The company maintains a fortress balance sheet with a 2.07 current ratio and a near-zero 0.03 debt-to-equity ratio, providing significant strategic optionality and liquidity.
Global-e Online Ltd. (GLBE) balance sheet — 8-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Total Current Assets | 891.05M | 986.66M | 723.21M | 520.46M | 374.65M | 622.46M | 153.1M | 39.32M | 26.1M |
| Cash & Short-Term Investments | 530.41M | 622.84M | 474.44M | 317.42M | 228.2M | 509.07M | 91.97M | 5.12M | 9.57M |
| Cash Only | 285.36M | 245.86M | 254.62M | 200.08M | 165.03M | 448.62M | 68.64M | 5.03M | 9.53M |
| Short-Term Investments | 245.05M | 376.98M | 219.82M | 117.34M | 63.17M | 60.45M | 23.33M | 82K | 39K |
| Accounts Receivable | 78.63M | 331.03M | 164.16M | 185.88M | 94.55M | 105.85M | 38.09M | 23.55M | 749K |
| Days Sales Outstanding | 58.51 | 125.57 | 79.6 | 119.04 | 84.37 | 157.52 | 101.94 | 130.53 | 7.08 |
| Inventory | 0 | 0 | -4.17M | 970K | 0 | 45.3M | 0 | 10.65M | 0 |
| Days Inventory Outstanding | - | - | - | 1.05 | - | 107.48 | - | 82.41 | - |
| Other Current Assets | 157.78M | 10.76M | 4.17M | 160.39M | 43.32M | 40.3M | 55.15M | 10.65M | 9.17M |
| Total Non-Current Assets | 464.21M | 476.13M | 540.27M | 681.9M | 787.95M | 223.67M | 194.21M | 4.28M | 2.44M |
| Property, Plant & Equipment | 32.19M | 31.73M | 34.87M | 33.29M | 30M | 23.38M | 4.88M | 1.9M | 404K |
| Fixed Asset Turnover | 34.47x | 30.32x | 21.59x | 17.12x | 13.63x | 10.49x | 27.96x | 34.75x | 95.64x |
| Goodwill | 375.4M | 375.4M | 367.57M | 367.57M | 367.57M | 0 | 0 | 0 | 0 |
| Intangible Assets | 40.43M | 52.38M | 59.21M | 78.02M | 98.46M | 196.54M | 0 | 0 | 0 |
| Long-Term Investments | 44.61M | 11.84M | 1.08M | 196.46M | 286.38M | 2.43M | 2.43M | 1.77M | 0 |
| Other Non-Current Assets | 4.14M | 4.77M | 77.55M | 6.56M | 5.38M | 200.29M | 186.91M | 618K | 2.04M |
| Total Assets | 1.36B | 1.46B | 1.26B | 1.2B | 1.16B | 846.13M | 347.31M | 43.6M | 28.54M |
| Asset Turnover | 0.82x | 0.66x | 0.60x | 0.47x | 0.35x | 0.29x | 0.39x | 1.51x | 1.35x |
| Asset Growth % | 46.92% | 15.77% | 5.08% | 3.42% | 37.4% | 143.63% | 696.59% | 52.77% | - |
| Total Current Liabilities | 430.57M | 509.95M | 348.44M | 273.51M | 209.58M | 131.57M | 83.9M | 41.8M | 20.41M |
| Accounts Payable | 80.77M | 91.58M | 79.56M | 50.94M | 52.22M | 24.06M | 19.06M | 9.04M | 4.91M |
| Days Payables Outstanding | 44.26 | 63.56 | 70.26 | 55.28 | 75.98 | 57.09 | 74.87 | 69.92 | 59.61 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 3.25M | 2.52M | 0 | 0 | 0 |
| Deferred Revenue (Current) | 79.19M | 79.19M | 0 | 10.52M | 9.16M | 7.43M | 4.42M | 31.55M | 0 |
| Other Current Liabilities | 157.78M | 30.45M | 115.89M | 69.96M | 125.52M | 90.81M | 40.27M | 22.23M | 9.44M |
| Current Ratio | 2.07x | 1.93x | 2.08x | 1.90x | 1.79x | 4.73x | 1.82x | 0.94x | 1.28x |
| Quick Ratio | 2.07x | 1.93x | 2.09x | 1.90x | 1.79x | 4.39x | 1.82x | 0.69x | 1.28x |
| Cash Conversion Cycle | 14.26 | - | - | 64.81 | - | 207.91 | - | 143.02 | - |
| Total Non-Current Liabilities | 21.03M | 20.15M | 21.61M | 26.87M | 24.9M | 18.8M | 121.91M | 54.83M | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 75.63M | 18.45M | 20.51M | 19.29M | 16.58M | 18.8M | 3.51M | 849K | 0 |
| Deferred Tax Liabilities | 1.03M | 286K | 0 | 6.51M | 6.56M | 0 | 105K | 38K | 0 |
| Other Non-Current Liabilities | 1.63M | 1.42M | 1.1M | 1.07M | 1.76M | -1 | 118.29M | 53.95M | 0 |
| Total Liabilities | 451.6M | 530.1M | 370.05M | 300.38M | 234.48M | 150.38M | 205.81M | 96.63M | 20.41M |
| Total Debt | 25.4M | 23.5M | 24.86M | 23.32M | 19.82M | 21.32M | 4.43M | 1.44M | 0 |
| Net Debt | -259.96M | -222.36M | -229.76M | -176.76M | -145.21M | -427.3M | -64.21M | -3.6M | -9.53M |
| Debt / Equity | 0.03x | 0.03x | 0.03x | 0.03x | 0.02x | 0.03x | 0.03x | - | - |
| Debt / EBITDA | 0.14x | 0.25x | 0.24x | 0.65x | - | - | 0.51x | - | - |
| Net Debt / EBITDA | -1.44x | -2.40x | -2.26x | -4.96x | - | - | -7.42x | - | - |
| Interest Coverage | 29.73x | 61.20x | -5.92x | - | -15.66x | -7.66x | 1.94x | -1.93x | -8.91x |
| Total Equity | 903.66M | 932.68M | 893.43M | 901.98M | 928.12M | 695.75M | 141.5M | -53.03M | 8.09M |
| Equity Growth % | 14.18% | 4.39% | -0.95% | -2.82% | 33.4% | 391.69% | 366.83% | -755.66% | - |
| Book Value per Share | 5.16 | 5.30 | 5.34 | 5.49 | 5.89 | 6.84 | 4.94 | -0.43 | 0.07 |
| Total Shareholders' Equity | 903.66M | 932.68M | 893.43M | 901.98M | 928.12M | 695.75M | 141.5M | -53.03M | 8.09M |
| Common Stock | 1.49B | 0 | 0 | 0 | 1.25B | 823.55M | 0 | 0 | 0 |
| Retained Earnings | -585.21M | -536.35M | -532.4M | -456.85M | -323.05M | -127.64M | -52.71M | -56.62M | -49.08M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 1.44M | 2.8M | 515K | -1.42M | -1.93M | -159K | 111K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying GLBE stock.
