Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Booking Holdings Inc., liquidity ratios (quarterly data)
Based on: 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), 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).
The analysis of the liquidity ratios over the reported periods reveals several noteworthy trends. The current ratio demonstrates a marked decline from a high of 3.56 in December 2020 to ranges consistently around or below 1.3 starting in late 2023 through mid-2025. This indicates a reduction in the company's short-term assets relative to its short-term liabilities, signaling a tightening liquidity position over time.
The quick ratio mirrors this downward trajectory, decreasing from a peak of 3.24 in December 2020 to levels near 1.1 to 1.2 in the latter periods. This suggests that, excluding inventories, the company’s more liquid assets have also diminished relative to current liabilities. The simultaneous decline in both the current and quick ratios reinforces the observation of a gradually reduced liquidity cushion.
Similarly, the cash ratio, which focuses solely on the most liquid assets, also indicates a contraction. From a high point of 3.08 in December 2020, it falls consistently to just below or around 1.0 in the more recent quarters. This decline highlights a decreased buffer of cash and cash equivalents available to meet short-term obligations immediately.
- Summary of Observations:
-
- Initial Period (Mar 2020 - Dec 2020):
- All three liquidity ratios show their highest values, with the current ratio and cash ratio exceeding 3.0, indicating strong short-term financial strength.
- Transition Period (2021):
- Liquidity ratios experience a noticeable decline, reflecting changes in working capital management or shifts in current liabilities or assets.
- Recent Periods (2022 - Mid 2025):
- Ratios stabilize at significantly lower levels around or below 1.3 for the current ratio and near 1.1 to 1.2 for the quick ratio. The cash ratio is just under or around 1.0, highlighting a more conservative liquidity position.
This pattern suggests a strategic shift or evolving operational circumstances leading to more efficient use of current assets or a higher level of short-term liabilities. While the ratios remain above critical thresholds indicating solvency, the overall trend highlights decreased liquidity flexibility compared to the earlier period under review.
Current Ratio
Booking Holdings Inc., current ratio calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current assets | 23,263) | 19,950) | 20,491) | 20,529) | 21,293) | 20,476) | 17,034) | 18,479) | 19,349) | 17,632) | 15,798) | 12,410) | 14,924) | 12,875) | 13,145) | 14,352) | 13,789) | 14,108) | 12,206) | 12,583) | 11,453) | 9,260) | |||||||
| Current liabilities | 18,636) | 16,394) | 15,647) | 16,678) | 18,206) | 16,832) | 13,330) | 12,832) | 12,481) | 11,070) | 8,474) | 8,543) | 10,282) | 7,478) | 6,246) | 5,779) | 6,724) | 6,468) | 3,425) | 3,968) | 3,909) | 4,136) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Current ratio1 | 1.25 | 1.22 | 1.31 | 1.23 | 1.17 | 1.22 | 1.28 | 1.44 | 1.55 | 1.59 | 1.86 | 1.45 | 1.45 | 1.72 | 2.10 | 2.48 | 2.05 | 2.18 | 3.56 | 3.17 | 2.93 | 2.24 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Airbnb Inc. | 1.23 | 1.27 | 1.69 | 1.62 | 1.41 | 1.44 | 1.66 | 1.78 | 1.47 | 1.55 | 1.86 | 1.85 | 1.58 | 1.61 | 1.95 | 1.86 | 1.48 | 1.66 | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | 1.65 | 1.52 | 1.52 | 1.62 | 1.71 | 1.65 | 1.57 | 1.53 | 1.58 | 1.41 | 1.28 | 1.32 | 1.26 | 1.32 | 1.58 | 1.78 | 1.73 | 1.75 | 1.73 | 1.51 | 1.59 | 1.62 | |||||||
| DoorDash, Inc. | 2.07 | 1.72 | 1.66 | 1.65 | 1.64 | 1.64 | 1.64 | 1.72 | 1.69 | 1.73 | 1.86 | 2.12 | 2.39 | 2.51 | 2.59 | 3.52 | 4.14 | 4.59 | — | — | — | — | |||||||
| McDonald’s Corp. | 1.30 | 1.18 | 1.19 | 0.78 | 1.08 | 0.83 | 1.16 | 1.71 | 1.35 | 1.47 | 1.43 | 1.65 | 1.41 | 1.10 | 1.78 | 1.33 | 1.45 | 1.19 | 1.01 | 1.07 | 0.91 | 1.90 | |||||||
| Starbucks Corp. | 0.64 | 0.75 | 0.75 | 0.89 | 0.86 | 0.70 | 0.78 | 0.78 | 0.77 | 0.75 | 0.77 | 0.84 | 0.83 | 0.81 | 1.20 | 1.02 | 1.07 | 1.06 | 1.06 | 0.95 | 0.70 | 0.68 | |||||||
Based on: 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), 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).
