Comcast Corp. (NASDAQ:CMCSA)

Current Ratio

The current ratio demonstrates a fluctuating trend over the observed periods, beginning at 0.87 in March 2020, reaching peaks and troughs throughout the timeline. It peaked at 1.03 in September 2021, indicating a relatively stronger short-term liquidity position at that time. Following this peak, the ratio generally declined, hitting a low point of 0.59 in June 2024, suggesting a weakening ability to cover current liabilities with current assets. In the latest period, March 2025, the ratio improves noticeably to 0.91, implying a recovery in short-term liquidity.

Quick Ratio

The quick ratio shows a pattern similar to the current ratio but reflects more conservative liquidity by excluding inventory. Starting at 0.7 in March 2020, it reached a relative peak of 0.89 in September 2021, concurrently with the current ratio peak. Subsequently, the quick ratio declined, hitting its lowest point of 0.49 in June 2024. This decline reflects reduced liquid assets excluding inventories relative to current liabilities. The final data point in March 2025 indicates a recovery to 0.71, suggesting improved liquid asset coverage over the short term.

Cash Ratio

The cash ratio exhibits a consistently lower value compared to both the current and quick ratios, as expected due to its stringent focus on cash and cash equivalents. Starting at 0.31 in March 2020, it experiences modest fluctuations but generally declines to a trough of 0.15 in December 2023. After this low, the cash ratio shows a gradual upward trend, reaching 0.3 by March 2025, the same initial value noted at the start of the timeline. This pattern indicates that while immediate cash availability weakened for a period, recent quarters show an effort to restore cash liquidity.

Current Assets

The current assets exhibit fluctuations over the observed periods without a clear linear trend. Starting at $24,084 million as of March 31, 2020, they increased to a high near the end of 2020 and in early 2021, reaching $29,438 million by March 31, 2021. Subsequently, current assets generally declined throughout 2022 and most of 2023, with the lowest point around $21,826 million by December 31, 2022. In 2024 and early 2025, current assets show a recovery, gradually rising to $29,036 million by December 31, 2024, and $27,314 million by March 31, 2025, then peaking at $29,036 million again by June 30, 2025.

Current Liabilities

Current liabilities increased overall during the time frame. Beginning at $27,600 million on March 31, 2020, current liabilities rose steadily with some volatility, peaking at $40,198 million by December 31, 2023. A notable decline occurred after this peak, reducing to $31,792 million by June 30, 2025. This pattern indicates periods of increased short-term obligations followed by a substantial reduction towards the latter periods.

Current Ratio

The current ratio shows a downward trend over the majority of the analyzed time frame, signaling reduced short-term liquidity. It started below 1.0 at 0.87 in March 2020, briefly rose above 1.0 at 1.03 in September 2021, but then steadily declined to a low of 0.59 by June 30, 2024, indicating current liabilities were outpacing current assets during that period. A recovery phase occurs toward the end of the series, with the current ratio improving to 0.91 by June 30, 2025, suggesting a strengthening in the company's ability to cover short-term obligations.

Overall Analysis

Throughout the analyzed periods, the company faced fluctuating current assets and increasing current liabilities leading to a stressed liquidity position during several quarters, especially in late 2022 through mid-2024. The current ratio below 1.0 for the majority of periods reflects potential challenges in meeting short-term liabilities with current assets. However, the recovery in the current ratio in late 2024 and early 2025 suggests improvements in liquidity management or operational performance. The sharp increase in current liabilities through 2023 followed by a reduction thereafter may point to strategic changes in working capital or financing arrangements.

The analysis of the quarterly financial data reveals several notable trends concerning the company's liquidity position and short-term obligations over the observed periods.

Total Quick Assets

The total quick assets showed fluctuations throughout the quarters. Starting at 19,316 million US dollars as of March 31, 2020, quick assets increased, peaking at 25,936 million US dollars by March 31, 2021. However, following this peak, a general declining trend was observed, reaching lows around 17,421 million in December 31, 2022. Subsequently, there was a mild recovery with totals ranging between approximately 19,270 million and 20,028 million during 2023. Towards the latest periods ending in the first half of 2025, quick assets again increased to above 22,000 million US dollars, suggesting some restoration of liquid assets.

Current Liabilities

Current liabilities generally trended upward over the period analyzed. Beginning at 27,600 million US dollars in March 2020, liabilities increased with some volatility, surpassing 30,000 million by the first quarter of 2021. Fluctuations occurred throughout 2021 and 2022, but overall liabilities continued to rise, peaking at 40,198 million in December 2023. Although a slight reduction was noted in the latest quarters, liabilities remained elevated above 31,000 million in June 2025, indicating an increased short-term obligation level over the long term.

Quick Ratio

The quick ratio, a key indicator of short-term liquidity, generally declined from 0.70 in March 2020 to a low point of 0.49 in March 2024. This decline reflects a deterioration in the company's ability to cover current liabilities with its liquid assets over this timeframe. There were periods of minor recovery, such as in mid-2023, but the overall trend indicated tightening liquidity. Notably, by June 2025, the quick ratio improved to 0.71, reversing the prior downward trend and suggesting an enhancement in short-term financial health.

In summary, the data shows that while the company experienced growth in liquid assets initially, the increases in current liabilities outpaced these gains for most of the observed period, resulting in a declining quick ratio and potentially elevated liquidity risk. The recent reported figures indicate attempts to improve liquid asset levels relative to liabilities, as evidenced by the recovery in both total quick assets and the quick ratio in the last two quarters. Monitoring this trend will be important to assess the sustainability of the company's liquidity position going forward.

The financial data indicates significant fluctuations in total cash assets, current liabilities, and the cash ratio over the observed periods. An analysis of these trends provides insight into the company's liquidity and short-term financial management.

Total Cash Assets

The total cash assets exhibited variability, beginning at 8,516 million US dollars in March 2020 with an increase to a peak of 14,950 million in March 2021. Following this peak, a declining trend is apparent, reaching a low of 4,749 million by December 2022. Subsequently, cash assets rebounded moderately, fluctuating between approximately 5,435 million and 9,687 million towards the end of the observed period in June 2025. This pattern suggests a phase of cash accumulation in early 2021, followed by a drawdown period until late 2022, and a subsequent recovery phase thereafter.

Current Liabilities

Current liabilities show a general upward trajectory, starting at 27,600 million US dollars in March 2020, with fluctuations but an overall increase peaking near 42,325 million in September 2025. There are minor periods of decline or stabilization, such as between September 2020 and September 2021, but the longer-term trend is an increase in obligations due within the current period. This increasing trend might imply growing short-term financial commitments or liabilities over time.

Cash Ratio

The cash ratio, representing the company's ability to cover current liabilities with cash and cash equivalents, started at a moderate level of 0.31 in March 2020 and increased to a high of 0.49 by March 2021, corresponding with the peak in cash assets noted earlier. After this, the ratio generally declined, reaching a low of 0.15 by December 2023. A slight recovery is observed towards June 2025 at 0.3. Throughout the periods measured, the cash ratio remained below 0.5, indicating that cash assets covered less than half of current liabilities. The decline in this ratio despite fluctuating cash levels suggests that growth in current liabilities outpaced increases in cash resources, potentially indicating tightening liquidity conditions during certain periods.

In summary, the company experienced a phase of cash accumulation concurrent with stable current liabilities early in the pandemic period, followed by a reduction in cash resources alongside rising current liabilities through 2023. Although there were some improvements in cash assets and cash ratio by mid-2025, the overall trend signals cautious attention should be paid to short-term liquidity management, given the decreasing coverage of liabilities by cash resources over the majority of the period analyzed.