Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Moderna Inc., liquidity ratios (quarterly data)
Based on: 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), 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).
The financial ratios over the observed periods reveal considerable fluctuations and an overall trend in liquidity management. The current ratio, quick ratio, and cash ratio demonstrate a significant initial decrease, followed by a general upward trajectory in recent quarters.
- Current Ratio
- The current ratio started at a very high level around 7.17 to 9.29 between early 2019 and mid-2020, indicating strong short-term liquidity. Thereafter, it sharply declined to a low of 1.24 to 1.43 during late 2020 and early 2021, suggesting a reduction in current assets relative to current liabilities. Since 2021, the ratio shows a consistent upward trend, increasing from around 1.39 to approximately 4.39 by the third quarter of 2024, indicating an improving ability to cover short-term obligations.
- Quick Ratio
- The quick ratio follows a similar pattern to the current ratio, beginning with very high values (around 7.01 to 9.10) up until mid-2020, reflecting ample liquid assets. It dropped sharply to levels near 1.13 to 1.52 by early 2021, indicating that immediate liquid assets relative to current liabilities were significantly reduced during that period. From 2021 onwards, the quick ratio has displayed a steady increase, reaching values close to 3.83 in the third quarter of 2024, which reflects strengthening liquidity excluding inventories.
- Cash Ratio
- The cash ratio exhibits the most pronounced volatility: starting very high between 6.97 and 9.05 in 2019 to mid-2020, then plunging steeply to around 0.89 to 1.18 through the latter part of 2020 and early 2021. This drop highlights a considerable decline in the most liquid assets (cash and equivalents) relative to current liabilities. After this trough, the cash ratio steadily improved, reaching approximately 3.12 by the third quarter of 2024, indicating a strong recovery and accumulation of cash reserves.
Overall, the ratios reflect a phase of exceptionally high liquidity followed by a significant contraction in 2020, with the lowest liquidity measures observed around early 2021. Subsequent quarters reveal a robust improvement trend, showing the company's efforts to rebuild and maintain strong liquidity buffers. The recovery in the cash ratio is particularly notable, suggesting enhanced cash management or cash inflows in the latest periods.
Current Ratio
Moderna Inc., current ratio calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Current assets | 9,666) | 9,661) | 9,600) | 10,325) | 10,799) | 10,599) | 12,122) | 13,431) | 14,297) | 13,563) | 16,350) | 16,071) | 13,425) | 10,969) | 11,703) | 6,298) | 3,577) | 2,797) | 1,250) | 1,129) | 1,094) | 1,097) | 1,141) | |||||||
| Current liabilities | 2,201) | 2,363) | 2,380) | 3,015) | 4,385) | 3,123) | 3,499) | 4,923) | 6,807) | 6,812) | 9,238) | 9,128) | 9,957) | 8,840) | 8,441) | 4,389) | 1,474) | 162) | 135) | 143) | 148) | 162) | 159) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||
| Current ratio1 | 4.39 | 4.09 | 4.03 | 3.42 | 2.46 | 3.39 | 3.46 | 2.73 | 2.10 | 1.99 | 1.77 | 1.76 | 1.35 | 1.24 | 1.39 | 1.43 | 2.43 | 17.30 | 9.29 | 7.89 | 7.40 | 6.77 | 7.17 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||||||
