The company's financial position is increasingly strained, evidenced by a current ratio that has compressed to 0.72 and a total debt burden of $2.5 billion as of 2025Q3.
| Total Current Assets | 405.23M | 388.4M | 388.74M | 381.21M | 326.7M | 135.74M | 147.57M | 162.71M |
| Cash & Short-Term Investments | 145.41M | 155.09M | 160.48M | 183.61M | 213.71M | 55.24M | 46.96M | 71.46M |
| Cash Only | 142.49M | 152.72M | 159.16M | 182.12M | 212.83M | 52.89M | 44.05M | 71.46M |
| Short-Term Investments | 2.92M | 2.38M | 1.32M | 1.49M | 879K | 2.35M | 2.91M | 0 |
| Accounts Receivable | 175.99M | 163.15M | 150.06M | 117.55M | 24.89M | 50.87M | 59.88M | 63.04M |
| Days Sales Outstanding | 49.36 | 49.47 | 48.22 | 43.96 | 16.21 | 48.31 | 34.04 | 39.95 |
| Inventory | 65.27M | 54.42M | 57.6M | 57.85M | 29.7M | 22.55M | 28.47M | 18.78M |
| Days Inventory Outstanding | 33.76 | 31.12 | 35.67 | 39.78 | 35.1 | 37.41 | 17.87 | 13.52 |
| Other Current Assets | 5.76M | 3.6M | 1.95M | 7.93M | 32.36M | 4.73M | 9.36M | 45.55M |
| Total Non-Current Assets | 2.28B | 2.06B | 2.14B | 2.09B | 2.05B | 1.97B | 1.82B | 1.27B |
| Property, Plant & Equipment | 1.9B | 1.73B | 1.77B | 1.73B | 1.68B | 1.63B | 1.49B | 1.04B |
| Fixed Asset Turnover | 0.72x | 0.69x | 0.64x | 0.56x | 0.33x | 0.24x | 0.43x | 0.55x |
| Goodwill | 208.43M | 195.29M | 206.28M | 199.65M | 214.26M | 201.48M | 191.18M | 123.21M |
| Intangible Assets | 107.55M | 102.61M | 127.24M | 125.97M | 132.16M | 107.84M | 106.71M | 0 |
| Long-Term Investments | 106.47M | 13.22M | 21.7M | 21.63M | 23.62M | 24.1M | 24.85M | 15.79M |
| Other Non-Current Assets | 5.48M | 4.6M | 9.48M | 6.57M | 2.35M | 3.46M | 3.04M | 94.73M |
| Total Assets | 2.68B | 2.44B | 2.53B | 2.47B | 2.38B | 2.1B | 1.96B | 1.44B |
| Asset Turnover | 0.51x | 0.49x | 0.45x | 0.40x | 0.24x | 0.18x | 0.33x | 0.40x |
| Asset Growth % | 0.8% | -3.34% | 2.43% | 3.63% | 13.16% | 7.1% | 36.92% | - |
| Total Current Liabilities | 564.63M | 474.16M | 426.82M | 395.8M | 329.76M | 359.46M | 302.64M | 336.91M |
| Accounts Payable | 197.32M | 154.94M | 142.69M | 152.66M | 124.65M | 104.31M | 87.62M | 86.31M |
| Days Payables Outstanding | 100.42 | 88.59 | 88.37 | 104.99 | 147.32 | 173.04 | 54.99 | 62.13 |
| Short-Term Debt | 31.8M | 34.62M | 29.29M | 25.62M | 28.58M | 89.41M | 72.8M | 121.61M |
| Deferred Revenue (Current) | 555.77M | 134.36M | 113.75M | 91.61M | 76.87M | 54.65M | 63.02M | 52.74M |
| Other Current Liabilities | 58.33M | 39.38M | 35.83M | 36.02M | 29.05M | 38.58M | 22.07M | 30.69M |
| Current Ratio | 0.72x | 0.82x | 0.91x | 0.96x | 0.99x | 0.38x | 0.49x | 0.48x |
| Quick Ratio | 0.60x | 0.70x | 0.78x | 0.82x | 0.90x | 0.31x | 0.39x | 0.43x |
| Cash Conversion Cycle | -17.31 | -8.01 | -4.48 | -21.24 | -96.01 | -87.32 | -3.08 | -8.66 |
| Total Non-Current Liabilities | 2.47B | 2.3B | 2.27B | 2.09B | 1.87B | 2.12B | 1.84B | 1.13B |
| Long-Term Debt | 841.86M | 794.25M | 772.67M | 696.09M | 574.47M | 706.97M | 626.85M | 443.93M |
| Capital Lease Obligations | 5.99B | 1.45B | 1.46B | 1.36B | 1.26B | 1.21B | 1.1B | 667.6M |
| Deferred Tax Liabilities | 9.03M | 2.29M | 1.51M | 1.67M | 1.86M | 1.3M | 2.28M | 0 |
| Other Non-Current Liabilities | 30.53M | 23.7M | 5.94M | 256K | 975K | 175.47M | 91.69M | 0 |
| Total Liabilities | 3.03B | 2.77B | 2.7B | 2.48B | 2.2B | 2.48B | 2.15B | 1.46B |
| Total Debt | 2.51B | 2.34B | 2.31B | 2.12B | 1.9B | 2.03B | 1.82B | 1.25B |
| Net Debt | 2.37B | 2.19B | 2.15B | 1.94B | 1.69B | 1.98B | 1.78B | 1.17B |
| Debt / Equity | -7.19x | - | - | - | 10.45x | - | - | - |
| Debt / EBITDA | 21.46x | 74.37x | 26.14x | - | - | - | 97.64x | 36.11x |
| Net Debt / EBITDA | 20.24x | 69.52x | 24.34x | - | - | - | 95.28x | 34.04x |
| Interest Coverage | 0.49x | -0.84x | -0.27x | -2.11x | -2.23x | -1.99x | -0.60x | -0.24x |
