The balance sheet is a fortress with a current ratio of 3.62 and minimal debt (D/E of 0.11), but total assets have eroded by 41.5% from $567.0M to $331.5M over ten quarters due to cash burn from operations and share repurchases.
Riskified Ltd. (RSKD) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 279.67M | 355.86M | 433.7M | 532.3M | 529.93M | 565.07M | 163.5M | 100.88M |
| Cash & Short-Term Investments | 223.57M | 297.58M | 376.06M | 474.81M | 475.67M | 503.27M | 117.62M | 72.71M |
| Cash Only | 105.24M | 162.15M | 371.06M | 440.84M | 188.67M | 418.14M | 103.61M | 72.71M |
| Short-Term Investments | 118.33M | 135.43M | 5M | 33.97M | 287M | 85.13M | 14.01M | 0 |
| Accounts Receivable | 43.16M | 48.45M | 47.8M | 46.89M | 37.55M | 35.48M | 37.19M | 25.21M |
| Days Sales Outstanding | 38.8 | 51.32 | 53.27 | 57.5 | 52.46 | 56.51 | 79.98 | 70.49 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 9.82M | 9.83M | 10.61M | 2.35M | 7.23M | 3.05M | 157K |
| Total Non-Current Assets | 51.84M | 54.71M | 62.16M | 69.63M | 77.05M | 35.56M | 17.06M | 9.18M |
| Property, Plant & Equipment | 29.21M | 32.17M | 38.01M | 45.38M | 53.74M | 16.97M | 4.64M | 4.08M |
| Fixed Asset Turnover | 11.72x | 10.71x | 8.62x | 6.56x | 4.86x | 13.50x | 36.58x | 32.01x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 3.5M | 5M | 3.5M | 2.1M | 758K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 22.64M | 22.54M | 24.15M | 20.75M | 18.31M | 15.09M | 10.32M | 4.35M |
| Total Assets | 331.51M | 410.57M | 495.86M | 601.93M | 606.98M | 600.63M | 180.56M | 110.07M |
| Asset Turnover | 0.96x | 0.84x | 0.66x | 0.49x | 0.43x | 0.38x | 0.94x | 1.19x |
| Asset Growth % | -76.03% | -17.2% | -17.62% | -0.83% | 1.06% | 232.65% | 64.05% | - |
| Total Current Liabilities | 77.32M | 70.72M | 70.54M | 69.81M | 72.61M | 62.41M | 51.92M | 37.3M |
| Accounts Payable | 2.52M | 1.91M | 2.31M | 2.57M | 2.11M | 228K | 1.51M | 2.74M |
| Days Payables Outstanding | 3.91 | 4.14 | 5.38 | 6.47 | 6.11 | 0.78 | 7.15 | 15.43 |
| Short-Term Debt | 0 | 6.08M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 28.49M | 35.2M | 49.89M | 33.06M | 33.98M | 51.17M | 31.79M | 25.71M |
| Current Ratio | 3.62x | 5.03x | 6.15x | 7.62x | 7.30x | 9.05x | 3.15x | 2.70x |
| Quick Ratio | 3.62x | 5.03x | 6.15x | 7.62x | 7.30x | 9.05x | 3.15x | 2.70x |
| Cash Conversion Cycle | 34.89 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 44.99M | 45.09M | 43.02M | 40.4M | 39.94M | 9.36M | 3.3M | 8.02M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 73.62M | 18.95M | 21.94M | 25.69M | 31.2M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 14.71M | 0 | 2.72M | 0 | 0 |
| Other Non-Current Liabilities | 27.81M | 26.14M | 21.08M | 0 | 8.73M | 6.64M | 3.3M | 6.11M |
| Total Liabilities | 122.31M | 115.81M | 113.56M | 110.21M | 112.55M | 71.77M | 55.22M | 45.31M |
| Total Debt | 23.53M | 25.02M | 27.53M | 31.31M | 37.42M | 0 | 0 | 0 |
| Net Debt | -81.71M | -137.13M | -343.53M | -409.53M | -151.25M | -418.14M | -103.61M | -72.71M |
| Debt / Equity | 0.11x | 0.08x | 0.07x | 0.06x | 0.08x | - | - | - |
| Debt / EBITDA | -4.98x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 17.30x | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - |
| Total Equity | 209.2M | 294.76M | 382.3M | 491.72M | 494.44M | 528.86M | 125.34M | 64.75M |
| Equity Growth % | -104.95% | -22.9% | -22.25% | -0.55% | -6.51% | 321.93% | 93.57% | - |
| Book Value per Share | 1.50 | 1.87 | 2.24 | 2.78 | 2.95 | 6.92 | 1.41 | 0.73 |
| Total Shareholders' Equity | 209.2M | 294.76M | 382.3M | 491.72M | 494.44M | 528.86M | 125.34M | 64.75M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 4K |
| Retained Earnings | -487.59M | -474.06M | -446.49M | -411.57M | -352.53M | -246.56M | -67.68M | -56.33M |
| Treasury Stock | -352.29M | -260.45M | -154.22M | -13.15M | 0 | 0 | 0 | 0 |
| Accumulated OCI | 796K | -62K | 887K | 74K | -1.64M | 176K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying RSKD stock.
