Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Workday Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
The liquidity profile exhibits a distinct cyclical pattern, characterized by an initial phase of tight liquidity, a multi-year period of substantial strengthening, and a sharp contraction in the final quarters of the analyzed period.
- Current Ratio
- The current ratio began at 0.93 in April 2021, indicating a potential short-term obligations deficit. A consistent upward trajectory was observed starting in April 2022, with the ratio peaking at 2.13 in October 2023. This level of liquidity remained relatively stable, generally fluctuating between 1.83 and 2.10 through July 2025. However, a significant decline occurred between October 2025 and April 2026, where the ratio fell sharply to 1.01, returning to levels near the baseline of the early 2021 period.
- Quick Ratio
- The quick ratio closely mirrors the movement of the current ratio, starting at 0.86 and reaching a peak of 2.01 in October 2023. The minimal variance between the current and quick ratios suggests that inventories do not constitute a significant portion of the company's current assets. A marked deterioration is evident in the final two quarters, with the ratio dropping to 1.22 in January 2026 and further declining to 0.91 by April 2026.
- Cash Ratio
- Cash liquidity followed a similar trajectory, ascending from 0.71 in April 2021 to a high of 1.71 in October 2023. The cash ratio remained robust for several years, staying above 1.30 until October 2025. A precipitous drop followed, with the ratio falling to 0.85 in January 2026 and ending at 0.67 in April 2026, indicating a reduction in the most liquid assets relative to current liabilities.
The high correlation between all three ratios suggests that the company's liquidity is primarily driven by cash and cash equivalents. The overarching trend reveals a period of aggressive liquidity accumulation that peaked in late 2023 and 2025, followed by a rapid depletion of liquid reserves by the second quarter of 2026.
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Current Ratio
Workday Inc., current ratio calculation (quarterly data)
| Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current assets | 6,592) | 8,429) | 9,175) | 10,407) | 9,963) | 10,545) | 9,078) | 9,200) | 8,874) | 9,939) | 8,574) | 8,382) | 7,873) | 8,108) | 6,970) | 7,805) | 7,443) | 5,214) | 4,694) | 4,461) | 3,906) | |||||||
| Current liabilities | 6,535) | 6,378) | 5,017) | 4,945) | 4,821) | 5,548) | 4,422) | 4,513) | 4,428) | 5,055) | 4,029) | 4,182) | 4,044) | 4,628) | 3,723) | 4,858) | 4,781) | 5,068) | 4,275) | 4,274) | 4,211) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Current ratio1 | 1.01 | 1.32 | 1.83 | 2.10 | 2.07 | 1.90 | 2.05 | 2.04 | 2.00 | 1.97 | 2.13 | 2.00 | 1.95 | 1.75 | 1.87 | 1.61 | 1.56 | 1.03 | 1.10 | 1.04 | 0.93 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Accenture PLC | — | — | 1.34 | 1.34 | 1.41 | 1.42 | 1.46 | 1.48 | 1.47 | 1.10 | 1.16 | 1.26 | 1.33 | 1.30 | 1.37 | 1.29 | 1.26 | 1.23 | 1.27 | 1.23 | 1.22 | |||||||
| Adobe Inc. | — | — | — | 0.75 | 0.91 | 1.00 | 1.02 | 0.99 | 1.18 | 1.07 | 1.11 | 1.16 | 1.05 | 1.34 | 1.25 | 1.16 | 1.12 | 1.11 | 1.14 | 1.07 | 1.04 | |||||||
| AppLovin Corp. | — | — | — | — | 3.24 | 3.32 | 3.25 | 2.74 | 1.68 | 2.19 | 2.41 | 2.28 | 2.11 | 1.71 | 1.61 | 2.87 | 3.31 | 3.35 | 3.36 | 2.82 | 2.93 | |||||||
