Total debt has climbed to $9.0 billion as of 2026Q1, reflecting an aggressive acquisition strategy that has pushed total assets to $19.8 billion.
| Total Current Assets | 1.43B | 619M | 1.8B | 1.27B | 2.55B | 2.88B | 2.7B | 832.07M | 2.61B | 2.95B |
| Cash & Short-Term Investments | 608.29M | 637.5M | 1.77B | 1.23B | 2.43B | 2.8B | 2.65B | 793.21M | 2.39B | 1.38B |
| Cash Only | 586.39M | 618.7M | 929.03M | 477.01M | 1.71B | 1.54B | 1.01B | 246.2M | 1.92B | 1.38B |
| Short-Term Investments | 21.9M | 18.8M | 841.97M | 756.74M | 717.04M | 1.26B | 1.64B | 547.01M | 461.82M | 0 |
| Accounts Receivable | 807.36M | 883.7M | 26.96M | 22.41M | 36.6M | 68.31M | 39.17M | 38.77M | 198.63M | 0 |
| Days Sales Outstanding | 97.49 | 135.63 | 4.35 | 3.47 | 5.97 | 10.89 | 6.74 | 7.8 | 40.39 | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 10.16M | -902.2M | 4.19M | 18.04M | 90.52M | 6.63M | 8.6M | 92K | 23.89M | 1.57B |
| Total Non-Current Assets | 18.39B | 17.06B | 16.42B | 15.11B | 14.26B | 14.64B | 13.32B | 11.62B | 8.76B | 8.43B |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | 493.12x | - | - | - | - | - | - | - | - | - |
| Goodwill | 924.63M | 924.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 16.54B | 0 | 15.13B | 0 | 0 | 5.67M | 28.67M | 51.72M | 75.65M | 0 |
| Long-Term Investments | 18.24B | 171.31M | 16.39B | 15.1B | 14.23B | 14.63B | 13.28B | 11.48B | 8.67B | 0 |
| Other Non-Current Assets | 76.85M | 15.97B | -15.09B | 6.52M | 29.63M | 4.14M | 10M | 87.95M | 19.11M | 0 |
| Total Assets | 19.82B | 19.62B | 18.22B | 16.38B | 16.81B | 17.52B | 16.02B | 12.45B | 11.37B | 11.37B |
| Asset Turnover | 0.13x | 0.12x | 0.12x | 0.14x | 0.13x | 0.13x | 0.13x | 0.15x | 0.16x | 0.14x |
| Asset Growth % | 31.22% | 7.67% | 11.24% | -2.57% | -4.01% | 9.34% | 28.68% | 9.5% | -0.03% | - |
| Total Current Liabilities | 535.68M | 636.21M | 1.25B | 161.38M | 1.17B | 171.25M | 307.89M | 333.42M | 580.17M | 383.41M |
| Accounts Payable | 25.48M | 19.4M | 13.37M | 15.16M | 7.91M | 5.62M | 10.78M | 11.18M | 4.48M | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 380M | 380M | 997.77M | 0 | 997.51M | 0 | 0 | 281.98M | 281.44M | 280.93M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 130.2M | 163.98M | 68.6M | 11.38M | 12.4M | 0 | 18.6M | 9.21M | 0 | 102.48M |
| Current Ratio | 2.66x | 0.97x | 1.44x | 7.90x | 2.19x | 16.81x | 8.76x | 2.50x | 4.50x | 7.69x |
| Quick Ratio | 2.66x | 0.97x | 1.44x | 7.90x | 2.19x | 16.81x | 8.76x | 2.50x | 4.50x | 7.69x |
| Cash Conversion Cycle | 97.49 | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 9.34B | 9.27B | 6.63B | 6.14B | 6.12B | 7.1B | 5.82B | 5.98B | 6.24B | 6.52B |
| Long-Term Debt | 8.58B | 8.57B | 6.61B | 6.14B | 6.12B | 7.1B | 5.82B | 5.96B | 6.24B | 6.52B |
| Capital Lease Obligations | 33M | 16.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 766.46M | 682.61M | 12.08M | 900K | 2.5M | 0 | 0 | 18.9M | 0 | 0 |
| Total Liabilities | 9.88B | 9.91B | 7.88B | 6.3B | 7.29B | 7.27B | 6.12B | 6.31B | 6.82B | 6.9B |
| Total Debt | 8.96B | 8.95B | 7.61B | 6.14B | 7.12B | 7.1B | 5.82B | 6.24B | 6.52B | 6.8B |
| Net Debt | 8.37B | 8.33B | 6.68B | 5.66B | 5.41B | 5.56B | 4.81B | 5.99B | 4.6B | 5.42B |
| Debt / Equity | 0.90x | 0.92x | 0.74x | 0.61x | 0.75x | 0.69x | 0.59x | 1.02x | 1.43x | 1.52x |
| Debt / EBITDA | 5.81x | 5.73x | 4.89x | 3.25x | 22.76x | 4.88x | 3.59x | 2.36x | 4.66x | 6.99x |
| Net Debt / EBITDA | 5.43x | 5.33x | 4.29x | 3.00x | 17.28x | 3.82x | 2.97x | 2.26x | 3.29x | 5.57x |
| Interest Coverage | 3.37x | 5.30x | 6.90x | 10.08x | 2.22x | 8.47x | 11.84x | 10.16x | 6.42x | 6.43x |
| Total Equity | 9.94B | 9.71B | 10.34B | 10.08B | 9.53B | 10.25B | 9.9B | 6.14B | 4.55B | 4.46B |
| Equity Growth % | -13.32% | -6.07% | 2.56% | 5.87% | -7.06% | 3.56% | 61.13% | 34.91% | 2.05% | - |
