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)
Twenty-First Century Fox Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-K (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-K (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-K (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-K (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-K (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-Q (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30).
- Current ratio
- The current ratio shows moderate fluctuations over the observed periods, starting at 2.22 in September 2012, then declining steadily to a low of approximately 1.61-1.63 range between early and mid-2014. Subsequently, the ratio rebounds, reaching a notable peak of 4.29 by December 2018. This trend suggests an overall improvement in the company's short-term liquidity position toward the end of the period, with the ability to cover current liabilities improving significantly.
- Quick ratio
- The quick ratio exhibits a pattern similar to the current ratio but generally remains lower throughout the timeframe, beginning near 1.86 in September 2012 and declining gradually to around 1.20 in late 2014. From that point, it rises steadily, culminating in a high of 3.70 by December 2018. This increase highlights an enhanced capacity to meet short-term obligations using more liquid assets, excluding inventory, with a marked improvement in liquidity evident in the final quarters.
- Cash ratio
- The cash ratio starts at 1.20 in September 2012 and experiences a downward trend until mid-2014, reaching levels as low as approximately 0.51. After this period, it fluctuates modestly before rising substantially towards the end of the dataset, reaching 2.68 in December 2018. This indicates a significant strengthening in the company's cash and cash equivalents relative to its current liabilities, underscoring a more conservative liquidity position in the latest periods.
Current Ratio
Twenty-First Century Fox Inc., current ratio calculation (quarterly data)
| Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Current assets | ||||||||||||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||||||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||||||
| Current ratio1 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||||||||||||
| Take-Two Interactive Software Inc. | ||||||||||||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-K (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-K (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-K (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-K (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-K (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-Q (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30).
1 Q2 2019 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The quarterly financial data indicates notable fluctuations in both current assets and current liabilities over the observed period, reflecting variability in the company's short-term financial position.
- Current Assets
- Current assets displayed a generally fluctuating trend throughout the periods, with values ranging from a low around US$ 15 billion to a high exceeding US$ 34 billion by the end of the last reported quarter. After an initial decrease from approximately US$ 22.3 billion in late 2012 to US$ 15.5 billion in mid-2013, there was a recovery and subsequent oscillations within a moderate range through 2014 to 2018. The most significant increase occurred in the final quarter, with current assets nearly doubling relative to prior periods, reaching US$ 34 billion.
- Current Liabilities
- Current liabilities remained comparatively stable but showed minor variations within a narrower range around US$ 7 billion to US$ 11 billion. Noteworthy is a decrease around late 2014 to mid-2016 followed by moderate increases and some volatility in subsequent periods. The liabilities slightly rose towards the end of the period, but no extraordinary spikes were recorded unlike for current assets.
- Current Ratio
- The current ratio, representing liquidity, generally fluctuated between about 1.6 and 2.3 for most quarters, suggesting a reasonable ability to cover short-term obligations with short-term assets historically. There were discernible dips below 1.7 around 2013 and some recovery in following years. A marked upward deviation is observed in the latest quarter, with the ratio surging to 4.29, indicating a significant increase in liquidity, primarily driven by the substantial increase in current assets.
Overall, the data reveals periods of both tightening and relaxation in liquidity followed by a pronounced improvement in the final quarter. The sudden increase in current assets, not matched by a corresponding rise in liabilities, suggests improved working capital management or possibly an accumulation of liquid assets during the last period. This shift enhances short-term financial stability but warrants further investigation to identify the underlying causes and sustainability of this liquidity level.
Quick Ratio
Twenty-First Century Fox Inc., quick ratio calculation (quarterly data)
| Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||||||||||||||||
| Receivables, net | ||||||||||||||||||||||||||||||||||
| Total quick assets | ||||||||||||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||||||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||||||
| Quick ratio1 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||||||||||||
| Take-Two Interactive Software Inc. | ||||||||||||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-K (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-K (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-K (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-K (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-K (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-Q (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30).
1 Q2 2019 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in liquidity and short-term financial stability over the observed periods.
