The company's financial position remains vulnerable, characterized by a debt-to-equity ratio of 7.54 and a persistent $1.2 billion deficit in retained earnings as of 2026Q1.
| 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 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Total Current Assets | 430.47M | 431.91M | 323.09M | 314.59M | 324.15M | 249.91M | 512.23M | 424.82M | 585.53M | 592.9M | 604.73M | 468.01M | 294.89M | 321.96M | 155.34M | 77.57M | 43.92M | 85.39M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | 103.54M | 125.21M | 41.77M | 139.04M | 150.55M | 145.91M | 435.35M | 170.02M | 184.16M | 196.36M | 117.3M | 366.83M | 211.24M | 266.34M | 112.58M | 42.59M | 18.88M | 68.45M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 24.8M | 0 | 0 | 0 | 39.32M | 212.79M | 338.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 101.79M | 98.85M | 97.93M | 63.19M | 49.49M | 33.98M | 28.11M | 35.2M | 193.04M | 45.54M | 50.27M | 20.94M | 21.91M | 13.65M | 12.15M | 9.12M | 5.85M | 6.92M |
| Days Inventory Outstanding | 79.15 | 96.8 | 214.56 | 173.47 | 132.93 | 121.35 | 121.62 | 136.87 | 137.11 | 50.85 | 66.78 | 33.46 | 38.19 | 29.65 | 39.19 | 42.78 | 35.34 | 53.93 |
| Other Current Assets | 109.99M | 56.8M | 36.47M | 36.32M | 7.21M | 5.08M | 6.39M | 165.44M | 16.52M | 20.31M | 24.94M | 10.92M | 0 | 16.29M | 214K | 213K | 1.72M | 0 |
| Total Non-Current Assets | 850.72M | 871.86M | 906.14M | 466.94M | 435.38M | 397.77M | 161.36M | 789.88M | 679.57M | 810.28M | 641.47M | 536.35M | 472.75M | 367.04M | 276.77M | 208.07M | 193.02M | 189.46M |
| Property, Plant & Equipment | 172.11M | 175.26M | 187.59M | 168.68M | 179.86M | 134.66M | 97.18M | 104.99M | 511.87M | 656.04M | 519.81M | 434.49M | 363.11M | 265.63M | 197.67M | 150.94M | 137.14M | 123.9M |
| Fixed Asset Turnover | 5.16x | 5.19x | 2.37x | 2.36x | 2.25x | 2.49x | 2.78x | 2.94x | 1.75x | 1.07x | 1.15x | 1.15x | 1.12x | 1.24x | 1.18x | 1.06x | 0.69x | 0.30x |
| Goodwill | 193.19M | 193.19M | 184.83M | 620K | 600K | 600K | 600K | 600K | 620K | 620K | 620K | 620K | 620K | 620K | 620K | 620K | 620K | 620K |
| Intangible Assets | 233.38M | 248.82M | 275.33M | 55.03M | 48.89M | 48.93M | 52.07M | 51.18M | 82.87M | 86.51M | 85.17M | 78.82M | 78.46M | 72.85M | 58.15M | 53.56M | 53.44M | 61.88M |
| Long-Term Investments | 58.5M | 31M | 4.21M | 20.25M | 0 | 0 | 0 | 17.45M | 54.94M | 6.87M | 7.77M | 7.54M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 1.28B | 1.3B | 1.23B | 781.54M | 759.53M | 647.69M | 673.59M | 1.21B | 1.27B | 1.4B | 1.25B | 1B | 767.64M | 689M | 432.12M | 285.64M | 236.94M | 274.85M |
| Asset Turnover | 0.71x | 0.70x | 0.36x | 0.51x | 0.53x | 0.52x | 0.40x | 0.25x | 0.71x | 0.50x | 0.48x | 0.50x | 0.53x | 0.48x | 0.54x | 0.56x | 0.40x | 0.13x |
| Asset Growth % | 126.61% | 6.06% | 57.28% | 2.9% | 17.27% | -3.85% | -44.55% | -3.98% | -9.84% | 12.6% | 24.08% | 30.84% | 11.41% | 59.45% | 51.28% | 20.55% | -13.79% | - |
| Total Current Liabilities | 259.35M | 269.23M | 182.03M | 72M | 84.37M | 188.52M | 438.13M | 252.64M | 299.69M | 316.28M | 251.06M | 197.58M | 151.49M | 109.97M | 79.31M | 46.25M | 31.46M | 33.23M |
| Accounts Payable | 81.69M | 92.51M | 67.23M | 16.09M | 13.65M | 17.2M | 11.01M | 5.5M | 23.86M | 27.13M | 31.69M | 28.19M | 41.03M | 22.25M | 16.69M | 13.71M | 9.5M | 13.88M |
