Penske Automotive Group, Inc. (PAG) Balance Sheet
PAG balance sheet, 2025
December 31, 2025 · U.S. dollars$18.38B assets = $12.80B liabilities + $5.58B equity
Both columns are drawn to the same scale: what PAG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PAG financial health
Descriptive bands, not a rating. Fiscal 2025.
PAG balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $8.86B2016 | $18.38B2025 | +8.4%/yr | |
| Total liabilities | $7.08B2016 | $12.80B2025 | +6.8%/yr | |
| Shareholders’ equity | $1.75B2016 | $5.56B2025 | +13.7%/yr | |
| Cash & short-term investments | $24.0M2016 | $64.7M2025 | +11.6%/yr | |
| Total debt | $5.19B2016 | $8.82B2025 | +6.1%/yr | |
| Net cash (debt) | −$5.17B2016 | −$8.76B2025 | −$3.6B | |
| Working capital | $191.9M2016 | −$86.5M2025 | −$278.4M | |
| Book value per share | $20.362016 | $84.032025 | +17.1%/yr | |
| Current ratio | 1.052016 | 0.992025 | −0.06 | |
| Debt / equity | 2.972016 | 1.592025 | −1.38 | |
| Shares outstanding | 86.0M2016 | 66.2M2025 | −2.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PAG assets
PAG liabilities and equity
PAG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PAG balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $64.7M | $72.4M | $96.4M | $106.5M | $100.7M | $49.5M | $28.1M | $39.4M | $45.7M | $24.0M |
| Cash & equivalents | $64.7M | $72.4M | $96.4M | $106.5M | $100.7M | $49.5M | $28.1M | $39.4M | $45.7M | $24.0M |
| Short-term investments | — | — | — | — | — | $1.50B | — | — | $0 | $0 |
| Receivables | $1.07B | $1.00B | $1.11B | $906.7M | $734.0M | $806.9M | $960.3M | $929.1M | $954.9M | $879.0M |
| Inventory | $4.81B | $4.64B | $4.29B | $3.51B | $3.13B | $3.43B | $4.26B | $4.04B | $3.94B | $3.41B |
| Other current assets | $242.9M | $213.1M | $175.6M | $141.9M | $111.7M | $126.8M | $85.0M | $86.6M | $81.8M | $110.3M |
| Total current assets | $6.19B | $5.93B | $5.68B | $4.66B | $4.08B | $4.41B | $5.33B | $5.10B | $5.03B | $4.42B |
| Property, plant & equipment (net) | $5.77B | $5.47B | $5.17B | $4.91B | $4.89B | $4.82B | $4.73B | $2.25B | $2.11B | $1.81B |
| Goodwill & intangible assets | $3.60B | $3.38B | $2.98B | $2.85B | $2.77B | $2.49B | $2.46B | $2.24B | $2.13B | $1.71B |
| Long-term investments | $1.92B | $1.83B | $1.77B | $1.64B | $1.69B | $1.50B | $1.40B | $1.31B | $1.26B | $893.4M |
| Other non-current assets | $893.5M | $109.8M | $63.1M | $55.3M | $41.9M | $25.4M | $19.5M | $15.9M | $14.4M | $28.3M |
| Total assets | $18.38B | $16.72B | $15.67B | $14.11B | $13.46B | $13.25B | $13.94B | $10.90B | $10.54B | $8.86B |
| Liabilities | ||||||||||
| Accounts payable | $899.8M | $851.7M | $866.9M | $853.5M | $767.1M | $675.4M | $638.8M | $598.2M | $641.6M | $497.4M |
| Short-term debt | $4.55B | $4.75B | $3.98B | $3.07B | $2.64B | $3.23B | $4.11B | $3.88B | $3.83B | $3.37B |
| Deferred revenue | $299.3M | — | $280.2M | $291.7M | $870.3M | $767.2M | $701.9M | $566.6M | $523.5M | $360.0M |
