Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
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Liquidity Ratios (Summary)
KLA Corp., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
- Current Ratio
- The current ratio exhibited a general downward trend from September 2018 to December 2023. Initially, it was strong at 3.45 in September 2018, gradually declining to a low of 1.91 by December 2023. This decrease indicates a reduction in short-term liquidity over this period. However, from December 2023 onward, the ratio showed some recovery, increasing to 2.54 by March 2025, suggesting a modest improvement in the company's ability to cover current liabilities with current assets in the more recent periods.
- Quick Ratio
- The quick ratio followed a similar downward trajectory as the current ratio. Starting at 2.58 in September 2018, it steadily declined to 1.13 by December 2023. This pattern highlights a weakening in the company's liquidity position when considering only its most liquid assets, excluding inventory. Post-December 2023, the quick ratio demonstrated a slight increase, reaching 1.58 in March 2025, indicating gradual improvement in liquid asset coverage of current liabilities.
- Cash Ratio
- The cash ratio showed the most pronounced decline among the liquidity metrics. From a high of 2.12 in September 2018, it fell sharply to 0.73 by December 2023. This suggests a substantial reduction in immediate liquidity, i.e., cash and cash equivalents available to meet short-term obligations. Although there was a modest rebound after December 2023, with the ratio increasing to 1.03 by March 2025, the cash ratio remained significantly lower than the initial levels, indicating tighter cash reserves relative to liabilities.
- General Insights
- Collectively, these ratios indicate a gradual weakening of the company’s liquidity position over the analyzed period, with the most significant declines occurring in the cash and quick ratios. The current ratio’s higher values reflect the inclusion of inventory and other current assets, which partially cushion liquidity pressures. The slight improvements across all ratios in the last few quarters suggest that management may have taken measures to enhance liquidity. Nonetheless, the overall trend points towards a more conservative need to monitor short-term financial stability and asset liquidity.
Current Ratio
KLA Corp., 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Current assets | |||||||||||||||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||||||||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||||||||
| Current ratio1 | |||||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | |||||||||||||||||||||||||||||||||||
| Analog Devices Inc. | |||||||||||||||||||||||||||||||||||
| Applied Materials Inc. | |||||||||||||||||||||||||||||||||||
| Broadcom Inc. | |||||||||||||||||||||||||||||||||||
| Intel Corp. | |||||||||||||||||||||||||||||||||||
| Lam Research Corp. | |||||||||||||||||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
1 Q3 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The current assets exhibit an overall increasing trend from September 30, 2018, to September 30, 2024. Initially, there is a slight fluctuation with a minor dip around mid-2019 and early 2020, followed by a more pronounced and consistent rise beginning in late 2020 through the end of 2022. After reaching a peak in December 2024, the value shows a marginal decline by the latest period in the data.
Current liabilities demonstrate a general upward trajectory over the analyzed timeframe. There are evident increments in liabilities between late 2018 and early 2020, followed by some fluctuations, including noticeable rises during 2021 and 2023. Although the liabilities peak around late 2023, a reduction occurs towards the latest reported period, indicating some improvement in managing short-term obligations.
The current ratio shows a downward trend from a high of 3.45 at the beginning of the period in September 2018 toward a low point of 1.91 at December 2023, indicating a decline in liquidity strength over this period. This decline suggests that current liabilities have been increasing at a relatively faster pace compared to current assets in certain intervals. However, from December 2023 onward, the current ratio begins to recover slightly and reaches 2.54 by September 2024, implying some restoration of short-term financial stability.
In summary, the data reflects a strengthening level of current assets overall, with concurrent growth in current liabilities that has pressured liquidity ratios downward for most of the period. The recent improvement in the current ratio signals cautious but positive movement in liquidity management. Such trends highlight the importance of ongoing monitoring of working capital components to maintain adequate operational flexibility.
Quick Ratio
KLA Corp., 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | |||||||||||||||||||||||||||||||||||
| Marketable securities | |||||||||||||||||||||||||||||||||||
| Accounts receivable, net | |||||||||||||||||||||||||||||||||||
| Total quick assets | |||||||||||||||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||||||||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||||||||
| Quick ratio1 | |||||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | |||||||||||||||||||||||||||||||||||
| Analog Devices Inc. | |||||||||||||||||||||||||||||||||||
| Applied Materials Inc. | |||||||||||||||||||||||||||||||||||
| Broadcom Inc. | |||||||||||||||||||||||||||||||||||
| Intel Corp. | |||||||||||||||||||||||||||||||||||
| Lam Research Corp. | |||||||||||||||||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
1 Q3 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Quick Assets
-
Total quick assets displayed a fluctuating trend across the reported quarters. Starting at approximately 3.38 billion USD in late 2018, the figure declined notably through early 2019, reaching a low around 2.73 billion USD by mid-2019. Subsequently, a recovery phase followed, with total quick assets increasing steadily and peaking near 5.14 billion USD in late 2022.
