The company's financial position is severely strained, evidenced by a current ratio of 0.25 and a total debt load of $1.2 billion that dwarfs its $71.0 million cash balance.
Sonder Holdings Inc. (SOND) balance sheet — 6-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Total Current Assets | 97.16M | 99.85M | 161.21M | 313.85M | 98.98M | 146.28M | 140.97M |
| Cash & Short-Term Investments | 70.96M | 20.79M | 95.76M | 246.62M | 69.73M | 121.47M | 110.92M |
| Cash Only | 70.96M | 20.79M | 95.76M | 246.62M | 69.73M | 121.47M | 110.92M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 12M | 13.92M | 8M | 6.46M | 4.64M | 1.77M | 6M |
| Days Sales Outstanding | 8.12 | 8.18 | 4.85 | 5.07 | 7.23 | 5.6 | 15.31 |
| Inventory | 0 | 0 | 0 | 0 | -11.37M | 14.66M | 20.87M |
| Days Inventory Outstanding | - | - | - | - | - | 39.06 | 61 |
| Other Current Assets | 11.61M | 65.14M | 52.08M | 51.7M | 28M | -4.64M | -14.35M |
| Total Non-Current Assets | 907.64M | 1.04B | 1.36B | 1.18B | 49.5M | 31.25M | 38.29M |
| Property, Plant & Equipment | 886.53M | 1.02B | 1.34B | 1.17B | 27.46M | 24.2M | 30.1M |
| Fixed Asset Turnover | 0.60x | 0.61x | 0.45x | 0.40x | 8.53x | 4.78x | 4.75x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 450.06M | 0 | 0 |
| Other Non-Current Assets | 21.12M | 17.54M | 13.41M | 15.53M | -428.03M | 7.04M | 8.19M |
| Total Assets | 1B | 1.14B | 1.52B | 1.5B | 148.48M | 177.52M | 179.26M |
| Asset Turnover | 0.54x | 0.55x | 0.40x | 0.31x | 1.58x | 0.65x | 0.80x |
| Asset Growth % | -94.57% | -25.25% | 1.51% | 909.32% | -16.36% | -0.97% | - |
| Total Current Liabilities | 388.15M | 338.55M | 506.24M | 260.43M | 263.63M | 54.2M | 33.49M |
| Accounts Payable | 49.19M | 33.72M | 23.56M | 16.47M | 19.1M | 10.91M | 7.11M |
| Days Payables Outstanding | 41.33 | 32.63 | 21.89 | 18.35 | 34.6 | 29.08 | 20.8 |
| Short-Term Debt | 163.35M | 1M | 168.71M | 0 | 197.75M | 17.04M | 5.75M |
| Deferred Revenue (Current) | 343.78M | 71.73M | 61.97M | 41.66M | 18.81M | 10.2M | 6.86M |
| Other Current Liabilities | 73.21M | 60.36M | 48.24M | 5.1M | 8.41M | 917K | 4.01M |
| Current Ratio | 0.25x | 0.29x | 0.32x | 1.21x | 0.38x | 2.70x | 4.21x |
| Quick Ratio | 0.25x | 0.29x | 0.32x | 1.21x | 0.42x | 2.43x | 3.59x |
| Cash Conversion Cycle | -33.21 | - | - | - | - | 15.58 | 55.51 |
| Total Non-Current Liabilities | 1.1B | 1.23B | 1.39B | 1.34B | 80.77M | 624.18M | 404.44M |
| Long-Term Debt | 217.92M | 217.24M | 1.5M | 172.95M | 10.74M | 25.02M | 18.27M |
| Capital Lease Obligations | 3.86B | 1.01B | 1.39B | 1.16B | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 16.14M | 8.11M | 652K | 3.5M | 70.04M | 599.16M | 386.16M |
| Total Liabilities | 1.49B | 1.57B | 1.9B | 1.6B | 344.4M | 678.38M | 437.93M |
| Total Debt | 1.25B | 1.4B | 1.76B | 1.49B | 208.49M | 42.06M | 24.03M |
| Net Debt | 1.18B | 1.38B | 1.66B | 1.24B | 138.76M | -79.41M | -86.89M |
| Debt / Equity | -2.57x | - | - | - | - | - | - |
| Debt / EBITDA | 49.11x | 256.72x | - | - | - | - | - |
| Net Debt / EBITDA | 46.32x | 252.91x | - | - | - | - | - |
| Interest Coverage | -7.37x | -5.34x | -10.94x | -17.01x | -5.89x | -38.09x | -151.02x |
| Total Equity | -485.23M | -435.89M | -376.7M | -101.48M | -195.92M | -500.86M | -258.67M |
| Equity Growth % | -235.77% | -15.71% | -271.19% | 48.2% | 60.88% | -93.63% | - |
| Book Value per Share | -35.92 | -37.83 | -34.46 | -9.85 | -333.04 | -1541.28 | -880.29 |
| Total Shareholders' Equity | -485.23M | -435.89M | -376.7M | -101.48M | -195.92M | -500.86M | 101.5M |
