The company maintains a conservative financial profile with a debt-to-equity ratio of 0.31 as of 2026Q1, providing sufficient flexibility despite a significant $2.0 billion goodwill concentration.
| Total Current Assets | 2.32B | 2.36B | 2.69B | 3.43B | 3.94B | 4.72B | 4.94B | 2.26B | 1.95B | 1.8B | 1.43B | 799M | 648M |
| Cash & Short-Term Investments | 1.43B | 1.38B | 1.84B | 2.6B | 3.15B | 4B | 4.26B | 1.66B | 1.39B | 1.26B | 964M | 425M | 238M |
| Cash Only | 473M | 506M | 723M | 1.13B | 1.13B | 1.14B | 1.16B | 1.05B | 1.27B | 1.06B | 885M | 425M | 238M |
| Short-Term Investments | 956M | 878M | 1.12B | 1.47B | 2.02B | 2.86B | 3.1B | 611M | 122M | 205M | 79M | 0 | 0 |
| Accounts Receivable | 103M | 409M | 316M | 283M | 211M | 112M | 156M | 137M | 149M | 140M | 90M | 76M | 60M |
| Days Sales Outstanding | 9.21 | 12.65 | 10.2 | 9.41 | 8.05 | 4.15 | 6.89 | 5.7 | 6.46 | 6.58 | 4.87 | 4.02 | 3.16 |
| Inventory | 414M | 438M | 405M | 424M | 417M | 432M | 398M | 380M | 307M | 297M | 268M | 189M | 260M |
| Days Inventory Outstanding | 14.6 | 16.38 | 15.7 | 17.02 | 18.69 | 18.67 | 20.76 | 19.91 | 15.78 | 16.72 | 17.22 | 11.5 | 15.58 |
| Other Current Assets | 373M | 126M | 129M | 124M | 160M | 176M | 119M | 83M | 66M | 60M | 65M | 56M | 45M |
| Total Non-Current Assets | 8.52B | 8.43B | 8.43B | 8.6B | 7.89B | 8.51B | 5.94B | 4.69B | 2.66B | 2.48B | 2.3B | 2.4B | 2.61B |
| Property, Plant & Equipment | 4.75B | 4.73B | 4.58B | 4.55B | 4.34B | 4.86B | 3.93B | 3.58B | 1.61B | 1.69B | 1.65B | 1.84B | 2B |
| Fixed Asset Turnover | 2.60x | 2.49x | 2.47x | 2.41x | 2.20x | 2.03x | 2.10x | 2.45x | 5.21x | 4.59x | 4.10x | 3.75x | 3.47x |
| Goodwill | 1.99B | 1.96B | 1.88B | 1.93B | 1.99B | 2.14B | 832M | 254M | 266M | 108M | 79M | 85M | 89M |
| Intangible Assets | 149M | 148M | 251M | 265M | 282M | 410M | 386M | 227M | 254M | 232M | 88M | 107M | 127M |
| Long-Term Investments | 4.12B | 1.06B | 1.46B | 1.6B | 1.04B | 504M | 306M | 199M | 128M | 95M | 71M | 61M | 52M |
| Other Non-Current Assets | 369M | 362M | 122M | 122M | 119M | 482M | 388M | 337M | 306M | 254M | 254M | 192M | 199M |
| Total Assets | 10.84B | 10.78B | 11.12B | 12.03B | 11.83B | 13.22B | 10.88B | 6.95B | 4.61B | 4.29B | 3.73B | 3.2B | 3.26B |
| Asset Turnover | 1.11x | 1.09x | 1.02x | 0.91x | 0.81x | 0.75x | 0.76x | 1.26x | 1.83x | 1.81x | 1.81x | 2.16x | 2.13x |
| Asset Growth % | -16.1% | -3.04% | -7.56% | 1.73% | -10.56% | 21.59% | 56.47% | 50.76% | 7.53% | 15.03% | 16.43% | -1.72% | - |
| Total Current Liabilities | 2.3B | 2.25B | 2.28B | 2.42B | 2.17B | 2.38B | 2.07B | 1.74B | 1.25B | 1.02B | 1B | 948M | 1.04B |
| Accounts Payable | 2.13B | 793M | 801M | 786M | 727M | 830M | 708M | 623M | 619M | 420M | 480M | 438M | 501M |
| Days Payables Outstanding | 41.37 | 29.66 | 31.06 | 31.55 | 32.59 | 35.86 | 36.94 | 32.64 | 31.82 | 23.64 | 30.84 | 26.64 | 30.01 |
| Short-Term Debt | 20M | 474M | 127M | 168M | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 585M | 205M | 196M | 196M | 182M | 182M | 175M | 135M | 96M | 72M | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 373M | 401M | 439M | 435M | 472M | 388M | 337M | 315M | 323M | 345M | 293M | 274M |
| Current Ratio | 1.01x | 1.05x | 1.18x | 1.42x | 1.82x | 1.98x | 2.39x | 1.30x | 1.56x | 1.76x | 1.42x | 0.84x | 0.62x |
