The company's reliance on external financing is evidenced by a debt-to-equity ratio of 0.47 and a substantial $1.5 billion goodwill position that warrants ongoing impairment monitoring.
| Total Current Assets | 1.42B | 1.28B | 1.16B | 1.08B | 959.91M | 731.19M | 380.06M |
| Cash & Short-Term Investments | 201.68M | 340.82M | 368.36M | 353.4M | 307.08M | 235.34M | 96.18M |
| Cash Only | 201.68M | 329.07M | 355.84M | 344.41M | 307.08M | 235.34M | 96.18M |
| Short-Term Investments | 0 | 11.76M | 12.51M | 8.99M | 0 | 0 | 0 |
| Accounts Receivable | 303.13M | 189.38M | 142.26M | 118.23M | 98.69M | 129M | 65.79M |
| Days Sales Outstanding | 35.96 | 32.96 | 28.77 | 28.93 | 28.98 | 48.94 | 32.96 |
| Inventory | 845.59M | 704.42M | 624.81M | 595.09M | 535.61M | 359.21M | 211.65M |
| Days Inventory Outstanding | 289.68 | 299.76 | 306.52 | 383.68 | 396.52 | 314.82 | 164.98 |
| Other Current Assets | 64.93M | 19.42M | 10.34M | 4.54M | 8.68M | 5.37M | 2.38M |
| Total Non-Current Assets | 3.75B | 3.67B | 3.72B | 3.75B | 3.83B | 3.54B | 423.5M |
| Property, Plant & Equipment | 600.28M | 537.26M | 490.18M | 409.04M | 318.53M | 252.17M | 208.89M |
| Fixed Asset Turnover | 3.94x | 3.90x | 3.68x | 3.65x | 3.90x | 3.82x | 3.49x |
| Goodwill | 1.53B | 1.51B | 1.55B | 1.59B | 1.67B | 1.56B | 13.02M |
| Intangible Assets | 1.58B | 1.58B | 1.64B | 1.71B | 1.82B | 1.69B | 182.85M |
| Long-Term Investments | 0 | 0 | 3.29M | 4.17M | 0 | 0 | 0 |
| Other Non-Current Assets | 24.81M | 28.43M | 34.06M | 34.06M | 16.11M | 41.71M | 2.33M |
| Total Assets | 5.17B | 4.94B | 4.88B | 4.83B | 4.79B | 4.27B | 803.56M |
| Asset Turnover | 0.44x | 0.42x | 0.37x | 0.31x | 0.26x | 0.23x | 0.91x |
| Asset Growth % | 0.25% | 1.17% | 1.19% | 0.81% | 12.21% | 431.08% | - |
| Total Current Liabilities | 480.45M | 453.67M | 447.89M | 378.58M | 323.97M | 261.66M | 169.55M |
| Accounts Payable | 142.27M | 72.12M | 74.68M | 79.56M | 57.34M | 66.43M | 21.53M |
| Days Payables Outstanding | 46.27 | 30.69 | 36.64 | 51.29 | 42.45 | 58.22 | 16.78 |
| Short-Term Debt | 67.05M | 17.13M | 24.67M | 37.34M | 46.61M | 40.75M | 0 |
| Deferred Revenue (Current) | 37.02M | 6.2M | 8M | 9.7M | 4M | 3.81M | 3.23M |
| Other Current Liabilities | 162.51M | 96.36M | 52.32M | 128.65M | 99.8M | 22.39M | 65.68M |
| Current Ratio | 2.95x | 2.81x | 2.60x | 2.85x | 2.96x | 2.79x | 2.24x |
| Quick Ratio | 1.19x | 1.26x | 1.20x | 1.28x | 1.31x | 1.42x | 0.99x |
| Cash Conversion Cycle | 279.37 | 302.03 | 298.66 | 361.31 | 383.06 | 305.54 | 181.16 |
| Total Non-Current Liabilities | 1.79B | 1.77B | 1.81B | 2.05B | 2.11B | 1.94B | 225.85M |
| Long-Term Debt | 1.13B | 1.1B | 1.14B | 1.79B | 1.89B | 1.78B | 100M |
| Capital Lease Obligations | 626.52M | 149.34M | 143.2M | 103.05M | 89.91M | 76.96M | 99.38M |
| Deferred Tax Liabilities | 655.92M | 163.43M | 131M | 109.79M | 92.85M | 79.05M | 16.21M |
| Other Non-Current Liabilities | 306.18M | 339.93M | 382.76M | 37.77M | 33.08M | 3.71M | 10.26M |
| Total Liabilities | 2.27B | 2.22B | 2.26B | 2.43B | 2.43B | 2.2B | 395.39M |
| Total Debt | 1.37B | 1.31B | 1.35B | 1.95B | 2.05B | 1.92B | 220.43M |
| Net Debt | 1.17B | 980.36M | 994.23M | 1.61B | 1.75B | 1.69B | 124.26M |
| Debt / Equity | 0.47x | 0.48x | 0.51x | 0.81x | 0.87x | 0.93x | 0.55x |
| Debt / EBITDA | 2.03x | 1.97x | 2.58x | 5.68x | 4.62x | 8.35x | 65.88x |
| Net Debt / EBITDA | 1.73x | 1.48x | 1.90x | 4.68x | 3.93x | 7.33x | 37.14x |
| Interest Coverage | 8.00x | 7.22x | 3.71x | 2.25x | 4.03x | 2.89x | -0.49x |
| Total Equity | 2.9B | 2.72B | 2.63B | 2.4B | 2.36B | 2.06B | 398.16M |
| Equity Growth % | 7.93% | 3.72% | 9.35% | 1.81% | 14.21% | 418.49% | - |
| Book Value per Share | 15.75 | 14.60 | 13.99 | 13.14 | 12.90 | 11.30 | 2.12 |
| Total Shareholders' Equity | 2.9B | 2.72B | 2.63B | 2.4B | 2.36B | 2.06B | 398.16M |
| Common Stock | 0 | 0 | 0 | 182.72M | 182.72M | 182.72M | 0 |
| Retained Earnings | 899.26M | 765.9M | 417.58M | 225.98M | 150.95M | -36.16M | 95.15M |
