Comcast Corp. (NASDAQ:CMCSA)

Current Ratio

The current ratio exhibits a declining trend over the observed periods, beginning at 0.96 and generally decreasing to values near 0.6 between late 2022 and early 2024. A partial recovery is evident afterward, with the ratio increasing to approximately 0.9 by mid-2025. This pattern suggests a strengthening of short-term liquidity toward the end of the period after a phase of relative weakness.

Quick Ratio

The quick ratio closely follows the trajectory of the current ratio but maintains lower values throughout. Starting at 0.84, it decreases steadily to its lowest point around 0.49-0.5 during early 2023. Subsequently, the ratio shows a gradual improvement, reaching about 0.7 by mid-2025. This trend indicates cautious liquidity dynamics when excluding inventories and other less liquid current assets.

Cash Ratio

The cash ratio remains the lowest of the liquidity measures and shows a pronounced downward trend from 0.49 to a trough near 0.15-0.17 between 2021 and early 2024. Post this period, there is a modest recovery, with values rising back toward 0.3 by mid-2025. This signifies a reduction in the company's most liquid assets relative to its current liabilities initially, followed by a gradual restoration.

Overall, the liquidity ratios indicate a period of diminished short-term financial flexibility starting from 2021 through early 2024, followed by a moderate improvement across all metrics. The recovery toward the end of the timeline suggests management efforts or operational improvements aimed at strengthening the company's ability to meet short-term obligations.

The analysis of the quarterly financial data reveals several notable trends related to current assets, current liabilities, and the current ratio over the observed periods.

Current Assets

Current assets exhibit a fluctuation pattern over the time span. Initially, from the first quarter of 2021 through the end of 2021, there is a downward trend, decreasing from 29,438 million US dollars to 24,807 million US dollars. A slight recovery is observed in early 2022 but is followed by another dip until the end of 2022, reaching 21,826 million US dollars. Beginning in 2023, current assets demonstrate a tendency to stabilize with moderate increases and decreases, notably rising to 27,186 million US dollars in the third quarter of 2024 and peaking at 29,036 million US dollars at the end of 2024 before slightly declining again towards the end of the observed period.

Current Liabilities

Current liabilities show a generally volatile yet upward trajectory, starting close to the assets at 30,811 million US dollars in early 2021. They fluctuate in tandem with assets but increase more sharply towards the end of 2023, reaching a peak of 40,198 million US dollars in the last quarter of 2023. Subsequently, liabilities experience a reduction in mid-2024 but remain elevated compared to the early 2021 levels. The last quarters of the data period show a slight decline, though liabilities remain substantially above the initial levels.

Current Ratio

The current ratio consistently stays below 1 across most quarters, indicating potential short-term liquidity concerns. It starts close to parity (0.96) in early 2021 but declines steadily throughout the year, dropping to as low as 0.60 by the last quarter of 2023. This suggests that current liabilities are increasingly exceeding current assets over this period. There is a mild recovery in early to mid-2024, with the ratio improving to 0.72, then slightly declining again before a marked increase in the last two quarters of 2025 to near 0.91 and 0.88, respectively. Despite these late improvements, the ratio remains below the commonly preferred threshold of 1, implying ongoing liquidity challenges.

Overall, the data indicate that while current assets have fluctuated, current liabilities have generally increased at a faster rate, leading to a declining current ratio for a significant part of the period. The late-stage improvement in the current ratio may reflect efforts to enhance liquidity, but the persistent sub-1 ratio suggests cautious monitoring is warranted regarding the company's ability to meet short-term obligations.

Total Quick Assets

The total quick assets exhibited fluctuations over the reported periods. Starting at approximately $25.9 billion in early 2021, there was a general downward trend through the end of 2022, reaching a low near $17.4 billion. Subsequently, the value displayed recovery and growth, particularly noticeable from mid-2023 through 2024, peaking above $22.8 billion in the third quarter of 2024. The values slightly decreased again heading into 2025, ending around $22.5 billion by the third quarter.

Current Liabilities

Current liabilities showed a more variable and overall increasing pattern. The values fluctuated between $26.7 billion and $29.3 billion in 2021 before increasing steadily in 2022, reaching over $40 billion in the last quarter. However, in 2023, liabilities remained elevated with some highest peaks, particularly exceeding $34 billion in the third quarter and approaching $40 billion in the last quarter of 2023. In 2024, current liabilities generally trended downward but remained substantial, fluctuating between approximately $35.3 billion and $42.3 billion. The early quarters of 2025 showed a moderate decline to around $32.7 billion by the third quarter.

Quick Ratio

The quick ratio, which measures liquidity by comparing quick assets to current liabilities, reflected the interplay between the two preceding metrics. It started at a moderate 0.84 in early 2021 and declined steadily through 2022, dropping to a low of about 0.49 in the first quarter of 2024. This decrease indicates tightening liquidity conditions during that span. From mid-2024 onward, the quick ratio demonstrated some improvement and volatility, increasing to around 0.71 by the third quarter of 2025. This suggests a gradual strengthening of short-term financial stability as the company improved its ability to cover current liabilities with quick assets.

Overall Analysis

Throughout the period analyzed, liquidity showed significant variation. The initial trend indicated weakening liquidity due to shrinking quick assets combined with rising current liabilities, culminating in the lowest quick ratio values in early 2024. The subsequent recovery phase, driven by increasing quick assets and a reduction in liabilities, improved liquidity ratios by 2025. This pattern may indicate the company faced short-term financial pressures but took measures to strengthen its immediate liquidity position later in the timeframe. Continuous monitoring is advisable to confirm if the liquidity improvements sustain over time.

Total Cash Assets

The total cash assets demonstrate significant fluctuation over the observed periods. Initially, there is a downward trend from March 2021 through December 2021, with cash assets decreasing from 14,950 million to 8,711 million US dollars. This decline continues throughout 2022, reaching a low of 4,749 million US dollars by the end of the year. Beginning in 2023, there is a recovery phase where cash assets generally increase, peaking at 9,687 million US dollars in June 2025, with minor fluctuations along the way. The data indicates a cyclical pattern with periods of both depletion and replenishment of cash reserves.

Current Liabilities

Current liabilities show variability without a clear directional trend. There is a moderate decline from March 2021 (30,811 million US dollars) to September 2021 (26,738 million US dollars), followed by intermittent increases and decreases. Notably, liabilities rise sharply in December 2023 to 40,198 million US dollars, representing a peak within the dataset. Afterward, a decline occurs again by mid-2025, where the liabilities reduce to approximately 31,700–32,700 million US dollars. This pattern implies fluctuations in short-term obligations possibly tied to operational or financing activities.

Cash Ratio

The cash ratio, indicating liquidity by comparing cash assets to current liabilities, largely mirrors the trends observed in cash assets and liabilities. It starts at 0.49 in early 2021 and declines steadily through 2022, reaching a low around 0.15 in December 2023. After this trough, the ratio rebounds gradually, rising to around 0.29 by September 2025. The low values during late 2023 suggest strained liquidity conditions, while the subsequent improvement indicates enhanced short-term financial stability.

Overall Analysis

The data reflects notable volatility in liquidity and financial obligations over time. The company experienced weakening liquidity through 2021 and 2022, evidenced by declining cash assets and cash ratio levels, alongside variable liabilities. The peak in liabilities at the end of 2023, coupled with the lowest cash ratio, suggests a period of intensified cash flow pressure or increased short-term funding needs. The recovery observed from 2023 into 2025 points to efforts to strengthen liquidity and manage liabilities more effectively. The cyclical nature of cash assets and liabilities may reflect underlying business cycles or strategic financial management responses to operational demands.