Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Amgen Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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).
The liquidity profile of the entity is characterized by a period of extreme volatility during 2023, followed by a gradual normalization and slight contraction in liquidity margins through the first quarter of 2026. A significant surge in all liquidity metrics is observed during the first three quarters of 2023, suggesting a temporary but substantial increase in liquid assets or a sharp reduction in short-term obligations, which subsequently corrected toward the end of that year.
- Current Ratio
- The current ratio exhibited a stable range between 1.41 and 1.68 throughout 2022 before escalating sharply to a peak of 3.14 in March 2023. Following this peak, the ratio remained elevated above 2.70 through September 2023, before declining to 1.65 by December 31, 2023. From 2024 through March 2026, a downward trend is evident, with the ratio fluctuating between 1.14 and 1.42, ending the period at 1.26. This indicates a tightening of the cushion available to cover short-term liabilities.
- Quick Ratio
- The quick ratio follows a trajectory closely aligned with the current ratio, though it consistently remains at a lower level, reflecting the impact of inventory on total current assets. After peaking at 2.62 in March 2023, the ratio plummeted to 0.99 by December 2023. For the remainder of the analyzed period, the ratio remained predominantly below the 1.0 threshold, reaching a low of 0.73 in December 2025 before recovering slightly to 0.85 by March 2026. This trend suggests that the entity relies more heavily on inventory liquidation to meet short-term obligations than it did during the 2023 surge.
- Cash Ratio
- The most acute volatility is observed in the cash ratio, which rose from 0.59 in December 2022 to a peak of 2.22 in March 2023. This indicates a period of exceptional cash liquidity. However, by December 2023, the ratio reverted to 0.60. Throughout 2024 and 2025, the cash ratio remained constrained, oscillating between 0.36 and 0.52. The final reading of 0.48 in March 2026 demonstrates a return to a liquidity posture similar to the baseline observed in early 2022.
Overall, the synchronization of the peaks and troughs across all three ratios confirms that the liquidity fluctuations were driven by changes in the most liquid asset classes. The transition from the high-liquidity environment of early 2023 to the more lean ratios of 2024-2026 indicates a strategic shift in asset allocation or an increase in short-term debt obligations.
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Current Ratio
Amgen Inc., current ratio calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Current assets | 31,475) | 29,057) | 27,885) | 26,734) | 26,929) | 29,030) | 26,766) | 27,206) | 28,029) | 30,332) | 48,477) | 47,380) | 44,703) | 22,186) | 24,062) | 19,322) | 18,520) | ||||||
| Current liabilities | 24,955) | 25,489) | 21,791) | 20,476) | 23,008) | 23,099) | 20,312) | 21,517) | 19,714) | 18,392) | 16,954) | 17,097) | 14,215) | 15,687) | 14,331) | 12,618) | 12,886) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Current ratio1 | 1.26 | 1.14 | 1.28 | 1.31 | 1.17 | 1.26 | 1.32 | 1.26 | 1.42 | 1.65 | 2.86 | 2.77 | 3.14 | 1.41 | 1.68 | 1.53 | 1.44 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||
| AbbVie Inc. | 0.80 | 0.67 | 0.72 | 0.74 | 0.76 | 0.66 | 0.65 | 0.81 | 0.94 | 0.87 | 0.96 | 0.89 | 0.96 | 0.96 | 0.93 | 0.84 | 0.82 | ||||||
