The balance sheet shows a current ratio of 1.65, driven by a surge in deferred revenue to $86.5 million, while an accumulated deficit of $762.4 million highlights historical losses offset by capital infusions.
trivago N.V. (TRVG) balance sheet — 12-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Total Current Assets | 270.76M | 214.09M | 190.27M | 187.93M | 353.2M | 310.39M | 260.79M | 310.29M | 266.24M | 293.28M | 292.87M | 66.2M | 36.41M |
| Cash & Short-Term Investments | 155.31M | 142.81M | 133.75M | 127.07M | 293.58M | 256.38M | 227.8M | 228.11M | 161.87M | 190.2M | 227.3M | 17.56M | 6.14M |
| Cash Only | 114.52M | 130.94M | 133.75M | 101.85M | 248.58M | 256.38M | 208.35M | 218.11M | 161.87M | 190.2M | 227.3M | 17.56M | 6.14M |
| Short-Term Investments | 40.79M | 11.88M | 0 | 25.23M | 45M | 0 | 19.45M | 10M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 106.41M | 64.77M | 49.73M | 49.48M | 50.61M | 43.74M | 22.45M | 77.45M | 94.92M | 82.13M | 53.16M | 43.35M | 25.03M |
| Days Sales Outstanding | 51.78 | 43.07 | 39.38 | 37.24 | 34.53 | 44.17 | 32.92 | 33.71 | 37.87 | 28.95 | 25.73 | 32.09 | 29.54 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.73M | 16.43M | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | 519.13 | 1.01K | - | - | - |
| Other Current Assets | 1.1M | 1.04M | 643K | 552K | 692K | 227K | 4.11M | 505K | 860K | 4.62M | 3.81M | 685K | 501K |
| Total Non-Current Assets | 143.23M | 144.36M | 110.45M | 137.14M | 338.39M | 524.13M | 570.11M | 797.73M | 830.29M | 785.17M | 714.37M | 694.06M | 714.39M |
| Property, Plant & Equipment | 45.63M | 46.44M | 48.08M | 52.35M | 58.1M | 64.23M | 113.49M | 129.2M | 162M | 114.47M | 46.86M | 12.85M | 4.01M |
| Fixed Asset Turnover | 12.95x | 11.82x | 9.59x | 9.26x | 9.21x | 5.63x | 2.19x | 6.49x | 5.65x | 9.04x | 16.09x | 38.36x | 77.20x |
| Goodwill | 14.18M | 13.8M | 0 | 0 | 181.93M | 286.54M | 282.66M | 490.59M | 490.53M | 490.45M | 490.5M | 490.36M | 487.95M |
| Intangible Assets | 71.87M | 74.17M | 45.34M | 75.61M | 89.95M | 170.09M | 169.55M | 169.92M | 171.61M | 173.29M | 176.05M | 189.91M | 219.9M |
| Long-Term Investments | 24.78M | 7.51M | 17.03M | 9.18M | 1.35M | 1.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 2.38M | 0 | 0 | 0 | 7.06M | 1.93M | 4.4M | 7.27M | 6.15M | 6.96M | 955K | 936K | 2.53M |
| Total Assets | 413.99M | 358.45M | 300.72M | 325.07M | 691.59M | 834.52M | 830.9M | 1.11B | 1.1B | 1.08B | 1.01B | 760.25M | 750.8M |
| Asset Turnover | 1.58x | 1.53x | 1.53x | 1.49x | 0.77x | 0.43x | 0.30x | 0.76x | 0.83x | 0.96x | 0.75x | 0.65x | 0.41x |
| Asset Growth % | 103.75% | 19.2% | -7.49% | -53% | -17.13% | 0.44% | -25.01% | 1.05% | 1.68% | 7.07% | 32.49% | 1.26% | - |
| Total Current Liabilities | 163.76M | 96.5M | 49.68M | 35.99M | 49.62M | 42.47M | 34.71M | 63.35M | 60.92M | 78.39M | 61.1M | 72.01M | 15.97M |
| Accounts Payable | 57.59M | 34.14M | 24.67M | 17.93M | 19.94M | 14.05M | 6.75M | 33.39M | 33.66M | 51.31M | 39.97M | 26.26M | 12.86M |
| Days Payables Outstanding | 561.86 | 825.56 | 799.2 | 546.69 | 573.51 | 446.03 | 243.32 | 1.33K | 2.26K | 3.16K | 3.41K | 3.25K | 3.25K |
| Short-Term Debt | 2.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27.13M | 0 |
