Organon & Co. (OGN) Balance Sheet

NYSE: OGNAssets, liabilities, debt and equity over 8 years.

OGN balance sheet, 2025

December 31, 2025 · U.S. dollars

$12.87B assets = $12.12B liabilities + $752.0M equity

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

OGN financial health

Current ratio1.82

Comfortable · current assets cover current liabilities 1.82×

Debt / equity11.70

High leverage · $11.70 of debt for each $1 of equity

Equity / assets5.8%

Thin equity · of assets funded by shareholders

Cash / debt6.5%

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

Goodwill & intangibles41.1%

Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

OGN balance sheet trends, 2018–2025

Organon & Co. balance sheet trends
Metric	Then	Latest	Change
Total assets	$10.49B2018	$12.87B2025	+3.0%/yr
Total liabilities	$4.15B2018	$12.12B2025	+16.6%/yr
Shareholders’ equity	$6.35B2018	$752.0M2025	−26.3%/yr
Cash & short-term investments	$244.0M2018	$574.0M2025	+13.0%/yr
Total debt	$149.0M2018	$8.80B2025	+79.1%/yr
Net cash (debt)	$95.0M2018	−$8.23B2025	−$8.3B
Working capital	$2.17B2018	$1.96B2025	−$207.0M
Book value per share	$25.082018	$2.882025	−26.6%/yr
Current ratio	2.402018	1.822025	−0.58
Debt / equity	0.022018	11.702025	+11.68
Shares outstanding	253.1M2018	260.8M2025	+0.4%/yr

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

OGN assets

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

OGN liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

OGN debt vs cash

Total debtCash & ST investmentsNet cash (debt)

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

OGN balance sheet

Organon & Co. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018
Assets
Cash & short-term investments	$574.0M	$675.0M	$693.0M	$706.0M	$737.0M	$12.0M	$319.0M	$244.0M
Cash & equivalents	$574.0M	$675.0M	$693.0M	$706.0M	$737.0M	$12.0M	$319.0M	$244.0M
Receivables	$1.43B	$1.49B	$1.86B	$1.61B	$1.51B	$1.41B	$1.57B	$1.59B
Inventory	$1.41B	$1.32B	$1.31B	$1.00B	$915.0M	$913.0M	$1.07B	$994.0M
Other current assets	$939.0M	$861.0M	$643.0M	$616.0M	$596.0M	$1.24B	$992.0M	$883.0M
Total current assets	$4.35B	$4.35B	$4.51B	$3.93B	$3.76B	$3.57B	$3.96B	$3.71B
Property, plant & equipment (net)	$1.30B	$1.32B	$1.36B	$1.23B	$1.20B	$1.01B	$762.0M	$651.0M
Goodwill & intangible assets	$5.28B	$6.09B	$5.14B	$5.25B	$5.25B	$5.11B	$5.17B	$5.42B
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$1.93B	$1.33B	$1.06B	$539.0M	$464.0M	$421.0M	$659.0M	$714.0M
Total assets	$12.87B	$13.10B	$12.06B	$10.96B	$10.68B	$10.11B	$10.55B	$10.49B
Liabilities
Accounts payable	$952.0M	$1.15B	$1.31B	$1.13B	$1.38B	$259.0M	$258.0M	$289.0M
Short-term debt	$56.0M	$64.0M	$55.0M	$57.0M	$55.0M	$8.0M	$48.0M	−$207.0M
Deferred revenue	—	—	$206.0M	$19.0M	—	−$8.0M	—	$322.0M
Total current liabilities	$2.39B	$2.72B	$2.92B	$2.51B	$2.60B	$2.67B	$1.34B	$1.54B
Long-term debt	$8.63B	$8.86B	$8.75B	$8.90B	$9.12B	$0	$70.0M	$34.0M
Other long-term liabilities	$1.10B	$1.05B	$459.0M	$430.0M	$467.0M	$1.95B	$2.10B	$2.57B
Total liabilities	$12.12B	$12.63B	$12.13B	$11.85B	$12.19B	$4.62B	$3.51B	$4.15B
Shareholders' equity
Common stock & paid-in capital	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$6.11B	$7.95B	$7.26B
Retained earnings (deficit)	$1.11B	$1.01B	$443.0M	−$331.0M	−$998.0M	−$219.0M	$0	—
Accumulated other comprehensive income	−$527.0M	−$649.0M	−$541.0M	−$564.0M	−$513.0M	−$622.0M	−$914.0M	−$908.0M
Total shareholders' equity	$752.0M	$472.0M	−$70.0M	−$892.0M	−$1.51B	$5.49B	$7.04B	$6.35B
Key figures
Total debt	$8.80B	$9.04B	$8.93B	$9.11B	$9.36B	$31.0M	$186.0M	$149.0M
Net cash (debt)	−$8.23B	−$8.36B	−$8.24B	−$8.41B	−$8.63B	−$19.0M	$133.0M	$95.0M
Working capital	$1.96B	$1.63B	$1.59B	$1.42B	$1.16B	$894.0M	$2.61B	$2.17B
Tangible book value	−$4.53B	−$5.62B	−$5.21B	−$6.14B	−$6.76B	$380.0M	$1.86B	$933.0M
Book value per share	$2.88	$1.82	−$0.27	−$3.50	−$5.95	$21.64	$27.79	$25.08
Shares outstanding	260.8M	259.2M	256.3M	255.2M	253.6M	253.5M	253.1M	253.1M
Current ratio	1.82	1.60	1.54	1.56	1.45	1.33	2.95	2.40
Quick ratio	0.84	0.80	0.87	0.92	0.87	0.53	1.41	1.19
Debt / equity	11.70	19.14	—	—	—	0.01	0.03	0.02
Equity / assets	5.8%	3.6%	−0.6%	−8.1%	−14.1%	54.3%	66.7%	60.5%

