The company's financial foundation appears fragile, with total equity plummeting from $45.9 million in 2023Q4 to a negative $17.5 million by 2025Q2, reflecting significant erosion in shareholder value.
Playboy, Inc. (PLBY) balance sheet — 8-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Total Current Assets | 59.28M | 65.47M | 57.5M | 69.7M | 120.72M | 138.88M | 47.22M | 53.83M | 48.44M |
| Cash & Short-Term Investments | 31.85M | 37.8M | 30.9M | 28.12M | 31.82M | 69.25M | 13.43M | 27.74M | 26.84M |
| Cash Only | 31.85M | 37.8M | 30.9M | 28.12M | 31.82M | 69.25M | 13.43M | 27.74M | 26.84M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 6.51M | 6.29M | 8.84M | 10.68M | 16.77M | 14.21M | 12.22M | 6.76M | 8.03M |
| Days Sales Outstanding | 18.06 | 18.99 | 27.79 | 27.26 | 33 | 21.03 | 30.2 | 31.61 | 29.04 |
| Inventory | 11.25M | 12.93M | 8.92M | 13M | 20.61M | 39.88M | 11.79M | 11.75M | 353K |
| Days Inventory Outstanding | 116.22 | 134.59 | 77.94 | 86.62 | 90.7 | 133.96 | 58.8 | 127.5 | 2.55 |
| Other Current Assets | 100K | 5.42M | 7.38M | 14.85M | 40M | 5.82M | 4.25M | 5.87M | 10.2M |
| Total Non-Current Assets | 229.57M | 226.9M | 257.97M | 264.56M | 466.94M | 796.52M | 364.91M | 364.82M | 349.15M |
| Property, Plant & Equipment | 18.86M | 20.25M | 24.34M | 38.8M | 41.89M | 65.19M | 5.2M | 5.93M | 3.64M |
| Fixed Asset Turnover | 6.37x | 5.97x | 4.77x | 3.68x | 4.43x | 3.78x | 28.38x | 13.17x | 27.70x |
| Goodwill | 38.11M | 37.47M | 36.01M | 54.9M | 123.22M | 270.58M | 504K | 504K | 504K |
| Intangible Assets | 155.9M | 155.88M | 155.97M | 157.9M | 236.14M | 7.67M | 2.38M | 338.99M | 333.02M |
| Long-Term Investments | 37.14M | 12.39M | 10.17M | 10.69M | 17.49M | 21.34M | 0 | 0 | 0 |
| Other Non-Current Assets | 16.71M | 922K | 31.49M | 2.27M | 15.14M | 453.09M | 356.83M | 19.39M | 11.98M |
| Total Assets | 288.85M | 292.37M | 284.7M | 334.25M | 587.66M | 935.41M | 412.13M | 418.65M | 397.59M |
| Asset Turnover | 0.44x | 0.41x | 0.41x | 0.43x | 0.32x | 0.26x | 0.36x | 0.19x | 0.25x |
| Asset Growth % | 20.19% | 2.69% | -14.82% | -43.12% | -37.18% | 126.97% | -1.56% | 5.3% | - |
| Total Current Liabilities | 74.81M | 63.79M | 55.84M | 58.93M | 92.92M | 117.79M | 53.96M | 61.15M | 55.73M |
| Accounts Payable | 11.88M | 11.93M | 10.67M | 14.5M | 13.63M | 20.58M | 8.68M | 7.86M | 6.8M |
| Days Payables Outstanding | 117.61 | 124.14 | 93.23 | 96.62 | 59.98 | 69.12 | 43.28 | 85.28 | 49.06 |
| Short-Term Debt | 0 | 1.52M | 381K | 304K | 8.33M | 2.81M | 10.7M | 16.68M | 5.8M |
| Deferred Revenue (Current) | 37.95M | 11.02M | 9.69M | 9.21M | 10.48M | 11.04M | 11.16M | 0 | 0 |
| Other Current Liabilities | 14.83M | 2.53M | 10.02M | 1.62M | 44.3M | 69.05M | 7.77M | 21.97M | 29.22M |
| Current Ratio | 0.79x | 1.03x | 1.03x | 1.18x | 1.30x | 1.18x | 0.87x | 0.88x | 0.87x |
| Quick Ratio | 0.64x | 0.82x | 0.87x | 0.96x | 1.08x | 0.84x | 0.66x | 0.69x | 0.86x |
| Cash Conversion Cycle | 16.66 | 29.44 | 12.5 | 17.26 | 63.72 | 85.87 | 45.72 | 73.83 | -17.48 |
| Total Non-Current Liabilities | 191.39M | 210.41M | 236.8M | 229.64M | 339.7M | 395.34M | 275.35M | 272.41M | 250.25M |
| Long-Term Debt | 156M | 172.65M | 176.19M | 190.12M | 230.22M | 226.04M | 154.23M | 157.81M | 162.59M |
| Capital Lease Obligations | 58.12M | 14.77M | 18.84M | 24.62M | 26.7M | 35.53M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 32.24M | 6.42M | 10.3M | 9.3M | 60.49M | 91.21M | 74.91M | 0 | 0 |
| Other Non-Current Liabilities | 2.38M | 2.33M | 25.7M | 957K | 886K | 20K | 2.42M | 114.6M | 87.66M |
| Total Liabilities | 266.2M | 274.2M | 292.64M | 288.57M | 432.62M | 513.12M | 329.32M | 333.56M | 305.98M |
| Total Debt | 177.44M | 196.34M | 202.04M | 222M | 265.25M | 274.08M | 164.93M | 174.49M | 168.4M |
| Net Debt | 145.58M | 158.54M | 171.14M | 193.88M | 233.43M | 204.84M | 151.5M | 146.75M | 141.56M |
| Debt / Equity | 7.83x | 10.81x | - | 4.86x | 1.71x | 0.65x | 1.99x | 2.05x | 1.84x |
| Debt / EBITDA | 13.87x | 81.47x | - | - | - | - | 10.39x | - | 7.51x |
| Net Debt / EBITDA | 11.38x | 65.79x | - | - | - | - | 9.55x | - | 6.31x |
| Interest Coverage | 0.89x | -0.69x | -2.22x | -7.60x | -2.68x | -3.62x | 1.01x | - | - |
| Total Equity | 22.65M | 18.17M | -7.94M | 45.69M | 155.04M | 422.28M | 82.81M | 85.09M | 91.61M |