| Quick Ratio | 0.83x | 0.85x | 1.00x | 1.24x | 1.63x | 1.80x | 2.20x | 1.08x | 1.31x | 1.47x | 1.15x | 0.64x | 0.37x |
| Cash Conversion Cycle | -17.56 | -0.62 | -5.15 | -5.12 | -5.85 | -13.05 | -9.28 | -7.03 | -9.58 | -0.35 | -8.76 | -11.13 | -11.28 |
| Total Non-Current Liabilities | 2.43B | 2.43B | 2.41B | 2.49B | 2.5B | 2.92B | 2.34B | 2.04B | 380M | 416M | 280M | 268M | 263M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 7.35B | 1.87B | 1.86B | 1.94B | 1.95B | 2.33B | 1.94B | 1.83B | 25M | 28M | 28M | 34M | 34M |
| Deferred Tax Liabilities | 1.61B | 406M | 389M | 390M | 390M | 425M | 227M | 67M | 65M | 32M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 162M | 105M | 121M | 125M | 134M | 141M | 136M | 110M | 259M | 323M | 252M | 234M | 229M |
| Total Liabilities | 4.73B | 4.68B | 4.69B | 4.91B | 4.67B | 5.3B | 4.4B | 3.77B | 1.63B | 1.44B | 1.28B | 1.22B | 1.3B |
| Total Debt | 1.87B | 2.35B | 2.41B | 2.54B | 2.4B | 2.83B | 2.39B | 2.21B | 25M | 28M | 28M | 34M | 34M |
| Net Debt | 1.4B | 1.84B | 1.69B | 1.41B | 1.27B | 1.7B | 1.23B | 1.17B | -1.24B | -1.03B | -857M | -391M | -204M |
| Debt / Equity | 0.31x | 0.38x | 0.37x | 0.36x | 0.33x | 0.36x | 0.37x | 0.70x | 0.01x | 0.01x | 0.01x | 0.02x | 0.02x |
| Debt / EBITDA | 1.00x | 1.23x | 1.47x | 1.63x | 1.95x | 1.49x | 1.69x | 1.66x | 0.02x | 0.02x | 0.03x | 0.04x | 0.08x |
| Net Debt / EBITDA | 0.75x | 0.97x | 1.03x | 0.90x | 1.03x | 0.89x | 0.87x | 0.88x | -0.90x | -0.87x | -0.83x | -0.43x | -0.49x |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 6.11B | 6.1B | 6.43B | 7.12B | 7.16B | 7.92B | 6.47B | 3.17B | 2.98B | 2.85B | 2.44B | 1.99B | 1.95B |
| Equity Growth % | -15.54% | -5.1% | -9.72% | -0.57% | -9.62% | 22.42% | 103.81% | 6.65% | 4.57% | 16.54% | 23.07% | 1.59% | - |
| Book Value per Share | 17.25 | 16.99 | 16.48 | 16.95 | 16.85 | 18.25 | 16.10 | 8.18 | 7.54 | 7.15 | 6.62 | 5.18 | 5.01 |
| Total Shareholders' Equity | 5.43B | 5.38B | 5.73B | 6.41B | 6.48B | 7.06B | 6.21B | 3.08B | 2.87B | 2.77B | 2.38B | 1.92B | 1.89B |
| Common Stock | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 4M | 1.79B | 1.67B |
| Retained Earnings | 1.79B | 1.76B | 2.09B | 2.31B | 2.19B | 2.89B | 2.1B | 1.42B | 944M | 397M | 40M | 0 | 0 |
| Treasury Stock | -13M | -28M | -52M | 0 | 0 | -803M | -728M | -721M | -460M | -148M | -20M | 0 | 0 |
| Accumulated OCI | -98M | -157M | -341M | -229M | -103M | 268M | 167M | -49M | -17M | 137M | 1M | 1.79B | 217M |
| Minority Interest | 674M | 720M | 699M | 714M | 678M | 866M | 265M | 98M | 104M | 82M | 66M | 64M | 66M |
Geopolitical and consumer volatility
According to reported financial statements, YUMC has maintained a relatively stable total asset base of approximately $10.8 billion as of 2026Q1, suggesting that the company is successfully balancing aggressive store-level expansion with disciplined capital management despite the ongoing volatility in the broader Chinese consumer market.
The consistency in total assets over the last ten quarters indicates that the company is effectively recycling capital from mature locations into new, smaller-format store models. This trajectory suggests a focus on optimizing the existing footprint rather than unchecked asset accumulation, which may help preserve long-term return on invested capital.
