The company maintains a debt-to-equity ratio of 0.46 with $1.2 billion in total debt, while goodwill accounts for $2.4 billion of the $8.7 billion total asset base.
| Total Current Assets | 5.53B | 5.98B | 5.96B | 5.44B | 4.14B | 4.12B | 3.62B | 2.93B | 4.32B | 3.94B | 4.62B |
| Cash & Short-Term Investments | 627.6M | 579.7M | 570.3M | 431.9M | 367.5M | 188.2M | 281.3M | 217.8M | 99.6M | 131.4M | 63.2M |
| Cash Only | 627.6M | 579.7M | 570.3M | 431.9M | 367.5M | 188.2M | 281.3M | 217.8M | 99.6M | 131.4M | 63.2M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 325.1M | 264.8M | 228.8M | 180.1M | 146.3M | 101.1M | 80.4M | 63.9M | 66.6M | 78.1M | 64.8M |
| Days Sales Outstanding | 55.69 | 54.92 | 55.17 | 52.75 | 52.14 | 43.8 | 35.61 | 31.49 | 32.38 | 45.73 | 34.09 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 4.58B | 5.14B | 5.16B | 4.83B | 3.54B | 3.76B | 3.2B | 2.61B | 4.26B | 3.7B | 4.46B |
| Total Non-Current Assets | 3.14B | 3.13B | 3.06B | 3.02B | 3.02B | 2.58B | 2.46B | 2.31B | 2.41B | 2.38B | 2.36B |
| Property, Plant & Equipment | 243.5M | 236M | 229.2M | 199.2M | 157.6M | 164.3M | 160.3M | 104.4M | 103.8M | 86.9M | 88.3M |
| Fixed Asset Turnover | 7.81x | 7.46x | 6.60x | 6.26x | 6.50x | 5.13x | 5.14x | 7.09x | 7.23x | 7.17x | 7.86x |
| Goodwill | 2.38B | 2.34B | 2.29B | 2.28B | 2.32B | 2.03B | 1.97B | 1.93B | 2.09B | 2.06B | 2.01B |
| Intangible Assets | 129.6M | 189.2M | 230.2M | 281.6M | 332.5M | 195M | 177.9M | 187.5M | 212.4M | 232.9M | 263.6M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 75.2M | 0 |
| Other Non-Current Assets | 386.7M | 371.6M | 302.4M | 262.4M | 208.4M | 187.6M | 150.3M | 94.4M | 4M | 3.2M | 3.8M |
| Total Assets | 8.68B | 9.12B | 9.01B | 8.46B | 7.17B | 6.7B | 6.09B | 5.25B | 6.73B | 6.33B | 6.98B |
| Asset Turnover | 0.21x | 0.19x | 0.17x | 0.15x | 0.14x | 0.13x | 0.14x | 0.14x | 0.11x | 0.10x | 0.10x |
| Asset Growth % | -9.8% | 1.18% | 6.47% | 18.1% | 6.94% | 10.12% | 15.97% | -22.02% | 6.38% | -9.43% | - |
| Total Current Liabilities | 5.3B | 5.31B | 5.33B | 5.08B | 3.74B | 3.86B | 3.37B | 2.77B | 4.27B | 3.88B | 4.58B |
| Accounts Payable | 88.9M | 77M | 66.7M | 54.3M | 51.7M | 38.9M | 43.2M | 41.5M | 44.4M | 46.4M | 48.8M |
| Days Payables Outstanding | 34.49 | 29.65 | 28.07 | 25.64 | 29.4 | 28.33 | 34.59 | 35.57 | 39.85 | 42.72 | 43.12 |
| Short-Term Debt | 582.3M | 7.3M | 7.6M | 7.8M | 8.3M | 7.2M | 10.8M | 6.8M | 0 | 2.3M | 7M |
| Deferred Revenue (Current) | 168.4M | 42.3M | 40.2M | 41.2M | 48.7M | 24.4M | 25.5M | 23.2M | 16.8M | 13.1M | 0 |
| Other Current Liabilities | 4.53B | 5.15B | 5.18B | 4.94B | 3.6B | 3.76B | 3.27B | 2.67B | 4.19B | 3.77B | 4.43B |
| Current Ratio | 1.04x | 1.13x | 1.12x | 1.07x | 1.11x | 1.07x | 1.07x | 1.06x | 1.01x | 1.02x | 1.01x |
| Quick Ratio | 1.04x | 1.13x | 1.12x | 1.07x | 1.11x | 1.07x | 1.07x | 1.06x | 1.01x | 1.02x | 1.01x |
| Cash Conversion Cycle | 21.2 | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 679.5M | 1.26B | 1.28B | 1.27B | 1.2B | 739.2M | 831.7M | 862.7M | 1.33B | 1.44B | 1.45B |
| Long-Term Debt | 631.1M | 1.21B | 1.21B | 1.21B | 1.12B | 660.6M | 666.3M | 663.5M | 1.12B | 1.14B | 1.14B |
| Capital Lease Obligations | 38.4M | 10.8M | 18.9M | 23.7M | 32.7M | 33.6M | 30.1M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 40.5M | 36M | 48.8M | 37.2M | 39.7M | 45M | 135.3M | 199.2M | 208.6M | 301.3M | 307.7M |
| Total Liabilities | 5.98B | 6.57B | 6.61B | 6.35B | 4.94B | 4.6B | 4.2B | 3.63B | 5.6B | 5.32B | 6.03B |
| Total Debt | 1.23B | 1.23B | 1.24B | 1.25B | 1.18B | 711.9M | 716M | 670.3M | 1.12B | 1.14B | 1.15B |
| Net Debt | 599.3M | 653.2M | 673.3M | 823M | 809.2M | 523.7M | 434.7M | 452.5M | 1.02B | 1.01B | 1.09B |
| Debt / Equity | 0.46x | 0.48x | 0.52x | 0.59x | 0.53x | 0.34x | 0.38x | 0.41x | 0.99x | 1.14x | 1.20x |
| Debt / EBITDA | 3.59x | 3.93x | 4.68x | 19.86x | 28.02x | 11.94x | 5.53x | 5.95x | 10.25x | 24.77x | 12.60x |
| Net Debt / EBITDA | 1.75x | 2.08x | 2.54x | 13.02x | 19.27x | 8.79x | 3.36x | 4.02x | 9.34x | 21.92x | 11.91x |
| Interest Coverage | -2.25x | 2.56x | 3.69x | -0.90x | -0.99x | 0.31x | 2.23x | 0.67x | 0.64x | -0.13x | 0.40x |
