The capital structure is increasingly strained, as total debt rose to $5.6 billion by 2025Q2, contributing to a severely eroded equity base that has reached negative $4.3 billion.
| Total Current Assets | 2.21B | 2.69B | 2.3B | 2.27B | 2.18B | 1.61B | 1.17B | 527.48M |
| Cash & Short-Term Investments | 718.63M | 1.18B | 739.24M | 768.93M | 973.88M | 757.93M | 316.42M | 236.2M |
| Cash Only | 718.63M | 1.18B | 739.24M | 768.93M | 973.88M | 756.68M | 316.42M | 236.2M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 1.26M | 0 | 0 |
| Accounts Receivable | 419.4M | 609.89M | 418.93M | 474.31M | 318.8M | 246.8M | 357.13M | 45.39M |
| Days Sales Outstanding | 48.82 | 72.79 | 75.17 | 72.78 | 47.67 | 67.05 | 213.6 | 179.28 |
| Inventory | 805.7M | 859.32M | 1.08B | 927.69M | 657.88M | 545.74M | 432.53M | 22.71M |
| Days Inventory Outstanding | 101.8 | 75.72 | 135.36 | 121.29 | 102.51 | 149.02 | 285.11 | 208.29 |
| Other Current Assets | 270.28M | 2.83M | 11.6M | 64.33M | 197.43M | 10M | 55.95M | 218.38M |
| Total Non-Current Assets | 1.43B | 1.24B | 1.76B | 1.85B | 1.76B | 1.7B | 1.38B | 1.02B |
| Property, Plant & Equipment | 343.61M | 393.53M | 593.88M | 384.8M | 354.79M | 328.82M | 201.67M | 120.24M |
| Fixed Asset Turnover | 5.22x | 7.77x | 3.43x | 6.18x | 6.88x | 4.09x | 3.03x | 0.77x |
| Goodwill | 53.32M | 52.39M | 43.79M | 48.06M | 46.46M | 53.28M | 59.13M | 51.83M |
| Intangible Assets | 784.35M | 647.94M | 997.06M | 1.36B | 1.35B | 1.32B | 1.11B | 844.26M |
| Long-Term Investments | 0 | 54.94M | 0 | 2.41M | 2.33M | 0 | 0 | 0 |
| Other Non-Current Assets | 124.03M | 0 | 39.74M | 7.92M | 5.31M | 1.68M | 1.44M | 4.54M |
| Total Assets | 3.64B | 3.93B | 4.05B | 4.12B | 3.94B | 3.31B | 2.55B | 1.55B |
| Asset Turnover | 0.66x | 0.78x | 0.50x | 0.58x | 0.62x | 0.41x | 0.24x | 0.06x |
| Asset Growth % | -25.59% | -3.07% | -1.62% | 4.54% | 19.12% | 29.87% | 64.6% | - |
| Total Current Liabilities | 5.2B | 6.21B | 4.74B | 3.52B | 3.19B | 3.04B | 1.87B | 941.6M |
| Accounts Payable | 757.74M | 1.11B | 893.91M | 368.14M | 1.03B | 1.54B | 1.15B | 317.76M |
| Days Payables Outstanding | 89.19 | 97.56 | 112.11 | 48.13 | 160.9 | 421.06 | 755.02 | 2.91K |
| Short-Term Debt | 3.2B | 3.86B | 2.61B | 2.09B | 1.35B | 734.12M | 363.49M | 534.04M |
| Deferred Revenue (Current) | 92.32M | 53.24M | 54.99M | 91.29M | 68.1M | 94.78M | 30.23M | 0 |
| Other Current Liabilities | 865.96M | 539.47M | 399.49M | 255M | 266.81M | 606.07M | 49.13M | 9.74M |
| Current Ratio | 0.43x | 0.43x | 0.48x | 0.65x | 0.68x | 0.53x | 0.63x | 0.56x |
| Quick Ratio | 0.27x | 0.29x | 0.26x | 0.38x | 0.48x | 0.35x | 0.40x | 0.54x |
| Cash Conversion Cycle | 61.42 | 50.95 | 98.42 | 145.94 | -10.71 | -204.99 | -256.31 | -2.53K |
| Total Non-Current Liabilities | 2.71B | 2.84B | 2.64B | 1.86B | 912.95M | 146.48M | 99.66M | 15.59M |
| Long-Term Debt | 2.38B | 2.5B | 2.34B | 1.41B | 43.64M | 0 | 0 | 0 |
| Capital Lease Obligations | 252.84M | 93.51M | 47.92M | 54.44M | 31.33M | 66.58M | 61.84M | 12.22M |
| Deferred Tax Liabilities | 1.16M | 577K | 630K | 3.33M | 12.47M | 509K | 6.55M | 0 |
| Other Non-Current Liabilities | 198.56M | 174.34M | 194.93M | 386.43M | 776.49M | 50.48M | 18.85M | 3.37M |
| Total Liabilities | 7.91B | 9.05B | 7.38B | 5.38B | 4.08B | 3.19B | 1.97B | 957.19M |
| Total Debt | 5.65B | 6.49B | 5.01B | 3.58B | 1.44B | 825.41M | 436.52M | 546.26M |
| Net Debt | 4.93B | 5.31B | 4.27B | 2.81B | 478.67M | 68.73M | 120.09M | 310.07M |
| Debt / Equity | -1.32x | - | - | - | - | 6.74x | 0.75x | 0.92x |
| Debt / EBITDA | -2.34x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -2.05x | - | - | - | - | - | - | - |
| Interest Coverage | -1.73x | -5.29x | -5.14x | -4.56x | -4.78x | -20.52x | -16.72x | -8.35x |
| Total Equity | -4.27B | -5.12B | -3.33B | -1.26B | -133.34M | 122.5M | 580.71M | 591.16M |
