The company maintains a conservative debt-to-equity ratio of 0.25, though the balance sheet is heavily concentrated with $3.7 billion in goodwill against total assets of $6.9 billion as of 2025Q3.
Vasta Platform Limited (VSTA) balance sheet — 7-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Total Current Assets | 1.34B | 1.47B | 1.46B | 1.44B | 1.3B | 308.08M | 190.71M | 738.02M |
| Cash & Short-Term Investments | 390.87M | 195.84M | 341.81M | 426.28M | 476.24M | 154.45M | 10.76M | 102.23M |
| Cash Only | 2.42M | 84.53M | 95.86M | 45.77M | 309.89M | 59.9M | 10.76M | 102.23M |
| Short-Term Investments | 388.44M | 111.31M | 245.94M | 380.51M | 166.35M | 94.55M | 0 | 0 |
| Accounts Receivable | 575.25M | 912.71M | 742.64M | 688.73M | 541.46M | 100.28M | 119.08M | 329.08M |
| Days Sales Outstanding | 167.06 | 198.98 | 182.38 | 198.84 | 208.6 | 36.69 | 43.92 | 121.89 |
| Inventory | 288.04M | 276.78M | 300.51M | 266.45M | 242.36M | 48.06M | 55.25M | 262.18M |
| Days Inventory Outstanding | 144.78 | 154.6 | 192.13 | 205.55 | 222.92 | 46.41 | 45.11 | 342.25 |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45.09M |
| Total Non-Current Assets | 5.61B | 5.74B | 5.95B | 6.08B | 6.03B | 1.04B | 1.34B | 5.4B |
| Property, Plant & Equipment | 142.25M | 160.95M | 151.49M | 197.69M | 185.68M | 36.97M | 45.98M | 58.31M |
| Fixed Asset Turnover | 11.48x | 10.40x | 9.81x | 6.40x | 5.10x | 26.99x | 21.52x | 16.90x |
| Goodwill | 3.72B | 3.71B | 3.71B | 3.71B | 3.69B | 636.83M | 816.93M | 3.29B |
| Intangible Assets | 1.34B | 1.45B | 1.59B | 1.72B | 1.84B | 311.29M | 422.38M | 1.8B |
| Long-Term Investments | 200.18M | 53.79M | 74.36M | 91.41M | 0 | 33.26M | 42.99M | 0 |
| Other Non-Current Assets | 118.3M | 154.45M | 207.19M | 194.86M | 178.82M | 0 | 0 | 168.45M |
| Total Assets | 6.95B | 7.21B | 7.4B | 7.52B | 7.33B | 1.34B | 1.53B | 6.14B |
| Asset Turnover | 0.24x | 0.23x | 0.20x | 0.17x | 0.13x | 0.74x | 0.65x | 0.16x |
| Asset Growth % | -11.56% | -2.67% | -1.57% | 2.55% | 445.85% | -12.38% | -75.03% | - |
| Total Current Liabilities | 890.96M | 1.24B | 1.45B | 789.21M | 778.25M | 211.05M | 271.89M | 974.67M |
| Accounts Payable | 397.44M | 455.43M | 438.02M | 323.65M | 187.67M | 53.8M | 55.6M | 444.94M |
| Days Payables Outstanding | 226.72 | 254.39 | 280.04 | 249.68 | 172.62 | 51.95 | 45.39 | 580.81 |
| Short-Term Debt | 347.3M | 567.09M | 805.71M | 249.25M | 378.87M | 104.35M | 111.38M | 338.56M |
| Deferred Revenue (Current) | 143.06M | 40.56M | 32.81M | 57.85M | 46.04M | 9.08M | 12.26M | 76M |
| Other Current Liabilities | 699K | -34.47M | 77.35M | 76.13M | 36.57M | 36.39M | 79.45M | 44.15M |
| Current Ratio | 1.50x | 1.18x | 1.01x | 1.82x | 1.67x | 1.46x | 0.70x | 0.76x |
| Quick Ratio | 1.18x | 0.96x | 0.80x | 1.48x | 1.36x | 1.23x | 0.50x | 0.49x |
| Cash Conversion Cycle | 85.11 | 99.2 | 94.46 | 154.71 | 258.91 | 31.15 | 43.63 | -116.67 |
| Total Non-Current Liabilities | 1.18B | 967.67M | 1.43B | 2.1B | 1.89B | 211.14M | 490.71M | 1.9B |
| Long-Term Debt | 747.64M | 497.52M | 250M | 749.22M | 549.08M | 55.92M | 298.31M | 1.3B |
| Capital Lease Obligations | 341.29M | 89.24M | 79.58M | 117.41M | 134.56M | 29.81M | 36.45M | 18.61M |
| Deferred Tax Liabilities | 587.26M | 157.12M | 697.99M | 651.25M | 646.85M | 0 | 0 | 554.57M |
| Other Non-Current Liabilities | 238.9M | 223.79M | 407.23M | 583.82M | 559.33M | 124.15M | 153.67M | 577.91M |
| Total Liabilities | 2.07B | 2.21B | 2.88B | 2.89B | 2.67B | 422.19M | 762.6M | 2.87B |
| Total Debt | 1.2B | 1.18B | 1.15B | 1.14B | 1.09B | 190.08M | 446.13M | 1.66B |
| Net Debt | 1.2B | 1.09B | 1.06B | 1.09B | 779.49M | 130.18M | 435.37M | 1.56B |
| Debt / Equity | 0.25x | 0.24x | 0.25x | 0.25x | 0.23x | 0.21x | 0.58x | 0.51x |
| Debt / EBITDA | 1.86x | 1.78x | 2.42x | 2.88x | 6.31x | 0.84x | 1.80x | 6.67x |
| Net Debt / EBITDA | 1.86x | 1.65x | 2.21x | 2.77x | 4.52x | 0.57x | 1.76x | 6.26x |
| Interest Coverage | -290.27x | 44.87x | 0.59x | 0.59x | -0.45x | 1.33x | 2.44x | - |
