The company maintains a conservative capital structure with a debt-to-equity ratio of 0.03 and a robust current ratio of 9.31, though goodwill represents over 50% of the $1.4B total asset base.
| 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 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 522.17M | 488.38M | 372.27M | 285.62M | 248.64M | 243.1M | 375.68M | 187.69M | 96.95M | 53.93M | 73.63M | 47.93M | 43.35M | 76.41M | 16.38M | 8.59M |
| Cash & Short-Term Investments | 439.06M | 412.89M | 289.44M | 216.45M | 178.85M | 177.16M | 349.36M | 159.32M | 78M | 33.89M | 59.22M | 39.08M | 35.01M | 71.22M | 14M | 7.57M |
| Cash Only | 263.14M | 362.58M | 239.09M | 216.45M | 154.25M | 173.2M | 349.36M | 159.32M | 78M | 33.89M | 59.22M | 39.08M | 35.01M | 71.22M | 14M | 7.57M |
| Short-Term Investments | 175.92M | 50.31M | 50.35M | 0 | 24.61M | 3.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 50.11M | 44.66M | 46.52M | 40.38M | 44.02M | 41.46M | 18.46M | 19.33M | 13.17M | 12.72M | 8.76M | 3.5M | 3.05M | 1.14M | 569K | 229K |
| Days Sales Outstanding | 32.58 | 31.52 | 38.1 | 40.82 | 54.18 | 68.94 | 57.36 | 58.61 | 52.24 | 64.51 | 49.1 | 25.83 | 29.15 | 19.06 | 17.86 | 31.6 |
| Inventory | 0 | 20.55M | 21.75M | 16.13M | 14.29M | 11.22M | 4.66M | 6.81M | 3.4M | 5.32M | 3.48M | 3.77M | 3.7M | 2.57M | 1.05M | 279K |
| Days Inventory Outstanding | 38.83 | 47.74 | 53.78 | 52.14 | 51.36 | 55.07 | 41 | 68.02 | 37.54 | 68.92 | 49.81 | 63.96 | 81.24 | 74.32 | 50.53 | 34.82 |
| Other Current Assets | 33M | 10.28M | 14.55M | 12.66M | 11.47M | -3.96M | 0 | 0 | 0 | 2M | 320K | 118K | 370K | 1.48M | 50K | 0 |
| Total Non-Current Assets | 914.23M | 917.64M | 927.77M | 829.28M | 907.79M | 944.72M | 81.48M | 87.53M | 23.69M | 24.74M | 27.41M | 27.35M | 21.49M | 3.22M | 2.69M | 1.86M |
| Property, Plant & Equipment | 58.52M | 58.79M | 71.14M | 30.86M | 30.86M | 31.14M | 16.83M | 17.74M | 8.94M | 9.69M | 11.48M | 10.31M | 4.16M | 2.95M | 2.45M | 1.69M |
| Fixed Asset Turnover | 9.39x | 8.80x | 6.27x | 11.70x | 9.61x | 7.05x | 6.98x | 6.78x | 10.29x | 7.43x | 5.67x | 4.80x | 9.18x | 7.41x | 4.75x | 1.57x |
| Goodwill | 767.15M | 767.15M | 745.8M | 702.98M | 695.89M | 707.9M | 2.73M | 2.73M | 1.06M | 1.06M | 1.06M | 1.06M | 1.06M | 0 | 0 | 0 |
| Intangible Assets | 85.86M | 89.15M | 102.3M | 88.59M | 174.87M | 202.73M | 59.92M | 65.02M | 12M | 13.07M | 14.13M | 15.2M | 16M | 287K | 184K | 0 |
| Long-Term Investments | 1.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 603K | 603K | 603K | 603K | -300K | 0 | 0 | 0 |
| Other Non-Current Assets | 2.69M | 2.55M | 8.53M | 6.85M | 6.17M | 2.95M | 2M | 2.04M | 1.69M | 929K | 737K | 781K | 273K | -16K | 56K | 171K |
| Total Assets | 1.44B | 1.41B | 1.3B | 1.11B | 1.16B | 1.19B | 457.16M | 275.21M | 120.64M | 78.67M | 101.03M | 75.28M | 64.84M | 79.63M | 19.07M | 10.45M |
| Asset Turnover | 0.39x | 0.37x | 0.34x | 0.32x | 0.26x | 0.18x | 0.26x | 0.44x | 0.76x | 0.91x | 0.64x | 0.66x | 0.59x | 0.27x | 0.61x | 0.25x |
| Asset Growth % | 33.52% | 8.15% | 16.6% | -3.59% | -2.64% | 159.83% | 66.11% | 128.13% | 53.35% | -22.14% | 34.2% | 16.11% | -18.57% | 317.63% | 82.44% | - |
| Total Current Liabilities | 56.12M | 59.94M | 78.63M | 61.24M | 62.61M | 64.15M | 16.78M | 17.47M | 13.06M | 12.03M | 11.53M | 14.72M | 17.14M | 15.39M | 8.99M | 1.89M |
| Accounts Payable | 6.91M | 4.59M | 8.63M | 12.94M | 11.91M | 12.36M | 3.12M | 2.33M | 2.52M | 3.85M | 2.42M | 5.08M | 7.4M | 5.29M | 1.89M | 550K |
| Days Payables Outstanding | 16.77 | 10.67 | 21.35 | 41.84 | 42.8 | 60.64 | 27.44 | 23.27 | 27.76 | 49.88 | 34.75 | 86.34 | 162.59 | 153.27 | 90.86 | 68.63 |
