The company's reliance on external financing to support its credit operations has driven the debt-to-equity ratio to 3.19 as of 2026Q1, up from 1.24 in 2023Q4.
| Total Current Assets | 64.67B | 64.9B | 64.62B | 48.73B | 39.77B | 4.8B | 3.71B | 3.37B | 11.04B | 4.03B | 2.27B | 1.24B | 778.57M |
| Cash & Short-Term Investments | 6.67B | 6.72B | 1.42B | 6.21B | 2.93B | 462.66M | 504.39M | 684.52M | 2.76B | 276.87M | 211.21M | 6.89M | 1.23M |
| Cash Only | 1.57B | 1.86B | 927.67M | 2.9B | 1.83B | 322.15M | 315.75M | 349.01M | 2.76B | 66.77M | 79.97M | 6.89M | 1.2M |
| Short-Term Investments | 5.09B | 4.86B | 487.92M | 3.31B | 1.1B | 140.51M | 188.64M | 335.51M | 0 | 210.1M | 131.24M | 0 | 33K |
| Accounts Receivable | 58B | 58.18B | 58.38B | 40.69B | 36.82B | 4.33B | 3.2B | 2.67B | 2.09B | 0 | 0 | 1.19B | 761.22M |
| Days Sales Outstanding | 1.06K | 1.1K | 1.16K | 947.21 | 886.58 | 153.29 | 174.43 | 174.5 | 187.77 | - | - | 655.43 | 857.34 |
| Inventory | 0 | 0 | 1.64M | 33.54M | 13.28M | 8.89M | 5.86M | 15.4M | 88.55M | 61.61M | 21.02M | 41.2M | 16.11M |
| Days Inventory Outstanding | 0.02 | - | 0.06 | 1.51 | 0.65 | 0.56 | 0.57 | 2.03 | 15.07 | 16.98 | 12.3 | 39.32 | 41.28 |
| Other Current Assets | 0 | 4.92M | 4.82B | 3.25B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 9.59B | 9.47B | 8.28B | 6.38B | 5.56B | 782.13M | 592.44M | 257M | 375.2M | 207.8M | 99.65M | 59.93M | 39.03M |
| Property, Plant & Equipment | 2.53B | 2.54B | 2.57B | 2.45B | 2.49B | 410.96M | 347.04M | 99.43M | 67.1M | 10.89M | 4.56M | 3.84M | 1.94M |
| Fixed Asset Turnover | 7.71x | 7.63x | 7.13x | 6.39x | 6.08x | 25.06x | 19.27x | 56.13x | 60.45x | 230.95x | 248.58x | 173.05x | 166.79x |
| Goodwill | 224.28M | 226.95M | 227.07M | 227.07M | 209.91M | 37.69M | 32.66M | 13.64M | 40.57M | 23.69M | 0 | 0 | 0 |
| Intangible Assets | 2.96B | 2.94B | 2.7B | 2.34B | 1.95B | 258.58M | 183.66M | 132.92M | 68.46M | 40.82M | 26.46M | 12.27M | 10.7M |
| Long-Term Investments | 6.24B | 2.93B | 0 | -1.94M | 1.65M | 51.13M | 11.05M | 9.22M | 1.51M | 872K | 534K | 376K | 548K |
| Other Non-Current Assets | 480.07M | 745.18M | 2.69B | 1.26B | 808.91M | 2.1M | 1.98M | 1.79M | 227.64M | 111.06M | 59.79M | 36.72M | 17.75M |
| Total Assets | 74.26B | 74.37B | 72.9B | 55.11B | 45.33B | 5.58B | 4.3B | 3.62B | 11.42B | 4.24B | 2.37B | 1.3B | 817.6M |
| Asset Turnover | 0.27x | 0.26x | 0.25x | 0.28x | 0.33x | 1.85x | 1.56x | 1.54x | 0.36x | 0.59x | 0.48x | 0.51x | 0.40x |
| Asset Growth % | 511.8% | 2.02% | 32.29% | 21.57% | 712.48% | 29.81% | 18.56% | -68.25% | 169.55% | 78.69% | 82.24% | 59.09% | - |
| Total Current Liabilities | 45.37B | 47.76B | 42.74B | 34.43B | 29.74B | 3.41B | 2.23B | 1.46B | 4.72B | 3.32B | 1.72B | 832.53M | 385.32M |
| Accounts Payable | 10.27B | 11.44B | 663.23M | 513.92M | 449.1M | 2.57B | 2.02B | 1.39B | 165.25M | 92.44M | 61.72M | 35.34M | 3.54M |
| Days Payables Outstanding | 214.98 | 436.52 | 25.37 | 23.07 | 21.94 | 162.68 | 195.51 | 184.12 | 28.12 | 25.48 | 36.12 | 33.73 | 9.06 |
| Short-Term Debt | 33.54B | 34.8B | 29.23B | 11.55B | 10.1B | 732.12M | 112.59M | 0 | 0 | 0 | 205.2M | 0 | 0 |
