The company has successfully deleveraged its capital structure, reducing the debt-to-equity ratio to 1.28 as of 2026Q1, though $1.8 billion in goodwill continues to represent a significant portion of the $7.6 billion 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 | 2.83B | 2.81B | 2.72B | 2.82B | 2.69B | 2.58B | 2.93B | 2.57B | 2.31B | 2.32B | 1.92B | 1.92B | 1.87B | 1.96B | 1.35B |
| Cash & Short-Term Investments | 608M | 660M | 593M | 703.1M | 654.9M | 840.6M | 1.36B | 1.02B | 693.6M | 769.8M | 535.4M | 485M | 382.1M | 459.3M | 28.7M |
| Cash Only | 608M | 660M | 593M | 703.1M | 654.9M | 840.6M | 1.36B | 1.02B | 693.6M | 769.8M | 535.4M | 485M | 382.1M | 459.3M | 28.7M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.26B | 1.27B | 1.25B | 1.3B | 1.11B | 937.5M | 907M | 867.6M | 860.8M | 870.2M | 801.9M | 765.8M | 820.4M | 865.9M | 807.3M |
| Days Sales Outstanding | 95.2 | 90.52 | 86.34 | 91.47 | 82.81 | 77.48 | 88.57 | 70.65 | 66.91 | 72.57 | 71.52 | 68.01 | 68.19 | 79.28 | 69.22 |
| Inventory | 770M | 756M | 734M | 741.1M | 829.6M | 669.7M | 559.9M | 591.6M | 613M | 608.6M | 529.7M | 530.7M | 538.3M | 550.2M | 471M |
| Days Inventory Outstanding | 83.93 | 80.05 | 77.03 | 75.86 | 87.36 | 81.83 | 83.15 | 74 | 72.03 | 79.89 | 76.46 | 74.58 | 67.82 | 72.43 | 58.62 |
| Other Current Assets | 188M | 130M | 148M | 78M | 100.2M | 10.6M | 95M | 93.7M | 2.8M | 3.1M | 2.7M | 2.7M | 69.2M | 30M | 47.5M |
| Total Non-Current Assets | 4.73B | 4.78B | 4.53B | 4.45B | 4.37B | 4.64B | 4.23B | 4.24B | 4.37B | 4.52B | 3.93B | 3.94B | 4.38B | 4.78B | 1.52B |
| Property, Plant & Equipment | 1.29B | 1.41B | 1.28B | 1.31B | 1.29B | 1.29B | 1.3B | 1.32B | 1.3B | 1.39B | 1.32B | 1.38B | 1.51B | 1.62B | 708.8M |
| Fixed Asset Turnover | 3.90x | 3.63x | 4.12x | 3.96x | 3.78x | 3.42x | 2.88x | 3.40x | 3.62x | 3.15x | 3.11x | 2.97x | 2.90x | 2.46x | 6.01x |
| Goodwill | 1.77B | 1.79B | 1.64B | 1.59B | 1.5B | 1.59B | 1.29B | 1.21B | 1.23B | 1.27B | 961M | 928.2M | 1B | 1.11B | 588.8M |
| Intangible Assets | 1.11B | 1.15B | 1.15B | 1.13B | 1.11B | 1.28B | 1.15B | 1.22B | 1.35B | 1.43B | 1.13B | 1.19B | 1.3B | 1.44B | 66.9M |
| Long-Term Investments | 3M | 1M | 1M | 600K | 1M | 700K | 1.7M | 9.6M | 1.7M | 5.2M | 4.4M | 4.2M | 4.5M | 20.7M | 19.4M |
| Other Non-Current Assets | 552M | 311M | 456M | 249.5M | 297.2M | 298.1M | 266.5M | 321.3M | 302.6M | 225M | 209.3M | 202.8M | 310.2M | 313.1M | 46.8M |
| Total Assets | 7.56B | 7.6B | 7.25B | 7.27B | 7.06B | 7.22B | 7.16B | 6.82B | 6.68B | 6.83B | 5.85B | 5.85B | 6.25B | 6.74B | 2.88B |
| Asset Turnover | 0.67x | 0.67x | 0.73x | 0.71x | 0.69x | 0.61x | 0.52x | 0.66x | 0.70x | 0.64x | 0.70x | 0.70x | 0.70x | 0.59x | 1.48x |
| Asset Growth % | 16.78% | 4.83% | -0.32% | 3.02% | -2.19% | 0.84% | 4.98% | 2.13% | -2.29% | 16.69% | 0.01% | -6.37% | -7.19% | 134.04% | - |
| Total Current Liabilities | 1.35B | 1.37B | 1.35B | 1.43B | 1.38B | 1.33B | 1.18B | 1.07B | 1.04B | 1.08B | 919.7M | 881.6M | 946.7M | 1B | 749.3M |
| Accounts Payable | 723M | 577M | 603M | 665.3M | 681.1M | 610.9M | 513.4M | 442M | 522.8M | 554.9M | 474.2M | 454.7M | 494.5M | 428.8M | 389.9M |
| Days Payables Outstanding | 72.57 | 61.1 | 63.28 | 68.1 | 71.73 | 74.64 | 76.24 | 55.29 | 61.43 | 72.84 | 68.44 | 63.9 | 62.3 | 56.45 | 48.53 |
| Short-Term Debt | 20M | 51M | 20M | 56.9M | 59.4M | 79.7M | 83M | 73.2M | 42.2M | 37.7M | 27.9M | 50.1M | 40.1M | 46.7M | 200K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36.6M | 486.3M | 416.3M | 375M | 410.6M | 526.7M | 347.6M |
| Other Current Liabilities | 605M | 482M | 245M | 408.8M | 426.1M | 179.6M | 350M | 353.1M | 147M | 302.1M | 260.8M | 43.1M | 50M | 279.6M | 204.8M |
