The company's financial leverage has intensified, with the debt-to-equity ratio rising to 1.13 in 2026Q1 from 0.56 in 2023Q4, reflecting increased reliance on external debt.
| Total Current Assets | 7.04B | 8.59B | 10.58B | 12.31B | 13.13B | 18.56B | 3.02B | 2.29B |
| Cash & Short-Term Investments | 4.83B | 6.08B | 7.7B | 9.37B | 11.57B | 18.13B | 2.98B | 2.26B |
| Cash Only | 2.85B | 3.58B | 5.29B | 7.86B | 11.57B | 18.13B | 2.98B | 2.26B |
| Short-Term Investments | 1.99B | 2.5B | 2.41B | 1.51B | 0 | 0 | 0 | 0 |
| Accounts Receivable | 342M | 555M | 443M | 161M | 102M | 26M | 6M | 0 |
| Days Sales Outstanding | 22.35 | 37.6 | 32.53 | 13.25 | 22.45 | 172.55 | - | - |
| Inventory | 1.54B | 1.59B | 2.25B | 2.62B | 1.35B | 274M | 0 | 0 |
| Days Inventory Outstanding | 111.62 | 110.97 | 132.99 | 147.94 | 102.91 | 192.33 | - | - |
| Other Current Assets | 330M | 361M | 192M | 164M | 112M | 126M | 31M | 29M |
| Total Non-Current Assets | 7.19B | 6.27B | 4.83B | 4.46B | 4.75B | 3.73B | 1.59B | 340M |
| Property, Plant & Equipment | 6.04B | 5.69B | 4.38B | 4.23B | 4.09B | 3.41B | 1.52B | 313M |
| Fixed Asset Turnover | 1.00x | 0.95x | 1.13x | 1.05x | 0.41x | 0.02x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 669M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 484M | 582M | 446M | 235M | 658M | 324M | 61M | 27M |
| Total Assets | 14.23B | 14.86B | 15.41B | 16.78B | 17.88B | 22.29B | 4.6B | 2.63B |
| Asset Turnover | 0.37x | 0.36x | 0.32x | 0.26x | 0.09x | 0.00x | - | - |
| Asset Growth % | -3.47% | -3.54% | -8.15% | -6.14% | -19.82% | 384.44% | 74.78% | - |
| Total Current Liabilities | 3.35B | 3.69B | 2.25B | 2.49B | 2.42B | 1.31B | 611M | 185M |
| Accounts Payable | 754M | 595M | 499M | 981M | 1B | 483M | 90M | 27M |
| Days Payables Outstanding | 38.82 | 41.42 | 29.52 | 55.39 | 76.34 | 339.03 | 1.13K | 1.41K |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 28M | 0 |
| Deferred Revenue (Current) | 1.55B | 0 | 0 | 0 | 0 | 74M | 28M | 18M |
| Other Current Liabilities | 1.04B | 0 | 0 | 0 | 0 | -74M | 0 | 0 |
| Current Ratio | 2.10x | 2.33x | 4.70x | 4.95x | 5.42x | 14.13x | 4.94x | 12.39x |
| Quick Ratio | 1.64x | 1.89x | 3.70x | 3.90x | 4.86x | 13.93x | 4.94x | 12.39x |
| Cash Conversion Cycle | 95.15 | 107.15 | 136 | 105.8 | 49.02 | 25.84 | - | - |
| Total Non-Current Liabilities | 6.45B | 6.58B | 6.6B | 5.15B | 1.65B | 1.47B | 5.38B | 2.82B |
| Long-Term Debt | 5.02B | 4.44B | 4.44B | 4.43B | 1.23B | 1.23B | 47M | 71M |
| Capital Lease Obligations | 1.54B | 551M | 379M | 324M | 311M | 218M | 83M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.43B | 1.59B | 1.78B | 395M | 111M | 23M | 5.25B | 2.75B |
| Total Liabilities | 9.8B | 10.27B | 8.85B | 7.64B | 4.08B | 2.78B | 5.99B | 3.01B |
| Total Debt | 5.02B | 6.65B | 5.74B | 5.12B | 1.81B | 1.61B | 180M | 74M |
| Net Debt | 2.18B | 3.07B | 443M | -2.74B | -9.76B | -16.53B | -2.8B | -2.19B |
| Debt / Equity | 1.13x | 1.45x | 0.87x | 0.56x | 0.13x | 0.08x | - | - |
| Debt / EBITDA | -1.55x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.67x | - | - | - | - | - | - | - |
| Interest Coverage | -27.31x | -12.21x | -13.91x | -23.69x | -64.51x | -160.66x | -126.25x | -11.53x |
| Total Equity | 4.46B | 4.59B | 6.56B | 9.14B | 13.8B | 19.51B | -1.38B | -375M |
| Equity Growth % | -83.14% | -29.99% | -28.21% | -33.76% | -29.29% | 1509.97% | -269.07% | - |
| Book Value per Share | 3.57 | 3.87 | 6.48 | 9.65 | 15.11 | 95.66 | -13.70 | -3.83 |
| Total Shareholders' Equity | 4.43B | 4.57B | 6.56B | 9.14B | 13.8B | 19.51B | -1.38B | -375M |