1 Q2 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 23,263 ÷ 18,636 = 1.25
2 Click competitor name to see calculations.
- Current Assets
- The company's current assets show a general upward trend over the periods analyzed. Starting from 9,260 million USD at the end of March 2020, current assets increased significantly until mid-2023, peaking around the fourth quarter of 2023 at approximately 19,349 million USD. Thereafter, slight fluctuations are observed, but the overall level remains elevated through mid-2025, reaching 23,263 million USD by the second quarter of 2025.
- Current Liabilities
- Current liabilities exhibit a pattern of growth with more volatility compared to current assets. Initial levels near 4,136 million USD in early 2020 rose sharply by the first quarter of 2021, reaching a peak of 6,724 million USD in the second quarter of 2021. From mid-2021, liabilities continued to rise with some fluctuations, reaching a high of 18,636 million USD by the second quarter of 2025. This upward movement suggests increasing short-term obligations over the period.
- Current Ratio
- The current ratio presents a declining trend from 2020 through 2025, indicating a relative decrease in liquidity despite the growth in current assets. Initially, the ratio was strong at 2.24 in March 2020 and peaked at 3.56 by the end of that year, signaling comfortable short-term financial health. However, starting in 2021, this ratio dropped progressively, reaching lows around 1.17 to 1.31 from late 2023 onward. This decline reflects the current liabilities increasing at a faster rate than current assets, which may indicate rising pressure on the company’s ability to cover short-term obligations.
- Overall Analysis
- The financial data shows that while the company’s current assets have generally grown substantially over the analyzed timeframe, current liabilities have increased even more markedly, particularly from 2021 onwards. The diminishing current ratio throughout this period suggests a potential weakening in liquidity position, warranting closer monitoring as the ratio approaches levels closer to 1. A current ratio near or below 1 would imply that current liabilities are close to or exceed current assets, which could pose risks to short-term solvency. Therefore, despite asset growth, the liability increase is a critical factor affecting liquidity ratios.
Quick Ratio
Booking Holdings Inc., quick ratio calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 17,595) | 15,578) | 16,164) | 15,775) | 16,290) | 15,629) | 12,107) | 13,294) | 14,602) | 14,140) | 12,221) | 9,021) | 11,841) | 10,549) | 11,127) | 11,643) | 11,231) | 12,151) | 10,562) | 11,197) | 10,404) | 6,363) | |||||||
| Short-term investments | —) | —) | —) | —) | 37) | 362) | 576) | 624) | 640) | 359) | 175) | 116) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Accounts receivable, net of allowance for expected credit losses | 4,370) | 3,290) | 3,199) | 3,649) | 3,814) | 3,296) | 3,253) | 3,447) | 2,805) | 2,048) | 2,229) | 2,284) | 2,249) | 1,611) | 1,358) | 1,555) | 1,290) | 586) | 529) | 859) | 566) | 667) | |||||||
| Total quick assets | 21,965) | 18,868) | 19,363) | 19,424) | 20,141) | 19,287) | 15,936) | 17,365) | 18,047) | 16,547) | 14,625) | 11,421) | 14,090) | 12,160) | 12,485) | 13,198) | 12,521) | 12,737) | 11,091) | 12,056) | 10,970) | 7,030) | |||||||
