Comcast Corp. (NASDAQ:CMCSA)

Current Ratio

The current ratio displayed moderate fluctuations over the period analyzed. Starting at 0.87 in March 2020, it reached a peak of 1.03 in September 2021, indicating a temporary improvement in short-term liquidity. However, following this peak, there was a notable decline that continued until December 2023 when the ratio registered a low of 0.60. From December 2023 to March 2025, the ratio showed some recovery, rising to 0.72 in September 2024 before slightly declining again to 0.65 in March 2025. Overall, the current ratio stayed below 1 throughout most periods, suggesting limited coverage of current liabilities by current assets.

Quick Ratio

The quick ratio mirrored the trend observed in the current ratio but was consistently lower, reflecting the exclusion of inventory from liquid assets. It began at 0.70 in March 2020, rising to a high of 0.89 in September 2021. Afterward, there was a downward trajectory reaching a trough of 0.50 by December 2023. This was followed by a slight improvement up to 0.60 in September 2024, then a decline again to 0.51 in March 2025. The persistent sub-1.0 values suggest cautious liquidity management, with quick assets not fully covering current liabilities at most points.

Cash Ratio

The cash ratio showed the most pronounced volatility and overall weakness in liquidity coverage over the timeline. Starting at 0.31 in March 2020, it peaked at 0.49 in June 2020 and again approached this level in March and June 2021. Subsequently, a downward trend ensued with the ratio reaching a low point of 0.15 in December 2023. A modest recovery was evident by September 2024 when the ratio increased to 0.23, though it declined again slightly to 0.18 by March 2025. This low and fluctuating cash ratio indicates limited cash and cash equivalents relative to current liabilities, which could imply tighter cash flow conditions during several quarters.

Current Assets

Current assets demonstrated fluctuations over the analyzed quarters, initially increasing from 24,084 million USD in March 2020 to a peak of 29,438 million USD in March 2021. Subsequently, the value generally trended downward, reaching a low of 21,826 million USD in December 2022. After that, current assets showed partial recovery and stabilized around 23,978 to 27,314 million USD from March 2023 through March 2025, indicating some volatility but no consistent upward trend after early 2021.

Current Liabilities

Current liabilities showed a generally increasing trend throughout the period. Starting at 27,600 million USD in March 2020, liabilities rose to 30,811 million USD by March 2021, then fluctuated somewhat before sharply increasing from 32,415 million USD in March 2023 to a high of 42,325 million USD by March 2025. This steady increase in liabilities, especially in the latter quarters, suggests a growing short-term obligation burden.

Current Ratio

The current ratio, reflecting liquidity, started below 1 at 0.87 in March 2020 and rose slightly above 1 at 1.03 in September 2021. However, from late 2021 onward, the ratio declined noticeably, falling as low as 0.59 in June 2024 and remaining below 0.7 through March 2025. This pattern indicates decreasing short-term financial stability, with current liabilities consistently exceeding current assets by a widening margin in recent periods.

Overall Analysis

The data reveals an increasing pressure on liquidity as current liabilities have grown faster than current assets. The rising liabilities combined with a declining current ratio suggest potential challenges in meeting short-term obligations. The peak in current assets around early 2021 was not sustained, and the subsequent decrease alongside increasing liabilities contributes to a weaker liquidity position by 2025.

Total Quick Assets

The total quick assets display a fluctuating pattern over the reported periods. Initially, there is an increase from 19,316 million USD in March 2020 to a peak of 25,936 million USD by March 2021, indicating a growth phase. Following this, the quick assets decline through the remainder of 2021 and into 2022, reaching a low point around 17,421 million USD in December 2022. From early 2023 onwards, the assets recover somewhat with values rising again, peaking at 20,126 million USD in June 2023, then fluctuating modestly but generally remaining around the 20,000 million USD mark towards March 2025. This pattern suggests cycles of capital management or asset reallocation, with a general trend of strengthening quick assets after a trough in late 2022.

Current Liabilities

Current liabilities follow an overall increasing trend across the periods. Starting at 27,600 million USD in March 2020, liabilities experience a moderate increase, hovering around the high 20,000 millions until early 2021. From mid-2021 forward, there is a marked upward trajectory, accelerating significantly in late 2023 and continuing to rise sharply into 2024 and early 2025, reaching the highest point of 42,325 million USD by March 2025. This steady growth in liabilities suggests growing short-term obligations, which may reflect increased operational costs, short-term borrowing, or other payable increases.

Quick Ratio

The quick ratio reveals notable volatility and a generally downward trend from March 2020 through March 2025. Beginning at 0.7 in March 2020, it improves to a peak of 0.89 in September 2021, indicating stronger short-term liquidity at that time. However, from late 2021 onward, the ratio declines considerably, dropping below 0.6 and hitting as low as 0.49 in June 2024. There is a slight recovery towards the end of the series, but the ratio remains under 0.6 by March 2025. This diminishing quick ratio, despite some intermittent improvement, points to strained liquidity relative to current liabilities, possibly raising concerns about the company's ability to meet short-term obligations without relying on inventory liquidation.

Overall Analysis

The data illustrates a scenario where total quick assets have experienced peaks and troughs but generally show resilience after late 2022 lows. Conversely, current liabilities have steadily increased, particularly in the later periods, contributing to a declining quick ratio. This combination suggests increasing pressure on short-term liquidity, as liabilities grow faster than quick assets. The declining quick ratio below the critical threshold of 1 implies that the company may face liquidity challenges, necessitating careful monitoring and potential measures to manage or reduce short-term liabilities or enhance liquid asset holdings to improve financial stability.

The financial data reveals several notable trends across the reported periods.

Total Cash Assets

Total cash assets exhibited fluctuations throughout the periods. Beginning at $8,516 million in March 2020, cash assets increased significantly to a peak of $14,950 million by March 2021. Following this peak, a general decline is observable through the end of 2022, reaching a low point of $4,749 million in December 2022. However, the subsequent periods show a recovery and moderate oscillations, culminating at $8,593 million in March 2025. This pattern suggests periods of cash accumulation followed by significant utilization or reduction, and a recent trend towards replenishment.

Current Liabilities

Current liabilities maintained a generally upward trajectory over the entire timeframe. The liabilities rose steadily from $27,600 million in March 2020 to $42,325 million in March 2025. Some variability is visible within quarters, but the overall trend indicates increasing short-term obligations, which could be a result of expanded operations, increased borrowing, or other liability-raising activities.

Cash Ratio

The cash ratio, indicating immediate liquidity, showed a declining trend over the observed periods. Starting at a ratio of 0.31 in March 2020, it improved to a high of 0.49 in June 2020 and maintained similar levels until March 2021. Afterward, the ratio decreased substantially, reaching a low of 0.15 in December 2023. Slight increases occurred towards the latter periods but never returned to earlier highs, ending at 0.20 in March 2025. This decline implies a relative reduction in readily available cash compared to current liabilities, potentially signaling tighter liquidity conditions over time.

In summary, while cash assets experienced volatility with a recovery phase towards the end of the period, the continuous increase in current liabilities outpaced the growth in cash holdings. Consequently, the cash ratio decreased, reflecting reduced liquidity buffers. These trends may warrant attention to liquidity management strategies to ensure coverage of short-term obligations.