| Total Equity | 2.69B | 2.55B | 2.4B | 2.11B | 2.23B | 2.1B | 1.88B | 1.62B | 1.13B | 1.01B | 954.8M |
| Equity Growth % | 27.3% | 6.18% | 13.69% | -5.3% | 6.16% | 11.47% | 16.52% | 43.09% | 12.24% | 5.35% | - |
| Book Value per Share | 16.86 | 15.87 | 15.13 | 13.79 | 14.81 | 14.30 | 12.65 | 14.16 | 8.48 | 7.55 | 7.17 |
| Total Shareholders' Equity | 2.69B | 2.55B | 2.4B | 2.11B | 2.23B | 2.1B | 1.88B | 1.62B | 1.09B | 967.2M | 954.8M |
| Common Stock | 1.6M | 1.6M | 1.6M | 1.5M | 1.5M | 1.5M | 1.4M | 1.4M | 700K | 700K | 1.3M |
| Retained Earnings | -556.3M | -335.8M | -317.8M | -372.6M | -309.2M | -233.8M | -229.8M | -335.6M | -348.2M | -318.5M | -198.8M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -240.9M | -482.7M | -436.7M | -485M | -324.8M | -276M | -338.4M | -375.9M | -312.1M | -351.5M | -379.2M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 37.8M | 38.7M | 0 |
High Goodwill and Leverage
According to recent quarterly filings, Dayforce maintains a consistent debt load of $1.2 billion, resulting in a debt-to-equity ratio of 0.46 as of 2025Q3, which suggests that management is utilizing moderate leverage to fund its ongoing transition from legacy Bureau services to the cloud-native Dayforce platform.
The stability of the $1.2 billion debt figure over the last ten quarters indicates a disciplined approach to capital structure despite the company's aggressive growth strategy. Investors should monitor whether this leverage remains sustainable if interest income from client funds, which currently supports the bottom line, faces downward pressure from shifting macroeconomic conditions.
Based on the reported balance sheet data, goodwill accounts for approximately $2.4 billion of the company's $8.7 billion in total assets, representing a significant concentration of intangible value that warrants close scrutiny regarding potential impairment risks as the company integrates its various historical acquisitions.
The high proportion of goodwill relative to total assets suggests that the company's valuation is heavily reliant on the successful integration and performance of past business combinations. If the expected synergies from these acquisitions fail to materialize, the company may face non-cash write-downs that could negatively impact book value and investor sentiment.
As reported in financial statements, Dayforce's current ratio has hovered near 1.04 as of 2025Q3, indicating a relatively thin liquidity buffer that may limit the company's flexibility to navigate unexpected operational shocks or sudden increases in working capital requirements during its ongoing platform migration phase.
A current ratio barely above unity suggests that the company is operating with minimal excess liquidity, which is common for high-growth software firms but leaves little room for error. This tight position necessitates consistent cash generation to meet short-term obligations, especially given the ongoing investments required to maintain its competitive technical moat.
Analysis of the balance sheet reveals a persistent deficit in retained earnings, which reached negative $556.3 million in 2025Q3, reflecting the significant capital intensity and operational costs associated with the company's multi-year pivot toward its unified single-database HCM architecture.
The deepening deficit in retained earnings underscores the heavy investment phase the company has undergone to sunset legacy systems and capture market share. While this is consistent with a growth-oriented strategy, it highlights the long-term nature of the company's path to achieving sustained, GAAP-profitable equity growth.
Quick answers to the most common questions about buying DAY stock.
As of 2024, Dayforce Inc (DAY) had total assets of $9.12B including $5.98B in current assets.
Dayforce Inc (DAY) carries total debt of $1.23B, offset by $579.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Dayforce Inc (DAY) has total shareholders' equity (book value) of $2.55B ($15.87 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Dayforce Inc (DAY) reported a current ratio of 1.13x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.