Liquidity ratios measure the company ability to meet its short-term obligations.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Liquidity Ratios (Summary)
Based on: 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 Trends
- The current ratio displays considerable fluctuation over the examined quarters. Initially, it declines from 1.87 in Q1 2018 to a low of 1.34 in Q4 2018, indicating a reduction in short-term liquidity relative to current liabilities. Subsequently, there is an improvement reaching a peak of 2.39 in Q1 2021, reflecting stronger liquidity. However, after this peak, the ratio again declines, reaching a low of 1.16 in Q3 2022 before slightly rebounding to 1.45 in Q1 2023. This overall pattern suggests periods of strengthening and weakening liquidity capacity over time.
- Quick Ratio Trends
- The quick ratio follows a similar trajectory to the current ratio, though it generally remains below the current ratio figures. It starts at 1.60 in Q1 2018 and decreases to 1.11 by Q4 2018, suggesting reduction in liquid assets excluding inventories. This is followed by growth peaking at 2.17 in Q1 2021, again indicating enhanced short-term financial strength. Afterward, the quick ratio declines to a trough of 0.96 in Q3 2022 before improving modestly to 1.23 by Q1 2023. The decline below 1.0 in Q3 2022 denotes potential liquidity pressure during that period.
- Cash Ratio Trends
- The cash ratio exhibits more pronounced variability and generally lower values compared to current and quick ratios. It begins at 1.05 in Q1 2018 and falls to 0.58 in Q4 2018, signaling a decrease in immediate cash resources relative to current liabilities. The ratio then rises to a notable peak of 1.64 in Q1 2021, representing strong cash availability at that time. Subsequently, the cash ratio declines sharply to 0.34 in Q3 2022, indicating a significant reduction in cash reserves. A partial recovery follows, reaching 0.63 in Q1 2023, but the ratio remains below earlier highs.
- Overall Liquidity Insights
- The overall liquidity ratios reveal cyclical trends with peaks around early 2021, reflecting a period of enhanced short-term liquidity and cash position. The subsequent decline through 2022 indicates a loosening of liquidity, most notably in cash holdings. The ratios do not exhibit a sustained upward or downward trend but rather intermittent improvements and declines, potentially influenced by operational or market conditions affecting working capital management and cash flows. The recurring declines to near or below critical thresholds (such as quick ratio near 1) warrant attention to liquidity risk in certain periods.
Current Ratio
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 | ||||||||||||||||||||||||||||
FedEx Corp. | ||||||||||||||||||||||||||||
Uber Technologies Inc. | ||||||||||||||||||||||||||||
Union Pacific Corp. | ||||||||||||||||||||||||||||
United Airlines Holdings Inc. | ||||||||||||||||||||||||||||
United Parcel Service Inc. |
Based on: 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 Q1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several trends in current assets, current liabilities, and the current ratio over the observed periods from March 31, 2018, to March 31, 2023.
- Current assets
- Current assets exhibit fluctuations over time, with a notable initial decrease from 3,542 million US dollars in March 2018 to 2,565 million US dollars by December 2018. This decline is followed by a recovery phase, peaking at 4,573 million US dollars in June 2021. Subsequently, current assets reduce again, reaching 2,784 million US dollars in June 2022, before a partial rebound to 3,355 million US dollars by March 2023. This pattern indicates variable liquidity levels, potentially reflecting changes in operational activity or asset management strategies.
- Current liabilities
- Current liabilities also show variability but with less pronounced fluctuations compared to current assets. Starting at 1,891 million US dollars in March 2018, they generally increase with some volatility, reaching a peak of 2,805 million US dollars in September 2019. Afterwards, liabilities fluctuate within a range mostly between 2,000 and 2,500 million US dollars. The stability in liabilities during later periods suggests controlled short-term obligations.
- Current ratio
- The current ratio reflects the company's short-term liquidity position and exhibits considerable variation. Initially, it decreases from 1.87 in March 2018 to 1.34 by December 2018, consistent with the drop in current assets and stable liabilities during the same period. The ratio improves significantly afterward, reaching a high of 2.39 in March 2021, indicating enhanced liquidity. However, a decline follows, dropping to a low of 1.16 in December 2022, before a slight recovery to 1.45 by March 2023. This trend implies that liquidity strength weakened near the end of the timeframe before some improvement.
Overall, the data suggest that the company experienced periods of tightening and relaxation of liquidity. Early declines in current assets combined with steady liabilities compressed the current ratio initially. Improved liquidity through mid-2021 was likely driven by increased current assets. The recent downward trend in the current ratio toward the end of the analysis period signals potentially increased liquidity risk or asset reductions relative to obligations, warranting monitoring in subsequent periods.
