo Energy's total assets?
Zeo Energy reported total assets of $56.9 million at the end of fiscal 2026 (September 30, 2026), compared with $61.4 million a year earlier.
How much debt does Zeo Energy have?
Zeo Energy had $1.4 million of total debt at the end of fiscal 2026, including short-term borrowings. Its debt-to-equity ratio was 0.27.
How much cash does Zeo Energy have?
Zeo Energy held $6.1 million in cash and short-term investments at the end of fiscal 2026; with $1.4 million of debt that is net cash of $4.7 million.
What is Zeo Energy's book value?
Zeo Energy's shareholders' equity (book value) was $5.3 million at the end of fiscal 2026, or $0.21 per share.
What is Zeo Energy's current ratio?
Zeo Energy had current assets of $22.6 million and current liabilities of $8.4 million, a current ratio of 2.69 (it can cover its short-term obligations).
How much goodwill does Zeo Energy have?
Zeo Energy carried $27.1 million of goodwill and intangible assets, 47.6% of total assets, at the end of fiscal 2026.