| Current liabilities | 18,636) | 16,394) | 15,647) | 16,678) | 18,206) | 16,832) | 13,330) | 12,832) | 12,481) | 11,070) | 8,474) | 8,543) | 10,282) | 7,478) | 6,246) | 5,779) | 6,724) | 6,468) | 3,425) | 3,968) | 3,909) | 4,136) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Quick ratio1 | 1.18 | 1.15 | 1.24 | 1.16 | 1.11 | 1.15 | 1.20 | 1.35 | 1.45 | 1.49 | 1.73 | 1.34 | 1.37 | 1.63 | 2.00 | 2.28 | 1.86 | 1.97 | 3.24 | 3.04 | 2.81 | 1.70 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Airbnb Inc. | 1.20 | 1.25 | 1.64 | 1.59 | 1.38 | 1.41 | 1.62 | 1.75 | 1.45 | 1.52 | 1.83 | 1.82 | 1.55 | 1.59 | 1.91 | 1.83 | 1.46 | 1.62 | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | 1.46 | 1.39 | 1.34 | 1.41 | 1.52 | 1.51 | 1.37 | 1.40 | 1.44 | 1.26 | 1.09 | 1.05 | 1.02 | 1.13 | 1.35 | 1.29 | 1.28 | 1.35 | 1.28 | 1.34 | 1.35 | 1.42 | |||||||
| DoorDash, Inc. | 1.83 | 1.49 | 1.41 | 1.36 | 1.35 | 1.35 | 1.35 | 1.42 | 1.41 | 1.43 | 1.54 | 1.87 | 2.14 | 2.23 | 2.33 | 3.32 | 3.93 | 4.35 | — | — | — | — | |||||||
| McDonald’s Corp. | 1.03 | 0.90 | 0.90 | 0.58 | 0.82 | 0.63 | 1.03 | 1.43 | 1.04 | 1.25 | 1.24 | 1.35 | 1.07 | 0.95 | 1.64 | 1.20 | 1.23 | 1.04 | 0.90 | 0.97 | 0.84 | 1.77 | |||||||
| Starbucks Corp. | 0.40 | 0.53 | 0.52 | 0.59 | 0.56 | 0.48 | 0.55 | 0.52 | 0.51 | 0.48 | 0.48 | 0.52 | 0.55 | 0.57 | 0.93 | 0.75 | 0.75 | 0.78 | 0.75 | 0.63 | 0.43 | 0.46 | |||||||
Based on: 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), 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).
1 Q2 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 21,965 ÷ 18,636 = 1.18
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in liquidity and working capital management.
- Total Quick Assets
- Total quick assets exhibit a generally upward trajectory over the observed periods. Starting from $7,030 million in the first quarter of 2020, there is a marked increase reaching peaks such as $18,047 million in the second quarter of 2023 and $21,965 million by mid-2025. Despite some fluctuations, especially a dip towards the end of 2023, the overall pattern indicates strengthening liquid asset positions.
- Current Liabilities
- Current liabilities show considerable volatility with an initial moderate range between approximately $3,400 million and $6,700 million through 2020 to early 2021. From mid-2021 onwards, liabilities increase sharply, peaking at $18,636 million in the second quarter of 2025. This increase in liabilities suggests a growing obligation load, which may imply increased short-term debt or payables.
- Quick Ratio
- The quick ratio demonstrates significant fluctuation over the observed timeframe. It starts at a healthy 1.7 in early 2020, climbs to above 3.0 in late 2020, indicating strong liquidity relative to current liabilities during that period. However, from 2021 onwards, the ratio declines consistently, moving below 1.5 by 2023 and stabilizing just above 1.1 through 2024 and into 2025. This deterioration suggests that despite the increase in quick assets, current liabilities have grown at a faster pace, thereby exerting pressure on liquidity.
In summary, while the company has significantly increased its quick assets over the period, the growth in current liabilities has outpaced this, causing the quick ratio to decline steadily from a very strong liquidity position in 2020 to a more constrained level by mid-2025. The trends warrant attention to liquidity management and current liability composition to ensure ongoing financial stability.
