The company maintains a robust liquidity position with a current ratio of 6.00 and zero debt, though $4.0 billion in goodwill remains a potential risk factor.
| Metric | 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 | 21.2B | 25.16B | 25.52B | 24.42B | 23.33B | 2.81B | 2.35B | 1.91B | 1.58B | 1.07B | 884.48M | 587.03M | 313.72M | 126.13M | 451.82M |
| Cash & Short-Term Investments | 19.33B | 23.32B | 23.55B | 22.08B | 20.73B | 2.24B | 1.84B | 1.46B | 1.25B | 824.38M | 632.72M | 446.98M | 188.08M | 67.47M | 213.71M |
| Cash Only | 2.25B | 1.69B | 5B | 2.8B | 4.24B | 267.78M | 285.44M | 30.82M | 140.1M | 474.39M | 331.56M | 170.01M | 188.08M | 67.47M | 213.71M |
| Short-Term Investments | 17.07B | 21.62B | 18.55B | 19.28B | 16.5B | 1.97B | 1.55B | 1.43B | 1.11B | 349.99M | 301.17M | 276.97M | 0 | 0 | 0 |
| Accounts Receivable | 1.6B | 1.47B | 1.53B | 2.02B | 2.27B | 523.66M | 477.65M | 2.88B | 1.92B | 1.24B | 1.13B | 753.17M | 466.66M | 327.01M | 207.8M |
| Days Sales Outstanding | 93.1 | 76.12 | 77.75 | 105.97 | 114.24 | 22.07 | 20.7 | 145.29 | 112.78 | 76.22 | 118.68 | 128.89 | 140.01 | 162.94 | 175.09 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.63B | -1.78B | 13.77M | 17.2M | -728.53M | -635.01M | -306.96M | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | 2.1 | 9.38 | - | - | - | - |
| Other Current Assets | 274M | 43.2M | 422.3M | 9.18M | 89.86M | 1.66M | 2.77M | 0 | 0 | 386.54M | 445.75M | 131.88M | 294.94M | 27.11M | 21.72M |
| Total Non-Current Assets | 7.13B | 5.06B | 5.31B | 5.29B | 5.07B | 820.63M | 401.61M | 357.66M | 281.78M | 259.67M | 272.02M | 260.97M | 265.53M | 255.64M | 1.59B |
| Property, Plant & Equipment | 191.18M | 302.97M | 400.17M | 370.42M | 514.88M | 94.72M | 52.09M | 24.74M | 20.03M | 19.38M | 15.95M | 12.07M | 9.56M | 6.39M | 27.36M |
| Fixed Asset Turnover | 32.83x | 23.24x | 17.95x | 18.74x | 14.06x | 91.42x | 161.66x | 292.33x | 310.06x | 307.59x | 217.18x | 176.66x | 127.21x | 114.56x | 15.84x |
| Goodwill | 3.94B | 3.94B | 3.94B | 3.94B | 3.94B | 622.56M | 215.96M | 218.69M | 231.19M | 216.65M | 231.69M | 242.55M | 248.48M | 241.33M | 1.5B |
| Intangible Assets | 53.67M | 127.82M | 202.15M | 278.49M | 357.43M | 67.34M | 3.98M | 5.73M | 7.83M | 4.27M | 5.26M | 6.35M | 7.49M | 7.92M | 59.55M |
| Long-Term Investments | 2.58B | 339.25M | 448.34M | 419.21M | 70.72M | 16.29M | 124.99M | 108.5M | 22.73M | 19.37M | 19.11M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 90.67M | 37.67M | 22.67M | 15.35M | 12.73M | 7.55M | 605.68K | -90.18M | -174.62M | -22.43M | -272.02M | -260.97M | -265.53M | -255.64M | 0 |
| Total Assets | 28.33B | 30.22B | 30.84B | 29.72B | 28.4B | 3.63B | 2.75B | 15.76B | 12.29B | 9.39B | 7.53B | 5.28B | 3.51B | 2.38B | 2.04B |
| Asset Turnover | 0.22x | 0.23x | 0.23x | 0.23x | 0.25x | 2.39x | 3.06x | 0.46x | 0.51x | 0.63x | 0.46x | 0.40x | 0.35x | 0.31x | 0.21x |
| Asset Growth % | -6.27% | -1.99% | 3.77% | 4.64% | 682.64% | 31.95% | -82.55% | 28.15% | 30.91% | 24.73% | 42.66% | 50.26% | 47.62% | 16.48% | - |
| Total Current Liabilities | 3.54B | 4.53B | 5.08B | 4.06B | 3.99B | 640.03M | 580.24M | 605.48M | 597.74M | 366.4M | 332.16M | 174.24M | 130.46M | 53.95M | 203.81M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 17.14M | 18.47M | 0 | 0 | 31.06M | 174.94M | 0 | 2.36M | 0 | 0 |
| Deferred Revenue (Current) | 269.09M | 392.41M | 961.05M | 1.26B | 1.7B | 220.63M | 216.76M | 1.67B | 1.53B | 1.15B | 919.16M | 494.62M | 215.58M | 94.39M | 41.46M |
