The company's capital structure remains strained by a $20.2B retained earnings deficit and a $1.0B total debt load as of 2026Q4, which limits long-term financial flexibility.
| Total Current Assets | 10.13B | 10.22B | 10.96B | 5.48B | 4.19B | 4.09B | 80.67M | 8.28B | 7.61B |
| Cash & Short-Term Investments | 2.43B | 1.92B | 4.41B | 1.14B | 1.42B | 2.34B | 28.02M | 2.27B | 2.7B |
| Cash Only | 984.2M | 605.8M | 1.74B | 503.6M | 800.28M | 1.71B | 18.05M | 1.28B | 1.71B |
| Short-Term Investments | 1.45B | 1.31B | 2.67B | 635.81M | 622.86M | 628.83M | 9.97M | 991.72M | 994.6M |
| Accounts Receivable | 5.82B | 6.11B | 5.01B | 3.38B | 2.14B | 1.12B | 37.86M | 4.84B | 3.9B |
| Days Sales Outstanding | 200.33 | 280.28 | 436.83 | 321.87 | 393.54 | 322.4 | 2.4 | 235.43 | 131.56 |
| Inventory | 0 | 54K | 53K | 76K | 235K | 1.48M | 9.37M | -4.84B | 600K |
| Days Inventory Outstanding | - | 0 | 0.02 | 0.04 | 0.54 | 24.25 | 0.84 | - | 0.03 |
| Other Current Assets | 1.88B | 241.8M | 111.02M | 41.97M | 39.91M | 50.93M | 4.57M | 5.14B | 961.2M |
| Total Non-Current Assets | 3.07B | 2.99B | 1.53B | 1.29B | 1.28B | 1.65B | 35.1M | 3.8B | 3.39B |
| Property, Plant & Equipment | 390.07M | 319.85M | 233.87M | 246.6M | 251.71M | 474.19M | 7.94M | 314.01M | 228.9M |
| Fixed Asset Turnover | 27.17x | 24.87x | 17.92x | 15.52x | 7.90x | 2.68x | 723.35x | 23.91x | 47.24x |
| Goodwill | 0 | 1.25B | 528.19M | 528.19M | 528.19M | 528.19M | 10.48M | 1.64B | 1.59B |
| Intangible Assets | 0 | 1.09B | 385.24M | 250.77M | 224.07M | 361.85M | 12.02M | 971.17M | 976.4M |
| Long-Term Investments | 85.85M | 45.75M | 138.65M | 6.16M | 0 | 21.35M | 2.97M | -968.17M | 6.2M |
| Other Non-Current Assets | 130.27M | 259.23M | 230.87M | 246.53M | 265.47M | 251.66M | 440.8K | 1.73B | 587.2M |
| Total Assets | 13.2B | 13.21B | 12.49B | 6.77B | 5.46B | 5.75B | 115.77M | 12.08B | 11B |
| Asset Turnover | 0.80x | 0.60x | 0.34x | 0.57x | 0.36x | 0.22x | 49.64x | 0.62x | 0.98x |
| Asset Growth % | -0.08% | 5.75% | 84.62% | 23.8% | -4.92% | 4864.38% | -99.04% | 9.82% | - |
| Total Current Liabilities | 4.54B | 4.89B | 4.39B | 5.78B | 4.18B | 3.47B | 84.7M | 9.33B | 9.46B |
| Accounts Payable | 2.69B | 1.68B | 1.15B | 1.12B | 2.39B | 2.22B | 37.8M | 4.4B | 4.84B |
| Days Payables Outstanding | 121.76 | 151.59 | 483.32 | 609.12 | 5.49K | 36.3K | 3.37 | 271.27 | 269.49 |
| Short-Term Debt | 769.13M | 525.12M | 523.51M | 2.33B | 354.38M | 127.88M | 13.74M | 974.12M | 253.3M |
| Deferred Revenue (Current) | 2.46M | 1.03B | 625.54M | 571.36M | 714.74M | 657.13M | 11.9M | 0 | 0 |
| Other Current Liabilities | 990.81M | 230.75M | 515.35M | 550.57M | 556.64M | 332M | 18.56M | 2.8B | 3.89B |
| Current Ratio | 2.23x | 2.09x | 2.50x | 0.95x | 1.00x | 1.18x | 0.95x | 0.89x | 0.80x |
| Quick Ratio | 2.23x | 2.09x | 2.50x | 0.95x | 1.00x | 1.18x | 0.84x | 1.41x | 0.80x |
| Cash Conversion Cycle | - | 128.69 | -46.47 | -287.2 | -5.09K | -35.95K | -0.13 | - | -137.89 |
| Total Non-Current Liabilities | 468.91M | 415.38M | 339.61M | 270.56M | 388.06M | 1.11B | 11.1M | 409.07M | 915.6M |
| Long-Term Debt | 16.15M | 20.74M | 114.68M | 19.27M | 4.2M | 3.18M | 95.52K | 23.6M | 192.9M |
| Capital Lease Obligations | 224.06M | 186.34M | 164.42M | 203.39M | 230.67M | 427.79M | 6.32M | 148.11M | 0 |
| Deferred Tax Liabilities | 126.33M | 142.47M | 4.67M | 7.15M | 11.51M | 14.41M | 497.61K | 42.5M | 0 |
| Other Non-Current Liabilities | 102.38M | 65.83M | 55.85M | 40.75M | 76.71M | 401.81M | 1.12M | 98.46M | 722.7M |
| Total Liabilities | 5.01B | 5.3B | 4.73B | 6.05B | 4.57B | 4.58B | 95.8M | 9.74B | 10.37B |
| Total Debt | 1.01B | 784.01M | 853.93M | 2.6B | 628.24M | 634.02M | 20.16M | 1.16B | 446.2M |
| Net Debt | 25.14M | 178.21M | -888.02M | 2.1B | -172.04M | -1.08B | 2.11M | -117.11M | -1.26B |
| Debt / Equity | 0.12x | 0.10x | 0.11x | 3.62x | 0.70x | 0.55x | 1.01x | 0.50x | 0.71x |
| Debt / EBITDA | 4.00x | 3.59x | 22.06x | 9.65x | - | - | 0.12x | - | 10.35x |
| Net Debt / EBITDA | 0.10x | 0.82x | -22.94x | 7.78x | - | - | 0.01x | - | -29.23x |
| Interest Coverage | -32.67x | 1.14x | -0.40x | -0.11x | -3.91x | -8.94x | -2.46x | -11.14x | -607.80x |
| Total Equity | 8.18B | 7.9B | 7.76B | 719.32M | 892.24M | 1.16B | 19.97M | 2.34B | 624.5M |
| Equity Growth % | 3.54% | 1.86% | 978.84% | -19.38% | -23.29% | 5723.27% | -99.15% | 274.78% | - |
| Book Value per Share | 127.90 | 71.63 | 56.89 | 4.58 | 7.98 | 7.41 | 0.13 | 14.92 | 3.98 |
