The balance sheet reflects significant asset erosion, with total assets declining from $809.9 million in 2024Q1 to $541.8 million in 2026Q1, alongside a substantial retained earnings deficit of $212.5 million.
| Total Current Assets | 121.71M | 249.19M | 190.94M | 75.95M | 81.68M |
| Cash & Short-Term Investments | - | - | - | - | - |
| Cash Only | 114.83M | 77.81M | 165.67M | 1.83M | 16.45M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - |
| Inventory | 0 | 2.34M | 1.88M | 2.72M | 2.46M |
| Days Inventory Outstanding | 6.17 | 6.65 | 9.15 | 12.57 | 11.68 |
| Other Current Assets | 0 | 147.03M | 2.18M | 42.01M | 50.27M |
| Total Non-Current Assets | 44.66M | 400.93M | 552.61M | 540.86M | 1.23B |
| Property, Plant & Equipment | 44.66M | 45.1M | 38.68M | 375.47M | 858.04M |
| Fixed Asset Turnover | 2.81x | 2.89x | 2.87x | 0.31x | 0.14x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 14.22M | 17.38M | 20.53M | 23.69M |
| Long-Term Investments | 0 | - | - | - | - |
| Other Non-Current Assets | - | - | - | - | - |
| Total Assets | 541.8M | 650.12M | 743.56M | 616.81M | 1.31B |
| Asset Turnover | 0.19x | 0.20x | 0.15x | 0.19x | 0.09x |
| Asset Growth % | -7.34% | -12.57% | 20.55% | -53.08% | - |
| Total Current Liabilities | 56.6M | 27.31M | 21.74M | 27.23M | 23.29M |
| Accounts Payable | 0 | 7.95M | 11M | 4.29M | 3.34M |
| Days Payables Outstanding | 34.67 | 22.61 | 53.7 | 19.82 | 15.87 |
| Short-Term Debt | - | - | - | - | - |
| Deferred Revenue (Current) | 0 | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 2.15x | 9.12x | 8.78x | 2.79x | 3.51x |
| Quick Ratio | 2.15x | 9.04x | 8.70x | 2.69x | 3.40x |
| Cash Conversion Cycle | -28.5 | - | - | - | - |
| Total Non-Current Liabilities | 62.37M | 156.4M | 150.43M | 204.69M | 195.04M |
| Long-Term Debt | 0 | 99.65M | 101.59M | 155.63M | 144.18M |
| Capital Lease Obligations | 0 | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - |
| Total Liabilities | 118.97M | 183.72M | 172.17M | 231.92M | 218.33M |
| Total Debt | 56.6M | 156.18M | 149.06M | 203.78M | 190.53M |
| Net Debt | -58.22M | 78.37M | -16.6M | 201.95M | 174.08M |
| Debt / Equity | 0.13x | 0.33x | 0.26x | 0.53x | 0.17x |
| Debt / EBITDA | -0.79x | - | - | - | - |
| Net Debt / EBITDA | 0.81x | - | - | - | - |
| Interest Coverage | - | - | -21.61x | -264.40x | -25.86x |
| Total Equity | 422.83M | 466.41M | 571.38M | 384.89M | 1.1B |
| Equity Growth % | 10.13% | -18.37% | 48.45% | -64.89% | - |
| Book Value per Share | 33.23 | 36.67 | 62.73 | 26.34 | 87.12 |
| Total Shareholders' Equity | 412.93M | 456.51M | 561.48M | 384.89M | 1.1B |
| Common Stock | 129K | 128K | 127K | 0 | 0 |
| Retained Earnings | -212.5M | -168.4M | -51.66M | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 9.9M | 9.9M | 9.9M | 0 | 0 |
Structural Capital Erosion
According to reported financial statements, SEG's total assets have declined from $809.9 million in 2024Q1 to $541.8 million by 2026Q1, reflecting a significant reduction in the company's resource base as it navigates the challenges of operating as an independent entity without parent company support.
The consistent downward trend in total assets suggests that the company is either divesting non-core holdings or experiencing significant valuation adjustments in its property portfolio. This trajectory warrants further investigation into whether the current asset base is sufficient to support the company's long-term entertainment and hospitality ambitions.
Based on the provided balance sheet data, SEG's cash position has fluctuated wildly, dropping from a peak of $200.2 million in 2024Q1 to $114.8 million in 2026Q1, indicating that the company's liquidity buffer is highly sensitive to operational cash burn and aggressive capital deployment strategies.
While the current ratio of 2.15 suggests a superficial level of short-term coverage, the underlying cash volatility implies that the company may lack a stable runway to fund its ongoing hospitality losses. Investors should monitor whether this liquidity profile necessitates future external financing to maintain operations.
As reported in recent filings, SEG's retained earnings have deteriorated into a significant deficit of $212.5 million by 2026Q1, a sharp decline from the break-even position observed in early 2024, which highlights the cumulative impact of persistent operating losses on the company's shareholder equity base.
The rapid erosion of retained earnings suggests that the company's business model is currently destroying rather than creating shareholder value. This trend may indicate that the capital structure is being weakened by the ongoing inability of the hospitality segment to achieve profitability.
Based on the provided figures, the near-total disappearance of PPE from $375.8 million in 2024Q1 to $44.7 million in 2026Q1 suggests a massive accounting shift or impairment that makes headline asset values potentially misleading for investors assessing the company's physical footprint.
This dramatic reduction in reported PPE warrants further investigation, as it may imply that the company's core real estate assets are being reclassified or written down significantly. Such a shift raises questions about the true economic value of the Seaport district and Las Vegas holdings.
Quick answers to the most common questions about buying SEG stock.
As of 2025, Seaport Entertainment Group Inc. (SEG) had total assets of $650.1M including $249.2M in current assets.
Seaport Entertainment Group Inc. (SEG) carries total debt of $156.2M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Seaport Entertainment Group Inc. (SEG) has total shareholders' equity (book value) of $456.5M ($36.67 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Seaport Entertainment Group Inc. (SEG) reported a current ratio of 9.12x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.