| Days Payables Outstanding | 66.95 | 90.6 | 147.29 | 44.18 | 36.65 | 61.44 | 47.64 | 21.36 | 16.95 | 30.29 | 42.1 | 45.06 | 71.49 | 48.34 | 53.85 | 64.3 | 57.39 | 108.24 |
| Short-Term Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 117.71M | 125.08M | 34.7M | 26.98M | 23.49M | 16.24M | 37.92M | 209.17M | 55.9M | 70.14M | 54.49M | 45.33M | 30.61M | 27.09M | 31.82M | 18.62M | 6.07M | 1.71M |
| Current Ratio | 1.66x | 1.60x | 1.77x | 4.37x | 3.84x | 1.33x | 1.17x | 1.68x | 1.95x | 1.87x | 2.41x | 2.37x | 1.95x | 2.93x | 1.96x | 1.68x | 1.40x | 2.57x |
| Quick Ratio | 1.27x | 1.24x | 1.24x | 3.49x | 3.26x | 1.15x | 1.10x | 1.54x | 1.31x | 1.73x | 2.21x | 2.26x | 1.80x | 2.80x | 1.81x | 1.48x | 1.21x | 2.36x |
| Cash Conversion Cycle | 12.21 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 903.83M | 933.41M | 977.88M | 668.82M | 777.02M | 779.33M | 876.57M | 1.36B | 1.23B | 1.28B | 1.04B | 740.58M | 418.4M | 308.85M | 184.2M | 593.05M | 535.86M | 433.47M |
| Long-Term Debt | 865.91M | 889.35M | 831.58M | 587.5M | 690.17M | 694.76M | 827.97M | 1.1B | 1.02B | 1B | 800.72M | 542.57M | 301.92M | 235.63M | 131.45M | 2.02M | 2M | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 1.16B | 1.2B | 1.16B | 740.81M | 861.39M | 967.84M | 1.31B | 1.61B | 1.53B | 1.59B | 1.29B | 938.16M | 569.88M | 418.81M | 263.51M | 639.3M | 567.31M | 466.69M |
| Total Debt | 889.5M | 961.58M | 914.93M | 678.09M | 785.76M | 889.15M | 1.22B | 1.15B | 1.03B | 1B | 803.51M | 563.85M | 312.27M | 243.51M | 135.54M | 2.64M | 2M | 45K |
| Net Debt | 785.96M | 836.37M | 873.17M | 539.05M | 635.21M | 743.24M | 779.73M | 980.83M | 841.39M | 806.3M | 686.21M | 197.02M | 101.03M | -22.83M | 22.96M | -39.95M | -16.88M | -68.41M |
| Debt / Equity | 7.54x | 9.51x | 13.20x | 16.65x | - | - | - | - | - | - | - | 8.52x | 1.58x | 0.90x | 0.80x | - | - | - |
| Debt / EBITDA | 5.12x | 5.51x | 13.03x | 4.81x | 5.07x | 6.53x | 13.42x | 10.16x | 9.61x | 12.34x | 10.17x | 13.36x | 22.66x | 22.46x | 14.31x | - | - | - |
| Net Debt / EBITDA | 4.53x | 4.80x | 12.43x | 3.83x | 4.10x | 5.46x | 8.61x | 8.66x | 7.89x | 9.93x | 8.69x | 4.67x | 7.33x | -2.11x | 2.43x | - | - | - |
| Interest Coverage | - | 1.39x | 1.47x | 3.76x | 3.72x | 0.55x | 0.57x | 0.29x | -0.35x | -0.58x | -0.48x | -0.81x | -1.55x | -2.76x | -2.64x | 89.10x | -2975.19x | -3.73x |
| Total Equity | 118.02M | 101.13M | 69.32M | 40.73M | -101.87M | -320.15M | -641.11M | -398.89M | -268.76M | -191.56M | -40.39M | 66.19M | 197.76M | 270.19M | 168.6M | -353.66M | -330.37M | -191.84M |
| Equity Growth % | 288.65% | 45.88% | 70.22% | 139.98% | 68.18% | 50.06% | -60.72% | -48.42% | -40.3% | -374.25% | -161.02% | -66.53% | -26.81% | 60.25% | 147.67% | -7.05% | -72.21% | - |
| Book Value per Share | 0.86 | 0.74 | 0.53 | 0.31 | -0.76 | -2.52 | -7.79 | -4.94 | -3.36 | -2.41 | -0.51 | 0.83 | 2.32 | 3.19 | 1.99 | -4.16 | -3.89 | -2.26 |
| Total Shareholders' Equity | 118.02M | 101.13M | 69.32M | 40.73M | -101.87M | -320.15M | -641.11M | -398.89M | -268.76M | -191.56M | -40.39M | 66.19M | 197.76M | 270.19M | 168.6M | -353.66M | -330.37M | -191.84M |
| Common Stock | 14K | 13K | 14K | 14K | 14K | 11K | 9K | 9K | 9K | 9K | 9K | 9K | 9K | 8K | 0 | 0 | 0 | 0 |
| Retained Earnings | -1.17B | -1.19B | -1.2B | -1.21B | -1.36B | -1.45B | -1.63B | -1.38B | -1.23B | -1.09B | -917.37M | -792.87M | -685.26M | -600.72M | -454.87M | -404.59M | -428.2M | -314.82M |
