Financial flexibility is severely constrained by a high debt-to-equity ratio of 4.21 and a low current ratio of 0.37, which suggests a chronic inability to cover short-term liabilities.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 |
|---|
| Total Current Assets | 272.54M | 284.02M | 177.28M | 193.73M | 237.16M | 212.94M | 224.81M | 388.32M | 413.46M | 398.85M | 366.67M | 239.53M | 191.48M | 163.31M | 148.23M | 206.05M | 209.94M | 192.93M |
| Cash & Short-Term Investments | 60.94M | 86.11M | 73.55M | 76.02M | 121.22M | 110.66M | 51.54M | 307.64M | 242.02M | 290.27M | 229.19M | 155.75M | 66.36M | 94.43M | 70.6M | 150.65M | 163.83M | 150.53M |
| Cash Only | 60.94M | 86.11M | 73.55M | 76.02M | 121.22M | 110.66M | 51.54M | 307.64M | 242.02M | 290.27M | 229.19M | 155.75M | 66.36M | 94.43M | 70.6M | 150.65M | 163.83M | 150.53M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 179.41M | 153.26M | 79.51M | 89.74M | 85.45M | 90.91M | 161.95M | 65.21M | 157.09M | 90.23M | 116.05M | 73.64M | 115.66M | 56.6M | 66.04M | 55.4M | 44.44M | 41.78M |
| Days Sales Outstanding | 92.13 | 89 | 44.1 | 53.2 | 48.84 | 68.98 | 114.96 | 37.17 | 94.98 | 57.88 | 73.93 | 67.5 | 102.2 | 55.47 | 74.17 | 61.65 | 54.25 | 56.14 |
| Inventory | 13.69M | 13.05M | 3.54M | 3.17M | 2.2M | 2.08M | 2.19M | 2.13M | 1.42M | 1.64M | 926K | 0 | 0 | -85K | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 11.43 | 7.3 | 1.81 | 1.8 | 1.1 | 1.46 | 1.53 | 1.31 | 0.9 | 1.2 | 0.71 | - | - | - | - | - | - | - |
| Other Current Assets | 110K | 14.17M | 1.92M | 8.32M | 12.76M | 1.89M | 2.63M | 312K | 1.16M | 3.22M | 7.89M | 27K | 0 | 260K | 967K | 0 | 1.67M | 620K |
| Total Non-Current Assets | 1.32B | 1.35B | 1.17B | 1.12B | 1.06B | 1.05B | 1.16B | 1.11B | 1.13B | 1.13B | 1.09B | 1.06B | 1.02B | 955M | 798.91M | 811.14M | 779.73M | 800.72M |
| Property, Plant & Equipment | 299.33M | 299.48M | 264.31M | 262.04M | 246.73M | 251.44M | 259M | 246.03M | 245.4M | 244.74M | 245.71M | 250.63M | 254.86M | 252.81M | 247.87M | 240.54M | 239.51M | 243.47M |
| Fixed Asset Turnover | 2.25x | 2.10x | 2.49x | 2.35x | 2.59x | 1.91x | 1.99x | 2.60x | 2.46x | 2.33x | 2.33x | 1.59x | 1.62x | 1.47x | 1.31x | 1.36x | 1.25x | 1.12x |
| Goodwill | 0 | 421.45M | 421.45M | 421.45M | 421.45M | 421.45M | 421.45M | 421.45M | 421.45M | 421.45M | 421.45M | 421.45M | 421.45M | 421.45M | 421.45M | 421.45M | 421.45M | 421.45M |
| Intangible Assets | 949.4M | 7.66M | 416.11M | 390.93M | 321.82M | 333.01M | 353.72M | 347.4M | 378.19M | 296.09M | 244.18M | 238.94M | 204.57M | 119.95M | 112.4M | 129.71M | 94.27M | 113.41M |
| Long-Term Investments | 240.78M | 86.13M | 0 | 0 | 2.46M | 0 | 0 | 0 | 4.49M | 0 | 0 | 0 | 0 | 0 | 0 | 6.94M | 9.04M | 9.74M |
| Other Non-Current Assets | -1.96K | 539M | 48.02M | 49.79M | 66.49M | 41.46M | 66.13M | 34.9M | 19.42M | 31.03M | 28.43M | 17.39M | 13.71M | 15.66M | 17.2M | 12.5M | 15.46M | 12.65M |
