Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Apple Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-K (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).
The analysis of liquidity ratios over the provided quarterly periods reveals notable shifts in short-term financial strength and cash management.
- Current Ratio
- The current ratio started at 1.3 in December 2018 and increased steadily to a peak of 1.6 in December 2019, indicating improved ability to cover current liabilities with current assets during this period. Post-December 2019, a gradual decline ensued, with the ratio dropping below 1.0 starting in March 2022 and reaching approximately 0.82 by June 2025. This downward trend suggests a reduced buffer of current assets over current liabilities, highlighting a weakening liquidity position in recent quarters.
- Quick Ratio
- The quick ratio followed a similar trajectory, beginning at 1.14 in December 2018 and rising to 1.44 by December 2019, reflecting stronger liquidity excluding inventory. Subsequently, the ratio declined steadily, falling below 1.0 as of December 2020 and continuing its downward progression to a low near 0.68 in June 2025. This suggests tightening immediate liquidity and a diminished capacity to meet short-term obligations without relying on inventory sales.
- Cash Ratio
- Unlike the current and quick ratios, the cash ratio showed higher volatility. Starting at 0.8 in December 2018, it climbed to peaks around 1.05 during mid to late 2019. However, a pronounced decrease followed, dropping to a low of around 0.31 in September 2022. Slight recoveries occurred intermittently, with the ratio oscillating between 0.3 and 0.55 in more recent quarters, and settling near 0.39 by June 2025. This pattern indicates fluctuations in cash and cash equivalents relative to current liabilities, with overall diminished cash reserves to cover immediate debts.
In summary, the data demonstrates a period of strengthening liquidity ratios through 2019, followed by a multi-year decline across all three liquidity measures. This indicates a reduction in short-term financial flexibility and cash availability relative to current liabilities. Such trends could signal increased financial pressure or strategic shifts in asset management, warranting further examination of underlying operational and financing activities.
Current Ratio
Apple Inc., current ratio calculation (quarterly data)
| Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | Dec 25, 2021 | Sep 25, 2021 | Jun 26, 2021 | Mar 27, 2021 | Dec 26, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Current assets | 122,491) | 118,674) | 133,240) | 152,987) | 125,435) | 128,416) | 143,692) | 143,566) | 122,659) | 112,913) | 128,777) | 135,405) | 112,292) | 118,180) | 153,154) | 134,836) | 114,423) | 121,465) | 154,106) | 143,713) | 140,065) | 143,753) | 163,231) | 162,819) | 134,973) | 123,346) | 140,828) | ||||||||
| Current liabilities | 141,120) | 144,571) | 144,365) | 176,392) | 131,624) | 123,822) | 133,973) | 145,308) | 124,963) | 120,075) | 137,286) | 153,982) | 129,873) | 127,508) | 147,574) | 125,481) | 107,754) | 106,385) | 132,507) | 105,392) | 95,318) | 96,094) | 102,161) | 105,718) | 89,704) | 93,772) | 108,283) | ||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||||||||
| Current ratio1 | 0.87 | 0.82 | 0.92 | 0.87 | 0.95 | 1.04 | 1.07 | 0.99 | 0.98 | 0.94 | 0.94 | 0.88 | 0.86 | 0.93 | 1.04 | 1.07 | 1.06 | 1.14 | 1.16 | 1.36 | 1.47 | 1.50 | 1.60 | 1.54 | 1.50 | 1.32 | 1.30 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||||||||
| Arista Networks Inc. | — | 3.33 | 3.93 | 4.36 | 4.47 | 4.55 | 5.01 | 4.39 | 4.15 | 4.14 | 3.96 | 4.29 | 4.01 | 3.70 | 3.73 | 4.34 | 5.06 | 5.03 | 5.09 | 4.99 | 5.50 | 5.59 | 5.82 | — | — | — | — | ||||||||
| Cisco Systems Inc. | 0.95 | 0.87 | 0.88 | 0.91 | 0.89 | 1.37 | 1.47 | 1.38 | 1.39 | 1.41 | 1.45 | 1.43 | 1.49 | 1.42 | 1.62 | 1.49 | 1.53 | 1.61 | 1.59 | 1.72 | 1.59 | 1.81 | 1.70 | 1.51 | 1.69 | 1.80 | 2.11 | ||||||||
| Dell Technologies Inc. | 0.77 | 0.72 | 0.73 | 0.74 | 0.76 | 0.77 | 0.80 | 0.82 | 0.75 | 0.77 | 0.78 | 0.80 | 0.82 | 0.79 | 0.77 | 0.80 | 0.77 | 0.76 | 0.82 | 0.70 | 0.71 | 0.75 | 0.77 | — | — | — | — | ||||||||
| Super Micro Computer Inc. | 6.66 | 6.38 | 3.43 | 3.81 | 4.69 | 2.43 | 2.23 | 2.31 | 2.49 | 2.89 | 2.13 | 1.91 | 1.79 | 1.91 | 1.85 | 1.93 | 2.10 | 2.29 | 2.51 | 2.25 | 2.10 | 2.26 | 2.41 | 2.35 | 2.40 | 2.10 | 2.02 | ||||||||
Based on: 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-K (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).