| Bristol-Myers Squibb Co. | 1.42 | 1.26 | 1.27 | 1.21 | 1.28 | 1.25 | 1.24 | 1.16 | 1.11 | 1.43 | 1.18 | 1.39 | 1.42 | 1.25 | 1.42 | 1.44 | 1.32 | ||||||
| Danaher Corp. | 1.87 | 1.87 | 1.52 | 1.62 | 1.43 | 1.40 | 1.37 | 1.43 | 1.85 | 1.68 | 2.26 | 2.08 | 1.89 | 1.89 | 1.78 | 1.75 | 1.68 | ||||||
| Eli Lilly & Co. | 1.50 | 1.58 | 1.55 | 1.28 | 1.37 | 1.15 | 1.27 | 1.11 | 1.35 | 0.94 | 1.05 | 1.13 | 1.30 | 1.05 | 1.13 | 1.10 | 1.27 | ||||||
| Gilead Sciences Inc. | 1.97 | 1.55 | 1.45 | 1.32 | 1.37 | 1.60 | 1.26 | 1.14 | 1.08 | 1.43 | 1.34 | 1.02 | 1.28 | 1.29 | 1.30 | 1.43 | 1.48 | ||||||
| Johnson & Johnson | 1.03 | 1.03 | 1.07 | 1.01 | 1.26 | 1.11 | 1.03 | 1.07 | 1.17 | 1.16 | 1.21 | 1.12 | 1.07 | 0.99 | 1.43 | 1.42 | 1.39 | ||||||
| Merck & Co. Inc. | 1.30 | 1.54 | 1.66 | 1.42 | 1.41 | 1.36 | 1.36 | 1.47 | 1.25 | 1.25 | 1.38 | 1.28 | 1.44 | 1.47 | 1.46 | 1.39 | 1.40 | ||||||
| Pfizer Inc. | 1.25 | 1.16 | 1.28 | 1.16 | 1.26 | 1.17 | 1.00 | 0.86 | 1.05 | 0.91 | 2.38 | 2.12 | 1.37 | 1.22 | 1.59 | 1.42 | 1.39 | ||||||
| Regeneron Pharmaceuticals Inc. | 3.57 | 4.13 | 4.06 | 4.60 | 4.93 | 4.73 | 5.28 | 5.44 | 5.27 | 5.69 | 5.18 | 5.45 | 5.45 | 5.06 | 5.36 | 5.12 | 4.76 | ||||||
| Thermo Fisher Scientific Inc. | 1.53 | 1.89 | 1.50 | 1.93 | 1.77 | 1.66 | 1.63 | 1.72 | 1.70 | 1.75 | 1.63 | 1.42 | 1.27 | 1.48 | 1.74 | 1.65 | 1.56 | ||||||
| Vertex Pharmaceuticals Inc. | 3.02 | 2.90 | 2.36 | 2.52 | 2.65 | 2.69 | 2.47 | 2.52 | 3.50 | 3.99 | 4.08 | 4.14 | 4.28 | 4.83 | 4.70 | 4.50 | 4.75 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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).
1 Q1 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 31,475 ÷ 24,955 = 1.26
2 Click competitor name to see calculations.
The liquidity profile of the organization exhibits significant volatility between March 2022 and March 2026, characterized by a dramatic surge in short-term solvency during 2023 followed by a period of gradual compression.
- Liquidity Surge and Peak Performance
- A substantial increase in liquidity is observed during the first three quarters of 2023. The current ratio peaked at 3.14 in March 2023, driven by a sharp rise in current assets, which climbed from 22,186 million USD in December 2022 to 44,703 million USD. This elevated liquidity position was maintained through September 2023, with the ratio remaining above 2.70, suggesting a temporary period of high asset accumulation or significant cash influxes.
- Asset Correction and Normalization
- A rapid normalization occurred in December 2023, as current assets declined to 30,332 million USD, causing the current ratio to drop to 1.65. This contraction marked the end of the high-liquidity phase and a return to levels more consistent with the company's historical baseline.
- Trend of Margin Compression (2024-2026)
- From March 2024 through March 2026, a general downward trend in the current ratio is evident. While current assets remained relatively stable, fluctuating between approximately 26,700 million USD and 31,500 million USD, current liabilities trended upward, increasing from 19,714 million USD in March 2024 to 24,955 million USD by March 2026. This growth in short-term obligations led to a decline in the current ratio, reaching a low of 1.14 in December 2025.
By the end of the analyzed period in March 2026, the current ratio recovered slightly to 1.26. Although the organization maintains a positive liquidity position where current assets exceed current liabilities, the overall trend indicates a narrowing margin of safety compared to the peaks observed in 2023.
