The company's financial position is increasingly vulnerable, with total liabilities of $362.3 million significantly exceeding total assets of $228.3 million as of 2025Q3.
| Total Current Assets | 45.87M | 58.38M | 74.84M | 116.88M | 114.77M | 89.31M | 75.45M |
| Cash & Short-Term Investments | 26.79M | 35.01M | 42.27M | 81.94M | 82.95M | 62.77M | 40.1M |
| Cash Only | 26.79M | 35.01M | 42.27M | 81.94M | 82.95M | 62.77M | 40.1M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.94M | 4.65M | 4.15M | 3.8M | 2.77M | 3.48M | 11.48M |
| Days Sales Outstanding | 5.22 | 6.06 | 4.6 | 4.02 | 4.31 | 7.68 | 19.3 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 1.42M | 1.95M | 1.74M | 302K | 762K | 5.14M | 3.25M |
| Total Non-Current Assets | 182.42M | 215.5M | 255.89M | 313.49M | 31M | 31.3M | 32.37M |
| Property, Plant & Equipment | 157.17M | 189.31M | 229.21M | 290M | 8.7M | 8.95M | 9.69M |
| Fixed Asset Turnover | 1.39x | 1.48x | 1.44x | 1.19x | 27.00x | 18.49x | 22.39x |
| Goodwill | 21.23M | 21.23M | 21.23M | 21.23M | 21.23M | 21.23M | 21.23M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 4.01M | 4.96M | 5.45M | 2.25M | 1.07M | 1.11M | 1.44M |
| Total Assets | 228.29M | 273.88M | 330.73M | 430.37M | 145.77M | 120.61M | 107.82M |
| Asset Turnover | 0.97x | 1.02x | 1.00x | 0.80x | 1.61x | 1.37x | 2.01x |
| Asset Growth % | -63.62% | -17.19% | -23.15% | 195.24% | 20.86% | 11.86% | - |
| Total Current Liabilities | 193.35M | 211.86M | 245.19M | 278.12M | 229.71M | 160.59M | 145.37M |
| Accounts Payable | 15.99M | 11.39M | 11.64M | 30.61M | 33.14M | 16.05M | 21.96M |
| Days Payables Outstanding | 30.95 | 25.87 | 15.47 | 48.72 | 79.19 | 58.25 | 57.77 |
| Short-Term Debt | 50.05M | 53.49M | 61.95M | 74.3M | 13.27M | 14M | 7M |
| Deferred Revenue (Current) | 489.49M | 135.35M | 160.49M | 167.73M | 177.27M | 0 | 0 |
| Other Current Liabilities | 6.39M | 7.52M | 7.32M | 5.47M | 6.04M | 127.45M | 112.36M |
| Current Ratio | 0.24x | 0.28x | 0.31x | 0.42x | 0.50x | 0.56x | 0.52x |
| Quick Ratio | 0.24x | 0.28x | 0.31x | 0.42x | 0.50x | 0.56x | 0.52x |
| Cash Conversion Cycle | -25.72 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 168.91M | 191.88M | 240.23M | 227.24M | 22.46M | 123.23M | 127.91M |
| Long-Term Debt | 24.08M | 22.34M | 23.85M | 0 | 0 | 9.55M | 0 |
| Capital Lease Obligations | 491.81M | 130.24M | 196.88M | 208.16M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 3.28M | 3.16M | 2.48M | 759K | 8.02M | 113.68M | 127.91M |
| Total Liabilities | 362.26M | 403.74M | 485.43M | 505.36M | 252.18M | 283.81M | 273.27M |
| Total Debt | 180.62M | 206.06M | 282.68M | 282.46M | 13.27M | 23.55M | 7M |
| Net Debt | 153.83M | 171.06M | 240.42M | 200.52M | -69.69M | -39.22M | -33.1M |
| Debt / Equity | -1.35x | - | - | - | - | - | - |
| Debt / EBITDA | 4.26x | 3.29x | 66.34x | 6.31x | - | 5.33x | 2.06x |
| Net Debt / EBITDA | 3.63x | 2.73x | 56.42x | 4.48x | - | -8.87x | -9.75x |
| Interest Coverage | -3.09x | -1.89x | -82.89x | -169.28x | -47.96x | - | -1.71x |
| Total Equity | -133.98M | -129.85M | -154.7M | -74.99M | -106.41M | -163.21M | -165.46M |
| Equity Growth % | 53.21% | 16.06% | -106.29% | 29.53% | 34.8% | 1.36% | - |
| Book Value per Share | -10.61 | -21.92 | -45.77 | -28.67 | -45.35 | -69.55 | -2837.60 |
| Total Shareholders' Equity | -133.98M | -129.85M | -30.24M | 11.73M | -106.41M | -163.21M | -165.46M |
| Common Stock | 1K | 1K | 13K | 12K | 104.76M | 21.48M | 21.48M |
| Retained Earnings | -299.39M | -291.18M | -285.78M | -233.93M | -211.17M | -184.68M | -186.93M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | -124.46M | -86.72M | 0 | 0 | 0 |
Fixed lease obligation insolvency
According to recent financial filings, Inspirato's equity has deteriorated from a negative $12.0 million in 2023Q2 to a negative $134.0 million by 2025Q3, signaling a rapid and concerning depletion of shareholder value driven by persistent operational losses and an inability to stabilize the balance sheet.
The consistent decline in equity suggests that the company is effectively operating in a state of technical insolvency, where liabilities significantly outweigh assets. This trajectory indicates that the business model has failed to generate the retained earnings necessary to offset its capital-intensive lease obligations.
As reported in quarterly statements, the current ratio has remained consistently low, hovering at 0.24 in 2025Q3, which indicates that the company lacks sufficient liquid assets to cover its immediate short-term obligations and faces a precarious buffer against any further operational shocks.
A current ratio well below 1.0 suggests that the company is heavily reliant on continuous cash inflows from new subscriptions or financing to meet its immediate payment requirements. Investors should monitor this closely, as the limited cash position of $26.8 million provides minimal room for error in a high-fixed-cost environment.
Based on the company's reported figures, net property and equipment (PPE) has declined from $253.4 million in 2023Q2 to $157.2 million in 2025Q3, reflecting a contraction in the portfolio size that may be necessary to manage costs but limits future revenue-generating capacity.
The reduction in PPE suggests a strategic retreat from certain markets or a failure to renew high-cost leases, which may temporarily improve cash flow but risks damaging the brand's exclusivity. The presence of $21.2 million in goodwill warrants further investigation, as it may be subject to impairment if the underlying business performance continues to weaken.
Data from recent filings indicates that the company's total liabilities of $362.3 million significantly exceed its total assets of $228.3 million, creating a structural imbalance that is exacerbated by the company's reliance on long-term lease commitments that do not appear fully captured in traditional debt metrics.
The headline numbers likely understate the true financial burden, as the company's operating model is fundamentally built on massive, non-cancellable lease obligations. This creates a significant risk of insolvency if occupancy rates fail to recover, as these fixed costs remain rigid even as revenue trends downward.
Quick answers to the most common questions about buying ISPO stock.
As of 2024, Inspirato Incorporated (ISPO) had total assets of $273.9M including $58.4M in current assets.
Inspirato Incorporated (ISPO) carries total debt of $206.1M, offset by $35.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Inspirato Incorporated (ISPO) has total shareholders' equity (book value) of $-129.9M ($-21.92 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Inspirato Incorporated (ISPO) reported a current ratio of 0.28x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.