The company's financial position is increasingly vulnerable, with the debt-to-equity ratio surging to 4.32x and the current ratio deteriorating to 0.38 as of 2026Q1.
MediaCo Holding Inc. (MDIA) balance sheet — 8-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Feb'19 | Feb'18 |
|---|
| Total Current Assets | 34.2M | 42.07M | 36.49M | 13.91M | 26.25M | 21.64M | 15.2M | 16.09M | 9.09M |
| Cash & Short-Term Investments | 1.81M | 5.11M | 4.44M | 5.15M | 15.3M | 6.12M | 4.17M | 2.08M | 0 |
| Cash Only | 1.81M | 5.11M | 4.44M | 5.15M | 15.3M | 6.12M | 4.17M | 2.08M | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 30.35M | 33.33M | 30.75M | 6.67M | 8.57M | 12.2M | 8.51M | 11.1M | 7.89M |
| Days Sales Outstanding | 81.93 | 91.23 | 117.42 | 75.22 | 81.03 | 106.68 | 79.1 | 94.03 | 66.8 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.01M | 1.08M | 1.31M | 1.19M | 1.41M | 2.16M | 1.27M | 1.8M | 220K |
| Total Non-Current Assets | 237.79M | 248.99M | 309.51M | 91.72M | 77.31M | 126.65M | 144.46M | 151.07M | 77.14M |
| Property, Plant & Equipment | 54.06M | 63.47M | 71.04M | 14.99M | 5.67M | 48.2M | 51.6M | 2.42M | 3.31M |
| Fixed Asset Turnover | 2.32x | 2.10x | 1.35x | 2.16x | 6.81x | 0.87x | 0.76x | 17.80x | 13.01x |
| Goodwill | 8.4M | 8.4M | 28.34M | 0 | 0 | 0 | 13.1M | 11.42M | 0 |
| Intangible Assets | 171.39M | 172.72M | 178.89M | 64.59M | 64.7M | 63.27M | 66.11M | 67.53M | 64.32M |
| Long-Term Investments | 2M | 0 | 2.5M | 1.9M | 0 | 0 | 0 | -77.4M | 0 |
| Other Non-Current Assets | 3.94M | 4.39M | 8.24M | 96K | 78K | 2.21M | 331K | 77.76M | 243K |
| Total Assets | 272M | 291.06M | 346.01M | 105.63M | 103.56M | 148.29M | 159.66M | 167.17M | 86.23M |
| Asset Turnover | 0.48x | 0.46x | 0.28x | 0.31x | 0.37x | 0.28x | 0.25x | 0.26x | 0.50x |
| Asset Growth % | -48.64% | -15.88% | 227.56% | 2% | -30.16% | -7.12% | -4.49% | 93.86% | - |
| Total Current Liabilities | 156.22M | 91.06M | 57.29M | 11.72M | 11.1M | 13.98M | 77.74M | 20.78M | 3.75M |
| Accounts Payable | 44.34M | 36.91M | 35.42M | 2.63M | 3.88M | 2.34M | 2.56M | 11.18M | 809K |
| Days Payables Outstanding | 143.38 | - | 121.24 | 29.36 | 43.12 | 29.82 | 28.86 | 120.67 | 8.73 |
| Short-Term Debt | 74.96M | 10M | 7.12M | 7.9M | 1.82M | 2.75M | 72.39M | 6.83M | 0 |
| Deferred Revenue (Current) | 35.45M | 9.6M | 10.92M | 557K | 825K | 2.02M | 1.53M | 1.3M | 723K |
| Other Current Liabilities | 1.4M | 2.68M | 788K | 65K | 694K | 3.45M | 549K | 346K | 417K |
| Current Ratio | 0.22x | 0.46x | 0.64x | 1.19x | 2.37x | 1.55x | 0.20x | 0.77x | 2.43x |
| Quick Ratio | 0.22x | 0.46x | 0.64x | 1.19x | 2.37x | 1.55x | 0.20x | 0.77x | 2.43x |
| Cash Conversion Cycle | -61.45 | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 42.58M | 153.68M | 206.19M | 56.51M | 45.49M | 150.88M | 92.93M | 128.62M | 2.19M |
| Long-Term Debt | 0 | 63.28M | 105.72M | 28.75M | 32.29M | 124.54M | 51.19M | 99.78M | 0 |
| Capital Lease Obligations | 134.47M | 36.01M | 39.67M | 14.33M | 3.81M | 5.67M | 20.18M | 22.98M | 0 |
| Deferred Tax Liabilities | 21.07M | 8.39M | 23.44M | 12.92M | 9.34M | 2.15M | 15.02M | 0 | 0 |
| Other Non-Current Liabilities | 13.59M | 46M | 37.36M | 502K | 51K | 18.52M | 6.54M | 5.86M | 2.19M |
| Total Liabilities | 243.35M | 244.74M | 263.49M | 68.22M | 56.59M | 164.86M | 170.67M | 149.4M | 5.94M |
| Total Debt | 109.81M | 116.04M | 152.52M | 50.99M | 37.91M | 135.23M | 143.76M | 129.59M | 0 |
| Net Debt | 108M | 110.93M | 148.08M | 45.84M | 22.61M | 129.11M | 139.59M | 127.51M | 0 |
| Debt / Equity | 3.83x | 2.51x | 1.85x | 1.36x | 0.81x | - | - | 7.30x | - |
| Debt / EBITDA | -8.55x | - | - | - | - | 17.20x | 60.35x | 14.05x | - |
| Net Debt / EBITDA | -8.41x | - | - | - | - | 16.42x | 58.60x | 13.83x | - |
| Interest Coverage | -3.04x | -3.22x | 0.91x | -15.70x | -0.36x | 0.50x | -0.18x | 6.27x | 525.80x |
| Total Equity | 28.64M | 46.31M | 82.52M | 37.41M | 46.98M | -16.57M | -11.01M | 17.76M | 80.29M |
