The company has significantly improved its capital structure, reducing the debt-to-equity ratio from 0.90 in 2024Q1 to 0.09 in 2026Q1, though goodwill remains a substantial $983.9 million asset concentration.
| 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 | 1.65B | 1.88B | 1.7B | 1.52B | 1.33B | 1.18B | 607.07M | 313.05M | 300.54M | 304.66M | 391.58M | 365.71M | 237.98M | 128.82M | 91.37M | 59.43M |
| Cash & Short-Term Investments | 184.65M | 553.36M | 483.22M | 326.22M | 326.25M | 230.4M | 117.68M | 88.89M | 87.98M | 129.15M | 189.97M | 147.47M | 97.2M | 29.96M | 21.62M | 16.25M |
| Cash Only | 184.65M | 553.36M | 483.22M | 326.22M | 326.25M | 230.4M | 117.68M | 88.89M | 80.45M | 76.64M | 149.42M | 116.5M | 97.2M | 29.96M | 21.62M | 16.25M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.52M | 52.5M | 40.55M | 30.97M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.43B | 1.3B | 1.2B | 1.18B | 976.51M | 927.78M | 471.67M | 217.57M | 205.68M | 165.89M | 192.06M | 218.24M | 133.27M | 94.72M | 67.33M | 40.58M |
| Days Sales Outstanding | 663.15 | 665.61 | 655.55 | 692.81 | 617.65 | 722.95 | 776.79 | 507.71 | 602.11 | 389.28 | 251.97 | 320.57 | 388.22 | 412.42 | 430.64 | 399.68 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.72M | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 32.28M | 26.26M | 19.91M | 20.51M | 23.5M | 0 | 0 | 0 | 6.88M | 9.62M | 100K | 300K | 400K | 400K | 200K | 200K |
| Total Non-Current Assets | 1.3B | 1.28B | 1.15B | 1.17B | 1.39B | 1.53B | 331.89M | 82.07M | 59.47M | 78.98M | 128.2M | 171.03M | 58.5M | 21.07M | 16.65M | 11.71M |
| Property, Plant & Equipment | 190.52M | 175.16M | 119.06M | 107.92M | 123.18M | 111.05M | 63.28M | 45.16M | 33.49M | 47.39M | 36.25M | 25.4M | 15.2M | 8.71M | 6.93M | 6.51M |
| Fixed Asset Turnover | 4.27x | 4.08x | 5.61x | 5.74x | 4.68x | 4.22x | 3.50x | 3.46x | 3.72x | 3.28x | 7.68x | 9.78x | 8.25x | 9.62x | 8.23x | 5.69x |
| Goodwill | 983.9M | 983.9M | 978.22M | 978.22M | 978.22M | 969.87M | 158.13M | 7.37M | 0 | 0 | 65.7M | 65.7M | 16.29M | 1.49M | 1.49M | 100K |
| Intangible Assets | 9.82M | 12.45M | 47.93M | 72.94M | 277.17M | 446.71M | 106.04M | 27.44M | 24.74M | 26.09M | 23.33M | 64.71M | 25.59M | 7.71M | 7.18M | 4.76M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.48M | 427K | 0 | 0 | 0 |
| Other Non-Current Assets | 114.69M | 111.29M | 6.38M | 6.73M | 7.38M | 6.86M | 4.44M | 2.1M | 1.24M | 5.49M | 2.92M | 15.21M | 1.43M | 3.15M | 1.05M | 341K |
| Total Assets | 2.95B | 3.16B | 2.85B | 2.69B | 2.71B | 2.71B | 938.96M | 395.12M | 360.01M | 383.63M | 519.77M | 536.74M | 296.48M | 149.89M | 108.01M | 71.14M |
| Asset Turnover | 0.24x | 0.23x | 0.23x | 0.23x | 0.21x | 0.17x | 0.24x | 0.40x | 0.35x | 0.41x | 0.54x | 0.46x | 0.42x | 0.56x | 0.53x | 0.52x |
| Asset Growth % | 38.43% | 10.85% | 6.17% | -0.86% | -0.01% | 188.9% | 137.64% | 9.75% | -6.16% | -26.19% | -3.16% | 81.04% | 97.8% | 38.77% | 51.83% | - |
| Total Current Liabilities | 1.62B | 1.84B | 1.5B | 1.4B | 1.13B | 1.03B | 522.2M | 267.5M | 240.98M | 217.24M | 218.44M | 250.16M | 154.4M | 123.39M | 84.39M | 50.16M |
| Accounts Payable | 0 | 0 | 1.45B | 1.36B | 1.08B | 983.12M | 496.87M | 252.71M | 233.54M | 207.46M | 205.19M | 235.81M | 143.72M | 115.21M | 75.07M | 42.86M |