| Total Shareholders' Equity | 5.22B | 5.4B | 5.39B | 707.7M | 890.26M | 1.16B | 19.72M | 2.34B | 624.5M |
| Common Stock | 862.58K | 863K | 857K | 850K | 842K | 838K | 9.44K | 102.29M | 85.8M |
| Retained Earnings | -20.19B | -20.37B | -20.27B | -19.92B | -19.62B | -19.17B | -238.65M | -13.32B | -11.12B |
| Treasury Stock | -410.27M | -418.56M | -222.15M | -11.22M | -11.22M | -11.22M | -148.3K | 0 | 0 |
| Accumulated OCI | 5.44B | 5.6B | 5.36B | 250.36M | 231.25M | -26.64M | 8.82M | 898.8M | 623.9M |
| Minority Interest | 2.96B | 2.5B | 2.37B | 11.62M | 1.98M | 5.25M | 251.59K | 0 | 0 |
Persistent negative retained earnings
As reported in recent financial statements, Yatra's total assets have fluctuated within a narrow range of $12.4B to $13.4B over the last ten quarters, suggesting that the company's underlying capital base has failed to achieve meaningful expansion despite ongoing efforts to scale its corporate travel operations.
The lack of consistent asset growth, coupled with a persistent deficit in retained earnings of approximately $20B, indicates that the company has struggled to generate internal value. Investors should monitor whether this stagnation reflects a mature market position or an inability to effectively deploy capital to drive long-term business quality.
Based on reported figures, Yatra's total debt has oscillated significantly, reaching a peak of $1.1B in 2024Q3 before settling at $1.0B in 2026Q4, which suggests that the company relies on periodic debt financing to manage its working capital requirements rather than maintaining a stable capital structure.
While the debt-to-equity ratio remains relatively low at 0.12, the reliance on debt in the context of negative retained earnings warrants caution regarding the company's long-term solvency. This pattern may indicate that debt is being used to bridge operational cash flow gaps rather than to fund strategic growth initiatives.
According to recent SEC filings, Yatra's goodwill has fluctuated significantly, reaching $2.4B in 2026Q4, which represents a substantial portion of the company's asset base and highlights potential risks associated with the valuation of past acquisitions in a highly competitive and volatile Indian travel market.
The high concentration of intangible assets relative to tangible PPE, which stands at $390.1M, suggests that the company's balance sheet is sensitive to impairment risks. If the expected synergies from these acquisitions fail to materialize, the company may face significant write-downs that would further erode its already strained equity position.
As reported in financial statements, Yatra's current ratio has remained between 1.99 and 2.60 over the last ten quarters, indicating that while the company maintains a nominal liquidity buffer, its cash position of $984.2M in 2026Q4 remains susceptible to rapid depletion during periods of high operational burn.
The volatility in cash balances suggests that liquidity is heavily influenced by the timing of travel bookings and supplier payments. Investors should monitor whether the current liquidity levels are sufficient to sustain operations without further dilutive financing, especially given the company's history of erratic cash flow performance.
Based on the provided balance sheet data, the company's retained earnings deficit of $20.2B as of 2026Q4 serves as a critical indicator of long-term value destruction, suggesting that historical operational losses have significantly impaired the company's ability to build a sustainable equity base for shareholders.
This massive deficit implies that the company's reported equity is largely supported by external capital injections rather than organic profitability. This structural imbalance makes the balance sheet appear more stable than the underlying operational performance would otherwise suggest, warranting deep skepticism regarding the company's long-term financial health.
Quick answers to the most common questions about buying YTRA stock.
As of 2026, Yatra Online, Inc. (YTRA) had total assets of $13.20B including $10.13B in current assets.
Yatra Online, Inc. (YTRA) carries total debt of $1.01B, offset by $2.43B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Yatra Online, Inc. (YTRA) has total shareholders' equity (book value) of $5.22B ($127.90 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Yatra Online, Inc. (YTRA) reported a current ratio of 2.23x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.