The company has improved its financial flexibility by lowering its debt-to-equity ratio from 1.75 in 2024Q4 to 0.74 in 2026Q1, though liquidity remains tight with a current ratio of only 1.10.
| Total Current Assets | 1.62B | 1.3B | 1.05B | 848.18M | 439.31M | 641.52M | 749.41M | 281.9M |
| Cash & Short-Term Investments | 1.53B | 1.24B | 1B | 775.71M | 372.36M | 554.06M | 673.08M | 270.51M |
| Cash Only | 1.53B | 1.24B | 1B | 775.71M | 372.36M | 554.06M | 673.08M | 270.51M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 9.62M | 6.91M | 11.04M | 16.76M | 10.56M | 33.44M | 29.82M | 2.94M |
| Days Sales Outstanding | 2.41 | 1.45 | 2.28 | 4.47 | 3.72 | 18.14 | 305.4 | 5.08 |
| Inventory | 8.82M | 9.23M | 16.14M | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 7.91 | 9.92 | 17.64 | - | - | - | - | - |
| Other Current Assets | 78.03M | 37.92M | 16.12M | 50.06M | 48.71M | 49.03M | 33.9M | 4.03M |
| Total Non-Current Assets | 3.73B | 3.76B | 4.04B | 4.13B | 3.9B | 3.77B | 4.11B | 40.03M |
| Property, Plant & Equipment | 87.34M | 73.25M | 29.04M | 17.27M | 8.64M | 7.35M | 41.74M | 1.16M |
| Fixed Asset Turnover | 25.01x | 23.82x | 60.98x | 79.21x | 119.93x | 91.55x | 0.85x | 183.23x |
| Goodwill | 3.58B | 2.69B | 2.69B | 2.69B | 2.69B | 2.66B | 2.66B | 0 |
| Intangible Assets | 0 | 903.04M | 924.65M | 944.85M | 964.26M | 1.04B | 1.32B | 0 |
| Long-Term Investments | 212.37M | 17.54M | 134.46M | 169.3M | 237.23M | 44.01M | 20.62M | 21.05M |
| Other Non-Current Assets | 40.31M | 75.78M | 18.89M | 8.08M | 6.96M | 16.41M | 32.27M | 13.14M |
| Total Assets | 5.35B | 5.05B | 5.09B | 4.98B | 4.34B | 4.41B | 4.86B | 321.93M |
| Asset Turnover | 0.34x | 0.35x | 0.35x | 0.27x | 0.24x | 0.15x | 0.01x | 0.66x |
| Asset Growth % | 5.9% | -0.78% | 2.38% | 14.55% | -1.54% | -9.16% | 1408.39% | - |
| Total Current Liabilities | 1.47B | 1.25B | 1.11B | 940.4M | 870.62M | 716.79M | 688.56M | 251.75M |
| Accounts Payable | 63.97M | 71.09M | 112.63M | 43.84M | 68.38M | 49.93M | 49.2M | 531K |
| Days Payables Outstanding | 81.36 | 76.41 | 123.05 | 69 | 134.47 | 204.71 | 79.09 | 4.07 |
| Short-Term Debt | 0 | 0 | 19.53M | 20.28M | 20.28M | 20.28M | 20.3M | 23.36M |
| Deferred Revenue (Current) | 10.47M | 0 | 0 | 0 | 0 | 0 | 18.34M | 0 |
| Other Current Liabilities | 1.41B | 1.18B | 91.97M | 79.41M | 155.99M | 183.11M | 490.13M | 173.19M |
| Current Ratio | 1.10x | 1.04x | 0.95x | 0.90x | 0.50x | 0.89x | 1.09x | 1.12x |
| Quick Ratio | 1.10x | 1.03x | 0.93x | 0.90x | 0.50x | 0.89x | 1.09x | 1.12x |
| Cash Conversion Cycle | -71.04 | -65.04 | -103.14 | - | - | - | - | - |
| Total Non-Current Liabilities | 1.86B | 1.86B | 2.61B | 2.65B | 2.57B | 2.56B | 2.69B | 35.97M |
| Long-Term Debt | 1.5B | 1.51B | 2.31B | 2.39B | 2.38B | 2.42B | 2.46B | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 191.43M | 93.23M | 0 | 0 | 38.87M | 23.84M | 46.24M | 0 |
| Other Non-Current Liabilities | 269.01M | 260.97M | 295.82M | 258.12M | 145.19M | 117.29M | 179.12M | 35.97M |
| Total Liabilities | 3.34B | 3.11B | 3.72B | 3.59B | 3.44B | 3.27B | 3.38B | 287.72M |
| Total Debt | 1.5B | 1.51B | 2.33B | 2.41B | 2.4B | 2.44B | 23.36M | 23.36M |
| Net Debt | -30.01M | 265.37M | 1.33B | 1.63B | 2.03B | 1.88B | -649.72M | -247.15M |
| Debt / Equity | 0.74x | 0.78x | 1.69x | 1.73x | 2.65x | 2.14x | 0.02x | 0.68x |
| Debt / EBITDA | -1.19x | - | 14.34x | 8.73x | - | - | - | - |
| Net Debt / EBITDA | 0.02x | - | 8.18x | 5.91x | - | - | - | - |
| Interest Coverage | -11.89x | -9.15x | 1.21x | 1.55x | -1.08x | -3.51x | -10.68x | -13.07x |
| Total Equity | 2.02B | 1.94B | 1.38B | 1.39B | 907.43M | 1.14B | 1.48B | 34.21M |
| Equity Growth % | 169.85% | 40.93% | -0.8% | 53.06% | -20.13% | -23.13% | 4220.67% | - |
| Book Value per Share | 5.33 | 5.61 | 4.23 | 4.22 | 2.76 | 3.45 | 4.02 | 0.09 |
| Total Shareholders' Equity | 2.02B | 1.94B | 1.38B | 1.39B | 907.43M | 1.14B | 1.48B | 34.21M |
| Common Stock | 374K | 346K | 22.56M | 24.05M | 61K | 61K | 59K | 32K |
