Despite maintaining a conservative debt-to-equity ratio of 0.03, the company's equity base has been eroded by an accumulated deficit of $922.3M as of 2026Q1.
| Total Current Assets | 394.01M | 330.54M | 93.76M | 63.78M | 54.34M | 206.18M | 34.35M | 15.75M |
| Cash & Short-Term Investments | 100.7M | 87.13M | 50.14M | 32.56M | 12.63M | 68.9M | 9.7M | 1.64M |
| Cash Only | 100.7M | 87.13M | 50.14M | 32.56M | 12.63M | 68.9M | 9.7M | 1.64M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 22.81M | 22.7M | 39.85M | 26.77M | 31.4M | 29.23M | 24M | 13.8M |
| Days Sales Outstanding | 72.44 | 64.91 | 91.92 | 62.97 | 73.94 | 73.29 | 95.93 | 68.4 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 101.02M | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | 330.67 | - | - |
| Other Current Assets | 270.5M | 220.71M | 0 | 0 | 3.6M | 546K | 0 | 0 |
| Total Non-Current Assets | 467.65M | 564M | 250.02M | 136.13M | 140.97M | 177.14M | 184.02M | 197K |
| Property, Plant & Equipment | 8.57M | 8.63M | 10.83M | 5.04M | 6.07M | 1.08M | 863K | 149K |
| Fixed Asset Turnover | 14.15x | 14.80x | 14.61x | 30.80x | 25.53x | 135.04x | 105.81x | 494.13x |
| Goodwill | 238.74M | 241.1M | 119.08M | 48.68M | 48.68M | 91.64M | 91.27M | 0 |
| Intangible Assets | 137.42M | 139.47M | 119.12M | 82.04M | 85.69M | 83.65M | 90.5M | 0 |
| Long-Term Investments | 384.8M | 173.95M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 859K | 860K | 990K | 372K | 483K | 780K | 593K | 48K |
| Total Assets | 861.66M | 894.55M | 343.78M | 199.91M | 195.31M | 383.32M | 218.37M | 15.95M |
| Asset Turnover | 0.16x | 0.14x | 0.46x | 0.78x | 0.79x | 0.38x | 0.42x | 4.62x |
| Asset Growth % | 503.5% | 160.21% | 71.97% | 2.36% | -49.05% | 75.54% | 1269.23% | - |
| Total Current Liabilities | 64.76M | 185.52M | 202.97M | 68.62M | 35.76M | 70.02M | 12.05M | 4.25M |
| Accounts Payable | 4.23M | 6.09M | 8.46M | 11.04M | 15.42M | 5.47M | 2.73M | 1.08M |
| Days Payables Outstanding | 18.67 | 22.4 | 27.31 | 35.17 | 50.25 | 17.92 | 14.32 | 7.02 |
| Short-Term Debt | 17.61M | 17.66M | 818K | 1.23M | 2.06M | 4.23M | 1.1M | 0 |
| Deferred Revenue (Current) | 7.97M | 0 | 0 | 879K | 2.02M | 4.21M | 541K | 0 |
| Other Current Liabilities | 42.92M | 161.78M | 192.63M | 44.58M | 2.08M | 45.37M | 413K | 120K |
| Current Ratio | 6.08x | 1.78x | 0.46x | 0.93x | 1.52x | 2.94x | 2.85x | 3.70x |
| Quick Ratio | 6.08x | 1.78x | 0.46x | 0.93x | 1.52x | 1.50x | 2.85x | 3.70x |
| Cash Conversion Cycle | 53.78 | - | - | - | - | 386.04 | - | - |
| Total Non-Current Liabilities | 6.5M | 97.16M | 144.52M | 198.62M | 197.42M | 190.94M | 105.91M | 19K |
| Long-Term Debt | 6.5M | 6.67M | 135.4M | 194.27M | 192.32M | 190.36M | 105.89M | 0 |
| Capital Lease Obligations | 15.46M | 0 | 9.12M | 4.31M | 5.09M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 37K | 0 | 248K | 0 | 19K |
| Other Non-Current Liabilities | 0 | 90.48M | 0 | 0 | 10K | 324K | 19K | 0 |
| Total Liabilities | 71.26M | 282.68M | 347.49M | 267.25M | 233.18M | 260.95M | 117.97M | 4.27M |
| Total Debt | 24.11M | 24.33M | 146.41M | 200.59M | 200.28M | 194.6M | 106.99M | 0 |
| Net Debt | -76.59M | -62.8M | 96.27M | 168.04M | 187.64M | 125.7M | 97.29M | -1.64M |
| Debt / Equity | 0.03x | 0.04x | - | - | - | 1.59x | 1.07x | - |
| Debt / EBITDA | -0.32x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.02x | - | - | - | - | - | - | -0.26x |
| Interest Coverage | -18.17x | -15.22x | -10.53x | -2.13x | -3.87x | -14.78x | - | 50.25x |
| Total Equity | 790.4M | 611.87M | -3.71M | -67.33M | -37.87M | 122.37M | 100.4M | 11.68M |
| Equity Growth % | 17553.43% | 16574.69% | 94.48% | -77.8% | -130.95% | 21.88% | 759.93% | - |
