Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Starbucks Corp., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
An analysis of the liquidity position reveals a significant transition in short-term solvency beginning in early 2022. While the initial period from late 2020 through late 2021 was characterized by a current ratio generally exceeding 1.0, a structural shift occurred in January 2022, after which the company consistently maintained a current ratio below 1.0 for the majority of the observed timeframe.
- Current Ratio Trends
- The current ratio peaked at 1.20 in October 2021 before experiencing a sharp decline to 0.81 in January 2022. For the subsequent three years, the ratio largely fluctuated between 0.64 and 0.89, indicating that current liabilities frequently exceeded current assets. A temporary recovery to 1.05 was observed in December 2025, though this was followed by a decline back to 0.76 by June 2026.
- Quick Ratio Performance
- The quick ratio followed a trajectory similar to the current ratio, dropping from a high of 0.93 in October 2021 to 0.57 in January 2022. The ratio remained suppressed, generally hovering between 0.40 and 0.59. A notable liquidity trough occurred in March 2026, where the ratio fell to 0.26, the lowest point in the analyzed period, before recovering to 0.50 in June 2026.
- Cash Ratio Analysis
- The cash ratio demonstrates a consistent downward trend from the initial range of 0.62 to 0.81 seen in 2020-2021. After January 2022, the ratio stabilized in a lower band, typically between 0.30 and 0.44. The most acute contraction occurred in March 2026, with the cash ratio falling to 0.15, suggesting a period of significantly reduced cash availability relative to short-term obligations.
The close correlation between the quick ratio and the cash ratio suggests that inventory constitutes a relatively small portion of the company's current assets. The overarching pattern indicates a tightened liquidity posture and a heightened reliance on cash flow generation or external financing to meet short-term liabilities, particularly during the volatile swings observed in the first half of 2026.
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Current Ratio
Starbucks Corp., current ratio calculation (quarterly data)
| Jun 28, 2026 | Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Jan 1, 2023 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Jan 2, 2022 | Oct 3, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Current assets | 7,534,200) | 10,559,200) | 12,022,600) | 7,382,300) | 8,421,500) | 6,713,700) | 7,284,700) | 6,847,400) | 6,807,900) | 6,465,000) | 6,569,500) | 7,303,400) | 7,170,700) | 7,046,200) | 6,934,900) | 7,018,700) | 7,067,500) | 7,541,100) | 7,255,100) | 9,756,400) | 7,931,700) | 6,979,500) | 8,357,500) | |||||||
| Current liabilities | 9,916,900) | 11,449,400) | 11,486,600) | 10,210,400) | 11,142,300) | 10,429,300) | 9,725,300) | 9,070,000) | 7,649,500) | 7,528,900) | 9,395,600) | 9,345,300) | 9,214,600) | 9,121,800) | 9,246,200) | 9,151,800) | 8,402,400) | 9,104,300) | 8,921,100) | 8,151,400) | 7,799,800) | 6,505,100) | 7,883,900) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||
| Current ratio1 | 0.76 | 0.92 | 1.05 | 0.72 | 0.76 | 0.64 | 0.75 | 0.75 | 0.89 | 0.86 | 0.70 | 0.78 | 0.78 | 0.77 | 0.75 | 0.77 | 0.84 | 0.83 | 0.81 | 1.20 | 1.02 | 1.07 | 1.06 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | — | — | 1.44 | 1.38 | 1.39 | 1.23 | 1.27 | 1.69 | 1.62 | 1.41 | 1.44 | 1.66 | 1.78 | 1.47 | 1.55 | 1.86 | 1.85 | 1.58 | 1.61 | — | — | — | — | |||||||
| Booking Holdings Inc. | — | 1.09 | 1.06 | 1.33 | 1.33 | 1.25 | 1.22 | 1.31 | 1.23 | 1.17 | 1.22 | 1.28 | 1.44 | 1.55 | 1.59 | 1.86 | 1.45 | 1.45 | 1.72 | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | — | 0.72 | 0.92 | 1.23 | 1.54 | 1.65 | 1.52 | 1.52 | 1.62 | 1.71 | 1.65 | 1.57 | 1.53 | 1.58 | 1.41 | 1.28 | 1.32 | 1.26 | 1.32 | — | — | — | — | |||||||
| DoorDash, Inc. | — | — | 1.43 | 1.41 | 2.04 | 2.07 | 1.72 | 1.66 | 1.65 | 1.64 | 1.64 | 1.64 | 1.72 | 1.69 | 1.73 | 1.86 | 2.12 | 2.39 | 2.51 | — | — | — | — | |||||||
| McDonald’s Corp. | — | — | 1.14 | 0.95 | 1.00 | 1.30 | 1.18 | 1.19 | 0.78 | 1.08 | 0.83 | 1.16 | 1.71 | 1.35 | 1.47 | 1.43 | 1.65 | 1.41 | 1.10 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
