The company's financial health is concerning, evidenced by a negative equity position of $39.8 million and a current ratio of 0.75, which suggests limited liquidity to manage its $483.9 million debt load.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 60.3M | 69.39M | 105.45M | 132.18M | 120.69M | 114.81M | 149.47M | 157.33M | 150.97M | 138.4M | 122.63M | 103.21M | 93.17M | 110.94M | 65.07M |
| Cash & Short-Term Investments | 2.18M | 4.76M | 32.99M | 61.05M | 43.42M | 50.51M | 83.23M | 84.67M | 61.39M | 65.3M | 51.54M | 33.3M | 24.46M | 45.65M | 22.3M |
| Cash Only | 2.18M | 4.76M | 32.99M | 61.05M | 43.42M | 50.51M | 83.23M | 84.67M | 61.39M | 65.3M | 51.54M | 33.3M | 24.46M | 45.65M | 22.3M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 49.14M | 52.05M | 60.63M | 60.78M | 61.23M | 57.65M | 58.63M | 67.46M | 62.6M | 61.56M | 59.58M | 60.14M | 61.15M | 56.99M | 40.43M |
| Days Sales Outstanding | 46.42 | 44.45 | 49.07 | 48.84 | 48.27 | 50.34 | 57.63 | 57.08 | 53.06 | 44.28 | 42.07 | 49.75 | 59.7 | 77.46 | 66.25 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 8.98M | 12.58M | 7.3M | 5.2M | 16.04M | 6.66M | 7.6M | 5.2M | 27.86M | 15.64M | 11.51M | 0 | 7.55M | 8.3M | 2.33M |
| Total Non-Current Assets | 455.75M | 459.23M | 474.97M | 519.87M | 623.83M | 650.88M | 657.08M | 752.12M | 797.01M | 961.86M | 1.01B | 957.5M | 886.14M | 828.26M | 545.05M |
| Property, Plant & Equipment | 155.1M | 155.14M | 158.59M | 157.08M | 164.81M | 149.71M | 160.16M | 163.65M | 114.25M | 146.99M | 139.61M | 133.94M | 96.25M | 96.29M | 77.88M |
| Fixed Asset Turnover | 2.73x | 2.75x | 2.84x | 2.89x | 2.81x | 2.79x | 2.32x | 2.64x | 3.77x | 3.45x | 3.70x | 3.29x | 3.88x | 2.79x | 2.86x |
| Goodwill | 147.59M | 147.59M | 152.9M | 157.27M | 161.38M | 157.95M | 157.95M | 157.95M | 240.58M | 243.04M | 292.95M | 292.95M | 242.3M | 217.15M | 92M |
| Intangible Assets | 145.61M | 155.05M | 162.16M | 200.31M | 276.84M | 278.26M | 281.16M | 388.03M | 482.78M | 508.4M | 513.91M | 517.98M | 505.84M | 501.9M | 362.57M |
| Long-Term Investments | 3.55M | 725K | 725K | 3.54M | 19.11M | 18.71M | 11.99M | 8.77M | 10.38M | 8.09M | 4.31M | 5.05M | 484K | 234K | 234K |
| Other Non-Current Assets | 6.41M | 725K | 592K | 1.67M | 1.69M | 6.87M | 7.77M | 4.67M | 9.88M | 68.44M | 7.49M | 7.58M | 10.05M | 12.69M | 12.38M |
| Total Assets | 516.06M | 528.62M | 580.41M | 652.05M | 744.52M | 765.69M | 806.54M | 909.46M | 947.98M | 1.1B | 1.13B | 1.06B | 979.31M | 939.2M | 610.12M |
| Asset Turnover | 0.80x | 0.81x | 0.78x | 0.70x | 0.62x | 0.55x | 0.46x | 0.47x | 0.45x | 0.46x | 0.46x | 0.42x | 0.38x | 0.29x | 0.37x |
| Asset Growth % | -24.63% | -8.92% | -10.99% | -12.42% | -2.76% | -5.07% | -11.32% | -4.06% | -13.84% | -2.89% | 6.81% | 8.31% | 4.27% | 53.94% | - |
| Total Current Liabilities | 80.1M | 82.23M | 76.26M | 76.09M | 71.71M | 75.96M | 65.76M | 71.56M | 65.7M | 73.31M | 65.15M | 62.08M | 52.92M | 52.45M | 33.63M |
| Accounts Payable | 7.08M | 6.89M | 4.45M | 5.04M | 4.13M | 5.68M | 9.06M | 14.79M | 12.77M | 13.44M | 10.6M | 9.55M | 6.75M | 8.64M | 5.14M |
| Days Payables Outstanding | 9.16 | 7.47 | 4.97 | 5.58 | 4.64 | 7.19 | 11.71 | 17.97 | 15.18 | 12.76 | 10.06 | 10.97 | 9.72 | 17.03 | 12.14 |
| Short-Term Debt | 19.5M | 11.75M | 0 | 0 | 0 | 7.4M | 7.58M | 17.64M | 5K | 9.52M | 6.9M | 171K | 1.29M | 2.19M | 1.16M |
