Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Fiserv Inc., liquidity ratios (quarterly data)
Based on: 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
- The current ratio remained relatively stable around a range of approximately 1.01 to 1.11 from March 2018 through December 2018, indicating a consistent ability to cover short-term liabilities with current assets during that period. In June 2019, an anomalous spike to 4.97 is observed, which deviates significantly from the general trend and is likely due to either a one-time event or a data irregularity. Following this spike, the ratio returns to a range near previous levels, fluctuating narrowly between 1.03 and 1.08 through March 2022. Overall, this suggests steady liquidity management aside from the single outlier.
- Quick Ratio
- The quick ratio demonstrates a pattern similar to the current ratio, with values mostly between 0.70 and 0.77 in 2018 and early 2019, denoting a moderate liquid asset base excluding inventories. As with the current ratio, the figure sharply increases to 4.59 in June 2019, which is inconsistent with the surrounding periods. Afterwards, the quick ratio stabilizes around 0.95 to 1.00, maintaining a stable liquidity position through the end of the dataset in March 2022. There is a slight upward trend in late 2021 to early 2022, suggesting a marginal improvement in liquid asset coverage.
- Cash Ratio
- The cash ratio fluctuates in a lower range relative to the other liquidity ratios, moving mostly between 0.21 and 0.29 during 2018 and early 2019. A significant spike to 4.11 appears in June 2019, mirroring the pattern seen in the current and quick ratios, indicating a probable extraordinary cash or cash-equivalent inflow or a reporting anomaly. Subsequently, the cash ratio abruptly declines to around 0.05 to 0.07 and remains at this low level consistently through March 2022. This reflects a conservative cash holding relative to current liabilities in the most recent years.
Current Ratio
Fiserv Inc., current ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Current assets | 18,443) | 18,870) | 18,425) | 17,727) | 16,440) | 16,219) | 14,025) | 17,482) | 12,933) | 17,046) | 17,991) | 10,209) | 2,275) | 2,224) | 2,338) | 1,804) | 1,768) | ||||||
| Current liabilities | 17,730) | 18,295) | 17,562) | 17,251) | 15,905) | 15,637) | 13,263) | 16,760) | 12,119) | 15,727) | 16,661) | 2,054) | 2,120) | 2,010) | 2,320) | 1,655) | 1,683) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Current ratio1 | 1.04 | 1.03 | 1.05 | 1.03 | 1.03 | 1.04 | 1.06 | 1.04 | 1.07 | 1.08 | 1.08 | 4.97 | 1.07 | 1.11 | 1.01 | 1.09 | 1.05 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||
| Accenture PLC | 1.22 | 1.25 | 1.42 | 1.39 | 1.45 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Adobe Inc. | 1.04 | 1.25 | 1.39 | 1.31 | 1.27 | 1.48 | 1.44 | 1.29 | 1.23 | — | — | — | — | — | — | — | — | ||||||
| AppLovin Corp. | 2.93 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Cadence Design Systems Inc. | 1.81 | 1.77 | 1.70 | 1.57 | 1.70 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| CrowdStrike Holdings Inc. | 2.07 | 2.65 | 1.91 | 2.18 | 2.25 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Datadog Inc. | 3.33 | 3.54 | 3.94 | 4.31 | 5.45 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| International Business Machines Corp. | 0.92 | 0.88 | 0.84 | 0.84 | 0.93 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Intuit Inc. | 2.10 | 1.94 | 1.96 | 1.53 | 3.09 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Microsoft Corp. | 2.16 | 2.08 | 2.29 | 2.58 | 2.53 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Oracle Corp. | 2.04 | 2.30 | 2.16 | 2.17 | 2.66 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Palantir Technologies Inc. | 4.38 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Palo Alto Networks Inc. | 0.68 | 0.91 | 1.38 | 0.98 | 1.63 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Salesforce Inc. | 1.33 | 1.23 | 1.22 | 1.15 | 1.15 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| ServiceNow Inc. | 1.12 | 1.05 | 1.13 | 1.08 | 1.23 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Synopsys Inc. | 1.19 | 1.16 | 1.18 | 1.19 | 1.10 | 1.19 | 1.06 | 0.95 | 0.95 | — | — | — | — | — | — | — | — | ||||||
| Workday Inc. | 0.93 | 1.12 | 1.09 | 1.45 | 1.25 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 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 2022 Calculation
Current ratio = Current assets ÷ Current liabilities
= 18,443 ÷ 17,730 = 1.04
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends in the current assets, current liabilities, and the current ratio over the examined periods.
