The company's financial position appears vulnerable, evidenced by a $50.6M deficit in retained earnings and a debt-to-equity ratio of 0.63 as of 2026Q4.
| Metric | Feb'26 | Feb'25 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Jan'12 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'01 |
|---|
| Total Current Assets | 3.15M | 2.47M | 1.7M | 4.27M | 12.68M | 4.78M | 940.9K | 29.46M | 16.42M | 25.91M | 12.72M | 8.11M | 1.32M | 449.52K | 5.75K | 407.49K | 48 | 298 | 2.42K | 2.89K | 4.75K | 4.01K | 2.13K |
| Cash & Short-Term Investments | 1.7M | 1.06M | 323.81K | 2.85M | 11.45M | 3.7M | 86.92K | 28.85M | 16.11M | 25.77M | 11.23M | 8.01M | 992.45K | 150.07K | 5.75K | 226.27K | 48 | 298 | 2.42K | 2.89K | 4.75K | 4.01K | 2.13K |
| Cash Only | 1.7M | 1.06M | 323.81K | 2.85M | 11.45M | 3.7M | 86.92K | 28.85M | 16.11M | 25.77M | 11.23M | 8.01M | 992.45K | 150.07K | 5.75K | 226.27K | 48 | 298 | 2.42K | 2.89K | 4.75K | 4.01K | 2.13K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 119.17K | 22.57K | 1.03M | 371.62K | 412.19K | 331.56K | 55.54K | 0 | 0 | 0 | 2.76K | 0 | 303.44K | 273.28K | 0 | 180.85K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 11.71 | 16.43 | 822.75 | 354.31 | 91.08 | 149.87 | 50.37 | - | - | - | 0.82 | - | 103.37 | 101.11 | - | 132.42 | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 950.94K | 710.08K | 659.65K | 598.72K | 0 | 0 | 0 | 0 | 0 | 1.17K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | 977.95 | 462.85 | 406.74 | 380.52 | - | - | - | - | - | 0.87 | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.34M | 1.38M | 0 | 105.23K | 114.28K | 90.73K | 0 | 603.32K | 310.44K | 138.71K | 1.49M | 97.07K | 0 | 0 | 0 | 370 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 9.93M | 7.47M | 3.39M | 1.43M | 1.16M | 917.75K | 750.56K | 20.84K | 20.66K | 55.2K | 59.17K | 53.62K | 99.34K | 242.2K | 0 | 67.86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Property, Plant & Equipment | 1.6K | 4.12K | 6.64K | 304.9K | 232.28K | 138.63K | 128.72K | 20.84K | 20.66K | 55.2K | 59.17K | 53.62K | 11.42K | 10.39K | 0 | 42.78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | 2317.86x | 121.73x | 69.07x | 1.26x | 7.11x | 5.82x | 3.13x | 18.64x | 31.04x | 17.51x | 20.87x | 10.23x | 93.83x | 94.92x | - | 11.65x | - | - | - | - | - | - | - |
| Goodwill | 3.12M | 1.17M | 1.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 4.26M | 2.13M | 2.17M | 1.13M | 925.11K | 753.12K | 569.34K | 0 | 0 | 0 | 0 | 0 | 70.49K | 231.8K | 0 | 25.08K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 2.5M | 3.41M | 0 | 0 | 0 | 0 | 500 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 40.17K | 763.74K | 42.17K | 0 | 0 | 26K | 52K | 0 | 0 | 0 | 0 | 0 | 17.43K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 13.08M | 9.94M | 5.09M | 5.7M | 13.84M | 5.7M | 1.69M | 29.48M | 16.44M | 25.97M | 12.78M | 8.16M | 1.42M | 691.71K | 5.75K | 475.35K | 48 | 298 | 2.42K | 2.89K | 4.75K | 4.01K | 2.13K |
| Asset Turnover | 0.28x | 0.05x | 0.09x | 0.07x | 0.12x | 0.14x | 0.24x | 0.01x | 0.04x | 0.04x | 0.10x | 0.07x | 0.75x | 1.43x | 138.79x | 1.05x | - | - | - | - | - | - | 0.60x |
| Asset Growth % | 31.61% | 95.25% | -10.78% | -58.79% | 142.8% | 237.02% | -94.26% | 79.26% | -36.67% | 103.15% | 56.63% | 474.13% | 105.5% | 11940.24% | -98.79% | 990220.83% | -83.89% | -87.7% | -16.16% | -39.11% | 18.33% | 88.53% | - |
| Total Current Liabilities | 3.91M | 2.57M | 1.96M | 629.2K | 981.24K | 450.71K | 1.04M | 2.96M | 1.56M | 2.36M | 990.97K | 1.29M | 141.16K | 133.94K | 0 | 45K | 27.06K | 23.93K | 18.41K | 15.48K | 11.02K | 4.09K | 1.64K |
