Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Costco Wholesale Corp., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-05-11), 10-Q (reporting date: 2025-02-16), 10-Q (reporting date: 2024-11-24), 10-K (reporting date: 2024-09-01), 10-Q (reporting date: 2024-05-12), 10-Q (reporting date: 2024-02-18), 10-Q (reporting date: 2023-11-26), 10-K (reporting date: 2023-09-03), 10-Q (reporting date: 2023-05-07), 10-Q (reporting date: 2023-02-12), 10-Q (reporting date: 2022-11-20), 10-K (reporting date: 2022-08-28), 10-Q (reporting date: 2022-05-08), 10-Q (reporting date: 2022-02-13), 10-Q (reporting date: 2021-11-21), 10-K (reporting date: 2021-08-29), 10-Q (reporting date: 2021-05-09), 10-Q (reporting date: 2021-02-14), 10-Q (reporting date: 2020-11-22), 10-K (reporting date: 2020-08-30), 10-Q (reporting date: 2020-05-10), 10-Q (reporting date: 2020-02-16), 10-Q (reporting date: 2019-11-24), 10-K (reporting date: 2019-09-01), 10-Q (reporting date: 2019-05-12), 10-Q (reporting date: 2019-02-17), 10-Q (reporting date: 2018-11-25).
The financial liquidity indicators exhibit varying trends over the analyzed periods, reflecting changes in the company's short-term financial health and capacity to meet immediate obligations.
- Current Ratio
- The current ratio displayed moderate fluctuations, starting at 1.02 in late 2018 and slightly declining below 1 in early 2019, indicating a nearly balanced level of current assets to current liabilities. It then improved progressively until mid-2021, stabilizing around 1.00 to 1.09 in subsequent quarters, suggesting a consistent ability to cover short-term liabilities with current assets. Notably, a noticeable dip is observed towards the beginning of 2024, where the ratio fell below 1 (0.93-0.94), implying tighter liquidity conditions, before moderately recovering to about 1.02 by mid-2025.
- Quick Ratio
- The quick ratio, which excludes inventory from current assets, generally followed a similar oscillating pattern but at lower levels throughout the periods observed. Initially around 0.43 in late 2018, it peaked near 0.60 during mid-2020, indicating improved liquidity in terms of more readily convertible assets. However, it declined again near the end of 2021 through early 2022 and showed increased volatility thereafter. The quick ratio fell to a low of 0.38 in early 2024, signifying a reduced buffer of liquid assets available to cover current liabilities, before climbing back to 0.47 by mid-2025.
- Cash Ratio
- This most conservative liquidity measure also presented variability, beginning at 0.35 in late 2018, climbing to a peak of about 0.54 by mid-2020, reflecting improved immediate liquidity with cash and cash equivalents. Following this peak, it declined steadily with some minor fluctuations, reaching as low as 0.30 in early 2024, which suggests more constrained cash reserves relative to current liabilities. Subsequently, a modest recovery was observed, with the ratio rising to approximately 0.40 by mid-2025.
In summary, the liquidity ratios reflect an overall pattern of improvement in the early periods up to mid-2020, followed by more volatile and somewhat deteriorating liquidity conditions during the later years, particularly around early 2024. Despite these fluctuations, the company appears to maintain a generally adequate liquidity position, with the current ratio mostly near or above 1, thereby indicating reasonable coverage of short-term obligations. The declines noted across all ratios in early 2024 warrant attention for potential impacts on operational flexibility and short-term financial risk management.