Organon & Co. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$1.13B	$1.12B	$574.0M	$672.0M	$599.0M	$547.0M	$675.0M	$763.0M	$704.0M	$575.0M	$693.0M	$414.0M
Cash & equivalents	$1.13B	$1.12B	$574.0M	$672.0M	$599.0M	$547.0M	$675.0M	$763.0M	$704.0M	$575.0M	$693.0M	$414.0M
Short-term investments	—	—	—	—	—	—	—	−$762.2M	—	—	—	—
Receivables	$1.49B	$1.39B	$1.43B	$1.52B	$1.51B	$1.47B	$1.49B	$1.73B	$1.65B	$1.56B	$1.86B	$1.66B
Inventory	$1.35B	$1.37B	$1.41B	$1.49B	$1.45B	$1.36B	$1.32B	$1.38B	$1.29B	$1.26B	$1.31B	$1.19B
Other current assets	$1.14B	$1.06B	$939.0M	$1.02B	$1.05B	$995.0M	$861.0M	$881.0M	$866.0M	$802.0M	$643.0M	$794.0M
Total current assets	$5.11B	$4.93B	$4.35B	$4.70B	$4.62B	$4.37B	$4.35B	$4.76B	$4.51B	$4.20B	$4.51B	$4.05B
Property, plant & equipment (net)	$1.28B	$1.28B	$1.30B	$1.29B	$1.27B	$1.20B	$1.32B	$1.20B	$1.16B	$1.18B	$1.36B	$1.10B
Goodwill & intangible assets	$5.26B	$5.25B	$5.28B	$6.02B	$6.04B	$6.10B	$6.09B	$5.37B	$5.29B	$5.32B	$5.14B	$5.16B
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$1.52B	$1.53B	$1.93B	$1.54B	$1.57B	$1.49B	$1.33B	$1.43B	$1.20B	$1.19B	$1.06B	$702.0M
Total assets	$13.18B	$13.00B	$12.87B	$13.55B	$13.50B	$13.16B	$13.10B	$12.75B	$12.15B	$11.89B	$12.06B	$11.01B
Liabilities
Accounts payable	$1.05B	$983.0M	$952.0M	$1.07B	$1.07B	$1.01B	$1.15B	$1.09B	$1.24B	$955.0M	$1.31B	$1.07B
Short-term debt	$74.0M	$16.0M	$56.0M	$45.0M	$115.0M	$20.0M	$64.0M	$10.0M	$9.0M	$9.0M	$55.0M	$8.0M
Deferred revenue	—	—	—	—	—	—	—	—	$201.0M	$196,000	—	$161.0M
Total current liabilities	$2.62B	$2.50B	$2.39B	$2.68B	$2.80B	$2.62B	$2.72B	$2.79B	$2.75B	$2.54B	$2.92B	$2.49B
Long-term debt	$8.48B	$8.55B	$8.63B	$8.78B	$8.78B	$8.94B	$8.86B	$8.74B	$8.65B	$8.71B	$8.75B	$8.65B
Other long-term liabilities	$1.08B	$1.04B	$1.10B	$1.18B	$1.19B	$1.06B	$1.05B	$730.0M	$608.0M	$593.0M	$459.0M	$464.0M
Total liabilities	$12.17B	$12.09B	$12.12B	$12.65B	$12.77B	$12.61B	$12.63B	$12.26B	$12.01B	$11.84B	$12.13B	$11.60B
Shareholders' equity
Common stock & paid-in capital	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M
Retained earnings (deficit)	$1.35B	$1.25B	$1.11B	$1.32B	$1.16B	$1.03B	$1.01B	$975.0M	$690.0M	$573.0M	$443.0M	−$16.0M
Accumulated other comprehensive income	−$548.0M	−$539.0M	−$527.0M	−$574.0M	−$572.0M	−$617.0M	−$649.0M	−$571.0M	−$612.0M	−$577.0M	−$541.0M	−$576.0M
Total shareholders' equity	$1.01B	$903.0M	$752.0M	$906.0M	$733.0M	$542.0M	$472.0M	$493.0M	$144.0M	$48.0M	−$70.0M	−$589.0M
Key figures