| Equity Growth % | -181.02% | -43.88% | 120.59% | -20.36% | 383.48% | -50.54% | -161.97% | -77.88% | - |
| Book Value per Share | 0.35 | 0.58 | 1.38 | 1.50 | 3.51 | -2.30 | -1.53 | 2.50 | 11.43 |
| Total Shareholders' Equity | 28.64M | 46.31M | 62.12M | 37.41M | 46.98M | -16.57M | -11.01M | 17.76M | 80.29M |
| Common Stock | 823K | 817K | 467K | 264K | 261K | 85K | 72K | 71K | 0 |
| Retained Earnings | -112.75M | -94.77M | -28.07M | -23.15M | -13.1M | -40.69M | -31.85M | -2.95M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13.61M |
| Minority Interest | 0 | 0 | 20.4M | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying MDIA stock.
As of 2025, MediaCo Holding Inc. (MDIA) had total assets of $291.1M including $42.1M in current assets.
MediaCo Holding Inc. (MDIA) carries total debt of $116.0M, offset by $5.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
MediaCo Holding Inc. (MDIA) has total shareholders' equity (book value) of $46.3M ($0.58 book value per share). Book value represents the net worth of the company belonging to common stock holders.
MediaCo Holding Inc. (MDIA) reported a current ratio of 0.46x. 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
Liquidity and solvency pressure
Metrics are mathematically derived from official filings.
Balance Sheet Erosion Amid Expansion
As reported in financial statements, MediaCo's equity base has contracted significantly from $13.7 million in 2024Q2 to $35.9 million in 2026Q1, reflecting the cumulative impact of persistent net losses that continue to erode the company's net asset position despite aggressive top-line revenue growth.
The trajectory of the balance sheet suggests a structural mismatch between the company's expansion strategy and its ability to generate internal capital. Investors should monitor the widening gap between total assets and liabilities, as the persistent accumulation of negative retained earnings may eventually limit the company's financial flexibility.
Leverage Escalation Strains Capital Structure
Based on recent SEC filings, MediaCo's debt-to-equity ratio has surged to 4.32x as of 2026Q1, a marked increase from the 1.36x observed in 2023Q4, indicating that the company is increasingly relying on debt financing to fund its operations and asset acquisitions.
This rising leverage profile appears to be a necessity-driven strategy rather than a tactical capital allocation choice. The reliance on debt in a high-fixed-cost broadcasting environment warrants further investigation into the company's ability to service these obligations if advertising demand experiences a cyclical downturn.
Tight Liquidity Buffers Limit Flexibility
According to the provided data, MediaCo's current ratio has deteriorated to 0.38 as of 2026Q1, down from 1.19 in 2023Q4, which suggests that the company's ability to cover short-term obligations with current assets is becoming increasingly constrained.
The current liquidity position appears precarious, as the cash balance of $3.1 million provides a very thin buffer against ongoing operational cash burn. This trend suggests that the company may face significant challenges in meeting its near-term liabilities without external capital injections or further asset monetization.
Asset Valuation and Goodwill Risks
As reported in financial statements, the volatility in goodwill and PPE net values, which saw PPE drop to zero in 2025Q4 before rebounding, suggests that accounting adjustments for asset impairments may be masking the true economic value of the company's underlying broadcasting and outdoor advertising assets.
These fluctuations indicate that the balance sheet may be subject to significant non-cash distortions that complicate traditional fundamental analysis. Investors should be cautious, as the carrying value of these assets may not reflect their actual marketability or cash-generating potential in a stressed economic environment.