| Book Value per Share | 17.76 | 17.36 | 17.41 | 16.73 | 16.86 | 24.71 | 25.50 | 17.34 | 12.85 | 12.59 |
| Total Shareholders' Equity | 6.89B | 6.48B | 6.95B | 6.53B | 5.63B | 5.78B | 4.82B | 6.11B | 4.49B | 4.46B |
| Common Stock | 45K | 106K | 108K | 108K | 107K | 106K | 102K | 3.28B | 3.28B | 0 |
| Retained Earnings | 2.51B | 2.36B | 2.85B | 2.52B | 1.96B | 2.26B | 1.92B | 2.83B | 1.22B | 0 |
| Treasury Stock | -2.71M | -2.61M | -2.66M | -2.63M | -2.81M | -2.71M | -2.32M | -4.27M | 0 | 0 |
| Accumulated OCI | 63K | 0 | 0 | 0 | 0 | 16.49M | 34.4M | 2.09M | -10.26M | 0 |
| Minority Interest | 3.05B | 3.24B | 3.4B | 3.56B | 3.9B | 4.47B | 5.08B | 35.88M | 63.87M | 0 |
Leverage and patent cliffs
According to quarterly financial data, RPRX has expanded its total assets from $16.4 billion in 2023Q4 to $19.8 billion by 2026Q1, a trend that suggests an aggressive acquisition strategy aimed at scaling the royalty portfolio despite the inherent risks of long-term asset depreciation.
The consistent growth in total assets relative to equity indicates that the firm is increasingly relying on external financing to fuel its expansion. Investors should monitor whether this asset growth translates into proportional increases in adjusted cash receipts, as the current trajectory suggests a reliance on debt-funded deal flow.
As reported in recent balance sheet filings, total debt has climbed from $6.1 billion in 2023Q4 to $9.0 billion in 2026Q1, reflecting a strategic decision to utilize leverage to secure large-scale royalty interests that require significant upfront capital outlays.
While the debt-to-equity ratio remains within manageable bounds, the steady increase in absolute debt levels warrants caution regarding interest coverage in a volatile rate environment. This leverage appears to be a necessity-driven component of the business model, designed to maximize the internal rate of return on high-cost specialty drug assets.
Based on the provided quarterly figures, the current ratio has fluctuated wildly, dropping from a high of 12.52 in 2024Q1 to 2.66 in 2026Q1, which suggests that the company's short-term liquidity position is highly sensitive to the timing of large-scale royalty payments and debt maturity schedules.
The sharp contraction in the current ratio implies that the firm is managing its cash position tightly to optimize capital deployment rather than maintaining a static liquidity buffer. This volatility may indicate that the company prioritizes immediate reinvestment into new royalty streams over holding excess cash on the balance sheet.
As evidenced by the emergence of $924.6 million in goodwill on the balance sheet starting in 2025Q3, the company's accounting profile has shifted, potentially reflecting the acquisition of intangible assets at premiums that may require future impairment testing if underlying drug performance underperforms expectations.
The appearance of goodwill suggests that recent deal structures may involve more complex valuation premiums than historical transactions. This development warrants further investigation, as it introduces a non-cash risk factor that could impact future book value if the clinical or commercial success of the acquired royalty streams falters.
Quick answers to the most common questions about buying RPRX stock.
As of 2025, Royalty Pharma plc (RPRX) had total assets of $19.62B including $619.0M in current assets.
Royalty Pharma plc (RPRX) carries total debt of $8.95B, offset by $637.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Royalty Pharma plc (RPRX) has total shareholders' equity (book value) of $6.48B ($17.36 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Royalty Pharma plc (RPRX) reported a current ratio of 0.97x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.