Analysis of Liquidity Ratios
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Apple Inc., liquidity ratios
Based on: 10-K (reporting date: 2026-09-26), 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25).
The analysis of liquidity ratios indicates a period of volatility followed by a gradual recovery in the company's ability to meet its short-term obligations. While liquidity levels fluctuated between 2021 and 2025, there is a notable upward trend toward the end of the observed period.
- Current Ratio
- The current ratio exhibits a fluctuating trend, starting at 1.07 in 2021 and dipping below the 1.0 threshold for four consecutive years, reaching a low of 0.87 in 2024. A recovery is observed by September 2026, with the ratio returning to 1.02, indicating that current assets once again exceed current liabilities.
- Quick Ratio
- The quick ratio remains consistently below 1.0 throughout the analyzed period. After an initial decline from 0.91 in 2021 to 0.71 in 2022, the ratio follows a pattern of moderate volatility, ending at 0.83 in 2026. This persistent gap relative to the current ratio suggests a reliance on less liquid current assets to cover short-term debts.
- Cash Ratio
- A general downward trajectory is observed in the cash ratio, which decreased from 0.50 in 2021 to a stabilized level of 0.33 by 2025 and 2026. This trend reflects a reduction in the proportion of immediate cash and cash equivalents held relative to current liabilities over the six-year span.
Overall, the liquidity profile suggests a strategic shift in asset management. While the current ratio has recovered to a position of stability, the declining cash ratio and the consistently sub-1.0 quick ratio indicate a transition toward a more lean approach to maintaining highly liquid reserves.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Current Ratio
Apple Inc., current ratio calculation, comparison to benchmarks
| Sep 26, 2026 | Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Current assets | 173,857) | 147,957) | 152,987) | 143,566) | 135,405) | 134,836) | |
| Current liabilities | 169,915) | 165,631) | 176,392) | 145,308) | 153,982) | 125,481) | |
| Liquidity Ratio | |||||||
| Current ratio1 | 1.02 | 0.89 | 0.87 | 0.99 | 0.88 | 1.07 | |
| Benchmarks | |||||||
| Current Ratio, Competitors2 | |||||||
| Arista Networks Inc. | — | 3.05 | 4.36 | 4.39 | 4.29 | 4.34 | |
| Cisco Systems Inc. | 0.93 | 1.00 | 0.91 | 1.38 | 1.43 | 1.49 | |
| Dell Technologies Inc. | 0.91 | 0.78 | 0.74 | 0.82 | 0.80 | 0.80 | |
| Lumentum Holdings Inc. | 1.68 | 4.37 | 5.90 | 4.38 | 4.38 | 3.67 | |
| Super Micro Computer Inc. | 3.87 | 5.25 | 3.81 | 2.31 | 1.91 | 1.93 | |
| Current Ratio, Sector | |||||||
| Technology Hardware & Equipment | — | 0.98 | 0.92 | 1.05 | 0.96 | 1.09 | |
| Current Ratio, Industry | |||||||
| Information Technology | — | 1.39 | 1.24 | 1.41 | 1.37 | 1.55 | |
Based on: 10-K (reporting date: 2026-09-26), 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25).
1 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 173,857 ÷ 169,915 = 1.02
2 Click competitor name to see calculations.
The liquidity profile exhibits a period of contraction followed by a recovery in the balance between short-term assets and obligations. While current assets have maintained a general upward trajectory over the six-year period, the current ratio experienced significant volatility, dipping below the 1.0 threshold for several consecutive years before returning to a positive position.
- Current Asset Growth
- A consistent increase in current assets is observed, rising from 134,836 million in September 2021 to 173,857 million by September 2026. This represents a steady expansion of the liquid resource base over the analyzed timeframe.
- Current Liability Volatility
- Current liabilities showed a more irregular growth pattern, increasing from 125,481 million in 2021 to a peak of 176,392 million in 2024. A slight contraction occurred in 2025, followed by a marginal increase to 169,915 million in 2026.
- Current Ratio Interpretation
- The current ratio transitioned from a healthy 1.07 in 2021 to a period of deficit where short-term liabilities exceeded assets from 2022 through 2025. The lowest point of liquidity was recorded in September 2024 at 0.87. However, a reversal of this trend is evident by September 2026, as the ratio climbed to 1.02, indicating that current assets once again sufficiently cover all current liabilities.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Quick Ratio
Apple Inc., quick ratio calculation, comparison to benchmarks
| Sep 26, 2026 | Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Cash and cash equivalents | 36,305) | 35,934) | 29,943) | 29,965) | 23,646) | 34,940) | |
| Current marketable securities | 20,417) | 18,763) | 35,228) | 31,590) | 24,658) | 27,699) | |
| Accounts receivable, net | 43,817) | 39,777) | 33,410) | 29,508) | 28,184) | 26,278) | |
| Vendor non-trade receivables | 39,896) | 33,180) | 32,833) | 31,477) | 32,748) | 25,228) | |
| Total quick assets | 140,435) | 127,654) | 131,414) | 122,540) | 109,236) | 114,145) | |
| Current liabilities | 169,915) | 165,631) | 176,392) | 145,308) | 153,982) | 125,481) | |
| Liquidity Ratio | |||||||
| Quick ratio1 | 0.83 | 0.77 | 0.75 | 0.84 | 0.71 | 0.91 | |
| Benchmarks | |||||||
| Quick Ratio, Competitors2 | |||||||
| Arista Networks Inc. | — | 2.35 | 3.46 | 3.16 | 3.05 | 3.54 | |
| Cisco Systems Inc. | 0.64 | 0.74 | 0.69 | 1.13 | 1.16 | 1.32 | |
| Dell Technologies Inc. | 0.59 | 0.41 | 0.44 | 0.52 | 0.49 | 0.59 | |
| Lumentum Holdings Inc. | 1.31 | 2.87 | 4.02 | 3.57 | 3.92 | 3.25 | |
| Super Micro Computer Inc. | 1.93 | 3.21 | 1.88 | 1.16 | 0.75 | 0.72 | |
| Quick Ratio, Sector | |||||||
| Technology Hardware & Equipment | — | 0.76 | 0.72 | 0.84 | 0.73 | 0.90 | |
| Quick Ratio, Industry | |||||||
| Information Technology | — | 1.09 | 0.96 | 1.12 | 1.09 | 1.30 | |
Based on: 10-K (reporting date: 2026-09-26), 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25).