| Deferred Revenue (Current) | 25.5M | 8.74M | 0 | 0 | 10.67M | 10.21M | 8.85M | 8.09M | 14.61M | 17.68M | 17.21M | 17.5M | 14.3M | 9.4M | 3.28M |
| Other Current Liabilities | 36.86M | 11.49M | 9.9M | 9.06M | 14.83M | 38.27M | 27.81M | 20.34M | 27.52M | 22.43M | 16.28M | 15.45M | 19.65M | 19.87M | 17.05M |
| Current Ratio | 0.75x | 0.84x | 1.38x | 1.74x | 1.68x | 1.51x | 2.27x | 2.20x | 2.30x | 1.89x | 1.88x | 1.66x | 1.76x | 2.12x | 1.93x |
| Quick Ratio | 0.75x | 0.84x | 1.38x | 1.74x | 1.68x | 1.51x | 2.27x | 2.20x | 2.30x | 1.89x | 1.88x | 1.66x | 1.76x | 2.12x | 1.93x |
| Cash Conversion Cycle | 37.26 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 472.2M | 487.38M | 532.6M | 566.05M | 603.73M | 640.15M | 640.03M | 655.46M | 628.53M | 645.87M | 677.79M | 635.19M | 582.23M | 652.22M | 368.16M |
| Long-Term Debt | 422.42M | 421.25M | 465.76M | 499.66M | 524.44M | 541.52M | 543.43M | 546.71M | 555.33M | 555.62M | 563.68M | 588.66M | 538.38M | 650.73M | 365.58M |
| Capital Lease Obligations | 169.79M | 42.1M | 45.47M | 41.44M | 45.11M | 38.74M | 44.79M | 44.99M | 0 | 0 | 631K | 0 | 0 | 560K | 704K |
| Deferred Tax Liabilities | 31.9M | 16.76M | 0 | 0 | 18.75M | 59.46M | 48.37M | 63.41M | 63.28M | 70.18M | 103.2M | 35.23M | 42.87M | 0 | 0 |
| Other Non-Current Liabilities | 6.83M | 7.27M | 21.37M | 24.95M | 15.43M | 425K | 3.45M | 352K | 9.92M | 20.07M | 10.28M | 11.3M | 973K | 933K | 1.87M |
| Total Liabilities | 552.3M | 569.61M | 608.86M | 642.14M | 675.44M | 716.1M | 705.79M | 727.02M | 692.48M | 719.18M | 742.94M | 697.27M | 635.15M | 704.67M | 401.78M |
| Total Debt | 483.91M | 482.79M | 520.45M | 550.47M | 578.56M | 587.66M | 595.8M | 609.34M | 555.34M | 565.14M | 571.22M | 588.83M | 539.68M | 653.47M | 367.45M |
| Net Debt | 481.73M | 478.03M | 487.46M | 489.43M | 535.14M | 537.15M | 512.57M | 524.67M | 494.82M | 503.94M | 519.68M | 555.53M | 515.21M | 607.83M | 345.14M |
| Debt / Equity | -13.35x | - | - | 55.54x | 8.38x | 11.85x | 5.91x | 3.34x | 2.17x | 1.48x | 1.46x | 1.62x | 1.57x | 2.79x | 1.76x |
| Debt / EBITDA | 6.31x | 6.37x | 11.25x | 111.70x | 7.33x | 6.28x | - | - | 9.26x | 18.75x | 5.63x | 5.76x | 9.40x | 10.65x | 7.35x |
| Net Debt / EBITDA | 6.28x | 6.31x | 10.54x | 99.32x | 6.78x | 5.74x | - | - | 8.25x | 16.72x | 5.12x | 5.43x | 8.97x | 9.90x | 6.91x |
| Interest Coverage | 0.89x | 1.17x | 0.68x | -0.32x | 1.30x | 1.69x | -2.28x | -1.10x | 0.46x | 1.53x | 2.30x | 1.53x | 0.86x | 1.23x | 1.15x |
| Total Equity | -36.25M | -40.99M | -28.44M | 9.91M | 69.08M | 49.58M | 100.75M | 182.44M | 255.51M | 381.08M | 390.05M | 363.44M | 344.16M | 234.53M | 208.34M |
| Equity Growth % | 13.78% | -44.12% | -386.97% | -85.65% | 39.32% | -50.79% | -44.77% | -28.6% | -32.95% | -2.3% | 7.32% | 5.6% | 46.74% | 12.57% | - |
| Book Value per Share | -2.05 | -2.53 | -1.82 | 0.59 | 3.79 | 2.33 | 3.64 | 9.84 | 9.30 | 20.64 | 14.28 | 13.11 | 28.65 | 29.74 | 26.42 |
| Total Shareholders' Equity | -39.84M | -44.41M | -31.86M | 6.41M | 65.52M | 46.26M | 97.26M | 179.7M | 254.22M | 379.96M | 389.35M | 362.8M | 343.72M | 234.04M | 207.9M |
| Common Stock | 186K | 175K | 167K | 168K | 173K | 169K | 191K | 190K | 190K | 185K | 184K | 179K | 174K | 234.04M | 207.9M |
| Retained Earnings | -354.39M | -353.19M | -327.82M | -302.19M | -244.3M | -256.63M | -272.6M | -188.03M | -25.73M | 13.27M | 24.45M | 1.39M | -8.44M | 0 | 0 |