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Quick Ratio
Amgen Inc., quick ratio calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Cash and cash equivalents | 12,038) | 9,129) | 9,445) | 8,028) | 8,810) | 11,973) | 9,011) | 9,301) | 9,708) | 10,944) | 34,741) | 34,248) | 31,560) | 7,629) | 9,502) | 5,203) | 6,528) | ||||||
| Marketable securities | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 1) | 1,676) | 1,976) | 1,980) | 16) | ||||||
| Trade receivables, net | 9,138) | 9,570) | 8,490) | 8,701) | 8,132) | 6,782) | 7,317) | 6,934) | 6,776) | 7,268) | 6,145) | 5,830) | 5,736) | 5,563) | 5,326) | 5,327) | 5,077) | ||||||
| Total quick assets | 21,176) | 18,699) | 17,935) | 16,729) | 16,942) | 18,755) | 16,328) | 16,235) | 16,484) | 18,212) | 40,886) | 40,078) | 37,297) | 14,868) | 16,804) | 12,510) | 11,621) | ||||||
| Current liabilities | 24,955) | 25,489) | 21,791) | 20,476) | 23,008) | 23,099) | 20,312) | 21,517) | 19,714) | 18,392) | 16,954) | 17,097) | 14,215) | 15,687) | 14,331) | 12,618) | 12,886) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Quick ratio1 | 0.85 | 0.73 | 0.82 | 0.82 | 0.74 | 0.81 | 0.80 | 0.75 | 0.84 | 0.99 | 2.41 | 2.34 | 2.62 | 0.95 | 1.17 | 0.99 | 0.90 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||
| AbbVie Inc. | 0.52 | 0.41 | 0.47 | 0.48 | 0.48 | 0.42 | 0.43 | 0.59 | 0.72 | 0.63 | 0.71 | 0.63 | 0.66 | 0.69 | 0.69 | 0.57 | 0.52 | ||||||
| Bristol-Myers Squibb Co. | 1.04 | 0.94 | 0.99 | 0.91 | 0.94 | 0.91 | 0.84 | 0.78 | 0.78 | 1.04 | 0.77 | 0.94 | 1.01 | 0.87 | 0.98 | 1.07 | 1.03 | ||||||
| Danaher Corp. | 1.28 | 1.25 | 0.84 | 0.96 | 0.83 | 0.83 | 0.84 | 0.85 | 1.34 | 1.18 | 1.76 | 1.52 | 1.34 | 1.30 | 1.19 | 1.13 | 1.08 | ||||||
| Eli Lilly & Co. | 0.72 | 0.78 | 0.73 | 0.53 | 0.57 | 0.58 | 0.62 | 0.60 | 0.67 | 0.52 | 0.58 | 0.63 | 0.79 | 0.62 | 0.70 | 0.66 | 0.77 | ||||||
| Gilead Sciences Inc. | 1.31 | 1.06 | 1.01 | 0.89 | 1.00 | 1.20 | 0.82 | 0.69 | 0.72 | 1.06 | 0.98 | 0.78 | 0.95 | 0.99 | 0.96 | 1.06 | 1.06 | ||||||
| Johnson & Johnson | 0.69 | 0.69 | 0.71 | 0.68 | 0.96 | 0.78 | 0.70 | 0.77 | 0.84 | 0.82 | 0.86 | 0.84 | 0.81 | 0.71 | 1.10 | 1.09 | 1.06 | ||||||
| Merck & Co. Inc. | 0.66 | 0.93 | 1.06 | 0.79 | 0.80 | 0.84 | 0.88 | 0.88 | 0.68 | 0.68 | 0.83 | 0.74 | 0.90 | 0.93 | 0.90 | 0.85 | 0.84 | ||||||
| Pfizer Inc. | 0.75 | 0.69 | 0.80 | 0.67 | 0.80 | 0.74 | 0.56 | 0.42 | 0.57 | 0.50 | 1.78 | 1.59 | 0.88 | 0.80 | 1.18 | 1.02 | 0.95 | ||||||
| Regeneron Pharmaceuticals Inc. | 2.84 | 3.28 | 3.19 | 3.57 | 3.90 | 3.86 | 4.34 | 4.43 | 4.40 | 4.82 | 4.31 | 4.53 | 4.54 | 4.16 | 4.37 | 4.20 | 3.95 | ||||||
| Thermo Fisher Scientific Inc. | 0.97 | 1.36 | 0.95 | 1.29 | 1.20 | 1.14 | 1.13 | 1.24 | 1.19 | 1.27 | 1.13 | 0.89 | 0.80 | 1.06 | 1.06 | 0.98 | 0.97 | ||||||
| Vertex Pharmaceuticals Inc. | 2.38 | 2.24 | 1.84 | 2.00 | 2.12 | 2.17 | 2.08 | 2.10 | 3.15 | 3.60 | 3.74 | 3.82 | 3.95 | 4.46 | 4.28 | 4.14 | 4.37 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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).
