NextTrip, Inc. (NTRP) Balance Sheet

NASDAQ: NTRPAssets, liabilities, debt and equity over 10 years.

NTRP balance sheet, 2025

December 31, 2025 · U.S. dollars

$13.1M assets = $7.3M liabilities + $5.8M equity

Both columns are drawn to the same scale: what NTRP owns equals what it owes plus shareholders’ equity. Hover a block for its value.

NTRP financial health

Current ratio0.81

Tight · current assets cover current liabilities 0.81×

Debt / equity0.60

Moderate leverage · $0.60 of debt for each $1 of equity

Equity / assets44.1%

Equity-funded · of assets funded by shareholders

Cash / debt48.7%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles56.4%

Mostly intangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

NTRP balance sheet trends, 2019–2025

NextTrip, Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$1.7M2019	$13.1M2025	+25.5%/yr
Total liabilities	$1.0M2019	$7.3M2025	+24.2%/yr
Shareholders’ equity	$652,2492019	$5.8M2025	+27.4%/yr
Cash & short-term investments	$86,9192019	$1.7M2025	+39.1%/yr
Total debt	$50,0002019	$3.5M2025	+60.2%/yr
Net cash (debt)	$36,9192019	−$1.8M2025	−$1.8M
Working capital	−$98,3142019	−$761,0042025	−$662,690
Book value per share	$1.612024	$0.652025	−60.0%/yr
Current ratio	0.912019	0.812025	−0.10
Debt / equity	0.082019	0.602025	+0.53
Shares outstanding	4.6M2024	8.9M2025	+95.6%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

NTRP assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

NTRP liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

NTRP debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

NTRP balance sheet

NextTrip, Inc. annual balance sheet
	2025	2024	2023	2022	2022	2021	2021	2020	2020	2019
Assets
Cash & short-term investments	$1.7M	$1.1M	$323,805	$2.8M	$2.8M	$11.4M	$11.4M	$3.7M	$3.7M	$86,919
Cash & equivalents	$1.7M	$1.1M	$323,805	$2.8M	$2.8M	$11.4M	$11.4M	$3.7M	$3.7M	$86,919
Receivables	$119,168	$22,567	$1.0M	$371,620	$371,620	$412,192	$412,192	$331,562	$331,562	$55,540
Inventory	$0	$0	$0	$950,943	$950,943	$710,080	$710,080	$659,651	$659,651	$598,718
Other current assets	$1.3M	$1.4M	$340,921	$105,226	$105,226	$114,278	$114,278	$90,735	$90,735	$199,727
Total current assets	$3.2M	$2.5M	$1.7M	$4.3M	$4.3M	$12.7M	$12.7M	$4.8M	$4.8M	$940,904
Property, plant & equipment (net)	$1,603	$4,119	$6,642	$304,903	$304,903	$232,282	$232,282	$138,626	$138,626	$128,723
Goodwill & intangible assets	$7.4M	$3.3M	$3.3M	$1.1M	$1.1M	$925,111	$925,111	$753,122	$753,122	$569,341
Long-term investments	$2.5M	$3.4M	$0	$0	$0	$0	$0	$0	$0	$500
Other non-current assets	$40,167	$763,742	$42,167	$0	$0	$0	$0	$26,000	$26,000	$52,000
Total assets	$13.1M	$9.9M	$5.1M	$5.7M	$5.7M	$13.8M	$13.8M	$5.7M	$5.7M	$1.7M
Liabilities
Accounts payable	$725,541	$1.2M	$531,847	$277,492	$277,492	$206,442	$206,442	$128,937	$128,937	$727,114
Short-term debt	$386,072	$567,530	$828,277	—	—	—	—	—	—	$50,000
Deferred revenue	$1.7M	$97,770	$139,921	$120,073	$120,073	$148,855	$148,855	$77,957	$77,957	$139,447
Total current liabilities	$3.9M	$2.6M	$2.0M	$629,198	$629,198	$981,239	$981,239	$450,709	$450,709	$1.0M
Long-term debt	$3.1M	$0	$0	$0	$0	$0	$0	$0	$0	$0
Lease obligations	—	—	$0	$1.0M	—	—	—	—	—	—
Other long-term liabilities	$305,090	$0	$0	$864,575	$0	$0	$0	$86,069	$86,069	$0
Total liabilities	$7.3M	$2.6M	$2.0M	$629,198	$629,198	$981,239	$981,239	$536,778	$536,778	$1.0M
Shareholders' equity
Common stock & paid-in capital	$400,979	$1,657	$936	$10,499	$10,499	$10,499	$10,499	$5,995	$5,995	$1,307
Retained earnings (deficit)	−$50.6M	−$34.3M	−$24.2M	−$49.3M	−$49.3M	−$40.6M	−$40.6M	−$33.1M	−$33.1M	−$26.1M
Total shareholders' equity	$5.8M	$7.4M	$3.1M	$5.1M	$5.1M	$12.9M	$12.9M	$5.2M	$5.2M	$652,249
Key figures
Total debt	$3.5M	$567,530	$828,277	—	—	—	—	—	—	$50,000
Net cash (debt)	−$1.8M	$494,837	−$504,472	—	—	—	—	—	—	$36,919
Working capital	−$761,004	−$105,577	−$262,005	$3.6M	$3.6M	$11.7M	$11.7M	$4.3M	$4.3M	−$98,314
Tangible book value	−$1.6M	$4.1M	−$213,196	$3.9M	$3.9M	$11.9M	$11.9M	$4.4M	$4.4M	$82,908
Book value per share	$0.65	$1.61	—	—	—	—	—	—	—	—
Shares outstanding	8.9M	4.6M	—	—	—	—	—	—	—	—
Current ratio	0.81	0.96	0.87	6.79	6.79	12.93	12.93	10.61	10.61	0.91
Quick ratio	0.46	0.42	0.69	5.11	5.11	12.09	12.09	8.95	8.95	0.14
Debt / equity	0.60	0.08	0.26	—	—	—	—	—	—	0.08
Equity / assets	44.1%	74.1%	61.5%	89.0%	89.0%	92.9%	92.9%	90.6%	90.6%	38.6%

