The company's capital structure remains strained, with a debt-to-equity ratio of 0.97 and a significant goodwill concentration of $1.7B, which represents roughly 33% of total assets.
| Total Current Assets | 1.76B | 1.57B | 1.28B | 1.36B | 1.23B | 1.03B | 869M | 1.28B |
| Cash & Short-Term Investments | 442M | 434M | 536M | 476M | 303M | 516M | 584M | 496M |
| Cash Only | 442M | 434M | 536M | 476M | 303M | 516M | 584M | 496M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.06B | 1.01B | 635M | 790M | 838M | 442M | 144M | 665M |
| Days Sales Outstanding | 124.93 | 136.17 | 95.66 | 125.92 | 165.25 | 211.44 | 66.28 | 114.55 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 254M | 33M | 51M | 45M | 41M | 31M | 86M | 71M |
| Total Non-Current Assets | 3.32B | 3.35B | 2.34B | 2.39B | 2.95B | 2.98B | 1.89B | 1.81B |
| Property, Plant & Equipment | 364M | 374M | 291M | 282M | 276M | 275M | 249M | 225M |
| Fixed Asset Turnover | 8.37x | 7.27x | 8.33x | 8.12x | 6.71x | 2.77x | 3.18x | 9.42x |
| Goodwill | 1.66B | 1.67B | 1.2B | 1.21B | 1.19B | 1.36B | 1.03B | 1.02B |
| Intangible Assets | 821M | 851M | 480M | 552M | 636M | 746M | 348M | 408M |
| Long-Term Investments | 157M | 43M | 14M | 14M | 37M | 26M | 23M | 30M |
| Other Non-Current Assets | 100M | 110M | 89M | 50M | 24M | 53M | 241M | 124M |
| Total Assets | 5.08B | 4.92B | 3.62B | 3.75B | 4.18B | 4.01B | 2.76B | 3.09B |
| Asset Turnover | 0.63x | 0.55x | 0.67x | 0.61x | 0.44x | 0.19x | 0.29x | 0.68x |
| Asset Growth % | 99.06% | 35.65% | -3.39% | -10.31% | 4.26% | 45.43% | -10.86% | - |
| Total Current Liabilities | 1.49B | 1.38B | 780M | 831M | 773M | 721M | 570M | 708M |
| Accounts Payable | 603M | 515M | 263M | 302M | 253M | 137M | 96M | 278M |
| Days Payables Outstanding | 146.33 | 173.25 | 99.27 | 115.06 | 110.99 | 104.83 | 66.24 | 115.31 |
| Short-Term Debt | 87M | 58M | 34M | 24M | 22M | 24M | 7M | 3M |
| Deferred Revenue (Current) | 447M | 167M | 0 | 0 | 19M | 18M | 0 | 0 |
| Other Current Liabilities | 804M | 82M | 309M | 304M | 279M | 337M | 158M | 122M |
| Current Ratio | 1.18x | 1.14x | 1.64x | 1.64x | 1.60x | 1.43x | 1.52x | 1.81x |
| Quick Ratio | 1.18x | 1.14x | 1.64x | 1.64x | 1.60x | 1.43x | 1.52x | 1.81x |
| Cash Conversion Cycle | -21.4 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.92B | 1.87B | 1.79B | 1.71B | 2.04B | 1.8B | 1.2B | 704M |
| Long-Term Debt | 1.46B | 1.36B | 1.36B | 1.35B | 1.22B | 1.02B | 617M | 234M |
| Capital Lease Obligations | 248M | 62M | 63M | 55M | 61M | 61M | 58M | 0 |
| Deferred Tax Liabilities | 304M | 99M | 36M | 5M | 478M | 359M | 0 | 0 |
| Other Non-Current Liabilities | 296M | 353M | 323M | 293M | 280M | 356M | 529M | 470M |
| Total Liabilities | 3.42B | 3.25B | 2.57B | 2.54B | 2.81B | 2.52B | 1.77B | 1.41B |
| Total Debt | 1.61B | 1.51B | 1.46B | 1.45B | 1.3B | 1.1B | 702M | 237M |
| Net Debt | 1.16B | 1.07B | 926M | 975M | 999M | 589M | 118M | -259M |
| Debt / Equity | 0.97x | 0.91x | 1.38x | 1.20x | 0.95x | 0.74x | 0.71x | 0.14x |
| Debt / EBITDA | 4.71x | 4.03x | 4.99x | 7.80x | - | - | - | 0.68x |
| Net Debt / EBITDA | 3.41x | 2.87x | 3.16x | 5.24x | - | - | - | -0.75x |
| Interest Coverage | 1.74x | 2.55x | 0.38x | -0.03x | -1.93x | -11.32x | -27.11x | 13.87x |
| Total Equity | 1.66B | 1.66B | 1.06B | 1.21B | 1.37B | 1.49B | 984M | 1.68B |
| Equity Growth % | 142.14% | 57.14% | -12.79% | -11.6% | -8.23% | 51.83% | -41.5% | - |
| Book Value per Share | 3.19 | 3.17 | 2.28 | 2.65 | 3.27 | 3.56 | 2.35 | 13.06 |
