The balance sheet appears increasingly vulnerable with a current ratio of 0.75 and a negative equity position of $53.3M as of 2026Q1.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 |
|---|
| Total Current Assets | 54.7M | 66.7M | 93.9M | 102.2M | 172.1M | 264.7M | 103.4M | 46.9M | 104.88M | 42.92M | 39.29M | 43.05M | 46.06M | 41.94M | 53.21M | 50.38M | 54.62M | 49.75M |
| Cash & Short-Term Investments | 37.1M | 50.4M | 77.4M | 84M | 154.5M | 247.6M | 95.3M | 31.4M | 84.01M | 21.97M | 20.42M | 27.75M | 26.38M | 19.93M | 34.48M | 31.85M | 33.46M | 30.5M |
| Cash Only | 37.1M | 50.4M | 77.4M | 84M | 154.5M | 247.6M | 95.3M | 31.4M | 3.69M | 5.1M | 3.83M | 5.53M | 3.82M | 2.44M | 4.6M | 26.86M | 11.35M | 15.67M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 80.32M | 16.87M | 16.59M | 22.23M | 22.56M | 17.49M | 29.87M | 4.99M | 22.11M | 14.83M |
| Accounts Receivable | 0 | 0 | 0 | 1.3M | 4M | 0 | 0 | 0 | 16.88M | 12.53M | 16.68M | 14.26M | 16.71M | 19.86M | 15.97M | 15.03M | 19.96M | 18.31M |
| Days Sales Outstanding | - | - | - | 1.59 | 4.93 | - | - | - | 59.88 | 60.47 | 61.39 | 57.15 | 62.83 | 79.6 | 61.38 | 58.88 | 68.75 | 71.57 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 17.6M | 16.3M | 16.5M | 16.9M | 13.6M | 5.4M | 3.4M | 10.5M | 3.99M | 8.43M | 2.19M | 1.03M | 2.97M | 2.15M | 2.76M | 3.5M | 1.2M | 942K |
| Total Non-Current Assets | 158M | 154.3M | 415.7M | 432.4M | 164.1M | 182.8M | 217.3M | 229M | 179.64M | 38.34M | 32.49M | 29.84M | 30.12M | 22.87M | 6.67M | 6.77M | 5.75M | 4.57M |
| Property, Plant & Equipment | 51.7M | 53.3M | 133.7M | 163.6M | 150.1M | 165M | 197.2M | 215.9M | 23.04M | 17.89M | 14.26M | 10.85M | 8.83M | 7.57M | 6.13M | 6.14M | 5.1M | 3.62M |
| Fixed Asset Turnover | 3.53x | 6.19x | 2.29x | 1.82x | 1.97x | 1.23x | 0.80x | 1.19x | 4.47x | 4.23x | 6.95x | 8.40x | 10.99x | 12.03x | 15.50x | 15.16x | 20.80x | 25.78x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 135.89M | 7.03M | 5M | 5.1M | 5.22M | 3.4M | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.9M | 2M | 2.4M | 3.4M | 4.1M | 6.4M | 7.8M | 9M | 16.38M | 12.72M | 12.4M | 13.16M | 14.12M | 11.34M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 12.3M | 4.2M | 4.4M | 4.8M | 6M | 6.6M | 10.5M | 0 | 4.2M | 500K | 500K | 22.23M | 22.56M | 17.49M | 29.87M | 4.99M | 22.11M | 14.83M |
| Other Non-Current Assets | 104.4M | 94.8M | 5.6M | 4.5M | 3.9M | 4.8M | 1.8M | 4.1M | 73K | 152K | 294K | -21.55M | -20.62M | -16.93M | -29.33M | -4.36M | -21.45M | -13.88M |
| Total Assets | 212.7M | 221M | 509.6M | 534.6M | 336.2M | 447.5M | 320.7M | 275.9M | 284.52M | 81.27M | 71.78M | 72.88M | 76.17M | 64.81M | 59.88M | 57.15M | 60.37M | 54.33M |
| Asset Turnover | 1.58x | 1.49x | 0.60x | 0.56x | 0.88x | 0.45x | 0.49x | 0.93x | 0.36x | 0.93x | 1.38x | 1.25x | 1.27x | 1.41x | 1.59x | 1.63x | 1.76x | 1.72x |
| Asset Growth % | -93.03% | -56.63% | -4.68% | 59.01% | -24.87% | 39.54% | 16.24% | -3.03% | 250.11% | 13.22% | -1.51% | -4.32% | 17.54% | 8.23% | 4.78% | -5.34% | 11.13% | - |
| Total Current Liabilities | 72.8M | 63.2M | 47.4M | 48.1M | 60M | 68.8M | 40.6M | 51.7M | 26.79M | 19.84M | 18.73M | 19.2M | 17.6M | 11.31M | 9.96M | 9.33M | 16.47M | 18.85M |
| Accounts Payable | 13.4M | 9.9M | 13.1M | 11.8M | 17.7M | 22.6M | 11.5M | 16.3M | 3.97M | 2.34M | 5.86M | 5.29M | 7.22M | 6.17M | 6.74M | 6.77M | 13.71M | 15.49M |
| Days Payables Outstanding | 32.84 | 27.01 | 20.05 | 18.14 | 26.77 | 42.43 | 23.19 | 25.18 | 40.39 | 31.33 | 39.85 | 40.13 | 48.06 | 38.64 | 39.3 | 39.96 | 69.02 | 86.62 |
| Short-Term Debt | 0 | 400K | 6.1M | 4.6M | 4.4M | 5.6M | 7.6M | 5.1M | 974K | 806K | 1.08M | 731K | 1.26M | 1.01M | 1.24M | 965K | 955K | 972K |