| Retained Earnings | -3.36B | -3.41B | -1.5B | -1.5B | -1.91B | -1.61B | -984.59M | -73.88M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 54.61M | 71.35M | 129.43M | 155.9M | 197.78M | 42.71M | -14.47M | -4.41M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and liquidity
As reported in recent financial statements, StubHub's equity base has shown significant volatility, expanding from $1.4 billion in 2024Q4 to $2.0 billion by 2026Q1, yet this growth appears largely disconnected from operational profitability given the persistent and substantial accumulated deficit of $3.4 billion.
The trajectory of the balance sheet suggests a company struggling to reconcile its capital structure with ongoing operational losses. While the recent increase in equity may provide a temporary buffer, the underlying trend of negative retained earnings indicates that the business has yet to achieve a self-sustaining capital generation model.
Based on the provided quarterly data, StubHub has successfully reduced its total debt from $2.4 billion in 2024Q4 to $1.5 billion in 2026Q1, which has significantly lowered the debt-to-equity ratio from 1.75 to 0.74 over the same period, signaling a strategic shift toward deleveraging.
This reduction in debt appears to be a critical step in mitigating the financial risks associated with the company's high-burn operational profile. Investors should monitor whether this deleveraging is sustainable or if it necessitates future capital raises that could dilute existing shareholders.
According to the latest filings, the current ratio has improved slightly from 0.90 in 2023Q4 to 1.10 in 2026Q1, yet this remains a narrow margin that leaves the company with limited room for error in managing its short-term obligations and volatile cash requirements.
The modest improvement in liquidity metrics suggests that while the company is better positioned than in previous periods, it remains vulnerable to sudden shocks in transaction volume or unexpected regulatory costs. The reliance on cash reserves to cover operational gaps warrants close observation by market participants.
As evidenced by the balance sheet, goodwill accounts for $3.6 billion of the $5.4 billion in total assets as of 2026Q1, representing a significant concentration of intangible value that may be subject to impairment risk if the platform's competitive position faces further erosion.
The heavy reliance on goodwill suggests that the company's asset base is largely derived from historical acquisitions rather than tangible capital investment. This composition implies that the balance sheet's perceived strength is highly sensitive to management's assumptions regarding the long-term value of these intangible assets.
Based on the reported figures, the substantial goodwill balance of $3.6 billion, when compared against the company's negative net margins and stagnant revenue growth, suggests a potential risk of future impairment charges that could materially impact the reported equity position in subsequent reporting periods.
Investors should be wary of the disconnect between the carrying value of these assets and the company's current inability to generate consistent positive earnings. This discrepancy may indicate that the balance sheet is overstating the company's net worth relative to its actual operational performance.
Quick answers to the most common questions about buying STUB stock.
As of 2025, StubHub Holdings, Inc. (STUB) had total assets of $5.05B including $1.30B in current assets.
StubHub Holdings, Inc. (STUB) carries total debt of $1.51B, offset by $1.24B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
StubHub Holdings, Inc. (STUB) has total shareholders' equity (book value) of $1.94B ($5.61 book value per share). Book value represents the net worth of the company belonging to common stock holders.
StubHub Holdings, Inc. (STUB) reported a current ratio of 1.04x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.