The company has aggressively improved its capital structure, reducing the debt-to-equity ratio from 1.57 in 2024Q1 to 0.24 by 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 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Total Current Assets | 4.58B | 4.17B | 4.63B | 3.44B | 2.61B | 2.61B | 2.84B | 1.63B | 1.23B | 968.28M | 748.07M | 1.26B | 1.02B | 864.62M | 551.57M | 199.13M | 74.46M | 36.95M | 44M | 116.09M | 91.56M | 31.38M |
| Cash & Short-Term Investments | 1.84B | 2.44B | 2.99B | 1.63B | 881.48M | 591.45M | 2.13B | 1.08B | 824.62M | 601.03M | 425.96M | 988.78M | 684.04M | 636.5M | 387.2M | 157.9M | 44.79M | 15.6M | 25.91M | 102.94M | 78.95M | 20.61M |
| Cash Only | 1.84B | 1.39B | 2.41B | 1.51B | 881.48M | 591.45M | 1.06B | 637.34M | 309.62M | 386.04M | 365.96M | 988.78M | 684.04M | 636.5M | 387.2M | 82.08M | 44.79M | 15.6M | 24.9M | 102.94M | 78.95M | 20.61M |
| Short-Term Investments | 0 | 1.05B | 580M | 120M | 0 | 0 | 1.07B | 440M | 515M | 215M | 60M | 0 | 0 | 0 | 0 | 75.82M | 0 | 0 | 1M | 0 | 0 | 0 |
| Accounts Receivable | 836.3M | 830.75M | 716.76M | 705.79M | 651.49M | 563.36M | 396.49M | 355.99M | 263.84M | 224.13M | 234.24M | 209.69M | 186.37M | 124.81M | 75.48M | 34.37M | 22.08M | 12.31M | 6.64M | 5.39M | 5.38M | 3.6M |
| Days Sales Outstanding | 64.66 | 71.05 | 64.3 | 67.19 | 64.98 | 66.45 | 61.23 | 60.11 | 50.93 | 50.54 | 57.46 | 57.77 | 58 | 52.22 | 47.02 | 46.08 | 46.38 | 34.99 | 35.91 | 30.12 | 43.78 | 61.23 |
| Inventory | 437.5M | 416.96M | 480.44M | 597.04M | 714.06M | 1.07B | 95.4M | 78.61M | 52.96M | 43.24M | 34.05M | 19.45M | 30.04M | 28.67M | 26.52M | 3.91M | 5.05M | 3.43M | 4.79M | 2.21M | 3.03M | 3.26M |
| Days Inventory Outstanding | 421.73 | 302.39 | 393.44 | 500.3 | 482.19 | 888.34 | 233.82 | 224.28 | 159.03 | 143.25 | 117.93 | 69.25 | 93.37 | 102.44 | 123.45 | 102.34 | 135.84 | 129.75 | 125.51 | 90.73 | 158.51 | 277.41 |
| Other Current Assets | 1.47B | 476.44M | 261.54M | 320.81M | 267.19M | 252.39M | 152.49M | 78.89M | 67.57M | 76.69M | 29.31M | 19.05M | 102.59M | 67.46M | 54.93M | 1.26M | 679K | 3.97M | 4.79M | 381K | 762K | 671K |
| Total Non-Current Assets | 7.28B | 7.49B | 7.38B | 7.96B | 8.23B | 9.69B | 3.7B | 3.91B | 3.97B | 4.16B | 4.05B | 2.1B | 2.32B | 1.37B | 1.41B | 54.44M | 61.27M | 70.44M | 73.5M | 91.46M | 123.01M | 133.4M |
| Property, Plant & Equipment | 258.9M | 258.74M | 227M | 234.99M | 301.38M | 343.42M | 257.1M | 270.89M | 200.36M | 170.08M | 107.49M | 85.57M | 58.36M | 14.25M | 7.28M | 1.56M | 690K | 1.12M | 2.51M | 3.94M | 2.11M | 1.94M |
| Fixed Asset Turnover | 17.48x | 16.49x | 17.93x | 16.32x | 12.14x | 9.01x | 9.19x | 7.98x | 9.44x | 9.52x | 13.84x | 15.48x | 20.10x | 61.24x | 80.48x | 174.87x | 251.86x | 114.28x | 26.86x | 16.57x | 21.29x | 11.05x |
| Goodwill | 1.8B | 1.83B | 1.72B | 1.75B | 1.69B | 1.83B | 958.3M | 920.02M | 927.63M | 947.54M | 893.81M | 657.14M | 702.71M | 450.46M | 442.6M | 38.21M | 38.21M | 38.21M | 38.21M | 38.21M | 38.21M | 38.88M |
| Intangible Assets | 4.2B | 4.43B | 4.76B | 5.42B | 5.79B | 7.15B | 2.2B | 2.44B | 2.73B | 2.98B | 3.01B | 1.19B | 1.44B | 812.4M | 869.95M | 14.59M | 22.03M | 29.86M | 32.53M | 36.04M | 69.14M | 78.74M |