| Common Stock | 1M | 1M | 1M | 1M | 1M | 1M | 0 | 0 |
| Retained Earnings | -27.37B | -26.95B | -23.3B | -18.56B | -13.13B | -6.37B | -1.69B | -668M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 2M | 8M | -4M | 3M | -2M | 0 | 0 | 0 |
| Minority Interest | 26M | 28M | 4M | 0 | 0 | 0 | 0 | 0 |
Persistent liquidity depletion
As reported in quarterly filings, Rivian's total equity has declined from $9.1 billion in 2023Q4 to $4.4 billion in 2026Q1, reflecting a consistent trajectory of capital erosion as the company continues to fund its manufacturing expansion through significant retained earnings deficits and ongoing operational cash outflows.
The steady contraction in equity base suggests that the company is consuming its capital reserves at a rate that outpaces its ability to generate internal value. Investors should monitor whether the recent stabilization in total assets indicates a pivot toward more disciplined capital allocation or merely a temporary pause in infrastructure investment.
Based on the provided financial data, Rivian's debt-to-equity ratio has climbed from 0.56 in 2023Q4 to 1.13 in 2026Q1, indicating that the company is increasingly relying on external financing to bridge the gap between its high-cost manufacturing operations and its current revenue generation capabilities.
This shift toward higher leverage appears to be a necessity-driven response to persistent cash burn rather than a strategic move to optimize the capital structure. The rising debt burden warrants further investigation into the company's long-term refinancing risk, especially if production volumes fail to scale as projected.
According to recent balance sheet disclosures, Rivian's current ratio has compressed from 4.95 in 2023Q4 to 2.10 in 2026Q1, signaling a significant reduction in the company's immediate liquidity buffer as cash reserves have dwindled from $7.9 billion to $2.8 billion over the same period.
While a current ratio of 2.10 remains technically adequate, the rapid downward trend suggests that the company's runway is shortening significantly. This liquidity profile implies that management may face increasing pressure to secure additional funding if the current rate of cash consumption is not mitigated by improved operational efficiency.
As evidenced by the company's financial statements, net property, plant, and equipment has grown from $4.2 billion in 2023Q4 to $6.0 billion in 2026Q1, highlighting the asset-heavy nature of Rivian's business model as it continues to invest heavily in its production infrastructure and manufacturing capabilities.
The concentration of assets in PPE underscores the high fixed-cost burden that the company must overcome to achieve sustainable profitability. This capital-intensive structure suggests that the company's future success is inextricably linked to its ability to maximize factory utilization rates and achieve economies of scale.
Quick answers to the most common questions about buying RIVN stock.
As of 2025, Rivian Automotive, Inc. (RIVN) had total assets of $14.86B including $8.59B in current assets.
Rivian Automotive, Inc. (RIVN) carries total debt of $6.65B, offset by $6.08B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Rivian Automotive, Inc. (RIVN) has total shareholders' equity (book value) of $4.57B ($3.87 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Rivian Automotive, Inc. (RIVN) reported a current ratio of 2.33x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.