1 Q3 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 122,491 ÷ 141,120 = 0.87
2 Click competitor name to see calculations.
- Current Assets
- The current assets exhibit an overall fluctuating trend over the reported quarters. Initially, current assets started at a high level around $140.8 billion in December 2018, followed by a decline and then periods of recovery and fluctuation. The assets peaked toward the end of 2019 and early 2020 but showed a general downward movement through mid to late 2022. There was some recovery noted in late 2023, though the values remained below initial peaks. The most recent data show a slight decrease again heading into mid-2025.
- Current Liabilities
- Current liabilities also demonstrate variability but generally depict an upward trend. Starting from approximately $108.3 billion in December 2018, liabilities decreased moderately until mid-2019, then increased towards the end of 2019 and a notable rise through 2020. A continued upward trajectory was present through late 2022 and into early 2023, followed by oscillations with peaks reaching over $176 billion by late 2024. The liabilities remain elevated compared to the initial periods, highlighting increasing short-term obligations.
- Current Ratio
- The current ratio shows a declining trend across the timeframe, indicating changes in liquidity position. Early periods reflect ratios above 1.3, peaking near 1.6 in late 2019, suggesting strong short-term liquidity. However, from 2021 onwards, the ratio steadily declines, falling below 1.0 in several quarters between 2022 and 2025. This decline suggests that current liabilities have started to exceed current assets at multiple points, indicating a reduced short-term financial cushion. The most recent quarters show ratios hovering around 0.82 to 0.92, pointing to tighter liquidity conditions needing monitoring.
- Overall Analysis
- The analysis highlights increasing current liabilities over time alongside a fluctuating but generally decreasing level of current assets. This has resulted in a gradually weakening current ratio, which moves the company closer to or below the critical threshold of 1.0 during recent quarters. The trend suggests potential liquidity pressure, indicating the importance of managing short-term obligations and assets carefully to maintain financial stability.