| AbbVie Inc. | 0.65 | 0.81 | 0.94 | 0.87 | 0.96 | 0.89 | 0.96 | 0.96 | 0.93 | 0.84 | 0.82 | 0.79 | 1.01 | 0.91 | 0.83 | 0.84 | 0.95 | 0.86 | 3.14 | — | — | — | — | |||||||
| Amgen Inc. | 1.32 | 1.26 | 1.42 | 1.65 | 2.86 | 2.77 | 3.14 | 1.41 | 1.68 | 1.53 | 1.44 | 1.59 | 1.64 | 1.31 | 1.66 | 1.81 | 2.28 | 2.18 | 1.59 | — | — | — | — | |||||||
| Bristol-Myers Squibb Co. | 1.24 | 1.16 | 1.11 | 1.43 | 1.18 | 1.39 | 1.42 | 1.25 | 1.42 | 1.44 | 1.32 | 1.52 | 1.47 | 1.54 | 1.56 | 1.58 | 1.67 | 1.47 | 1.66 | — | — | — | — | |||||||
| Danaher Corp. | 1.37 | 1.43 | 1.85 | 1.68 | 2.26 | 2.08 | 1.89 | 1.89 | 1.78 | 1.75 | 1.68 | 1.43 | 1.48 | 2.26 | 2.05 | 1.86 | 2.08 | 2.20 | 1.32 | — | — | — | — | |||||||
| Eli Lilly & Co. | 1.27 | 1.11 | 1.35 | 0.94 | 1.05 | 1.13 | 1.30 | 1.05 | 1.13 | 1.10 | 1.27 | 1.23 | 1.30 | 1.15 | 1.42 | 1.40 | 1.36 | 1.22 | 1.11 | — | — | — | — | |||||||
| Gilead Sciences Inc. | 1.26 | 1.14 | 1.08 | 1.43 | 1.34 | 1.02 | 1.28 | 1.29 | 1.30 | 1.43 | 1.48 | 1.27 | 1.37 | 1.36 | 1.37 | 1.40 | 3.25 | 2.33 | 3.04 | — | — | — | — | |||||||
| Johnson & Johnson | 1.03 | 1.07 | 1.17 | 1.16 | 1.21 | 1.12 | 1.07 | 0.99 | 1.43 | 1.42 | 1.39 | 1.35 | 1.34 | 1.39 | 1.28 | 1.21 | 1.48 | 1.25 | 1.31 | — | — | — | — | |||||||
| Merck & Co. Inc. | 1.36 | 1.47 | 1.25 | 1.25 | 1.38 | 1.28 | 1.44 | 1.47 | 1.46 | 1.39 | 1.40 | 1.27 | 1.31 | 1.31 | 1.02 | 1.02 | 1.30 | 1.32 | 1.11 | — | — | — | — | |||||||
| Pfizer Inc. | 1.00 | 0.86 | 1.05 | 0.91 | 2.38 | 2.12 | 1.37 | 1.22 | 1.59 | 1.42 | 1.39 | 1.40 | 1.39 | 1.37 | 1.48 | 1.35 | 1.40 | 1.42 | 1.03 | — | — | — | — | |||||||
| Regeneron Pharmaceuticals Inc. | 5.28 | 5.44 | 5.27 | 5.69 | 5.18 | 5.45 | 5.45 | 5.06 | 5.36 | 5.12 | 4.76 | 3.56 | 3.71 | 3.57 | 3.12 | 3.63 | 3.89 | 2.12 | 4.21 | — | — | — | — | |||||||
| Thermo Fisher Scientific Inc. | 1.63 | 1.72 | 1.70 | 1.75 | 1.63 | 1.42 | 1.27 | 1.48 | 1.74 | 1.65 | 1.56 | 1.50 | 3.19 | 2.78 | 2.53 | 2.13 | 2.93 | 2.62 | 2.32 | — | — | — | — | |||||||
| Vertex Pharmaceuticals Inc. | 2.47 | 2.52 | 3.50 | 3.99 | 4.08 | 4.14 | 4.28 | 4.83 | 4.70 | 4.50 | 4.75 | 4.46 | 4.62 | 4.61 | 4.39 | 4.33 | 3.72 | 3.72 | 3.54 | — | — | — | — | |||||||
Based on: 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), 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).
1 Q3 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 9,666 ÷ 2,201 = 4.39
2 Click competitor name to see calculations.
The analysis of the quarterly financial metrics reveals notable fluctuations in the liquidity position over the observed periods.
- Current Assets
- Current assets have undergone significant changes from 2019 through 2024. Initially, the values remained relatively stable around the range of approximately 1100 to 1300 million US dollars through 2019 to early 2020. Starting mid-2020, a sharp increase is observed, peaking at over 16,000 million US dollars by the end of 2021. Following this peak, current assets declined steadily through 2022 and 2023, settling around 9600 to 10300 million US dollars in the first half of 2024.
- Current Liabilities
- Current liabilities showed a gradual increase from 2019 through mid-2020, then surged significantly by late 2020 to early 2021, reaching a peak of approximately 9957 million US dollars in the third quarter of 2021. Post-peak, liabilities decreased consistently over 2022 to 2024, falling to levels near 2200 million US dollars by the third quarter of 2024.
