Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Intuitive Surgical Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 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).
The analysis of the liquidity ratios over the given quarterly periods reveals several notable trends. All three ratios—current ratio, quick ratio, and cash ratio—demonstrate relatively high levels across the entire timeline, indicating a strong liquidity position consistently maintained by the company.
- Current Ratio
- The current ratio shows an overall decreasing trend from the beginning through to the end of the period analyzed, starting at 4.96 on March 31, 2020, and fluctuating with peaks and troughs throughout. It peaks at 7.04 in September 2020 and generally declines thereafter with intermittent slight recoveries, reaching a low of 4.07 in December 2024. The ratio recovers slightly to 4.98 by March 31, 2025. Despite the decline, values remain well above 1, indicating continued ability to cover short-term liabilities with current assets.
- Quick Ratio
- The quick ratio mirrors the current ratio’s downward trajectory but at lower absolute values. It starts at 4 in March 2020, peaks at 5.96 in December 2020, and then generally declines through the subsequent quarters, reaching its lowest point of 3 in December 2024 before a mild recovery to 3.73 in March 2025. The decrease suggests a relative reduction in more liquid assets (excluding inventories) over time, although liquidity remains robust.
- Cash Ratio
- The cash ratio also exhibits a declining pattern from 3.44 in March 2020 to its lowest point of 2.3 in December 2024. Initial growth occurs through mid-2020, followed by fluctuations that trend downward. The ratio experiences slight improvements towards the final quarters, ending at 2.93 in March 2025. Despite the downward movement, the cash ratio indicates the company retains a strong cash position relative to current liabilities throughout.
In summary, the liquidity ratios indicate that while the company’s ability to cover short-term obligations with its most liquid assets has gradually diminished over the four-year period, the overall liquidity position remains strong. The gradual decline in these ratios may warrant monitoring to ensure that the company maintains adequate liquidity levels to support its operational needs in the future.
Current Ratio
Intuitive Surgical Inc., current ratio calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Current assets | 7,657,800) | 7,111,000) | 7,215,600) | 7,654,300) | 7,632,700) | 7,888,000) | 8,902,900) | 8,031,800) | 6,877,000) | 6,253,000) | 6,293,100) | 6,292,500) | 5,803,200) | 5,844,900) | 5,728,000) | 6,016,600) | 6,066,400) | 6,625,900) | 6,300,300) | 5,899,000) | 4,691,500) | |||||||
| Current liabilities | 1,538,100) | 1,745,300) | 1,676,800) | 1,487,500) | 1,375,100) | 1,658,700) | 1,676,400) | 1,538,400) | 1,307,400) | 1,422,100) | 1,233,400) | 1,175,000) | 1,112,200) | 1,149,800) | 1,027,300) | 1,004,600) | 904,600) | 965,200) | 894,700) | 924,800) | 945,900) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Current ratio1 | 4.98 | 4.07 | 4.30 | 5.15 | 5.55 | 4.76 | 5.31 | 5.22 | 5.26 | 4.40 | 5.10 | 5.36 | 5.22 | 5.08 | 5.58 | 5.99 | 6.71 | 6.86 | 7.04 | 6.38 | 4.96 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 1.78 | 1.67 | 1.60 | 1.68 | 1.60 | 1.64 | 1.74 | 1.64 | 1.68 | 1.63 | 1.86 | 2.01 | 1.85 | 1.85 | 1.83 | 1.79 | 1.75 | 1.72 | 1.70 | 1.57 | 1.43 | |||||||
| CVS Health Corp. | 0.82 | 0.81 | 0.80 | 0.86 | 0.81 | 0.86 | 0.86 | 0.86 | 0.92 | 0.94 | 0.94 | 0.91 | 0.88 | 0.88 | 0.94 | 0.95 | 0.93 | 0.91 | 0.95 | 0.98 | 0.99 | |||||||
| Elevance Health Inc. | 1.43 | 1.45 | 1.50 | 1.49 | 1.37 | 1.44 | 1.41 | 1.44 | 1.43 | 1.40 | 1.35 | 1.36 | 1.36 | 1.47 | 1.48 | 1.49 | 1.57 | 1.55 | 1.59 | 1.64 | 1.53 | |||||||
| Medtronic PLC | 2.13 | 2.03 | 2.30 | 2.29 | 2.42 | 2.39 | 1.76 | 1.76 | 1.58 | 1.86 | 2.61 | 2.91 | 2.89 | 2.65 | 2.10 | 2.16 | 1.87 | 2.13 | 2.75 | 2.77 | 2.67 | |||||||
| UnitedHealth Group Inc. | 0.85 | 0.83 | 0.91 | 0.88 | 0.85 | 0.79 | 0.80 | 0.80 | 0.81 | 0.77 | 0.82 | 0.77 | 0.78 | 0.79 | 0.77 | 0.77 | 0.74 | 0.74 | 0.82 | 0.84 | 0.75 | |||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 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).