NextTrip, Inc. quarterly balance sheet
	Sep '26	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Sep '23
Assets
Cash & short-term investments	$1.1M	$803,490	$1.7M	$2.4M	$1.8M	$130,906	$1.1M	$1.1M	$15,385	$102,006	$36,679	$545,749
Cash & equivalents	$1.1M	$803,490	$1.7M	$2.4M	$1.8M	$130,906	$1.1M	$1.1M	$15,385	$102,006	$36,679	$545,749
Receivables	$185,806	$252,375	$119,168	$372,438	$266,916	$110,121	$22,567	$22,567	$1.0M	$1.0M	$1.0M	$25,790
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$775,066
Other current assets	$1.7M	$1.4M	$1.3M	$1.5M	$1.4M	$1.3M	$1.4M	$1.4M	$493,373	$244,870	$360,590	$1.2M
Total current assets	$3.0M	$2.5M	$3.2M	$4.3M	$3.5M	$1.6M	$2.5M	$2.5M	$1.5M	$1.4M	$1.4M	$2.5M
Property, plant & equipment (net)	$344	$974	$1,603	$2,232	$2,861	$3,490	$4,119	$4,119	$5,932	$6,703	$5,294	$914,870
Goodwill & intangible assets	$7.2M	$7.3M	$7.4M	$6.9M	$7.2M	$6.2M	$3.3M	$3.3M	$3.4M	$3.5M	$3.2M	$2.3M
Long-term investments	$0	$0	$2.5M	$2.5M	$2.4M	$2.4M	$2.4M	$3.4M	$0	$0	$0	$0
Other non-current assets	$2.6M	$2.5M	$40,167	$686,742	$763,742	$763,742	$1.8M	$763,742	$38,425	$45,167	$45,167	$15,000
Total assets	$12.8M	$12.3M	$13.1M	$14.4M	$13.9M	$11.0M	$9.9M	$9.9M	$5.0M	$4.9M	$4.7M	$5.8M
Liabilities
Accounts payable	$998,301	$959,794	$725,541	$1.2M	$1.4M	$1.1M	$1.2M	$1.2M	$1.3M	$1.1M	$972,868	$548,328
Short-term debt	$2.7M	$1.1M	$386,072	$1.0M	$571,117	$760,662	$567,530	—	$3.8M	$2.9M	$1.9M	$6.7M
Deferred revenue	$1.2M	$848,526	$1.7M	$1.7M	$2.1M	$308,498	$97,770	—	$90,197	$138,067	$154,201	$111,082
Total current liabilities	$6.2M	$4.1M	$3.9M	$5.1M	$5.0M	$2.7M	$2.6M	$2.6M	$6.4M	$5.0M	$3.5M	$7.9M
Long-term debt	$0	$0	$3.1M	$3.1M	$3.1M	$2.9M	$1.6M	$0	$0	$0	$0	$0
Other long-term liabilities	$1.8M	$3.3M	$305,275	$179	$0	$0	$0	$0	$0	$0	$0	$753,786
Total liabilities	$8.0M	$7.4M	$7.3M	$8.1M	$7.9M	$4.3M	$2.6M	$2.6M	$6.4M	$5.0M	$3.5M	$8.7M
Shareholders' equity
Common stock & paid-in capital	$14,990	$387,000	$400,979	$12,552	$387,000	$7,692	$1,657	—	$1,430	$1,389	$1,346	$100
Retained earnings (deficit)	−$57.5M	−$53.7M	−$50.6M	−$45.2M	−$42.0M	−$38.9M	−$34.3M	−$34.3M	−$29.7M	−$27.7M	−$26.1M	−$20.2M
Total shareholders' equity	$4.8M	$4.9M	$5.8M	$6.3M	$6.0M	$6.7M	$7.4M	$7.4M	−$1.4M	−$134,103	$1.2M	−$2.9M
Key figures
Total debt	$3.7M	$4.1M	$3.5M	$4.1M	$3.5M	$2.3M	$567,530	—	$3.8M	$2.9M	$1.9M	$7.5M
Net cash (debt)	−$2.6M	−$3.3M	−$1.8M	−$1.7M	−$1.7M	−$2.2M	$494,837	—	−$3.8M	−$2.8M	−$1.8M	−$6.9M
Working capital	−$3.2M	−$1.6M	−$761,004	−$750,124	−$1.5M	−$1.1M	−$105,577	−$105,577	−$4.9M	−$3.7M	−$2.1M	−$5.4M
Tangible book value	−$2.4M	−$2.4M	−$1.6M	−$657,508	−$1.2M	$454,009	$4.1M	$4.1M	−$4.8M	−$3.6M	−$2.1M	−$5.2M
Book value per share	$0.32	$0.34	$0.41	$0.70	$0.75	—	$1.12	—	—	—	—	—
Shares outstanding	14.8M	14.3M	14.0M	9.0M	7.9M	—	6.6M	—	—	—	—	—
Current ratio	0.49	0.61	0.81	0.85	0.70	0.58	0.96	0.96	0.24	0.27	0.40	0.32
Quick ratio	0.21	0.26	0.46	0.55	0.42	0.09	0.42	0.42	0.16	0.22	0.30	0.07
Debt / equity	0.77	0.84	0.60	0.65	0.59	0.35	0.08	—	—	—	1.59	—
Equity / assets	37.4%	39.6%	44.1%	43.5%	43.0%	60.9%	74.1%	74.1%	−28.4%	−2.7%	24.8%	−50.3%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed May 29, 2026); data from EODHD.