| Other Current Liabilities | 698.12M | 0 | 0 | 0 | 0 | 298.83M | 265.02M | 0 | 0 | 713.03M | 387.37M | 0 | 0 | -255.71M | 0 |
| Current Ratio | 6.00x | 5.56x | 5.03x | 6.02x | 5.85x | 4.39x | 4.05x | 3.16x | 2.64x | 2.92x | 2.66x | 3.37x | 2.40x | 2.34x | 2.22x |
| Quick Ratio | 6.00x | 5.56x | 5.03x | 6.02x | 5.85x | 4.39x | 4.05x | 7.50x | 5.62x | 2.88x | 2.61x | 7.55x | 7.27x | 8.03x | 2.22x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 480.12M | 491.18M | 587.14M | 568.52M | 605.42M | 112.6M | 72.95M | 479.99M | 470.37M | 496.77M | 522.51M | 532.43M | 510.77M | 485.41M | 478.92M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 21.56M | 23.1M | 89.19M | 50.59M | 28.62M | 13.86M | 3.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 458.56M | 468.08M | 497.95M | 517.93M | 576.8M | 96.56M | 77.31M | 455.92M | 438.25M | 461.8M | 489.91M | 508.38M | 481.73M | 468.84M | 472.95M |
| Other Non-Current Liabilities | 7 | 2.56M | 497.95M | 7.28M | 4.49M | 2.18M | -7.67M | 24.07M | 470.37M | 496.77M | 522.51M | 532.43M | 510.77M | -468.84M | 5.97M |
| Total Liabilities | 4.02B | 5.02B | 5.66B | 4.63B | 4.59B | 752.63M | 653.19M | 605.48M | 597.74M | 437.94M | 412.64M | 174.24M | 130.46M | 53.95M | 682.73M |
| Total Debt | 42.15M | 96.71M | 196.14M | 110.39M | 124.78M | 31M | 21.79M | 0 | 0 | 31.06M | 174.94M | 0 | 2.36M | 0 | 0 |
| Net Debt | -2.21B | -1.6B | -4.8B | -2.69B | -4.11B | -236.78M | -263.66M | -30.82M | -140.1M | -443.33M | -156.62M | -170.01M | -185.72M | -67.47M | -213.71M |
| Debt / Equity | 0.00x | 0.00x | 0.01x | 0.00x | 0.01x | 0.01x | 0.01x | - | - | 0.07x | 0.57x | - | 0.05x | - | - |
| Debt / EBITDA | 0.06x | 0.08x | 0.13x | 0.07x | 0.06x | 0.01x | 0.01x | - | - | 0.03x | 0.14x | - | 0.00x | - | - |
| Net Debt / EBITDA | -3.02x | -1.28x | -3.22x | -1.61x | -1.86x | -0.07x | -0.08x | -0.01x | -0.07x | -0.36x | -0.12x | -0.18x | -0.32x | -0.21x | -1.03x |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | 1374.08x | - | - |
| Total Equity | 24.31B | 25.2B | 25.17B | 25.09B | 23.81B | 2.88B | 2.1B | 1.07B | 696.02M | 455.89M | 308.23M | 162.91M | 43.17M | 68.84M | 1.36B |
| Equity Growth % | -3.53% | 0.11% | 0.34% | 5.38% | 727.79% | 37.16% | 96.44% | 53.36% | 52.67% | 47.91% | 89.2% | 277.35% | -37.28% | -94.94% | - |
| Book Value per Share | 205.98 | 207.18 | 204.97 | 200.84 | 190.28 | 23.98 | 17.54 | 8.95 | 5.90 | 3.93 | 2.67 | 1.44 | 0.41 | 0.66 | 13.08 |
| Total Shareholders' Equity | 23.06B | 23.95B | 23.93B | 23.89B | 22.62B | 2.7B | 2.1B | 1.09B | 712.37M | 465.08M | 308.23M | 162.91M | 43.17M | 68.84M | 1.36B |
| Common Stock | 8.66M | 8.66M | 8.6M | 8.55M | 8.52M | 1.24M | 1.15M | 1.16M | 1.22M | 1.12M | 1.18M | 1.21M | 1.18M | 1.1M | 6.87M |
| Retained Earnings | 16.65B | 16.74B | 16.6B | 16.2B | 14.81B | 2.06B | 1.54B | 1.09B | 711.16M | 463.96M | 307.05M | 161.71M | 41.99M | 67.73M | 254.24M |
| Treasury Stock | -2.24B | -1.52B | -1.34B | -750.34M | -31.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 399.55M | 495.38M | 442.63M | 369.64M | -49.91M | 9.53M | 21.31M | 128.38M | 69.95M | 125.01M | 62.75M | 5.93M | 1.99M | 583K | 0 |
| Minority Interest | 1.25B | 1.25B | 1.25B | 1.2B | 1.18B | 180.9M | -3.32M | -23.84M | -16.35M | -9.19M | 0 | 0 | 0 | 0 | 0 |
Competitive traffic acquisition costs
According to recent financial filings, Autohome maintains a total asset base of $28.3 billion as of 2025Q4, reflecting a stable, albeit stagnant, balance sheet trajectory that contrasts sharply with the ongoing -10.84% revenue decline observed in the company's core advertising and lead generation business segments.
