Liquidity ratios measure the company ability to meet its short-term obligations.
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- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Assets (ROA) since 2020
- Total Asset Turnover since 2020
- Price to Earnings (P/E) since 2020
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Liquidity Ratios (Summary)
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).
- Current Ratio Trend
- The current ratio exhibits a consistent upward trend over the observed periods. Starting at 3.88 in the first quarter of 2021, it gradually increases with minor fluctuations reaching a peak of 6.49 by the first quarter of 2025. Notably, there is a significant jump between the fourth quarter of 2022 (5.17) and subsequent quarters, indicating an improvement in short-term liquidity over time.
- Quick Ratio Trend
- The quick ratio follows a similar upward trajectory as the current ratio. Beginning at 3.73 in March 2021, it steadily progresses to 6.36 by March 2025. The ratio experiences small variations but sustains growth, particularly after 2022, where it rises above 5.0 consistently, signaling enhanced ability to cover immediate liabilities without relying on inventory.
- Cash Ratio Trend
- The cash ratio shows growth with a slight initial decline from 3.5 to 3.43 between March and June 2021, followed by a general increasing trend up to 5.61 by March 2025. There is a notable increase after the last quarter of 2022 when the ratio climbs to above 4.4 and steadily improves thereafter. This suggests stronger cash and cash-equivalents availability relative to current liabilities over time.
- Comparative Liquidity Analysis
- Across the three liquidity ratios, a common pattern of improvement is evident. The current and quick ratios demonstrate robust liquidity, both crossing values above 6.0 and 5.5 respectively by early 2025. Meanwhile, the cash ratio, though lower in absolute terms, also indicates stronger cash coverage. This consistent increase in liquidity ratios reflects an increasing buffer against short-term financial obligations, enhancing financial stability.
Current Ratio
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 | |||||||
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Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
Current assets | |||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||
Liquidity Ratio | |||||||||||||||||||||||
Current ratio1 | |||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||
Current Ratio, Competitors2 | |||||||||||||||||||||||
Accenture PLC | |||||||||||||||||||||||
Adobe Inc. | |||||||||||||||||||||||
Cadence Design Systems Inc. | |||||||||||||||||||||||
CrowdStrike Holdings Inc. | |||||||||||||||||||||||
Fair Isaac Corp. | |||||||||||||||||||||||
International Business Machines Corp. | |||||||||||||||||||||||
Intuit Inc. | |||||||||||||||||||||||
Microsoft Corp. | |||||||||||||||||||||||
Oracle Corp. | |||||||||||||||||||||||
Palo Alto Networks Inc. | |||||||||||||||||||||||
Salesforce Inc. | |||||||||||||||||||||||
ServiceNow Inc. | |||||||||||||||||||||||
Synopsys Inc. | |||||||||||||||||||||||
Workday Inc. |
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).
1 Q1 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Current Assets
- The current assets exhibit a consistent upward trend over the observed period. Starting at approximately $2.59 billion at the end of Q1 2021, they gradually increase each quarter, reaching roughly $6.28 billion by Q1 2025. This steady growth suggests an expanding capacity or accumulation of liquid and near-liquid resources within the company.
- Current Liabilities
- Current liabilities show relative stability with modest fluctuations throughout the timeline. Beginning at about $668 million in Q1 2021, there are small increases and decreases with a general upward trajectory that peaks near $1 billion in late 2024 and early 2025. Notably, there is a dip in Q4 2021 to approximately $588 million, which is an outlier compared to other periods. Overall, liabilities grow at a slower pace compared to assets.
- Current Ratio
- The current ratio demonstrates a strong liquidity position and improves significantly over time. From a ratio of 3.88 in Q1 2021, the ratio increases steadily, exceeding 5.0 by the end of 2022 and fluctuating around 5.5 to 6.5 in 2023 and 2024. The ratio reaches its highest point of approximately 6.49 in Q1 2025, indicating enhanced short-term financial health and a strong buffer against current liabilities.
Quick Ratio
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||
Marketable securities | |||||||||||||||||||||||
Accounts receivable, net | |||||||||||||||||||||||
Total quick assets | |||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||
Liquidity Ratio | |||||||||||||||||||||||
Quick ratio1 | |||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||
Quick Ratio, Competitors2 | |||||||||||||||||||||||
Accenture PLC | |||||||||||||||||||||||
Adobe Inc. | |||||||||||||||||||||||
Cadence Design Systems Inc. | |||||||||||||||||||||||
CrowdStrike Holdings Inc. | |||||||||||||||||||||||
Fair Isaac Corp. | |||||||||||||||||||||||
International Business Machines Corp. | |||||||||||||||||||||||
Intuit Inc. | |||||||||||||||||||||||
Microsoft Corp. | |||||||||||||||||||||||
Oracle Corp. | |||||||||||||||||||||||
Palo Alto Networks Inc. | |||||||||||||||||||||||
Salesforce Inc. | |||||||||||||||||||||||
ServiceNow Inc. | |||||||||||||||||||||||
Synopsys Inc. | |||||||||||||||||||||||
Workday Inc. |
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).
