The company maintains an aggressive leverage profile characterized by a debt-to-equity ratio of 10.76 and a heavy reliance on $300 million in goodwill to support its asset base.
| 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 |
|---|
| Total Current Assets | 769.68M | 717.74M | 722.21M | 749.11M | 747.13M | 683.62M | 609.41M | 290.11M | 271.86M | 247.21M | 206.71M | 143.36M | 125.48M | 113.75M | 65.35M |
| Cash & Short-Term Investments | 279.33M | 311.47M | 267.09M | 222.01M | 300.93M | 310.95M | 311.43M | 32.12M | 47.37M | 35.09M | 40.95M | 20.18M | 20.92M | 26.65M | 13.66M |
| Cash Only | 272.12M | 305M | 261.76M | 218.12M | 298.53M | 252.14M | 311.43M | 32.12M | 47.37M | 35.09M | 40.95M | 20.18M | 20.92M | 26.63M | 13.65M |
| Short-Term Investments | 7.21M | 6.46M | 5.33M | 3.89M | 2.4M | 58.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.13K | 5.63K |
| Accounts Receivable | 160.34M | 87.33M | 142.24M | 200.27M | 163.88M | 118.3M | 49.42M | 59.84M | 56.8M | 28.11M | 19.58M | 9.58M | 7.9M | 15.5M | 16.62M |
| Days Sales Outstanding | 5.68 | 4.17 | 5.95 | 7.77 | 6.54 | 5.82 | 4.5 | 5.29 | 5.1 | 3.37 | 3.69 | 2.02 | 1.78 | 3.95 | 5.16 |
| Inventory | 206.34M | 190.71M | 231.22M | 250.59M | 221.95M | 197.84M | 205.9M | 157.75M | 141.85M | 110.31M | 93.81M | 72.62M | 50.12M | 52.12M | 24.91M |
| Days Inventory Outstanding | 14.79 | 9.6 | 10.13 | 10.18 | 9.29 | 10.24 | 20.03 | 14.42 | 13.2 | 13.58 | 22.15 | 18.74 | 13.09 | 15.02 | 8.65 |
| Other Current Assets | 123.68M | 128.23M | 56.61M | 54.84M | 44.83M | 43.42M | 31.52M | 33.81M | 19.35M | 73.71M | 52.36M | 40.97M | 46.54M | 19.5M | 10.17M |
| Total Non-Current Assets | 2.81B | 2.82B | 2.9B | 2.9B | 2.51B | 2.26B | 2.13B | 1.56B | 806.14M | 560.65M | 513.78M | 271.92M | 173.39M | 181.7M | 95.05M |
| Property, Plant & Equipment | 2.21B | 2.22B | 2.29B | 2.29B | 2.03B | 1.81B | 1.65B | 1.34B | 538.9M | 354.08M | 326.88M | 157.31M | 113.45M | 118.55M | 63.37M |
| Fixed Asset Turnover | 3.39x | 3.44x | 3.81x | 4.11x | 4.50x | 4.11x | 2.43x | 3.08x | 7.54x | 8.59x | 5.93x | 11.02x | 14.29x | 12.07x | 18.55x |
| Goodwill | 299.97M | 299.97M | 299.97M | 292.17M | 217.3M | 197.65M | 173.94M | 133.95M | 103.77M | 100.66M | 96.16M | 62.39M | 2.88M | 2.89M | 0 |
| Intangible Assets | 154.6M | 160.14M | 182.35M | 214.55M | 197.12M | 185.99M | 218.13M | 24.97M | 34.29M | 20.04M | 19.55M | 20.28M | 20.22M | 25.05M | 25.05M |
| Long-Term Investments | 6.16M | 52.25M | 3.01M | 2.88M | 2.92M | 3M | 36.09M | 3.77M | 37.97M | 4.73M | 4.7M | 5.43M | 6.33M | 6.8M | 6.63M |
| Other Non-Current Assets | 72.12M | 17.47M | 53.63M | 49.38M | 36.85M | 24.64M | 10.2M | 53.77M | 39.98M | 81.13M | 66.5M | 26.51M | 30.51M | 28.42M | -95.05M |
| Total Assets | 3.58B | 3.53B | 3.62B | 3.65B | 3.26B | 2.94B | 2.74B | 1.85B | 1.08B | 807.86M | 720.49M | 415.28M | 298.87M | 295.45M | 179.15M |
| Asset Turnover | 2.12x | 2.16x | 2.41x | 2.58x | 2.81x | 2.52x | 1.46x | 2.23x | 3.77x | 3.76x | 2.69x | 4.17x | 5.42x | 4.84x | 6.56x |
| Asset Growth % | -8.24% | -2.37% | -0.81% | 12.14% | 10.63% | 7.39% | 48.31% | 71.37% | 33.44% | 12.13% | 73.49% | 38.95% | 1.16% | 64.92% | - |
| Total Current Liabilities | 475.07M | 433.03M | 445.49M | 486.22M | 446.43M | 408.43M | 387.05M | 340.48M | 279.35M | 242.91M | 193.69M | 181.67M | 103.82M | 129.97M | 74.53M |
| Accounts Payable | 202.27M | 156.62M | 190.21M | 213.66M | 217.37M | 172.92M | 155.71M | 128.83M | 120.37M | 0 | 90.92M | 68.79M | 45.35M | 56M | 30.95M |
