The company's financial leverage remains elevated with $72.9 billion in total debt and a debt-to-equity ratio of 2.65 as of 2026Q1, reflecting the capital-intensive nature of its acquisition-led strategy.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Total Current Assets | 33.53B | 29.06B | 25.58B | 33B | 28.46B | 27.93B | 24.17B | 49.52B | 16.95B | 21.22B | 16.19B | 16.31B | 16.08B | 17.85B | 15.35B | 7.35B | 8.22B |
| Cash & Short-Term Investments | 9.39B | 5.26B | 5.55B | 12.82B | 9.23B | 9.83B | 8.48B | 39.92B | 8.06B | 9.79B | 6.42B | 8.41B | 8.37B | 9.89B | 7.98B | 653M | 10.78M |
| Cash Only | 9.39B | 5.23B | 5.52B | 12.81B | 9.2B | 9.75B | 8.45B | 39.92B | 7.29B | 9.3B | 5.1B | 8.4B | 8.35B | 9.6B | 5.9B | 27M | 9.64M |
| Short-Term Investments | 0 | 28M | 31M | 2M | 28M | 84M | 30M | 0 | 772M | 486M | 1.32B | 8M | 26M | 300M | 2.08B | 626M | 1.13M |
| Accounts Receivable | 12.48B | 12.59B | 10.92B | 11.15B | 11.25B | 9.98B | 8.82B | 5.43B | 5.38B | 5.09B | 4.76B | 4.73B | 3.73B | 4.8B | 4.3B | 3.82B | 3.37B |
| Days Sales Outstanding | 73.32 | 75.13 | 70.75 | 74.96 | 70.76 | 64.8 | 70.3 | 59.56 | 60 | 65.82 | 67.74 | 75.53 | 68.3 | 93.3 | 85.35 | 79.87 | 78.73 |
| Inventory | 5.05B | 4.95B | 4.18B | 4.1B | 3.58B | 3.13B | 3.31B | 1.81B | 1.6B | 1.6B | 1.44B | 1.72B | 1.12B | 1.15B | 1.09B | 872M | 836.27M |
| Days Inventory Outstanding | 98.57 | 99.27 | 90.28 | 73.29 | 75.02 | 65.44 | 78.52 | 88.96 | 75.9 | 83.21 | 90.36 | 139.43 | 92.69 | 91.63 | 88.34 | 68.61 | 71.1 |
| Other Current Assets | 6.61B | 6.26B | 4.93B | 4.93B | 4.4B | 226M | 0 | 0 | 0 | 0 | 0 | 0 | 1.11B | 766M | 669M | 1.47B | 3.51B |
| Total Non-Current Assets | 102.93B | 104.9B | 109.58B | 101.71B | 110.34B | 118.6B | 126.39B | 39.6B | 42.41B | 49.56B | 49.91B | 36.74B | 11.43B | 11.35B | 11.65B | 12.17B | 12.92B |
| Property, Plant & Equipment | 5.69B | 6.37B | 5.13B | 4.99B | 4.93B | 5.11B | 5.25B | 2.96B | 2.88B | 2.8B | 2.6B | 2.56B | 2.48B | 2.3B | 2.25B | 2.14B | 2.36B |
| Fixed Asset Turnover | 11.01x | 9.61x | 10.97x | 10.89x | 11.76x | 11.00x | 8.73x | 11.23x | 11.36x | 10.07x | 9.85x | 8.91x | 8.03x | 8.18x | 8.18x | 8.14x | 6.63x |
| Goodwill | 35.57B | 35.64B | 34.96B | 32.29B | 32.16B | 32.38B | 33.12B | 15.6B | 15.66B | 15.79B | 15.42B | 13.17B | 5.86B | 6.28B | 6.13B | 6.1B | 6.2B |
| Intangible Assets | 50.87B | 52.64B | 60.07B | 55.61B | 67.44B | 75.95B | 82.88B | 18.65B | 21.23B | 27.56B | 28.9B | 19.71B | 1.51B | 1.89B | 2.32B | 2.91B | 3.69B |
| Long-Term Investments | 1.17B | 299M | 279M | 304M | 241M | 277M | 293M | 93M | 1.42B | 2.09B | 1.78B | 145M | 92M | 118M | 119M | 229M | 137.36M |
| Other Non-Current Assets | 10.54B | 9.95B | 9.14B | 8.51B | 5.57B | 4.88B | 4.85B | 2.29B | 1.21B | 1.33B | 1.21B | 1.15B | 1.48B | 767M | 835M | -135.65M | 0 |
| Total Assets | 136.46B | 133.96B | 135.16B | 134.71B | 138.81B | 146.53B | 150.56B | 89.11B | 59.35B | 70.79B | 66.1B | 53.05B | 27.51B | 29.2B | 27.01B | 19.52B | 21.13B |
| Asset Turnover | 0.46x | 0.46x | 0.42x | 0.40x | 0.42x | 0.38x | 0.30x | 0.37x | 0.55x | 0.40x | 0.39x | 0.43x | 0.73x | 0.64x | 0.68x | 0.89x | 0.74x |
| Asset Growth % | -10.66% | -0.89% | 0.33% | -2.95% | -5.27% | -2.68% | 68.96% | 50.15% | -16.15% | 7.09% | 24.6% | 92.82% | -5.77% | 8.11% | 38.35% | -7.64% | - |
| Total Current Liabilities | 42.1B | 43.29B | 38.75B | 37.84B | 29.54B | 35.19B | 28.66B | 15.59B | 17.24B | 16.64B | 9.78B | 10.89B | 11.39B | 6.88B | 6.78B | 5.9B | 3.76B |
| Accounts Payable | 33.61B | 3.59B | 2.94B | 3.69B | 2.93B | 2.88B | 2.28B | 1.45B | 1.55B | 1.47B | 1.41B | 1.6B | 1.4B | 933M | 556M | 417M | 356.78M |