1 Q1 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total quick assets
- The total quick assets have exhibited a consistent upward trend from March 31, 2021, through March 31, 2025. Starting at approximately 2.49 billion USD, the quick assets steadily increased each quarter, reaching around 6.16 billion USD by the end of the period. Notable accelerations in growth occurred particularly after March 31, 2023, with rapid increases from about 3.16 billion USD to over 6.15 billion USD by March 31, 2025.
- Current liabilities
- Current liabilities remained relatively stable throughout 2021 and the first half of 2022, fluctuating near the 660 to 690 million USD range. A decline is observed towards the end of 2022, reaching a low of approximately 588 million USD by December 31, 2022. From March 31, 2023, current liabilities began to increase again, peaking around 996 million USD in December 31, 2024, before slightly declining to about 967 million USD by March 31, 2025. Overall, current liabilities show moderate volatility but trend upward in the latter periods.
- Quick ratio
- The quick ratio shows a clear and steady increase over the analyzed periods, reflecting improvements in short-term liquidity. Beginning at a ratio of 3.73 in March 2021, it rose gradually throughout the years, surpassing 4.9 by the end of 2022. The upward trend continues robustly during 2023 and into early 2025, where the ratio reaches a peak of 6.36. This ratio increase indicates that the company’s quick assets have grown faster than its current liabilities, enhancing its ability to cover short-term obligations without relying on inventory.
- Summary
- Overall, the data reveals strengthening liquidity and financial stability over the period analyzed. The sustained growth in quick assets combined with relatively controlled increases in current liabilities have contributed to a consistently improving quick ratio. This suggests an enhanced capacity for the company to meet immediate liabilities, which may reflect effective asset management or changes in operational efficiency. The most pronounced improvements occur from early 2023 onwards, signaling a notable shift in financial positioning.
Cash Ratio
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 | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | |||||||||||||||||||||||
Accenture PLC | |||||||||||||||||||||||
Adobe Inc. | |||||||||||||||||||||||
Cadence Design Systems Inc. | |||||||||||||||||||||||
CrowdStrike Holdings Inc. | |||||||||||||||||||||||
Fair Isaac Corp. | |||||||||||||||||||||||
International Business Machines Corp. | |||||||||||||||||||||||
Intuit Inc. | |||||||||||||||||||||||
Microsoft Corp. | |||||||||||||||||||||||
Oracle Corp. | |||||||||||||||||||||||
Palo Alto Networks Inc. | |||||||||||||||||||||||
Salesforce Inc. | |||||||||||||||||||||||
ServiceNow Inc. | |||||||||||||||||||||||
Synopsys Inc. | |||||||||||||||||||||||
Workday Inc. |
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).
1 Q1 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Cash Assets
- The total cash assets exhibited a consistent upward trend over the analysis period. Starting at approximately 2.34 billion USD at the end of Q1 2021, the cash position fluctuated slightly in the short term but maintained an overall increase. Notable increments were observable particularly from Q1 2023 onward, where cash assets rose markedly from around 2.90 billion USD to over 5.43 billion USD by Q1 2025. This reflects a strong liquidity buildup over four years, with the largest quarterly growth occurring in late 2024 and early 2025.
- Current Liabilities
- Current liabilities showed moderate variation throughout the quarters. Beginning near 668 million USD in Q1 2021, liabilities remained relatively stable with some fluctuations. There was a visible decline during the latter part of 2021, reaching a low of approximately 588 million USD at the end of 2021. However, the trend reversed afterward, with current liabilities increasing significantly from mid-2023 through Q1 2025, peaking close to 996 million USD before a slight decrease to around 967 million USD. This indicates an increasing obligation level toward the end of the period under review.
- Cash Ratio
- The cash ratio, representing the ability to cover current liabilities with cash assets, showed strength and growth over the period. Starting at 3.5 times in Q1 2021, the ratio improved steadily, surpassing 4 times coverage by the end of 2021. The ratio peaked at 5.61 in Q1 2025, indicating a strong liquidity position where cash assets consistently exceeded current liabilities by more than five times. There were minor fluctuations, but the overall trend suggests improved financial safety and a robust buffer against short-term obligations.
- Summary of Trends and Insights
- Over the four-year span, the company demonstrated a significant enhancement of its liquidity profile. The steady increase in total cash assets, combined with a relatively controlled rise in current liabilities, contributed to a strengthening cash ratio. This enhanced liquidity position could provide increased operational flexibility and improved capacity to meet short-term liabilities without financial strain. The trends suggest prudent cash management and possibly growing cash inflows exceeding obligations, which may align with strategic company initiatives or operational growth during the period analyzed.