- Current Ratio
- The current ratio, indicating liquidity strength, displayed a dramatic volatility over the period. From early 2019 through mid-2020, it was relatively high, reaching extremely elevated values (above 9 and then 17 times) during early to mid-2020, likely due to a faster increase in current assets relative to liabilities. However, in the latter half of 2020 and throughout 2021, the ratio declined sharply to values around 1.2 to 1.7, suggesting tighter liquidity conditions. From 2022 onwards, the ratio steadily improved, rising back above 4.0 by mid to late 2024, signifying a strengthening liquidity position with current assets outpacing liabilities by more than four times.
Overall, the data illustrates a period of heightened liquidity and increased asset accumulation in 2020 and early 2021, followed by a contraction phase throughout 2022 and 2023. The decline in liabilities after 2021 contributed to a recovery in liquidity ratios after a trough in 2021. The most recent quarters indicate a stable and improving liquidity profile, reflecting prudent management of working capital components.
Quick Ratio
Moderna Inc., quick ratio calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Cash and cash equivalents | 1,644) | 2,478) | 2,051) | 2,907) | 2,932) | 3,801) | 3,441) | 3,205) | 3,027) | 2,873) | 5,048) | 6,848) | 5,550) | 5,603) | 5,442) | 2,624) | 1,506) | 1,762) | 392) | 236) | 174) | 152) | 503) | |||||||
| Investments | 5,223) | 6,010) | 6,472) | 5,697) | 4,641) | 4,658) | 5,482) | 6,697) | 5,321) | 5,024) | 5,067) | 3,879) | 3,356) | 2,387) | 2,293) | 1,984) | 1,771) | 955) | 826) | 867) | 885) | 919) | 606) | |||||||
| Accounts receivable, net | 1,564) | 163) | 137) | 892) | 1,866) | 232) | 1,113) | 1,385) | 2,695) | 2,691) | 3,173) | 3,175) | 3,142) | 2,020) | 3,210) | 1,391) | 191) | 33) | 7) | 5) | 8) | 5) | 7) | |||||||
| Total quick assets | 8,431) | 8,651) | 8,660) | 9,496) | 9,439) | 8,691) | 10,036) | 11,287) | 11,043) | 10,588) | 13,288) | 13,902) | 12,048) | 10,010) | 10,945) | 5,998) | 3,467) | 2,750) | 1,225) | 1,108) | 1,067) | 1,075) | 1,116) | |||||||
| Current liabilities | 2,201) | 2,363) | 2,380) | 3,015) | 4,385) | 3,123) | 3,499) | 4,923) | 6,807) | 6,812) | 9,238) | 9,128) | 9,957) | 8,840) | 8,441) | 4,389) | 1,474) | 162) | 135) | 143) | 148) | 162) | 159) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||
| Quick ratio1 | 3.83 | 3.66 | 3.64 | 3.15 | 2.15 | 2.78 | 2.87 | 2.29 | 1.62 | 1.55 | 1.44 | 1.52 | 1.21 | 1.13 | 1.30 | 1.37 | 2.35 | 17.01 | 9.10 | 7.74 | 7.22 | 6.64 | 7.01 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||||
| AbbVie Inc. | 0.44 | 0.59 | 0.72 | 0.63 | 0.71 | 0.63 | 0.66 | 0.69 | 0.69 | 0.61 | 0.56 | 0.56 | 0.75 | 0.65 | 0.61 | 0.60 | 0.68 | 0.58 | 2.88 | — | — | — | — | |||||||
| Amgen Inc. | 0.80 | 0.75 | 0.84 | 0.99 | 2.41 | 2.34 | 2.62 | 0.95 | 1.17 | 0.99 | 0.90 | 1.06 | 1.19 | 0.86 | 1.16 | 1.30 | 1.65 | 1.60 | 1.10 | — | — | — | — | |||||||
| Bristol-Myers Squibb Co. | 0.84 | 0.78 | 0.78 | 1.04 | 0.77 | 0.94 | 1.01 | 0.87 | 0.98 | 1.07 | 1.03 | 1.20 | 1.16 | 1.16 | 1.25 | 1.28 | 1.43 | 1.26 | 1.38 | — | — | — | — | |||||||
| Danaher Corp. | 0.84 | 0.85 | 1.34 | 1.18 | 1.76 | 1.52 | 1.34 | 1.30 | 1.19 | 1.13 | 1.08 | 0.89 | 0.93 | 1.67 | 1.51 | 1.36 | 1.52 | 1.59 | 0.92 | — | — | — | — | |||||||
| Eli Lilly & Co. | 0.63 | 0.61 | 0.68 | 0.52 | 0.58 | 0.63 | 0.79 | 0.63 | 0.71 | 0.67 | 0.77 | 0.80 | 0.79 | 0.67 | 0.83 | 0.85 | 0.79 | 0.68 | 0.64 | — | — | — | — | |||||||