| Days Payables Outstanding | 13.36 | 7.89 | 8.33 | 8.68 | 9.09 | 8.95 | 15.15 | 11.78 | 11.2 | - | 21.47 | 17.75 | 11.84 | 16.14 | 10.74 |
| Short-Term Debt | 93.18M | 128.08M | 12.94M | 16.79M | 11.94M | 40.38M | 97.7M | 101.95M | 72.81M | 65.08M | 34.38M | 63.37M | 30.95M | 44.67M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 18.2M | 13.13M | 12.1M | 11.65M | 11.33M | 9.29M | 8.06M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 179.63M | 148.34M | -5.07M | 144.39M | 17.67M | 12.27M | 90.38M | 3.32M | 68.86M | 69.57M | 68.39M | 49.51M | 27.51M | 29.3M | 43.58M |
| Current Ratio | 1.62x | 1.66x | 1.62x | 1.54x | 1.67x | 1.67x | 1.57x | 0.85x | 0.97x | 1.02x | 1.07x | 0.79x | 1.21x | 0.88x | 0.88x |
| Quick Ratio | 1.19x | 1.22x | 1.10x | 1.03x | 1.18x | 1.19x | 1.04x | 0.39x | 0.47x | 0.56x | 0.58x | 0.39x | 0.73x | 0.47x | 0.54x |
| Cash Conversion Cycle | 7.11 | 5.89 | 7.74 | 9.27 | 6.73 | 7.11 | 9.38 | 7.94 | 7.1 | - | 4.37 | 3.01 | 3.02 | 2.84 | 3.06 |
| Total Non-Current Liabilities | 2.54B | 2.73B | 2.8B | 2.79B | 2.43B | 2.18B | 2.06B | 1.31B | 574.48M | 347.04M | 358.39M | 159.21M | 124.9M | 92.56M | 16.16M |
| Long-Term Debt | 0 | 2.25B | 868.05M | 828.65M | 740.04M | 676.63M | 708.8M | 218.68M | 180.6M | 238.77M | 255.74M | 100.51M | 77.18M | 45.1M | 16.16M |
| Capital Lease Obligations | 4.77B | 1.57B | 1.62B | 1.61B | 1.44B | 1.31B | 1.2B | 1.02B | 205.91M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 2.55M | 2.82M | 1.04M | 49.99M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 2.54B | -1.13B | 279.2M | 351.31M | 217.14M | 171M | 126.78M | 51.2M | 89.34M | 108.27M | 102.65M | 58.7M | 47.72M | 47.46M | -16.16M |
| Total Liabilities | 3.02B | 3.17B | 3.24B | 3.27B | 2.87B | 2.59B | 2.45B | 1.65B | 853.83M | 589.95M | 552.08M | 340.88M | 228.72M | 222.53M | 115.58M |
| Total Debt | 93.18M | 3.95B | 2.58B | 2.53B | 2.26B | 2.08B | 2.01B | 1.38B | 459.33M | 303.85M | 290.12M | 163.88M | 108.13M | 89.77M | 0 |
| Net Debt | -178.93M | 3.65B | 2.32B | 2.31B | 1.96B | 1.83B | 1.7B | 1.35B | 411.95M | 268.77M | 249.17M | 143.7M | 87.22M | 63.14M | -13.65M |
| Debt / Equity | 0.20x | 10.76x | 6.86x | 6.73x | 5.93x | 5.88x | 6.89x | 7.09x | 2.05x | 1.39x | 1.72x | 2.20x | 1.54x | 1.23x | - |
| Debt / EBITDA | 0.35x | 16.69x | 11.41x | 10.30x | 8.40x | 8.70x | 12.97x | 21.68x | 5.12x | 4.41x | 5.40x | 3.44x | 3.84x | 6.67x | - |
| Net Debt / EBITDA | -0.68x | 15.40x | 10.25x | 9.41x | 7.29x | 7.64x | 10.96x | 21.18x | 4.59x | 3.90x | 4.64x | 3.02x | 3.10x | 4.69x | -0.85x |
| Interest Coverage | 2.56x | 1.31x | 1.27x | 1.51x | 2.72x | 1.96x | 1.59x | 0.06x | 1.53x | - | - | - | - | - | - |
| Total Equity | 460.06M | 367.24M | 376.87M | 376.12M | 380.89M | 353.68M | 291.42M | 194.89M | 224.17M | 217.91M | 168.41M | 74.4M | 70.14M | 72.92M | 63.58M |
| Equity Growth % | 22.93% | -2.55% | 0.2% | -1.25% | 7.69% | 21.36% | 49.53% | -13.06% | 2.87% | 29.39% | 126.36% | 6.07% | -3.81% | 14.7% | - |
| Book Value per Share | 4.13 | 3.19 | 3.22 | 3.14 | 3.09 | 2.82 | 0.66 | 0.44 | 0.29 | 0.29 | 0.28 | 0.13 | 0.12 | 0.15 | 0.18 |
| Total Shareholders' Equity | 395.41M | 367.24M | 376.87M | 376.1M | 380.83M | 353.45M | 291.58M | 65.77M | 89.4M | 84.22M | 62.15M | 41.65M | 38.97M | 48.04M | 30.71M |
| Common Stock | 11K | 11K | 12K | 12K | 12K | 12K | 12K | 6K | 2.73M | 2.2M | 1.88M | 1.51M | 1.5M | 1.69M | 1.1M |
| Retained Earnings | 89.12M | 100.55M | 97.18M | 96.1M | 81.75M | 26.65M | -29.65M | -43.36M | -5.13M | -22.57M | -18.93M | -13.33M | -14.29M | -13.47M | -8.24M |
