Portillo's Inc. (PTLO) Balance Sheet

7Y historyFree accessUpdated daily

The company's financial position appears vulnerable, evidenced by a debt-to-equity ratio of 1.38 and a significant $394.3M goodwill balance relative to its $471.0M equity base.

Annual statement

PTLO Balance Sheet

Portillo's Inc. (PTLO) balance sheet — 7-year assets, liabilities & shareholders' equity history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19

Total Current Assets	49.77M	51.52M	52.65M	41.92M	65.33M	59.02M	54.63M	32.69M
Cash & Short-Term Investments	21.25M	19.96M	22.88M	10.44M	44.43M	39.26M	41.43M	22.42M
Cash Only	21.25M	19.96M	22.88M	10.44M	44.43M	39.26M	41.43M	22.42M
Short-Term Investments	0	0	0	0	0	0	0	0
Accounts Receivable	11.27M	24.41M	14.79M	14.18M	8.59M	7.84M	5.2M	3.66M
Days Sales Outstanding	7.28	12.17	7.6	7.61	5.34	5.35	4.17	2.79
Inventory	11.13M	8.21M	7.92M	8.73M	7.39M	6.08M	5.08M	3.9M
Days Inventory Outstanding	5.82	6.76	6.83	7.88	7.52	7.26	7.17	5.02
Other Current Assets	0	-7.91M	0	0	0	0	0	2.7M
Total Non-Current Assets	1.57B	1.56B	1.45B	1.34B	1.21B	940.56M	855.6M	853.95M
Property, Plant & Equipment	704.26M	681.35M	581.37M	489.62M	393.84M	190.83M	174.77M	165.1M
Fixed Asset Turnover	1.09x	1.07x	1.22x	1.39x	1.49x	2.80x	2.61x	2.90x
Goodwill	394.3M	394.3M	394.3M	394.3M	394.3M	394.3M	394.3M	394.3M
Intangible Assets	243.76M	23.39M	250.02M	252.84M	255.72M	259.76M	266.18M	274.95M
Long-Term Investments	62.67M	15.7M	16.06M	16.68M	16.27M	16.17M	16.02M	15.86M
Other Non-Current Assets	7.08M	229.02M	8.28M	5.49M	4.12M	5.04M	4.33M	3.74M
Total Assets	1.62B	1.61B	1.5B	1.39B	1.28B	999.57M	910.22M	886.64M
Asset Turnover	0.47x	0.46x	0.47x	0.49x	0.46x	0.54x	0.50x	0.54x
Asset Growth %	27.65%	7.1%	8.27%	8.24%	28.06%	9.82%	2.66%	-
Total Current Liabilities	188.82M	193.96M	135.57M	104.91M	77.3M	66.94M	66.35M	69.94M
Accounts Payable	38.33M	43.21M	45.52M	33.19M	30.27M	27.25M	21.43M	15.88M
Days Payables Outstanding	27.16	35.57	39.3	29.93	30.81	32.55	30.26	20.46
Short-Term Debt	103.25M	103.13M	36.25M	22.5M	4.16M	3.32M	3.32M	18.32M
Deferred Revenue (Current)	22.6M	7.47M	7.03M	7.18M	7.29M	6.89M	6.77M	0
Other Current Liabilities	1.34M	10.95M	15.34M	18.45M	0	0	0	5.99M
Current Ratio	0.26x	0.27x	0.39x	0.40x	0.85x	0.88x	0.82x	0.47x
Quick Ratio	0.20x	0.22x	0.33x	0.32x	0.75x	0.79x	0.75x	0.41x
Cash Conversion Cycle	-14.06	-16.64	-24.86	-14.44	-17.95	-19.94	-18.92	-12.65
Total Non-Current Liabilities	925.75M	915.3M	874.41M	820.52M	769.88M	509.23M	703.16M	488.92M
Long-Term Debt	235.19M	237.98M	275.42M	283.92M	314.43M	315.83M	466.38M	465.84M
Capital Lease Obligations	1.34B	329.19M	278.54M	238.41M	200.17M	0	0	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	345.64M	348.14M	320.45M	298.18M	255.29M	161.23M	236.78M	23.08M
Total Liabilities	1.11B	1.11B	1.01B	925.43M	847.18M	576.17M	769.51M	558.86M
Total Debt	691.39M	670.29M	596.23M	550.41M	523.6M	319.15M	469.7M	484.17M
Net Debt	670.13M	650.33M	573.35M	539.98M	479.17M	279.89M	428.27M	461.74M
Debt / Equity	1.36x	1.35x	1.22x	1.20x	1.21x	0.75x	3.34x	1.48x
Debt / EBITDA	9.58x	8.35x	6.99x	6.90x	8.42x	5.99x	5.74x	6.61x
Net Debt / EBITDA	9.29x	8.10x	6.72x	6.77x	7.71x	5.25x	5.23x	6.30x
Interest Coverage	1.52x	2.06x	2.63x	2.02x	1.69x	0.57x	1.27x	1.13x
Total Equity	509.95M	497.27M	490.1M	460.11M	432.9M	423.41M	140.71M	327.78M
Equity Growth %	9.25%	1.46%	6.52%	6.29%	2.24%	200.91%	-57.07%	-
Book Value per Share	6.97	7.00	7.66	8.03	10.13	11.82	4.19	9.76
Total Shareholders' Equity	480.13M	467.8M	401.06M	322.38M	256.34M	171.26M	140.71M	327.78M
Common Stock	725K	720K	637K	555K	484K	358K	0	0
Retained Earnings	69.02M	62.47M	43.13M	13.61M	-4.81M	-15.95M	0	56.08M
Treasury Stock	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	-749K
Minority Interest	29.82M	29.48M	89.04M	137.73M	176.56M	252.14M	0	0