| Deferred Revenue (Current) | 63.3M | 12M | 10.2M | 10.9M | 12M | 10.4M | 5.6M | 13.7M | 3.81M | 2.64M | 2.61M | 1.92M | 1.21M | 68K | 135K | 253K | 77K | 110K |
| Other Current Liabilities | 0 | 35.3M | 15M | 16.3M | 21.2M | 26.2M | 12.5M | 13.9M | 18.03M | 14.05M | 9.19M | 11.27M | 7.91M | 4.06M | 1.85M | 1.35M | 1.73M | 2.27M |
| Current Ratio | 0.75x | 1.06x | 1.98x | 2.12x | 2.87x | 3.85x | 2.55x | 0.91x | 3.92x | 2.16x | 2.10x | 2.24x | 2.62x | 3.71x | 5.34x | 5.40x | 3.32x | 2.64x |
| Quick Ratio | 0.75x | 1.06x | 1.98x | 2.12x | 2.87x | 3.85x | 2.55x | 0.91x | 3.92x | 2.16x | 2.10x | 2.24x | 2.62x | 3.71x | 5.34x | 5.40x | 3.32x | 2.64x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 193.2M | 193.9M | 644.7M | 608.8M | 311.5M | 307.6M | 418.7M | 258M | 6.94M | 3.17M | 3.36M | 2.42M | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Debt | 157.1M | 156.6M | 333.7M | 306.7M | 272.5M | 260.8M | 355.1M | 215.1M | 2.36M | 0 | 550K | 525K | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 145.3M | 35.7M | 41M | 45.3M | 38.3M | 46.4M | 51.5M | 41.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 269.6M | 256.1M | 0 | 0 | 0 | 0 | 2.23M | 759K | 574K | 79K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.8M | 1.6M | 400K | 700K | 700K | 400K | 12.1M | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 266M | 257.1M | 692.1M | 656.9M | 371.5M | 376.4M | 459.3M | 309.7M | 32.58M | 29.11M | 23.8M | 22.36M | 19.8M | 13.58M | 12.9M | 13.48M | 18.81M | 54.33M |
| Total Debt | 197.1M | 198.3M | 380.8M | 356.6M | 315.2M | 312.8M | 414.2M | 261.9M | 2.36M | 0 | 550K | 525K | 0 | 0 | 0 | 965K | 955K | 0 |
| Net Debt | 160M | 147.9M | 303.4M | 272.6M | 160.7M | 65.2M | 318.9M | 230.5M | -1.33M | -5.1M | -3.29M | -5M | -3.82M | -2.44M | -4.6M | -25.9M | -10.4M | -15.67M |
| Debt / Equity | -3.70x | - | - | - | - | 4.40x | - | - | 0.01x | - | 0.01x | 0.01x | - | - | - | 0.02x | 0.02x | - |
| Debt / EBITDA | -6.08x | - | 5.08x | 10.81x | 20.60x | - | - | - | 1.64x | - | - | - | - | - | - | 0.14x | 0.09x | - |
| Net Debt / EBITDA | -4.94x | - | 4.05x | 8.26x | 10.50x | - | - | - | -0.93x | - | - | - | -4.61x | -1.73x | -0.66x | -3.68x | -1.01x | -2.05x |
| Interest Coverage | 0.94x | 0.61x | -1.88x | -2.35x | -2.77x | -3.00x | -2.67x | -5.42x | - | - | - | - | - | - | 3178.00x | 726.70x | 1441.29x | 3529.00x |
| Total Equity | -53.3M | -36.1M | -182.5M | -122.3M | -35.3M | 71.1M | -138.6M | -33.8M | 251.95M | 52.16M | 47.98M | 50.52M | 56.37M | 51.23M | 46.98M | 43.67M | 41.57M | 35.48M |
| Equity Growth % | 183.75% | 80.22% | -49.22% | -246.46% | -149.65% | 151.3% | -310.06% | -113.42% | 383.03% | 8.71% | -5.03% | -10.37% | 10.04% | 9.05% | 7.57% | 5.07% | 17.15% | - |
| Book Value per Share | -1.59 | -3.01 | -48.32 | -35.78 | -10.99 | 22.56 | -42.37 | -10.33 | 373.04 | 85.67 | 81.79 | 90.25 | 5.14 | 4.65 | 4.25 | 3.89 | 3.72 | 3.21 |
| Total Shareholders' Equity | -53.3M | -36.1M | -182.5M | -122.3M | -35.3M | 71.1M | -138.6M | -33.8M | 251.95M | 52.16M | 47.98M | 50.52M | 56.37M | 51.23M | 46.98M | 43.67M | 41.57M | 35.48M |
| Common Stock | 0 | 0 | 0 | 0 | 100K | 100K | 0 | 0 | 15K | 12K | 12K | 11K | 11K | 11K | 11K | 11K | 11K | 11K |
| Retained Earnings | -1.12B | -1.1B | -1.12B | -1.05B | -939.9M | -801.2M | -589.4M | -418.3M | -33.81M | -31.82M | -27.57M | -4.95M | 1.47M | 2.24M | 1.67M | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 464K | 409K | 31K | 341K | 530K | 89K | -203K | 170K | 132K | 181K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Negative Equity and Solvency
