The company's capital structure has undergone significant changes, with total debt rising to $4.3B in 2026Q1, resulting in a debt-to-equity ratio of 2.24.
| 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 |
|---|
| Total Current Assets | 2.3B | 2.23B | 1.54B | 1.25B | 866M | 671M | 756M | 686M | 725M | 632M | 547.6M | 616.8M | 758M | 606.9M | 490.3M | 702.7M |
| Cash & Short-Term Investments | 311M | 1.5B | 781M | 555M | 232M | 127M | 310M | 192M | 231M | 199M | 204.7M | 251.6M | 263M | 184.7M | 80.2M | 314M |
| Cash Only | 311M | 1.5B | 781M | 555M | 232M | 127M | 310M | 192M | 231M | 199M | 204.7M | 251.6M | 263M | 184.7M | 80.2M | 314M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 892M | 333M | 360M | 356M | 363M | 301M | 228M | 253M | 279M | 254M | 196.9M | 195M | 207.4M | 175.1M | 165M | 194.7M |
| Days Sales Outstanding | 48.23 | 40.38 | 40.74 | 42.81 | 47.85 | 45.74 | 39.99 | 34.23 | 37.54 | 40.99 | 39.05 | 35.84 | 35.58 | 33.17 | 28.12 | 32.86 |
| Inventory | 835M | 316M | 315M | 276M | 224M | 204M | 181M | 199M | 170M | 154M | 125.6M | 141.4M | 143.5M | 160.4M | 157.1M | 155.9M |
| Days Inventory Outstanding | 76.98 | 74.22 | 67.79 | 64.37 | 55.54 | 59.24 | 61 | 55.7 | 48.06 | 49.7 | 46.97 | 49.06 | 45.49 | 53.96 | 48.29 | 47.09 |
| Other Current Assets | 264M | 89M | 82M | 63M | 47M | 39M | 37M | 42M | 45M | 25M | 20.4M | 28.8M | 24.4M | 86.7M | 88M | 38.1M |
| Total Non-Current Assets | 6.45B | 3.85B | 3.8B | 3.77B | 3.81B | 3.79B | 3.72B | 3.76B | 3.51B | 3.57B | 3.67B | 3.79B | 4.05B | 4.21B | 4.38B | 4.49B |
| Property, Plant & Equipment | 1.67B | 862M | 803M | 774M | 763M | 706M | 638M | 616M | 466M | 448M | 464.1M | 479.7M | 514.6M | 563.4M | 596.2M | 581.8M |
| Fixed Asset Turnover | 3.50x | 3.49x | 4.02x | 3.92x | 3.63x | 3.40x | 3.26x | 4.38x | 5.82x | 5.05x | 3.97x | 4.14x | 4.13x | 3.42x | 3.59x | 3.72x |
| Goodwill | 2.83B | 2.08B | 2.08B | 2.08B | 2.08B | 2.06B | 2.06B | 2.04B | 1.94B | 1.94B | 1.94B | 1.94B | 1.94B | 1.94B | 1.94B | 1.94B |
| Intangible Assets | 1.69B | 794M | 822M | 833M | 878M | 917M | 963M | 1.04B | 1.07B | 1.15B | 1.24B | 1.33B | 1.51B | 1.61B | 1.72B | 1.87B |
| Long-Term Investments | 81M | 32M | 11M | 20M | 22M | 46M | -442M | -387M | -329M | -276M | -311.9M | 0 | 0 | 1.5M | 0 | 0 |
| Other Non-Current Assets | 268M | 68M | 87M | 72M | -469M | 99M | 56M | 65M | 39M | 31M | 23.5M | 34.2M | 77.3M | 87.9M | 90.2M | 101M |
| Total Assets | 8.75B | 6.08B | 5.34B | 5.03B | 4.67B | 4.46B | 4.48B | 4.45B | 4.24B | 4.21B | 4.22B | 4.41B | 4.8B | 4.81B | 4.87B | 5.19B |
| Asset Turnover | 0.57x | 0.49x | 0.60x | 0.60x | 0.59x | 0.54x | 0.46x | 0.61x | 0.64x | 0.54x | 0.44x | 0.45x | 0.44x | 0.40x | 0.44x | 0.42x |
| Asset Growth % | 84.34% | 13.98% | 6.19% | 7.58% | 4.8% | -0.45% | 0.61% | 5.03% | 0.76% | -0.32% | -4.31% | -8.24% | -0.17% | -1.1% | -6.29% | - |
| Total Current Liabilities | 1.25B | 460M | 506M | 501M | 480M | 459M | 373M | 417M | 426M | 417M | 342.2M | 301.5M | 345.9M | 387.2M | 377.8M | 449.9M |
| Accounts Payable | 728M | 190M | 212M | 210M | 195M | 179M | 157M | 150M | 169M | 159M | 127.9M | 126.2M | 151.7M | 150.4M | 133.1M | 162.6M |
| Days Payables Outstanding | 56.62 | 44.63 | 45.63 | 48.98 | 48.35 | 51.98 | 52.91 | 41.99 | 47.78 | 51.31 | 47.83 | 43.79 | 48.09 | 50.6 | 40.91 | 49.12 |
| Short-Term Debt | 20M | 10M | 5M | 6M | 6M | 6M | 6M | 6M | 0 | 12M | 11.9M | 24.5M | 17.9M | 17.9M | 19.5M | 33.6M |