| Long-Term Investments | 8.6M | 0 | 4.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 101.8M | 106.58M | 119.64M | 73.94M | 64.39M | 52.84M | 30.96M | 55.34M | 52.28M | 24.09M | 23.8M | 16.48M | 49.1M | 21.91M | 20.24M | 87K | 335K | 1.25M | 246K | 13.27M | 13.55M | 13.83M |
| Total Assets | 11.86B | 11.66B | 12.01B | 11.39B | 10.84B | 12.3B | 6.54B | 5.54B | 5.2B | 5.12B | 4.8B | 3.36B | 3.34B | 2.24B | 1.97B | 253.57M | 135.73M | 107.4M | 117.5M | 207.55M | 214.57M | 164.78M |
| Asset Turnover | 0.39x | 0.37x | 0.34x | 0.34x | 0.34x | 0.25x | 0.36x | 0.39x | 0.36x | 0.32x | 0.31x | 0.39x | 0.35x | 0.39x | 0.30x | 1.07x | 1.28x | 1.20x | 0.57x | 0.31x | 0.21x | 0.13x |
| Asset Growth % | -11.13% | -2.94% | 5.43% | 5.15% | -11.9% | 88.17% | 18% | 6.45% | 1.56% | 6.74% | 42.88% | 0.62% | 49.18% | 13.82% | 675.51% | 86.82% | 26.38% | -8.6% | -43.39% | -3.27% | 30.22% | - |
| Total Current Liabilities | 2.25B | 2.24B | 1.04B | 1.54B | 933.19M | 809.3M | 653.75M | 364.49M | 345.49M | 293.95M | 257.41M | 226.64M | 216.8M | 204.03M | 191.54M | 52.87M | 59.94M | 59.24M | 173.49M | 36.86M | 30.52M | 23.34M |
| Accounts Payable | 100M | 122.06M | 77.87M | 102.75M | 90.76M | 100.3M | 26.95M | 47.55M | 40.6M | 24.37M | 22.41M | 21.81M | 25.13M | 21M | 15.89M | 5.13M | 3.05M | 2.16M | 5.74M | 2.86M | 5.44M | 4.79M |
| Days Payables Outstanding | 106.12 | 88.52 | 63.77 | 86.1 | 61.29 | 83.06 | 66.04 | 135.65 | 121.93 | 80.72 | 77.63 | 77.63 | 78.11 | 75.06 | 73.94 | 134.28 | 82.08 | 81.73 | 150.36 | 117.09 | 285.12 | 407.01 |
| Short-Term Debt | 1.03B | 1.03B | 31M | 604.95M | 31M | 31M | 246.32M | 33.39M | 33.39M | 40.6M | 36.09M | 37.59M | 9.43M | 5.57M | 29.69M | 0 | 23.41M | 33.16M | 122.41M | 3.46M | 2.19M | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 463K | 2.09M | 2.55M | 4.72M | 5.41M | 8.62M | 1.12M | 1.37M | 1.14M | 1.14M | 1.14M | 1.14M | 1.27M | 2.67M | 12.32M | 1.49M | 1.42M | 0 |
| Other Current Liabilities | 1.12B | 1.02B | 189.76M | 142.32M | 169.41M | 193.1M | 124.59M | 85.03M | 62.51M | 63.99M | 47.73M | 41.7M | 69.61M | 109.2M | 51.56M | 27.77M | 4.13M | 2.95M | 16.53M | 0 | 8.52M | 7.43M |
| Current Ratio | 2.04x | 1.86x | 4.46x | 2.24x | 2.79x | 3.23x | 4.34x | 4.47x | 3.57x | 3.29x | 2.91x | 5.55x | 4.69x | 4.24x | 2.88x | 3.77x | 1.24x | 0.62x | 0.25x | 3.15x | 3.00x | 1.34x |
| Quick Ratio | 1.85x | 1.67x | 3.99x | 1.85x | 2.03x | 1.90x | 4.20x | 4.26x | 3.42x | 3.15x | 2.77x | 5.46x | 4.55x | 4.10x | 2.74x | 3.69x | 1.16x | 0.57x | 0.23x | 3.09x | 2.90x | 1.21x |
| Cash Conversion Cycle | 380.27 | 284.92 | 393.97 | 481.39 | 485.89 | 871.73 | 229 | 148.73 | 88.03 | 113.07 | 97.76 | 49.38 | 73.27 | 79.6 | 96.53 | 14.14 | 100.14 | 83.01 | 11.06 | 3.76 | -82.83 | -68.37 |
| Total Non-Current Liabilities | 5.08B | 5.1B | 6.88B | 6.12B | 6.82B | 7.52B | 2.22B | 2.06B | 2.1B | 2.12B | 2.67B | 1.53B | 1.75B | 738.66M | 653.66M | 7.92M | 45.24M | 120.98M | 36.88M | 115.71M | 360.35M | 259.69M |
| Long-Term Debt | 47.3M | 4.33B | 6.08B | 5.11B | 5.69B | 6.02B | 1.85B | 1.57B | 1.56B | 1.54B | 1.99B | 1.15B | 1.33B | 544.4M | 427.07M | 0 | 24.63M | 91.11M | 0 | 75.12M | 74.28M | 73.63M |
| Capital Lease Obligations | 159.43M | 50.89M | 38.94M | 59.23M | 71.84M | 87.2M | 140.03M | 151.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 2.45B | 594.47M | 676.74M | 847.71M | 944.34M | 1.3B | 130.4M | 224.09M | 309.1M | 383.47M | 556.73M | 294.49M | 375.05M | 168.5M | 178.39M | 0 | 0 | 0 | 0 | -12.47M | 0 | 0 |
