The company's capital structure remains strained, characterized by a debt-to-equity ratio of 5.75 and $1.2 billion in goodwill as of 2026Q2.
| Total Current Assets | 272.3M | 243.7M | 255.4M | 936.7M | 1.62B | 1.04B | 1.44B | 797M | 725M | 790M | 730M | 477.3M | 544.7M |
| Cash & Short-Term Investments | 84.7M | 51.6M | 68.3M | 756.6M | 23.4M | 122.6M | 760M | 159M | 96M | 201M | 172M | 300K | 0 |
| Cash Only | 84.7M | 51.6M | 68.3M | 409.1M | 23.4M | 122.6M | 760M | 159M | 96M | 201M | 172M | 200K | 0 |
| Short-Term Investments | 0 | 0 | 0 | 347.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 |
| Accounts Receivable | 92.6M | 89.6M | 86.4M | 81.3M | 66.1M | 65.3M | 433M | 401M | 409M | 385M | 363M | 334.6M | 388M |
| Days Sales Outstanding | 18.19 | 19.12 | 19.48 | 20.56 | 19.52 | 22.98 | 217.39 | 61.24 | 65.33 | 67.43 | 68.69 | 62.09 | 69.39 |
| Inventory | 47.6M | 42.6M | 39.7M | 33.3M | 29.4M | 27.4M | 199M | 194M | 176M | 175M | 139M | 125.6M | 133M |
| Days Inventory Outstanding | 14.36 | 14.78 | 14.49 | 13.52 | 14.13 | 16.53 | 170.5 | 44.82 | 43.43 | 48.91 | 43.44 | 35.77 | 34.45 |
| Other Current Assets | 47.4M | 37.6M | 61M | 65.5M | 1.46B | 794.5M | 1M | 43M | 44M | 29M | 56M | 17.1M | 23.7M |
| Total Non-Current Assets | 3.15B | 2.43B | 2.18B | 1.95B | 1.8B | 2.15B | 1.61B | 1.27B | 1.13B | 1.13B | 1.09B | 500.6M | 537.8M |
| Property, Plant & Equipment | 1.64B | 1.47B | 1.26B | 1.08B | 916.7M | 785.9M | 874M | 498M | 420M | 391M | 324M | 253.5M | 272.4M |
| Fixed Asset Turnover | 1.22x | 1.17x | 1.29x | 1.33x | 1.35x | 1.32x | 0.83x | 4.80x | 5.44x | 5.33x | 5.95x | 7.76x | 7.49x |
| Goodwill | 1.18B | 658M | 615.3M | 578M | 548.2M | 512.8M | 445M | 430M | 381M | 330M | 264M | 169.4M | 167.9M |
| Intangible Assets | 97.8M | 82.5M | 90.3M | 102.6M | 114.9M | 129.5M | 84M | 74M | 67M | 5M | 3M | 1.6M | 6.3M |
| Long-Term Investments | 17.7M | 4.3M | 0 | 0 | 12.6M | 47M | 44M | 34M | 31M | 30M | 60M | 28.9M | 44M |
| Other Non-Current Assets | 222.4M | 177.2M | 220.4M | 187.8M | 141.7M | 664.7M | 132M | 108M | 92M | 88M | 55M | 39.4M | 39.1M |
| Total Assets | 3.42B | 2.67B | 2.44B | 2.89B | 3.42B | 3.19B | 3.05B | 2.06B | 1.85B | 1.92B | 1.82B | 977.9M | 1.08B |
| Asset Turnover | 0.62x | 0.64x | 0.66x | 0.50x | 0.36x | 0.33x | 0.24x | 1.16x | 1.23x | 1.09x | 1.06x | 2.01x | 1.89x |
| Asset Growth % | 101.6% | 9.5% | -15.61% | -15.42% | 7.08% | 4.59% | 47.82% | 11.33% | -3.19% | 4.93% | 86.62% | -9.66% | - |
| Total Current Liabilities | 371.3M | 347.4M | 353.9M | 362.3M | 919.4M | 568.7M | 444M | 423M | 411M | 478M | 400M | 298.6M | 293.5M |
| Accounts Payable | 112.7M | 118.9M | 117.4M | 118.7M | 45M | 38.6M | 189M | 171M | 178M | 192M | 177M | 174M | 177.5M |
| Days Payables Outstanding | 35.57 | 41.26 | 42.84 | 48.19 | 21.62 | 23.29 | 161.94 | 39.5 | 43.93 | 53.66 | 55.31 | 49.55 | 45.98 |
| Short-Term Debt | 31.2M | 72.6M | 68.4M | 65.3M | 199.9M | 48.3M | 36M | 15M | 30M | 90M | 19M | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 227.4M | 135.4M | 168.1M | 178.3M | 674.5M | 481.8M | 219M | 237M | 203M | 163M | 160M | 79.8M | 80.2M |
