Borealis Foods Inc. key statistics and ratios

In fiscal 2025, Borealis Foods Inc. had an operating margin of -35.1% and a current ratio of 0.12. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Borealis Foods Inc.: financial ratios, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMMar 2026
Gross margin	−4.3%	7.5%	11.2%	10.6%
Operating margin	−66.5%	−70.1%	−35.1%	−31.4%
Net margin	−91.6%	−87.0%	−60.3%	−56.5%
Free-cash-flow margin	−74.9%	−57.5%	−21.0%	−16.5%
Return on assets	−41.8%	−40.3%	−33.7%	−35.4%
Asset turnover	0.46	0.46	0.56	0.63
Current ratio	0.26	0.46	0.12	0.10
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m
R&D as % of revenue	1.5%	0.7%	0.6%	0.6%
SG&A as % of revenue	62.2%	77.6%	46.2%	42.1%
Capital spending as % of revenue	14.9%	5.7%	0.0%	0.0%

US$ thousands unless shown otherwise. Fiscal quarters.

Borealis Foods Inc.: financial ratios, quarterly
Quarter	2024 Q2Jun 2024	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026
Gross margin	7.9%	16.6%	3.1%	12.5%	7.2%	14.6%	10.2%	10.8%
Operating margin	−97.4%	−47.1%	−56.4%	−40.4%	−46.7%	−27.1%	−27.5%	−26.5%
Net margin	−118.3%	−62.9%	−70.4%	−58.0%	−64.0%	−53.2%	−62.0%	−45.1%
Free-cash-flow margin	−89.2%	−48.4%	−11.6%	−19.2%	—	−2.7%	−27.5%	−1.6%
Current ratio	0.53	0.44	0.46	0.29	0.25	0.15	0.12	0.10
Debt to equity	30.3%	59.2%	—	—	—	—	—	—
R&D as % of revenue	0.9%	0.7%	0.7%	0.7%	0.7%	0.7%	0.4%	0.6%
SG&A as % of revenue	105.4%	63.7%	59.5%	52.8%	53.9%	41.7%	37.7%	37.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 3 checks passed · March 31, 2026

What it owns · $51m

Short-term assets $7mLonger-term assets $44m

What it owes, and who funded it · $74m

Short-term liabilities $72mLonger-term liabilities $2mShareholders' equity $-23m

Short-term assets cover short-term liabilities $7m of assets due within a year against $72m of liabilities due within a year.
Short-term assets cover long-term liabilities $7m short-term assets against $2m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of −$10m against $6m of interest.

From Borealis Foods Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: BRLS vs DDC BRLS vs RMCF BRFH vs BRLS

More: Packaged Foods & Meats stocks compared, Consumer Staples sector, rankings of US companies

Figures from Borealis Foods Inc.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Borealis Foods Inc.