| Other Non-Current Liabilities | 4.49B | 124.52M | 86.61M | 104.75M | 106.81M | 117M | 101.15M | 109.37M | 218.88M | 176.61M | 112.62M | 69.25M | 38.39M | 20.04M | 41.42M | 0 | 11.48M | 19.69M | 25.55M | 28.12M | 286.06M | 186.06M |
| Total Liabilities | 7.33B | 7.34B | 7.92B | 7.66B | 7.75B | 8.33B | 2.88B | 2.43B | 2.45B | 2.41B | 2.92B | 1.76B | 1.97B | 942.69M | 845.2M | 60.78M | 105.18M | 180.23M | 210.38M | 152.56M | 390.87M | 283.03M |
| Total Debt | 1.08B | 5.42B | 6.16B | 5.79B | 5.81B | 6.15B | 2.25B | 1.77B | 1.6B | 1.58B | 2.03B | 1.19B | 1.34B | 549.98M | 456.76M | 0 | 48.04M | 124.27M | 122.41M | 78.58M | 76.47M | 73.63M |
| Net Debt | -766.5M | 4.03B | 3.75B | 4.29B | 4.93B | 5.56B | 1.19B | 1.13B | 1.29B | 1.2B | 1.66B | 199.66M | 658.39M | -86.53M | 69.56M | -82.08M | 3.25M | 108.67M | 97.51M | -24.37M | -2.47M | 53.02M |
| Debt / Equity | 0.24x | 1.26x | 1.51x | 1.55x | 1.88x | 1.55x | 0.61x | 0.57x | 0.58x | 0.58x | 1.08x | 0.74x | 0.98x | 0.42x | 0.41x | - | 1.57x | - | - | 1.43x | - | - |
| Debt / EBITDA | 1.08x | 7.08x | 4.48x | 4.76x | 10.31x | 8.51x | 3.43x | 1.96x | 1.92x | 2.28x | 2.88x | 1.93x | 4.08x | 1.30x | 1.68x | - | 0.72x | 4.97x | - | - | - | - |
| Net Debt / EBITDA | -0.77x | 5.26x | 2.72x | 3.52x | 8.74x | 7.69x | 1.82x | 1.26x | 1.55x | 1.72x | 2.36x | 0.32x | 2.00x | -0.20x | 0.26x | -0.61x | 0.05x | 4.34x | - | - | - | - |
| Interest Coverage | -3.72x | -2.22x | 3.62x | 2.80x | 2.91x | 1.70x | 7.68x | 8.89x | 9.12x | 7.89x | 10.33x | 9.80x | 8.54x | 13.82x | 13.99x | 75.57x | 3.57x | 0.70x | -7.12x | - | - | - |
| Total Equity | 4.53B | 4.32B | 4.09B | 3.74B | 3.09B | 3.97B | 3.66B | 3.11B | 2.76B | 2.71B | 1.88B | 1.6B | 1.37B | 1.3B | 1.12B | 192.79M | 30.55M | -72.83M | -92.88M | 54.99M | -176.3M | -118.25M |
| Equity Growth % | 7.47% | 5.49% | 9.55% | 21.11% | -22.18% | 8.35% | 17.64% | 12.82% | 1.63% | 44.52% | 17.43% | 16.59% | 5.84% | 15.54% | 481.62% | 531.04% | 141.95% | 21.59% | -268.89% | 131.19% | -49.09% | - |
| Book Value per Share | 68.57 | 70.81 | 62.02 | 51.86 | 49.34 | 66.43 | 64.75 | 54.06 | 45.04 | 44.25 | 30.34 | 25.36 | 21.90 | 21.04 | 18.63 | 4.12 | 0.78 | -2.43 | -3.62 | 3.98 | -13.09 | -8.78 |
| Total Shareholders' Equity | 4.53B | 4.32B | 4.09B | 3.74B | 3.09B | 3.97B | 3.66B | 3.11B | 2.76B | 2.71B | 1.88B | 1.6B | 1.37B | 1.3B | 1.12B | 192.79M | 30.55M | -72.83M | -92.88M | 54.99M | -176.3M | -118.25M |
| Common Stock | 0 | 6K | 61K | 61K | 61K | 61K | 61K | 61K | 61K | 61K | 61K | 61K | 61K | 61K | 61K | 4K | 4K | 3K | 3K | 2K | 0 | 0 |
| Retained Earnings | 939.2M | 646.18M | 1.13B | 878.66M | 733.59M | 830.23M | 1.16B | 1.07B | 841.05M | 917.96M | 528.91M | 302.69M | 34.7M | 18.53M | -61.3M | -349.88M | -474.87M | -507.64M | -500.81M | -316.47M | -177.64M | -118.25M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -651M | -568.6M | -947.67M | -842.15M | -1.13B | -400.36M | -134.35M | -223.39M | -197.79M | -140.88M | -317.33M | -267.47M | -122.1M | 56.15M | 31.05M | -31K | 0 | 0 | 4K | 19K | 12K | 4K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 64K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and debt