| Total Equity | -348.9M | -329.46M | -167.15M | -15.38M | 182.19M | -373.99M | -181.97M | -29.53M |
| Equity Growth % | -259.19% | -97.1% | -987.1% | -108.44% | 148.72% | -105.53% | -516.28% | - |
| Book Value per Share | -1.79 | -1.69 | -0.85 | -0.08 | 1.05 | -1.85 | -0.89 | -0.14 |
| Total Shareholders' Equity | -351.63M | -335.06M | -174.89M | -22.44M | 176.13M | -432.42M | -217.62M | -79.87M |
| Common Stock | 2.09M | 2.08M | 2.06M | 2.04M | 2.02M | 265.18M | 262.53M | 258.8M |
| Retained Earnings | -1.53B | -1.54B | -1.38B | -1.24B | -1.02B | -757.1M | -528.64M | -400.54M |
| Treasury Stock | -79.4M | -79.4M | -62M | -50M | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.21M | 35.17M | 29.64M | 54.85M | 6.9M | -13.26M | 26K | 9.23M |
| Minority Interest | 2.72M | 5.6M | 7.74M | 7.06M | 6.06M | 58.43M | 35.65M | 50.34M |
Negative equity and leverage
According to the latest quarterly filings, Soho House & Co Inc. has seen its total equity decline from -$52.9 million in 2023Q2 to -$351.6 million by 2025Q3, signaling a deteriorating balance sheet trajectory driven by consistent net losses and an inability to retain earnings.
The consistent expansion of the asset base, primarily through increased property, plant, and equipment, has been funded almost entirely by debt rather than equity. This trajectory suggests that the company is increasingly reliant on external financing to sustain its growth, which may limit future financial flexibility.
As reported in financial statements, the company's total debt has climbed to $2.5 billion as of 2025Q3, creating a precarious leverage profile that warrants close monitoring given the company's inability to generate consistent positive net income to service these obligations.
The reliance on debt to fund capital-intensive global expansion appears to be a necessity-driven strategy rather than a strategic choice. Investors should consider that the lack of positive equity, combined with high debt levels, may increase the cost of future refinancing in a volatile interest rate environment.
Based on reported figures, the current ratio has compressed from 0.98 in 2023Q2 to 0.72 in 2025Q3, indicating that the company's ability to cover short-term liabilities with existing liquid assets is becoming increasingly constrained as cash reserves remain relatively flat.
The current ratio falling below unity suggests that the company may face challenges in meeting its immediate obligations without relying on revolving credit facilities or further capital raises. This liquidity profile appears to leave little room for operational errors or unexpected shocks to the hospitality business.
As evidenced by the growth in net PPE to $1.9 billion in 2025Q3, the company's business model remains heavily asset-intensive, which requires significant ongoing capital expenditure to maintain the aesthetic and service standards necessary to justify its premium membership pricing.
The concentration of assets in physical properties suggests that the company is exposed to significant impairment risk if the brand's cultural relevance wanes or if local market demand for luxury hospitality softens. This asset-heavy structure appears to be a primary driver of the company's persistent cash burn.
Quick answers to the most common questions about buying SHCO stock.
As of 2024, Soho House & Co Inc. (SHCO) had total assets of $2.44B including $388.4M in current assets.
Soho House & Co Inc. (SHCO) carries total debt of $2.34B, offset by $155.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Soho House & Co Inc. (SHCO) has total shareholders' equity (book value) of $-335.1M ($-1.69 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Soho House & Co Inc. (SHCO) reported a current ratio of 0.82x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.