| Short-Term Debt | 4.35M | 4.05M | 0 | 0 | 0 | 1.13M | 0 | 0 | 1.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 3.78M | 1.16M | 1.67M | 2.01M | 2.61M | 4.65M | 371K | 0 | 0 | 0 | 0 | 948K | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 44.11M | 50.13M | 47.59M | 29.19M | 36.88M | 33.7M | 9.2M | 10.1M | 0 | 0 | 0 | 948K | 1.9M | 2.5M | 5.74M | 549K |
| Current Ratio | 9.31x | 8.15x | 4.73x | 4.66x | 3.97x | 3.79x | 22.39x | 10.74x | 7.42x | 4.48x | 6.38x | 3.26x | 2.53x | 4.97x | 1.82x | 4.56x |
| Quick Ratio | 9.31x | 7.81x | 4.46x | 4.40x | 3.74x | 3.61x | 22.11x | 10.35x | 7.16x | 4.04x | 6.08x | 3.00x | 2.31x | 4.80x | 1.71x | 4.41x |
| Cash Conversion Cycle | 54.64 | 68.59 | 70.53 | 51.12 | 62.75 | 63.37 | 70.92 | 103.36 | 62.01 | 83.55 | 64.17 | 3.45 | -52.2 | -59.89 | -22.47 | -2.22 |
| Total Non-Current Liabilities | 35.88M | 36.51M | 45.44M | 9.56M | 18.61M | 27.16M | 19.15M | 18.29M | 27.82M | 29.42M | 29.92M | 9.31M | 6.32M | 7.8M | 5.17M | 35K |
| Long-Term Debt | 34.99M | 0 | 0 | 0 | 0 | 0 | 810K | 694K | 23.93M | 24.94M | 24.92M | 4.99M | 4.92M | 4.9M | 0 | 0 |
| Capital Lease Obligations | 116.01M | 35.6M | 43.24M | 7.53M | 10.65M | 14.1M | 9.92M | 11.51M | 0 | 308K | 599K | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 3.8M | 646K | 1.23M | 734K | 4.53M | 5.59M | 0 | 0 | 0 | 0 | 0 | 0 | 300K | 0 | 0 | 0 |
| Other Non-Current Liabilities | 257K | 257K | 972K | 1.3M | 3.43M | 7.13M | 7.59M | 6.09M | 3.9M | 4.17M | 4.4M | 4.28M | 1.1M | 2.9M | 5.17M | 0 |
| Total Liabilities | 91.99M | 96.44M | 124.07M | 70.8M | 81.22M | 91.31M | 35.93M | 35.76M | 40.88M | 41.44M | 41.45M | 24.03M | 23.46M | 23.19M | 14.17M | 1.92M |
| Total Debt | 39.33M | 39.65M | 50.74M | 12.63M | 14.72M | 18.85M | 12.32M | 13.61M | 25.28M | 25.25M | 25.52M | 5.03M | 4.92M | 4.9M | 0 | 0 |
| Net Debt | -223.8M | -322.92M | -188.35M | -203.82M | -139.53M | -154.34M | -337.05M | -145.71M | -52.71M | -8.64M | -33.7M | -34.06M | -30.09M | -66.32M | -14M | -7.57M |
| Debt / Equity | 0.03x | 0.03x | 0.04x | 0.01x | 0.01x | 0.02x | 0.03x | 0.06x | 0.32x | 0.68x | 0.43x | 0.10x | 0.12x | 0.09x | - | - |
| Debt / EBITDA | 0.48x | 0.41x | 1.28x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -2.72x | -3.38x | -4.76x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | 12873.00x | -5106.47x | -182.97x | -337.79x | -151.44x | -17.61x | -10.72x | -5.59x | -10.39x | -88.16x | -65.91x | -108.79x | - | - |
| Total Equity | 1.34B | 1.31B | 1.18B | 1.04B | 1.08B | 1.1B | 421.23M | 239.46M | 79.75M | 37.23M | 59.58M | 51.25M | 41.37M | 56.44M | 4.9M | 8.53M |
| Equity Growth % | 38.63% | 11.36% | 12.63% | -2.89% | -1.94% | 160.31% | 75.91% | 200.24% | 114.25% | -37.52% | 16.25% | 23.87% | -26.7% | 1051.66% | -42.54% | - |
| Book Value per Share | 16.53 | 16.25 | 15.05 | 14.37 | 15.03 | 16.15 | 7.91 | 5.19 | 2.15 | 1.10 | 2.07 | 1.98 | 1.91 | 13.57 | 0.35 | 0.60 |
| Total Shareholders' Equity | 1.34B | 1.31B | 1.18B | 1.04B | 1.08B | 1.1B | 421.23M | 239.46M | 79.75M | 37.23M | 59.58M | 51.25M | 41.37M | 56.44M | 4.9M | 8.53M |
| Common Stock | 80K | 79K | 78K | 73K | 72K | 71K | 58K | 50K | 41K | 34K | 34K | 28K | 23K | 21K | 1K | 1K |
| Retained Earnings | -348.92M | -377.63M | -443.98M | -468.12M | -393.72M | -357.16M | -281.59M | -246.69M | -234.09M | -211.09M | -180.08M | -148.73M | -115.02M | 56.44M | -60.07M | -41.42M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -8.22M | -8.21M | -36.09M | -24.02M | -31.35M | -15.08M | 0 | 0 | -12.01M | -9.3M | -6.84M | -5.44M | -3.99M | -2.81M | -1.82M | -1.11M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory reimbursement pricing pressure