After this peak, there was a slight decline and some volatility in 2023, with values oscillating between approximately 4.83 and 5.19 billion USD. However, the final quarters show a strong upward movement again, culminating in an estimated 6.19 billion USD by the first quarter of 2025.
- Current Liabilities
-
Current liabilities exhibited an upward trajectory overall. Initial values in late 2018 were near 1.31 billion USD, subsequently rising throughout 2019 and reaching almost 2.77 billion USD by the last quarter of 2021.
The increase continued into 2022 and 2023, with liabilities peaking above 4.57 billion USD at the end of 2023. Afterward, a moderate decrease is observed in early 2024, settling near 3.90 billion USD by the last quarter reported.
- Quick Ratio
-
The quick ratio, indicative of short-term liquidity, shows a decline from a strong starting position of 2.58 in September 2018 to a low of 1.13 by late 2023. This decline reflects the faster growth in current liabilities relative to quick assets over the period.
After reaching the trough, the quick ratio stabilizes and even improves slightly in the most recent quarters, increasing to 1.58 by the first quarter of 2025. Despite this improvement, the ratio remains below the initial values, suggesting reduced liquidity cushion compared to earlier years.
- Overall Analysis
-
The data indicates an environment of increasing current liabilities alongside growth in quick assets, although the liabilities have generally risen at a faster pace, pressuring liquidity ratios downward.
The initial decline in quick assets through 2019 accompanied by rising liabilities resulted in a marked deterioration of the quick ratio. However, the subsequent accumulation of quick assets helped in partially restoring liquidity. The improvement in the liquidity ratio in recent quarters suggests proactive management but continued attention to balancing liabilities and liquid assets may be warranted.
Cash Ratio
KLA Corp., 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | |||||||||||||||||||||||||||||||||||
| Marketable securities | |||||||||||||||||||||||||||||||||||
| Total cash assets | |||||||||||||||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||||||||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||||||||
| Cash ratio1 | |||||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | |||||||||||||||||||||||||||||||||||
| Analog Devices Inc. | |||||||||||||||||||||||||||||||||||
| Applied Materials Inc. | |||||||||||||||||||||||||||||||||||
| Broadcom Inc. | |||||||||||||||||||||||||||||||||||
| Intel Corp. | |||||||||||||||||||||||||||||||||||
| Lam Research Corp. | |||||||||||||||||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-K (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-K (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30).
1 Q3 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Cash Assets
-
The total cash assets exhibit considerable variability over the observed periods. Initially, from September 2018 to June 2019, there is a notable decline, dropping from approximately 2.78 billion to around 1.74 billion US dollars. This is followed by a period of recovery and growth, peaking near 2.81 billion by December 2021. Subsequently, fluctuations continue, with a peak exceeding 4.29 billion recorded in March 2024, before slightly decreasing again towards September 2025, ending near 4.03 billion. Overall, the trend suggests a capacity for replenishment and growth in cash assets after initial declines, reflecting potential liquidity management strategies or operating cash flow fluctuations.
- Current Liabilities
-
Current liabilities display a general upward trend throughout the timeline. Starting at about 1.31 billion US dollars in September 2018, liabilities increase steadily to surpass 3.48 billion by December 2022, with a peak around 4.57 billion in December 2023. Subsequently, liabilities decrease moderately, reaching approximately 3.91 billion by September 2025. The overall rising pattern may indicate increased short-term obligations or operational scaling, while the reduction towards the end might reflect improved liability management or repayment activities.
- Cash Ratio
-
The cash ratio experiences notable fluctuations, starting from a high level of 2.12 in September 2018 and declining sharply to below 1.0 by mid-2019. From this lower base, the ratio generally oscillates around 1.0 to 1.2 until late 2021, indicating a balanced position between cash assets and current liabilities. After December 2021, the ratio declines further, reaching lows near 0.73 in December 2023, signaling reduced liquidity relative to current liabilities. However, it recovers to just above 1.0 by September 2025. This pattern suggests periods of both conservative liquidity management and tighter cash conditions, with the most recent trend hinting at improving liquidity buffers.