| Total Assets | 1.59B | 1.64B | 1.34B | 1.32B | 1.29B | 1.26B | 1.38B | 1.5B | 1.55B | 1.53B | 1.45B | 1.3B | 1.22B | 1.12B | 947.15M | 1.02B | 989.67M | 993.64M |
| Asset Turnover | 0.41x | 0.38x | 0.49x | 0.47x | 0.49x | 0.38x | 0.37x | 0.43x | 0.39x | 0.37x | 0.39x | 0.31x | 0.34x | 0.33x | 0.34x | 0.32x | 0.30x | 0.27x |
| Asset Growth % | 31.13% | 21.78% | 2.04% | 1.88% | 2.65% | -8.9% | -7.55% | -3.18% | 0.79% | 5.63% | 11.55% | 7.06% | 8.71% | 18.07% | -6.89% | 2.78% | -0.4% | - |
| Total Current Liabilities | 733.69M | 750.37M | 494.99M | 526.87M | 494.84M | 384.03M | 398.34M | 428.84M | 461.46M | 410.51M | 403.74M | 323.45M | 301.72M | 237.89M | 229.38M | 251.32M | 159.22M | 153.43M |
| Accounts Payable | 310.98M | 269.16M | 165.45M | 142.06M | 91.56M | 76.62M | 105.92M | 119.21M | 164.25M | 190.31M | 127.43M | 72.46M | 56.15M | 34.01M | 27.78M | 117.8M | 48.84M | 62.45M |
| Days Payables Outstanding | 223.03 | 150.52 | 84.65 | 80.7 | 45.82 | 53.6 | 74.01 | 73.54 | 104.89 | 139.23 | 97.47 | 68.71 | 59.72 | 40.2 | 36.83 | 162.85 | 74.07 | 101.36 |
| Short-Term Debt | 262.46M | 165.12M | 35.57M | 105.96M | 105.76M | 65.19M | 5.61M | 5.45M | 9.07M | 5.72M | 5.56M | 485K | 15.01M | 11.76M | 15.63M | 16.57M | 19.39M | 11.25M |
| Deferred Revenue (Current) | 361.26M | 0 | 198.63M | 169.62M | 165.85M | 117.98M | 171.57M | 190.15M | 180.51M | 203.44M | 188.84M | 186.61M | 180.61M | 146.28M | 128.53M | 110.04M | 90.5M | 75.86M |
| Other Current Liabilities | 16.52M | 237.9M | 10.4M | 13.78M | 1.09M | 907K | 0 | 0 | 0 | 143.54M | 2.8M | 2.97M | 875K | 501K | 428K | 2.57M | 481K | 1.37M |
| Current Ratio | 0.37x | 0.38x | 0.36x | 0.37x | 0.48x | 0.55x | 0.56x | 0.91x | 0.90x | 0.97x | 0.91x | 0.74x | 0.63x | 0.69x | 0.65x | 0.82x | 1.32x | 1.26x |
| Quick Ratio | 0.35x | 0.36x | 0.35x | 0.36x | 0.47x | 0.55x | 0.56x | 0.90x | 0.89x | 0.97x | 0.91x | 0.74x | 0.63x | 0.69x | 0.65x | 0.82x | 1.32x | 1.26x |
| Cash Conversion Cycle | -119.48 | -54.22 | -38.75 | -25.7 | 4.12 | 16.83 | 42.48 | -35.06 | -9.01 | -80.15 | -22.83 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 677.37M | 693.63M | 704.91M | 687.12M | 671.32M | 603.77M | 633.89M | 652.48M | 657.18M | 643.06M | 589.88M | 500.22M | 415.34M | 432.46M | 482.67M | 545.44M | 871.39M | 833.68M |
| Long-Term Debt | 490.14M | 471.86M | 511.05M | 507.33M | 530.37M | 465.05M | 520.01M | 508.08M | 486.69M | 498.29M | 494.24M | 410.59M | 327.9M | 378.81M | 421.25M | 442.33M | 753.94M | 705.34M |
| Capital Lease Obligations | 21.32M | 7.9M | 7.71M | 7.84M | 2.87M | 3.08M | 3.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 3.3M | 7.4M | 35.55M | 31.34M | 31.86M | 29.13M | 21.54M | 14.36M | 17.31M | 28.84M | 17.17M | 26.68M | 54.41M | 60.02M | 56.87M |
| Other Non-Current Liabilities | 171.8M | 207.96M | 180.81M | 161.98M | 113.98M | 77.15M | 60.46M | 81.48M | 170.49M | 144.77M | 95.64M | 89.63M | 87.44M | 53.65M | 25.37M | 30.36M | 30.1M | 35.58M |
