The company's financial stability appears strained as the equity base contracted to $41.9 billion in 2026Q1, while $22.2 billion in goodwill represents over 27% of total assets, signaling significant vulnerability to future write-downs.
| 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 |
|---|
| Total Current Assets | 10.68B | 10.13B | 7.66B | 7.93B | 7.9B | 8.99B | 10.82B | 8.1B | 9.07B | 7.2B | 8.75B | 9.78B | 4.79B | 4.91B | 4.82B | 3.27B |
| Cash & Short-Term Investments | 4.26B | 3.67B | 1.33B | 1.4B | 1.04B | 3.44B | 3.42B | 2.28B | 1.13B | 1.63B | 4.2B | 4.84B | 1.29B | 1.69B | 1.25B | 0 |
| Cash Only | 3.47B | 2.62B | 1.33B | 1.4B | 1.04B | 3.44B | 3.42B | 2.28B | 1.13B | 1.63B | 4.2B | 4.84B | 1.29B | 1.69B | 1.25B | 0 |
| Short-Term Investments | 783M | 1.06B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.31B | 2.25B | 2.15B | 2.11B | 2.12B | 1.96B | 2.06B | 1.97B | 2.28B | 1.81B | 1.16B | 1.45B | 1.08B | 1.05B | 1.09B | 903M |
| Days Sales Outstanding | 33.44 | 32.98 | 30.32 | 28.94 | 29.22 | 27.43 | 28.76 | 28.83 | 31.7 | 25.36 | 16.07 | 28.94 | 21.65 | 21 | 21.75 | 17.74 |
| Inventory | 3.31B | 3.17B | 3.38B | 3.61B | 3.65B | 2.73B | 2.77B | 2.72B | 2.67B | 2.76B | 2.68B | 2.62B | 1.77B | 1.62B | 1.93B | 1.94B |
| Days Inventory Outstanding | 74.34 | 69.5 | 73.01 | 74.47 | 72.57 | 57.38 | 59.51 | 59.01 | 56.12 | 59.11 | 57.11 | 75.98 | 48.49 | 51.76 | 56.3 | 55.35 |
| Other Current Assets | 539M | 740M | 583M | 569M | 846M | 727M | 2.44B | 740M | 2.6B | 655M | 707M | 871M | 643M | 558M | 551M | 426M |
| Total Non-Current Assets | 71.36B | 71.66B | 80.63B | 82.41B | 82.62B | 84.4B | 89.01B | 93.35B | 94.39B | 112.89B | 111.73B | 113.19B | 18.16B | 18.24B | 18.36B | 18.27B |
| Property, Plant & Equipment | 7.23B | 7.32B | 7.15B | 7.12B | 6.74B | 6.81B | 6.88B | 7.05B | 7.08B | 7.06B | 6.69B | 6.52B | 4.19B | 4.12B | 4.2B | 4.28B |
| Fixed Asset Turnover | 3.45x | 3.41x | 3.61x | 3.74x | 3.93x | 3.83x | 3.81x | 3.54x | 3.71x | 3.69x | 3.93x | 2.81x | 4.34x | 4.43x | 4.35x | 4.34x |
| Goodwill | 22.15B | 22.18B | 28.67B | 30.46B | 30.83B | 31.3B | 33.09B | 35.55B | 36.5B | 44.83B | 44.13B | 43.05B | 11.4B | 11.51B | 11.6B | 11.32B |
| Intangible Assets | 37.39B | 37.53B | 40.1B | 42.45B | 42.65B | 43.54B | 46.67B | 48.65B | 49.47B | 59.43B | 59.3B | 62.12B | 2.23B | 2.23B | 2.23B | 2.63B |
| Long-Term Investments | 167M | 0 | 196M | 112M | 108M | 182M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 4.42B | 4.63B | 4.51B | 2.27B | 2.29B | 2.57B | 2.38B | 2.1B | 1.34B | 1.57B | 1.62B | 1.5B | 326M | 391M | 325M | 43M |
| Total Assets | 82.05B | 81.79B | 88.29B | 90.34B | 90.51B | 93.39B | 99.83B | 101.45B | 103.46B | 120.09B | 120.48B | 122.97B | 22.95B | 23.15B | 23.18B | 21.54B |
| Asset Turnover | 0.31x | 0.30x | 0.29x | 0.29x | 0.29x | 0.28x | 0.26x | 0.25x | 0.25x | 0.22x | 0.22x | 0.15x | 0.79x | 0.79x | 0.79x | 0.86x |
| Asset Growth % | -32.36% | -7.36% | -2.27% | -0.19% | -3.08% | -6.45% | -1.6% | -1.94% | -13.85% | -0.32% | -2.03% | 435.9% | -0.87% | -0.13% | 7.61% | - |
| Total Current Liabilities | 8.94B | 8.78B | 7.25B | 8.04B | 9.03B | 9.06B | 8.06B | 7.88B | 7.5B | 10.15B | 9.5B | 6.93B | 4.77B | 3.41B | 3.61B | 2.57B |
| Accounts Payable | 4.39B | 4.31B | 4.19B | 4.63B | 4.85B | 4.75B | 4.3B | 4B | 4.15B | 4.36B | 4B | 2.84B | 1.54B | 1.55B | 1.56B | 1.45B |
| Days Payables Outstanding | 96.5 | 94.54 | 90.57 | 95.34 | 96.36 | 99.93 | 92.37 | 86.81 | 87.38 | 93.42 | 85.03 | 82.54 | 41.99 | 49.58 | 45.44 | 41.22 |