As of 2025, Global-e Online Ltd. (GLBE) had total assets of $1.46B including $986.7M in current assets.
Global-e Online Ltd. (GLBE) carries total debt of $23.5M, offset by $622.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Global-e Online Ltd. (GLBE) has total shareholders' equity (book value) of $932.7M ($5.30 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Global-e Online Ltd. (GLBE) reported a current ratio of 1.93x. 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
Goodwill concentration risk
Asset Growth Driven by Strategic Accumulation
Total assets have expanded from $1.1B in 2024Q1 to $1.4B in 2026Q2, a 27% increase, primarily fueled by a growing cash position and stable goodwill, indicating a strengthening balance sheet that supports the company's accelerating growth trajectory.
The asset base growth is not driven by debt accumulation, as total debt has remained nearly flat at ~$25M, but by the retention of earnings and cash from operations. This suggests the business is becoming more self-funding as it scales, reducing reliance on external capital. The stability of goodwill at $375.4M since 2025Q2 implies no recent major acquisitions, focusing growth on organic expansion within the existing platform.
Robust Liquidity Buffer for Operational Flexibility
With a current ratio of 2.07 and cash reserves of $285.4M as of 2026Q2, Global-e maintains a substantial liquidity buffer that appears to exceed immediate operational needs, providing significant flexibility for strategic investments or to absorb seasonal working capital swings.
The cash position has grown from $181.9M in 2024Q1 to $285.4M, a 57% increase, while the current ratio has remained consistently above 2.0. This indicates strong short-term solvency and suggests the company is not facing liquidity constraints. The buffer is particularly important given the business's noted seasonality and large Q4 working capital swings, allowing it to navigate periods of negative cash flow without financial stress.
Equity Growth Tempered by Persistent Deficit
Total equity has grown to $903.7M, yet the retained earnings deficit of -$585.2M as of 2026Q2 indicates that this equity base is primarily built from paid-in capital rather than accumulated profits, a common trait for high-growth, pre-profitability firms.
The growth in equity from $886.9M in 2024Q1 to $903.7M is modest relative to asset growth, suggesting that recent profitability is being offset by other equity movements, likely stock-based compensation. The persistent negative retained earnings, which have widened from -$488.9M, highlight that the company has not yet generated enough cumulative profit to offset historical losses and SBC, a key metric for long-term equity quality.
Minimal Leverage Preserves Strategic Optionality
A debt-to-equity ratio of 0.03 and total debt of just $25.4M against $903.7M in equity, as reported in recent filings, confirms a near-zero leverage profile that minimizes financial risk and preserves ample capacity for future M&A or strategic initiatives.
The company has maintained this negligible debt level throughout the observed period, indicating a deliberate capital structure choice rather than a necessity. This lack of leverage, combined with strong liquidity, suggests management is prioritizing balance sheet strength and flexibility over the potential tax or return benefits of debt financing. It provides a significant cushion against rising interest rates or economic downturns that could impact its transactional revenue.
Asset-Light Model with Significant Intangible Weight
Goodwill and intangible assets of $375.4M represent approximately 27% of total assets, highlighting a business model where value resides in acquired technology and customer relationships rather than physical infrastructure, as evidenced by minimal PPE of $32.2M.
The asset mix is dominated by intangibles and cash, with property, plant, and equipment comprising only 2.3% of total assets. This structure is consistent with a technology platform and service provider, not a capital-intensive logistics operator. However, the concentration of value in goodwill warrants monitoring for potential impairment risk if the acquired businesses (like Borderfree) underperform or if market conditions deteriorate significantly.
Goodwill Impairment Risk in a Cyclical Sector
The $375.4M in goodwill, representing over a quarter of total assets, is the most significant non-obvious risk, as a material downturn in cross-border e-commerce could trigger impairment charges that would severely erode the company's equity base.
While the balance sheet appears fortress-like on a headline basis, the quality of equity is heavily dependent on the unimpaired value of this goodwill. Given the company's sensitivity to consumer discretionary spending and global trade volumes, a prolonged sector-specific downturn could call into question the carrying value of these assets. This risk is not reflected in the debt metrics but is a critical consideration for assessing the true downside protection of the balance sheet.