| Deferred Revenue (Current) | 181M | 34M | 41M | 41M | 38M | 37M | 34M | 35M | 34M | 41M | 27.3M | 22.9M | 20.6M | 29.2M | 21.6M | 19.9M |
| Other Current Liabilities | 423M | 192M | 96M | 96M | 165M | 153M | 125M | 134M | 142M | 132M | 96.1M | 99.5M | 104.8M | 152.1M | 156.1M | 131.1M |
| Current Ratio | 1.85x | 4.85x | 3.04x | 2.50x | 1.80x | 1.46x | 2.03x | 1.65x | 1.70x | 1.52x | 1.60x | 2.05x | 2.19x | 1.57x | 1.30x | 1.56x |
| Quick Ratio | 1.18x | 4.17x | 2.42x | 1.94x | 1.34x | 1.02x | 1.54x | 1.17x | 1.30x | 1.15x | 1.23x | 1.58x | 1.78x | 1.15x | 0.88x | 1.22x |
| Cash Conversion Cycle | 68.58 | 69.97 | 62.91 | 58.21 | 55.04 | 53 | 48.08 | 47.94 | 37.82 | 39.37 | 38.19 | 41.12 | 32.98 | 36.53 | 35.5 | 30.83 |
| Total Non-Current Liabilities | 5.6B | 3.75B | 3.18B | 3.29B | 3.32B | 3.36B | 3.35B | 3.25B | 3.15B | 3.1B | 2.8B | 2.92B | 3.06B | 2.99B | 3.13B | 3.92B |
| Long-Term Debt | 4.25B | 2.9B | 2.4B | 2.5B | 2.5B | 2.5B | 2.51B | 2.51B | 2.52B | 2.53B | 2.15B | 2.35B | 2.5B | 2.66B | 2.8B | 3.35B |
| Capital Lease Obligations | 27M | 13M | 14M | 0 | 13M | 13M | 17M | 18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 2.49B | 557M | 501M | 519M | 536M | 514M | 442M | 387M | 329M | 276M | 311.9M | 204.6M | 238.2M | 76.2M | 100K | 214.2M |
| Other Non-Current Liabilities | 462M | 184M | 174M | 186M | 174M | 234M | 273M | 231M | 212M | 214M | 583M | 301.5M | 271M | 206.8M | 287.3M | 321M |
| Total Liabilities | 6.85B | 4.21B | 3.69B | 3.79B | 3.8B | 3.82B | 3.72B | 3.67B | 3.58B | 3.52B | 3.14B | 3.22B | 3.41B | 3.37B | 3.51B | 4.37B |
| Total Debt | 4.27B | 2.92B | 2.42B | 2.51B | 2.52B | 2.53B | 2.53B | 2.54B | 2.52B | 2.55B | 2.16B | 2.38B | 2.52B | 2.68B | 2.82B | 3.38B |
| Net Debt | 3.96B | 1.43B | 1.64B | 1.95B | 2.29B | 2.4B | 2.22B | 2.35B | 2.29B | 2.35B | 1.95B | 2.13B | 2.26B | 2.49B | 2.74B | 3.06B |
| Debt / Equity | 2.24x | 1.56x | 1.47x | 2.03x | 2.89x | 3.99x | 3.35x | 3.25x | 3.83x | 3.70x | 2.00x | 2.00x | 1.80x | 1.86x | 2.08x | 4.11x |
| Debt / EBITDA | 4.40x | 2.66x | 2.17x | 2.34x | 2.69x | 3.09x | 3.72x | 2.40x | 2.32x | 3.10x | 3.44x | 3.87x | 3.58x | 4.36x | 4.19x | 4.93x |
| Net Debt / EBITDA | 4.08x | 1.30x | 1.47x | 1.82x | 2.44x | 2.93x | 3.26x | 2.22x | 2.11x | 2.86x | 3.11x | 3.46x | 3.20x | 4.06x | 4.07x | 4.48x |
| Interest Coverage | 64.20x | 9.20x | 11.08x | 8.73x | 6.47x | 5.93x | 3.87x | 6.73x | 7.65x | 6.12x | 4.36x | 2.88x | 3.55x | 2.38x | 2.07x | 1.95x |
| Total Equity | 1.9B | 1.87B | 1.65B | 1.23B | 874M | 634M | 756M | 781M | 659M | 689M | 1.08B | 1.19B | 1.4B | 1.44B | 1.36B | 821.7M |
| Equity Growth % | 59.08% | 13.08% | 33.9% | 41.08% | 37.85% | -16.14% | -3.2% | 18.51% | -4.35% | -36.22% | -9.11% | -14.97% | -2.85% | 6.04% | 65.13% | - |
| Book Value per Share | 22.64 | 21.96 | 18.76 | 13.55 | 9.10 | 5.93 | 6.63 | 6.35 | 4.93 | 4.59 | 6.38 | 6.72 | 7.64 | 7.66 | 7.28 | 4.53 |
| Total Shareholders' Equity | 1.9B | 1.87B | 1.65B | 1.23B | 874M | 634M | 756M | 781M | 659M | 689M | 1.08B | 1.19B | 1.4B | 1.44B | 1.36B | 821.7M |
| Common Stock | 0 | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1.6M | 1.7M | 1.8M | 1.8M | 1.8M | 1.8M |
| Retained Earnings | 0 | -38M | -239M | -628M | -953M | -1.13B | -974M | -970M | -1.1B | -1.05B | -586.4M | -444.5M | -215.5M | -173.8M | -202.3M | -683.7M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -200K | -200K |