| Common Stock | 1K | 1K | 1K | 1K | 1K | 1K | 1K |
| Retained Earnings | -1.68B | -1.58B | -1.36B | -1.06B | -814.81M | -520.42M | -270.11M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -2.7M | 7.36M | 4.98M | 13.03M | 7.3M | 5.67M | 6.41M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying SOND stock.
As of 2024, Sonder Holdings Inc. (SOND) had total assets of $1.14B including $99.8M in current assets.
Sonder Holdings Inc. (SOND) carries total debt of $1.40B, offset by $20.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Sonder Holdings Inc. (SOND) has total shareholders' equity (book value) of $-435.9M ($-37.83 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Sonder Holdings Inc. (SOND) reported a current ratio of 0.29x. 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
Imminent liquidity and solvency
Eroding Equity and Asset Contraction
As reported in recent financial filings, Sonder's total assets have declined from $1.7 billion in 2023Q3 to $1.0 billion by 2025Q2, reflecting a significant contraction in the company's footprint as it attempts to navigate persistent operating losses and a deteriorating capital base.
The consistent decline in total assets suggests a strategic retreat from the aggressive expansion phase that characterized earlier periods. This contraction appears to be a forced response to the company's inability to generate positive returns on its capital-intensive lease portfolio.
Critical Liquidity and Solvency Constraints
Based on the latest quarterly data, Sonder's current ratio has plummeted to 0.25 as of 2025Q2, indicating that the company's liquid assets are severely insufficient to cover its immediate short-term obligations, leaving it with minimal buffer against operational shocks.
The persistent decline in cash reserves, which fell from $218.0 million in 2023Q1 to $71.0 million in 2025Q2, highlights an acute liquidity crisis. Investors should monitor the company's ability to secure external financing, as current cash levels appear inadequate to sustain ongoing operations without further dilution.
Deepening Negative Equity Position
According to the company's balance sheet, shareholders' equity has remained in negative territory, reaching -$485.2 million in 2025Q2, which underscores the severe erosion of capital caused by years of accumulated losses and the company's inability to achieve a sustainable path to profitability.
The persistent negative retained earnings, which have ballooned to -$1.7 billion, suggest that the business model has failed to create value for shareholders since its public listing. This structural deficit implies that the company is effectively operating on borrowed time and capital, with little equity cushion to absorb further operational setbacks.
Hidden Risks in Lease Obligations
As reported in financial statements, the company's reliance on $1.2 billion in total debt, primarily composed of lease-related liabilities, creates a rigid cost structure that makes the balance sheet highly sensitive to occupancy fluctuations and market-wide downturns in travel demand.
While the headline debt figures appear stable, the underlying nature of these obligations as fixed-lease commitments represents a significant off-balance-sheet risk that is not fully captured by traditional leverage metrics. This structure forces the company to maintain high occupancy levels just to service its fixed costs, leaving it vulnerable to even minor shifts in RevPAR.