1 Q1 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 7,657,800 ÷ 1,538,100 = 4.98
2 Click competitor name to see calculations.
- Current Assets
- The current assets demonstrate an overall upward trend with some fluctuations across the observed periods. Starting at approximately 4.69 billion US dollars in March 2020, current assets increased substantially to around 6.63 billion by the end of 2020. Thereafter, there was a slight decline in early 2021 followed by a generally stable to rising pattern, reaching a peak close to 8.9 billion in September 2023. A decrease is noted in the last few quarters, ending near 7.66 billion by March 2025. This suggests growth in liquid and short-term resources over the medium term with some recent variability.
- Current Liabilities
- Current liabilities show a moderate upward movement over the period with some variability. Beginning at roughly 945.9 million US dollars in March 2020, they trended slightly downward into mid-2020 but rose significantly toward the end of 2021, reaching approximately 1.15 billion. This upward movement continues with fluctuations, peaking at about 1.75 billion in December 2024 before declining somewhat to about 1.54 billion in March 2025. The general trend indicates increasing short-term obligations but with variability suggesting changes potentially related to operating cycles or financing activities.
- Current Ratio
- The current ratio indicates a strong liquidity position throughout the periods but exhibits a gradual decline from very high levels. Starting with an exceptionally high ratio of 4.96 in March 2020, liquidity peaked around 7.04 in September 2020 and remained above 5 until late 2022. From early 2023, the ratio shows a downward trend, reaching a low near 4.07 in December 2024, with a slight recovery to 4.98 in March 2025. Despite the decrease, the current ratio remains well above the benchmark of 1, signifying a solid ability to cover short-term liabilities with current assets. The decline in ratio in recent periods may reflect the relative increase in current liabilities or a moderation in asset growth.
Quick Ratio
Intuitive Surgical Inc., quick ratio calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Cash and cash equivalents | 2,573,800) | 2,027,400) | 2,413,300) | 3,036,700) | 2,839,500) | 2,750,100) | 3,602,000) | 3,435,400) | 2,143,000) | 1,581,200) | 1,538,000) | 1,536,100) | 1,103,100) | 1,290,900) | 1,346,700) | 1,615,500) | 1,401,800) | 1,622,600) | 1,370,600) | 2,035,600) | 1,223,800) | |||||||
| Short-term investments | 1,937,500) | 1,985,900) | 1,818,400) | 1,720,500) | 1,960,600) | 2,473,100) | 2,873,700) | 2,363,800) | 2,549,200) | 2,536,700) | 2,775,900) | 2,901,300) | 2,882,500) | 2,913,100) | 2,741,500) | 2,823,700) | 3,155,700) | 3,488,800) | 3,347,600) | 2,452,700) | 2,029,600) | |||||||
| Accounts receivable, net | 1,221,500) | 1,225,400) | 1,153,000) | 1,109,100) | 1,127,900) | 1,130,200) | 962,700) | 904,200) | 925,300) | 942,100) | 849,600) | 838,500) | 906,100) | 782,700) | 695,000) | 699,900) | 654,300) | 645,500) | 588,600) | 508,800) | 527,600) | |||||||
| Total quick assets | 5,732,800) | 5,238,700) | 5,384,700) | 5,866,300) | 5,928,000) | 6,353,400) | 7,438,400) | 6,703,400) | 5,617,500) | 5,060,000) | 5,163,500) | 5,275,900) | 4,891,700) | 4,986,700) | 4,783,200) | 5,139,100) | 5,211,800) | 5,756,900) | 5,306,800) | 4,997,100) | 3,781,000) | |||||||