Quick Ratio
Apple Inc., quick ratio calculation (quarterly data)
| Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | Dec 25, 2021 | Sep 25, 2021 | Jun 26, 2021 | Mar 27, 2021 | Dec 26, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | 36,269) | 28,162) | 30,299) | 29,943) | 25,565) | 32,695) | 40,760) | 29,965) | 28,408) | 24,687) | 20,535) | 23,646) | 27,502) | 28,098) | 37,119) | 34,940) | 34,050) | 38,466) | 36,010) | 38,016) | 33,383) | 40,174) | 39,771) | 48,844) | 50,530) | 37,988) | 44,771) | ||||||||
| Current marketable securities | 19,103) | 20,336) | 23,476) | 35,228) | 36,236) | 34,455) | 32,340) | 31,590) | 34,074) | 31,185) | 30,820) | 24,658) | 20,729) | 23,413) | 26,794) | 27,699) | 27,646) | 31,368) | 40,816) | 52,927) | 59,642) | 53,877) | 67,391) | 51,713) | 44,084) | 42,104) | 41,656) | ||||||||
| Accounts receivable, net | 27,557) | 26,136) | 29,639) | 33,410) | 22,795) | 21,837) | 23,194) | 29,508) | 19,549) | 17,936) | 23,752) | 28,184) | 21,803) | 20,815) | 30,213) | 26,278) | 17,475) | 18,503) | 27,101) | 16,120) | 17,882) | 15,722) | 20,970) | 22,926) | 14,148) | 15,085) | 18,077) | ||||||||
| Vendor non-trade receivables | 19,278) | 23,662) | 29,667) | 32,833) | 20,377) | 19,313) | 26,908) | 31,477) | 19,637) | 17,963) | 30,428) | 32,748) | 20,439) | 24,585) | 35,040) | 25,228) | 16,433) | 14,533) | 31,519) | 21,325) | 14,193) | 14,955) | 18,976) | 22,878) | 12,326) | 11,193) | 18,904) | ||||||||
| Total quick assets | 102,207) | 98,296) | 113,081) | 131,414) | 104,973) | 108,300) | 123,202) | 122,540) | 101,668) | 91,771) | 105,535) | 109,236) | 90,473) | 96,911) | 129,166) | 114,145) | 95,604) | 102,870) | 135,446) | 128,388) | 125,100) | 124,728) | 147,108) | 146,361) | 121,088) | 106,370) | 123,408) | ||||||||
| Current liabilities | 141,120) | 144,571) | 144,365) | 176,392) | 131,624) | 123,822) | 133,973) | 145,308) | 124,963) | 120,075) | 137,286) | 153,982) | 129,873) | 127,508) | 147,574) | 125,481) | 107,754) | 106,385) | 132,507) | 105,392) | 95,318) | 96,094) | 102,161) | 105,718) | 89,704) | 93,772) | 108,283) | ||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||||||||
| Quick ratio1 | 0.72 | 0.68 | 0.78 | 0.75 | 0.80 | 0.87 | 0.92 | 0.84 | 0.81 | 0.76 | 0.77 | 0.71 | 0.70 | 0.76 | 0.88 | 0.91 | 0.89 | 0.97 | 1.02 | 1.22 | 1.31 | 1.30 | 1.44 | 1.38 | 1.35 | 1.13 | 1.14 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||||||||
| Arista Networks Inc. | — | 2.58 | 3.07 | 3.46 | 3.52 | 3.47 | 3.67 | 3.16 | 2.86 | 2.73 | 2.65 | 3.05 | 2.89 | 2.73 | 2.97 | 3.54 | 4.23 | 4.24 | 4.33 | 4.25 | 4.73 | 4.94 | 5.22 | — | — | — | — | ||||||||
| Cisco Systems Inc. | 0.69 | 0.64 | 0.65 | 0.69 | 0.68 | 1.10 | 1.18 | 1.13 | 1.11 | 1.13 | 1.16 | 1.16 | 1.23 | 1.20 | 1.41 | 1.32 | 1.35 | 1.46 | 1.45 | 1.58 | 1.46 | 1.64 | 1.54 | 1.39 | 1.56 | 1.67 | 1.97 | ||||||||
| Dell Technologies Inc. | 0.43 | 0.40 | 0.40 | 0.44 | 0.47 | 0.47 | 0.48 | 0.52 | 0.41 | 0.44 | 0.44 | 0.49 | 0.60 | 0.53 | 0.55 | 0.59 | 0.55 | 0.51 | 0.56 | 0.51 | 0.50 | 0.54 | 0.55 | — | — | — | — | ||||||||
| Super Micro Computer Inc. | 3.63 | 3.31 | 1.68 | 1.88 | 2.19 | 1.12 | 0.87 | 1.16 | 0.95 | 1.17 | 0.72 | 0.75 | 0.62 | 0.62 | 0.66 | 0.72 | 0.75 | 0.95 | 1.06 | 0.87 | 0.81 | 1.00 | 1.01 | 1.06 | 0.88 | 0.76 | 0.75 | ||||||||
Based on: 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-K (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).
