The interaction of debt structure and financial feasibility in an aquaculture firm growing red drum ( Sciaenops ocellatus) all year is analyzed. The production cycle consists of raising fry from November to the end of February in a 0.49-ha nursery pond covered with a greenhouse. Stocked fry cost $0.14, weigh 0.38 g, and are 3.8 cm long. The fry are moved as fingerling weighing 50 g to one of four 7.4-ha grow-out ponds starting in March and harvested in late October weighing 1.02 kg. Input data are organized into cash flow budgets for the nursery and grow-out enterprises, the combined operation, cost recovery schedules for fixed expenses, and amortized loan schedules. The analysis utilizes a spreadsheet template to compute financial ratios for liquidity, solvency, profitability, and financial efficiency at the start and 5 years into production. Despite the investment having a positive net present value and high internal rate of return, the heavy dependence on each harvest to service the debt burden exposes the firm to large risks. The risk almost certainly acts to discourage producers and lenders from entering the industry.