| Deferred Revenue (Current) | 225.42M | 38.46M | 1.04M | 1.18M | 1.69M | 2.17M | 2.75M | 5.55M | 7.86M | 8.94M | 5.08M | 12.37M | -1.04M |
| Other Current Liabilities | 8.85M | -3.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.9M | 1.95M |
| Current Ratio | 1.65x | 2.22x | 3.83x | 5.22x | 7.12x | 7.31x | 7.51x | 4.90x | 4.37x | 3.74x | 4.79x | 0.92x | 2.28x |
| Quick Ratio | 1.65x | 2.22x | 3.83x | 5.22x | 7.12x | 7.31x | 7.51x | 4.90x | 4.24x | 3.53x | 4.79x | 0.92x | 2.28x |
| Cash Conversion Cycle | -510.08 | - | - | - | - | - | - | - | -1.7K | -2.12K | - | - | - |
| Total Non-Current Liabilities | 45.9M | 48.65M | 53.43M | 74.06M | 80.23M | 98.27M | 131.67M | 149.88M | 181.34M | 146.09M | 92.07M | 65.97M | 70.25M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 134.47M | 33.86M | 36.07M | 38.43M | 40.73M | 45.27M | 85.98M | 94.66M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 54.33M | 14.19M | 16.8M | 26.55M | 30.05M | 49.81M | 42.18M | 50.93M | 46.86M | 48.3M | 53.16M | 57.99M | 68.44M |
| Other Non-Current Liabilities | 229.91K | 600.74K | 565K | 9.07M | 9.46M | 3.19M | 3.51M | 4.29M | 181.04M | 146.09M | 38.92M | 7.97M | 70.25M |
| Total Liabilities | 209.66M | 145.15M | 103.11M | 110.05M | 129.86M | 140.74M | 166.38M | 213.22M | 242.27M | 224.48M | 153.18M | 137.97M | 86.23M |
| Total Debt | 35.46M | 36.34M | 38.43M | 40.73M | 45.27M | 47.54M | 93.17M | 99.7M | 127.7M | 92.32M | 0 | 20M | 1.04M |
| Net Debt | -79.07M | -94.59M | -95.31M | -61.11M | -203.32M | -208.84M | -115.19M | -118.41M | -34.17M | -97.88M | -227.3M | 2.44M | -5.1M |
| Debt / Equity | 0.17x | 0.17x | 0.19x | 0.19x | 0.08x | 0.07x | 0.14x | 0.11x | 0.15x | 0.11x | - | 0.03x | 0.00x |
| Debt / EBITDA | 2.83x | 6.41x | - | - | - | 2.58x | - | 1.99x | - | - | - | - | 0.92x |
| Net Debt / EBITDA | -6.31x | -16.68x | - | - | - | -11.35x | - | -2.36x | - | - | - | - | -4.51x |
| Interest Coverage | 98.18x | 149.90x | -1660.59x | -12654.33x | -2356.78x | 60.87x | -936.53x | 1143.12x | -10.13x | -403.84x | -325.43x | -343.79x | -2884.45x |
| Total Equity | 204.33M | 213.3M | 197.6M | 215.02M | 561.74M | 693.78M | 664.52M | 894.79M | 854.26M | 853.98M | 854.07M | 624.36M | 664.57M |
| Equity Growth % | 31.39% | 7.94% | -8.1% | -61.72% | -19.03% | 4.4% | -25.73% | 4.74% | 0.03% | -0.01% | 36.79% | -6.05% | - |
| Book Value per Share | 2.89 | 2.98 | 2.83 | 3.12 | 7.91 | 9.73 | 9.40 | 12.54 | 12.17 | 15.55 | 17.96 | 13.28 | 14.13 |
| Total Shareholders' Equity | 204.33M | 213.3M | 197.6M | 215.02M | 561.74M | 693.78M | 664.52M | 894.79M | 854.26M | 853.98M | 654.26M | 622.28M | 664.57M |
| Common Stock | 149.44M | 149.42M | 149.33M | 149.14M | 149.94M | 162.98M | 182.27M | 184.06M | 193.77M | 193.74M | 127.21M | 48K | 38K |
| Retained Earnings | -762.44M | -750.31M | -761.53M | -737.83M | -554.6M | -427.38M | -438.08M | -192.7M | -212.99M | -192.32M | -179.84M | -129.16M | -90.03M |
| Treasury Stock | -1.33M | 0 | 0 | 0 | -19.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 818.65M | 814.19M | 687.5M | 681.41M | 864.04M | 835.88M | 798.02M | 781.12M | 751.17M | 730.25M | 584.69M | 695.86M | 701.86M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 199.81M | 2.08M | 0 |
Quick answers to the most common questions about buying TRVG stock.