| Total Shareholders' Equity | 1.61B | 1.61B | 1.05B | 1.21B | 152M | 1.49B | 981M | 1.68B |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 816.81M | 0 | 1.08K |
| Retained Earnings | -1.41B | -1.47B | -1.57B | -1.44B | -175M | -1.06B | -592M | 26M |
| Treasury Stock | -166M | -128M | -55M | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -84M | -75M | -146M | -103M | -7M | -162M | -179M | -98M |
| Minority Interest | 50M | 53M | 6M | 4M | 1.22B | 1M | 3M | 4M |
High Goodwill Impairment Risk
According to recent financial statements, GBTG's total assets surged to $5.1B in 2026Q1 from $3.8B in 2023Q4, yet this expansion has been primarily funded by liabilities rather than retained earnings, which remain deeply negative at -$1.4B, signaling a potentially fragile long-term capital structure trajectory.
The rapid growth in the asset base appears to be driven by aggressive acquisition activity rather than organic value creation. Investors should monitor whether this asset inflation can eventually generate sufficient returns to offset the persistent deficit in retained earnings.
As reported in quarterly filings, GBTG maintains a debt-to-equity ratio of 0.97 as of 2026Q1, reflecting a persistent reliance on external financing that has fluctuated between 0.91 and 1.38 over the last ten quarters, suggesting that debt remains a structural necessity for the company's current operations.
The company's inability to meaningfully deleverage despite revenue growth suggests that interest obligations may continue to constrain free cash flow. This reliance on debt to fund operations warrants caution, particularly if the firm faces further margin compression from industry-wide distribution shifts.
Based on the provided data, GBTG's current ratio has tightened to 1.18 in 2026Q1 from a peak of 1.66 in 2025Q2, indicating a narrowing margin of safety as the company navigates increased operational demands and potential working capital volatility in its core travel management business.
The decline in the current ratio suggests that the company's liquid assets are not keeping pace with its short-term obligations. This trend may indicate that the firm is increasingly reliant on operational cash inflows to meet immediate liabilities, which could be problematic during cyclical downturns.
Analysis of the balance sheet reveals that goodwill accounts for $1.7B of the $5.1B total assets as of 2026Q1, representing a significant portion of the firm's book value that may be vulnerable to impairment if expected synergies from recent acquisitions fail to materialize as projected.
The heavy reliance on intangible assets suggests that the company's book value is highly sensitive to management's long-term growth assumptions. Investors should consider that any downward revision in these assumptions could lead to significant non-cash charges that would further erode the already strained equity base.
Quick answers to the most common questions about buying GBTG stock.
As of 2025, Global Business Travel Group, Inc. (GBTG) had total assets of $4.92B including $1.57B in current assets.
Global Business Travel Group, Inc. (GBTG) carries total debt of $1.51B, offset by $434.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Global Business Travel Group, Inc. (GBTG) has total shareholders' equity (book value) of $1.61B ($3.17 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Global Business Travel Group, Inc. (GBTG) reported a current ratio of 1.14x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.