| Total Liabilities | 1.41B | 1.44B | 1.2B | 1.21B | 1.17B | 987.8M | 1.03B | 1.08B | 1.12B | 1.05B | 993.62M | 823.67M | 717.06M | 670.35M | 712.05M | 796.76M | 1.03B | 987.11M |
| Total Debt | 755.94M | 645.45M | 555.26M | 622.18M | 640.55M | 534.58M | 530.01M | 511.23M | 495.77M | 503.35M | 490.09M | 410.97M | 341.81M | 389.23M | 436.88M | 458.9M | 773.34M | 716.59M |
| Net Debt | 695.01M | 559.34M | 481.71M | 546.16M | 519.33M | 423.92M | 478.47M | 203.59M | 253.75M | 213.09M | 260.9M | 255.22M | 275.44M | 294.8M | 366.27M | 308.26M | 609.5M | 566.06M |
| Debt / Equity | 4.21x | 3.33x | 3.83x | 5.99x | 5.02x | 1.96x | 1.51x | 1.23x | 1.16x | 1.05x | 1.07x | 0.86x | 0.69x | 0.87x | 1.86x | 2.08x | - | 109.60x |
| Debt / EBITDA | 3.52x | 3.67x | 3.73x | 4.18x | 7.20x | 5.72x | 4.00x | 2.70x | 2.73x | 2.54x | 2.44x | 3.40x | 2.67x | 3.52x | 4.68x | 4.24x | 7.22x | 7.90x |
| Net Debt / EBITDA | 3.23x | 3.18x | 3.24x | 3.67x | 5.84x | 4.54x | 3.61x | 1.07x | 1.39x | 1.07x | 1.30x | 2.11x | 2.15x | 2.66x | 3.92x | 2.85x | 5.69x | 6.24x |
| Interest Coverage | -0.14x | -0.67x | -1.46x | -0.85x | -3.54x | -2.16x | -0.46x | 2.23x | 1.46x | 3.25x | 4.29x | 0.29x | 2.97x | 0.85x | 1.04x | 0.92x | 0.68x | 0.66x |
| Total Equity | 179.41M | 193.73M | 144.89M | 103.95M | 127.51M | 272.51M | 351.23M | 415.2M | 427.1M | 480.09M | 458.28M | 477.92M | 498.65M | 447.96M | 235.1M | 220.42M | -40.94M | 6.54M |
| Equity Growth % | 47.3% | 33.71% | 39.38% | -18.48% | -53.21% | -22.41% | -15.41% | -2.79% | -11.04% | 4.76% | -4.11% | -4.16% | 11.32% | 90.54% | 6.66% | 638.39% | -726.2% | - |
| Book Value per Share | 1.04 | 1.12 | 0.88 | 0.64 | 0.78 | 1.67 | 2.14 | 2.52 | 2.59 | 2.92 | 2.79 | 2.91 | 3.04 | 2.75 | 1.53 | 1.42 | -0.26 | 0.04 |
| Total Shareholders' Equity | 179.41M | 193.73M | 144.89M | 103.95M | 127.51M | 272.51M | 351.23M | 415.2M | 427.1M | 480.09M | 458.28M | 477.92M | 498.65M | 447.96M | 237.1M | 222.75M | -38.27M | 9.48M |
| Common Stock | 56K | 56K | 55K | 53K | 53K | 53K | 53K | 53K | 53K | 53K | 52K | 52K | 52K | 52K | 50K | 0 | 0 | 0 |
| Retained Earnings | -355.09M | -341.62M | -309.25M | -196.65M | -170.04M | -13.65M | 87.2M | 132.84M | 136.76M | 193.45M | 173.37M | 155.28M | 154.83M | 129.82M | -12.67M | -25.89M | -38.27M | -263.09M |
| Treasury Stock | -21.3M | -21.3M | -21.3M | -21.3M | -21.3M | -21.3M | -21.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 248.4M | 249.25M | 248.03M | 253.03M | 249.98M | 238.59M | 216.47M | 213.49M | 221.47M | 217.76M | 216.04M | 253.76M | 274.95M | 249.26M | 249.7M | -466K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2M | -2.33M | -2.67M | -2.94M |
High leverage and liquidity
As reported in recent financial filings, Manchester United's equity base remains under significant pressure, with retained earnings consistently negative at -$355.1M in 2026Q3, signaling that the company's long-term capital structure is being eroded by persistent operational deficits rather than being bolstered by organic value creation.
