TFS Financial Corporation (TFSL) Balance Sheet
TFSL balance sheet, FY2025
September 30, 2025 · U.S. dollars$17.46B assets = $15.56B liabilities + $1.89B equity
Both columns are drawn to the same scale: what TFSL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TFSL financial health
Descriptive bands, not a rating. Fiscal FY2025.
TFSL balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $12.91BFY2016 | $17.46BFY2025 | +3.4%/yr | |
| Total liabilities | $11.25BFY2016 | $15.56BFY2025 | +3.7%/yr | |
| Shareholders’ equity | $1.66BFY2016 | $1.89BFY2025 | +1.5%/yr | |
| Cash & short-term investments | $749.1MFY2016 | $483.5MFY2025 | −4.7%/yr | |
| Total debt | $2.77BFY2016 | $4.90BFY2025 | +6.6%/yr | |
| Net cash (debt) | −$2.02BFY2016 | −$4.42BFY2025 | −$2.4B | |
| Working capital | −$7.60BFY2016 | −$9.90BFY2025 | −$2.3B | |
| Book value per share | $5.85FY2016 | $6.77FY2025 | +1.6%/yr | |
| Debt / equity | 1.67FY2016 | 2.59FY2025 | +0.92 | |
| Shares outstanding | 283.8MFY2016 | 279.8MFY2025 | −0.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TFSL assets
TFSL liabilities and equity
TFSL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TFSL balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $483.5M | $990.0M | $975.1M | $827.5M | $910.1M | $951.5M | $823.0M | $801.7M | $805.7M | $749.1M |
| Cash & equivalents | $429.4M | $463.7M | $466.7M | $369.6M | $488.3M | $498.0M | $275.1M | $269.8M | $268.2M | $231.2M |
| Short-term investments | $54.0M | $526.3M | $508.3M | $457.9M | $421.8M | $453.4M | $547.9M | $532.0M | $537.5M | $517.9M |
| Receivables | $62.6M | $59.4M | $53.9M | $40.3M | $31.1M | $36.6M | $40.8M | $38.7M | $35.5M | $32.8M |
| Inventory | $0 | $0 | −$522.1M | −$411.0M | −$519.7M | −$534.9M | −$318.1M | $2.8M | $5.5M | $6.8M |
| Other current assets | $0 | $0 | $522.1M | $411.0M | $519.7M | $534.9M | $318.1M | $0 | $0 | $0 |
| Total current assets | $546.0M | $1.05B | $1.03B | $867.7M | $941.2M | $988.1M | $863.8M | $840.4M | $841.2M | $781.9M |
| Property, plant & equipment (net) | $40.0M | $33.2M | $34.7M | $34.5M | $37.4M | $41.6M | $61.6M | $63.4M | $60.9M | $61.0M |
| Goodwill & intangible assets | $18.3M | $17.4M | $17.1M | $17.7M | $18.7M | $17.6M | $17.8M | $18.6M | $18.1M | $18.6M |
| Long-term investments | $520.7M | $526.3M | $508.3M | $457.9M | $421.8M | $13.14B | $547.9M | $12.87B | $12.42B | $11.71B |
| Other non-current assets | $16.33B | $15.46B | $15.33B | $14.41B | $12.64B | $455.0M | $13.05B | $343.0M | $352.7M | $331.1M |
| Total assets | $17.46B | $17.09B | $16.92B | $15.79B | $14.06B | $14.64B | $14.54B | $14.14B | $13.69B | $12.91B |
| Liabilities | ||||||||||
| Accounts payable | $14.7M | $23.2M | $10.4M | $2.2M | $1.9M | $3.1M | $3.7M | $3.7M | $2.0M | $1.9M |
| Short-term debt | $1.20B | $845.5M | $1.42B | $2.23B | $2.46B | $2.98B | $3.58B | $420.3M | $278.2M | $2.77B |
| Deferred revenue | — | — | −$1.41B | −$2.23B | −$2.45B | −$2.98B | −$3.58B | −$3.34B | −$2.88B | −$1.65B |
| Total current liabilities | $10.45B | $10.20B | $9.45B | $9.01B | $9.08B | $9.29B | $8.81B | $8.52B | $8.20B | $8.39B |
| Long-term debt | $4.90B | $4.82B | $5.27B | $4.79B | $3.09B | $3.52B | $3.90B | $3.72B | $3.67B | $2.72B |
| Other long-term liabilities | $214.9M | $211.5M | $267.2M | $147.2M | $151.1M | $159.1M | $144.0M | $140.3M | $136.2M | $141.7M |
| Total liabilities | $15.56B | $15.23B | $14.99B | $13.95B | $12.33B | $12.97B | $12.85B | $12.38B | $12.00B | $11.25B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $3.3M | $3.3M | $3.3M | $3.3M | $3.3M | $3.3M | $3.3M | $3.3M | $3.3M | $3.3M |
| Retained earnings (deficit) | $946.8M | $915.5M | $887.0M | $870.0M | $853.7M | $865.5M | $837.7M | $807.9M | $760.1M | $698.9M |
