The capital structure appears strained with a debt-to-equity ratio of 0.69 and a massive $3.2 billion goodwill balance that comprises nearly 49% of total assets.
| Total Current Assets | 2.92B | 2.81B | 2.23B | 2.32B | 2.36B | 2.15B | 2.08B | 367.42M | 438.63M |
| Cash & Short-Term Investments | 2.14B | 2.06B | 1.52B | 1.59B | 1.59B | 1.74B | 1.75B | 129.96M | 258.73M |
| Cash Only | 2.14B | 2.06B | 1.52B | 1.59B | 1.49B | 1.06B | 1.27B | 129.96M | 258.73M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 101.71M | 681.32M | 479.41M | 0 | 0 |
| Accounts Receivable | 654M | 643.61M | 573.88M | 611.72M | 633.77M | 340.49M | 274.25M | 204.9M | 152.48M |
| Days Sales Outstanding | 118.37 | 127.01 | 115.52 | 102.08 | 166.3 | 111.91 | 129.59 | 138.04 | 146.17 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 128.47M | 113.01M | 133.79M | 122.84M | 0 | 0 | 22.4M | 9.42M | 13.9M |
| Total Non-Current Assets | 3.6B | 4.03B | 4.51B | 4.92B | 5.47B | 2.69B | 590.57M | 395.44M | 150.68M |
| Property, Plant & Equipment | 54.31M | 68.29M | 98.82M | 140.89M | 121.86M | 106.11M | 199.15M | 78.98M | 67.87M |
| Fixed Asset Turnover | 27.31x | 27.09x | 18.35x | 15.53x | 11.41x | 10.47x | 3.88x | 6.86x | 5.61x |
| Goodwill | 3.17B | 3.17B | 3.17B | 3.17B | 3.2B | 1.62B | 286.25M | 218.31M | 45.41M |
| Intangible Assets | 262.62M | 650.54M | 1.07B | 1.41B | 1.92B | 814.39M | 57.46M | 62.03M | 9.1M |
| Long-Term Investments | 29.5M | 8.5M | 10.2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 115.17M | 131.51M | 170.5M | 204.61M | 224.29M | 149.62M | 47.7M | 36.13M | 28.3M |
| Total Assets | 6.52B | 6.84B | 6.74B | 7.24B | 7.83B | 4.84B | 2.67B | 762.86M | 589.3M |
| Asset Turnover | 0.29x | 0.27x | 0.27x | 0.30x | 0.18x | 0.23x | 0.29x | 0.71x | 0.65x |
| Asset Growth % | 0.96% | 1.49% | -6.99% | -7.54% | 61.81% | 81.24% | 250.16% | 29.45% | - |
| Total Current Liabilities | 1.5B | 1.53B | 889.49M | 894.1M | 1.01B | 626.15M | 503.22M | 336.53M | 253.74M |
| Accounts Payable | 8.65M | 13.98M | 13.95M | 14.52M | 20.22M | 14.01M | 11.3M | 10.71M | 9.34M |
| Days Payables Outstanding | 6.41 | 10.68 | 10.59 | 7.22 | 16.68 | 20.16 | 23.94 | 32.95 | 41.93 |
| Short-Term Debt | 556.81M | 556.45M | 33.7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 899M | 224.41M | 186.3M | 186.77M | 218.1M | 140.53M | 113.85M | 85.98M | 54.97M |
| Other Current Liabilities | 0 | 601.98M | 40.34M | 90.75M | 121.65M | 60.21M | 52.77M | 30.25M | 23.65M |
| Current Ratio | 1.95x | 1.84x | 2.50x | 2.60x | 2.34x | 3.44x | 4.13x | 1.09x | 1.73x |
| Quick Ratio | 1.95x | 1.84x | 2.50x | 2.60x | 2.34x | 3.44x | 4.13x | 1.09x | 1.73x |
| Cash Conversion Cycle | 111.95 | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.78B | 1.82B | 2.42B | 2.93B | 3.07B | 1.82B | 130.86M | 32.42M | 19.44M |
| Long-Term Debt | 1.68B | 1.74B | 2.24B | 2.71B | 2.71B | 1.7B | 0 | 0 | 0 |
| Capital Lease Obligations | 136.82M | 60.96M | 81.09M | 0 | 0 | 92.54M | 98.53M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 83.09M | 738K | 83.91M | 217.19M | 258.96M | 9.29M | 11.8M | 21.82M | 8.9M |
| Total Liabilities | 3.28B | 3.34B | 3.31B | 3.83B | 4.08B | 2.45B | 634.08M | 368.95M | 273.17M |
| Total Debt | 2.24B | 2.39B | 2.35B | 2.71B | 2.71B | 1.82B | 123.91M | 0 | 0 |
| Net Debt | 95.51M | 329.85M | 836.05M | 1.12B | 1.22B | 763.53M | -1.15B | -129.96M | -258.73M |
| Debt / Equity | 0.69x | 0.68x | 0.69x | 0.79x | 0.72x | 0.76x | 0.06x | - | - |
| Debt / EBITDA | -6.79x | 62.17x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.29x | 8.60x | - | - | - | - | - | - | - |
| Interest Coverage | -54.53x | -17.60x | -27.34x | -31.46x | -118.18x | -468.70x | -50.84x | -58.56x | -56.00x |
| Total Equity | 3.24B | 3.49B | 3.43B | 3.41B | 3.75B | 2.39B | 2.04B | 393.91M | 316.13M |