| Current Ratio | 0.73x | 0.70x | 0.72x | 2.59x | 1.76x | 1.82x | 3.24x | 1.88x | 1.76x | 1.65x | 1.83x | 1.60x | 1.86x |
| Quick Ratio | 0.61x | 0.58x | 0.61x | 2.49x | 1.73x | 1.78x | 2.79x | 1.43x | 1.34x | 1.29x | 1.48x | 1.18x | 1.40x |
| Cash Conversion Cycle | -3.01 | -7.36 | -8.88 | -14.12 | 12.02 | 16.22 | 225.96 | 66.55 | 64.84 | 62.68 | 56.81 | 48.31 | 57.86 |
| Total Non-Current Liabilities | 2.7B | 1.98B | 1.9B | 2.32B | 2.19B | 2.49B | 2.68B | 1.9B | 1.8B | 1.55B | 1.75B | 62.2M | 64.2M |
| Long-Term Debt | 1.63B | 1.05B | 1.07B | 1.56B | 1.53B | 1.64B | 1.96B | 1.33B | 1.29B | 1.03B | 724M | 0 | 0 |
| Capital Lease Obligations | 1.6B | 544.6M | 487M | 446.2M | 419M | 385.4M | 301M | 55M | 47M | 58M | 6M | 4.2M | 4.4M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 26M | 1M | 0 | 0 | 0 | 2M | 23.8M | 18.2M |
| Other Non-Current Liabilities | 699.2M | 389.7M | 342.2M | 315.9M | 246.7M | 436.7M | 420M | 517M | 462M | 462M | 1.02B | 34.2M | 41.6M |
| Total Liabilities | 3.07B | 2.33B | 2.25B | 2.69B | 3.11B | 3.06B | 3.13B | 2.32B | 2.21B | 2.03B | 2.15B | 360.8M | 357.7M |
| Total Debt | 2.03B | 1.67B | 1.63B | 2.07B | 2.14B | 2.07B | 2.3B | 1.4B | 1.37B | 1.18B | 749M | 4.2M | 4.4M |
| Net Debt | 1.94B | 1.62B | 1.56B | 1.66B | 2.12B | 1.95B | 1.54B | 1.24B | 1.27B | 981M | 577M | 4.2M | 4.4M |
| Debt / Equity | 5.75x | 4.93x | 8.76x | 10.21x | 6.99x | 15.42x | - | - | - | - | - | 0.01x | 0.01x |
| Debt / EBITDA | 4.34x | 3.27x | 4.42x | 6.17x | 7.35x | 6.86x | 11.45x | 3.04x | 3.05x | 2.06x | 1.60x | 0.01x | 0.01x |
| Net Debt / EBITDA | 4.16x | 3.17x | 4.23x | 4.95x | 7.27x | 6.46x | 7.66x | 2.70x | 2.84x | 1.71x | 1.23x | 0.01x | 0.01x |
| Interest Coverage | 3.64x | 5.29x | 5.10x | 7.31x | 3.08x | 3.40x | 2.91x | 4.40x | 6.02x | 12.38x | 46.56x | - | - |
| Total Equity | 353.1M | 338.5M | 185.6M | 203.2M | 306.6M | 134.5M | -76M | -258M | -358M | -117M | -330M | 617.1M | 724.8M |
| Equity Growth % | 352.68% | 82.38% | -8.66% | -33.72% | 127.96% | 276.97% | 70.54% | 27.93% | -205.98% | 64.55% | -153.48% | -14.86% | - |
| Book Value per Share | 2.75 | 2.63 | 1.42 | 1.25 | 1.70 | 0.73 | -0.41 | -1.37 | -1.82 | -0.57 | -1.94 | 3.09 | 3.62 |
| Total Shareholders' Equity | 353.1M | 338.5M | 185.6M | 203.2M | 306.6M | 134.5M | -76M | -258M | -358M | -117M | -330M | 617.1M | 724.8M |
| Common Stock | 1.3M | 1.3M | 1.3M | 1.3M | 1.8M | 1.8M | 2M | 2M | 2M | 2M | 2M | 0 | 751.4M |
| Retained Earnings | 285.6M | 273.6M | 123.2M | 140.7M | 282M | 90M | -110M | -284M | -399M | -167M | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 4.4M | 5.2M | 9.9M | 13.2M | -21.3M | 7.5M | 8M | 11M | 32M | 43M | -3M | -60.6M | -26.6M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and goodwill
As reported in financial statements, Valvoline's total assets have expanded to $3.4 billion by 2026Q2, yet this growth is heavily financed by debt, with the debt-to-equity ratio shifting from 30.68 in 2024Q2 to 5.75, reflecting a volatile transition toward a pure-play retail service model.