The trajectory of the balance sheet suggests a business model struggling to retain value, as the consistent accumulation of losses in retained earnings offsets any potential equity growth. Investors should monitor whether the recent ownership changes can reverse this trend, as the current path appears unsustainable without significant capital injections or a fundamental shift in profitability.
Based on the provided figures, the company maintains a high debt-to-equity ratio of 4.21 as of 2026Q3, which, when combined with total debt of $755.9M, indicates that the club's financial flexibility is severely limited by its reliance on external financing to fund ongoing operations.
The high leverage ratio suggests that the club is operating with a thin margin for error, particularly given the volatility of its revenue streams. This debt burden appears to be a structural necessity rather than a strategic choice, which may limit the club's ability to invest in necessary infrastructure or squad improvements without further straining the balance sheet.
According to the quarterly balance sheet data, the current ratio has remained consistently low, hovering around 0.37 in 2026Q3, which highlights a chronic inability to cover short-term liabilities with existing liquid assets and suggests a reliance on seasonal cash inflows to maintain basic operational solvency.
The persistently low current ratio indicates that the club is operating in a state of perpetual liquidity stress, leaving it vulnerable to any unexpected disruptions in broadcasting or matchday revenue. This lack of a liquidity buffer warrants further investigation into the club's access to revolving credit facilities during the off-season.
As evidenced by the balance sheet, goodwill has fluctuated significantly, rising to $949.4M in 2026Q3 from $421.5M in previous periods, which may indicate aggressive accounting adjustments or potential impairment risks that could further destabilize the already thin equity base if future performance fails to meet expectations.
The sudden increase in goodwill suggests that the carrying value of intangible assets is becoming a larger, more sensitive component of the total asset base. Investors should be wary that this could mask underlying asset quality issues, as any future impairment charge would directly impact the company's already strained equity position.
Quick answers to the most common questions about buying MANU stock.
As of 2025, Manchester United plc (MANU) had total assets of $1.64B including $284.0M in current assets.
Manchester United plc (MANU) carries total debt of $645.4M, offset by $86.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Manchester United plc (MANU) has total shareholders' equity (book value) of $193.7M ($1.12 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Manchester United plc (MANU) reported a current ratio of 0.38x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.