| Gilead Sciences Inc. | 0.82 | 0.69 | 0.72 | 1.06 | 0.98 | 0.78 | 0.95 | 0.99 | 0.96 | 1.06 | 1.06 | 0.95 | 1.01 | 1.05 | 0.99 | 1.08 | 2.93 | 2.09 | 2.78 | — | — | — | — | |||||||
| Johnson & Johnson | 0.70 | 0.77 | 0.84 | 0.82 | 0.86 | 0.84 | 0.81 | 0.71 | 1.10 | 1.09 | 1.06 | 1.04 | 1.03 | 1.04 | 0.97 | 0.91 | 1.17 | 0.92 | 0.98 | — | — | — | — | |||||||
| Merck & Co. Inc. | 0.88 | 0.88 | 0.68 | 0.68 | 0.83 | 0.74 | 0.90 | 0.93 | 0.90 | 0.85 | 0.84 | 0.73 | 0.78 | 0.75 | 0.58 | 0.58 | 0.77 | 0.84 | 0.66 | — | — | — | — | |||||||
| Pfizer Inc. | 0.56 | 0.42 | 0.57 | 0.50 | 1.78 | 1.59 | 0.88 | 0.80 | 1.18 | 1.02 | 0.95 | 1.00 | 0.99 | 0.91 | 0.88 | 0.78 | 0.93 | 0.98 | 0.60 | — | — | — | — | |||||||
| Regeneron Pharmaceuticals Inc. | 4.34 | 4.43 | 4.40 | 4.82 | 4.31 | 4.53 | 4.54 | 4.16 | 4.37 | 4.20 | 3.95 | 2.98 | 3.03 | 2.92 | 2.39 | 2.86 | 3.02 | 1.61 | 3.38 | — | — | — | — | |||||||
| Thermo Fisher Scientific Inc. | 1.13 | 1.24 | 1.19 | 1.27 | 1.13 | 0.89 | 0.80 | 1.06 | 1.06 | 0.98 | 0.97 | 1.00 | 2.37 | 1.92 | 1.70 | 1.63 | 2.16 | 1.83 | 1.48 | — | — | — | — | |||||||
| Vertex Pharmaceuticals Inc. | 2.08 | 2.10 | 3.15 | 3.60 | 3.74 | 3.82 | 3.95 | 4.46 | 4.28 | 4.14 | 4.37 | 4.04 | 4.21 | 4.16 | 4.06 | 4.02 | 3.46 | 3.47 | 3.27 | — | — | — | — | |||||||
Based on: 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), 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).
1 Q3 2024 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 8,431 ÷ 2,201 = 3.83
2 Click competitor name to see calculations.
The analysis of the financial data reveals distinct trends in liquidity and short-term financial health over the periods presented. The total quick assets exhibit a general increase from 2019 through late 2021, peaking around December 2021, followed by a gradual decline through 2024. Conversely, current liabilities show a substantial increase particularly during 2020 and early 2021, before significantly decreasing from mid-2021 onwards into 2024. This fluctuation in liabilities has a pronounced impact on the quick ratio, which measures the company's ability to meet short-term obligations.
- Total Quick Assets
- Beginning with a moderate level slightly above 1,000 million US dollars in early 2019, total quick assets increase steadily through 2020, reaching a notable peak near 13,900 million US dollars at the close of 2021. Following this peak, total quick assets decrease gradually but remain relatively high compared to the initial periods, settling in the range of approximately 8,400 to 11,000 million US dollars by 2024.
- Current Liabilities
- Current liabilities are stable and relatively low in early 2019, remaining below 200 million US dollars. However, a sharp rise is observed beginning in mid-2020, with liabilities surging to over 9,900 million US dollars by late 2021. After this peak, liabilities decrease significantly and steadily through 2022 and 2023, declining to levels around 2,200 million US dollars by mid-2024.
- Quick Ratio
- The quick ratio starts at a strong position above 7 in early 2019, peaking around 17 in mid-2020. This peak corresponds to a period of high quick assets relative to liabilities. Subsequently, the ratio drops sharply, reaching a low point of approximately 1.13 in mid-2021, indicating tighter liquidity at this time. From late 2021 onwards, the quick ratio improves steadily, rising to values consistently above 3 by 2023 and remaining stable into 2024, reflecting an improved ability to cover short-term obligations relative to liabilities.