| Current Ratio | 2.10x | 2.06x | 2.01x | 1.98x | 1.94x | 1.93x | 2.48x | 2.40x | 2.22x | 2.14x | 2.09x | 2.17x | 1.98x | 1.95x | 1.81x |
| Quick Ratio | 1.53x | 1.50x | 1.47x | 1.46x | 1.35x | 1.43x | 2.00x | 1.85x | 1.63x | 1.58x | 1.51x | 1.57x | 1.41x | 1.40x | 1.18x |
| Cash Conversion Cycle | 106.55 | 109.47 | 100.09 | 99.23 | 98.44 | 84.67 | 95.48 | 89.36 | 77.51 | 79.62 | 79.53 | 78.69 | 73.71 | 95.26 | 79.32 |
| Total Non-Current Liabilities | 3.74B | 3.84B | 3.94B | 4.07B | 4.17B | 4.34B | 4.5B | 4.34B | 4.32B | 4.34B | 3.68B | 3.83B | 4.19B | 4.52B | 432.3M |
| Long-Term Debt | 3.13B | 3.21B | 3.35B | 3.42B | 3.67B | 3.75B | 3.84B | 3.73B | 3.82B | 3.88B | 3.24B | 3.39B | 3.66B | 3.87B | 0 |
| Capital Lease Obligations | 128M | 128M | 124M | 130M | 75.9M | 0 | 75.6M | 131.7M | 88.4M | 0 | 0 | 0 | 0 | -358.5M | 0 |
| Deferred Tax Liabilities | 673M | 171M | 151M | 162.3M | 162.1M | 174.7M | 114M | 115.5M | 140.8M | 152.9M | 160.2M | 165.5M | 208.2M | 280.4M | 27.9M |
| Other Non-Current Liabilities | 441M | 325M | 314M | 355.5M | 263.7M | 419M | 468.4M | 360.3M | 273.6M | 311.4M | 281.3M | 433.4M | 247.5M | 8.8M | 404.4M |
| Total Liabilities | 5.09B | 5.21B | 5.29B | 5.5B | 5.56B | 5.68B | 5.68B | 5.41B | 5.37B | 5.42B | 4.6B | 4.71B | 5.14B | 5.53B | 1.18B |
| Total Debt | 3.15B | 3.39B | 3.52B | 3.61B | 3.81B | 3.86B | 4B | 3.93B | 3.86B | 3.92B | 3.26B | 3.44B | 3.7B | 3.92B | 200K |
| Net Debt | 2.54B | 2.73B | 2.93B | 2.91B | 3.15B | 3.02B | 2.63B | 2.91B | 3.17B | 3.15B | 2.73B | 2.96B | 3.31B | 3.46B | -28.5M |
| Debt / Equity | 1.28x | 1.42x | 1.80x | 2.04x | 2.54x | 2.51x | 2.70x | 2.79x | 2.95x | 2.78x | 2.60x | 3.02x | 3.32x | 3.24x | 0.00x |
| Debt / EBITDA | 3.09x | 3.20x | 3.57x | 4.18x | 5.25x | 4.95x | 6.39x | 4.68x | 4.76x | 5.51x | 4.49x | 4.45x | 5.45x | 12.04x | 0.00x |
| Net Debt / EBITDA | 2.49x | 2.58x | 2.97x | 3.37x | 4.34x | 3.87x | 4.21x | 3.46x | 3.91x | 4.42x | 3.75x | 3.82x | 4.89x | 10.63x | -0.05x |
| Interest Coverage | 3.94x | 3.96x | 3.42x | 2.67x | 2.84x | 3.54x | 1.82x | 3.03x | 2.68x | 2.29x | 1.46x | 1.80x | 1.17x | -0.23x | - |
| Total Equity | 2.47B | 2.39B | 1.96B | 1.77B | 1.5B | 1.54B | 1.48B | 1.41B | 1.31B | 1.41B | 1.26B | 1.14B | 1.11B | 1.21B | 1.7B |
| Equity Growth % | 84.89% | 22.34% | 10.33% | 18.23% | -2.55% | 3.98% | 4.98% | 7.56% | -6.91% | 11.94% | 10.2% | 2.63% | -8.24% | -28.59% | - |
| Book Value per Share | 11.50 | 11.03 | 8.87 | 7.99 | 6.75 | 6.64 | 6.27 | 5.98 | 5.40 | 5.72 | 5.15 | 4.76 | 4.83 | 5.29 | 7.41 |
| Total Shareholders' Equity | 2.42B | 2.35B | 1.91B | 1.73B | 1.45B | 1.49B | 1.43B | 1.35B | 1.21B | 1.28B | 1.14B | 1.07B | 1.04B | 1.14B | 1.66B |
| Common Stock | 256M | 255M | 255M | 253.7M | 252.4M | 251.8M | 250.9M | 249.9M | 245.3M | 242.4M | 239.3M | 237M | 229.8M | 229.1M | 1.8B |
| Retained Earnings | 2.15B | 2.06B | 1.68B | 1.29B | 1.02B | 827.2M | 563.3M | 443.2M | 198.6M | -21.4M | -47.1M | -132.8M | -226.5M | -253.9M | 0 |
| Treasury Stock | -1.2B | -1.2B | -1.04B | -937.3M | -887.3M | -687.2M | -443.5M | -417.5M | -312.2M | -58.4M | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -399M | -383M | -582M | -444.2M | -466.9M | -414.4M | -424.8M | -395.5M | -336.1M | -241M | -350.4M | -269.3M | -103.3M | 34M | -140.9M |
| Minority Interest | 46M | 47M | 44M | 45.5M | 46M | 45.8M | 46.8M | 55.4M | 105.4M | 131.7M | 121.5M | 67.5M | 67.3M | 68.9M | 33.6M |
High leverage and goodwill