Total debt	$8.55B	$8.57B	$8.80B	$8.83B	$8.90B	$8.96B	$9.04B	$8.75B	$8.66B	$8.71B	$8.93B	$8.65B
Net cash (debt)	−$7.42B	−$7.45B	−$8.23B	−$8.16B	−$8.30B	−$8.41B	−$8.36B	−$7.99B	−$7.95B	−$8.14B	−$8.24B	−$8.24B
Working capital	$2.50B	$2.43B	$1.96B	$2.02B	$1.82B	$1.76B	$1.63B	$1.97B	$1.75B	$1.65B	$1.59B	$1.56B
Tangible book value	−$4.26B	−$4.35B	−$4.53B	−$5.11B	−$5.31B	−$5.55B	−$5.62B	−$4.87B	−$5.14B	−$5.27B	−$5.21B	−$5.75B
Book value per share	$3.72	$3.43	$2.89	$3.48	$2.82	$2.08	$1.82	$1.90	$0.56	$0.19	−$0.27	−$2.30
Shares outstanding	270.4M	262.9M	260.2M	260.7M	260.2M	261.0M	259.9M	259.8M	258.6M	258.4M	256.6M	256.3M
Current ratio	1.95	1.97	1.82	1.75	1.65	1.67	1.60	1.70	1.64	1.65	1.54	1.63
Quick ratio	1.00	1.00	0.84	0.82	0.75	0.77	0.80	0.89	0.86	0.84	0.87	0.83
Debt / equity	8.50	9.49	11.70	9.74	12.14	16.52	19.14	17.75	60.11	181.54	—	—
Equity / assets	7.6%	6.9%	5.8%	6.7%	5.4%	4.1%	3.6%	3.9%	1.2%	0.4%	−0.6%	−5.3%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.

OGN financial position

At the end of fiscal 2025 (December 31, 2025), Organon had total assets of $12.9 billion (down 1.8% from a year earlier), total liabilities of $12.1 billion and shareholders' equity of $752.0 million. It held $574.0 million in cash and short-term investments against $8.8 billion of debt, net debt of $8.2 billion. Its current ratio was 1.82. In the latest quarter (ended June 30, 2026) total assets were $13.2 billion and equity $1.0 billion.

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

OGN balance sheet FAQ

What are Organon's total assets?

Organon reported total assets of $12.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $13.1 billion a year earlier.

How much debt does Organon have?

Organon had $8.8 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 11.70.

How much cash does Organon have?

Organon held $574.0 million in cash and short-term investments at the end of fiscal 2025; with $8.8 billion of debt that is net debt of $8.2 billion.

What is Organon's book value?

Organon's shareholders' equity (book value) was $752.0 million at the end of fiscal 2025, or $2.88 per share.

What is Organon's current ratio?

Organon had current assets of $4.4 billion and current liabilities of $2.4 billion, a current ratio of 1.82 (it can cover its short-term obligations).

How much goodwill does Organon have?

Organon carried $5.3 billion of goodwill and intangible assets, 41.1% of total assets, at the end of fiscal 2025.