| Days Payables Outstanding | 659.98 | 72.02 | 63.59 | 65.94 | 61.5 | 60.3 | 53.99 | 71.24 | 73.11 | 76.42 | 88.04 | 129.53 | 115.54 | 74.34 | 45.02 | 32.81 | 30.33 |
| Short-Term Debt | 8.33B | 8.75B | 6.8B | 7.19B | 4.3B | 12.67B | 8.68B | 3.75B | 5.31B | 6.42B | 402M | 2.43B | 4.44B | 431M | 1.04B | 16M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 164M | 25.63B | 27.01B | 25.16B | 20.93B | 17.85B | 16.04B | 0 | 1.61B | 1.14B | 1.03B | 924M | 0 | 0 | 0 | 0 | 2.96B |
| Current Ratio | 0.80x | 0.67x | 0.66x | 0.87x | 0.96x | 0.79x | 0.84x | 3.18x | 0.98x | 1.28x | 1.65x | 1.50x | 1.41x | 2.59x | 2.27x | 1.25x | 2.19x |
| Quick Ratio | 0.68x | 0.56x | 0.55x | 0.76x | 0.84x | 0.70x | 0.73x | 3.06x | 0.89x | 1.18x | 1.51x | 1.34x | 1.31x | 2.43x | 2.10x | 1.10x | 1.96x |
| Cash Conversion Cycle | -488.09 | 102.38 | 97.43 | 82.31 | 84.28 | 69.95 | 94.83 | 77.27 | 62.79 | 72.61 | 70.05 | 85.42 | 45.46 | 110.59 | 128.67 | 115.67 | 119.5 |
| Total Non-Current Liabilities | 66.86B | 93.9B | 93.05B | 86.47B | 91.98B | 95.9B | 108.81B | 81.7B | 50.56B | 49.05B | 51.68B | 38.21B | 14.38B | 17.83B | 16.87B | 1.69B | 1.67B |
| Long-Term Debt | 64.53B | 59.61B | 60.34B | 52.17B | 59.12B | 64.16B | 77.53B | 62.98B | 35B | 30.95B | 36.44B | 29.24B | 10.54B | 14.29B | 14.63B | 32M | 0 |
| Capital Lease Obligations | 711M | 711M | 720M | 762M | 771M | 738M | 853M | 271M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 15.33B | 7.96B | 7.63B | 8.63B | 8.69B | 8.98B | 9.33B | 3.9B | 3.79B | 5.17B | 8.06B | 6.18B | 1.05B | 817M | 360M | 490M | 485M |
| Other Non-Current Liabilities | 0 | 25.62B | 24.38B | 24.91B | 23.4B | 22.02B | 21.09B | 14.57B | 11.76B | 12.92B | 7.19B | 2.79B | 2.79B | 2.72B | 1.88B | 1.05B | 1.19B |
| Total Liabilities | 108.96B | 137.19B | 131.8B | 124.31B | 121.52B | 131.09B | 137.47B | 97.29B | 67.8B | 65.69B | 61.46B | 49.1B | 25.77B | 24.71B | 23.64B | 7.59B | 5.43B |
| Total Debt | 72.86B | 69.07B | 67.84B | 60.12B | 64.19B | 77.58B | 87.06B | 67.09B | 40.31B | 37.37B | 36.84B | 31.67B | 15.01B | 14.72B | 15.67B | 0 | 0 |
| Net Debt | 63.47B | 63.84B | 62.32B | 47.31B | 54.99B | 67.83B | 78.61B | 27.16B | 33.02B | 28.07B | 31.74B | 23.27B | 6.66B | 5.13B | 9.77B | -27.48M | -1.88B |
| Debt / Equity | 2.65x | - | 20.17x | 5.78x | 3.71x | 5.03x | 6.65x | - | - | 7.33x | 7.95x | 8.03x | 8.62x | 3.28x | 4.66x | - | - |
| Debt / EBITDA | 2.87x | 2.45x | 3.87x | 2.80x | 2.41x | 2.93x | 4.88x | 4.47x | 4.95x | 3.38x | 3.50x | 3.78x | 3.58x | 2.24x | 2.25x | - | - |
| Net Debt / EBITDA | 2.50x | 2.26x | 3.56x | 2.20x | 2.07x | 2.56x | 4.41x | 1.81x | 4.05x | 2.54x | 3.01x | 2.78x | 1.59x | 0.78x | 1.40x | -0.01x | -0.32x |
| Interest Coverage | 3.05x | 3.28x | 2.32x | 3.81x | 7.04x | 6.36x | 2.38x | 5.72x | 4.86x | 7.72x | 8.53x | 10.24x | 6.52x | 18.83x | 56.05x | - | - |
| Total Equity | 27.54B | -3.23B | 3.36B | 10.4B | 17.29B | 15.44B | 13.1B | -8.17B | -8.45B | 5.1B | 4.64B | 3.94B | 1.74B | 4.49B | 3.36B | 11.93B | 15.7B |
| Equity Growth % | 1343.14% | -195.96% | -67.64% | -39.86% | 11.99% | 17.86% | 260.27% | 3.24% | -265.71% | 9.94% | 17.52% | 126.46% | -61.22% | 33.57% | -71.82% | -24.01% | - |
| Book Value per Share | 15.53 | -1.82 | 1.90 | 5.86 | 9.72 | 8.69 | 7.83 | -5.51 | -5.46 | 3.18 | 2.84 | 2.41 | 1.08 | 2.80 | 2.13 | 7.34 | 9.66 |
| Total Shareholders' Equity | 27.5B | -3.27B | 3.33B | 10.36B | 17.25B | 15.41B | 13.08B | -8.17B | -8.45B | 5.1B | 4.64B | 3.94B | 1.74B | 4.49B | 3.36B | 11.93B | 15.7B |
| Common Stock | 18M | 18M | 18M | 18M | 18M | 18M | 18M | 18M | 18M | 18M | 18M | 17M | 16M | 16M | 3.71B | 11.96B | 0 |