According to the latest quarterly filings, Axalta has successfully reduced its debt-to-equity ratio from a peak of 2.06 in 2023Q4 to 1.28 by 2026Q1, signaling a deliberate, albeit slow, effort to improve the company's overall financial health despite ongoing top-line revenue contraction.
The reduction in leverage appears to be a strategic response to the volatility observed in operating margins and cash flow. Investors should monitor whether this deleveraging trend is sustainable given the company's reliance on external financing to support its capital-intensive refinish technology ecosystem.
As reported in financial statements, Axalta's total debt remains substantial at $3.1 billion as of 2026Q1, which, while improved from previous periods, continues to represent a significant portion of the capital structure and warrants close scrutiny regarding interest coverage in a higher-rate environment.
The persistent debt load suggests that the company remains sensitive to interest rate fluctuations, which could further strain net income. The shift from 2.06 to 1.28 in the debt-to-equity ratio indicates a positive direction, yet the absolute debt levels remain high relative to the company's ability to generate consistent free cash flow.
Based on Axalta's reported figures, goodwill accounts for $1.8 billion of the $7.6 billion total asset base, suggesting that a significant portion of the company's valuation is tied to intangible assets that may be vulnerable to impairment if segment performance continues to underperform expectations.
The high concentration of goodwill relative to total assets implies that the company's growth strategy has been heavily reliant on acquisitions. This reliance may mask underlying organic growth challenges and creates a risk of future write-downs if the acquired businesses fail to meet their projected return thresholds.
As indicated by recent SEC filings, Axalta maintains a current ratio of 2.10 as of 2026Q1, providing a sufficient liquidity buffer to manage short-term obligations despite the recurring working capital outflows that have historically pressured the company's cash position during periods of lower demand.
The current ratio appears healthy, suggesting that the company is well-positioned to meet its immediate liabilities. However, the volatility in cash conversion cycles suggests that this liquidity should be viewed as a necessary defensive cushion rather than a sign of excess capital available for aggressive expansion.
Based on the provided balance sheet data, retained earnings have grown from $1.3 billion in 2023Q4 to $2.1 billion in 2026Q1, reflecting a gradual accumulation of equity that may indicate a shift toward internal funding of operations rather than reliance on external capital markets.
This growth in retained earnings is a positive signal for long-term solvency, though it must be weighed against the company's history of share repurchases and acquisition-related spending. Investors should watch for whether this trend continues to strengthen the equity base or if capital allocation priorities shift back toward shareholder returns.
Quick answers to the most common questions about buying AXTA stock.
As of 2025, Axalta Coating Systems Ltd. (AXTA) had total assets of $7.60B including $2.81B in current assets.
Axalta Coating Systems Ltd. (AXTA) carries total debt of $3.39B, offset by $660.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Axalta Coating Systems Ltd. (AXTA) has total shareholders' equity (book value) of $2.35B ($11.03 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Axalta Coating Systems Ltd. (AXTA) reported a current ratio of 2.06x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.