According to recent financial filings, JAZZ has significantly improved its balance sheet trajectory by reducing total debt from $6.2 billion in 2024Q4 to $1.1 billion in 2026Q1, signaling a strategic shift toward strengthening the company's financial foundation after a period of aggressive, acquisition-driven expansion.
The dramatic reduction in debt levels suggests management is prioritizing balance sheet repair to mitigate interest rate sensitivity and enhance financial flexibility. This trend appears to be a deliberate effort to pivot from inorganic growth to internal deleveraging, which may improve the company's risk profile in the eyes of credit markets.
As reported in quarterly balance sheets, the company's debt-to-equity ratio plummeted from a peak of 1.57 in 2024Q1 to 0.24 by 2026Q1, indicating that the firm has successfully utilized its cash-generating capabilities to pay down substantial portions of its outstanding debt obligations.
The rapid decline in leverage suggests that the company's core neuroscience franchise is generating sufficient free cash flow to support aggressive debt repayment. Investors should monitor whether this deleveraging pace is sustainable or if it signals a temporary pause in the company's historical M&A-heavy capital allocation strategy.
Based on the provided balance sheet data, JAZZ maintains a high concentration of intangible assets, with $1.8 billion in goodwill as of 2026Q1, which underscores the company's reliance on acquired intellectual property rather than physical infrastructure to drive its long-term competitive advantage in the biotechnology sector.
The dominance of intangibles relative to the $258.9 million in net PPE suggests an asset-light business model that is highly sensitive to impairment risks if the acquired drug portfolios underperform. This asset structure warrants further investigation into the valuation assumptions underlying these intangible assets, particularly given the competitive threats to the oxybate franchise.
As indicated by the latest financial statements, the company's current ratio stands at 2.04 in 2026Q1, providing a stable liquidity buffer that has recovered from the tighter levels observed in mid-2025, thereby enhancing the firm's ability to meet its short-term obligations without needing external financing.
The improvement in the current ratio suggests that the company is effectively managing its working capital and cash reserves to maintain operational stability. This liquidity position appears adequate to support ongoing R&D and commercialization efforts, even as the company navigates the competitive pressures facing its legacy product lines.
Quick answers to the most common questions about buying JAZZ stock.
As of 2025, Jazz Pharmaceuticals plc (JAZZ) had total assets of $11.66B including $4.17B in current assets.
Jazz Pharmaceuticals plc (JAZZ) carries total debt of $5.42B, offset by $2.44B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Jazz Pharmaceuticals plc (JAZZ) has total shareholders' equity (book value) of $4.32B ($70.81 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Jazz Pharmaceuticals plc (JAZZ) reported a current ratio of 1.86x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.