As of 2025, Riskified Ltd. (RSKD) had total assets of $410.6M including $355.9M in current assets.
Riskified Ltd. (RSKD) carries total debt of $25.0M, offset by $297.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Riskified Ltd. (RSKD) has total shareholders' equity (book value) of $294.8M ($1.87 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Riskified Ltd. (RSKD) reported a current ratio of 5.03x. 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
Cash burn eroding fortress balance sheet
Asset Base Erosion Signals Cash Burn
Total assets have contracted by 41.5% from $567.0M in 2024Q1 to $331.5M in 2026Q2, a trend driven almost entirely by the depletion of cash reserves to fund operations and share repurchases.
The balance sheet is in a clear state of contraction, with the asset base shrinking for ten consecutive quarters. This erosion is not a sign of operational deleveraging but rather the direct result of funding persistent operating losses and returning capital to shareholders. The trajectory suggests the company is consuming its initial IPO capital cushion, which may pressure future strategic flexibility if the path to profitability does not materialize.
Cash Runway Shrinks Despite Strong Ratios
While the current ratio remains robust at 3.62, the cash position has plummeted from $421.5M to $105.2M over ten quarters, indicating the liquidity buffer is being actively consumed rather than generated.
The headline liquidity metrics mask a concerning trend: the company is burning through its cash reserves at a significant pace. The current ratio's decline from 8.31 to 3.62 is driven by the shrinking cash asset, not by rising liabilities. This suggests that while the company remains solvent in the near term, its financial independence is eroding, and the duration of its cash runway is a critical variable for investors to monitor.
Persistent Deficit Equity Reflects Cumulative Losses
Accumulated losses have ballooned to a $487.6M deficit in retained earnings as of 2026Q2, completely offsetting the initial paid-in capital and resulting in a book value that is entirely a function of investor contributions.
The equity section reveals a business that has yet to generate cumulative profitability, with the retained earnings deficit growing each quarter. This structural deficit means the company's book value is not supported by earned capital but by external financing. The ongoing share repurchase program, while signaling management confidence, further depletes the tangible equity base without addressing the underlying profitability challenge.
Minimal Leverage Highlights Equity-Funded Model
With a debt-to-equity ratio of just 0.11 and total debt of $23.5M against $105.2M in cash, Riskified operates a virtually unleveraged balance sheet, relying entirely on equity to fund its operations and losses.
The negligible debt load indicates management has not turned to leverage to fund growth or bridge losses, which is a prudent stance given the negative operating margins. However, this also means the company has not utilized its strong balance sheet to secure low-cost capital for strategic initiatives. The lack of debt is a sign of financial conservatism but also underscores the reliance on a dwindling cash pile to sustain the business.
Hidden Liability in Chargeback Timing
The balance sheet may understate true economic risk due to the lag in chargeback claims, meaning current liabilities could be masking a significant, unreported future payout obligation tied to past transactions.
A critical distortion arises from the core business model: chargeback expenses are recognized when claims are processed, which can lag the original transaction by months. This creates a potential mismatch where the balance sheet at any point may not fully reflect the ultimate cost of guarantees provided in prior periods. Investors should consider that the reported cash position and liabilities may not capture the full tail risk inherent in the company's guarantee model.