As of 2025, trivago N.V. (TRVG) had total assets of $358.4M including $214.1M in current assets.
trivago N.V. (TRVG) carries total debt of $36.3M, offset by $142.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
trivago N.V. (TRVG) has total shareholders' equity (book value) of $213.3M ($2.98 book value per share). Book value represents the net worth of the company belonging to common stock holders.
trivago N.V. (TRVG) reported a current ratio of 2.22x. 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
Persistent Accumulated Deficit
Cash Growth vs. Persistent Deficit
Trivago's balance sheet has grown 35% since Q1 2024 to $414.0M, driven entirely by a $72.4M increase in cash and $47.5M in deferred revenue, according to its latest quarterly filings, yet this expansion masks a deeply entrenched accumulated deficit.
The company's asset base expansion is a story of liquidity accumulation and forward revenue recognition, not organic asset creation, as PPE has steadily declined from $51.3M to $45.6M. This trajectory suggests the business model is generating near-term cash but failing to convert that into cumulative profitability, as evidenced by the retained earnings balance of negative $762.4M.
Equity Buffer Built on Capital Infusions
As of Q2 2026, Trivago's total equity of $204.3M is composed entirely of paid-in capital and other comprehensive income, completely offsetting the massive $762.4M accumulated deficit, per the company's balance sheet.
The positive equity position is a technicality of historical capital raises, not a reflection of operational value creation. The complete absence of positive retained earnings implies the company has never generated enough cumulative profit to fund itself, making its equity purely a function of external financing and representing significant dilution risk for current shareholders.
Declining Current Ratio Due to Revenue Prepayments
While the current ratio has compressed sharply from 4.26 in Q1 2024 to 1.65 in Q2 2026 as reported in financial statements, this deterioration is driven by a $85.5M surge in deferred revenue, a favorable non-cash liability.
The liquidity profile remains strong in absolute terms, with $114.5M in cash representing 75% of total assets and 126% of total liabilities. The decline in the current ratio is therefore a sign of business momentum—pre-collected revenue—rather than a weakening ability to meet short-term obligations, a nuance critical for assessing true financial health.
Deferred Revenue Signals Improved Monetization
Deferred revenue has exploded from under $1M for eight consecutive quarters to $86.5M by Q2 2026, according to SEC filings, representing a 87x increase and indicating a fundamental shift in Trivago's customer payment structure and forward revenue visibility.
This dramatic rise suggests the company is successfully transitioning toward contracts with advance payments, which dramatically improves cash conversion cycle and de-risks future earnings. The trend appears to be accelerating, moving from $54.2M in Q1 2026 to $86.5M in the following quarter, providing a tangible buffer against operational volatility.
Goodwill Impairment Hides Asset Quality Risk
The sudden $31.1M goodwill write-down in Q3 2025, reducing the balance from $45.4M to $14.2M, indicates prior overpayment for acquisitions and introduces the risk that the remaining intangible assets, though small, may also be impaired.
This non-cash charge did not improve the company's fundamental loss position but did cleanse the balance sheet of a major overvalued asset. Investors should scrutinize the remaining $14.2M in goodwill and the $45.6M in PPE, noting that the asset-light model's primary value is not in tangible assets but in the brand and platform, which are not fully reflected on the balance sheet.