Management has significantly improved financial flexibility by reducing total debt from $2.4 billion in 2023Q4 to $1.2 billion in 2026Q1, resulting in a more conservative capital structure.
| Total Current Assets | 2.02B | 2.06B | 1.83B | 1.62B | 1.41B | 860.42M | 736.42M | 471.15M |
| Cash & Short-Term Investments | 609.69M | 709.6M | 556.78M | 437.58M | 456.12M | 59.66M | 71.96M | 92.61M |
| Cash Only | 609.69M | 709.6M | 556.78M | 437.58M | 456.12M | 59.66M | 71.96M | 92.61M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 685.99M | 686.1M | 743.03M | 785.76M | 611.96M | 529.12M | 453.85M | 261.04M |
| Days Sales Outstanding | 41.49 | 39.6 | 45.46 | 53.02 | 43.54 | 46.4 | 55.18 | 45.26 |
| Inventory | 119.84M | 118.59M | 115.09M | 105.48M | 107.15M | 84.81M | 84.16M | 47.09M |
| Days Inventory Outstanding | 17.2 | 278.01 | 40.66 | 273.37 | 40.95 | - | - | - |
| Other Current Assets | 604.63M | 544.53M | 304.09M | 211.99M | 165.05M | 100.57M | 66.82M | 31.08M |
| Total Non-Current Assets | 3.23B | 3.23B | 3.12B | 3.48B | 3.45B | 1.89B | 1.64B | 614.21M |
| Property, Plant & Equipment | 2.14B | 2.14B | 2.04B | 2.01B | 1.99B | 839.89M | 591.57M | 256.53M |
| Fixed Asset Turnover | 3.04x | 2.95x | 2.93x | 2.69x | 2.58x | 4.96x | 5.07x | 8.21x |
| Goodwill | 879.26M | 879.45M | 852.08M | 844.7M | 844.7M | 822.03M | 818.19M | 244.49M |
| Intangible Assets | 88.34M | 89.33M | 76.93M | 76.93M | 76.93M | 77.83M | 78.26M | 71.78M |
| Long-Term Investments | 0 | 0 | 11.46M | 17.8M | 29.4M | 0 | 0 | 0 |
| Other Non-Current Assets | 116.27M | 111.69M | 131.5M | 129.31M | 93.98M | 50.11M | 62.83M | 37.76M |
| Total Assets | 5.25B | 5.29B | 4.96B | 5.1B | 4.86B | 2.75B | 2.37B | 1.09B |
| Asset Turnover | 1.24x | 1.20x | 1.20x | 1.06x | 1.06x | 1.52x | 1.26x | 1.94x |
| Asset Growth % | 30.16% | 6.74% | -2.87% | 5% | 76.96% | 15.66% | 118.78% | - |
| Total Current Liabilities | 951.48M | 1.05B | 945.42M | 994.1M | 808.6M | 624.83M | 507.35M | 328.14M |
| Accounts Payable | 419.72M | 457.94M | 401.25M | 474.54M | 320.8M | 230.36M | 226.48M | 131.94M |
| Days Payables Outstanding | 58.39 | 1.07K | 141.76 | 1.23K | 122.59 | - | - | - |
| Short-Term Debt | 37.63M | 23.44M | 9.23M | 61.03M | 58.42M | 8.96M | 16.88M | 7.67M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 494.13M | 565.16M | 44.66M | 172.82M | 167.84M | 190.75M | 56.7M | 39.98M |
| Current Ratio | 2.12x | 1.97x | 1.94x | 1.63x | 1.74x | 1.38x | 1.45x | 1.44x |
| Quick Ratio | 2.00x | 1.85x | 1.82x | 1.52x | 1.61x | 1.24x | 1.29x | 1.29x |
| Cash Conversion Cycle | 0.3 | -755.89 | -55.64 | -903.42 | -38.1 | - | - | - |
| Total Non-Current Liabilities | 2.57B | 2.56B | 2.49B | 3.03B | 3B | 1.41B | 1.11B | 361.22M |
| Long-Term Debt | 1.18B | 1.08B | 1.07B | 1.15B | 1.15B | 1.25B | 935.81M | 232.7M |
| Capital Lease Obligations | 3.49B | 1.17B | 1.16B | 1.18B | 1.18B | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 371.21M | 381.03M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.39B | 317.69M | 261.75M | 319.55M | 290.01M | 157.7M | 171.09M | 128.51M |
| Total Liabilities | 3.52B | 3.61B | 3.43B | 4.02B | 3.81B | 2.03B | 1.61B | 689.36M |
| Total Debt | 1.21B | 2.26B | 2.28B | 2.4B | 2.39B | 1.26B | 952.69M | 240.37M |
| Net Debt | 603.27M | 1.55B | 1.73B | 1.96B | 1.93B | 1.2B | 880.73M | 147.76M |
| Debt / Equity | 0.70x | 1.34x | 1.50x | 2.21x | 2.27x | 1.77x | 1.25x | 0.61x |
| Debt / EBITDA | 1.65x | 4.71x | 4.13x | 6.47x | 6.72x | 4.30x | 4.12x | 1.54x |
| Net Debt / EBITDA | 0.82x | 3.23x | 3.13x | 5.29x | 5.44x | 4.10x | 3.81x | 0.95x |
| Interest Coverage | 6.36x | 5.90x | 6.54x | 3.20x | 4.80x | 0.94x | 1.72x | 2.65x |
| Total Equity | 1.73B | 1.68B | 1.52B | 1.08B | 1.05B | 711.84M | 760.28M | 396.01M |
| Equity Growth % | 80.61% | 10.68% | 40.66% | 3.05% | 47.55% | -6.37% | 91.99% | - |