| Treasury Stock | -11.2M | -11.2M | -11.2M | -2.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -532K | -722K | 44K | 0 | 0 | 0 |
| Minority Interest | 3.6M | 3.41M | 3.41M | 3.5M | 3.56M | 3.33M | 3.49M | 2.74M | 1.29M | 1.12M | 705K | 640K | 443K | 492K | 442K |
Liquidity and solvency pressure
Based on reported financial statements, Townsquare Media's equity position has deteriorated into a persistent deficit, falling to negative $39.8 million in 2026Q1, which signals a weakening balance sheet trajectory as the company struggles to offset legacy asset impairments with its digital growth initiatives.
The consistent decline in total assets from $652.0 million in 2023Q4 to $516.1 million in 2026Q1 suggests that the company is failing to replace the value of its aging broadcast infrastructure. This trend warrants concern, as the persistent negative equity indicates that liabilities are increasingly outpacing the company's ability to generate long-term value.
As reported in recent filings, the company maintains a substantial debt load of $483.9 million, which, when viewed against the backdrop of negative equity, suggests that the firm's capital structure is heavily reliant on debt financing to sustain its ongoing operational pivot.
The high debt-to-asset profile implies that the company has limited financial flexibility to navigate cyclical downturns in the advertising market. Investors should monitor whether the current debt service requirements will continue to consume the majority of operating cash flow, potentially hindering future investment in digital growth.
According to quarterly data, cash and equivalents have plummeted from $61.0 million in 2023Q4 to a precarious $2.2 million in 2026Q1, leaving the company with a current ratio of 0.75 that suggests a significant vulnerability to short-term operational shocks or unexpected capital requirements.
The rapid depletion of cash reserves indicates that the company is burning through liquidity to cover interest expenses and operational gaps. This tight liquidity position may force management to prioritize debt servicing over necessary investments in digital product development, further constraining the company's competitive positioning.
Based on the provided balance sheet, goodwill remains a significant component of total assets at $147.6 million, which may be misleading if the underlying broadcast assets continue to face secular decline and require further non-cash impairment charges in future reporting periods.
The reliance on these intangible assets to support the balance sheet suggests that the company's book value may be overstated relative to its current market reality. If the digital pivot fails to generate sufficient returns, these assets could be subject to write-downs, further eroding the already negative equity position.
Quick answers to the most common questions about buying TSQ stock.
As of 2025, Townsquare Media, Inc. (TSQ) had total assets of $528.6M including $69.4M in current assets.
Townsquare Media, Inc. (TSQ) carries total debt of $482.8M, offset by $4.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Townsquare Media, Inc. (TSQ) has total shareholders' equity (book value) of $-44.4M ($-2.53 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Townsquare Media, Inc. (TSQ) reported a current ratio of 0.84x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.