| Days Payables Outstanding | 1.02K | - | 2.04K | 1.21K | 1.28K | 1.78K | 2.33K | 1.61K | 1.42K | 1.33K | 1.02K | 1.47K | 2.53K | 2.74K | 2.22K | 1.21K |
| Short-Term Debt | 25.37M | 228.61M | 3.64M | 3.6M | 3.6M | 3.6M | 0 | 0 | 0 | 0 | 0 | 0 | 105K | 288K | 1.04M | 1.2M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.3M | 9.12M | 5.87M | 5.37M |
| Other Current Liabilities | 1.6B | 1.61B | 9.88M | 5.96M | 5.94M | 5.7M | 3.07M | 778K | 1.3M | 3.14M | 3.53M | 2.2M | 3.17M | 2.9M | 2.4M | 730K |
| Current Ratio | 1.02x | 1.02x | 1.14x | 1.09x | 1.18x | 1.14x | 1.16x | 1.17x | 1.25x | 1.40x | 1.79x | 1.46x | 1.54x | 1.04x | 1.08x | 1.18x |
| Quick Ratio | 1.02x | 1.02x | 1.14x | 1.09x | 1.18x | 1.14x | 1.16x | 1.17x | 1.25x | 1.40x | 1.79x | 1.49x | 1.54x | 1.04x | 1.08x | 1.18x |
| Cash Conversion Cycle | -361.22 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 407.69M | 400.29M | 590.57M | 584.99M | 795.88M | 802.46M | 35.15M | 15.69M | 1.02M | 1.78M | 1.82M | 8.47M | 13.33M | 4.89M | 5.62M | 5.18M |
| Long-Term Debt | 57.08M | 50.09M | 550.1M | 532.99M | 722.76M | 720.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.89M | 4.18M | 4.25M |
| Capital Lease Obligations | 92.16M | 0 | 38.98M | 49.66M | 66.33M | 66.49M | 32.28M | 15.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 680K | 5.07M | 13.3M | 199K | 0 | 0 | 0 | 42K | 6.22M | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 350.61M | 350.2M | 1.48M | 1.66M | 1.72M | 2.65M | 2.67M | 454K | 1.02M | 1.78M | 1.78M | 2.25M | 13.33M | 996K | 1.44M | 924K |
| Total Liabilities | 2.03B | 2.24B | 2.09B | 1.99B | 1.92B | 1.83B | 557.35M | 283.18M | 242M | 219.02M | 220.26M | 258.63M | 167.73M | 128.28M | 90M | 55.34M |
| Total Debt | 82.45M | 278.69M | 608.81M | 606.65M | 813.86M | 809.25M | 42.09M | 22.51M | 0 | 0 | 0 | 0 | 105K | 4.18M | 5.21M | 5.5M |
| Net Debt | -102.2M | -274.67M | 125.59M | 280.43M | 487.61M | 578.85M | -75.58M | -66.38M | -80.45M | -76.64M | -149.42M | -116.5M | -97.09M | -25.77M | -16.4M | -10.75M |
| Debt / Equity | 0.09x | 0.30x | 0.79x | 0.86x | 1.03x | 0.92x | 0.11x | 0.20x | - | - | - | - | 0.00x | 0.19x | 0.29x | 0.35x |
| Debt / EBITDA | 0.57x | 1.84x | 5.56x | 7.07x | 7.88x | 12.30x | - | 4.96x | - | - | - | - | - | 0.92x | 0.92x | - |
| Net Debt / EBITDA | -0.71x | -1.81x | 1.15x | 3.27x | 4.72x | 8.79x | - | -14.61x | - | - | -8.36x | -4.58x | - | -5.65x | -2.90x | - |
| Interest Coverage | 4.03x | 3.23x | 1.98x | -3.87x | -3.63x | -3.79x | - | - | - | - | - | - | -170.71x | -14.21x | -3.50x | -59.54x |
| Total Equity | 917.91M | 922.35M | 768.22M | 701.68M | 791.3M | 880.76M | 381.61M | 111.94M | 118.01M | 164.61M | 299.51M | 278.1M | 128.75M | 21.61M | 18.01M | 15.8M |
| Equity Growth % | 62.9% | 20.06% | 9.48% | -11.33% | -10.16% | 130.8% | 240.92% | -5.15% | -28.31% | -45.04% | 7.7% | 116% | 495.77% | 20% | 13.97% | - |
| Book Value per Share | 6.20 | 6.00 | 5.23 | 5.14 | 5.95 | 6.46 | 3.95 | 2.13 | 2.35 | 3.37 | 6.42 | 6.25 | 4.56 | 0.62 | 0.70 | 0.61 |
| Total Shareholders' Equity | 917.91M | 922.35M | 768.22M | 701.68M | 791.3M | 880.76M | 381.61M | 111.94M | 118.01M | 164.61M | 299.51M | 278.1M | 128.75M | 21.61M | 18.01M | 15.8M |
| Common Stock | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 1K | 1K | 0 | 0 | 0 | 0 | 1K | 0 | 0 |