1 Q3 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 7,534,200 ÷ 9,916,900 = 0.76
2 Click competitor name to see calculations.
The liquidity profile of the organization exhibits a general downward trend in the current ratio over the analyzed period, shifting from a position of sufficiency to one where current liabilities frequently exceed current assets. While the period began with a current ratio above 1.0, the metric spent the majority of the subsequent years below this threshold, indicating a tighter liquidity position and a greater reliance on short-term funding or operational cash flow to meet immediate obligations.
- Current Ratio Trend Analysis
- A period of relative stability was observed between December 2020 and October 2021, with the current ratio peaking at 1.20. However, a sharp contraction occurred in January 2022, where the ratio fell to 0.81. For the majority of 2022 and 2023, the ratio remained depressed, oscillating between 0.70 and 0.84, reaching a low of 0.70 in December 2023. This suggests a sustained period of diminished short-term solvency.
- Asset and Liability Dynamics
- The decline in the current ratio is primarily driven by a steady increase in current liabilities, which rose from approximately 7.88 billion US$ in December 2020 to peaks exceeding 11 billion US$ between 2025 and 2026. While current assets experienced periodic growth, they generally failed to keep pace with the expansion of short-term obligations. A notable exception occurred in December 2025, when current assets surged to 12.02 billion US$, briefly restoring the current ratio to 1.05.
- Recent Volatility and Observations
- The most recent data from 2024 to 2026 demonstrates significant volatility in liquidity metrics. A sharp decline to 0.64 was recorded in March 2025, representing the lowest point in the series, followed by a rapid recovery to 1.05 by December 2025. The period concludes in June 2026 with a ratio of 0.76, indicating that despite intermittent spikes in asset levels, the structural trend remains skewed toward a higher liability load relative to liquid assets.
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Quick Ratio
Starbucks Corp., quick ratio calculation (quarterly data)
| Jun 28, 2026 | Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Jan 1, 2023 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Jan 2, 2022 | Oct 3, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Cash and cash equivalents | 3,449,800) | 1,532,000) | 3,413,400) | 3,219,800) | 4,172,600) | 2,671,400) | 3,671,400) | 3,286,200) | 3,179,100) | 2,764,100) | 3,000,400) | 3,551,500) | 3,357,000) | 3,071,800) | 3,186,500) | 2,818,400) | 3,177,500) | 3,913,400) | 3,969,400) | 6,455,700) | 4,753,100) | 3,880,700) | 5,028,100) | |||||||
| Short-term investments | 160,500) | 168,300) | 184,900) | 247,200) | 333,300) | 340,200) | 285,800) | 257,000) | 212,300) | 362,500) | 383,000) | 401,500) | 263,000) | 379,400) | 123,900) | 364,500) | 76,900) | 82,100) | 87,400) | 162,200) | 153,600) | 123,000) | 235,500) | |||||||
| Accounts receivable, net | 1,304,200) | 1,288,900) | 1,219,200) | 1,277,500) | 1,242,600) | 1,154,700) | 1,241,500) | 1,213,800) | 1,146,000) | 1,110,300) | 1,165,100) | 1,184,100) | 1,140,200) | 1,185,800) | 1,162,900) | 1,175,500) | 1,146,100) | 1,001,900) | 1,031,100) | 940,000) | 911,200) | 880,200) | 888,000) | |||||||