| Total current liabilities | $6.28B | $6.49B | $5.66B | $4.71B | $4.27B | $4.67B | $5.45B | $5.05B | $5.00B | $4.23B |
| Long-term debt | $1.81B | $1.13B | $1.42B | $1.55B | $1.39B | $1.60B | $2.26B | $2.12B | $2.09B | $1.83B |
| Lease obligations | $2.46B | $2.39B | $2.34B | $2.34B | $2.37B | $2.35B | $2.30B | — | — | — |
| Other long-term liabilities | $4.71B | $3.88B | $3.84B | $3.68B | $3.70B | $3.64B | $3.42B | $1.10B | $1.02B | $1.02B |
| Total liabilities | $12.80B | $11.49B | $10.92B | $9.94B | $9.37B | $9.92B | $11.13B | $8.27B | $8.11B | $7.08B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $5.58B | $660 | $6,700 | $7,000 | $4.09B | $3.33B | $2.81B | $2.63B | $532.3M | $497.1M |
| Retained earnings (deficit) | $5.75B | $5.57B | $4.99B | $4.48B | $4.20B | $3.15B | $2.68B | $2.37B | $2.01B | $1.50B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$187.7M | −$364.5M | −$264.1M | −$335.3M | −$168.8M | −$160.6M | −$202.8M | −$234.5M | −$146.5M | −$250.7M |
| Minority interest | $18.5M | $17.5M | $29.4M | $26.8M | $25.0M | $23.6M | $18.2M | $25.6M | $32.8M | $28.6M |
| Total shareholders' equity | $5.56B | $5.23B | $4.73B | $4.15B | $4.07B | $3.30B | $2.79B | $2.61B | $2.40B | $1.75B |
| Key figures | ||||||||||
| Total debt | $8.82B | $4.24B | $7.74B | $6.95B | $6.40B | $7.18B | $8.67B | $6.01B | $5.92B | $5.19B |
| Net cash (debt) | −$8.76B | −$4.17B | −$7.64B | −$6.85B | −$6.30B | −$7.13B | −$8.64B | −$5.97B | −$5.88B | −$5.17B |
| Working capital | −$86.5M | −$558.1M | $21.8M | −$48.9M | −$199.2M | −$266.1M | −$116.9M | $46.9M | $26.1M | $191.9M |
| Tangible book value | $1.96B | $1.84B | $1.74B | $1.30B | $1.30B | $810.7M | $330.2M | $370.9M | $260.7M | $39.5M |
| Book value per share | $84.03 | $78.16 | $69.50 | $55.76 | $51.04 | $40.98 | $33.86 | $30.62 | $27.89 | $20.36 |
| Shares outstanding | 66.2M | 66.9M | 68.0M | 74.4M | 79.7M | 80.6M | 82.5M | 85.2M | 85.9M | 86.0M |
| Current ratio | 0.99 | 0.91 | 1.00 | 0.99 | 0.95 | 0.94 | 0.98 | 1.01 | 1.01 | 1.05 |
| Quick ratio | 0.18 | 0.17 | 0.21 | 0.21 | 0.20 | 0.18 | 0.18 | 0.19 | 0.20 | 0.21 |
| Debt / equity | 1.59 | 0.81 | 1.64 | 1.68 | 1.57 | 2.18 | 3.10 | 2.30 | 2.47 | 2.97 |
| Equity / assets | 30.3% | 31.3% | 30.2% | 29.4% | 30.2% | 24.9% | 20.0% | 23.9% | 22.7% | 19.8% |
| 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 | $69.5M | $83.7M | $64.7M | $80.3M | $155.3M | $118.4M | $72.4M | $91.9M | $115.1M | $116.9M | $96.4M | $104.4M |
| Cash & equivalents | $69.5M | $83.7M | $64.7M | $80.3M | $155.3M | $118.4M | $72.4M | $91.9M | $115.1M | $116.9M | $96.4M | $104.4M |
| Short-term investments | — | — | — | $881.0M | — | — | — | — | — | — | — | — |
| Receivables | $1.06B | $1.08B | $1.07B | $993.3M | $1.04B | $1.20B | $1.00B | $1.02B | $1.04B | $1.06B | $1.11B | $958.8M |