1 Q1 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 21,176 ÷ 24,955 = 0.85
2 Click competitor name to see calculations.
The liquidity position of the organization exhibits significant volatility over the analyzed period, characterized by a substantial surge in liquidity during 2023 followed by a sustained decline and subsequent stabilization below a 1.0 ratio.
- Quick Asset Trends
- Total quick assets showed a moderate range between $11.6 billion and $16.8 billion throughout 2022. A sharp increase occurred in the first quarter of 2023, with assets jumping to $37.3 billion and peaking at $40.9 billion by September 30, 2023. Following this peak, a significant correction took place in December 2023, where quick assets dropped to $18.2 billion. From 2024 through March 2026, assets remained relatively stable, fluctuating between $16.2 billion and $21.2 billion.
- Current Liabilities Trajectory
- Current liabilities demonstrated a consistent and steady upward trend over the entire period. Starting at $12.9 billion in March 2022, liabilities climbed incrementally, surpassing the $20 billion mark by June 2024 and reaching a peak of $25.5 billion in December 2025. By March 2026, liabilities stood at $25.0 billion, representing nearly a doubling of short-term obligations compared to the beginning of the period.
- Quick Ratio Analysis
- The quick ratio fluctuated between 0.90 and 1.17 during 2022, indicating a near-equilibrium between liquid assets and current liabilities. A period of exceptional liquidity was observed between March and September 2023, with the ratio peaking at 2.62. This indicates a temporary surplus of liquid assets. However, from December 2023 onward, the ratio fell below 1.0 and remained in a suppressed range between 0.73 and 0.85. This trend suggests that, in the latter half of the observed period, liquid assets were consistently insufficient to cover current liabilities without relying on inventory liquidation or additional financing.
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Cash Ratio
Amgen Inc., cash ratio calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Cash and cash equivalents | 12,038) | 9,129) | 9,445) | 8,028) | 8,810) | 11,973) | 9,011) | 9,301) | 9,708) | 10,944) | 34,741) | 34,248) | 31,560) | 7,629) | 9,502) | 5,203) | 6,528) | ||||||
| Marketable securities | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 1) | 1,676) | 1,976) | 1,980) | 16) | ||||||
| Total cash assets | 12,038) | 9,129) | 9,445) | 8,028) | 8,810) | 11,973) | 9,011) | 9,301) | 9,708) | 10,944) | 34,741) | 34,248) | 31,561) | 9,305) | 11,478) | 7,183) | 6,544) | ||||||
| Current liabilities | 24,955) | 25,489) | 21,791) | 20,476) | 23,008) | 23,099) | 20,312) | 21,517) | 19,714) | 18,392) | 16,954) | 17,097) | 14,215) | 15,687) | 14,331) | 12,618) | 12,886) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Cash ratio1 | 0.48 | 0.36 | 0.43 | 0.39 | 0.38 | 0.52 | 0.44 | 0.43 | 0.49 | 0.60 | 2.05 | 2.00 | 2.22 | 0.59 | 0.80 | 0.57 | 0.51 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||
| AbbVie Inc. | 0.22 | 0.12 | 0.14 | 0.16 | 0.14 | 0.14 | 0.17 | 0.31 | 0.44 | 0.34 | 0.38 | 0.27 | 0.24 | 0.31 | 0.36 | 0.25 | 0.19 | ||||||
| Bristol-Myers Squibb Co. | 0.55 | 0.46 | 0.59 | 0.49 | 0.49 | 0.46 | 0.36 | 0.29 | 0.37 | 0.55 | 0.33 | 0.43 | 0.49 | 0.42 | 0.48 | 0.63 | 0.66 | ||||||