1 Q3 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 102,207 ÷ 141,120 = 0.72
2 Click competitor name to see calculations.
- Quick Assets and Current Liabilities Trend
- Total quick assets exhibited fluctuations over the observed periods, initially rising from approximately 123 billion to a peak near 147 billion by the end of 2019. Following this peak, a general downtrend is noticeable with intermittent recoveries, moving between a low in the 90 billion range and a subsequent rise to above 130 billion by late 2024. Current liabilities similarly showed significant variability, starting near 108 billion and decreasing to below 90 billion by mid-2019, then spiking to 147 billion by late 2021. From this point, they remain elevated with peaks exceeding 176 billion, indicating increased short-term obligations.
- Quick Ratio Analysis
- The quick ratio followed a declining pattern throughout the observed timeframe. Initially above 1.1, indicating a strong liquidity position relative to current liabilities, it dropped consistently from late 2019 onwards, falling below 1.0 by early 2021. It reached lows around 0.68 in early 2025, reflecting a reduced ability to cover short-term liabilities with liquid assets. Slight recoveries were noted intermittently but the trend towards lower ratios persists, suggesting increasing pressure on near-term liquidity.
- Insights and Patterns
- The combination of fluctuating quick assets and a general rise in current liabilities, alongside a steady decline in the quick ratio, highlights a potential weakening in short-term financial stability or liquidity management over the quarters. Despite some rebounds in quick assets, the more pronounced increase in current liabilities drives the quick ratio downward. This trend may warrant closer monitoring to ensure sufficient liquid assets are maintained to meet short-term obligations effectively.
Cash Ratio
Apple Inc., cash ratio calculation (quarterly data)
| Jun 28, 2025 | Mar 29, 2025 | Dec 28, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 30, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Sep 24, 2022 | Jun 25, 2022 | Mar 26, 2022 | Dec 25, 2021 | Sep 25, 2021 | Jun 26, 2021 | Mar 27, 2021 | Dec 26, 2020 | Sep 26, 2020 | Jun 27, 2020 | Mar 28, 2020 | Dec 28, 2019 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | 36,269) | 28,162) | 30,299) | 29,943) | 25,565) | 32,695) | 40,760) | 29,965) | 28,408) | 24,687) | 20,535) | 23,646) | 27,502) | 28,098) | 37,119) | 34,940) | 34,050) | 38,466) | 36,010) | 38,016) | 33,383) | 40,174) | 39,771) | 48,844) | 50,530) | 37,988) | 44,771) | ||||||||
| Current marketable securities | 19,103) | 20,336) | 23,476) | 35,228) | 36,236) | 34,455) | 32,340) | 31,590) | 34,074) | 31,185) | 30,820) | 24,658) | 20,729) | 23,413) | 26,794) | 27,699) | 27,646) | 31,368) | 40,816) | 52,927) | 59,642) | 53,877) | 67,391) | 51,713) | 44,084) | 42,104) | 41,656) | ||||||||
| Total cash assets | 55,372) | 48,498) | 53,775) | 65,171) | 61,801) | 67,150) | 73,100) | 61,555) | 62,482) | 55,872) | 51,355) | 48,304) | 48,231) | 51,511) | 63,913) | 62,639) | 61,696) | 69,834) | 76,826) | 90,943) | 93,025) | 94,051) | 107,162) | 100,557) | 94,614) | 80,092) | 86,427) | ||||||||
| Current liabilities | 141,120) | 144,571) | 144,365) | 176,392) | 131,624) | 123,822) | 133,973) | 145,308) | 124,963) | 120,075) | 137,286) | 153,982) | 129,873) | 127,508) | 147,574) | 125,481) | 107,754) | 106,385) | 132,507) | 105,392) | 95,318) | 96,094) | 102,161) | 105,718) | 89,704) | 93,772) | 108,283) | ||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||||||||