| Inventory | $5.11B | $4.89B | $4.81B | $4.71B | $4.85B | $4.50B | $4.64B | $4.82B | $4.71B | $4.42B | $4.29B | $3.70B |
| Other current assets | $269.9M | $259.4M | $242.9M | $233.6M | $242.7M | $233.3M | $213.1M | $242.8M | $217.7M | $206.8M | $175.6M | $215.2M |
| Total current assets | $6.51B | $6.32B | $6.19B | $6.01B | $6.29B | $6.05B | $5.93B | $6.18B | $6.08B | $5.81B | $5.68B | $4.98B |
| Property, plant & equipment (net) | $5.78B | $5.82B | $5.77B | $5.64B | $5.66B | $5.52B | $5.47B | $5.53B | $5.38B | $5.30B | $5.17B | $5.03B |
| Goodwill & intangible assets | $4.11B | $4.12B | $3.60B | $42.0M | $3.46B | $3.39B | $3.38B | $3.42B | $3.29B | $3.15B | $2.98B | $2.98B |
| Long-term investments | $1.97B | $1.96B | $1.92B | $1.89B | $1.86B | $1.86B | $1.83B | $1.85B | $1.81B | $1.81B | $1.77B | $1.75B |
| Other non-current assets | $108.9M | $102.5M | $893.5M | $3.54B | $122.9M | $112.2M | $109.8M | $92.9M | $71.5M | $73.9M | $63.1M | $61.4M |
| Total assets | $18.49B | $18.32B | $18.38B | $17.12B | $17.39B | $16.93B | $16.72B | $17.07B | $16.63B | $16.15B | $15.67B | $14.81B |
| Liabilities | ||||||||||||
| Accounts payable | $915.2M | $937.0M | $899.8M | $960.5M | $882.5M | $976.1M | $851.7M | $926.7M | $943.4M | $962.9M | $866.9M | $922.1M |
| Short-term debt | $4.74B | $4.69B | $4.55B | $305.4M | $5.11B | $4.74B | $4.75B | $4.92B | $4.40B | $4.07B | $4.07B | $3.21B |
| Deferred revenue | — | $298.9M | $299.3M | $139.0M | $294.6M | $290.1M | $266.8M | $312.6M | $301.0M | $267.4M | $280.2M | $280.3M |
| Total current liabilities | $6.67B | $6.55B | $6.28B | $6.20B | $6.99B | $6.70B | $6.49B | $6.75B | $6.17B | $5.91B | $5.66B | $4.95B |
| Long-term debt | $2.12B | $2.21B | $1.81B | $1.27B | $906.7M | $993.0M | $1.13B | $1.13B | $1.59B | $1.46B | $1.42B | $1.54B |
| Lease obligations | $2.39B | $2.43B | $2.46B | $2.39B | $2.40B | $2.36B | $2.39B | $2.44B | $2.40B | $2.41B | $2.34B | $2.30B |
| Other long-term liabilities | $3.86B | $3.87B | $4.71B | $3.93B | $3.86B | $3.82B | $3.88B | $3.94B | $3.88B | $3.93B | $3.84B | $3.77B |
| Total liabilities | $12.65B | $12.64B | $12.80B | $11.39B | $11.76B | $11.52B | $11.49B | $11.83B | $11.65B | $11.30B | $10.92B | $10.26B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | — | $5.58B | $1.0M | $660 | $6,660 | $660 | $6,680 | — | — | — | $6,700 |
| Retained earnings (deficit) | $6.03B | $5.87B | $5.75B | $5.91B | $5.79B | $5.70B | $5.57B | $5.41B | $5.25B | $5.11B | $4.99B | $4.87B |
| Accumulated other comprehensive income | −$216.5M | −$209.5M | −$187.7M | −$203.6M | −$172.4M | −$309.6M | −$364.5M | −$212.4M | −$299.7M | −$297.3M | −$264.1M | −$341.6M |
| Minority interest | $18.1M | $18.5M | $18.5M | $18.0M | $17.7M | — | — | — | — | — | — | — |
| Total shareholders' equity | $5.83B | $5.68B | $5.56B | $5.71B | $5.61B | $5.39B | $5.21B | $5.20B | $4.95B | $4.82B | $4.73B | $4.52B |
| Key figures | ||||||||||||