Quick Ratio
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 | ||||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||
Accounts receivable, net | ||||||||||||||||||||||||||||
Total quick assets | ||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||
Quick ratio1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||
FedEx Corp. | ||||||||||||||||||||||||||||
Uber Technologies Inc. | ||||||||||||||||||||||||||||
Union Pacific Corp. | ||||||||||||||||||||||||||||
United Airlines Holdings Inc. | ||||||||||||||||||||||||||||
United Parcel Service Inc. |
Based on: 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 Q1 2023 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total quick assets
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The total quick assets exhibit notable fluctuations over the observed periods. Initially, there is a declining trend from March 2018 (3035 million US$) to December 2018 (2121 million US$). This is followed by a recovery phase reaching a peak of 4182 million US$ in June 2021. Subsequent to this peak, the value declines again with some variability, reaching 2846 million US$ by March 2023. The data indicates volatility in quick asset levels with periods of significant growth followed by declines.
- Current liabilities
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Current liabilities generally increase over the timeline. Starting at 1891 million US$ in March 2018, the liabilities rise with some short-term decreases, reaching a maximum of 2575 million US$ in June 2022. Thereafter, liabilities slightly decrease and stabilize around the 2300 million US$ mark by March 2023. The overall trend suggests a gradual increase in obligations, although with occasional short-term variations.
- Quick ratio
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The quick ratio demonstrates considerable variability over the timeframe. It begins at 1.6 in March 2018, declines steadily to a low of 1.11 by December 2018, then rises sharply to peak at 2.17 in June 2021. After this peak, the ratio falls again, declining to below 1.0 (0.96) in December 2022, before slightly improving to 1.23 by March 2023. This pattern reflects changes in liquidity, with periods of strengthening liquidity followed by contractions, indicating varying ability to cover short-term liabilities with quick assets.
- Overall observations
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The analysis reveals cyclicality in both assets and liquidity indicators. The company's quick assets and quick ratio notably climbed to strong liquidity positions around mid-2021, but thereafter experienced declines toward early 2023. Meanwhile, current liabilities generally trended upwards, which may contribute to the pressure on liquidity. The period around late 2022 marks the lowest liquidity ratio, suggesting a potential stress on the company's short-term financial health during that period. Recent improvements toward March 2023 indicate some restoration of liquidity but at lower levels than earlier peaks.
Cash Ratio
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 | ||||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||
Total cash assets | ||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||
Cash ratio1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||
FedEx Corp. | ||||||||||||||||||||||||||||
Uber Technologies Inc. | ||||||||||||||||||||||||||||
Union Pacific Corp. | ||||||||||||||||||||||||||||
United Airlines Holdings Inc. | ||||||||||||||||||||||||||||
United Parcel Service Inc. |
Based on: 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 Q1 2023 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly data reveals notable fluctuations in total cash assets, current liabilities, and the cash ratio over the observed periods.
- Total Cash Assets
- Total cash assets demonstrate considerable variability without a consistent upward or downward trend. Beginning at 1,990 million US dollars in March 2018, the figure decreases to a low near 1,111 million by December 2018. Subsequently, the amount rises substantially, peaking at over 3,100 million in December 2020. After this peak, cash assets show a mixed pattern with another notable decline to 812 million by June 2022, followed by a partial recovery, ending at 1,469 million in March 2023. These movements suggest episodes of liquidity management changes, cash accumulation, and drawdowns potentially linked to operational cycles or strategic financing activities.
- Current Liabilities
- Current liabilities remain relatively stable with a generally increasing trend over the period. Starting at 1,891 million US dollars in March 2018, these liabilities fluctuate modestly but trend upward to reach 2,575 million by March 2022. The peak is followed by a slight decrease, closing at 2,321 million in March 2023. This gradual increase indicates a growing short-term obligation load, which could reflect expansion activities or increased operational costs.
- Cash Ratio
- The cash ratio, indicating liquidity by comparing cash assets to current liabilities, mirrors the volatility observed in cash assets. Initial ratios above 1.0 at the start of 2018 drop below 0.6 by the end of that year, indicating reduced short-term liquidity coverage. Thereafter, the ratio recovers strongly, reaching a high of 1.64 in March 2021, signaling robust liquidity. However, the ratio declines sharply afterward, hitting a low of 0.34 in June 2022, reflecting a significant decrease in cash relative to liabilities. The ratio then improves somewhat, finishing below one at 0.63 in March 2023. This fluctuation highlights periods of both liquidity strength and concern, suggesting shifts in cash management strategies or potentially seasonal impacts on available cash relative to obligations.
In summary, the data reflect dynamic liquidity conditions characterized by oscillations in cash holdings against a moderately increasing trend in current liabilities. Periods of strong liquidity are apparent, but these are interspersed with sharp declines in the cash ratio, underscoring the importance of continual monitoring of cash management and short-term debt obligations.