Overall, the data indicate an initial period of liquidity growth followed by a phase of increased liabilities and tighter liquidity around 2020-2021. The subsequent reduction in current liabilities, combined with the retention of relatively high quick assets, results in strengthened liquidity positions from late 2021 through 2024. This trend suggests improved short-term financial stability and a stronger liquidity buffer in recent periods.
Cash Ratio
Moderna Inc., cash ratio calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Cash and cash equivalents | 1,644) | 2,478) | 2,051) | 2,907) | 2,932) | 3,801) | 3,441) | 3,205) | 3,027) | 2,873) | 5,048) | 6,848) | 5,550) | 5,603) | 5,442) | 2,624) | 1,506) | 1,762) | 392) | 236) | 174) | 152) | 503) | |||||||
| Investments | 5,223) | 6,010) | 6,472) | 5,697) | 4,641) | 4,658) | 5,482) | 6,697) | 5,321) | 5,024) | 5,067) | 3,879) | 3,356) | 2,387) | 2,293) | 1,984) | 1,771) | 955) | 826) | 867) | 885) | 919) | 606) | |||||||
| Total cash assets | 6,867) | 8,488) | 8,523) | 8,604) | 7,573) | 8,459) | 8,923) | 9,902) | 8,348) | 7,897) | 10,115) | 10,727) | 8,906) | 7,990) | 7,735) | 4,608) | 3,276) | 2,717) | 1,218) | 1,103) | 1,059) | 1,070) | 1,109) | |||||||
| Current liabilities | 2,201) | 2,363) | 2,380) | 3,015) | 4,385) | 3,123) | 3,499) | 4,923) | 6,807) | 6,812) | 9,238) | 9,128) | 9,957) | 8,840) | 8,441) | 4,389) | 1,474) | 162) | 135) | 143) | 148) | 162) | 159) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||
| Cash ratio1 | 3.12 | 3.59 | 3.58 | 2.85 | 1.73 | 2.71 | 2.55 | 2.01 | 1.23 | 1.16 | 1.09 | 1.18 | 0.89 | 0.90 | 0.92 | 1.05 | 2.22 | 16.81 | 9.05 | 7.71 | 7.16 | 6.61 | 6.97 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||||
| AbbVie Inc. | 0.17 | 0.31 | 0.44 | 0.34 | 0.38 | 0.27 | 0.24 | 0.31 | 0.36 | 0.29 | 0.23 | 0.28 | 0.43 | 0.30 | 0.31 | 0.30 | 0.33 | 0.25 | 2.50 | — | — | — | — | |||||||
| Amgen Inc. | 0.44 | 0.43 | 0.49 | 0.60 | 2.05 | 2.00 | 2.22 | 0.59 | 0.80 | 0.57 | 0.51 | 0.66 | 0.87 | 0.55 | 0.82 | 0.91 | 1.24 | 1.09 | 0.68 | — | — | — | — | |||||||
| Bristol-Myers Squibb Co. | 0.36 | 0.29 | 0.37 | 0.55 | 0.33 | 0.43 | 0.49 | 0.42 | 0.48 | 0.63 | 0.66 | 0.78 | 0.73 | 0.68 | 0.75 | 0.83 | 1.03 | 0.92 | 0.95 | — | — | — | — | |||||||
| Danaher Corp. | 0.36 | 0.35 | 0.90 | 0.71 | 1.31 | 1.02 | 0.85 | 0.71 | 0.64 | 0.53 | 0.49 | 0.32 | 0.35 | 1.07 | 0.93 | 0.82 | 0.94 | 0.99 | 0.52 | — | — | — | — | |||||||
| Eli Lilly & Co. | 0.14 | 0.12 | 0.14 | 0.11 | 0.11 | 0.15 | 0.23 | 0.13 | 0.18 | 0.18 | 0.19 | 0.26 | 0.28 | 0.22 | 0.26 | 0.29 | 0.30 | 0.20 | 0.14 | — | — | — | — | |||||||
| Gilead Sciences Inc. | 0.43 | 0.26 | 0.36 | 0.64 | 0.57 | 0.48 | 0.56 | 0.57 | 0.54 | 0.61 | 0.62 | 0.56 | 0.56 | 0.64 | 0.58 | 0.65 | 2.52 | 1.79 | 2.34 | — | — | — | — | |||||||
| Johnson & Johnson | 0.39 | 0.47 | 0.54 | 0.50 | 0.53 | 0.53 | 0.54 | 0.42 | 0.75 | 0.73 | 0.70 | 0.70 | 0.70 | 0.65 | 0.60 | 0.59 | 0.79 | 0.52 | 0.54 | — | — | — | — | |||||||
| Merck & Co. Inc. | 0.49 | 0.44 | 0.22 | 0.28 | 0.38 | 0.27 | 0.45 | 0.54 | 0.49 | 0.44 | 0.40 | 0.34 | 0.42 | 0.39 | 0.26 | 0.30 | 0.36 | 0.50 | 0.32 | — | — | — | — | |||||||
| Pfizer Inc. | 0.23 | 0.16 | 0.29 | 0.27 | 1.42 | 1.29 | 0.55 | 0.54 | 0.82 | 0.70 | 0.61 | 0.73 | 0.71 | 0.61 | 0.51 | 0.47 | 0.64 | 0.70 | 0.31 | — | — | — | — | |||||||