| Treasury Stock | 0 | 0 | -196.38M | -163.2M | -158.38M | -128.8M | -98.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 285K | 44K | 5.57M | 15.8M | 30.13M | 1.79M | -1.01M | -2.26M | -3.55M | -933K | -2.16M | -2.19M | -1.2M | -425K | -20K | -59.41M | -37.39M | -17.9M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Excessive leverage and refinancing
As reported in financial statements, Gogo's balance sheet has shifted toward a more precarious state, with total debt rising from $678.1 million in 2023Q4 to $889.5 million in 2026Q1, signaling a trajectory of increasing financial risk that warrants close investor scrutiny.
The expansion of the debt load relative to a stagnant equity base suggests that the company is relying heavily on external financing to fund its operations and network upgrades. This trend indicates that the business quality is currently constrained by the cost of capital, potentially limiting management's ability to pivot if market conditions worsen.
Based on Gogo's reported figures, the debt-to-equity ratio remains alarmingly elevated at 7.54 as of 2026Q1, down from a peak of 16.65 in 2023Q4, yet still reflecting a capital structure that is heavily reliant on debt to sustain its proprietary network infrastructure.
This high leverage profile suggests that a significant portion of operating cash flow is likely diverted toward interest payments, leaving little room for error in a competitive telecommunications environment. Investors should monitor whether this debt burden creates a permanent drag on the company's ability to invest in next-generation 5G technology.
According to recent SEC filings, Gogo's current ratio has compressed from 4.37 in 2023Q4 to 1.66 in 2026Q1, indicating a tightening of the company's short-term liquidity buffer as cash reserves struggle to keep pace with maturing obligations and ongoing operational requirements.
The decline in the current ratio suggests that the company's ability to cover short-term liabilities is weakening, which may increase reliance on revolving credit facilities. This tightening liquidity profile appears to leave the firm with less of a cushion to absorb unexpected shocks in the business aviation market.
As indicated by the provided data, Gogo's equity base remains severely impaired by a persistent $1.2 billion deficit in retained earnings, which, when combined with $193.2 million in goodwill, suggests that the book value of the company may be significantly overstated.
The presence of substantial goodwill on a balance sheet with negative retained earnings warrants further investigation into potential impairment risks. This structural distortion implies that the company's tangible net worth is effectively non-existent, which may complicate future financing efforts or strategic restructuring.
Quick answers to the most common questions about buying GOGO stock.
As of 2025, Gogo Inc. (GOGO) had total assets of $1.30B including $431.9M in current assets.
Gogo Inc. (GOGO) carries total debt of $961.6M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Gogo Inc. (GOGO) has total shareholders' equity (book value) of $101.1M ($0.74 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Gogo Inc. (GOGO) reported a current ratio of 1.60x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.