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Establishment Labs Holdings Balance Sheet 2025-2011 | ESTA
Brief balance sheet overview of Establishment Labs Holdings
Balance sheet changes are traced across five available annual reports between 2021 and 2025.
Assets rose from $139.5 million to $357.2 million, a gain of +156%, while CAGR was about 26.5%. The balance sheet expanded rapidly.
Liabilities grew faster than assets: +275.7% versus +156%. A substantial part of expansion was externally funded.
Internal capital represents 6.6% of the balance sheet versus 36.4% five periods ago. The cushion is thin.
Net debt to equity is high at 7.38x; refinancing risk and borrowing costs become more important.
The cash share moved from 38.3% to 21.2%. A higher figure generally provides more room in an adverse scenario.
Retained earnings remain negative at -$495.8 million. This may reflect past losses or substantial shareholder distributions, so earnings and buybacks provide important context.
Overall picture
Establishment Labs Holdings 's balance sheet looks stretched: reliance on liabilities and a limited capital cushion increase sensitivity to weaker results.
Annual Balance Sheet Establishment Labs Holdings
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
174 M | 131 M | 149 M | 110 M | -51.1 M | -33.9 M | 10.7 M | -30.3 M | 13.2 M | 37.7 M | - | - | - | - | - |
Long Term Debt |
248 M | 220 M | 189 M | 175 M | 1.9 M | 49.8 M | 48.1 M | 22.3 M | - | - | - | - | - | - | - |
Long Term Debt Current |
1.71 M | 1.51 M | 773 K | 688 K | 402 K | 788 K | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 53.7 M | 30.6 M | 4.67 M | 1.42 M | - | - | - | - | - |
Total Current Liabilities |
82.1 M | 68.3 M | 57.2 M | 39 M | 31.9 M | 25.9 M | 23.2 M | 16.4 M | - | - | - | - | - | - | - |
Total Liabilities |
334 M | 294 M | 250 M | 219 M | 88.8 M | 81.4 M | 76.9 M | 47.1 M | 62.1 M | 56 M | - | - | - | - | - |
Deferred Revenue |
1.21 M | 1.75 M | 1.84 M | 1.69 M | 769 K | 1.21 M | 785 K | 908 K | - | - | - | - | - | - | - |
Retained Earnings |
-496 M | -445 M | -360 M | -282 M | -206 M | -165 M | -127 M | -89 M | -67.9 M | -33 M | - | - | - | - | - |
Total Assets |
357 M | 347 M | 269 M | 211 M | 140 M | 156 M | 117 M | 117 M | 57.1 M | 29.6 M | - | - | - | - | - |
Cash and Cash Equivalents |
75.6 M | 90.3 M | 40 M | 66.4 M | 53.4 M | 84.5 M | 37.7 M | 52.6 M | - | - | - | - | - | - | - |
Book Value |
23.5 M | 53.1 M | 18.4 M | -8.18 M | 50.7 M | 75 M | 39.6 M | 69.5 M | -5.01 M | -26.4 M | - | - | - | - | - |
Total Shareholders Equity |
23.5 M | 53.1 M | 18.4 M | -8.18 M | 50.7 M | 75 M | 39.6 M | 69.5 M | -5.01 M | - | - | - | - | - | - |
All numbers in USD currency
Quarterly Balance Sheet Establishment Labs Holdings
| 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 |
262 M | 249 M | 246 M | 221 M | 220 M | 220 M | 194 M | 194 M | 192 M | 189 M | 185 M | 182 M | 179 M | 175 M | 3.32 M | 1.73 M | 52.5 M | 1.9 M | 51.3 M | 50.8 M | 50.3 M | 49.8 M | 49.4 M | 49.8 M | 49.8 M | 48.1 M | - | 48.1 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
330 M | 336 M | 323 M | 307 M | 295 M | 294 M | 250 M | 240 M | 245 M | 250 M | 240 M | 230 M | 225 M | 219 M | 186 M | 184 M | 93.7 M | 88.8 M | 86.8 M | 83.3 M | 79.8 M | 81.4 M | 81.4 M | 81.4 M | 81.4 M | 76.9 M | 76.9 M | 76.9 M | 76.9 M | 47.1 M | 47.1 M | 47.1 M | 47.1 M | 62.1 M | 62.1 M | 62.1 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
- | 966 K | 1.41 M | 1.83 M | 1.44 M | 1.75 M | 1.65 M | 1.66 M | 1.74 M | 1.84 M | 1.99 M | 1.48 M | 1.58 M | 1.69 M | 793 K | 1.17 M | 1.27 M | 769 K | 603 K | 654 K | 1.02 M | 1.21 M | 1.21 M | 1.21 M | 1.21 M | 785 K | 785 K | 785 K | 785 K | 908 K | 908 K | 908 K | 908 K | 907 K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-521 M | -509 M | -493 M | -482 M | -465 M | -445 M | -410 M | -393 M | -376 M | -360 M | -340 M | -310 M | -294 M | -282 M | -268 M | -249 M | -212 M | -206 M | -192 M | -178 M | -172 M | -165 M | -165 M | -165 M | -165 M | -127 M | -127 M | -127 M | -127 M | -89 M | -89 M | -89 M | -89 M | -67.9 M | -67.9 M | -67.9 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
352 M | 351 M | 339 M | 330 M | 333 M | 347 M | 283 M | 285 M | 302 M | 269 M | 271 M | 285 M | 209 M | 211 M | 188 M | 200 M | 142 M | 140 M | 148 M | 152 M | 152 M | 156 M | 156 M | 156 M | 156 M | 117 M | 117 M | 117 M | 117 M | 117 M | 117 M | 117 M | 117 M | 57.1 M | 57.1 M | 57.1 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
71.2 M | 68.1 M | 70.6 M | 54.6 M | 69.2 M | 90.3 M | 39.7 M | 54.6 M | 73 M | 40 M | 52.2 M | 90.2 M | 42.8 M | 66.4 M | 65.3 M | 91.3 M | 44.7 M | 53.4 M | 64.6 M | 76.8 M | 78 M | 84.5 M | 84.5 M | 84.5 M | 84.5 M | 37.7 M | 37.7 M | 37.7 M | 37.7 M | 52.6 M | 65.6 M | 11.6 M | 52.6 M | 10.9 M | 10.9 M | 10.9 M | - | 479 K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
21.6 M | 14.8 M | 16.4 M | 22.8 M | 38.6 M | 53.1 M | 32.7 M | 45 M | 56.9 M | 18.4 M | 30.5 M | 54.9 M | -16 M | -8.18 M | 1.52 M | 15.9 M | 47.8 M | 50.7 M | 61.6 M | 68.8 M | 72.6 M | 75 M | 75 M | 75 M | 75 M | 39.6 M | 39.6 M | 39.6 M | 39.6 M | 69.5 M | 69.5 M | 69.5 M | 69.5 M | -5.01 M | -5.01 M | -5.01 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
21.6 M | 14.8 M | 16.4 M | 22.8 M | 38.6 M | 53.1 M | 32.7 M | 45 M | 56.9 M | 18.4 M | 30.5 M | 54.9 M | -16 M | -8.18 M | 1.52 M | 15.9 M | 47.8 M | 50.7 M | 61.6 M | 68.8 M | 72.6 M | 75 M | 75 M | 75 M | 75 M | 39.6 M | 39.6 M | 39.6 M | 39.6 M | 69.5 M | 69.5 M | 69.5 M | 69.5 M | -5.01 M | -5.01 M | -5.01 M | -15.6 M | -26.4 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Establishment Labs Holdings , 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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