As reported in recent financial filings, RENT's balance sheet has deteriorated significantly, with shareholders' equity falling to a deficit of $53.3M in 2026Q1, reflecting the cumulative impact of persistent operating losses and the ongoing struggle to maintain a sustainable capital structure for its rental operations.
The consistent decline in equity highlights a structural inability to generate retained earnings, which have remained stagnant at negative $1.1B. This trajectory suggests that the company is increasingly reliant on external financing or debt restructuring to offset the erosion of its net asset base.
Based on the company's latest quarterly data, total debt remains elevated at $197.1M, which, when viewed against the backdrop of negative equity, indicates a highly leveraged position that leaves little room for operational error or further capital market volatility in the near term.
The debt load appears to be a necessity-driven burden rather than a strategic tool, as the company lacks the positive cash flow required to deleverage effectively. Investors should monitor the maturity profile of these obligations, as the current liquidity position may necessitate further dilutive financing or restrictive debt terms.
According to the 2026Q1 balance sheet, the current ratio has compressed to 0.75, signaling that RENT's liquid assets are insufficient to cover its short-term liabilities, a trend that warrants close monitoring given the company's history of burning cash to support its fulfillment infrastructure.
The decline in cash reserves from $84.0M in 2023Q4 to $37.1M in 2026Q1 underscores the rapid consumption of liquidity. This tightening buffer suggests that the company may face significant challenges in funding its working capital requirements without immediate access to additional capital or a sharp improvement in operational efficiency.
As indicated in recent balance sheet disclosures, RENT's asset mix is heavily weighted toward property, plant, and equipment, with net PPE of $51.7M in 2026Q1, reflecting the substantial sunk costs required to maintain the specialized reverse logistics and garment cleaning facilities essential to the business model.
The volatility in PPE levels suggests that the company has been actively managing its physical footprint, likely in response to shifting demand and cost-cutting initiatives. The limited value of goodwill, at only $1.9M, implies that the company's valuation is almost entirely dependent on its operational assets rather than intangible brand equity.
Analysis of the balance sheet reveals that the negative equity position of $53.3M is the most critical risk factor, as it suggests that the company's liabilities significantly exceed its assets, potentially limiting its ability to secure favorable financing terms in the future.
This structural imbalance may be exacerbated by the potential for future inventory write-downs if garment durability does not meet expectations. Investors should be wary that the headline asset values may not be fully realizable in a liquidation scenario, given the specialized nature of the rental inventory.
Quick answers to the most common questions about buying RENT stock.
As of 2025, Rent the Runway, Inc. (RENT) had total assets of $221.0M including $66.7M in current assets.
Rent the Runway, Inc. (RENT) carries total debt of $198.3M, offset by $50.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Rent the Runway, Inc. (RENT) has total shareholders' equity (book value) of $-36.1M ($-3.01 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Rent the Runway, Inc. (RENT) reported a current ratio of 1.06x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.