| Total Equity | 4.88B | 4.99B | 4.52B | 4.63B | 4.67B | 921.28M | 770.65M | 3.27B |
| Equity Growth % | 42.83% | 10.45% | -2.35% | -0.76% | 406.38% | 19.55% | -76.42% | - |
| Book Value per Share | 60.76 | 62.30 | 54.90 | 55.35 | 56.72 | 11.10 | 9.28 | 39.37 |
| Total Shareholders' Equity | 4.88B | 4.99B | 4.52B | 4.63B | 4.67B | 921.28M | 770.65M | 3.27B |
| Common Stock | 4.82B | 4.82B | 4.82B | 4.82B | 4.82B | 928.12M | 0 | 3.27B |
| Retained Earnings | 35.73M | 154.93M | -331.56M | -247.79M | -193.21M | -14.34M | 0 | 0 |
| Treasury Stock | -70.22M | -74.64M | -59.52M | -23.88M | -23.88M | 0 | 0 | 0 |
| Accumulated OCI | 91.8M | 90.91M | 89.63M | 80.53M | 61.49M | 7.5M | 0 | 0 |
| Minority Interest | 1.31M | 1.3M | 1.43M | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying VSTA stock.
As of 2024, Vasta Platform Limited (VSTA) had total assets of $7.21B including $1.47B in current assets.
Vasta Platform Limited (VSTA) carries total debt of $1.18B, offset by $195.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Vasta Platform Limited (VSTA) has total shareholders' equity (book value) of $4.99B ($62.30 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Vasta Platform Limited (VSTA) reported a current ratio of 1.18x. 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
High Goodwill Concentration Risk
Goodwill Dominates Asset Composition
Based on recent financial disclosures, Vasta's asset base is heavily skewed toward intangible assets, with goodwill accounting for approximately $3.7 billion of the total $6.9 billion in assets as of 2025Q3, indicating a business model reliant on past acquisitions rather than organic capital investment.
The overwhelming concentration of goodwill suggests that the company's valuation is tethered to the performance of acquired pedagogical brands rather than tangible infrastructure. Investors should monitor whether these intangible assets remain supported by future cash flows, as any impairment could significantly erode the reported equity base.
Seasonal Liquidity Buffers Remain Tight
According to the 2025Q3 balance sheet, Vasta reported cash reserves of only $2.4 million, a sharp decline from the $96.2 million held in 2024Q3, which highlights the extreme seasonal liquidity pressure inherent in the company's B2B education subscription model.
The current ratio of 1.50 provides a modest cushion, yet the rapid depletion of cash reserves suggests that the company relies heavily on the timing of school contract payments to fund operations. This volatility warrants caution, as any delay in collections from partner schools could quickly strain the company's ability to meet short-term obligations.
Conservative Leverage Amidst Operational Volatility
As reported in recent filings, Vasta maintains a stable debt-to-equity ratio of 0.25, with total debt holding steady at $1.2 billion, suggesting that management has avoided aggressive borrowing despite the significant fluctuations in the company's underlying operating performance.
While the low leverage profile provides a degree of safety, the debt burden remains substantial relative to the company's thin cash position. The reliance on debt to support the current capital structure implies that refinancing risks could emerge if the company fails to generate consistent free cash flow during the off-peak academic seasons.
Equity Base Impacted by Retained Losses
Based on the provided financial data, Vasta's equity position has been pressured by a history of negative retained earnings, which stood at $35.7 million in 2025Q3 after recovering from a significant deficit of over $450 million in the prior year.
The volatility in retained earnings reflects the challenges the company faces in achieving sustained profitability after its aggressive acquisition phase. Investors should interpret this trend as a sign that the company is still in the process of stabilizing its capital base following the integration of its various educational platforms.