| Accumulated OCI | 0 | -56M | -51M | -31M | -22M | -73M | -89M | -52M | -30M | -15M | -62.9M | -58.8M | -39.5M | -21M | -43.9M | -57M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclicality and Electrification Transition
As reported in recent financial statements, ALSN has successfully reduced its debt-to-equity ratio from 2.04 in 2023Q4 to 1.56 by 2025Q4, signaling a deliberate shift toward a more conservative capital structure despite the inherent cyclicality of the vocational transmission market and ongoing investments in electrification.
The consistent reduction in leverage suggests management is prioritizing balance sheet flexibility to navigate the transition to eGen Power technology. This trajectory implies a strategic effort to insulate the firm from interest rate volatility while maintaining the capacity to fund R&D without excessive reliance on external financing.
Based on the provided balance sheet data, ALSN's total debt has fluctuated within a range of $2.4B to $4.3B, with the most recent spike in 2026Q1 warranting close investor scrutiny regarding the company's long-term debt maturity profile and its impact on future interest coverage ratios.
While the company has historically managed its debt load effectively, the sudden increase in total debt to $4.3B in 2026Q1 represents a significant departure from the previous multi-quarter trend of stability. Investors should monitor whether this leverage is being deployed for strategic growth initiatives or if it reflects a defensive response to tightening liquidity in the broader industrial sector.
According to quarterly filings, ALSN's cash position surged to $1.5B in 2025Q4, resulting in a current ratio of 4.85, which provides a substantial liquidity cushion against potential supply chain disruptions or sudden shifts in municipal procurement cycles for vocational vehicle components.
The significant expansion in cash reserves appears to provide management with considerable optionality, whether for opportunistic M&A or continued shareholder returns. This liquidity profile suggests the company is well-positioned to weather cyclical downturns without compromising its ability to meet short-term obligations or fund critical R&D projects.
As indicated by the company's financial statements, ALSN has faced persistent negative retained earnings, which reached -$628M in 2023Q4 before showing signs of improvement, highlighting the impact of aggressive capital return programs on the company's book value over the past several fiscal periods.
The reliance on share repurchases and dividends has historically suppressed retained earnings, which may be viewed as a trade-off between immediate shareholder value and the accumulation of internal capital. Investors should evaluate whether this capital allocation strategy remains sustainable as the company pivots toward more capital-intensive electric powertrain development.
Quick answers to the most common questions about buying ALSN stock.
As of 2025, Allison Transmission Holdings, Inc. (ALSN) had total assets of $6.08B including $2.23B in current assets.
Allison Transmission Holdings, Inc. (ALSN) carries total debt of $2.92B, offset by $1.50B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Allison Transmission Holdings, Inc. (ALSN) has total shareholders' equity (book value) of $1.87B ($21.96 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Allison Transmission Holdings, Inc. (ALSN) reported a current ratio of 4.85x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.