Current Ratio
Costco Wholesale Corp., current ratio calculation (quarterly data)
| May 11, 2025 | Feb 16, 2025 | Nov 24, 2024 | Sep 1, 2024 | May 12, 2024 | Feb 18, 2024 | Nov 26, 2023 | Sep 3, 2023 | May 7, 2023 | Feb 12, 2023 | Nov 20, 2022 | Aug 28, 2022 | May 8, 2022 | Feb 13, 2022 | Nov 21, 2021 | Aug 29, 2021 | May 9, 2021 | Feb 14, 2021 | Nov 22, 2020 | Aug 30, 2020 | May 10, 2020 | Feb 16, 2020 | Nov 24, 2019 | Sep 1, 2019 | May 12, 2019 | Feb 17, 2019 | Nov 25, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Current assets | 38,151) | 36,897) | 37,523) | 34,246) | 33,288) | 32,146) | 40,080) | 35,879) | 34,289) | 34,330) | 34,150) | 32,696) | 33,008) | 32,565) | 33,850) | 29,505) | 27,916) | 26,308) | 32,096) | 28,120) | 25,254) | 23,703) | 26,643) | 23,485) | 22,285) | 21,648) | 22,954) | ||||||||
| Current liabilities | 37,579) | 36,999) | 38,289) | 35,464) | 35,361) | 34,688) | 36,768) | 33,583) | 31,708) | 32,516) | 33,067) | 31,998) | 31,845) | 31,545) | 33,342) | 29,441) | 27,982) | 26,564) | 32,667) | 24,844) | 22,779) | 22,695) | 26,265) | 23,237) | 22,832) | 22,450) | 22,473) | ||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||||||||
| Current ratio1 | 1.02 | 1.00 | 0.98 | 0.97 | 0.94 | 0.93 | 1.09 | 1.07 | 1.08 | 1.06 | 1.03 | 1.02 | 1.04 | 1.03 | 1.02 | 1.00 | 1.00 | 0.99 | 0.98 | 1.13 | 1.11 | 1.04 | 1.01 | 1.01 | 0.98 | 0.96 | 1.02 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||||||||
| Target Corp. | 0.94 | 0.90 | 0.86 | 0.91 | 0.86 | 0.83 | 0.88 | 0.92 | 0.86 | 0.82 | 0.87 | 0.99 | 0.97 | 1.04 | 1.07 | 1.03 | 1.05 | 1.11 | 1.01 | 0.89 | 0.83 | 0.84 | 0.88 | — | — | — | — | ||||||||
| Walmart Inc. | 0.85 | 0.80 | 0.80 | 0.83 | 0.85 | 0.83 | 0.82 | 0.82 | 0.86 | 0.84 | 0.86 | 0.93 | 0.95 | 0.96 | 0.95 | 0.97 | 0.84 | 0.79 | 0.77 | 0.79 | 0.81 | 0.76 | 0.77 | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-05-11), 10-Q (reporting date: 2025-02-16), 10-Q (reporting date: 2024-11-24), 10-K (reporting date: 2024-09-01), 10-Q (reporting date: 2024-05-12), 10-Q (reporting date: 2024-02-18), 10-Q (reporting date: 2023-11-26), 10-K (reporting date: 2023-09-03), 10-Q (reporting date: 2023-05-07), 10-Q (reporting date: 2023-02-12), 10-Q (reporting date: 2022-11-20), 10-K (reporting date: 2022-08-28), 10-Q (reporting date: 2022-05-08), 10-Q (reporting date: 2022-02-13), 10-Q (reporting date: 2021-11-21), 10-K (reporting date: 2021-08-29), 10-Q (reporting date: 2021-05-09), 10-Q (reporting date: 2021-02-14), 10-Q (reporting date: 2020-11-22), 10-K (reporting date: 2020-08-30), 10-Q (reporting date: 2020-05-10), 10-Q (reporting date: 2020-02-16), 10-Q (reporting date: 2019-11-24), 10-K (reporting date: 2019-09-01), 10-Q (reporting date: 2019-05-12), 10-Q (reporting date: 2019-02-17), 10-Q (reporting date: 2018-11-25).
1 Q3 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 38,151 ÷ 37,579 = 1.02
2 Click competitor name to see calculations.
The analyzed financial data reveals fluctuations in both current assets and current liabilities over the observed quarterly periods, which span from late 2018 to mid-2025. A general upward trend is evident in current assets, increasing from approximately 22.9 billion USD at the beginning of the period to over 38 billion USD by the end. Similarly, current liabilities increased from around 22.5 billion USD to nearly 37.6 billion USD during the same timeframe.
