Liquidity ratios measure the company ability to meet its short-term obligations.
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- Cash Flow Statement
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- Enterprise Value (EV)
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Liquidity Ratios (Summary)
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Current ratio | ||||||
Quick ratio | ||||||
Cash ratio |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- Current Ratio
- The current ratio demonstrated a generally increasing trend from 2.31 in 2018 to a peak of 5.21 in 2021, indicating an improvement in short-term liquidity over this period. However, in 2022, the ratio decreased to 4.07, suggesting a reduction in the company's ability to cover short-term liabilities compared to the previous year but still at a relatively high level compared to earlier years.
- Quick Ratio
- The quick ratio followed a similar pattern, rising steadily from 1.99 in 2018 to 4.73 in 2021, which reflects a significant enhancement in the company's immediate liquidity position, excluding inventories. In 2022, a decline to 3.71 was observed, marking a contraction yet maintaining a strong liquidity stance relative to the base year.
- Cash Ratio
- The cash ratio also showed consistent growth from 1.6 in 2018 to 4.32 in 2021, highlighting an increasing proportion of cash and cash equivalents relative to current liabilities. This rise emphasizes enhanced cash reserves and liquidity. The ratio decreased to 3.37 in 2022, signaling some reduction in cash resources but still indicating solid cash liquidity compared to earlier years.
Current Ratio
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Current assets | ||||||
Current liabilities | ||||||
Liquidity Ratio | ||||||
Current ratio1 | ||||||
Benchmarks | ||||||
Current Ratio, Competitors2 | ||||||
Alphabet Inc. | ||||||
Comcast Corp. | ||||||
Meta Platforms Inc. | ||||||
Netflix Inc. | ||||||
Take-Two Interactive Software Inc. | ||||||
Walt Disney Co. | ||||||
Current Ratio, Sector | ||||||
Media & Entertainment | ||||||
Current Ratio, Industry | ||||||
Communication Services |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Current Assets
- The current assets demonstrate a steady upward trend from 2018 to 2022. Starting at 6,106 million US dollars in 2018, there is a consistent increase each year, reaching 14,469 million US dollars in 2022. This indicates an improving liquidity position and suggests that the company is increasing its resources readily available to cover short-term obligations.
- Current Liabilities
- Current liabilities show more variability over the period. They increased moderately from 2,642 million US dollars in 2018 to 3,100 million US dollars in 2020. A notable decline is observed in 2021, dropping to 2,411 million US dollars, followed by a sharp increase in 2022 to 3,555 million US dollars. This fluctuation could imply varying short-term obligations or changes in the company's operational or financing activities.
- Current Ratio
- The current ratio reflects a significant improvement over the period. It rises from 2.31 in 2018 to a peak of 5.21 in 2021, indicating a strengthened ability to meet short-term liabilities with current assets. In 2022, the ratio declines to 4.07 but remains well above the 2018 level. This pattern indicates enhanced liquidity and potentially conservative working capital management, despite the slight reduction in the last reported year.
Quick Ratio
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Cash and cash equivalents | ||||||
Held-to-maturity investments | ||||||
Accounts receivable, net | ||||||
Total quick assets | ||||||
Current liabilities | ||||||
Liquidity Ratio | ||||||
Quick ratio1 | ||||||
Benchmarks | ||||||
Quick Ratio, Competitors2 | ||||||
Alphabet Inc. | ||||||
Comcast Corp. | ||||||
Meta Platforms Inc. | ||||||
Netflix Inc. | ||||||
Take-Two Interactive Software Inc. | ||||||
Walt Disney Co. | ||||||
Quick Ratio, Sector | ||||||
Media & Entertainment | ||||||
Quick Ratio, Industry | ||||||
Communication Services |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Quick Assets
-
Total quick assets demonstrated a consistent upward trend over the five-year period. Beginning at 5,260 million US dollars at the end of 2018, the figure increased each year, reaching 13,196 million US dollars by the end of 2022. This represents a substantial growth, more than doubling the initial amount.
- Current Liabilities
-
Current liabilities showed a fluctuating pattern without a consistent trend. Starting at 2,642 million US dollars in 2018, liabilities increased modestly to 3,100 million by the end of 2020, then decreased markedly to 2,411 million by the end of 2021. However, in 2022, current liabilities rose again sharply to 3,555 million US dollars, the highest level in the five-year span.
- Quick Ratio
-
The quick ratio improved significantly over the period, indicating a strengthening liquidity position. Starting at 1.99 in 2018, the ratio increased steadily to a peak of 4.73 in 2021, before declining to 3.71 in 2022. Despite this decline, the 2022 ratio remains substantially higher than the starting point, reflecting an overall enhanced ability to meet short-term obligations with quick assets.
- Summary and Insights
-
Overall, the data reveal substantial growth in quick assets, suggesting improved liquidity resources. While current liabilities displayed variability, the company's ability to cover these liabilities with quick assets improved as evidenced by the increasing quick ratio through most of the period. The slightly reduced quick ratio in the latest year, despite the highest level of quick assets, is attributed to the marked increase in current liabilities during that year. The financial position appears robust, with a strong focus on liquidity management, although attention is warranted regarding the upward movement in liabilities in the most recent year.
Cash Ratio
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Cash and cash equivalents | ||||||
Held-to-maturity investments | ||||||
Total cash assets | ||||||
Current liabilities | ||||||
Liquidity Ratio | ||||||
Cash ratio1 | ||||||
Benchmarks | ||||||
Cash Ratio, Competitors2 | ||||||
Alphabet Inc. | ||||||
Comcast Corp. | ||||||
Meta Platforms Inc. | ||||||
Netflix Inc. | ||||||
Take-Two Interactive Software Inc. | ||||||
Walt Disney Co. | ||||||
Cash Ratio, Sector | ||||||
Media & Entertainment | ||||||
Cash Ratio, Industry | ||||||
Communication Services |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total cash assets
- The total cash assets show a consistent increasing trend over the five-year period. Starting at 4,225 million US dollars in 2018, the amount rises to 11,992 million US dollars by 2022. This represents nearly a threefold increase, indicating strong cash accumulation and liquidity growth over time.
- Current liabilities
- Current liabilities exhibit some fluctuations during the period. Beginning at 2,642 million US dollars in 2018, liabilities increase moderately until 2020, peaking at 3,100 million. They then decrease noticeably to 2,411 million in 2021 before rising again to 3,555 million in 2022. Despite this volatility, the overall trend by 2022 shows an increase compared to the starting point in 2018.
- Cash ratio
- The cash ratio indicates the company's liquidity position relative to its current liabilities. It demonstrates a significant improvement from 1.6 in 2018 to a peak of 4.32 in 2021. Although there is a slight decline to 3.37 in 2022, the ratio remains substantially higher than the initial year, indicating enhanced ability to cover short-term liabilities with cash and cash equivalents.
- Summary
- The analysis reflects a strong cash position continuously improving over time. The total cash assets have grown markedly, supporting a rising cash ratio, which suggest enhanced liquidity and financial flexibility. Despite fluctuations in current liabilities, the cash ratio's upward trend confirms a strengthening of the company's short-term financial stability. The slight dip in the cash ratio in the final year signals a modest shift but still maintains a robust liquidity position overall.