| Danaher Corp. | 0.76 | 0.68 | 0.24 | 0.44 | 0.30 | 0.31 | 0.36 | 0.35 | 0.90 | 0.71 | 1.31 | 1.02 | 0.85 | 0.71 | 0.64 | 0.53 | 0.49 | ||||||
| Eli Lilly & Co. | 0.14 | 0.21 | 0.24 | 0.09 | 0.10 | 0.12 | 0.14 | 0.12 | 0.13 | 0.10 | 0.11 | 0.14 | 0.22 | 0.12 | 0.17 | 0.17 | 0.18 | ||||||
| Gilead Sciences Inc. | 0.81 | 0.65 | 0.60 | 0.47 | 0.64 | 0.83 | 0.43 | 0.26 | 0.36 | 0.64 | 0.57 | 0.48 | 0.56 | 0.57 | 0.54 | 0.61 | 0.62 | ||||||
| Johnson & Johnson | 0.38 | 0.37 | 0.36 | 0.35 | 0.68 | 0.49 | 0.39 | 0.47 | 0.54 | 0.50 | 0.53 | 0.53 | 0.54 | 0.42 | 0.75 | 0.73 | 0.70 | ||||||
| Merck & Co. Inc. | 0.21 | 0.51 | 0.64 | 0.33 | 0.37 | 0.48 | 0.49 | 0.44 | 0.22 | 0.28 | 0.38 | 0.27 | 0.45 | 0.54 | 0.49 | 0.44 | 0.40 | ||||||
| Pfizer Inc. | 0.38 | 0.37 | 0.41 | 0.35 | 0.48 | 0.48 | 0.23 | 0.16 | 0.29 | 0.27 | 1.42 | 1.29 | 0.55 | 0.54 | 0.82 | 0.70 | 0.61 | ||||||
| Regeneron Pharmaceuticals Inc. | 1.71 | 1.97 | 1.91 | 2.04 | 2.34 | 2.28 | 2.68 | 2.80 | 2.94 | 3.17 | 2.75 | 2.88 | 2.89 | 2.46 | 2.44 | 2.49 | 2.34 | ||||||
| Thermo Fisher Scientific Inc. | 0.22 | 0.67 | 0.24 | 0.50 | 0.45 | 0.42 | 0.46 | 0.60 | 0.52 | 0.58 | 0.43 | 0.22 | 0.22 | 0.50 | 0.26 | 0.17 | 0.23 | ||||||
| Vertex Pharmaceuticals Inc. | 1.87 | 1.71 | 1.40 | 1.54 | 1.64 | 1.72 | 1.64 | 1.63 | 2.68 | 3.16 | 3.31 | 3.35 | 3.44 | 3.93 | 3.74 | 3.62 | 3.78 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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).
1 Q1 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 12,038 ÷ 24,955 = 0.48
2 Click competitor name to see calculations.
The analysis of liquidity metrics reveals a period of significant volatility in cash positioning between 2022 and 2026, characterized by a temporary surge in liquidity followed by a sustained compression of the cash ratio as current liabilities expanded.
- Cash Asset Volatility
- Total cash assets exhibited a dramatic increase during the first three quarters of 2023, rising from 9.3 billion USD in December 2022 to a peak of 34.7 billion USD by September 2023. This spike was abruptly reversed by December 31, 2023, when cash assets fell to 10.9 billion USD. From January 2024 through March 2026, cash levels remained relatively stable, fluctuating within a narrower corridor between 8.0 billion and 12.0 billion USD.
- Current Liability Expansion
- A consistent upward trend is observed in current liabilities over the analyzed period. Obligations grew from 12.9 billion USD in March 2022 to 25.5 billion USD by December 2025. This steady increase in short-term obligations occurred regardless of the fluctuations in cash assets, indicating a systemic increase in the company's short-term financial commitments.
- Cash Ratio Trends and Liquidity Compression
- The cash ratio mirrored the volatility of the cash assets, peaking at 2.22 in March 2023 and remaining above 2.00 through September 2023, signifying a period of exceptional short-term liquidity. However, the ratio declined sharply to 0.60 by December 2023. Between March 2024 and December 2025, the ratio experienced further compression, reaching a low of 0.36. While a slight recovery to 0.48 is noted in March 2026, the overall trajectory indicates that current liabilities have grown at a pace that exceeds the growth of cash reserves, resulting in a lower immediate liquidity coverage compared to the 2023 peak.
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