| Accounts Payable | 725.54K | 1.18M | 531.85K | 277.49K | 206.44K | 128.94K | 727.11K | 217.49K | 100.88K | 112.17K | 38.39K | 309.7K | 102.63K | 106.59K | 153.85K | 45K | 8.27K | 6.33K | 4.23K | 4.92K | 1.02K | 4.09K | 1.64K |
| Days Payables Outstanding | 86.46 | 867.88 | 488.32 | 285.37 | 134.56 | 79.5 | 462.12 | 293.9 | 135.19 | 178.87 | 65.48 | 711.23 | 76.66 | 70.12 | 136.17 | 153.4 | - | - | - | - | - | - | - |
| Short-Term Debt | 386.07K | 567.53K | 828.28K | 0 | 0 | 0 | 50K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15K | 15K | 12.77K | 10K | 10K | 0 | 0 |
| Deferred Revenue (Current) | 1.66M | 97.77K | 139.92K | 120.07K | 148.85K | 77.96K | 139.45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.87M | 0 | 0 | 231.63K | 625.94K | 243.81K | 0 | 58.49K | 318.25K | 195.35K | 541.09K | 310.44K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio | 0.81x | 0.96x | 0.87x | 6.79x | 12.93x | 10.61x | 0.91x | 9.96x | 10.54x | 10.97x | 12.84x | 6.29x | 9.37x | 3.36x | - | 9.06x | 0.00x | 0.01x | 0.13x | 0.19x | 0.43x | 0.98x | 1.30x |
| Quick Ratio | 0.81x | 0.96x | 0.87x | 5.28x | 12.20x | 9.15x | 0.33x | 9.96x | 10.54x | 10.97x | 12.84x | 6.29x | 9.36x | 3.36x | - | 9.06x | 0.00x | 0.01x | 0.13x | 0.19x | 0.43x | 0.98x | 1.30x |
| Cash Conversion Cycle | - | - | - | 1.05K | 419.37 | 477.11 | -31.23 | - | - | - | - | - | 27.58 | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 3.4M | 0 | 0 | 0 | 0 | 86.07K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Debt | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 37.73K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 403.27K | 0 | 0 | 0 | 0 | 48.34K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 7.32M | 2.57M | 1.96M | 629.2K | 981.24K | 536.78K | 1.04M | 2.96M | 1.56M | 2.36M | 990.97K | 1.29M | 141.16K | 133.94K | 0 | 45K | 27.06K | 23.93K | 18.41K | 15.48K | 11.02K | 4.09K | 1.64K |
| Total Debt | 3.39M | 567.53K | 828.28K | 0 | 0 | 0 | 50K | 0 | 0 | 0 | 10.51K | 0 | 0 | 0 | 0 | 0 | 15K | 15K | 12.77K | 10K | 10K | 0 | 0 |
| Net Debt | 1.69M | -494.84K | 504.47K | -2.85M | -11.45M | -3.7M | -36.92K | -28.85M | -16.11M | -25.77M | -11.22M | -8.01M | -992.45K | -150.07K | -5.75K | -226.27K | 14.95K | 14.7K | 10.35K | 7.11K | 5.25K | -4.01K | -2.13K |
| Debt / Equity | 0.63x | 0.08x | 0.26x | - | - | - | 0.08x | - | - | - | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -13.38x | - | -149.05x | -675.51x | -654.59x | -372.90x | - | - | - | - | - | - | - | -6120.13x | - | -23.82x | -7.49x | -5.45x | -7.20x | -10.20x | - | - | - |
| Total Equity | 5.37M | 7.37M | 3.13M | 5.07M | 12.86M | 5.16M | 652.25K | 26.52M | 14.89M | 23.6M | 11.79M | 6.87M | 1.28M | 557.77K | 5.75K | 430.36K | -27.01K | -23.63K | -15.99K | -12.59K | -6.27K | -81 | 486 |
| Equity Growth % | -27.03% | 135.45% | -38.36% | -60.54% | 149.04% | 691.68% | -97.54% | 78.16% | -36.94% | 100.18% | 71.59% | 436.73% | 129.54% | 9608.79% | -98.67% | 1693.21% | -14.32% | -47.8% | -26.97% | -100.7% | -7644.44% | -116.67% | - |
| Book Value per Share | 0.60 | 1.61 | 13.70 | 9.67 | 26.17 | 26.97 | 11.09 | 768.96 | 676.11 | 1510.70 | 757.27 | 450.38 | 104.53 | 52.14 | 0.62 | 74.74 | -5.76 | -5.04 | -3.41 | -2.68 | -1.34 | -0.02 | 0.01 |
| Total Shareholders' Equity | 5.37M | 7.37M | 3.13M | 5.07M | 12.86M | 5.16M | 652.25K | 26.52M | 14.89M | 23.6M | 11.79M | 6.87M | 1.28M | 557.77K | 5.75K | 430.36K | -27.01K | -23.63K | -15.99K | -12.59K | -6.27K | -81 | 486 |
| Common Stock | 387K | 1.66K | 936 | 10.5K | 10.5K | 6K | 1.31K | 1.29K | 790 | 676 | 4.92K | 2.4K | 559.77K | 429.17K | 1.02K | 313.07K | 1.26K | 1.26K | 1.26K | 1.26K | 1.26K | 1.26K | 1.21K |