- Current Assets
- The current assets exhibited an overall growth trend, experiencing occasional declines but maintaining a positive trajectory. Notable increases occurred particularly between late 2019 and late 2020, as well as from early 2023 through late 2024. These increases suggest improvements in liquidity resources such as cash, receivables, and inventory, which could support operational needs and short-term obligations.
- Current Liabilities
- Current liabilities followed a pattern similar to current assets, with gradual increases alongside some periods of volatility. A significant spike is observed around late 2020, aligning with the surge in current assets during that period. This rise in liabilities could indicate increased short-term obligations or payables, potentially reflecting expansions or greater operational activity. Subsequently, current liabilities stabilized with minor fluctuations through the later periods.
- Current Ratio
- The current ratio, a measure of short-term liquidity, generally remained close to or slightly above 1.00 throughout the entire period, indicating that current assets slightly exceeded current liabilities on average. There were periods where the ratio dipped below 1.00, such as in late 2018 and again around early 2024, suggesting marginally tighter liquidity during those quarters. However, from mid-2020 to early 2023, the ratio showed a modest ascending trend, peaking around 1.09, which implies improving liquidity coverage before slightly declining in the latest quarters. This pattern reflects management’s efforts to maintain a balance between assets and liabilities sufficient to meet short-term obligations without excessive liquidity.
In summary, the financial data depicts a company that has expanded both its current assets and liabilities over time, while maintaining a generally stable liquidity position as indicated by the current ratio. The increases in both assets and liabilities could be associated with growth and operational scaling. The current ratio's proximity to 1.00 suggests prudent management of working capital to sustain solvency. Nonetheless, slight dips below 1.00 at certain points warrant monitoring to ensure liquidity remains adequate to cover short-term liabilities going forward.
Quick Ratio
Costco Wholesale Corp., quick ratio calculation (quarterly data)
| May 11, 2025 | Feb 16, 2025 | Nov 24, 2024 | Sep 1, 2024 | May 12, 2024 | Feb 18, 2024 | Nov 26, 2023 | Sep 3, 2023 | May 7, 2023 | Feb 12, 2023 | Nov 20, 2022 | Aug 28, 2022 | May 8, 2022 | Feb 13, 2022 | Nov 21, 2021 | Aug 29, 2021 | May 9, 2021 | Feb 14, 2021 | Nov 22, 2020 | Aug 30, 2020 | May 10, 2020 | Feb 16, 2020 | Nov 24, 2019 | Sep 1, 2019 | May 12, 2019 | Feb 17, 2019 | Nov 25, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | 13,836) | 12,356) | 10,907) | 9,906) | 10,404) | 9,095) | 17,011) | 13,700) | 12,493) | 12,970) | 10,856) | 10,203) | 11,193) | 11,819) | 12,751) | 11,258) | 10,226) | 8,637) | 13,590) | 12,277) | 10,826) | 7,786) | 9,027) | 8,384) | 7,013) | 6,080) | 6,778) | ||||||||
| Short-term investments | 1,014) | 802) | 920) | 1,238) | 1,095) | 1,226) | 853) | 1,534) | 1,215) | 735) | 817) | 846) | 638) | 477) | 725) | 917) | 900) | 617) | 833) | 1,028) | 948) | 929) | 993) | 1,060) | 1,154) | 1,042) | 1,175) | ||||||||
| Receivables, net | 2,875) | 3,060) | 2,963) | 2,721) | 2,583) | 2,779) | 2,542) | 2,285) | 2,502) | 2,714) | 2,312) | 2,241) | 1,991) | 2,232) | 1,932) | 1,803) | 1,595) | 1,934) | 1,646) | 1,550) | 1,507) | 1,988) | 1,711) | 1,535) | 1,704) | 1,995) | 1,795) | ||||||||
