The company maintains a healthy liquidity profile with a current ratio of 1.28, despite a significant accumulated deficit in retained earnings totaling $813.8M.
| Total Current Assets | 533.63M | 524.21M | 506.33M | 632.33M | 615.01M | 641.87M | 227.32M | 79.68M |
| Cash & Short-Term Investments | 357.82M | 358.74M | 354.44M | 476.94M | 465.37M | 534.61M | 175.03M | 49.25M |
| Cash Only | 252.56M | 231.49M | 190.59M | 305.56M | 313.69M | 533.87M | 175.03M | 49.25M |
| Short-Term Investments | 105.26M | 127.26M | 163.84M | 171.37M | 151.69M | 745K | 0 | 0 |
| Accounts Receivable | 97.14M | 95.89M | 88.22M | 92.56M | 104.53M | 73.18M | 46.26M | 26.81M |
| Days Sales Outstanding | 41.37 | 44.31 | 40.94 | 46.34 | 60.65 | 51.8 | 39.27 | 35.41 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 78.67M | 44.11M | 63.68M | 62.84M | 30.23M | 21.61M | 1.13M | 1.01M |
| Total Non-Current Assets | 100.95M | 93.48M | 99.3M | 108.87M | 122.55M | 97.98M | 54.77M | 37.62M |
| Property, Plant & Equipment | 15.09M | 15.73M | 15.48M | 10.13M | 18.39M | 9.89M | 9.11M | 7.96M |
| Fixed Asset Turnover | 48.65x | 50.20x | 50.80x | 71.96x | 34.21x | 52.16x | 47.21x | 34.73x |
| Goodwill | 12.65M | 12.65M | 12.65M | 12.65M | 12.65M | 12.65M | 0 | 0 |
| Intangible Assets | 2.03M | 2.45M | 2.43M | 36.61M | 36.74M | 33.65M | 14.01M | 10.8M |
| Long-Term Investments | 8.5M | 183K | 1.11M | 10.31M | 12.1M | 10M | 2.9M | 2.5M |
| Other Non-Current Assets | 62.69M | 62.47M | 67.63M | 39.17M | 42.67M | 31.79M | 28.75M | 16.36M |
| Total Assets | 634.59M | 617.7M | 605.63M | 741.2M | 737.57M | 739.85M | 282.1M | 117.3M |
| Asset Turnover | 1.24x | 1.28x | 1.30x | 0.98x | 0.85x | 0.70x | 1.52x | 2.36x |
| Asset Growth % | -1.22% | 1.99% | -18.29% | 0.49% | -0.31% | 162.27% | 140.49% | - |
| Total Current Liabilities | 416.15M | 400.07M | 397.48M | 380.13M | 386.91M | 341.34M | 263.81M | 183.9M |
| Accounts Payable | 12.89M | 8.2M | 6.31M | 2.51M | 14.53M | 34.63M | 23.71M | 16.32M |
| Days Payables Outstanding | 12.17 | 11.02 | 7.82 | 2.95 | 19.26 | 53.55 | 41.36 | 41.52 |
| Short-Term Debt | 4.87M | 4.54M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 1.2B | 0 | 291.11M | 279.41M | 273.94M | 208.27M | 141.44M | 87M |
| Other Current Liabilities | 98.54M | 327.25M | 97.56M | 29.58M | 59.42M | 44.37M | 66.9M | 66.8M |
| Current Ratio | 1.28x | 1.31x | 1.27x | 1.66x | 1.59x | 1.88x | 0.86x | 0.43x |
| Quick Ratio | 1.28x | 1.31x | 1.27x | 1.66x | 1.59x | 1.88x | 0.86x | 0.43x |
| Cash Conversion Cycle | 29.2 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 6.25M | 7.17M | 10.76M | 4.17M | 11.35M | 8.81M | 4.86M | 3.35M |
| Long-Term Debt | 4.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 18.64M | 5.69M | 8.31M | 1.12M | 6.54M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.4M | 234K | 6K | 48K | 464K | 6.53M | 3.93M | 2.64M |
| Total Liabilities | 422.41M | 407.24M | 408.23M | 384.3M | 398.26M | 350.15M | 268.68M | 187.25M |
| Total Debt | 9.72M | 10.23M | 10.82M | 6.95M | 13.55M | 0 | 0 | 0 |
| Net Debt | -242.84M | -221.26M | -179.78M | -298.62M | -300.14M | -533.87M | -175.03M | -49.25M |
| Debt / Equity | 0.05x | 0.05x | 0.05x | 0.02x | 0.04x | - | - | - |
| Debt / EBITDA | 1.40x | 0.45x | - | - | - | - | - | - |
| Net Debt / EBITDA | -34.87x | -9.71x | - | - | - | - | - | - |
| Interest Coverage | -6.14x | - | -235.51x | -199.08x | -120.17x | -2456.97x | -64.03x | - |
| Total Equity | 212.18M | 210.46M | 197.39M | 356.89M | 339.31M | 389.7M | 13.42M | -69.94M |