| Total quick assets | 4,914,500) | 2,989,200) | 4,817,500) | 4,744,500) | 5,748,500) | 4,166,300) | 5,198,700) | 4,757,000) | 4,537,400) | 4,236,900) | 4,548,500) | 5,137,100) | 4,760,200) | 4,637,000) | 4,473,300) | 4,358,400) | 4,400,500) | 4,997,400) | 5,087,900) | 7,557,900) | 5,817,900) | 4,883,900) | 6,151,600) | |||||||
| Current liabilities | 9,916,900) | 11,449,400) | 11,486,600) | 10,210,400) | 11,142,300) | 10,429,300) | 9,725,300) | 9,070,000) | 7,649,500) | 7,528,900) | 9,395,600) | 9,345,300) | 9,214,600) | 9,121,800) | 9,246,200) | 9,151,800) | 8,402,400) | 9,104,300) | 8,921,100) | 8,151,400) | 7,799,800) | 6,505,100) | 7,883,900) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||
| Quick ratio1 | 0.50 | 0.26 | 0.42 | 0.46 | 0.52 | 0.40 | 0.53 | 0.52 | 0.59 | 0.56 | 0.48 | 0.55 | 0.52 | 0.51 | 0.48 | 0.48 | 0.52 | 0.55 | 0.57 | 0.93 | 0.75 | 0.75 | 0.78 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | — | — | 1.39 | 1.33 | 1.36 | 1.20 | 1.25 | 1.64 | 1.59 | 1.38 | 1.41 | 1.62 | 1.75 | 1.45 | 1.52 | 1.83 | 1.82 | 1.55 | 1.59 | — | — | — | — | |||||||
| Booking Holdings Inc. | — | 1.02 | 0.99 | 1.26 | 1.26 | 1.18 | 1.15 | 1.24 | 1.16 | 1.11 | 1.15 | 1.20 | 1.35 | 1.45 | 1.49 | 1.73 | 1.34 | 1.37 | 1.63 | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | — | 0.59 | 0.78 | 1.01 | 1.32 | 1.46 | 1.39 | 1.34 | 1.41 | 1.52 | 1.51 | 1.37 | 1.40 | 1.44 | 1.26 | 1.09 | 1.05 | 1.02 | 1.13 | — | — | — | — | |||||||
| DoorDash, Inc. | — | — | 1.14 | 1.12 | 1.80 | 1.83 | 1.49 | 1.41 | 1.36 | 1.35 | 1.35 | 1.35 | 1.42 | 1.41 | 1.43 | 1.54 | 1.87 | 2.14 | 2.23 | — | — | — | — | |||||||
| McDonald’s Corp. | — | — | 0.87 | 0.74 | 0.82 | 1.03 | 0.90 | 0.90 | 0.58 | 0.82 | 0.63 | 1.03 | 1.43 | 1.04 | 1.25 | 1.24 | 1.35 | 1.07 | 0.95 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
1 Q3 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 4,914,500 ÷ 9,916,900 = 0.50
2 Click competitor name to see calculations.
The liquidity position exhibits a general downward trajectory in the quick ratio over the period from December 2020 to June 2026. While the ratio initially fluctuated between 0.75 and 0.93, a notable contraction occurred starting in early 2022, with the metric frequently stabilizing between 0.40 and 0.60 in the subsequent years.
- Quick Ratio Trend Analysis
- A peak liquidity level of 0.93 was reached in October 2021, indicating a period of relatively strong short-term solvency. However, a sustained decline followed, with the ratio dropping to 0.48 by January 2023. The most significant compression occurred in March 2026, where the ratio reached a period low of 0.26, before recovering to 0.50 by June 2026.
- Relationship Between Quick Assets and Current Liabilities
- The erosion of the quick ratio is primarily attributed to the growth of current liabilities outpacing the growth of quick assets. Current liabilities increased from approximately 7.88 billion US$ in December 2020 to peaks exceeding 11.4 billion US$ in 2025 and 2026. In contrast, total quick assets remained volatile and failed to maintain a corresponding upward trend, fluctuating largely between 4 billion US$ and 6 billion US$, which exerted downward pressure on the liquidity ratio.
- Operational Liquidity Observations
- The data indicates a shift toward a more constrained liquidity posture. The consistent movement of the quick ratio below the 1.0 threshold suggests that the entity does not maintain sufficient liquid assets to cover all current liabilities immediately. The volatility observed in 2025 and 2026, specifically the sharp dip to 0.26 followed by a rebound, suggests periodic fluctuations in short-term obligations or cash management strategies.