| Book Value per Share | 12.21 | 11.91 | 11.47 | 7.55 | 7.33 | 5.05 | 5.39 | 2.81 |
| Total Shareholders' Equity | 1.73B | 1.69B | 1.13B | 670.9M | 639.05M | 331.64M | 377.72M | 266.54M |
| Common Stock | 1.43M | 1.43M | 1.43M | 496.88M | 510.97M | 504.69M | 401.86M | 255.03M |
| Retained Earnings | 541.46M | 501.61M | 365.8M | 155.45M | 101.55M | -167.16M | -24.14M | 11.51M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -2.45M | -3.61M | 9.74M | 18.56M | 26.53M | -5.89M | 0 | 0 |
| Minority Interest | -3.76M | -1.25M | 390.98M | 411.42M | 411.26M | 380.19M | 382.55M | 129.47M |
Medicaid reimbursement policy volatility
As reported in recent financial filings, ARDT has successfully reduced its debt-to-equity ratio from a peak of 2.21 in 2023Q4 to 0.70 by 2026Q1, signaling a deliberate shift toward a more conservative capital structure following the company's transition to a publicly traded entity.
The significant reduction in leverage appears to be driven by both equity expansion and debt repayment, which may provide the company with greater strategic optionality for future regional consolidation. Investors should monitor whether this deleveraging trend is sustainable or if it reflects a temporary pause in capital-intensive expansion projects.
Based on the provided balance sheet data, ARDT's total debt has decreased from $2.4 billion in 2023Q4 to $1.2 billion in 2026Q1, suggesting that management is prioritizing the strengthening of the balance sheet to mitigate interest rate sensitivity in its high-fixed-cost operating environment.
This reduction in debt load is a positive development for a company operating in the capital-intensive hospital sector, as it likely lowers the interest expense burden on thin operating margins. However, the company's ability to maintain this lower leverage profile will depend on its capacity to generate consistent free cash flow without relying on external financing.
According to the latest quarterly figures, ARDT's current ratio has improved to 2.12 in 2026Q1 from 1.63 in 2023Q4, indicating a strengthened ability to cover short-term obligations despite the inherent volatility in healthcare reimbursement cycles and working capital requirements.
The increase in cash reserves to $609.7 million provides a necessary cushion against the lumpy nature of supplemental government payments that often characterize the company's revenue stream. This liquidity position appears adequate to support ongoing operations, though it remains sensitive to fluctuations in patient volume and payer mix.
As indicated by the company's financial statements, total equity has grown from $670.9 million in 2023Q4 to $1.7 billion in 2026Q1, a trend largely supported by the accumulation of retained earnings which rose to $541.5 million over the same period.
The expansion of the equity base suggests that the company is successfully retaining earnings to fund its operations rather than relying solely on external capital. This accumulation of retained earnings may indicate a maturing business model, though investors should remain cautious about the quality of these earnings given the historical volatility in net income.
Quick answers to the most common questions about buying ARDT stock.
As of 2025, Ardent Health Partners, LLC (ARDT) had total assets of $5.29B including $2.06B in current assets.
Ardent Health Partners, LLC (ARDT) carries total debt of $2.26B, offset by $709.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ardent Health Partners, LLC (ARDT) has total shareholders' equity (book value) of $1.69B ($11.91 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ardent Health Partners, LLC (ARDT) reported a current ratio of 1.97x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.