The cooperative's capital structure is increasingly debt-dependent, with total debt rising to $32.8 billion by 2026Q1, resulting in a high debt-to-equity ratio of 10.73.
| Metric | TTM | May'25 | May'24 | May'23 | May'22 | May'21 | May'20 | May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 |
|---|
| Total Current Assets | 641.93M | 554.23M | 817.85M | 198.94M | 153.55M | 295.06M | 671.37M | 177.92M | 231M | 166.62M | 204.54M | 248.84M | 338.71M | 177.06M | 376.99M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 80.07M | 81.67M | 35.9B | 33.81B | 31.1B | 29.34B | 27.49B | 26.95B | 26.46B | 25.04B | 24.07B | 22.6B | 21.89B | 21.89B | 19.57B |
| Property, Plant & Equipment | 80.07M | 81.67M | 80.19M | 84.26M | 63.09M | 68.78M | 71.89M | 99.26M | 78.78M | 94.16M | 95.26M | 110.54M | 107.07M | 104.51M | 102.77M |
| Fixed Asset Turnover | 5.69x | 3.58x | 8.55x | 7.28x | 14.22x | 13.27x | -6.44x | -0.49x | 7.01x | 4.29x | 0.46x | 1.62x | 2.64x | 4.37x | 1.94x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 522K | 4.92M | 1.75M | 38.67M | 23.1M | 17.25M | 21.36M | 37.26M | 28.1M | 17.3M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 59.05M |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 38.85B | 38.33B | 36.18B | 34.01B | 31.25B | 29.64B | 28.16B | 27.12B | 26.69B | 25.21B | 24.27B | 22.85B | 22.23B | 22.07B | 19.95B |
| Asset Turnover | 0.01x | 0.01x | 0.02x | 0.02x | 0.03x | 0.03x | -0.02x | -0.00x | 0.02x | 0.02x | 0.00x | 0.01x | 0.01x | 0.02x | 0.01x |
| Asset Growth % | 22.17% | 5.94% | 6.37% | 8.83% | 5.44% | 5.26% | 3.81% | 1.63% | 5.89% | 3.85% | 6.23% | 2.76% | 0.73% | 10.63% | - |
| Total Current Liabilities | 4.87B | 5.12B | 4.37B | 212.34M | 131.95M | 123.67M | 139.62M | 159M | 149.28M | 137.48M | 133M | 123.7M | 118.38M | 144.94M | 4.58B |
| Accounts Payable | 0 | 0 | -3.84B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 63.92M |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 4.84B | 5.09B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.49B |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 7.91B | -38.6M | 87.62M | 72.47M | 80.62M | 101.01M | 83.28M | 63.5M | 54.34M | 48.12M | 40.34M | 144.94M | 0 |
| Current Ratio | 0.13x | 0.11x | 0.19x | 0.94x | 1.16x | 2.39x | 4.81x | 1.12x | 1.55x | 1.21x | 1.54x | 2.01x | 2.86x | 1.22x | 0.08x |
| Quick Ratio | 0.13x | 0.11x | 0.19x | 0.94x | 1.16x | 2.39x | 4.81x | 1.12x | 1.55x | 1.21x | 1.54x | 2.01x | 2.86x | 1.22x | 0.08x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 35.79B | 30.1B | 28.8B | 31.42B | 28.98B | 28.11B | 27.51B | 25.82B | 25.18B | 24.11B | 23.45B | 21.93B | 21.14B | 21.12B | 12.15B |
| Long-Term Debt | 30.44B | 27.16B | 25.71B | 26.45B | 23.77B | 22.84B | 22.04B | 21.55B | 20.84B | 20.12B | 19.66B | 18.15B | 16.53B | 12.83B | 12.15B |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 35.79B | 35.22B | 33.17B | 31.42B | 29.11B | 28.24B | 27.51B | 25.82B | 25.18B | 24.11B | 23.45B | 21.93B | 21.26B | 21.26B | 19.47B |
| Total Debt | 32.77B | 32.26B | 25.71B | 26.45B | 23.77B | 22.84B | 22.04B | 21.55B | 20.84B | 20.12B | 19.66B | 18.15B | 16.53B | 12.83B | 16.65B |
| Net Debt | 30.19B | 32.12B | 25.43B | 26.25B | 23.61B | 22.55B | 21.37B | 21.38B | 20.61B | 19.95B | 19.46B | 17.9B | 16.19B | 12.65B | 16.45B |
| Debt / Equity | 10.73x | 10.39x | 8.54x | 10.22x | 11.10x | 16.32x | 33.97x | 16.53x | 13.84x | 18.31x | 24.05x | 19.90x | 17.03x | 15.81x | 34.45x |
| Debt / EBITDA | 193.83x | 215.94x | - | - | - | - | - | - | - | 11501.94x | 2849.63x | 151.03x | - | - | - |
| Net Debt / EBITDA | 178.57x | 215.04x | - | - | - | - | - | - | - | 11406.68x | 2819.99x | 148.96x | - | - | - |
| Interest Coverage | -0.00x | 1.10x | - | - | 2.27x | 2.33x | -1.37x | -0.34x | 1.16x | 0.86x | -0.14x | 0.32x | 0.62x | - | -0.20x |
| Total Equity | 3.05B | 3.1B | 3.01B | 2.59B | 2.14B | 1.4B | 648.82M | 1.3B | 1.51B | 1.1B | 817.38M | 911.79M | 970.37M | 811.26M | 483.16M |
| Equity Growth % | 19.47% | 3.03% | 16.33% | 20.88% | 53.01% | 115.76% | -50.24% | -13.41% | 37.04% | 34.43% | -10.35% | -6.04% | 19.61% | 67.91% | - |