| Total quick assets | 17,725) | 16,218) | 14,790) | 13,865) | 14,082) | 13,100) | 20,406) | 17,519) | 16,210) | 16,419) | 13,985) | 13,290) | 13,822) | 14,528) | 15,408) | 13,978) | 12,721) | 11,188) | 16,069) | 14,855) | 13,281) | 10,703) | 11,731) | 10,979) | 9,871) | 9,117) | 9,748) | ||||||||
| Current liabilities | 37,579) | 36,999) | 38,289) | 35,464) | 35,361) | 34,688) | 36,768) | 33,583) | 31,708) | 32,516) | 33,067) | 31,998) | 31,845) | 31,545) | 33,342) | 29,441) | 27,982) | 26,564) | 32,667) | 24,844) | 22,779) | 22,695) | 26,265) | 23,237) | 22,832) | 22,450) | 22,473) | ||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||||||||
| Quick ratio1 | 0.47 | 0.44 | 0.39 | 0.39 | 0.40 | 0.38 | 0.55 | 0.52 | 0.51 | 0.50 | 0.42 | 0.42 | 0.43 | 0.46 | 0.46 | 0.47 | 0.45 | 0.42 | 0.49 | 0.60 | 0.58 | 0.47 | 0.45 | 0.47 | 0.43 | 0.41 | 0.43 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||||||||
| Target Corp. | 0.16 | 0.17 | 0.18 | 0.20 | 0.09 | 0.08 | 0.07 | 0.11 | 0.04 | 0.05 | 0.05 | 0.27 | 0.25 | 0.38 | 0.42 | 0.42 | 0.31 | 0.46 | 0.32 | 0.18 | 0.06 | 0.12 | 0.09 | — | — | — | — | ||||||||
| Walmart Inc. | 0.20 | 0.18 | 0.19 | 0.20 | 0.20 | 0.22 | 0.19 | 0.18 | 0.20 | 0.21 | 0.20 | 0.26 | 0.27 | 0.36 | 0.35 | 0.26 | 0.23 | 0.27 | 0.24 | 0.20 | 0.17 | 0.18 | 0.18 | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-05-11), 10-Q (reporting date: 2025-02-16), 10-Q (reporting date: 2024-11-24), 10-K (reporting date: 2024-09-01), 10-Q (reporting date: 2024-05-12), 10-Q (reporting date: 2024-02-18), 10-Q (reporting date: 2023-11-26), 10-K (reporting date: 2023-09-03), 10-Q (reporting date: 2023-05-07), 10-Q (reporting date: 2023-02-12), 10-Q (reporting date: 2022-11-20), 10-K (reporting date: 2022-08-28), 10-Q (reporting date: 2022-05-08), 10-Q (reporting date: 2022-02-13), 10-Q (reporting date: 2021-11-21), 10-K (reporting date: 2021-08-29), 10-Q (reporting date: 2021-05-09), 10-Q (reporting date: 2021-02-14), 10-Q (reporting date: 2020-11-22), 10-K (reporting date: 2020-08-30), 10-Q (reporting date: 2020-05-10), 10-Q (reporting date: 2020-02-16), 10-Q (reporting date: 2019-11-24), 10-K (reporting date: 2019-09-01), 10-Q (reporting date: 2019-05-12), 10-Q (reporting date: 2019-02-17), 10-Q (reporting date: 2018-11-25).
1 Q3 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 17,725 ÷ 37,579 = 0.47
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends and fluctuations concerning liquidity and current liabilities over the observed periods.
- Total Quick Assets
- Total quick assets exhibit a general upward trajectory from late 2018 through 2025, increasing from 9,748 million US dollars to a peak of 20,406 million US dollars by November 2023. However, this increase is not uniform; fluctuations are evident, such as a dip in early 2021 when quick assets decreased to approximately 11,188 million US dollars before recovering in subsequent quarters. The data also show some volatility in the later stages, with values oscillating between around 13,000 million and 17,700 million US dollars from early 2024 onwards.
- Current Liabilities
- Current liabilities consistently surpass total quick assets throughout the entire timeline, indicating that short-term obligations exceed the most liquid assets. The liabilities trend upward overall, rising from 22,473 million US dollars in late 2018 to a high of 38,289 million US dollars by late 2024. Notable surges occur at several points, particularly in the fourth quarter of 2020 (32,667 million US dollars) and a steady increase toward the end of the timeline. Slight decreases are observed sporadically but are not sufficient to offset the general increase.
