The company has improved its financial flexibility by reducing total debt from $1.2 billion in 2024Q1 to $800.3 million in 2026Q1, resulting in a more manageable debt-to-equity ratio of 0.96.
| 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 | 1.01B | 871.01M | 1.25B | 924.05M | 778.71M | 617.23M | 689.12M | 381.27M | 334M | 92.83M | 75.01M | 71.23M | 88.58M | 45.93M | 14.83M |
| Cash & Short-Term Investments | 273.01M | 696.92M | 1.01B | 730.3M | 614.26M | 469.86M | 603.54M | 319.95M | 291.82M | 68.95M | 58.12M | 58.48M | 78.29M | 37.31M | 8.45M |
| Cash Only | 273.01M | 232.08M | 362.55M | 143.2M | 180.52M | 90.88M | 220.37M | 77.98M | 81.91M | 68.95M | 58.12M | 58.48M | 58.29M | 37.31M | 5.96M |
| Short-Term Investments | 0 | 464.83M | 643.41M | 587.1M | 433.74M | 378.98M | 383.17M | 241.97M | 209.91M | 0 | 0 | 0 | 20M | 0 | 2.49M |
| Accounts Receivable | 136.54M | 135.09M | 122.38M | 101.53M | 90.89M | 86.32M | 50.03M | 38.48M | 25.13M | 19.05M | 13.88M | 10.57M | 8.34M | 6.97M | 5.44M |
| Days Sales Outstanding | 42.28 | 42.91 | 42.87 | 40.7 | 42.6 | 51.69 | 41.99 | 42.82 | 35.59 | 34.72 | 31.26 | 29.93 | 29.51 | 30.24 | 31.12 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.71M | 2.44M | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | 51.6 | 10.7 | - | - | - | - | - |
| Other Current Assets | 595.8M | 14.8M | 92.25M | 70.2M | 56.4M | 39.74M | 25.73M | 17.94M | 12.05M | 2.4M | 3.01M | 2.18M | 1.96M | 0 | 0 |
| Total Non-Current Assets | 859.95M | 919.06M | 802.65M | 570.51M | 465.77M | 575.72M | 374.62M | 101.11M | 60.66M | 35.36M | 30.23M | 28M | 28.35M | 29.91M | 11.77M |
| Property, Plant & Equipment | 222.46M | 225.23M | 203.04M | 152.01M | 145.34M | 126.49M | 60.22M | 41.94M | 25.89M | 19.89M | 14.69M | 13.22M | 12.57M | 11.61M | 10.87M |
| Fixed Asset Turnover | 5.36x | 5.10x | 5.13x | 5.99x | 5.36x | 4.82x | 7.22x | 7.82x | 9.95x | 10.07x | 11.04x | 9.74x | 8.20x | 7.25x | 5.87x |
| Goodwill | 366.25M | 366.25M | 365.44M | 227.41M | 165.42M | 165.42M | 165.42M | 11.8M | 11.8M | 11.8M | 11.8M | 11.8M | 11.8M | 11.8M | 0 |
| Intangible Assets | 47.76M | 51.17M | 65.63M | 38.32M | 28.19M | 39.9M | 51.68M | 15.53M | 631K | 1.07M | 1.54M | 2.04M | 2.55M | 3.06M | 0 |
| Long-Term Investments | 2.25M | 750K | 750K | 2M | 885K | 147.38M | 42.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 223.49M | 272.83M | 164.14M | 147M | 121.96M | 89.63M | 55.17M | 31.84M | 22.35M | 2.6M | 2.2M | 934K | 1.43M | 3.44M | 899K |
| Total Assets | 1.87B | 1.79B | 2.05B | 1.49B | 1.24B | 1.19B | 1.06B | 482.38M | 394.67M | 128.2M | 105.24M | 99.23M | 116.93M | 75.84M | 26.61M |
| Asset Turnover | 0.66x | 0.64x | 0.51x | 0.61x | 0.63x | 0.51x | 0.41x | 0.68x | 0.65x | 1.56x | 1.54x | 1.30x | 0.88x | 1.11x | 2.40x |
| Asset Growth % | -46.16% | -12.73% | 37.24% | 20.1% | 4.32% | 12.15% | 120.52% | 22.22% | 207.86% | 21.81% | 6.05% | -15.14% | 54.19% | 185.03% | - |
| Total Current Liabilities | 222.8M | 213.01M | 641.69M | 167.22M | 150.78M | 157.57M | 103.56M | 65.99M | 47.99M | 39.52M | 34.08M | 48.52M | 32.35M | 25.29M | 16.88M |
| Accounts Payable | 30.59M | 29.97M | 26.28M | 24.4M | 23.63M | 20.51M | 17.14M | 10.16M | 7.01M | 4.29M | 3.37M | 2.57M | 4.18M | 4.31M | 4.65M |
| Days Payables Outstanding | 21.11 | 21 | 20.09 | 20.58 | 23.47 | 27.61 | 34.71 | 27.56 | 24.59 | 18.85 | 18.36 | 15.76 | 27.91 | 32.2 | 43.17 |
| Short-Term Debt | 20.92M | 21.4M | 433.49M | 0 | 169K | 0 | 0 | 0 | 0 | 336K | 742K | 19.71M | 3.15M | 1.52M | 415K |
| Deferred Revenue (Current) | 303.6M | 77.52M | 79.17M | 68.19M | 57.82M | 43.72M | 31.98M | 24.68M | 17.39M | 13.97M | 10.05M | 6.41M | 5.35M | 4.38M | 4.27M |