According to recent balance sheet data, Veracyte has successfully expanded its total equity to $1.3 billion as of 2026Q1, signaling a transition toward a self-sustaining capital structure that reduces reliance on external financing compared to the company's earlier, more capital-intensive growth phases.
The consistent growth in equity, despite historical accumulated deficits, suggests that the company is effectively retaining value from its core testing operations. This trajectory implies that the business model has reached a scale where internal cash generation is sufficient to support ongoing R&D and infrastructure needs.
As reported in financial statements, Veracyte maintains a strong liquidity position with a current ratio of 9.31 in 2026Q1, providing a substantial buffer against potential volatility in payer reimbursement cycles or unexpected disruptions in the diagnostic testing workflow.
The high current ratio indicates that the company holds significant liquid assets relative to its short-term obligations, which is a critical defensive feature in the healthcare sector. Investors should monitor whether this liquidity is deployed toward strategic M&A or if it remains idle on the balance sheet.
Based on reported figures, goodwill accounts for approximately $767.2 million of Veracyte's $1.4 billion in total assets, highlighting that the company's value is heavily concentrated in acquired intellectual property and clinical platforms rather than physical infrastructure.
The reliance on goodwill suggests that the company's competitive moat is tied to the successful integration of past acquisitions like Decipher Biosciences. While this asset mix is typical for high-growth diagnostics, it warrants investigation into potential impairment risks if the clinical utility of these acquired assets were to diminish.
As evidenced by the 0.03 debt-to-equity ratio in 2026Q1, Veracyte maintains a negligible debt burden, which provides the company with significant financial flexibility to navigate regulatory shifts without the pressure of servicing high interest obligations.
This conservative capital structure appears to be a strategic choice, allowing the company to prioritize growth and R&D over debt repayment. The lack of meaningful leverage suggests that the company is well-positioned to weather potential downturns in healthcare spending without compromising its core diagnostic operations.
Analysis of the balance sheet reveals that goodwill represents over 50% of total assets, which may mask underlying risks if the anticipated synergies from past acquisitions fail to materialize or if competitive pressures erode the market share of the core testing franchises.
While the current valuation of these intangibles is supported by revenue growth, any significant decline in the performance of the Decipher or Afirma platforms could necessitate a non-cash impairment charge. Investors should remain cautious regarding the sensitivity of the balance sheet to these intangible valuations.
Quick answers to the most common questions about buying VCYT stock.
As of 2025, Veracyte, Inc. (VCYT) had total assets of $1.41B including $488.4M in current assets.
Veracyte, Inc. (VCYT) carries total debt of $39.7M, offset by $412.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Veracyte, Inc. (VCYT) has total shareholders' equity (book value) of $1.31B ($16.25 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Veracyte, Inc. (VCYT) reported a current ratio of 8.15x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.