1 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 140,435 ÷ 169,915 = 0.83
2 Click competitor name to see calculations.
The liquidity position shows a period of volatility characterized by a general increase in both quick assets and current liabilities, with the quick ratio consistently remaining below the 1.0 threshold. A cyclical pattern is observed where improvements in the ratio are followed by subsequent declines, though a recovery trend is evident in the final years of the period.
- Total Quick Assets Trend
- A general upward trajectory is observed, increasing from 114,145 million US$ in 2021 to 140,435 million US$ by 2026. While growth was sustained between 2022 and 2024, a temporary contraction occurred in 2025 before returning to growth in 2026.
- Current Liabilities Analysis
- Current liabilities exhibited significant growth over the analyzed period, rising from 125,481 million US$ in 2021 to 169,915 million US$ in 2026. The most substantial increase occurred between 2021 and 2022, with a secondary peak in 2024, suggesting periods of increased short-term financing or operational obligations.
- Quick Ratio Performance
- The quick ratio fluctuated between a high of 0.91 in 2021 and a low of 0.71 in 2022. The ratio failed to reach parity (1.0) throughout the entire period, indicating that quick assets were insufficient to cover current liabilities without relying on inventory liquidation. A recovery phase is noted from 2024 through 2026, with the ratio climbing from 0.75 to 0.83, signaling a gradual strengthening of the immediate liquidity position.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Cash Ratio
Apple Inc., cash ratio calculation, comparison to benchmarks
| Sep 26, 2026 | Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Cash and cash equivalents | 36,305) | 35,934) | 29,943) | 29,965) | 23,646) | 34,940) | |
| Current marketable securities | 20,417) | 18,763) | 35,228) | 31,590) | 24,658) | 27,699) | |
| Total cash assets | 56,722) | 54,697) | 65,171) | 61,555) | 48,304) | 62,639) | |
| Current liabilities | 169,915) | 165,631) | 176,392) | 145,308) | 153,982) | 125,481) | |
| Liquidity Ratio | |||||||
| Cash ratio1 | 0.33 | 0.33 | 0.37 | 0.42 | 0.31 | 0.50 | |
| Benchmarks | |||||||
| Cash Ratio, Competitors2 | |||||||
| Arista Networks Inc. | — | 2.00 | 3.04 | 2.62 | 2.34 | 3.07 | |
| Cisco Systems Inc. | 0.38 | 0.46 | 0.44 | 0.84 | 0.75 | 0.93 | |
| Dell Technologies Inc. | 0.18 | 0.08 | 0.15 | 0.17 | 0.17 | 0.26 | |
| Lumentum Holdings Inc. | 1.10 | 2.23 | 3.29 | 3.18 | 3.56 | 2.93 | |
| Super Micro Computer Inc. | 1.06 | 2.21 | 0.71 | 0.32 | 0.18 | 0.24 | |
| Cash Ratio, Sector | |||||||
| Technology Hardware & Equipment | — | 0.36 | 0.37 | 0.45 | 0.35 | 0.51 | |
| Cash Ratio, Industry | |||||||
| Information Technology | — | 0.64 | 0.57 | 0.71 | 0.67 | 0.89 | |
Based on: 10-K (reporting date: 2026-09-26), 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25).
1 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 56,722 ÷ 169,915 = 0.33
2 Click competitor name to see calculations.
The cash ratio exhibits a general downward trajectory over the analyzed period, decreasing from a peak of 0.50 in September 2021 to a stabilized level of 0.33 by September 2026. This trend reflects a reduction in the immediate capacity to cover short-term obligations using only the most liquid assets.
- Cash Ratio Trends
- A significant contraction was observed between 2021 and 2022, with the ratio falling from 0.50 to 0.31. While a temporary recovery to 0.42 occurred in 2023, the ratio subsequently declined and remained constant at 0.33 through the 2025 and 2026 fiscal years, indicating a shift toward a lower liquidity baseline.
- Cash Asset Fluctuations
- Total cash assets demonstrated volatility, starting at $62,639 million in 2021 and reaching a peak of $65,171 million in 2024. A notable decrease to $54,697 million in 2025 was followed by a marginal increase to $56,722 million in 2026, suggesting inconsistent cash accumulation relative to the growth of liabilities.
- Current Liabilities Growth
- Current liabilities increased steadily from $125,481 million in 2021 to $169,915 million in 2026. This consistent expansion of short-term obligations has served as a primary driver in the compression of the cash ratio, as the growth in liabilities has generally outpaced the growth in cash assets.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?