| Deferred Revenue (Current) | 300.06M | 0 | 128.85M | 128.46M | 126.04M | 29.19M | 35.85M | 0 | 0 | 0 | 22.24M | 0 | 0 |
| Other Current Liabilities | 1.24B | 1.51B | 365.79M | 21.52B | 100.01M | 41.76M | 31.25M | 48.43M | 27.66M | 19.89M | 7.29M | 6.82M | 1.59M |
| Current Ratio | 1.43x | 1.36x | 1.51x | 1.42x | 1.34x | 1.41x | 1.66x | 2.30x | 2.34x | 1.21x | 1.32x | 1.49x | 2.02x |
| Quick Ratio | 1.43x | 1.36x | 1.51x | 1.41x | 1.34x | 1.40x | 1.66x | 2.29x | 2.32x | 1.20x | 1.31x | 1.44x | 1.98x |
| Cash Conversion Cycle | 843 | - | 1.14K | 925.65 | 865.29 | -8.82 | -20.51 | -7.58 | 174.72 | - | - | 661.03 | 889.56 |
| Total Non-Current Liabilities | 14.55B | 11.98B | 15.49B | 7.44B | 3.75B | 281.99M | 273.84M | 167.61M | 123.62M | 46.4M | 24.38M | 6.28M | 5.71M |
| Long-Term Debt | 12.09B | 9.48B | 11.41B | 4.82B | 1.89B | 13.92M | 37.37M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 121.69M | 59.67M | 0 | 81.09M | 0 | 9.25M | 11.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 6.75B | 1.79B | 1.79B | 0 | 1.56B | 249.87M | 218.05M | 156.85M | 123.62M | 42.81M | 24.38M | 6.26M | 5.38M |
| Other Non-Current Liabilities | 666.1M | 640.86M | 2.27B | 2.51B | 270.44M | 5.84M | 1.76M | 10.76M | 2K | 3.59M | 0 | 24K | 336K |
| Total Liabilities | 59.92B | 59.74B | 58.23B | 41.87B | 33.49B | 3.69B | 2.5B | 1.63B | 4.84B | 3.37B | 1.74B | 838.82M | 391.04M |
| Total Debt | 45.69B | 44.34B | 40.64B | 16.38B | 12B | 755.3M | 161.36M | 0 | 0 | 0 | 205.2M | 0 | 0 |
| Net Debt | 44.12B | 42.48B | 39.71B | 13.48B | 10.17B | 433.15M | -154.39M | -349.01M | -2.76B | -66.77M | 125.23M | -6.89M | -1.2M |
| Debt / Equity | 3.19x | 3.03x | 2.77x | 1.24x | 1.01x | 0.40x | 0.09x | - | - | - | 0.33x | - | - |
| Debt / EBITDA | 4.89x | 4.91x | 5.39x | 2.43x | 1.94x | 0.26x | 0.08x | - | - | - | 0.80x | - | - |
| Net Debt / EBITDA | 4.72x | 4.70x | 5.27x | 2.00x | 1.64x | 0.15x | -0.07x | -0.18x | -2.57x | -0.08x | 0.49x | -0.09x | -0.02x |
| Interest Coverage | 1.46x | 1.42x | 1.59x | 1.62x | 1.61x | 2.68x | 15.86x | - | 32.64x | 8.12x | 3.47x | 3.13x | 5.23x |
| Total Equity | 14.34B | 14.63B | 14.67B | 13.24B | 11.84B | 1.89B | 1.8B | 1.99B | 6.57B | 870.39M | 626.86M | 461.88M | 426.56M |
| Equity Growth % | 464.58% | -0.25% | 10.78% | 11.81% | 528.07% | 5% | -9.87% | -69.69% | 655.34% | 38.85% | 35.72% | 8.28% | - |
| Book Value per Share | 50.71 | 49.12 | 45.91 | 40.87 | 35.97 | 5.68 | 5.44 | 6.05 | 20.67 | 2.76 | 1.99 | 1.47 | 1.35 |
| Total Shareholders' Equity | 14.34B | 14.63B | 14.67B | 13.24B | 11.84B | 1.89B | 1.79B | 1.99B | 6.55B | 866.89M | 626.86M | 459.69M | 424.78M |
| Common Stock | 25.68K | 25.99K | 26K | 26K | 26K | 4.67K | 5.01K | 6.46K | 26K | 524.58M | 524.58M | 441.62M | 42.57M |
| Retained Earnings | 11.34B | 11.32B | 10.01B | 7.89B | 6.24B | 849.66M | 686.64M | 565.51M | 909.27M | 103.34M | 31.43M | 2.11M | 243.04K |
| Treasury Stock | -730.22M | -1.33B | -1.37B | -760.32M | -475.35M | -51.17M | -2.62M | -10.26M | -39.53M | 0 | 0 | 0 | 0 |
| Accumulated OCI | 3.74B | 4.64B | 6.05B | 6.13B | 6.1B | 1.09B | 1.11B | 1.43B | 5.68B | 342.32M | 102.28M | 18.07M | 382.21M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 2.33M | 5.56M | 23.81M | 3.5M | 0 | 2.19M | 1.78M |