The trajectory of the balance sheet suggests a company aggressively re-leveraging to fund retail expansion after the Global Products divestiture. Investors should monitor whether this asset growth translates into sustainable returns on invested capital, as the current reliance on debt to drive store count increases may limit future financial flexibility.
Based on recent SEC filings, Valvoline carries $2.0 billion in total debt as of 2026Q2, representing a significant leverage burden that warrants further investigation into the company's ability to service interest obligations while simultaneously funding its capital-intensive retail store expansion strategy in a competitive market.
The high debt-to-equity ratio appears to be a strategic choice to accelerate store growth, yet it leaves the company vulnerable to interest rate fluctuations and potential operational downturns. The reliance on debt to fund expansion suggests that management is prioritizing rapid market share capture over balance sheet conservatism.
According to the latest quarterly data, Valvoline's goodwill has risen to $1.2 billion, representing a substantial portion of the $3.4 billion total asset base, which suggests that the company's growth strategy is heavily dependent on the successful integration and performance of acquired retail service locations.
The concentration of goodwill indicates that a significant portion of the company's valuation is tied to intangible assets rather than tangible infrastructure. This poses a risk of future impairment charges if the acquired retail units fail to meet performance expectations or if the competitive landscape for quick-lube services intensifies.
As indicated by the 2026Q2 financial data, Valvoline maintains a current ratio of 0.73, which suggests a constrained liquidity position that may limit the company's ability to absorb unexpected operational shocks or sudden increases in working capital requirements during its ongoing retail footprint expansion.
The consistently low current ratio appears to be a structural feature of the company's retail-focused model, where inventory turnover is high but cash reserves remain lean. Investors should monitor whether this tight liquidity buffer remains sufficient to support ongoing capital expenditures without requiring additional external financing.
Quick answers to the most common questions about buying VVV stock.
As of 2025, Valvoline Inc. (VVV) had total assets of $2.67B including $243.7M in current assets.
Valvoline Inc. (VVV) carries total debt of $1.67B, offset by $51.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Valvoline Inc. (VVV) has total shareholders' equity (book value) of $338.5M ($2.63 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Valvoline Inc. (VVV) reported a current ratio of 0.70x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.