| Treasury stock | — | — | — | −$772.0M | −$768.0M | −$767.6M | −$764.6M | −$754.3M | −$735.5M | −$681.6M |
| Accumulated other comprehensive income | −$21.2M | −$15.6M | $85.2M | $23.1M | −$67.8M | −$132.0M | −$69.4M | $23.2M | −$7.5M | −$19.6M |
| Minority interest | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $1.89B | $1.86B | $1.93B | $1.84B | $1.73B | $1.67B | $1.70B | $1.76B | $1.69B | $1.66B |
| Key figures | ||||||||||
| Total debt | $4.90B | $4.82B | $5.30B | $4.82B | $3.13B | $3.57B | $3.94B | $3.75B | $3.71B | $2.77B |
| Net cash (debt) | −$4.42B | −$3.83B | −$4.33B | −$4.00B | −$2.22B | −$2.62B | −$3.11B | −$2.95B | −$2.90B | −$2.02B |
| Working capital | −$9.90B | −$9.15B | −$8.42B | −$8.14B | −$8.14B | −$8.30B | −$7.94B | −$7.68B | −$7.35B | −$7.60B |
| Tangible book value | $1.88B | $1.85B | $1.91B | $1.83B | $1.71B | $1.65B | $1.68B | $1.74B | $1.67B | $1.64B |
| Book value per share | $6.77 | $6.67 | $6.92 | $6.62 | $6.22 | $6.02 | $6.12 | $6.34 | $6.05 | $5.85 |
| Shares outstanding | 279.8M | 279.1M | 278.6M | 278.7M | 278.6M | 277.8M | 277.4M | 277.3M | 279.3M | 283.8M |
| Current ratio | 0.05 | 0.10 | 0.11 | 0.10 | 0.10 | 0.11 | 0.10 | 0.10 | 0.10 | 0.09 |
| Quick ratio | 0.05 | 0.10 | 0.11 | 0.10 | 0.10 | 0.11 | 0.10 | 0.10 | 0.10 | 0.09 |
| Debt / equity | 2.59 | 2.59 | 2.75 | 2.62 | 1.81 | 2.13 | 2.32 | 2.13 | 2.19 | 1.67 |
| Equity / assets | 10.8% | 10.9% | 11.4% | 11.7% | 12.3% | 11.4% | 11.7% | 12.4% | 12.3% | 12.9% |
| 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 | $28.6M | $25.1M | $460.8M | $483.5M | $502.8M | $513.9M | $973.6M | $990.0M | $1.08B | $1.11B | $1.08B | $975.1M |
| Cash & equivalents | $28.6M | $25.1M | $456.7M | $429.4M | $452.6M | $463.6M | $465.9M | $463.7M | $560.4M | $594.3M | $551.8M | $466.7M |
| Short-term investments | $482.4M | $454.6M | $4.1M | $54.0M | $50.2M | $50.3M | $507.7M | $526.3M | $523.0M | $520.2M | $525.2M | $508.3M |
| Receivables | $63.7M | $59.9M | $60.3M | $62.6M | $60.4M | $58.0M | $57.5M | $59.4M | $58.6M | $56.9M | $55.6M | $53.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$29.2M | −$651.2M | −$607.4M | −$522.1M |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $29.2M | $651.2M | $607.4M | $522.1M |
| Total current assets | $92.3M | $85.0M | $521.1M | $546.0M | $563.2M | $572.0M | $1.03B | $1.05B | $1.14B | $1.17B | $1.13B | $1.03B |
| Property, plant & equipment (net) | $45.6M | $43.4M | $40.4M | $40.0M | $39.1M | $38.5M | $32.7M | $33.2M | $33.7M | $33.9M | $34.2M | $34.7M |
| Goodwill & intangible assets | $8.9M | $9.0M | $8.8M | $18.3M | $7.8M | $7.8M | $7.7M | $17.4M | $7.6M | $7.5M | $7.6M | $17.1M |
| Long-term investments | $482.4M | $454.6M | $454.5M | $520.7M | $525.2M | $533.9M | $507.7M | $526.3M | $523.0M | $520.2M | $525.2M | $508.3M |
| Other non-current assets | $17.44B | $16.89B | $16.47B | $16.33B | $16.24B | $15.96B | $15.48B | $15.46B | $15.33B | $15.28B | $15.35B | $15.33B |
| Total assets | $18.07B | $17.48B | $17.50B | $17.46B | $17.38B | $17.11B | $17.06B | $17.09B | $17.03B | $17.02B | $17.05B | $16.92B |
| Liabilities | ||||||||||||
| Accounts payable | $19.2M | $19.9M | $16.7M | $14.7M | $14.8M | $19.2M | $21.0M | $23.2M | $21.7M | $20.9M | $18.0M | $10.4M |
| Short-term debt | — | $1.67B | — | $1.20B | $1.44B | $1.04B | $981.0M | $845.5M | $975.0M | $900.0M | $900.0M | $1.42B |
| Deferred revenue | — | — | — | — | — | — | — | — | −$21.7M | −$20.9M | −$18.0M | −$1.41B |
| Total current liabilities | $9.99B | $1.67B | $10.37B | $10.45B | $10.34B | $10.40B | $10.21B | $10.20B | $10.03B | $9.94B | $9.92B | $9.45B |
| Long-term debt | $5.86B | $5.17B | $4.98B | $4.90B | $4.91B | $4.61B | $4.70B | $4.82B | $4.85B | $4.98B | $5.06B | $5.27B |
| Other long-term liabilities | $269.6M | $8.71B | $243.6M | $214.9M | $232.9M | $202.8M | $240.3M | $211.5M | $247.7M | $192.6M | $206.2M | $267.2M |