| Book Value per Share | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Shareholders' Equity | 3.03B | 3.08B | 2.99B | 2.56B | 2.11B | 1.37B | 626.12M | 1.28B | 1.47B | 1.07B | 791.29M | 884.32M | 943.54M | 799.47M | 483.16M |
| Common Stock | 3.04B | 966K | 968K | 969K | 970K | 968K | 969K | 969K | 969K | 971K | 974K | 976K | 973K | 973K | 0 |
| Retained Earnings | 0 | 947.82M | 927.52M | 1.01B | 954.28M | 923.26M | 897.26M | 863.77M | 805.89M | 756.1M | 708.15M | 662.85M | 624.1M | 585.35M | 473.96M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -2.23M | 2.13B | 2.06B | 1.56B | 1.16B | 450.72M | -272.11M | 412M | 667.47M | 312.88M | 82.17M | 220.5M | 318.46M | 213.15M | 9.2M |
| Minority Interest | 20.9M | 20.99M | 20.71M | 27.19M | 27.4M | 24.93M | 22.7M | 27.15M | 31.52M | 28.85M | 26.09M | 27.46M | 26.84M | 11.79M | 0 |
High leverage and liquidity
As reported in financial statements, NRUC's total debt has climbed from $26.5 billion in 2023Q4 to $32.8 billion by 2026Q1, pushing the debt-to-equity ratio to 10.73 and signaling a reliance on external funding to support the ongoing infrastructure requirements of its member-owner cooperative base.
The consistent upward trend in debt levels suggests that the cooperative is aggressively financing grid modernization projects, which may increase interest rate sensitivity. Investors should monitor whether this leverage remains sustainable if the cost of funds continues to rise, as the current debt load leaves little room for balance sheet contraction.
Based on the most recent quarterly filings, NRUC's current ratio has deteriorated to 0.13 as of 2026Q1, reflecting a persistent inability to cover short-term obligations with liquid assets and highlighting a structural reliance on continuous access to capital markets to maintain operational continuity.
The extremely low current ratio appears to be a byproduct of the cooperative's business model, which prioritizes long-term lending over holding cash. However, this lack of a liquidity buffer suggests that any disruption in credit market access could force the organization into a precarious financial position.
According to historical balance sheet data, total assets have expanded from $34.0 billion in 2023Q4 to $38.8 billion in 2026Q1, while equity has remained relatively stagnant, suggesting that the cooperative is funding its growth almost exclusively through debt rather than internal capital accumulation.
This trajectory indicates that the cooperative's growth is heavily dependent on leverage, which may limit its flexibility during periods of economic stress. The widening gap between asset growth and equity retention suggests that the organization's risk profile is gradually increasing over time.
As evidenced by the extreme volatility in reported revenue and net income, the balance sheet is heavily influenced by non-cash derivative valuation adjustments, which may mask the true underlying credit risk and operational health of the cooperative's loan portfolio to an outside observer.
The reliance on derivatives to hedge interest rate risk creates a disconnect between reported financial figures and actual cash-generating capacity. Analysts should be wary of interpreting headline leverage ratios as static, as the derivative book likely introduces significant, unobserved volatility into the cooperative's net worth.
Quick answers to the most common questions about buying NRUC stock.
As of 2025, National Rural Utilities Cooper (NRUC) had total assets of $38.33B including $554.2M in current assets.
National Rural Utilities Cooper (NRUC) carries total debt of $32.26B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
National Rural Utilities Cooper (NRUC) has total shareholders' equity (book value) of $3.08B. Book value represents the net worth of the company belonging to common stock holders.
National Rural Utilities Cooper (NRUC) reported a current ratio of 0.11x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.