As reported in recent filings, YUMC maintains a modest debt-to-equity ratio of 0.31 as of 2026Q1, which, when compared to the 0.40 level observed in 2024Q3, indicates a proactive reduction in leverage that provides the company with significant financial flexibility to navigate potential macroeconomic headwinds.
The company's reliance on a low-leverage structure appears strategic, allowing it to maintain operational agility in a competitive environment where domestic rivals may face higher financing costs. This conservative approach to debt suggests that management prioritizes balance sheet resilience over aggressive, debt-funded growth, which is prudent given the current geopolitical climate.
Based on the provided balance sheet data, YUMC's current ratio of 1.01 as of 2026Q1 reflects a tightening liquidity position compared to the 1.42 observed in 2023Q4, yet it remains adequate to cover short-term obligations while supporting the company's ongoing operational and capital expenditure requirements.
While the decline in the current ratio warrants monitoring, the company's ability to maintain a positive cash position suggests that it is not facing immediate liquidity constraints. Investors should observe whether this trend continues, as further compression could limit the company's capacity for opportunistic investments or shareholder returns.
According to historical balance sheet figures, YUMC's equity base of $5.4 billion as of 2026Q1 is primarily underpinned by $1.8 billion in retained earnings, signaling that the company's growth has been largely self-funded through internal cash generation rather than excessive reliance on external equity dilution.
The stability of the equity base, despite significant share repurchases, suggests that the company's core operations are generating sufficient value to offset capital returns to shareholders. This reinforces the perception of a disciplined capital allocation framework that prioritizes long-term shareholder value over short-term financial engineering.
Based on reported figures, YUMC carries $2.0 billion in goodwill as of 2026Q1, representing a significant portion of total assets, which suggests that any sustained underperformance in acquired segments could necessitate non-cash impairment charges that would negatively impact the company's reported book value and overall financial health.
The persistence of this goodwill balance, particularly in light of the mixed results from diversification efforts like Little Sheep, warrants careful investor scrutiny. If the company fails to extract sufficient synergies from these acquisitions, the carrying value of these intangible assets may become a source of future earnings volatility.
Quick answers to the most common questions about buying YUMC stock.
As of 2025, Yum China Holdings, Inc. (YUMC) had total assets of $10.78B including $2.36B in current assets.
Yum China Holdings, Inc. (YUMC) carries total debt of $2.35B, offset by $1.38B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Yum China Holdings, Inc. (YUMC) has total shareholders' equity (book value) of $5.38B ($16.99 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Yum China Holdings, Inc. (YUMC) reported a current ratio of 1.05x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.