The balance sheet shows significant financial leverage, with the equity-to-assets ratio compressing to 0.23 in Q2 2026 from 0.72 in 2019Q4, while maintaining a substantial $2.0B investment securities portfolio against $1.6B in total liabilities.
Jefferson Capital, Inc. Common Stock (JCAP) balance sheet — 8-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Cash & Short Term Investments | 136.48M | 47.55M | 35.51M | 14.37M | 3.28M | 8.71M | 46.98M | 67.37M | 43.86M |
| Cash & Due from Banks | 20.41M | 47.55M | 35.51M | 14.37M | 3.28M | 8.71M | 46.98M | 67.37M | 43.86M |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 1.96B | 1.95B | 0 | 0 | 11.25M | 14.15M | 13.86M | 5.37M | 0 |
| Investments Growth % | 0% | - | - | -100% | -20.54% | 2.16% | 157.88% | - | - |
| Long-Term Investments | 3.91B | 1.95B | 0 | 0 | 11.25M | 14.15M | 13.86M | 5.37M | 0 |
| Accounts Receivables | 1.98B | 28.56M | 17.18M | 20.03M | 4.71M | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 63.01M | 64.56M | 67.92M | 63.69M | 0 | 3.55M | 0 | 0 | 0 |
| Goodwill | 57.76M | 58.01M | 57.68M | 57.17M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 5.25M | 6.54M | 10.24M | 6.52M | 0 | 3.55M | 0 | 0 | 0 |
| PP&E (Net) | 1.71M | 5.35M | 0 | 4.03M | 203K | 233K | 182K | 199K | 261K |
| Other Assets | -1.96B | 12.62M | 33.2M | 22.51M | 780.53M | 550.6M | 245.59M | 97.31M | 40.22M |
| Total Current Assets | 37.31M | 59.8M | 1.55B | 1.03B | 16.64M | 17.25M | 55M | 89.9M | 64.94M |
| Total Non-Current Assets | 64.72M | 2.03B | 101.12M | 90.23M | 796.13M | 573.16M | 259.63M | 102.88M | 40.48M |
| Total Assets | 2.08B | 2.09B | 1.65B | 1.12B | 812.78M | 590.41M | 314.63M | 192.78M | 105.43M |
| Asset Growth % | 47.76% | 26.18% | 48.32% | 37.23% | 37.66% | 87.65% | 63.21% | 82.86% | - |
| Return on Assets (ROA) | 7.7% | 10.05% | 7.6% | 11.57% | 6.33% | 12.01% | 5.74% | 10.74% | -2.79% |
| Accounts Payable | 73.28M | 95.21M | 0 | 36.48M | 4.82M | 2.4M | 1.14M | 697K | 808K |
| Total Debt | 1.41B | 1.71B | 1.19B | 770.93M | 202.79M | 24.61M | 718K | 18.58M | 0 |
| Net Debt | 1.39B | 1.67B | 1.16B | 756.55M | 199.51M | 15.89M | -46.26M | -48.79M | -43.86M |
| Long-Term Debt | 1.11B | 1.41B | 1.19B | 770.93M | 202.79M | 24.61M | 718K | 18.58M | 0 |
| Short-Term Debt | 300M | 300M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 74.36M | -203.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 300M | 300M | 77.03M | 40.85M | 21.11M | 17.93M | 8.1M | 5.83M | 3.66M |
| Total Non-Current Liabilities | 1.31B | 1.31B | 1.19B | 770.93M | 202.79M | 24.61M | 718K | 18.58M | 0 |
| Total Liabilities | 1.61B | 1.61B | 1.27B | 811.78M | 223.9M | 42.54M | 8.81M | 24.42M | 3.66M |
| Total Equity | 476.19M | 476.13M | 382.53M | 303.59M | 588.87M | 547.86M | 305.82M | 168.36M | 101.3M |
| Equity Growth % | 43.04% | 24.47% | 26% | -48.45% | 7.49% | 79.15% | 81.64% | 66.2% | - |
| Equity / Assets (Capital Ratio) | 22.85% | 22.81% | 23.12% | 27.22% | 72.45% | 92.79% | 97.2% | 87.33% | 96.09% |
| Return on Equity (ROE) | 33.84% | 43.78% | 30.69% | 24.99% | 7.81% | 12.74% | 6.14% | 11.88% | -2.91% |
| Book Value per Share | 8.57 | 15.86 | 6.57 | 5.21 | 27.28 | 31.65 | 25.67 | 27.10 | 22.49 |
| Tangible BV per Share | 7.44 | 13.71 | 5.40 | 4.12 | 27.28 | 31.44 | 25.67 | 27.10 | 22.49 |
| Common Stock | 6K | 6K | 0 | 0 | 224K | 204K | 144K | 90K | 62K |
| Additional Paid-in Capital | -32.69M | -49.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 513.06M | 522.63M | 398.12M | 276.43M | -5.02M | 1.73M | -8.9M | -3.84M | -9.4M |
| Accumulated OCI | -4.18M | 3.05M | -15.59M | -1.64M | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying JCAP stock.