- Quick Ratio
- The quick ratio fluctuates significantly across quarters, consistently remaining below 1.0, which suggests that liquid assets are insufficient to cover current liabilities entirely at any point. The ratio starts at 0.43 in November 2018, briefly rising to a high of 0.60 in August 2020, but it generally stays within the range of 0.38 to 0.58. A decline is noticeable after early 2021, dropping to approximately 0.38 by early 2024, before marginally improving to 0.47 by mid-2025. These variations correspond closely with the observed quick asset and current liability movements.
In summary, while quick assets have grown over the period, they have not kept pace with the increase in current liabilities, leading to consistently low quick ratios. This indicates a potential liquidity risk, as immediate liquid assets are insufficient to fully cover short-term obligations. The periodic fluctuations suggest that liquidity management may vary quarter to quarter, influenced by operational or market factors affecting both asset availability and liabilities.
Cash Ratio
Costco Wholesale Corp., cash ratio calculation (quarterly data)
| May 11, 2025 | Feb 16, 2025 | Nov 24, 2024 | Sep 1, 2024 | May 12, 2024 | Feb 18, 2024 | Nov 26, 2023 | Sep 3, 2023 | May 7, 2023 | Feb 12, 2023 | Nov 20, 2022 | Aug 28, 2022 | May 8, 2022 | Feb 13, 2022 | Nov 21, 2021 | Aug 29, 2021 | May 9, 2021 | Feb 14, 2021 | Nov 22, 2020 | Aug 30, 2020 | May 10, 2020 | Feb 16, 2020 | Nov 24, 2019 | Sep 1, 2019 | May 12, 2019 | Feb 17, 2019 | Nov 25, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | 13,836) | 12,356) | 10,907) | 9,906) | 10,404) | 9,095) | 17,011) | 13,700) | 12,493) | 12,970) | 10,856) | 10,203) | 11,193) | 11,819) | 12,751) | 11,258) | 10,226) | 8,637) | 13,590) | 12,277) | 10,826) | 7,786) | 9,027) | 8,384) | 7,013) | 6,080) | 6,778) | ||||||||
| Short-term investments | 1,014) | 802) | 920) | 1,238) | 1,095) | 1,226) | 853) | 1,534) | 1,215) | 735) | 817) | 846) | 638) | 477) | 725) | 917) | 900) | 617) | 833) | 1,028) | 948) | 929) | 993) | 1,060) | 1,154) | 1,042) | 1,175) | ||||||||
| Total cash assets | 14,850) | 13,158) | 11,827) | 11,144) | 11,499) | 10,321) | 17,864) | 15,234) | 13,708) | 13,705) | 11,673) | 11,049) | 11,831) | 12,296) | 13,476) | 12,175) | 11,126) | 9,254) | 14,423) | 13,305) | 11,774) | 8,715) | 10,020) | 9,444) | 8,167) | 7,122) | 7,953) | ||||||||
| Current liabilities | 37,579) | 36,999) | 38,289) | 35,464) | 35,361) | 34,688) | 36,768) | 33,583) | 31,708) | 32,516) | 33,067) | 31,998) | 31,845) | 31,545) | 33,342) | 29,441) | 27,982) | 26,564) | 32,667) | 24,844) | 22,779) | 22,695) | 26,265) | 23,237) | 22,832) | 22,450) | 22,473) | ||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||||||||
| Cash ratio1 | 0.40 | 0.36 | 0.31 | 0.31 | 0.33 | 0.30 | 0.49 | 0.45 | 0.43 | 0.42 | 0.35 | 0.35 | 0.37 | 0.39 | 0.40 | 0.41 | 0.40 | 0.35 | 0.44 | 0.54 | 0.52 | 0.38 | 0.38 | 0.41 | 0.36 | 0.32 | 0.35 | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||||||||
| Target Corp. | 0.16 | 0.17 | 0.18 | 0.20 | 0.09 | 0.08 | 0.07 | 0.11 | 0.04 | 0.05 | 0.05 | 0.27 | 0.25 | 0.38 | 0.42 | 0.42 | 0.31 | 0.46 | 0.32 | 0.18 | 0.06 | 0.12 | 0.09 | — | — | — | — | ||||||||