- Current Assets
- Current assets exhibited a fluctuating trend with a remarkable spike in mid-2019. Initially, values ranged modestly between approximately $1.7 billion and $2.3 billion from early 2018 through early 2019. A significant and sudden increase occurred in June 2019, reaching over $10 billion, followed by a peak near $18 billion in September 2019. After this volatility, current assets stabilized to some extent between $12 billion and $18 billion from 2020 onward, with a slight upward tendency in the later quarters up to early 2022.
- Current Liabilities
- Current liabilities generally mirrored the pattern of current assets, particularly with a notable surge in mid to late 2019. From early 2018 through early 2019, liabilities were relatively stable, fluctuating around $1.6 billion to slightly above $2 billion. A substantial jump was observed in June and September 2019, peaking approximately at $16.7 billion, then showing some decline and stabilization between $12 billion and $18 billion in subsequent quarters. The liabilities trend exhibited a pattern consistent with the asset swings, indicating possible short-term financing or operational changes.
- Current Ratio
- The current ratio remained consistently close to the threshold of 1.0 throughout the periods, indicating that current assets were generally sufficient to cover current liabilities, though not with a large margin. Prior to mid-2019, the ratio hovered slightly above 1.0, with a notable spike to almost 5.0 in June 2019 coinciding with the surge in current assets relative to liabilities. However, this spike was short-lived, and the ratio quickly returned to the range of approximately 1.03 to 1.11 in later periods. The persistence of the ratio slightly above one suggests cautious liquidity management with assets closely matching liabilities on a quarterly basis.
Overall, the data indicate a period of increased volatility and asset-liability escalation during 2019, followed by relative stabilization. The maintenance of a current ratio near unity throughout suggests the company maintained adequate short-term liquidity without assuming excessive risk. The transient spike in mid-2019 may correspond to extraordinary operational or financing activities that temporarily expanded both assets and liabilities on the balance sheet.
Quick Ratio
Fiserv Inc., quick ratio calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Cash and cash equivalents | 863) | 835) | 933) | 841) | 831) | 906) | 937) | 869) | 896) | 893) | 1,028) | 8,441) | 452) | 415) | 673) | 348) | 382) | ||||||
| Trade accounts receivable, less allowance for doubtful accounts | 2,911) | 2,860) | 2,793) | 2,663) | 2,617) | 2,482) | 2,323) | 2,512) | 2,582) | 2,782) | 2,653) | 989) | 1,044) | 1,049) | 949) | 932) | 878) | ||||||
| Settlement assets | 13,240) | 13,652) | 13,244) | 12,945) | 11,741) | 11,521) | 9,403) | 12,987) | 8,400) | 11,868) | 12,980) | —) | —) | —) | —) | —) | —) | ||||||
| Total quick assets | 17,014) | 17,347) | 16,970) | 16,449) | 15,189) | 14,909) | 12,663) | 16,368) | 11,878) | 15,543) | 16,661) | 9,430) | 1,496) | 1,464) | 1,622) | 1,280) | 1,260) | ||||||
| Current liabilities | 17,730) | 18,295) | 17,562) | 17,251) | 15,905) | 15,637) | 13,263) | 16,760) | 12,119) | 15,727) | 16,661) | 2,054) | 2,120) | 2,010) | 2,320) | 1,655) | 1,683) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Quick ratio1 | 0.96 | 0.95 | 0.97 | 0.95 | 0.95 | 0.95 | 0.95 | 0.98 | 0.98 | 0.99 | 1.00 | 4.59 | 0.71 | 0.73 | 0.70 | 0.77 | 0.75 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||
| Accenture PLC | 1.10 | 1.14 | 1.31 | 1.27 | 1.34 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Adobe Inc. | 0.89 | 1.11 | 1.25 | 1.18 | 1.12 | 1.34 | 1.28 | 1.11 | 1.06 | — | — | — | — | — | — | — | — | ||||||