| Retained Earnings | -50.6M | -34.35M | -24.15M | -49.34M | -40.59M | -33.11M | -26.1M | -73.68M | -62.66M | -50.04M | -27.72M | -18.28M | -2.75M | -2.02M | -15.26K | -421.95K | -77.44K | -67.25K | -59.61K | -52.7K | -46.38K | -40.19K | -22.36K |
| Treasury Stock | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | 0 | 0 | - | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -14.52K | -7.59K | -1.32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity shortfall risk
As reported in recent financial statements, NextTrip's total assets have fluctuated significantly, settling at $13.1M in 2026Q4, while the persistent accumulation of a $50.6M deficit in retained earnings highlights the ongoing erosion of shareholder equity following the company's strategic transition into the travel technology sector.
The trajectory of the balance sheet appears increasingly precarious as the company struggles to stabilize its asset base while absorbing continuous operating losses. Investors should monitor whether the current asset composition can support future revenue generation or if further impairment of intangible assets is likely.
Based on 2026Q4 filings, the company maintains a current ratio of 0.81, which, when paired with a cash balance of only $1.7M, suggests a limited buffer against operational shocks and a high probability of needing external financing to maintain its current business activities in the near term.
The current ratio falling below unity indicates that current liabilities are outpacing liquid assets, leaving little room for error in managing working capital. This liquidity profile appears insufficient to support the company's high-burn operating model, warranting caution regarding potential future dilution.
According to quarterly data, NextTrip's debt-to-equity ratio reached 0.63 in 2026Q4, reflecting a reliance on debt financing that appears driven by necessity rather than strategic capital structure optimization, given the company's inability to generate consistent positive cash flow from its core travel technology operations.
While the debt-to-equity ratio may appear moderate in isolation, the underlying lack of profitability makes the current debt burden appear more significant. The reliance on debt to bridge operational gaps suggests that refinancing risk may increase if the company fails to achieve a sustainable margin profile soon.
As indicated by the balance sheet, goodwill accounts for $3.1M of the $13.1M total assets as of 2026Q4, suggesting that a substantial portion of the company's book value is tied to intangible valuations that may be subject to future impairment if the NXT2.0 platform fails to scale.
The heavy reliance on goodwill within the asset mix implies that the company's book value is sensitive to the success of its recent acquisitions and pivot. Analysts should scrutinize whether these intangible assets provide genuine competitive advantages or if they represent legacy value that no longer aligns with current market realities.
Quick answers to the most common questions about buying NTRP stock.
As of 2026, NextTrip, Inc. (NTRP) had total assets of $13.1M including $3.2M in current assets.
NextTrip, Inc. (NTRP) carries total debt of $3.4M, offset by $1.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NextTrip, Inc. (NTRP) has total shareholders' equity (book value) of $5.4M ($0.60 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NextTrip, Inc. (NTRP) reported a current ratio of 0.81x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.