As of 2025, Jefferson Capital, Inc. Common Stock (JCAP) had total assets of $2.09B including $59.8M in current assets.
Jefferson Capital, Inc. Common Stock (JCAP) carries total debt of $1.71B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Jefferson Capital, Inc. Common Stock (JCAP) has total shareholders' equity (book value) of $476.1M ($15.86 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Jefferson Capital, Inc. Common Stock (JCAP) reported a current ratio of 0.20x. 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
Earnings quality and provision volatility
Metrics are mathematically derived from official filings.
Asset Growth Driven by Portfolio Acquisitions
Total assets have expanded from $812.8M in 2019Q4 to $2.1B in 2026Q2, a 158% increase, with the growth concentrated in purchased debt portfolios rather than traditional securities or loans, as reported in the company's financial statements.
The balance sheet expansion is almost entirely driven by the acquisition of non-performing consumer receivables, which is the core business model. The shift from a $6.1M investment securities portfolio in 2020 to a $2.0B portfolio in 2026Q2 indicates a strategic pivot towards deploying capital into higher-yielding, specialized debt assets. This trajectory suggests management is successfully scaling its core operations, but the quality of this growth is entirely dependent on the accuracy of the internal rate of return models used to value these portfolios.
Leverage Constrained by Cash Accumulation
The equity-to-assets ratio has compressed from 0.72 in 2019Q4 to 0.23 in 2026Q2, indicating a significant increase in financial leverage, yet the company maintains a substantial cash buffer of $20.4M as of the latest quarter.
The declining equity-to-assets ratio signals a more aggressive use of liabilities to fund asset growth, which is typical for the debt purchasing industry. However, the absolute equity base has grown from $588.9M to $476.2M, a decline that warrants scrutiny. The current leverage level appears manageable given the strong profitability, but it reduces the capital buffer available to absorb unexpected portfolio impairments or to pursue large-scale acquisitions without external financing.
Securities Portfolio as Primary Liquidity Source
As of 2026Q2, the company holds $2.0B in investment securities against $1.6B in total liabilities, providing a substantial liquid asset base that appears to fully cover its reported obligations.
The investment securities portfolio, which grew from $11.2M in 2019Q4 to $2.0B, serves as the primary source of liquidity and likely funds ongoing portfolio acquisitions. The minimal cash position of $20.4M relative to total assets suggests that operational cash is immediately redeployed into new debt portfolios. This structure indicates a highly efficient use of capital but leaves little room for error; a significant impairment in the securities portfolio could quickly strain the company's ability to fund new acquisitions.
Accrual-Based Valuation and Provision Noise
The company's reported earnings are heavily distorted by massive swings in provision expense, such as the negative $77.1B in Q3 2025 followed by a positive $97.9M in Q1 2026, making it difficult to assess the true underlying profitability of its core debt purchasing operations.
The most significant non-obvious risk lies in the accrual-based revenue recognition model, where reported revenue depends on management's estimates of future collections from purchased portfolios. The extreme volatility in loan loss provisions suggests these estimates are subject to significant revision, which can create large swings in reported earnings that do not reflect actual cash collections. Investors should monitor the relationship between provision expense and actual cash recoveries to gauge the accuracy of management's forecasting.