| AppLovin Corp. | 2.67 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Cadence Design Systems Inc. | 1.56 | 1.47 | 1.48 | 1.33 | 1.43 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| CrowdStrike Holdings Inc. | 1.93 | 2.50 | 1.76 | 2.01 | 2.07 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Datadog Inc. | 3.23 | 3.45 | 3.84 | 4.19 | 5.31 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| International Business Machines Corp. | 0.73 | 0.69 | 0.64 | 0.66 | 0.75 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Intuit Inc. | 1.71 | 1.60 | 1.72 | 1.20 | 2.74 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Microsoft Corp. | 1.96 | 1.90 | 2.10 | 2.36 | 2.30 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Oracle Corp. | 1.90 | 2.15 | 2.00 | 2.02 | 2.50 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Palantir Technologies Inc. | 4.15 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Palo Alto Networks Inc. | 0.64 | 0.86 | 1.23 | 0.88 | 1.48 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Salesforce Inc. | 1.19 | 1.11 | 1.05 | 0.98 | 1.00 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| ServiceNow Inc. | 1.06 | 1.01 | 1.07 | 1.03 | 1.19 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Synopsys Inc. | 0.93 | 0.89 | 0.90 | 0.92 | 0.83 | 0.94 | 0.82 | 0.73 | 0.73 | — | — | — | — | — | — | — | — | ||||||
| Workday Inc. | 0.86 | 1.07 | 1.02 | 1.35 | 1.15 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 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 2022 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 17,014 ÷ 17,730 = 0.96
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals notable fluctuations in the company's liquidity position over the examined periods. The total quick assets and current liabilities demonstrate significant variance, influencing the quick ratio trends.
- Total Quick Assets
- The value of total quick assets displayed general growth with pronounced volatility. Initially, from early 2018 to the first quarter of 2019, the assets fluctuated moderately, ranging between approximately 1,260 million and 1,622 million. Starting in the second quarter of 2019, there was a substantial increase, peaking at around 16,661 million in the third quarter of 2019. Following this peak, the assets slightly contracted but remained elevated relative to earlier periods, fluctuating between 11,878 million and 17,347 million through the first quarter of 2022.
- Current Liabilities
- Current liabilities showed an escalating pattern with considerable increases aligning closely with the spikes in quick assets. Initially stable around 1,600 to 2,300 million until early 2019, liabilities surged sharply to over 16,000 million in mid-2019. Despite fluctuations thereafter, liabilities sustained high levels, generally mirroring the trends in quick assets, culminating near 17,730 million by the first quarter of 2022.
- Quick Ratio
- The quick ratio experienced significant variability corresponding with the changes in quick assets and current liabilities. From 2018 through early 2019, the ratio hovered under 0.8, signifying limited short-term liquidity relative to liabilities. A pronounced spike occurred in the second quarter of 2019, reaching 4.59, indicative of a sharp increase in quick assets relative to current liabilities during that quarter. Subsequently, the ratio stabilized around 0.95 to 0.98, reflecting a balanced short-term liquidity position with quick assets slightly less than or roughly equal to current liabilities through to the first quarter of 2022.
Overall, the data suggests that the company underwent a phase of rapid asset and liability growth in mid-2019, after which both metrics normalized to elevated but relatively stable levels. The quick ratio indicates a generally moderate liquidity position, with the exception of the significant anomaly in mid-2019. The stability of the ratio near 1.0 in recent quarters points to consistent short-term financial management.