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Cash Ratio
Starbucks Corp., cash ratio calculation (quarterly data)
| Jun 28, 2026 | Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Jan 1, 2023 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | Jan 2, 2022 | Oct 3, 2021 | Jun 27, 2021 | Mar 28, 2021 | Dec 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||
| Cash and cash equivalents | 3,449,800) | 1,532,000) | 3,413,400) | 3,219,800) | 4,172,600) | 2,671,400) | 3,671,400) | 3,286,200) | 3,179,100) | 2,764,100) | 3,000,400) | 3,551,500) | 3,357,000) | 3,071,800) | 3,186,500) | 2,818,400) | 3,177,500) | 3,913,400) | 3,969,400) | 6,455,700) | 4,753,100) | 3,880,700) | 5,028,100) | |||||||
| Short-term investments | 160,500) | 168,300) | 184,900) | 247,200) | 333,300) | 340,200) | 285,800) | 257,000) | 212,300) | 362,500) | 383,000) | 401,500) | 263,000) | 379,400) | 123,900) | 364,500) | 76,900) | 82,100) | 87,400) | 162,200) | 153,600) | 123,000) | 235,500) | |||||||
| Total cash assets | 3,610,300) | 1,700,300) | 3,598,300) | 3,467,000) | 4,505,900) | 3,011,600) | 3,957,200) | 3,543,200) | 3,391,400) | 3,126,600) | 3,383,400) | 3,953,000) | 3,620,000) | 3,451,200) | 3,310,400) | 3,182,900) | 3,254,400) | 3,995,500) | 4,056,800) | 6,617,900) | 4,906,700) | 4,003,700) | 5,263,600) | |||||||
| Current liabilities | 9,916,900) | 11,449,400) | 11,486,600) | 10,210,400) | 11,142,300) | 10,429,300) | 9,725,300) | 9,070,000) | 7,649,500) | 7,528,900) | 9,395,600) | 9,345,300) | 9,214,600) | 9,121,800) | 9,246,200) | 9,151,800) | 8,402,400) | 9,104,300) | 8,921,100) | 8,151,400) | 7,799,800) | 6,505,100) | 7,883,900) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||
| Cash ratio1 | 0.36 | 0.15 | 0.31 | 0.34 | 0.40 | 0.29 | 0.41 | 0.39 | 0.44 | 0.42 | 0.36 | 0.42 | 0.39 | 0.38 | 0.36 | 0.35 | 0.39 | 0.44 | 0.45 | 0.81 | 0.63 | 0.62 | 0.67 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | — | — | 0.73 | 0.81 | 0.83 | 0.60 | 0.69 | 1.04 | 0.99 | 0.71 | 0.78 | 1.01 | 1.12 | 0.76 | 0.87 | 1.21 | 1.20 | 0.88 | 0.95 | — | — | — | — | |||||||
| Booking Holdings Inc. | — | 0.82 | 0.81 | 1.03 | 1.02 | 0.94 | 0.95 | 1.03 | 0.95 | 0.90 | 0.95 | 0.95 | 1.08 | 1.22 | 1.31 | 1.46 | 1.07 | 1.15 | 1.41 | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | — | 0.52 | 0.70 | 0.88 | 1.24 | 1.37 | 1.30 | 1.22 | 1.32 | 1.43 | 1.42 | 1.26 | 1.34 | 1.38 | 1.19 | 0.98 | 0.96 | 0.92 | 1.03 | — | — | — | — | |||||||
| DoorDash, Inc. | — | — | 0.97 | 0.94 | 1.62 | 1.65 | 1.32 | 1.25 | 1.21 | 1.21 | 1.20 | 1.20 | 1.28 | 1.27 | 1.28 | 1.38 | 1.72 | 1.97 | 2.04 | — | — | — | — | |||||||
| McDonald’s Corp. | — | — | 0.28 | 0.18 | 0.40 | 0.44 | 0.31 | 0.28 | 0.19 | 0.20 | 0.17 | 0.67 | 0.87 | 0.44 | 0.80 | 0.68 | 0.81 | 0.54 | 0.55 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-Q (reporting date: 2023-01-01), 10-K (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-Q (reporting date: 2022-01-02), 10-K (reporting date: 2021-10-03), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27).
1 Q3 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 3,610,300 ÷ 9,916,900 = 0.36
2 Click competitor name to see calculations.
An analysis of the liquidity position indicates a general downward trajectory in the cash ratio over the observed period, shifting from a position of relatively strong immediate liquidity to a more constrained profile characterized by increased volatility.
- Cash Asset Trends
- Total cash assets peaked at 6.6 billion US dollars in October 2021, followed by a period of fluctuation primarily between 3 billion and 4.5 billion US dollars. A significant contraction occurred in March 2026, where cash assets fell to a period low of 1.7 billion US dollars, before recovering to 3.6 billion US dollars by June 2026.
- Current Liabilities Growth
- Current liabilities exhibited a consistent upward trend, increasing from 7.8 billion US dollars in December 2020 to a peak of approximately 11.4 billion US dollars between December 2025 and March 2026. This growth in short-term obligations has acted as a primary driver in the compression of the cash ratio.
- Cash Ratio Dynamics
- The cash ratio reached its maximum of 0.81 in October 2021, indicating a high capacity to meet immediate obligations. From January 2022 through December 2023, the ratio stabilized within a range of 0.35 to 0.45. A critical decline to 0.15 was recorded in March 2026, representing the lowest point of immediate liquidity in the sequence, before a correction back to 0.36 in June 2026.
The overall trend reveals a divergence between rising short-term liabilities and inconsistent cash reserves. While the company maintained a relatively stable liquidity floor between 0.30 and 0.40 for several years, the sharp dip observed in early 2026 suggests a period of acute liquidity pressure or a significant tactical reallocation of cash assets.
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