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Cullinan Management (CGEM)
The export includes the complete available history of financial statements and ratios. Numbers are provided in full, without million or billion abbreviations, in their original reporting units.
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Cullinan Management Balance Sheet 2025-2011 | CGEM
Brief overview of Cullinan Management's financial position
The comparison uses five available annual reports from the 2021–2025 interval.
Assets changed little, standing at $437.2 million initially and $448.4 million at the end. The balance sheet stayed close to its former scale.
Liabilities grew faster than assets: +235.7% versus +2.6%. A substantial part of expansion was externally funded.
Equity funds 91.2% of assets versus 97.2% initially. This creates a conservative balance sheet structure.
Cash exceeds interest-bearing debt, producing net debt of -$85.6 million. The balance sheet therefore carries a net cash position.
Cash accounts for 19.7% of assets versus 13.7% initially. The change indicates the degree of financial flexibility.
Retained earnings remain negative at -$588.1 million. This may reflect past losses or substantial shareholder distributions, so earnings and buybacks provide important context.
Balance sheet takeaway
Cullinan Management retains a reasonably healthy balance sheet structure, which still needs support from earnings and cash flow.
Annual Balance Sheet Cullinan Management
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
-85.6 M | -80.9 M | -94.8 M | -151 M | - | -168 M | -63.2 M | -33.8 M | - | - | - | - | - | - | - |
Long Term Debt |
1.9 M | 849 K | 2.15 M | 3.59 M | - | - | - | - | - | - | - | - | - | - | - |
Long Term Debt Current |
780 K | 1.3 M | 1.44 M | 1.42 M | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | 277 M | 138 M | 54 M | - | - | - | - | - | - | - |
Total Current Liabilities |
37.7 M | 30.6 M | 28.1 M | 22.5 M | 11.7 M | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
39.6 M | 31.5 M | 30.3 M | 26.1 M | 11.8 M | 291 M | 140 M | 55.3 M | - | - | - | - | - | - | - |
Retained Earnings |
-588 M | -368 M | -201 M | -47.7 M | -159 M | -93.3 M | -41.5 M | -20.9 M | - | - | - | - | - | - | - |
Total Assets |
448 M | 622 M | 484 M | 561 M | 437 M | 215 M | 100 M | 34.6 M | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
88.3 M | 83 M | 98.4 M | 156 M | 59.8 M | - | - | - | - | - | - | - | - | - | - |
Book Value |
409 M | 590 M | 454 M | 535 M | 425 M | -76.3 M | -39.9 M | -20.6 M | - | - | - | - | - | - | - |
Total Shareholders Equity |
409 M | 590 M | 454 M | 535 M | 425 M | 200 M | - | - | - | - | - | - | - | - | - |
Annual performance
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All numbers in USD currency
Quarterly Balance Sheet Cullinan Management
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
1.4 M | 1.66 M | - | 125 K | 493 K | 849 K | 1.19 M | 1.52 M | 1.84 M | 2.15 M | 2.45 M | 2.73 M | 3.17 M | 3.59 M | 3.99 M | 596 K | 736 K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
42 M | 36.8 M | 32.8 M | 28.2 M | 27.8 M | 31.5 M | 25.4 M | 25 M | 23.8 M | 30.3 M | 25.9 M | 22.4 M | 29.3 M | 26.1 M | 31.1 M | 62.6 M | 18 M | 11.8 M | 7.93 M | 5.81 M | 9.97 M | 14.4 M | 14.4 M | 14.4 M | 14.4 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-691 M | -638 M | -537 M | -487 M | -417 M | -368 M | -321 M | -280 M | -238 M | -201 M | -177 M | -138 M | -106 M | -47.7 M | -20.9 M | 3.89 M | -171 M | -159 M | -126 M | -109 M | -93.4 M | -93.3 M | -93.3 M | -93.3 M | -93.3 M | -41.5 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
364 M | 403 M | 484 M | 520 M | 580 M | 622 M | 653 M | 681 M | 449 M | 484 M | 495 M | 522 M | 515 M | 561 M | 617 M | 667 M | 437 M | 437 M | 453 M | 464 M | 480 M | 215 M | 215 M | 215 M | 215 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
78.6 M | 75.1 M | 103 M | 72.8 M | 76.7 M | 83 M | 102 M | 115 M | 74.2 M | 98.4 M | 64.8 M | 142 M | 122 M | 156 M | 243 M | 354 M | 76.1 M | 59.8 M | 88.1 M | 124 M | 294 M | 168 M | 168 M | 168 M | 168 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
322 M | 366 M | 451 M | 492 M | 552 M | 590 M | 628 M | 656 M | 426 M | 454 M | 469 M | 500 M | 486 M | 535 M | 586 M | 605 M | 419 M | 425 M | 445 M | 459 M | 470 M | 200 M | 200 M | 200 M | 200 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
322 M | 366 M | 451 M | 492 M | 552 M | 590 M | 628 M | 656 M | 426 M | 454 M | 469 M | 500 M | 486 M | 535 M | 586 M | 605 M | 419 M | 425 M | 445 M | 459 M | 470 M | 199 M | 199 M | 199 M | 199 M | 97 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quarterly performance
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All numbers in USD currency
Balance Sheet is a fundamental financial report of Cullinan Management, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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