Liquidity ratios measure the company ability to meet its short-term obligations.
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Liquidity Ratios (Summary)
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Current Ratio
- The current ratio demonstrates a generally upward trajectory over the observed period, indicating an improving ability to cover short-term liabilities with current assets. Starting at 2.19 in the first quarter of 2018, it experiences fluctuations but trends higher, peaking at 6.18 in June 2022. Thereafter, the ratio shows a slight decrease, ending at 4.66 in June 2023. This pattern suggests enhanced liquidity management with some recent normalization.
- Quick Ratio
- The quick ratio follows a similar increasing trend to the current ratio, reflecting improvement in liquid assets relative to current liabilities, excluding inventory. From 1.93 in March 2018, it increases steadily, reaching a high of 5.46 in September 2022. A subsequent decline follows, with the ratio settling at 4.25 in June 2023. The rising trend through much of the period indicates stronger immediate liquidity, while the latter decline may point to more balanced operational asset allocation.
- Cash Ratio
- The cash ratio shows parallel behavior to the other liquidity ratios but is consistently lower, as expected given its focus on cash and cash equivalents only. It starts at 1.78 in early 2018 and generally rises with some volatility, reaching a maximum of 5.18 in September 2022. After this peak, it demonstrates a declining tendency, ending at 3.94 in June 2023. This suggests the company maintained solid cash reserves relative to current liabilities, with some reduction in cash holdings relative to total current assets toward the end of the period.
Current Ratio
Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
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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. |
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals notable movements in current assets, current liabilities, and the resulting current ratio over the examined periods.
- Current Assets
- Current assets demonstrate a general upward trend from March 2018 to June 2023. Starting at approximately 6,410 million US dollars in early 2018, the figure experiences some fluctuations but steadily rises to reach around 15,496 million US dollars by mid-2023. Significant increments are observable in the last four quarters of 2020 and 2021, indicating an accumulation of liquid or near-liquid assets during that period.
- Current Liabilities
- Current liabilities show more volatility over the same period. Beginning just under 3,000 million US dollars in March 2018, liabilities decline sharply in the middle of 2018 before oscillating in the range of roughly 1,600 to 3,500 million US dollars. There are steep increases towards the end of 2020 and again in the first half of 2023, suggesting episodes of elevated short-term obligations during these periods. However, the general level remains notably lower than the current assets, implying a relatively stable short-term financial position.
- Current Ratio
- The current ratio, a measure of short-term liquidity, fluctuates but maintains values well above 1 throughout the entire timeline, indicating that current assets consistently exceed current liabilities. The ratio varies from a low of about 2.09 in September 2018 to a peak exceeding 6.18 in mid-2022. Notably, there is a considerable increase in liquidity from late 2020 through 2022, suggesting improved capacity to cover short-term obligations during that period. Despite some declines towards the middle of 2023, the ratio remains sufficiently high, reflecting overall strong liquidity.
Overall, the data indicates a strengthening liquidity position over the analyzed quarters, marked by substantial growth in current assets and generally controlled current liabilities. The current ratio's elevated and rising levels during key periods demonstrate enhanced ability to meet short-term liabilities with available assets, which is a positive indicator of financial health.
Quick Ratio
Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
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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. |
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2023 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Trend Analysis of Total Quick Assets
- The total quick assets demonstrate a generally increasing trend over the observed periods, rising from US$5,648 million in the first quarter of 2018 to US$14,119 million by mid-2023. There are fluctuations, such as a decline in the third quarter of 2018 to US$3,949 million and minor dips in mid-2022, but overall the trend is upward with particularly strong growth starting from 2020 onwards.
- Trend Analysis of Current Liabilities
- Current liabilities exhibit more volatility compared to quick assets, beginning at US$2,927 million in early 2018 and fluctuating widely throughout the quarters. There is a notable decline in the first half of 2019, reaching a low of US$1,639 million. However, from late 2019 through 2023, current liabilities generally trend upwards, reaching a peak of US$3,555 million in the first quarter of 2023 before slightly decreasing again.
- Trend Analysis of Quick Ratio
- The quick ratio shows an overall improvement in liquidity position over the observed timeframe. Starting at 1.93 in early 2018, it increases to consistently above 3.0 from 2020 onwards, even reaching highs above 5.0 between late 2021 and mid-2022. Despite some declines towards mid-2023, the quick ratio remains elevated compared to the early period, indicating stronger coverage of current liabilities by quick assets.
- Relationships and Insights
- The observed increase in total quick assets outpacing the growth in current liabilities results in the improvement of the quick ratio, signaling enhanced short-term liquidity. The fluctuations in current liabilities do not appear to adversely affect the quick ratio due to the robust increase in quick assets. The peak quick ratios in late 2021 and early 2022 suggest a period of particularly strong liquidity management.
- Summary
- The data reflects a pattern of strengthening liquidity, with total quick assets rising significantly over time and the quick ratio consistently improving. While current liabilities show some variability, the company's ability to cover these liabilities with quick assets has improved markedly, suggesting enhanced financial stability in the short term.
Cash Ratio
Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
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Selected Financial Data (US$ 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. |
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2023 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Cash Assets
- The total cash assets demonstrate a general upward trend from March 2018 through June 2023. Starting at $5,217 million in March 2018, there is an early decline through September 2018, reaching a low point of $3,308 million. Subsequently, cash assets steadily increase, peaking at $13,084 million in June 2023. Notable growth periods include the quarters from June 2020 to June 2021 and December 2021 to June 2023, where cash assets rose significantly, indicating an improvement in liquidity and possibly careful cash management or raised capital.
- Current Liabilities
- Current liabilities fluctuate throughout the same period without a consistent trend. They begin at $2,927 million in March 2018 and exhibit various rises and falls, with notable drops in June 2019 ($1,639 million) and subsequent increases toward December 2020 ($3,100 million) and March 2023 ($3,555 million). The liabilities do not show a clear upward or downward direction but rather variability that suggests periodic shifts in short-term obligations or operational changes.
- Cash Ratio
- The cash ratio, representing the company's ability to cover its current liabilities with cash assets, mirrors the trends in cash and liabilities. Initially, the ratio is 1.78 in March 2018, dropping below 1.5 in September 2018. After this, it exhibits an increasing trend, peaking at 5.18 in June 2022, suggesting a strong liquidity position during this period. However, the ratio decreases afterwards to 3.94 by June 2023, indicating some reduction in liquidity but still maintaining a strong coverage of current liabilities by cash assets.