| Total liabilities | $16.12B | $15.56B | $15.60B | $15.56B | $15.49B | $15.22B | $15.14B | $15.23B | $15.12B | $15.11B | $15.19B | $14.99B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $3.3M | $3.3M | $3.3M | $3.3M | $3.3M | $3.3M | $3.3M | $3.3M | $3.3M | $3.3M | $3.3M | $3.3M |
| Retained earnings (deficit) | $977.6M | $962.2M | $954.2M | $946.8M | $935.7M | $929.2M | $923.1M | $915.5M | $912.1M | $906.9M | $901.0M | $887.0M |
| Accumulated other comprehensive income | $8.6M | −$8.8M | −$21.2M | −$21.2M | −$16.0M | $792,000 | $26.8M | −$15.6M | $42.6M | $42.4M | $10.2M | $85.2M |
| Total shareholders' equity | $1.96B | $1.92B | $1.90B | $1.89B | $1.89B | $1.90B | $1.91B | $1.86B | $1.92B | $1.91B | $1.87B | $1.93B |
| Key figures | ||||||||||||
| Total debt | $5.81B | $5.13B | $4.98B | $4.90B | $4.91B | $4.61B | $4.70B | $4.82B | $4.85B | $4.98B | $5.06B | $5.30B |
| Net cash (debt) | −$5.78B | −$5.10B | −$4.52B | −$4.42B | −$4.41B | −$4.10B | −$3.72B | −$3.83B | −$3.76B | −$3.87B | −$3.98B | −$4.33B |
| Working capital | −$9.90B | −$1.59B | −$9.85B | −$9.90B | −$9.78B | −$9.83B | −$9.18B | −$9.15B | −$8.88B | −$8.76B | −$8.79B | −$8.42B |
| Tangible book value | $1.95B | $1.91B | $1.89B | $1.88B | $1.88B | $1.89B | $1.91B | $1.85B | $1.91B | $1.90B | $1.86B | $1.91B |
| Book value per share | $6.99 | $6.87 | $6.71 | $6.77 | $6.75 | $6.78 | $6.85 | $6.67 | $6.86 | $6.84 | $6.69 | $6.91 |
| Shares outstanding | 280.2M | 279.9M | 283.3M | 279.8M | 279.7M | 279.7M | 279.6M | 279.4M | 279.2M | 279.0M | 279.0M | 278.8M |
| Current ratio | 0.01 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.10 | 0.10 | 0.11 | 0.12 | 0.11 | 0.11 |
| Quick ratio | 0.01 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.10 | 0.10 | 0.11 | 0.12 | 0.11 | 0.11 |
| Debt / equity | 2.97 | 2.67 | 2.62 | 2.59 | 2.60 | 2.43 | 2.45 | 2.59 | 2.53 | 2.61 | 2.71 | 2.75 |
| Equity / assets | 10.8% | 11.0% | 10.9% | 10.8% | 10.9% | 11.1% | 11.2% | 10.9% | 11.2% | 11.2% | 10.9% | 11.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed November 25, 2025); data from EODHD.
TFSL financial position
At the end of fiscal 2025 (September 30, 2025), TFS Financial had total assets of $17.5 billion (up 2.1% from a year earlier), total liabilities of $15.6 billion and shareholders' equity of $1.9 billion. It held $483.5 million in cash and short-term investments against $4.9 billion of debt, net debt of $4.4 billion. Its current ratio was 0.05. In the latest quarter (ended June 30, 2026) total assets were $18.1 billion and equity $2.0 billion.
Related: TFSL income statement, TFSL cash flow statement, TFSL key metrics. See the TFSL stock overview for the latest quote and news.
TFSL balance sheet FAQ
What are TFS Financial's total assets?
TFS Financial reported total assets of $17.5 billion at the end of fiscal 2025 (September 30, 2025), compared with $17.1 billion a year earlier.
How much debt does TFS Financial have?
TFS Financial had $4.9 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 2.59.
How much cash does TFS Financial have?
TFS Financial held $483.5 million in cash and short-term investments at the end of fiscal 2025; with $4.9 billion of debt that is net debt of $4.4 billion.
What is TFS Financial's book value?
TFS Financial's shareholders' equity (book value) was $1.9 billion at the end of fiscal 2025, or $6.77 per share.
What is TFS Financial's current ratio?
TFS Financial had current assets of $546.0 million and current liabilities of $10.4 billion, a current ratio of 0.05 (current liabilities exceed current assets).
How much goodwill does TFS Financial have?
TFS Financial carried $18.3 million of goodwill and intangible assets, 0.1% of total assets, at the end of fiscal 2025.