| Short-Term Debt | 1.91B | 1.91B | 654M | 638M | 837M | 754M | 236M | 1.03B | 398M | 3.19B | 2.69B | 83M | 1.41B | 4M | 5M | 8M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.64B | 1.46B | 1.45B | 1.78B | 2.33B | 1.94B | 2.1B | 1.81B | 1.82B | 1.49B | 1.4B | 1.57B | 996M | 860M | 1.01B | 542M |
| Current Ratio | 1.20x | 1.15x | 1.06x | 0.99x | 0.87x | 0.99x | 1.34x | 1.03x | 1.21x | 0.71x | 0.92x | 1.41x | 1.00x | 1.44x | 1.34x | 1.27x |
| Quick Ratio | 0.82x | 0.79x | 0.59x | 0.54x | 0.47x | 0.69x | 1.00x | 0.68x | 0.85x | 0.44x | 0.64x | 1.03x | 0.63x | 0.97x | 0.80x | 0.52x |
| Cash Conversion Cycle | 11.29 | 7.95 | 12.76 | 8.06 | 5.42 | -15.13 | -4.1 | 1.03 | 0.43 | -8.95 | -11.85 | 22.38 | 28.16 | 23.18 | 32.62 | 31.87 |
| Total Non-Current Liabilities | 31.06B | 31.22B | 31.71B | 32.58B | 32.62B | 34.88B | 41.53B | 41.83B | 44.18B | 43.86B | 53.41B | 49.8B | 13.81B | 14.55B | 16B | 2.38B |
| Long-Term Debt | 19.22B | 19.31B | 19.21B | 19.39B | 19.23B | 21.06B | 28.07B | 28.22B | 30.77B | 28.31B | 29.71B | 25.15B | 8.63B | 9.98B | 9.97B | 27M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 36.28B | 9.02B | 9.68B | 10.2B | 10.15B | 10.54B | 11.46B | 11.88B | 12.2B | 14.04B | 20.85B | 21.5B | 340M | 662M | 138M | 1.59B |
| Other Non-Current Liabilities | 1.48B | 1.56B | 1.44B | 1.56B | 1.75B | 1.75B | 1.99B | 1.73B | 1.21B | 1.51B | 2.84B | 3.16B | 4.84B | 3.91B | 5.9B | 758M |
| Total Liabilities | 40B | 40B | 38.96B | 40.62B | 41.64B | 43.94B | 49.59B | 49.7B | 51.68B | 54.02B | 62.91B | 56.74B | 18.58B | 17.96B | 19.61B | 4.95B |
| Total Debt | 21.13B | 21.22B | 19.87B | 20.03B | 20.07B | 21.82B | 28.31B | 29.24B | 31.17B | 31.5B | 32.4B | 25.23B | 10.03B | 9.98B | 9.97B | 35M |
| Net Debt | 17.66B | 18.6B | 18.54B | 18.63B | 19.03B | 18.37B | 24.89B | 26.96B | 30.04B | 29.87B | 28.2B | 20.4B | 8.74B | 8.29B | 8.72B | 35M |
| Debt / Equity | 0.50x | 0.51x | 0.40x | 0.40x | 0.41x | 0.44x | 0.56x | 0.57x | 0.60x | 0.48x | 0.56x | 0.38x | 2.30x | 1.92x | 2.79x | 0.00x |
| Debt / EBITDA | -5.55x | - | 7.55x | 3.62x | 4.39x | 4.99x | 9.14x | 7.20x | - | 4.44x | 4.67x | 7.47x | 4.41x | 2.00x | 3.22x | 0.01x |
| Net Debt / EBITDA | -4.64x | - | 7.04x | 3.37x | 4.17x | 4.20x | 8.04x | 6.64x | - | 4.21x | 4.06x | 6.04x | 3.84x | 1.66x | 2.81x | 0.01x |
| Interest Coverage | -4.83x | -4.75x | 1.94x | 4.98x | 4.22x | 1.83x | 1.74x | 2.96x | -7.82x | 5.42x | 5.36x | 1.77x | 3.90x | 9.16x | 10.51x | 720.00x |
| Total Equity | 42.05B | 41.79B | 49.33B | 49.72B | 48.87B | 49.45B | 50.24B | 51.75B | 51.78B | 66.08B | 57.57B | 66.24B | 4.37B | 5.19B | 3.57B | 16.59B |
| Equity Growth % | -60.1% | -15.28% | -0.8% | 1.74% | -1.18% | -1.57% | -2.91% | -0.06% | -21.64% | 14.77% | -13.08% | 1417.43% | -15.85% | 45.21% | -78.47% | - |
| Book Value per Share | 35.39 | 35.21 | 40.60 | 40.26 | 39.57 | 40.01 | 40.91 | 42.28 | 42.48 | 53.77 | 46.96 | 84.27 | 7.30 | 8.66 | 5.97 | 28.07 |
| Total Shareholders' Equity | 41.92B | 41.66B | 49.19B | 49.53B | 48.68B | 49.3B | 50.1B | 51.62B | 51.66B | 65.86B | 57.36B | 66B | 4.37B | 5.19B | 3.57B | 16.59B |
| Common Stock | 12M | 12M | 12M | 12M | 12M | 12M | 12M | 12M | 12M | 12M | 12M | 12M | 0 | 0 | 0 | 0 |
| Retained Earnings | -3.83B | -4.63B | 2.17B | 1.37B | 489M | -1.68B | -2.69B | -3.06B | -4.85B | 8.49B | 588M | 0 | 1.04B | 1.28B | -206M | 0 |
| Treasury Stock | -2.65B | -2.64B | -2.22B | -1.29B | -847M | -587M | -344M | -271M | -282M | -224M | -207M | -31M | -796M | -29M | -2M | 0 |
| Accumulated OCI | -2.45B | -2.37B | -2.92B | -2.6B | -2.81B | -1.82B | -1.97B | -1.89B | -1.94B | -1.05B | -1.63B | -671M | -562M | -499M | -460M | -125M |