| Current liabilities | 1,538,100) | 1,745,300) | 1,676,800) | 1,487,500) | 1,375,100) | 1,658,700) | 1,676,400) | 1,538,400) | 1,307,400) | 1,422,100) | 1,233,400) | 1,175,000) | 1,112,200) | 1,149,800) | 1,027,300) | 1,004,600) | 904,600) | 965,200) | 894,700) | 924,800) | 945,900) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Quick ratio1 | 3.73 | 3.00 | 3.21 | 3.94 | 4.31 | 3.83 | 4.44 | 4.36 | 4.30 | 3.56 | 4.19 | 4.49 | 4.40 | 4.34 | 4.66 | 5.12 | 5.76 | 5.96 | 5.93 | 5.40 | 4.00 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 1.09 | 1.05 | 1.00 | 1.02 | 0.95 | 1.00 | 1.04 | 1.00 | 1.07 | 1.06 | 1.22 | 1.33 | 1.21 | 1.28 | 1.25 | 1.19 | 1.16 | 1.14 | 1.01 | 0.93 | 0.83 | |||||||
| CVS Health Corp. | 0.59 | 0.56 | 0.54 | 0.60 | 0.54 | 0.59 | 0.60 | 0.59 | 0.61 | 0.62 | 0.64 | 0.62 | 0.54 | 0.55 | 0.59 | 0.58 | 0.54 | 0.53 | 0.58 | 0.63 | 0.60 | |||||||
| Elevance Health Inc. | 1.31 | 1.32 | 1.34 | 1.32 | 1.23 | 1.30 | 1.29 | 1.32 | 1.31 | 1.27 | 1.21 | 1.22 | 1.23 | 1.33 | 1.33 | 1.35 | 1.43 | 1.42 | 1.45 | 1.49 | 1.37 | |||||||
| Medtronic PLC | 1.35 | 1.31 | 1.46 | 1.42 | 1.51 | 1.54 | 1.18 | 1.18 | 1.01 | 1.30 | 1.87 | 2.07 | 2.06 | 1.91 | 1.58 | 1.63 | 1.37 | 1.50 | 2.05 | 2.02 | 1.95 | |||||||
| UnitedHealth Group Inc. | 0.77 | 0.75 | 0.83 | 0.81 | 0.79 | 0.73 | 0.75 | 0.74 | 0.75 | 0.70 | 0.77 | 0.71 | 0.72 | 0.72 | 0.71 | 0.71 | 0.68 | 0.68 | 0.75 | 0.76 | 0.66 | |||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 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).
1 Q1 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 5,732,800 ÷ 1,538,100 = 3.73
2 Click competitor name to see calculations.
- Total Quick Assets
- The total quick assets experienced an overall upward trend from March 31, 2020, reaching a peak in September 30, 2023, at approximately 7,438,400 thousand US dollars. There was a general increase from about 3,781,000 thousand US dollars in early 2020 to a maximum around late 2023. However, from September 2023 onwards, a decline is observed until March 31, 2025, where the amount decreased to roughly 5,732,800 thousand US dollars. Periodic fluctuations are noted but the trajectory predominantly shows growth until late 2023, followed by a reduction in subsequent quarters.
- Current Liabilities
- Current liabilities showed a gradual increase over the analyzed timeframe. Starting from 945,900 thousand US dollars in March 31, 2020, the values rose to a high point near 1,746,300 thousand US dollars by December 31, 2024. After this peak, the liabilities slightly decreased to 1,538,100 thousand US dollars by March 31, 2025. The trend conveys a steady rise in short-term obligations, with minor declines toward the end of the period but remaining elevated compared to the initial values.
- Quick Ratio
- The quick ratio displayed a declining pattern overall. Initially, the ratio was very strong, starting at 4.0 in March 2020 and peaking at 5.96 by December 31, 2020. After that, a notable downward trend ensued, reaching as low as 3.0 during September 30, 2024. There was a slight recovery toward the end of the period, closing at 3.73 by March 31, 2025. This suggests that while the company maintained solid liquidity in the earlier years, the relative coverage of current liabilities by liquid assets weakened over time, indicating a reduction in short-term financial safety margins.
- Summary Insights
- The data illustrates a consistent increase in total quick assets over most of the period, potentially reflecting growth in liquid resources or efficient asset management. Simultaneously, current liabilities increased significantly, which may contribute to the observed pressure on liquidity ratios. The decline in the quick ratio despite higher quick assets suggests that liabilities grew at a comparatively faster rate, reducing the buffer to cover short-term obligations. The slight recovery of the quick ratio near the end of the period may indicate corrective measures to strengthen liquidity. Overall, the trends highlight the importance of monitoring both asset liquidity and liability levels to maintain financial stability.