| Other Current Liabilities | 87.96M | 31.73M | 44M | 35.93M | 24.79M | 34.73M | 29.23M | 14.23M | 6.67M | 5.61M | 4.89M | 7.88M | 9.46M | 6.76M | 1.68M |
| Current Ratio | 4.51x | 4.09x | 1.95x | 5.53x | 5.16x | 3.92x | 6.65x | 5.78x | 6.96x | 2.35x | 2.20x | 1.47x | 2.74x | 1.82x | 0.88x |
| Quick Ratio | 4.51x | 4.09x | 1.95x | 5.53x | 5.16x | 3.92x | 6.65x | 5.78x | 6.65x | 2.29x | 2.20x | 1.47x | 2.74x | 1.82x | 0.88x |
| Cash Conversion Cycle | 21.16 | - | - | - | - | - | - | - | 62.6 | 26.58 | - | - | - | - | - |
| Total Non-Current Liabilities | 812.88M | 791.24M | 787.33M | 789.27M | 783.74M | 824.24M | 681.02M | 219.93M | 203.92M | 41.84M | 40.83M | 24.43M | 42.83M | 48.61M | 17.79M |
| Long-Term Debt | 779.39M | 777.61M | 731.86M | 742.13M | 738.38M | 768.6M | 643.32M | 209.6M | 196.76M | 32.59M | 32.91M | 17.33M | 35.28M | 19.59M | 16K |
| Capital Lease Obligations | 136.88M | 48.21M | 48.76M | 39.26M | 41.39M | 47.09M | 5.38M | 5.14M | 4.51M | 7.16M | 5.92M | 4.61M | 4.42M | 4.36M | 4.19M |
| Deferred Tax Liabilities | 516K | 56K | 186K | 0 | 157K | 0 | 4.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 33.49M | -36.17M | 5.67M | 6.54M | 2.64M | 6.45M | 24.51M | 3.64M | 2.65M | 2.08M | 2.01M | 2.5M | 3.13M | 6.07M | 13.59M |
| Total Liabilities | 1.04B | 1B | 1.43B | 956.48M | 934.52M | 981.81M | 784.58M | 285.92M | 251.92M | 81.36M | 74.91M | 72.95M | 75.18M | 73.91M | 34.67M |
| Total Debt | 800.31M | 847.21M | 1.23B | 793.88M | 790.56M | 825.51M | 653.22M | 223.32M | 207.92M | 46.74M | 45.8M | 46.62M | 47.7M | 48.93M | 8.19M |
| Net Debt | 527.3M | 615.13M | 870.58M | 650.68M | 610.04M | 734.63M | 432.85M | 145.35M | 126.01M | -22.2M | -12.32M | -11.87M | -10.59M | 11.62M | 2.23M |
| Debt / Equity | 0.96x | 1.08x | 1.98x | 1.48x | 2.55x | 3.91x | 2.34x | 1.14x | 1.46x | 1.00x | 1.51x | 1.77x | 1.14x | 25.31x | - |
| Debt / EBITDA | 5.72x | 6.16x | 769.74x | - | - | - | 35.37x | 9.98x | 12.03x | 18.02x | 24.78x | - | - | - | - |
| Net Debt / EBITDA | 3.77x | 4.47x | 543.44x | - | - | - | 23.44x | 6.50x | 7.29x | -8.56x | -6.67x | - | - | - | - |
| Interest Coverage | 7.94x | 4.19x | 0.14x | -9.39x | -11.05x | -7.00x | -0.57x | 0.68x | 0.68x | -1.51x | -1.79x | -4.45x | -8.06x | -27.93x | -33.60x |
| Total Equity | 829.63M | 785.82M | 622.19M | 538.09M | 309.96M | 211.13M | 279.16M | 196.46M | 142.75M | 46.84M | 30.33M | 26.28M | 41.75M | 1.93M | -8.07M |
| Equity Growth % | 124.68% | 26.3% | 15.63% | 73.6% | 46.81% | -24.37% | 42.1% | 37.63% | 204.77% | 54.44% | 15.4% | -37.06% | 2060.01% | 123.96% | - |
| Book Value per Share | 9.61 | 9.03 | 8.35 | 7.47 | 4.43 | 3.13 | 4.35 | 3.25 | 2.46 | 0.85 | 0.58 | 0.52 | 1.11 | 0.04 | -0.24 |
| Total Shareholders' Equity | 829.63M | 785.82M | 622.19M | 538.09M | 309.96M | 211.13M | 279.16M | 196.46M | 142.75M | 46.84M | 30.33M | 26.28M | 41.75M | 1.93M | -8.07M |
| Common Stock | 77K | 77K | 76K | 73K | 71K | 68K | 67K | 61K | 59K | 57K | 53K | 51K | 49K | 36K | 4K |
| Retained Earnings | -359.82M | -378.23M | -417.64M | -404.85M | -323.09M | -228.44M | -198.18M | -156.05M | -151.5M | -175.42M | -166.28M | -154.42M | -128.58M | -90.8M | -59.48M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 2.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 872K | 897K | 636K | 582K | -2.69M | -287K | 335K | 576K | -93K | -36.86M | -30.34M | -22.48M | -15.63M | -10.41M | -9.81M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Debt refinancing and dilution