NTRP financial position

At the end of fiscal 2025 (December 31, 2025), NextTrip had total assets of $13.1 million (up 31.6% from a year earlier), total liabilities of $7.3 million and shareholders' equity of $5.8 million. It held $1.7 million in cash and short-term investments against $3.5 million of debt, net debt of $1.8 million. Its current ratio was 0.81. In the latest quarter (ended September 30, 2026) total assets were $12.8 million and equity $4.8 million.

Related: NTRP income statement, NTRP cash flow statement, NTRP key metrics. See the NTRP stock overview for the latest quote and news.

NTRP balance sheet FAQ

What are NextTrip's total assets?

NextTrip reported total assets of $13.1 million at the end of fiscal 2025 (December 31, 2025), compared with $9.9 million a year earlier.

How much debt does NextTrip have?

NextTrip had $3.5 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.60.

How much cash does NextTrip have?

NextTrip held $1.7 million in cash and short-term investments at the end of fiscal 2025; with $3.5 million of debt that is net debt of $1.8 million.

What is NextTrip's book value?

NextTrip's shareholders' equity (book value) was $5.8 million at the end of fiscal 2025, or $0.65 per share.

What is NextTrip's current ratio?

NextTrip had current assets of $3.2 million and current liabilities of $3.9 million, a current ratio of 0.81 (current liabilities exceed current assets).

How much goodwill does NextTrip have?

NextTrip carried $7.4 million of goodwill and intangible assets, 56.4% of total assets, at the end of fiscal 2025.