| Retained Earnings | -17.87B | -15.49B | -7.9B | -1B | 4.78B | 3.13B | 1.05B | 4.72B | 3.37B | 5.46B | 4.38B | 2.25B | 535M | 1.57B | 0 | 0 | 0 |
| Treasury Stock | 0 | -9.15B | -8.2B | -6.53B | -4.59B | -3.14B | -2.26B | -24.5B | -24.11B | -11.92B | -10.85B | -8.84B | -972M | -320M | 0 | 0 | 0 |
| Accumulated OCI | -1.15B | -1.14B | -1.93B | -2.31B | -2.2B | -2.9B | -3.12B | -3.6B | -2.48B | -2.73B | -2.59B | -2.56B | -2.03B | -442M | -350M | -25.17M | 288.29M |
| Minority Interest | 44M | 42M | 39M | 37M | 33M | 28M | 21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High Leverage and Goodwill
As reported in recent financial statements, AbbVie's equity position has recovered to $27.5 billion in 2026Q1 from a negative territory in late 2025, signaling that the firm is successfully rebuilding its net asset base following the intensive capital deployment required for recent strategic acquisitions.
The transition from negative equity back to a positive balance suggests that retained earnings are beginning to recover, though the path remains sensitive to ongoing M&A costs. Investors should monitor whether this trajectory continues to improve as the company integrates its new oncology and neuroscience assets.
Based on AbbVie's reported figures, total debt reached $72.9 billion in 2026Q1, reflecting a persistent reliance on external financing to fund its aggressive growth strategy, which warrants close scrutiny given the current interest rate environment and the company's significant debt-to-equity ratio of 2.65.
While the debt load is substantial, it appears to be a strategic choice to facilitate rapid portfolio expansion rather than a sign of operational distress. However, the high leverage profile limits the company's financial flexibility and increases sensitivity to any potential volatility in cash flow generation.
According to recent SEC filings, goodwill accounts for $35.6 billion of AbbVie's $136.5 billion in total assets, indicating that a significant portion of the company's value is tied to intangible assets acquired through M&A rather than tangible infrastructure or physical manufacturing capacity.
This heavy reliance on goodwill implies that the balance sheet is highly sensitive to potential impairment charges if the acquired assets fail to meet long-term revenue expectations. The low net PPE of $5.7 billion confirms an asset-light model that prioritizes intellectual property over capital-intensive production facilities.
As indicated by quarterly data, the current ratio of 0.80 in 2026Q1 suggests that AbbVie maintains a relatively lean liquidity position, which may limit the company's ability to absorb unexpected shocks without relying on its revolving credit facilities or future cash flow generation.
The persistent current ratio below 1.0 appears to be a structural feature of the company's capital allocation, prioritizing dividend payments and M&A over holding large cash balances. While this maximizes capital efficiency, it leaves little room for error should working capital requirements spike unexpectedly.
Quick answers to the most common questions about buying ABBV stock.
As of 2025, AbbVie Inc. (ABBV) had total assets of $133.96B including $29.06B in current assets.
AbbVie Inc. (ABBV) carries total debt of $69.07B, offset by $5.26B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
AbbVie Inc. (ABBV) has total shareholders' equity (book value) of $-3270.0M ($-1.82 book value per share). Book value represents the net worth of the company belonging to common stock holders.
AbbVie Inc. (ABBV) reported a current ratio of 0.67x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.