Cash Ratio
Intuitive Surgical Inc., cash ratio calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Cash and cash equivalents | 2,573,800) | 2,027,400) | 2,413,300) | 3,036,700) | 2,839,500) | 2,750,100) | 3,602,000) | 3,435,400) | 2,143,000) | 1,581,200) | 1,538,000) | 1,536,100) | 1,103,100) | 1,290,900) | 1,346,700) | 1,615,500) | 1,401,800) | 1,622,600) | 1,370,600) | 2,035,600) | 1,223,800) | |||||||
| Short-term investments | 1,937,500) | 1,985,900) | 1,818,400) | 1,720,500) | 1,960,600) | 2,473,100) | 2,873,700) | 2,363,800) | 2,549,200) | 2,536,700) | 2,775,900) | 2,901,300) | 2,882,500) | 2,913,100) | 2,741,500) | 2,823,700) | 3,155,700) | 3,488,800) | 3,347,600) | 2,452,700) | 2,029,600) | |||||||
| Total cash assets | 4,511,300) | 4,013,300) | 4,231,700) | 4,757,200) | 4,800,100) | 5,223,200) | 6,475,700) | 5,799,200) | 4,692,200) | 4,117,900) | 4,313,900) | 4,437,400) | 3,985,600) | 4,204,000) | 4,088,200) | 4,439,200) | 4,557,500) | 5,111,400) | 4,718,200) | 4,488,300) | 3,253,400) | |||||||
| Current liabilities | 1,538,100) | 1,745,300) | 1,676,800) | 1,487,500) | 1,375,100) | 1,658,700) | 1,676,400) | 1,538,400) | 1,307,400) | 1,422,100) | 1,233,400) | 1,175,000) | 1,112,200) | 1,149,800) | 1,027,300) | 1,004,600) | 904,600) | 965,200) | 894,700) | 924,800) | 945,900) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Cash ratio1 | 2.93 | 2.30 | 2.52 | 3.20 | 3.49 | 3.15 | 3.86 | 3.77 | 3.59 | 2.90 | 3.50 | 3.78 | 3.58 | 3.66 | 3.98 | 4.42 | 5.04 | 5.30 | 5.27 | 4.85 | 3.44 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 0.53 | 0.56 | 0.52 | 0.52 | 0.47 | 0.53 | 0.54 | 0.57 | 0.66 | 0.66 | 0.74 | 0.75 | 0.65 | 0.78 | 0.75 | 0.71 | 0.67 | 0.60 | 0.46 | 0.46 | 0.34 | |||||||
| CVS Health Corp. | 0.14 | 0.13 | 0.11 | 0.20 | 0.16 | 0.14 | 0.20 | 0.21 | 0.24 | 0.23 | 0.28 | 0.22 | 0.16 | 0.18 | 0.20 | 0.17 | 0.15 | 0.18 | 0.19 | 0.27 | 0.21 | |||||||
| Elevance Health Inc. | 0.79 | 0.85 | 0.90 | 0.86 | 0.82 | 0.87 | 0.90 | 0.92 | 0.91 | 0.86 | 0.87 | 0.86 | 0.86 | 0.95 | 0.97 | 0.97 | 1.08 | 1.04 | 1.04 | 1.10 | 0.95 | |||||||
| Medtronic PLC | 0.76 | 0.74 | 0.85 | 0.80 | 0.87 | 0.88 | 0.77 | 0.79 | 0.63 | 0.85 | 1.26 | 1.37 | 1.36 | 1.27 | 1.17 | 1.18 | 0.99 | 1.06 | 1.33 | 1.27 | 1.25 | |||||||
| UnitedHealth Group Inc. | 0.30 | 0.28 | 0.37 | 0.33 | 0.35 | 0.34 | 0.42 | 0.44 | 0.43 | 0.36 | 0.46 | 0.36 | 0.37 | 0.36 | 0.35 | 0.35 | 0.33 | 0.33 | 0.37 | 0.42 | 0.35 | |||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 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).
1 Q1 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 4,511,300 ÷ 1,538,100 = 2.93
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends and shifts in the key liquidity indicators over the observed periods.
- Total Cash Assets
-
Total cash assets demonstrated an overall fluctuating pattern across the quarters. Starting at approximately 3.25 billion USD in March 2020, cash reserves peaked in September 2023 at around 6.48 billion USD, reflecting a significant accumulation over the period. However, intermittent declines were evident, including a notable drop towards the end of 2023 and into early 2024, where cash assets decreased to levels closer to 4.8 billion USD and below. The most recent quarters show a downward trend, suggesting a reduction in cash holdings after the peak.
- Current Liabilities
-
Current liabilities exhibited a generally rising trend from 945.9 million USD in March 2020 to a peak exceeding 1.67 billion USD in both September and December 2024. The liability figures increased steadily with some volatility, especially from 2021 onwards, where quarterly values consistently remained above the one billion USD mark. Notably, after the peak periods in late 2024, there was a slight decrease in March 2025, indicating some reduction in short-term obligations.
- Cash Ratio
-
The cash ratio, an indicator of liquidity reflecting the ability to cover current liabilities with cash and cash equivalents, displayed a downward trajectory overall. Initially high at 3.44 in March 2020, it peaked above 5 in late 2020, suggesting very strong liquidity at that time. Subsequently, the ratio declined steadily, falling below 3 in the majority of quarters from early 2022 onwards. The lowest point was observed at 2.3 in June 2024, indicating a reduction in liquidity strength relative to current liabilities. A minor recovery to 2.93 in the most recent quarter points to some improvement but overall the ratio remains lower compared to earlier periods.
In summary, the data reflects a company that increased its cash holdings substantially through mid to late 2023 but faced growing current liabilities, which, combined with a declining cash ratio, indicates a relative decrease in liquidity coverage over time. This pattern suggests careful monitoring of short-term financial obligations and liquidity management remains important for ongoing financial stability.