| Equity Growth % | 1073.27% | 328.83% | -117.38% | -70.53% | -63.28% | 409.94% | -2.68% | -7.11% | - |
| Book Value per Share | 0.20 | 0.18 | -0.10 | 0.64 | 3.27 | 11.08 | 3.73 | 11.28 | 23.99 |
| Total Shareholders' Equity | 22.05M | 18.38M | -7.73M | 45.89M | 155.25M | 422.49M | 83.02M | 85.3M | 91.82M |
| Common Stock | 11K | 11K | 9K | 7K | 5K | 4K | 2K | 36K | 36K |
| Retained Earnings | -710.68M | -706.92M | -693.64M | -613.81M | -433.4M | -155.69M | -78.02M | -72.75M | -58.86M |
| Treasury Stock | -9.27M | -5.45M | -5.45M | -5.45M | -4.45M | -4.45M | 0 | -23.45M | -38.45M |
| Accumulated OCI | -25.98M | -26.72M | -27.45M | -24.91M | -24.14M | -3.73M | 0 | 0 | 0 |
| Minority Interest | 593K | -208K | -208K | -208K | -208K | -208K | -208K | -208K | -208K |
Quick answers to the most common questions about buying PLBY stock.
As of 2025, Playboy, Inc. (PLBY) had total assets of $292.4M including $65.5M in current assets.
Playboy, Inc. (PLBY) carries total debt of $196.3M, offset by $37.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Playboy, Inc. (PLBY) has total shareholders' equity (book value) of $18.4M ($0.18 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Playboy, Inc. (PLBY) reported a current ratio of 1.03x. 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
High debt leverage exposure
Metrics are mathematically derived from official filings.
Balance Sheet Erosion Amidst Volatility
As reported in financial statements, PLBY's total equity has experienced extreme volatility, plummeting from $45.9 million in 2023Q4 to a negative $17.5 million by 2025Q2, signaling a deteriorating financial foundation that reflects the ongoing struggle to reconcile high debt levels with inconsistent operational performance.
The persistent decline in retained earnings, which reached negative $710.9 million by 2026Q1, suggests that the company has been unable to generate sufficient internal capital to offset its operational losses. This trajectory indicates that the balance sheet is increasingly reliant on external financing rather than organic value creation, leaving shareholders exposed to significant dilution risks.
Leverage Constraints Limit Strategic Flexibility
According to recent SEC filings, the company's debt-to-equity ratio reached a precarious 56.00 in 2025Q3, highlighting a capital structure that is heavily burdened by debt obligations relative to its shrinking equity base, which severely limits management's ability to pivot or invest in growth initiatives.
The high debt load, consistently hovering near $200 million, appears to be a structural anchor that forces the company to prioritize interest servicing over necessary operational investments. Investors should monitor whether the current debt levels remain sustainable given the company's inability to maintain positive net income, as refinancing risks may escalate in a higher-for-longer interest rate environment.
Tight Liquidity Buffers Heighten Risk
Based on reported figures, the current ratio has fluctuated narrowly between 0.75 and 1.44 over the last ten quarters, suggesting that the company maintains a thin liquidity buffer that may be insufficient to absorb unexpected operational shocks or sudden shifts in working capital requirements.
The reliance on cash balances that have remained largely stagnant, often below $30 million, indicates that the company lacks the financial cushion required to navigate its high-fixed-cost retail and digital operations. This tight liquidity position suggests that any disruption in licensing royalty inflows could immediately threaten the company's ability to meet its short-term obligations.
Intangible Asset Valuation Risks Loom
As indicated by the provided data, the company's goodwill and intangible assets have seen significant downward adjustments, dropping from $54.9 million in 2023Q4 to $38.0 million in 2026Q1, which may imply that previous acquisition premiums are being systematically written down to reflect current market realities.
The volatility in goodwill suggests that the carrying value of the brand and acquired assets remains subject to impairment risk if the underlying business segments fail to meet performance expectations. This potential for further write-downs warrants close investigation, as it could lead to additional erosion of the already fragile equity base.