Cash Ratio
Fiserv Inc., cash ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Cash and cash equivalents | 863) | 835) | 933) | 841) | 831) | 906) | 937) | 869) | 896) | 893) | 1,028) | 8,441) | 452) | 415) | 673) | 348) | 382) | ||||||
| Total cash assets | 863) | 835) | 933) | 841) | 831) | 906) | 937) | 869) | 896) | 893) | 1,028) | 8,441) | 452) | 415) | 673) | 348) | 382) | ||||||
| Current liabilities | 17,730) | 18,295) | 17,562) | 17,251) | 15,905) | 15,637) | 13,263) | 16,760) | 12,119) | 15,727) | 16,661) | 2,054) | 2,120) | 2,010) | 2,320) | 1,655) | 1,683) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Cash ratio1 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.07 | 0.05 | 0.07 | 0.06 | 0.06 | 4.11 | 0.21 | 0.21 | 0.29 | 0.21 | 0.23 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||
| Accenture PLC | 0.37 | 0.52 | 0.67 | 0.65 | 0.68 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Adobe Inc. | 0.65 | 0.84 | 1.00 | 0.94 | 0.85 | 1.09 | 1.03 | 0.84 | 0.80 | — | — | — | — | — | — | — | — | ||||||
| AppLovin Corp. | 1.80 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Cadence Design Systems Inc. | 1.18 | 1.12 | 1.12 | 0.91 | 0.94 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| CrowdStrike Holdings Inc. | 1.71 | 2.22 | 1.51 | 1.76 | 1.81 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Datadog Inc. | 2.78 | 2.94 | 3.33 | 3.70 | 4.82 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| International Business Machines Corp. | 0.32 | 0.22 | 0.23 | 0.22 | 0.31 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Intuit Inc. | 1.52 | 1.46 | 1.52 | 1.02 | 2.69 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Microsoft Corp. | 1.62 | 1.47 | 1.74 | 1.96 | 1.97 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Oracle Corp. | 1.70 | 1.93 | 1.77 | 1.81 | 2.26 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Palantir Technologies Inc. | 3.77 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Palo Alto Networks Inc. | 0.48 | 0.57 | 0.98 | 0.72 | 1.22 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Salesforce Inc. | 0.98 | 0.67 | 0.78 | 0.72 | 0.76 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| ServiceNow Inc. | 0.83 | 0.67 | 0.80 | 0.76 | 0.94 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Synopsys Inc. | 0.51 | 0.65 | 0.66 | 0.65 | 0.47 | 0.58 | 0.51 | 0.42 | 0.34 | — | — | — | — | — | — | — | — | ||||||
| Workday Inc. | 0.71 | 0.83 | 0.81 | 1.08 | 0.94 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 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 2022 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 863 ÷ 17,730 = 0.05
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends in liquidity and short-term obligations over the observed period.
- Total Cash Assets
-
The total cash assets exhibit significant fluctuations throughout the timeline. Initially, cash assets range between approximately 348 million and 1,028 million US dollars, with noticeable peaks during the second quarter of 2019 reaching 1,028 million and subsequent moderate levels closer to 900 million in the following quarters. The amount stabilizes around the 800 to 900 million range from early 2020 onwards, with minor variations through to the first quarter of 2022.
- Current Liabilities
-
Current liabilities display a generally increasing trend, particularly notable in the latter part of 2019 where an abnormal spike occurs in the third and fourth quarters, sharply increasing from around 2,000 million to values near or above 16,000 million US dollars. Following this spike, the liabilities fluctuate but mostly stabilize between 15,000 and 18,000 million US dollars through 2020 into early 2022. This represents a substantial rise from earlier periods where liabilities were consistently below 3,000 million.
- Cash Ratio
-
The cash ratio, which indicates the company's ability to cover current liabilities with cash assets, fluctuates significantly over time. Before mid-2019, the ratio hovers around 0.21 to 0.29, suggesting a moderate liquidity position. However, a dramatic spike in the second quarter of 2019 shows an unusually high ratio of 4.11, indicating a temporary surge in cash relative to liabilities. Following this anomaly, the cash ratio drops sharply and remains very low, fluctuating between 0.05 and 0.07 for the rest of the period. This low ratio highlights a reduced ability to cover short-term obligations purely with cash assets in recent quarters.
In summary, the data suggests that while cash assets have experienced some stability and moderate increases in recent years, current liabilities have grown substantially, particularly after mid-2019. The resulting low and stable cash ratio in the later periods indicates decreased liquidity relative to short-term obligations, potentially increasing financial risk if short-term liabilities require immediate settlement through cash resources.