| Equity Growth % | -906.08% | -53.89% | -163.69% | -846.65% | -208.86% | -78.91% | -1.77% | - |
| Book Value per Share | -60.52 | -55.37 | -47.32 | -17.95 | -1.90 | 1.74 | 10.36 | 88.67 |
| Total Shareholders' Equity | -4.27B | -5.12B | -3.33B | -1.26B | -133.34M | 122.5M | 580.71M | 591.16M |
| Common Stock | 21.26M | 27.82M | 21.17M | 21.17M | 21.16M | 1.87B | 1.32B | 0 |
| Retained Earnings | -8.1B | -9.27B | -6.91B | -4.87B | -3.68B | -1.76B | -754.41M | -274.17M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -28.28M | -14.66M | -63.15M | -26.01M | -15.77M | -16.78M | 16.36M | -13.9M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and Solvency Risk
According to recent financial filings, Polestar's equity position has deteriorated significantly, moving from a negative $141 million in 2023Q1 to a negative $4.3 billion by 2025Q2, signaling a persistent erosion of shareholder value driven by continuous operational losses and heavy reliance on external debt financing.
The consistent decline in equity suggests that the company is consuming its capital base at an unsustainable rate to fund operations. This trajectory implies that without a fundamental shift in unit economics, the company may remain trapped in a cycle of balance sheet dilution or further debt accumulation.
As reported in financial statements, Polestar's total debt has climbed from $1.8 billion in 2023Q1 to $5.6 billion in 2025Q2, indicating that the company is increasingly reliant on debt to bridge the gap between its high fixed-cost structure and its current inability to generate positive cash flow.
The rapid accumulation of debt relative to a stagnant asset base suggests that the company's leverage is necessity-driven rather than strategic. Investors should monitor the company's ability to service these obligations, as the lack of positive operating cash flow makes the current debt burden appear increasingly precarious.
Based on reported figures, Polestar's current ratio has compressed from 0.67 in 2023Q1 to 0.43 in 2025Q2, highlighting a severe liquidity constraint that leaves the company with limited buffer to absorb shocks or fund ongoing working capital requirements without immediate access to external capital.
A current ratio consistently below 1.0 indicates that current liabilities significantly outweigh current assets, which may imply a high risk of liquidity stress. This situation warrants further investigation into the company's credit facilities and the willingness of its parent entities to provide continued financial support.
Data from recent filings reveals that Polestar's asset base is heavily influenced by volatile goodwill and intangible valuations, which reached $837.7 million in 2025Q1 before dropping to $53.3 million in 2025Q2, suggesting that headline asset figures may be subject to significant accounting adjustments and impairment risks.
The extreme volatility in reported goodwill suggests that the balance sheet may not accurately reflect the underlying value of the company's assets. This instability makes it difficult for analysts to rely on book value as a floor for valuation, potentially masking deeper structural weaknesses in the company's asset quality.
Quick answers to the most common questions about buying PSNY stock.
As of 2025, Polestar Automotive Holding UK PLC (PSNY) had total assets of $3.93B including $2.69B in current assets.
Polestar Automotive Holding UK PLC (PSNY) carries total debt of $6.49B, offset by $1.18B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Polestar Automotive Holding UK PLC (PSNY) has total shareholders' equity (book value) of $-5122.2M ($-55.37 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Polestar Automotive Holding UK PLC (PSNY) reported a current ratio of 0.43x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.