| Equity Growth % | -2.42% | 1.84% | 0.37% | -9.05% | 56.79% | 17.54% | 417.16% | 24.61% | - |
| Book Value per Share | 7.46 | 8.29 | 8.66 | 8.97 | 12.09 | 8.48 | 11.99 | 1.73 | 1.39 |
| Total Shareholders' Equity | 2.98B | 3.24B | 3.19B | 3.18B | 3.53B | 2.39B | 2.04B | 393.91M | 316.13M |
| Common Stock | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 1K | 1K |
| Retained Earnings | -4.49B | -4.14B | -3.74B | -3.07B | -2.25B | -1.33B | -797.5M | -515.19M | -352M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -101.72M |
| Accumulated OCI | 257K | -2.16M | -9.43M | -5.01M | -1.69M | -3.86M | -3.42M | -3.63M | -3.48M |
| Minority Interest | 265.33M | 252.64M | 236.48M | 231.74M | 225.86M | 0 | 0 | 0 | 0 |
Persistent negative retained earnings
As reported in recent financial filings, Unity's total equity has remained stagnant at approximately $3.0 billion to $3.2 billion over the last ten quarters, while accumulated deficits in retained earnings have deepened to -$4.5 billion, signaling a persistent erosion of shareholder value despite ongoing operational efforts.
The lack of growth in equity despite significant business activity suggests that the company is struggling to translate its market position into tangible book value. Investors should monitor whether this stagnation reflects a permanent impairment of capital or if future strategic pivots can reverse the trend of deepening retained losses.
According to the provided balance sheet data, Unity maintains a debt-to-equity ratio of 0.69 as of 2026Q1, reflecting a reliance on external financing that, when paired with negative retained earnings, suggests a capital structure that may limit the company's ability to absorb further operational shocks.
The presence of $2.2 billion in total debt against a backdrop of consistent operating losses warrants caution regarding the company's long-term solvency. The reliance on debt to fund operations appears to be a necessity-driven strategy rather than a tactical move to optimize the cost of capital.
Based on the company's reported figures, goodwill remains a massive component of the asset base at $3.2 billion, representing nearly half of the $6.5 billion in total assets, which indicates that the balance sheet is heavily reliant on the valuation of past acquisitions like IronSource.
This high concentration of intangible assets exposes the company to significant impairment risk if the expected synergies from its acquisition strategy fail to materialize. The minimal net PPE of $54.3 million confirms an asset-light model, but one that is highly sensitive to the subjective valuation of its acquired software platforms.
As indicated by quarterly financial statements, Unity's cash reserves have fluctuated between $1.2 billion and $2.1 billion over the past ten quarters, with the current ratio of 1.95 suggesting a moderate buffer that may be necessary given the company's ongoing cash burn and operational uncertainty.
While the current ratio appears adequate on the surface, the volatility in cash levels suggests that liquidity is highly dependent on the timing of financing activities and working capital cycles. Investors should remain wary of the company's ability to maintain this liquidity buffer without further dilutive equity raises or debt issuance.
Quick answers to the most common questions about buying U stock.
As of 2025, Unity Software Inc. (U) had total assets of $6.84B including $2.81B in current assets.
Unity Software Inc. (U) carries total debt of $2.39B, offset by $2.06B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Unity Software Inc. (U) has total shareholders' equity (book value) of $3.24B ($8.29 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Unity Software Inc. (U) reported a current ratio of 1.84x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.