The stability of the asset base suggests that management has not yet engaged in significant write-downs despite the clear deterioration in top-line performance. Investors should monitor whether this asset valuation remains supportable if the transition to NEV-focused services continues to underperform relative to legacy ICE revenue streams.
As reported in quarterly statements, Autohome holds $2.3 billion in cash and equivalents, maintaining a robust current ratio of 6.00, which provides a significant liquidity cushion against the volatility inherent in the Chinese automotive advertising market and the rising costs of digital traffic acquisition.
This high liquidity position effectively insulates the firm from short-term operational shocks, though it raises questions regarding the efficiency of capital deployment. The substantial cash balance appears to be a defensive mechanism, potentially masking the lack of high-growth investment opportunities currently available to the firm.
Based on the 2025Q4 balance sheet, goodwill accounts for $4.0 billion of the total $28.3 billion in assets, representing a significant portion of the company's book value that may be vulnerable to impairment if the current revenue contraction persists in the competitive Chinese internet landscape.
The persistence of this goodwill figure suggests that historical acquisitions have not yet been fully integrated or justified by current earnings power. Analysts should consider the risk that these intangible assets may require future write-downs if the company fails to pivot its business model successfully toward sustainable NEV data services.
Financial data indicates that deferred revenue has declined to $269.1 million in 2025Q4 from a peak of $1.3 billion in 2024Q2, suggesting a meaningful reduction in forward-looking contract commitments from dealers and OEMs within the Chinese automotive ecosystem.
This sharp decline in unearned revenue serves as a leading indicator of waning demand for the company's subscription-based lead generation services. The trend implies that the firm's future revenue visibility is narrowing, which may necessitate a more aggressive strategy to secure long-term commitments from automotive partners.
As evidenced by the 2025Q4 balance sheet, the company maintains zero debt and a massive cash position, yet the lack of aggressive reinvestment or transformative M&A suggests that the firm's capital allocation strategy may be overly conservative given the ongoing decline in core advertising revenue.
While the absence of debt provides a fortress-like balance sheet, it also highlights a potential opportunity cost for shareholders. The reliance on interest income from cash reserves to bolster net margins may be obscuring the underlying operational challenges of the business, warranting a cautious outlook on long-term value creation.
Quick answers to the most common questions about buying ATHM stock.
As of 2025, Autohome Inc. (ATHM) had total assets of $28.33B including $21.20B in current assets.
Autohome Inc. (ATHM) carries total debt of $42.1M, offset by $19.33B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Autohome Inc. (ATHM) has total shareholders' equity (book value) of $23.06B ($205.98 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Autohome Inc. (ATHM) reported a current ratio of 6.00x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.