| Treasury Stock | 0 | -134.29M | -106.12M | -74.13M | -40.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 9.12M | 9.12M | 9.12M | 9.12M | 9.12M | 9.12M | 9.12M | 4.44M | -76K | 6.23M | -282.39K | 6.14M | 5.1M | 7.4M | 0 |
| Minority Interest | 64.65M | 0 | 0 | 16K | 56K | 224K | -161K | 129.12M | 134.77M | 133.69M | 106.26M | 32.74M | 31.18M | 24.89M | 32.86M |
Excessive leverage and debt
As reported in recent financial statements, ARKO maintains an extremely elevated debt-to-equity ratio of 10.76, which underscores a capital structure heavily reliant on external financing to sustain its acquisition-led growth strategy while leaving the company with minimal room for error in a high-interest-rate environment.
The dramatic spike in the debt-to-equity ratio suggests that the company's reliance on debt to fund its roll-up strategy has reached a point where financial flexibility may be severely constrained. Investors should monitor whether this leverage profile forces a shift toward divestitures or a significant slowdown in future acquisition activity.
Based on the provided balance sheet data, ARKO's asset composition is heavily weighted toward $300 million in goodwill and $2.2 billion in net property, plant, and equipment, reflecting a business model that prioritizes the acquisition of existing retail footprints over organic, new-to-industry site development.
The concentration of assets in goodwill and legacy retail sites suggests that the company's valuation is sensitive to the performance of its acquired chains. If these regional brands fail to generate expected synergies, the company may face significant impairment risks that could further erode its thin equity base.
According to quarterly filings, ARKO's current ratio has fluctuated between 1.53 and 1.66, providing a modest liquidity buffer that appears sufficient for short-term obligations but remains vulnerable to the company's high fixed-cost structure and the inherent volatility of its fuel-heavy retail operations.
While the current ratio appears stable on the surface, the company's reliance on sale-leaseback transactions means that a significant portion of its operational obligations are hidden in future rent commitments. This suggests that the headline liquidity metrics may overstate the company's actual ability to navigate a prolonged downturn in fuel demand.
As indicated by the company's extensive use of sale-leaseback transactions, ARKO's balance sheet likely masks significant long-term financial liabilities that are not fully captured in traditional debt metrics, potentially distorting the true risk profile of the enterprise for investors relying solely on headline leverage figures.
The reliance on off-balance-sheet financing through real estate partners suggests that the company's fixed-cost burden is higher than it appears. This structure warrants further investigation into the maturity profile of these lease agreements and their impact on future cash flow availability during periods of margin compression.
Quick answers to the most common questions about buying ARKO stock.
As of 2025, Arko Corp. (ARKO) had total assets of $3.53B including $717.7M in current assets.
Arko Corp. (ARKO) carries total debt of $3.95B, offset by $311.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Arko Corp. (ARKO) has total shareholders' equity (book value) of $367.2M ($3.19 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Arko Corp. (ARKO) reported a current ratio of 1.66x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.