| Minority Interest | 126M | 125M | 140M | 196M | 192M | 154M | 140M | 126M | 121M | 213M | 216M | 231M | 0 | 0 | 0 | 0 |
Intangible asset impairment risk
As reported in recent financial statements, KHC's equity base has contracted from $49.5 billion in 2025Q1 to $41.9 billion by 2026Q1, a trend that suggests significant balance sheet deterioration driven by persistent negative retained earnings and ongoing adjustments to the company's asset valuation framework.
The consistent decline in retained earnings, which shifted from a positive $2.4 billion to a negative $3.8 billion over the last five quarters, indicates that the company is struggling to generate sufficient organic growth to offset its capital allocation commitments. This trajectory warrants further investigation into whether the current dividend policy is sustainable without further eroding the company's net asset value.
Based on the provided figures, goodwill remains a massive component of the asset base at $22.2 billion, representing over 27% of total assets, which suggests that the company's book value is highly sensitive to future impairment charges if brand performance continues to face competitive headwinds.
The concentration of intangible assets relative to tangible PPE of $7.2 billion highlights a business model that relies heavily on historical brand acquisitions rather than physical capital expansion. Investors should monitor these levels closely, as any further write-downs would likely trigger additional volatility in reported equity and net income.
According to quarterly data, the current ratio has fluctuated between 0.99 and 1.31, with the most recent 2026Q1 reading of 1.20 suggesting that while the company maintains a basic buffer, its ability to absorb sudden operational shocks remains constrained by limited cash reserves of $3.5 billion.
The reliance on working capital management to maintain liquidity appears to be a recurring theme, as evidenced by the volatility in cash balances over the last ten quarters. This tight liquidity profile may limit management's flexibility to pursue strategic investments or respond to aggressive pricing actions from private label competitors.
While the reported debt-to-equity ratio of 0.50% appears unusually low for an industrial entity, the presence of $21.1 billion in total debt suggests that the headline leverage metrics may be misleading due to accounting treatments or potential misclassifications in the provided financial snapshot.
The discrepancy between the reported D/E ratio and the absolute debt load warrants extreme caution, as it may mask the true interest burden on the company's cash flow. Analysts should look past the headline leverage figures to assess the actual debt service requirements, which may be significantly more onerous than the current balance sheet presentation implies.
Quick answers to the most common questions about buying KHC stock.
As of 2025, The Kraft Heinz Company (KHC) had total assets of $81.79B including $10.13B in current assets.
The Kraft Heinz Company (KHC) carries total debt of $21.22B, offset by $3.67B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
The Kraft Heinz Company (KHC) has total shareholders' equity (book value) of $41.66B ($35.21 book value per share). Book value represents the net worth of the company belonging to common stock holders.
The Kraft Heinz Company (KHC) reported a current ratio of 1.15x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.