Key Metrics

Growth RegimeDecelerating

ProfitabilityStrained

Balance SheetVulnerable

Cash FlowBurning

Top Statement Risk

Liquidity and leverage constraints

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q1)

Liquidity Buffer Remains Critically Thin

As reported in recent financial statements, PTLO's current ratio has languished at 0.26 in 2026Q1, indicating that the company maintains a minimal liquidity buffer relative to its short-term obligations, which warrants close monitoring given the ongoing capital-intensive expansion strategy and the volatility of its operating cash flows.

The consistently low current ratio suggests that the company relies heavily on continuous operational cash inflows or external financing to meet immediate liabilities. This lack of a meaningful liquidity cushion leaves the business highly susceptible to even minor disruptions in store-level performance or unexpected spikes in commodity costs.

Leverage Profile Reflects Capital Intensity

Based on the company's reported figures, total debt surged to $688.6M in 2026Q1, with the debt-to-equity ratio fluctuating significantly to 1.38, highlighting a reliance on debt financing to fund the large-format real estate footprints that are central to the brand's high-volume, multi-station kitchen operational model.

The volatility in the debt-to-equity ratio, which spiked to 2.01 in 2025Q4, suggests that management is actively utilizing leverage to bridge the gap between capital expenditure requirements and internal cash generation. Investors should consider whether this debt load remains sustainable if the company's unit-led growth strategy fails to deliver the expected returns on invested capital.

Asset Base Heavily Tied to PPE

According to quarterly balance sheet data, net property, plant, and equipment has grown to $693.4M as of 2026Q1, representing a substantial portion of the $1.6B total asset base and underscoring the company's asset-heavy business model that requires significant ongoing investment to maintain its complex kitchen infrastructure.

The concentration of assets in PPE reflects the high-cost nature of the company's large-format restaurant sites, which are essential for maintaining the throughput required for its high AUVs. This asset structure creates a high fixed-cost burden that may limit the company's flexibility during periods of declining consumer demand or inflationary pressure.

Hidden Risks in Capital Structure

As indicated by the provided financial data, the company's reliance on significant goodwill of $394.3M, combined with a thin equity base of $471.0M, suggests that the balance sheet may be sensitive to potential impairment risks if new unit performance fails to meet long-term growth expectations.

The presence of substantial goodwill relative to total equity warrants further investigation into the underlying assumptions of the company's expansion strategy. If the brand's portability into new markets proves less successful than anticipated, the carrying value of these intangible assets could face downward pressure, negatively impacting the company's reported equity position.

PTLO — Frequently Asked Questions

Quick answers to the most common questions about buying PTLO stock.

What are the total assets of Portillo's Inc. (PTLO)?

As of 2025, Portillo's Inc. (PTLO) had total assets of $1.61B including $51.5M in current assets.

How much debt does Portillo's Inc. (PTLO) have?

Portillo's Inc. (PTLO) carries total debt of $670.3M, offset by $20.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.

What is the book value or shareholders' equity of Portillo's Inc.?

Portillo's Inc. (PTLO) has total shareholders' equity (book value) of $467.8M ($7.00 book value per share). Book value represents the net worth of the company belonging to common stock holders.

What is Portillo's Inc.'s current ratio and liquidity?

Portillo's Inc. (PTLO) reported a current ratio of 0.27x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.