| Regeneron Pharmaceuticals Inc. | 2.68 | 2.80 | 2.94 | 3.17 | 2.75 | 2.88 | 2.89 | 2.46 | 2.44 | 2.49 | 2.34 | 1.45 | 1.56 | 1.05 | 1.09 | 1.33 | 1.29 | 0.85 | 1.95 | — | — | — | — | |||||||
| Thermo Fisher Scientific Inc. | 0.46 | 0.60 | 0.52 | 0.58 | 0.43 | 0.22 | 0.22 | 0.50 | 0.26 | 0.17 | 0.23 | 0.33 | 1.55 | 1.01 | 0.80 | 1.00 | 1.21 | 0.97 | 0.54 | — | — | — | — | |||||||
| Vertex Pharmaceuticals Inc. | 1.64 | 1.63 | 2.68 | 3.16 | 3.31 | 3.35 | 3.44 | 3.93 | 3.74 | 3.62 | 3.78 | 3.51 | 3.64 | 3.65 | 3.56 | 3.55 | 3.07 | 3.03 | 2.72 | — | — | — | — | |||||||
Based on: 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), 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).
1 Q3 2024 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 6,867 ÷ 2,201 = 3.12
2 Click competitor name to see calculations.
- Total Cash Assets
- The total cash assets presented a steady level from March 2019 through March 2020, fluctuating in the range of approximately 1,050 to 1,200 million US dollars. Starting in mid-2020, there was a sharp and significant increase, peaking at over 10,727 million US dollars by December 2021. This surge likely reflects a substantial inflow of cash during this period. Following this peak, total cash assets experienced a declining trend into 2022, reaching a low around 7,897 million US dollars in June 2022. Afterward, assets showed some recovery and stabilization throughout 2023 with values oscillating between roughly 7,573 and 9,902 million US dollars. However, by the first three quarters of 2024, total cash assets declined again, reaching around 6,867 million US dollars by September 2024.
- Current Liabilities
- Current liabilities remained relatively stable and low from March 2019 to June 2020, fluctuating roughly between 135 and 162 million US dollars. After June 2020, current liabilities rose dramatically, peaking at approximately 9,957 million US dollars in September 2021. This substantial increase coincides with the increase in total cash assets and suggests a heightened level of short-term obligations during this period. Following this peak, current liabilities decreased significantly, dropping to around 2,380 million US dollars by June 2024. This decline points toward improved short-term financial obligations management or reduced liabilities over the recent quarters.
- Cash Ratio
- The cash ratio, which measures the ability to cover current liabilities with cash and cash equivalents, showed high values above 6.5 in the early periods (2019). This ratio peaked at 16.81 in June 2020 but then sharply decreased to below 1.2 during late 2020 and throughout most of 2021, reflecting a relative decrease in liquidity against short-term obligations during that timeframe. Starting in late 2021 and into 2022 and 2023, the cash ratio improved again, rising steadily and reaching values between 2.0 and 3.6. The recent quarters up to September 2024 reflect a maintained liquidity position with the cash ratio stabilizing around 3.1 to 3.6. Overall, this ratio exhibits significant volatility corresponding closely with the trends in cash assets and liabilities, illustrating periods of both high liquidity and tighter short-term financial conditions.