Debt-to-equity rose to 0.70 in 2026Q2 from 0.34 in 2024Q1, while cash declined to $122.1M from $304.2M in 2024Q4, indicating increased leverage and reduced liquidity buffer.
CarGurus, Inc. (CARG) balance sheet — 11-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Total Current Assets | 246.38M | 282.95M | 391.21M | 391.19M | 557.37M | 563.11M | 331.98M | 218.95M | 194.86M | 157.2M | 85.51M | 69.14M |
| Cash & Short-Term Investments | 164.91M | 190.52M | 304.19M | 312.09M | 469.52M | 321.94M | 290.3M | 171.61M | 157.69M | 137.71M | 74.25M | 61.36M |
| Cash Only | 164.91M | 190.52M | 304.19M | 291.36M | 469.52M | 231.94M | 190.3M | 59.92M | 34.89M | 87.71M | 29.48M | 61.36M |
| Short-Term Investments | 0 | 0 | 0 | 20.72M | 0 | 90M | 100M | 111.69M | 122.8M | 50M | 44.77M | 0 |
| Accounts Receivable | 47.05M | 41.94M | 44.25M | 39.96M | 46.82M | 189.32M | 18.23M | 22.12M | 13.61M | 12.58M | 6.65M | 5.73M |
| Days Sales Outstanding | 16.28 | 16.3 | 18.06 | 15.95 | 10.32 | 72.64 | 12.07 | 13.71 | 10.94 | 14.49 | 12.26 | 21.21 |
| Inventory | 0 | 0 | 338K | 331K | 5.28M | 19.66M | 0 | 0 | 16.15M | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | 0.79 | 0.46 | 1.93 | 24.4 | - | - | 237.54 | - | - | - |
| Other Current Assets | 14.85M | 15.23M | 42.43M | 38.81M | 13.78M | 15.75M | 11.06M | 9.79M | 13.41M | 1.6M | 0 | 1.12M |
| Total Non-Current Assets | 342.68M | 378.95M | 433.33M | 527.74M | 369.74M | 368.47M | 170.32M | 174.67M | 73.43M | 19.39M | 14.82M | 8.64M |
| Property, Plant & Equipment | 225.91M | 248.43M | 251.49M | 253.05M | 97M | 92.82M | 88.32M | 87.94M | 24.27M | 16.56M | 12.78M | 7.15M |
| Fixed Asset Turnover | 4.27x | 3.78x | 3.56x | 3.61x | 17.06x | 10.25x | 6.24x | 6.70x | 18.71x | 19.13x | 15.50x | 13.79x |
| Goodwill | 27.88M | 28.4M | 46.17M | 157.9M | 157.47M | 158.29M | 29.13M | 15.21M | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.5M | 3.25M | 11.77M | 23.06M | 53.05M | 83.92M | 10.86M | 3.92M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.92M | 1.84M | 2.04M | 1M |
| Other Non-Current Assets | 18.18M | 17.66M | 17.23M | 20.37M | 26.73M | 20.07M | 22.24M | 24.89M | 10.28M | 2M | 0 | 1M |
| Total Assets | 589.05M | 661.9M | 824.54M | 918.93M | 927.1M | 931.57M | 502.3M | 393.62M | 268.29M | 176.59M | 100.33M | 77.78M |
| Asset Turnover | 1.71x | 1.42x | 1.08x | 0.99x | 1.79x | 1.02x | 1.10x | 1.50x | 1.69x | 1.79x | 1.97x | 1.27x |
| Asset Growth % | -78.68% | -19.72% | -10.27% | -0.88% | -0.48% | 85.46% | 27.61% | 46.72% | 51.92% | 76.01% | 28.99% | - |
| Total Current Liabilities | 107.57M | 100.54M | 93.05M | 115.18M | 98.73M | 170.71M | 66.54M | 73.76M | 63.5M | 42.97M | 29.05M | 16.39M |
| Accounts Payable | 31.35M | 29.11M | 26.41M | 47.85M | 32.53M | 66.15M | 21.56M | 36.73M | 34.34M | 23.91M | 16.43M | 10.48M |