Cash Ratio
Booking Holdings Inc., cash ratio calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 17,595) | 15,578) | 16,164) | 15,775) | 16,290) | 15,629) | 12,107) | 13,294) | 14,602) | 14,140) | 12,221) | 9,021) | 11,841) | 10,549) | 11,127) | 11,643) | 11,231) | 12,151) | 10,562) | 11,197) | 10,404) | 6,363) | |||||||
| Short-term investments | —) | —) | —) | —) | 37) | 362) | 576) | 624) | 640) | 359) | 175) | 116) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Total cash assets | 17,595) | 15,578) | 16,164) | 15,775) | 16,327) | 15,991) | 12,683) | 13,918) | 15,242) | 14,499) | 12,396) | 9,137) | 11,841) | 10,549) | 11,127) | 11,643) | 11,231) | 12,151) | 10,562) | 11,197) | 10,404) | 6,363) | |||||||
| Current liabilities | 18,636) | 16,394) | 15,647) | 16,678) | 18,206) | 16,832) | 13,330) | 12,832) | 12,481) | 11,070) | 8,474) | 8,543) | 10,282) | 7,478) | 6,246) | 5,779) | 6,724) | 6,468) | 3,425) | 3,968) | 3,909) | 4,136) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Cash ratio1 | 0.94 | 0.95 | 1.03 | 0.95 | 0.90 | 0.95 | 0.95 | 1.08 | 1.22 | 1.31 | 1.46 | 1.07 | 1.15 | 1.41 | 1.78 | 2.01 | 1.67 | 1.88 | 3.08 | 2.82 | 2.66 | 1.54 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Airbnb Inc. | 0.60 | 0.69 | 1.04 | 0.99 | 0.71 | 0.78 | 1.01 | 1.12 | 0.76 | 0.87 | 1.21 | 1.20 | 0.88 | 0.95 | 1.31 | 1.21 | 0.78 | 1.00 | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | 1.37 | 1.30 | 1.22 | 1.32 | 1.43 | 1.42 | 1.26 | 1.34 | 1.38 | 1.19 | 0.98 | 0.96 | 0.92 | 1.03 | 1.23 | 1.20 | 1.19 | 1.27 | 1.16 | 1.25 | 1.25 | 1.32 | |||||||
| DoorDash, Inc. | 1.65 | 1.32 | 1.25 | 1.21 | 1.21 | 1.20 | 1.20 | 1.28 | 1.27 | 1.28 | 1.38 | 1.72 | 1.97 | 2.04 | 2.13 | 3.11 | 3.73 | 4.09 | — | — | — | — | |||||||
| McDonald’s Corp. | 0.44 | 0.31 | 0.28 | 0.19 | 0.20 | 0.17 | 0.67 | 0.87 | 0.44 | 0.80 | 0.68 | 0.81 | 0.54 | 0.55 | 1.17 | 0.85 | 0.77 | 0.66 | 0.56 | 0.59 | 0.45 | 1.35 | |||||||
| Starbucks Corp. | 0.29 | 0.41 | 0.39 | 0.44 | 0.42 | 0.36 | 0.42 | 0.39 | 0.38 | 0.36 | 0.35 | 0.39 | 0.44 | 0.45 | 0.81 | 0.63 | 0.62 | 0.67 | 0.63 | 0.52 | 0.32 | 0.36 | |||||||
Based on: 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), 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).
1 Q2 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 17,595 ÷ 18,636 = 0.94
2 Click competitor name to see calculations.
- Total Cash Assets
- Over the observed periods, total cash assets demonstrated an overall upward trend with some fluctuations. Starting at $6,363 million in March 2020, cash assets peaked at $15,995 million in March 2024. There were notable increases during certain quarters, such as from June 2023 to June 2024, where cash assets rose from $15,242 million to $16,327 million. However, there were intermittent declines, for example from December 2023 to March 2024 and from March 2025 to June 2025, signaling variability in liquidity management or operational cash flows.
- Current Liabilities
- Current liabilities exhibited a general increasing trend over the timeline. Starting at $4,136 million in March 2020, liabilities surged significantly in 2021, reaching $12,481 million by June 2023. The highest values were observed in June 2024 and June 2025, reaching $18,206 million and $18,636 million respectively. The consistent increase in current liabilities suggests growing short-term obligations. Given the rising trend, the increase in liabilities may affect the company's short-term liquidity and working capital management.
- Cash Ratio
- The cash ratio, a measure of liquidity, displayed a declining trend from early 2020 to mid-2024. This ratio began at 1.54 in March 2020, peaked at 3.08 in December 2020, and then generally decreased, reaching a low point around 0.90 in September 2024. The ratio fluctuated near or below 1.0 from late 2023 onward, indicating that cash and cash equivalents became roughly equivalent to or slightly less than current liabilities. This reduction in the cash ratio could signal a potential decrease in liquidity buffer relative to short-term liabilities, despite the increasing dollar value of cash assets, due to the more rapid rise in current liabilities.
- Overall Insights
- The analysis shows that while absolute cash assets have increased significantly over the period, current liabilities have risen at a faster pace, resulting in a diminished cash ratio. The declining liquidity ratio underlines potential risks in meeting short-term obligations solely with cash reserves. This trend warrants careful monitoring, with possible attention to optimizing current liabilities management and ensuring sufficient liquidity coverage.