High leverage and liquidity
As reported in recent financial statements, PAGS total assets surged from $11.3B in 2023Q4 to $74.3B by 2026Q1, a rapid expansion that appears driven by the scaling of its credit and prepayment operations rather than organic growth in traditional fixed asset holdings.
The dramatic increase in the balance sheet size suggests a fundamental shift toward a more capital-intensive banking model. Investors should monitor whether this asset growth is sustainable or if it reflects an accumulation of lower-quality receivables that could pressure future capital adequacy.
Based on the company's reported figures, the debt-to-equity ratio climbed from 1.24 in 2023Q4 to 3.19 in 2026Q1, indicating that PAGS is increasingly relying on external financing to fund its merchant prepayment business and broader digital banking ecosystem expansion.
This rising leverage profile suggests that the company is aggressively utilizing its balance sheet to capture market share in the Brazilian fintech space. While this may drive short-term volume, it also increases sensitivity to interest rate fluctuations and potential credit defaults within the micro-merchant segment.
According to quarterly filings, the current ratio has tightened from 1.52 in 2024Q3 to 1.43 in 2026Q1, reflecting a narrowing margin of safety as the company manages its short-term obligations against a backdrop of volatile cash positions and significant working capital requirements.
The fluctuation in cash reserves, which reached $1.6B in 2026Q1, suggests that liquidity management is highly reactive to the timing of merchant settlements and credit disbursements. This volatility warrants further investigation into the company's ability to maintain sufficient liquidity during periods of macroeconomic stress in Brazil.
As indicated by the company's balance sheet data, retained earnings have grown from $1.6B in 2023Q4 to $11.3B in 2026Q1, serving as the primary engine for equity accumulation despite the ongoing pressures of capital-intensive operations and competitive market dynamics.
The consistent growth in retained earnings suggests that the core business remains fundamentally profitable, providing a necessary buffer against the risks inherent in the company's credit portfolio. However, the reliance on these earnings to support the balance sheet may limit the capacity for future shareholder returns.
Quick answers to the most common questions about buying PAGS stock.
As of 2025, PagSeguro Digital Ltd. (PAGS) had total assets of $74.37B including $64.90B in current assets.
PagSeguro Digital Ltd. (PAGS) carries total debt of $44.34B, offset by $6.72B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
PagSeguro Digital Ltd. (PAGS) has total shareholders' equity (book value) of $14.63B ($49.12 book value per share). Book value represents the net worth of the company belonging to common stock holders.
PagSeguro Digital Ltd. (PAGS) reported a current ratio of 1.36x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.