| Days Payables Outstanding | 139.41 | 102.73 | 62.02 | 66.47 | 11.9 | 82.12 | 184.29 | 369.33 | 505.26 | 495.57 | 626.16 | 903.1 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 98.82M | 23.56M | 21.66M | 21.32M | 12.25M | 12.78M | 9.14M | 9.98M | 8.81M | 4.3M | 3.33M | 1.47M |
| Other Current Liabilities | 21.24M | 13.75M | 17.38M | 15.25M | 11.01M | 39.85M | 10.85M | 8.64M | 12.08M | 6.95M | 3.33M | 1.09M |
| Current Ratio | 2.29x | 2.81x | 4.20x | 3.40x | 5.65x | 3.30x | 4.99x | 2.97x | 3.07x | 3.66x | 2.94x | 4.22x |
| Quick Ratio | 2.29x | 2.81x | 4.20x | 3.39x | 5.59x | 3.18x | 4.99x | 2.97x | 2.81x | 3.66x | 2.94x | 4.22x |
| Cash Conversion Cycle | -123.13 | - | -43.16 | -50.05 | 0.35 | 14.91 | - | - | -256.77 | - | - | - |
| Total Non-Current Liabilities | 178.25M | 187.16M | 189.8M | 186.9M | 57.01M | 81.22M | 62.18M | 63.01M | 10.68M | 6.6M | 6.55M | 4.14M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 528.84M | 181.36M | 183.74M | 182.11M | 51.66M | 57.52M | 58.81M | 60.82M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 880K | 442K | 26K | 58K | 54K | 58K | 291K | 284K | 7.93M | 0 | 292K | 0 |
| Other Non-Current Liabilities | 6.07M | 5.35M | 6.03M | 4.73M | 5.3M | 23.64M | 3.08M | 1.91M | 10.68M | 6.6M | 6.26M | 4.14M |
| Total Liabilities | 285.82M | 287.7M | 282.85M | 302.07M | 155.74M | 251.93M | 128.71M | 136.77M | 74.18M | 49.57M | 35.6M | 20.53M |
| Total Debt | 182.26M | 190.83M | 192.74M | 194.39M | 66.42M | 70.7M | 69.89M | 69.6M | 0 | 0 | 0 | 0 |
| Net Debt | 17.36M | 315K | -111.45M | -96.97M | -403.1M | -161.24M | -120.4M | 9.68M | -34.89M | -87.71M | -29.48M | -61.36M |
| Debt / Equity | 0.60x | 0.51x | 0.36x | 0.32x | 0.09x | 0.10x | 0.19x | 0.27x | - | - | - | - |
| Debt / EBITDA | 0.63x | 0.86x | 4.97x | 2.40x | 0.43x | 0.37x | 0.65x | 1.65x | - | - | - | - |
| Net Debt / EBITDA | 0.06x | 0.00x | -2.87x | -1.20x | -2.62x | -0.85x | -1.12x | 0.23x | -1.24x | -4.60x | -2.77x | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | 547.10x | 329.65x | -210.67x |
| Total Equity | 303.24M | 374.2M | 541.69M | 616.85M | 771.36M | 679.65M | 373.59M | 256.86M | 194.11M | 127.03M | 64.73M | 57.25M |
| Equity Growth % | -130.47% | -30.92% | -12.18% | -20.03% | 13.49% | 81.93% | 45.45% | 32.32% | 52.81% | 96.25% | 13.06% | - |
| Book Value per Share | 3.36 | 3.87 | 5.10 | 5.40 | 6.02 | 5.80 | 3.28 | 2.26 | 1.71 | 1.17 | 0.61 | 1.19 |
| Total Shareholders' Equity | 303.24M | 374.2M | 541.69M | 616.85M | 734.61M | 516.84M | 373.59M | 256.86M | 194.11M | 127.03M | 64.73M | 57.25M |
| Common Stock | 89K | 95K | 104K | 108K | 118K | 118K | 113K | 112K | 111K | 106K | 42K | 45K |
| Retained Earnings | 289.4M | 362.38M | 375.12M | 354.15M | 323.04M | 129.26M | 129.41M | 51.86M | 9.71M | -58.5M | -71.7M | -18.61M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 24K | 1.43M | -2.55M | -901K | -1.64M | -403K | 1.88M | -350K | 71K | 228K | -30K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 36.75M | 162.81M | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CARG stock.