| Retained Earnings | -512.15M | -516.56M | -661.17M | -683.96M | -524.77M | -394.45M | -394.52M | -341.08M | -315.61M | -253.78M | -99M | -80.29M | -80.71M | -62.04M | -52.79M | -50.43M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | -6.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.48M | -1.45M | -4.42M | -2.08M | -3.15M | -1.38M | -957K | -45K | -259K | 41K | -273K | -15K | -8K | 96K | 95K | 93K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High goodwill and debt
According to recent SEC filings, Magnite has successfully reduced its total debt from $625.7 million in 2024Q1 to $82.5 million by 2026Q1, signaling a strategic pivot toward strengthening the balance sheet despite persistent negative retained earnings of $512.1 million as of the most recent quarter.
The significant reduction in debt obligations suggests management is prioritizing financial flexibility over aggressive inorganic expansion. While this deleveraging improves the risk profile, the persistent deficit in retained earnings warrants further investigation into the long-term sustainability of the company's capital structure.
As reported in financial statements, the company's debt-to-equity ratio plummeted from 0.90 in 2024Q1 to 0.09 in 2026Q1, indicating that the firm has moved away from a reliance on external leverage to fund its operations and previous acquisition-heavy growth strategy.
The rapid paydown of debt appears to be a defensive move to insulate the company from interest rate volatility and potential refinancing hurdles. Investors should monitor whether this lower leverage profile provides the necessary stability to navigate cyclical downturns in the advertising market.
Based on Magnite's reported figures, goodwill accounts for approximately $983.9 million of the $2.9 billion total asset base as of 2026Q1, representing a significant portion of the company's valuation that is tied to past acquisitions rather than tangible operational assets.
The heavy reliance on goodwill suggests that the balance sheet is sensitive to potential impairment charges if the acquired CTV platforms fail to meet long-term growth expectations. This asset composition implies that the company's book value may be overstated relative to its liquid, tangible assets.
As detailed in quarterly filings, the current ratio has hovered near 1.02 throughout early 2026, suggesting that Magnite maintains a very thin margin of safety between its current assets and immediate liabilities, which may limit its ability to absorb unexpected operational shocks.
The narrow liquidity buffer appears to be a byproduct of the company's aggressive capital allocation and working capital volatility. Given the cyclical nature of the advertising industry, this tight liquidity position warrants close monitoring to ensure the firm can meet its short-term obligations during seasonal troughs.
Quick answers to the most common questions about buying MGNI stock.
As of 2025, Magnite, Inc. (MGNI) had total assets of $3.16B including $1.88B in current assets.
Magnite, Inc. (MGNI) carries total debt of $278.7M, offset by $553.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Magnite, Inc. (MGNI) has total shareholders' equity (book value) of $922.4M ($6.00 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Magnite, Inc. (MGNI) reported a current ratio of 1.02x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.