| Equity Growth % | 13.5% | 6.62% | -44.69% | 5.18% | -12.93% | 2804.09% | 119.19% | - |
| Book Value per Share | 1.46 | 1.40 | 1.30 | 2.38 | 2.41 | 2.80 | 0.10 | -2.18 |
| Total Shareholders' Equity | 212.18M | 210.46M | 197.39M | 356.89M | 339.31M | 389.7M | 13.42M | -69.94M |
| Common Stock | 1K | 1K | 1K | 2K | 1K | 1K | 0 | 0 |
| Retained Earnings | -813.79M | -801.18M | -804.99M | -719.7M | -612.4M | -458.53M | -378.5M | -300.88M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 27K | 162K | -11K | 80K | -233K | -1K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Accumulated deficit and dilution
As reported in recent financial filings, Udemy's total assets have declined from $741.2M in 2023Q4 to $634.6M in 2026Q1, reflecting a broader trend of balance sheet contraction that aligns with the company's struggle to maintain top-line growth in a post-pandemic environment.
The reduction in total assets appears to be driven by a combination of cash deployment and a lack of significant capital reinvestment. This trajectory suggests that the company is currently in a defensive posture, prioritizing the preservation of existing resources over aggressive expansion of its asset base.
Based on the latest quarterly data, Udemy maintains a current ratio of 1.28, which, while down from the 1.66 peak observed in 2023Q4, provides a sufficient buffer to cover short-term obligations despite the ongoing pressure on operating cash flows.
The company's cash position of $252.6M as of 2026Q1 remains a critical safety net, though investors should monitor the narrowing spread between current assets and liabilities. This liquidity profile appears adequate for current operational needs but may limit the company's flexibility if market conditions require a sudden pivot in strategy.
According to the balance sheet, Udemy's retained earnings have deepened to a deficit of $813.8M as of 2026Q1, highlighting a long-term trend of cumulative losses that continues to weigh on the company's total equity position.
The persistent negative retained earnings suggest that the business model has yet to achieve the scale necessary to offset historical operating costs. This structural deficit warrants further investigation into the sustainability of current capital allocation strategies, particularly given the ongoing reliance on stock-based compensation to manage cash outflows.
As disclosed in recent financial statements, Udemy's deferred revenue balance of $299.9M in 2026Q1 indicates a relatively stable pipeline of future enterprise service delivery, providing a degree of predictability that contrasts with the volatility of the consumer marketplace segment.
The resilience of this deferred revenue figure suggests that the Udemy Business segment continues to secure multi-year commitments, which may serve as a vital anchor for the company's future revenue recognition. Investors should monitor this metric closely as a primary indicator of the enterprise segment's ability to offset potential consumer-side weakness.
Quick answers to the most common questions about buying UDMY stock.
As of 2025, Udemy, Inc. (UDMY) had total assets of $617.7M including $524.2M in current assets.
Udemy, Inc. (UDMY) carries total debt of $10.2M, offset by $358.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Udemy, Inc. (UDMY) has total shareholders' equity (book value) of $210.5M ($1.40 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Udemy, Inc. (UDMY) reported a current ratio of 1.31x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.