| Book Value per Share | 0.17 | 0.17 | -0.02 | -0.45 | -0.30 | 1.14 | 0.96 | 0.11 |
| Total Shareholders' Equity | 790.4M | 611.87M | -3.71M | -67.33M | -37.87M | 122.37M | 100.4M | 11.68M |
| Common Stock | 49K | 46K | 26K | 17K | 14K | 14K | 108.23M | 5M |
| Retained Earnings | -922.32M | -865.55M | -571.64M | -313.43M | -253.06M | -131.39M | -7.84M | 6.68M |
| Treasury Stock | 0 | 0 | -57.35M | -57.35M | -57.35M | 0 | 0 | 0 |
| Accumulated OCI | -763K | -63K | 121K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent operating cash burn
As reported in recent financial statements, BigBear.ai's total assets have fluctuated significantly, peaking at $919.8M in 2025Q3 before contracting to $861.7M by 2026Q1, a trend that underscores the company's reliance on inorganic growth and the inherent instability of its current capital structure and asset base.
The rapid shifts in asset composition suggest that the company is struggling to establish a stable foundation for long-term growth. Investors should monitor whether these fluctuations represent strategic realignments or a reactive approach to managing liquidity in the face of persistent operational losses.
Based on the latest quarterly filings, BigBear.ai maintains a conservative debt-to-equity ratio of 0.03, indicating that the firm has successfully avoided high-interest debt obligations despite its ongoing operational deficits and the significant cash burn observed across the last ten quarters of reported financial performance.
While the low leverage profile provides a temporary buffer against insolvency, it also suggests that the company may be limited in its ability to access traditional credit markets to fund its R&D requirements. The reliance on equity rather than debt for capital needs warrants further investigation into potential future dilution risks.
According to recent SEC filings, the company's cash position has declined from a peak of $456.6M in 2025Q3 to $100.7M in 2026Q1, a rapid depletion that highlights the significant liquidity pressure resulting from the firm's inability to achieve operational break-even in its core business segments.
Although the current ratio of 6.08 appears robust on the surface, the rapid cash burn rate suggests that this liquidity may be more fragile than the headline numbers imply. The company's ability to sustain operations without further capital raises remains a primary concern for stakeholders.
As evidenced by the accumulated deficit of $922.3M reported in 2026Q1, BigBear.ai's equity base has been severely impacted by persistent net losses, signaling that the company's historical capital allocation has failed to generate sustainable shareholder value or build a resilient equity foundation for future operations.
The erosion of equity highlights the structural challenges the firm faces in transitioning from a services-heavy model to a scalable software business. Investors should be wary of the potential for continued equity dilution if management attempts to bridge the funding gap through further share issuances.
Quick answers to the most common questions about buying BBAI stock.
As of 2025, BigBear.ai Holdings, Inc. (BBAI) had total assets of $894.5M including $330.5M in current assets.
BigBear.ai Holdings, Inc. (BBAI) carries total debt of $24.3M, offset by $87.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BigBear.ai Holdings, Inc. (BBAI) has total shareholders' equity (book value) of $611.9M ($0.17 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BigBear.ai Holdings, Inc. (BBAI) reported a current ratio of 1.78x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.