| Total debt | $9.25B | $9.33B | $8.82B | $3.96B | $8.41B | $8.10B | $8.27B | $8.49B | $8.39B | $8.03B | $7.82B | $7.05B |
| Net cash (debt) | −$9.18B | −$9.25B | −$8.76B | −$3.88B | −$8.26B | −$7.98B | −$8.20B | −$8.40B | −$8.28B | −$7.91B | −$7.73B | −$6.95B |
| Working capital | −$163.9M | −$235.0M | −$86.5M | −$189.9M | −$701.9M | −$648.5M | −$558.1M | −$575.5M | −$93.7M | −$99.5M | $21.8M | $29.5M |
| Tangible book value | $1.73B | $1.57B | $1.96B | $5.67B | $2.15B | $2.01B | $1.83B | $1.78B | $1.67B | $1.66B | $1.74B | $1.54B |
| Book value per share | $88.65 | $86.36 | $84.53 | $86.47 | $84.80 | $80.76 | $77.89 | $77.91 | $74.06 | $71.79 | $70.33 | $67.25 |
| Shares outstanding | 65.8M | 65.8M | 65.8M | 66.0M | 66.2M | 66.8M | 66.9M | 66.8M | 66.9M | 67.1M | 67.2M | 67.3M |
| Current ratio | 0.98 | 0.96 | 0.99 | 0.97 | 0.90 | 0.90 | 0.91 | 0.91 | 0.98 | 0.98 | 1.00 | 1.01 |
| Quick ratio | 0.17 | 0.18 | 0.18 | 0.17 | 0.17 | 0.20 | 0.17 | 0.16 | 0.19 | 0.20 | 0.21 | 0.21 |
| Debt / equity | 1.59 | 1.64 | 1.59 | 0.69 | 1.50 | 1.50 | 1.59 | 1.63 | 1.69 | 1.67 | 1.66 | 1.56 |
| Equity / assets | 31.6% | 31.0% | 30.3% | 33.3% | 32.3% | 31.9% | 31.2% | 30.5% | 29.8% | 29.8% | 30.2% | 30.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
PAG financial position
At the end of fiscal 2025 (December 31, 2025), Penske Automotive had total assets of $18.4 billion (up 9.9% from a year earlier), total liabilities of $12.8 billion and shareholders' equity of $5.6 billion. It held $64.7 million in cash and short-term investments against $8.8 billion of debt, net debt of $8.8 billion. Its current ratio was 0.99. In the latest quarter (ended June 30, 2026) total assets were $18.5 billion and equity $5.8 billion.
Related: PAG income statement, PAG cash flow statement, PAG key metrics. See the PAG stock overview for the latest quote and news.
PAG balance sheet FAQ
What are Penske Automotive's total assets?
Penske Automotive reported total assets of $18.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $16.7 billion a year earlier.
How much debt does Penske Automotive have?
Penske Automotive had $8.8 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.59.
How much cash does Penske Automotive have?
Penske Automotive held $64.7 million in cash and short-term investments at the end of fiscal 2025; with $8.8 billion of debt that is net debt of $8.8 billion.
What is Penske Automotive's book value?
Penske Automotive's shareholders' equity (book value) was $5.6 billion at the end of fiscal 2025, or $84.03 per share.
What is Penske Automotive's current ratio?
Penske Automotive had current assets of $6.2 billion and current liabilities of $6.3 billion, a current ratio of 0.99 (current liabilities exceed current assets).
How much goodwill does Penske Automotive have?
Penske Automotive carried $3.6 billion of goodwill and intangible assets, 19.6% of total assets, at the end of fiscal 2025.