- Total Quick Assets
- Total quick assets exhibit some fluctuations across the quarters. Initially, there is a downward trend from $18,641 million on September 30, 2012, to $11,006 million by September 30, 2014. This represents a significant decline in liquid assets available in the short term. Following this low point, total quick assets recover moderately, reaching $14,742 million by December 31, 2018. The data point of $29,364 million at the end of December 31, 2018, appears as an outlier or possibly indicates a change in reporting or asset structure, as it is substantially higher than previous quarters.
- Current Liabilities
- Current liabilities display relative stability with some volatility over the periods. Starting at $10,045 million in September 2012, there are fluctuations with lows such as $6,739 million in December 2016 and highs like $9,158 million in September 2014. Overall, the liabilities do not show a marked upward or downward trend but remain within a general range between approximately $7 billion and $10 billion. Towards the end of the period, liabilities remain fairly consistent around the $7,800 million mark.
- Quick Ratio
- The quick ratio, which indicates the company's ability to cover its current liabilities with quick assets, mirrors the trends seen in total quick assets. Starting at a robust 1.86 in September 2012, it decreases steadily to approximately 1.20 by September 2014, suggesting a weakening liquidity position during that interval. Afterward, there is a marked improvement, with the ratio increasing to around 1.79 by September 2018, denoting strengthening liquidity. The ratio peaks dramatically at 3.70 in December 2018, consistent with the large increase in quick assets recorded in that quarter. This suggests an enhanced short-term financial buffer at that point.
In summary, the data reflects an initial decline in liquidity, via decreases in both quick assets and quick ratio, reaching a trough around late 2014. Subsequently, there is a recovery and improvement in liquidity, approaching or surpassing earlier levels by the end of the observed period. Current liabilities remain fairly stable, indicating that the fluctuations in liquidity are primarily driven by changes in quick assets rather than shifts in short-term obligations. The sharp increase in quick assets and quick ratio in the final quarter may warrant further investigation to understand underlying causes.
Cash Ratio
Twenty-First Century Fox Inc., cash ratio calculation (quarterly data)
| Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | Mar 31, 2013 | Dec 31, 2012 | Sep 30, 2012 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||||||||||||||||
| Total cash assets | ||||||||||||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||||||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||||||
| Cash ratio1 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||||||||||||
| Take-Two Interactive Software Inc. | ||||||||||||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-K (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-K (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-K (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-K (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-K (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-Q (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30).
1 Q2 2019 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals notable fluctuations and trends in cash assets, current liabilities, and the cash ratio over the examined periods.
- Total Cash Assets
-
There is a general downward trend in total cash assets from September 2012 through September 2014, with values decreasing from approximately 12,007 million USD to 4,656 million USD. This decline is followed by a recovery phase beginning in December 2014, culminating in a pronounced surge by the end of December 2018, reaching 21,281 million USD. This sharp increase in the final quarter indicates a significant accumulation of cash reserves.
- Current Liabilities
-
Current liabilities exhibit moderate volatility without a definitive upward or downward trend over the same time frame. Values fluctuate between roughly 6,749 million USD and 10,260 million USD, with no prolonged periods of increase or decrease. The liabilities remain relatively stable, showing minor fluctuations quarter to quarter, ending at approximately 7,935 million USD in December 2018.
- Cash Ratio
-
The cash ratio demonstrates significant variation, reflecting changes in both cash assets and current liabilities. Initially, the ratio declines from 1.2 in September 2012 to a low near 0.51 in September 2014, indicating a reduction in cash available relative to current liabilities. Subsequently, the ratio increases, peaking at 1.39 by December 2014, before declining again to values around 0.59 to 0.63 between late 2015 and 2016. The ratio then shows a gradual upward trend through mid-2018, with a sharp rise to 2.68 in December 2018, corresponding with the significant growth in total cash assets. This high ratio suggests a strong liquidity position at the end of the period.
Overall, the company’s liquidity position, as evidenced by cash assets and the cash ratio, experienced a decline through mid-2014, followed by stabilization and eventual substantial improvement towards the end of the analyzed period. Current liabilities remained relatively consistent, indicating that the primary driver of changes in liquidity was the fluctuation in cash assets.