| Treasury Stock | 0 | 0 | -355.77M | 0 | 0 | 0 | 0 |
| Accumulated OCI | 2.57M | -35.48M | 38.95M | 97.51M | 129.76M | 23.48M | 303.02M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Fixed cost absorption volatility
According to reported financial statements, Birkenstock's total assets have grown to $5.2B as of 2026Q2, yet this expansion is increasingly funded by debt rather than retained earnings, signaling a shift toward a more capital-intensive and leveraged business model that warrants close investor scrutiny regarding long-term sustainability.
The steady increase in total assets, particularly in PPE, suggests a significant commitment to internal manufacturing capacity. However, the concurrent rise in liabilities indicates that this growth is not yet self-funding, potentially pressuring the company's financial flexibility if revenue growth continues to decelerate.
Based on the latest quarterly data, Birkenstock maintains a debt-to-equity ratio of 0.47, which, while appearing moderate, reflects a persistent reliance on external financing to support operations and capital expenditures, potentially limiting the company's ability to navigate cyclical downturns without further balance sheet strain.
The company's debt levels have remained elevated near $1.4B, suggesting that management is utilizing leverage to fund its aggressive manufacturing expansion. Investors should monitor whether this debt load remains manageable if interest coverage ratios tighten due to the observed compression in operating margins.
As reported in recent filings, Birkenstock's net PPE has climbed to $600.3M by 2026Q2, representing a significant concentration of capital in fixed manufacturing assets that may expose the firm to underutilization risks if consumer demand for its core footwear products fails to meet internal growth projections.
The heavy weighting toward PPE and $1.5B in goodwill highlights an asset-heavy model that contrasts with more agile, outsourced footwear competitors. This structural commitment to German-based production creates high fixed-cost exposure, which may amplify earnings volatility during periods of softening consumer demand.
Based on the provided figures, Birkenstock's cash position of $201.7M in 2026Q2 represents a decline from previous periods, which, when viewed alongside a current ratio of 2.95, suggests that while short-term obligations are covered, the company's actual cash buffer remains thin relative to its operational scale.
The fluctuation in cash balances indicates that working capital requirements, particularly inventory builds, are consuming significant liquidity. This volatility in cash availability may limit the company's ability to pursue strategic initiatives or respond to unexpected market shocks without relying on additional credit facilities.
According to an analysis of the balance sheet, the persistent $1.5B goodwill balance remains a significant risk factor, as any impairment of this intangible asset could materially erode equity and trigger a negative reassessment of the company's premium valuation by the broader investment community.
The reliance on goodwill and the potential for underutilized manufacturing assets suggest that the headline equity figure may be overstated relative to the company's tangible liquidation value. Investors should be wary of the potential for non-cash charges that could impact the balance sheet's perceived strength.
Quick answers to the most common questions about buying BIRK stock.
As of 2025, Birkenstock Holding plc (BIRK) had total assets of $4.94B including $1.28B in current assets.
Birkenstock Holding plc (BIRK) carries total debt of $1.31B, offset by $340.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Birkenstock Holding plc (BIRK) has total shareholders' equity (book value) of $2.72B ($14.60 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Birkenstock Holding plc (BIRK) reported a current ratio of 2.81x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.