As reported in recent financial filings, Five9 has successfully reduced its total debt from $1.2 billion in 2024Q1 to $800.3 million by 2026Q1, signaling a deliberate shift toward balance sheet stabilization as the company navigates a period of decelerating top-line growth and competitive market pressures.
The reduction in debt, coupled with a steady increase in equity from $483.6 million to $829.6 million over the same period, suggests management is prioritizing financial flexibility. This trajectory appears to be a strategic response to the high-interest rate environment, aiming to lower interest expense and improve the company's overall risk profile.
Based on the provided balance sheet data, Five9's debt-to-equity ratio has improved significantly, falling from a peak of 2.50 in 2024Q1 to 0.96 in 2026Q1, which indicates a reduced reliance on external financing to fund ongoing operations and strategic initiatives.
While the absolute debt load remains substantial, the downward trend in leverage suggests that the company is successfully transitioning toward self-funded growth. Investors should monitor whether this deleveraging continues, as it directly impacts the company's ability to navigate potential future volatility in the CCaaS market.
According to quarterly balance sheet disclosures, Five9 maintains a current ratio of 4.51 as of 2026Q1, providing a robust liquidity buffer that appears sufficient to cover short-term obligations despite the inherent volatility of usage-based revenue streams and ongoing investments in generative AI capabilities.
The significant improvement in the current ratio from the 2024Q4 level of 1.95 suggests a more conservative approach to working capital management. This liquidity position provides the company with necessary breathing room to pursue R&D initiatives without immediate pressure to access capital markets.
As evidenced by historical financial statements, Five9's equity base has grown to $829.6 million in 2026Q1, though this expansion is partially offset by persistent negative retained earnings of $359.8 million, which warrants further investigation into the long-term sustainability of the company's capital structure.
The growth in equity appears to be driven by capital raises or equity-based compensation rather than organic earnings retention. This reliance on non-operating equity growth suggests that shareholders should remain cautious regarding the potential for future dilution as the company continues to incentivize its workforce.
Based on reported figures, Five9 carries $366.3 million in goodwill as of 2026Q1, representing a significant portion of total assets that could be subject to impairment if the company's recent enterprise growth deceleration persists or if competitive pressures from hyperscalers intensify.
The concentration of goodwill on the balance sheet suggests that past acquisitions are critical to the company's current valuation. Any failure to integrate these assets effectively or a decline in the expected synergies could lead to non-cash charges that would further strain the company's equity position.
Quick answers to the most common questions about buying FIVN stock.
As of 2025, Five9, Inc. (FIVN) had total assets of $1.79B including $871.0M in current assets.
Five9, Inc. (FIVN) carries total debt of $847.2M, offset by $696.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Five9, Inc. (FIVN) has total shareholders' equity (book value) of $785.8M ($9.03 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Five9, Inc. (FIVN) reported a current ratio of 4.09x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.