| Cash ratio1 | 0.39 | 0.34 | 0.37 | 0.37 | 0.47 | 0.54 | 0.55 | 0.42 | 0.50 | 0.47 | 0.37 | 0.31 | 0.37 | 0.40 | 0.43 | 0.50 | 0.57 | 0.66 | 0.58 | 0.86 | 0.98 | 0.98 | 1.05 | 0.95 | 1.05 | 0.85 | 0.80 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||||||||
| Arista Networks Inc. | — | 2.18 | 2.61 | 3.04 | 3.05 | 2.90 | 3.06 | 2.62 | 2.41 | 2.26 | 2.10 | 2.34 | 2.37 | 2.27 | 2.50 | 3.07 | 3.79 | 3.82 | 3.85 | 3.74 | 4.28 | 4.35 | 4.60 | — | — | — | — | ||||||||
| Cisco Systems Inc. | 0.45 | 0.42 | 0.46 | 0.44 | 0.47 | 0.83 | 0.87 | 0.84 | 0.81 | 0.81 | 0.79 | 0.75 | 0.83 | 0.81 | 1.00 | 0.93 | 0.97 | 1.12 | 1.11 | 1.16 | 1.10 | 1.23 | 1.14 | 1.05 | 1.24 | 1.37 | 1.61 | ||||||||
| Dell Technologies Inc. | 0.11 | 0.09 | 0.12 | 0.15 | 0.17 | 0.16 | 0.16 | 0.17 | 0.09 | 0.10 | 0.13 | 0.17 | 0.32 | 0.21 | 0.26 | 0.26 | 0.22 | 0.21 | 0.24 | 0.18 | 0.17 | 0.20 | 0.21 | — | — | — | — | ||||||||
| Super Micro Computer Inc. | 1.78 | 1.05 | 0.73 | 0.71 | 1.23 | 0.36 | 0.34 | 0.32 | 0.33 | 0.33 | 0.18 | 0.18 | 0.17 | 0.21 | 0.25 | 0.24 | 0.23 | 0.47 | 0.51 | 0.30 | 0.38 | 0.46 | 0.41 | 0.41 | 0.30 | 0.16 | 0.14 | ||||||||
Based on: 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-K (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).
1 Q3 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 55,372 ÷ 141,120 = 0.39
2 Click competitor name to see calculations.
The financial analysis over the observed periods reveals notable trends in liquidity and balance sheet structure. Total cash assets initially showed a rising trend from December 2018 through the end of 2019, reaching peaks above $100 billion. However, from early 2020 onwards, cash assets generally declined with occasional minor recoveries, falling to levels near or below $50 billion in mid-2024 before a slight increase towards the middle of 2025.
Current liabilities exhibited fluctuations with multiple peaks and troughs across the periods. There was a significant increase in current liabilities starting in the latter half of 2020, reaching above $170 billion by late 2024. This suggests a growing short-term obligation burden over time, and the general upward trend in liabilities has outpaced the trend in cash holdings.
The cash ratio, representing cash assets relative to current liabilities, decreased substantially throughout the timeline. Initially fluctuating near or above 1.0 in 2019, it has progressively declined to levels generally below 0.5 from late 2020 onward. At its lowest points, the cash ratio approached approximately 0.3, indicating a reduction in cash liquidity compared to current liabilities.
- Total Cash Assets
- Experienced growth through 2019 up to just over $100 billion, followed by a general decline with periodic fluctuations, reaching around $48–55 billion in mid-2024, with slight recovery near $55 billion by mid-2025.
- Current Liabilities
- Displayed volatility but an overall increasing trend, with values rising from approximately $90 billion in early 2019 to peaks above $170 billion by late 2024, indicating growing short-term financial obligations.
- Cash Ratio
- Decreased from near or above unity in early periods to values mostly below 0.5 post-2020, signaling a weaker liquidity position as cash assets have not kept pace with increasing current liabilities.
In summary, the data reflects tightening liquidity conditions over the years analyzed, with cash reserves not expanding in line with rising short-term liabilities. This trend may warrant consideration regarding the management of working capital and short-term financial stability in the periods beyond 2020.