| Walmart Inc. | 0.10 | 0.09 | 0.10 | 0.11 | 0.12 | 0.14 | 0.11 | 0.09 | 0.11 | 0.14 | 0.12 | 0.17 | 0.18 | 0.28 | 0.28 | 0.19 | 0.16 | 0.21 | 0.18 | 0.12 | 0.10 | 0.12 | 0.12 | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-05-11), 10-Q (reporting date: 2025-02-16), 10-Q (reporting date: 2024-11-24), 10-K (reporting date: 2024-09-01), 10-Q (reporting date: 2024-05-12), 10-Q (reporting date: 2024-02-18), 10-Q (reporting date: 2023-11-26), 10-K (reporting date: 2023-09-03), 10-Q (reporting date: 2023-05-07), 10-Q (reporting date: 2023-02-12), 10-Q (reporting date: 2022-11-20), 10-K (reporting date: 2022-08-28), 10-Q (reporting date: 2022-05-08), 10-Q (reporting date: 2022-02-13), 10-Q (reporting date: 2021-11-21), 10-K (reporting date: 2021-08-29), 10-Q (reporting date: 2021-05-09), 10-Q (reporting date: 2021-02-14), 10-Q (reporting date: 2020-11-22), 10-K (reporting date: 2020-08-30), 10-Q (reporting date: 2020-05-10), 10-Q (reporting date: 2020-02-16), 10-Q (reporting date: 2019-11-24), 10-K (reporting date: 2019-09-01), 10-Q (reporting date: 2019-05-12), 10-Q (reporting date: 2019-02-17), 10-Q (reporting date: 2018-11-25).
1 Q3 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 14,850 ÷ 37,579 = 0.40
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends in liquidity and short-term financial position over the observed periods.
- Total Cash Assets
- The total cash assets exhibit a fluctuating but overall upward trajectory from November 2018 through May 2025. Initial values around $7.95 billion in late 2018 experience periodic increases and decreases, with a notable spike to approximately $17.86 billion by November 2023. This peak is followed by a decline in early 2024, ending with elevated levels close to $14.85 billion by May 2025. The pronounced increase in cash assets around late 2020 and 2023 suggests periods of cash accumulation possibly linked to operating cash flows or financing activities.
- Current Liabilities
- Current liabilities steadily increase throughout the timeline from about $22.47 billion in November 2018 to near $37.58 billion by May 2025. Although there are some periods of relative stabilization, the general trend is upward, indicating growing obligations due within one year, which may reflect increased operational scale or changes in working capital management. The largest increases are observed in late 2020 and continuing through early 2025, aligning with the rise in cash assets but at a faster rate.
- Cash Ratio
- The cash ratio, representing cash and cash equivalents relative to current liabilities, fluctuates between 0.30 and 0.54 across the reported quarters. Initially ranging near 0.35, the ratio peaks around 0.54 in August 2020, reflecting a high coverage of current liabilities by cash during that period. Following this peak, the ratio declines gradually, with several short-term recoveries but generally trending downward to levels approximately 0.31 by early 2024, then showing a modest improvement approaching 0.40 by mid-2025. The variation in the cash ratio indicates shifts in liquidity management, where cash has not kept pace proportionally with rising current liabilities, potentially signalling tighter liquidity positions at certain points.
In summary, the data indicates that while cash resources have increased over the years, current liabilities have grown at a comparable if not faster pace, causing the cash ratio to fluctuate without a sustained upward trend. Periods of cash accumulation appear to coincide with spikes in liabilities, suggesting dynamic liquidity management adapted to operational needs or external factors. The overall moderate cash ratio below 0.5 across most quarters suggests reliance on other current assets or credit facilities to meet short-term obligations rather than cash alone.