As of 2025, CarGurus, Inc. (CARG) had total assets of $661.9M including $282.9M in current assets.
CarGurus, Inc. (CARG) carries total debt of $190.8M, offset by $190.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
CarGurus, Inc. (CARG) has total shareholders' equity (book value) of $374.2M ($3.87 book value per share). Book value represents the net worth of the company belonging to common stock holders.
CarGurus, Inc. (CARG) 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.
Key Metrics
Top Statement Risk
Wholesale volatility and EPS uncertainty
Metrics are mathematically derived from official filings.
Balance Sheet Normalizing After Wholesale Shock
Total assets fell from $824.5M in 2024Q4 to $555.1M in 2026Q2, while equity dropped from $541.7M to $264.4M, per reported figures, reflecting a strategic shift away from wholesale-heavy operations.
The decline in total assets and equity is largely attributable to the reduction in goodwill from $157.6M in 2024Q1 to $27.9M in 2026Q2, likely due to impairment or divestiture of wholesale-related assets. This suggests the company is streamlining its balance sheet to focus on the higher-margin marketplace segment. The stabilization of assets in recent quarters (from $519.6M to $555.1M) indicates the balance sheet is finding a new equilibrium, though the equity base has contracted significantly.
Leverage Creeping Higher as Cash Declines
Debt-to-equity rose from 0.34 in 2024Q1 to 0.70 in 2026Q2, while cash dropped from $246.3M to $122.1M, as per financial statements, indicating increased reliance on debt to fund operations and buybacks.
Total debt has remained relatively stable around $185-195M, but the equity base has shrunk due to buybacks and losses, pushing the D/E ratio higher. The current ratio of 1.85 in 2026Q2, down from 4.20 in 2024Q4, suggests a tighter liquidity position, though still adequate. The debt appears manageable given the company's strong cash flow generation, but the trend warrants monitoring as the company continues to return capital to shareholders.
Asset-Light Model with Shrinking Goodwill
PP&E of $227.5M in 2026Q2 represents 41% of total assets, while goodwill has fallen to $27.9M from $157.6M in 2024Q1, per reported data, indicating a shift away from acquisition-driven growth.
The significant reduction in goodwill suggests the company has written down or divested parts of its wholesale business, aligning with the asset-light strategy. The high proportion of PP&E is unusual for a tech company and may reflect investments in technology infrastructure or physical assets related to wholesale operations. The declining goodwill reduces impairment risk, but the elevated PP&E could indicate a heavier fixed-cost base than typical for a marketplace.
Equity Erosion from Buybacks and Losses
Retained earnings swung from $375.4M in 2024Q1 to $257.4M in 2026Q2, while equity fell from $568.4M to $264.4M, as reported, reflecting the impact of share repurchases and prior losses.
The decline in retained earnings is notable, especially given the strong profitability in recent quarters, suggesting that buybacks are consuming a significant portion of earnings. The company repurchased $27.7M in shares in 2026Q2 alone, per cash flow data, which, combined with the 2024Q2 loss, has eroded the equity base. This trend may continue if the company prioritizes returning capital over retaining earnings for growth.
Liquidity Buffer Thinning but Adequate
Cash fell from $304.2M in 2024Q4 to $122.1M in 2026Q2, while the current ratio dropped from 4.20 to 1.85, per financial statements, indicating a reduced but still sufficient cushion against shocks.
The cash decline is partly due to share repurchases and the normalization of working capital after the wholesale shock. The current ratio of 1.85 remains above 1, suggesting the company can cover short-term obligations, but the trend is concerning if it continues. Given the company's strong operating cash flow (1.92x net income in 2026Q2), the liquidity position appears manageable, but investors should monitor whether cash levels stabilize.
Wholesale Distortions Mask True Leverage
The reported D/E of 0.70 understates the effective leverage when considering the volatile wholesale segment's working capital needs, as per recent filings, which may require additional debt or cash to fund operations.
The wholesale segment's transaction-based model can create significant swings in working capital, as seen in the cash flow statement, potentially requiring the company to hold more debt or cash than the balance sheet suggests. The decline in cash and rise in D/E may be partly driven by wholesale-related timing effects, not just strategic capital returns. Investors should scrutinize the segment's cash conversion cycle to assess whether the balance sheet is as healthy as headline ratios imply.