| Cadence Design Systems Inc. | — | — | — | — | 1.47 | 2.86 | 3.05 | 2.82 | 3.07 | 2.93 | 2.45 | 1.43 | 1.32 | 1.24 | 1.44 | 1.37 | 1.44 | 1.27 | 1.33 | 1.59 | 1.81 | |||||||
| CrowdStrike Holdings Inc. | 1.53 | 1.77 | 1.81 | 1.88 | 1.85 | 1.77 | 1.86 | 1.90 | 1.80 | 1.76 | 1.74 | 1.82 | 1.78 | 1.73 | 1.76 | 1.80 | 1.83 | 1.83 | 1.90 | 1.98 | 2.07 | |||||||
| Datadog Inc. | — | — | — | — | 3.40 | 3.38 | 3.66 | 3.43 | 2.74 | 2.64 | 2.13 | 2.01 | 3.43 | 3.17 | 3.35 | 3.42 | 3.19 | 3.09 | 3.23 | 3.31 | 3.33 | |||||||
| International Business Machines Corp. | — | — | — | — | 0.80 | 0.96 | 0.93 | 0.91 | 1.01 | 1.04 | 1.06 | 1.12 | 1.13 | 0.96 | 0.91 | 1.06 | 1.16 | 0.92 | 0.95 | 0.88 | 0.92 | |||||||
| Intuit Inc. | — | — | 1.45 | 1.32 | 1.39 | 1.36 | 1.45 | 1.27 | 1.24 | 1.29 | 1.50 | 1.17 | 1.25 | 1.47 | 1.51 | 1.23 | 1.37 | 1.39 | 1.63 | 1.18 | 2.10 | |||||||
| Microsoft Corp. | — | — | 1.28 | 1.39 | 1.40 | 1.35 | 1.37 | 1.35 | 1.30 | 1.27 | 1.24 | 1.22 | 1.66 | 1.77 | 1.91 | 1.93 | 1.84 | 1.78 | 1.99 | 2.25 | 2.16 | |||||||
| Oracle Corp. | — | — | 1.35 | 0.91 | 0.62 | 0.75 | 1.02 | 0.81 | 0.72 | 0.72 | 0.85 | 0.79 | 0.87 | 0.91 | 0.82 | 0.65 | 0.60 | 1.62 | 1.52 | 1.65 | 2.04 | |||||||
| Palantir Technologies Inc. | — | — | — | — | 6.91 | 7.11 | 6.43 | 6.32 | 6.49 | 5.96 | 5.67 | 5.92 | 5.91 | 5.55 | 5.53 | 5.22 | 5.41 | 5.17 | 4.28 | 4.36 | 4.38 | |||||||
| Palo Alto Networks Inc. | — | — | 0.86 | 1.04 | 0.99 | 0.94 | 0.90 | 0.84 | 0.84 | 0.89 | 0.84 | 0.83 | 0.86 | 0.78 | 0.74 | 0.64 | 0.70 | 0.77 | 0.74 | 0.66 | 0.68 | |||||||
| Salesforce Inc. | 0.79 | 0.76 | 0.98 | 1.12 | 1.07 | 1.06 | 1.11 | 1.04 | 1.11 | 1.09 | 1.04 | 1.02 | 1.02 | 1.02 | 1.05 | 1.06 | 1.03 | 1.05 | 1.06 | 0.93 | 1.33 | |||||||
| ServiceNow Inc. | — | — | — | — | 0.84 | 1.00 | 1.06 | 1.09 | 1.12 | 1.10 | 1.13 | 1.12 | 1.05 | 1.06 | 1.08 | 1.14 | 1.17 | 1.11 | 1.24 | 1.12 | 1.12 | |||||||
| Synopsys Inc. | — | — | — | 1.43 | 1.36 | 1.62 | 1.62 | 7.02 | 2.68 | 2.44 | 2.02 | 1.86 | 1.29 | 1.15 | 1.20 | 1.15 | 1.11 | 1.09 | 1.14 | 1.25 | 1.19 | |||||||
Based on: 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Q1 2027 Calculation
Current ratio = Current assets ÷ Current liabilities
= 6,592 ÷ 6,535 = 1.01
2 Click competitor name to see calculations.
The liquidity position exhibits three distinct phases: an initial period of recovery and stabilization, a prolonged period of strong liquidity growth, and a recent sharp contraction. The overall trajectory shows a transition from a precarious current ratio below 1.0 to a peak above 2.1, followed by a significant decline toward the end of the observed period.
- Current Ratio Trajectory
- Between April 2021 and January 2022, the current ratio fluctuated around the 1.0 threshold, starting at 0.93 and reaching a temporary high of 1.10. A substantial improvement occurred in April 2022, where the ratio jumped to 1.56, initiating a multi-year upward trend. The ratio reached its zenith in October 2023 at 2.13 and remained consistently high, generally oscillating between 1.83 and 2.10 through July 2025. However, a rapid decline is observed in the final three quarters, with the ratio falling to 1.01 by April 2026.
- Asset and Liability Dynamics
- Current assets demonstrated a long-term growth trend, increasing from 3,906 million USD in April 2021 to a peak of 10,545 million USD in January 2024. For much of the period between 2022 and 2025, current liabilities remained relatively stable, typically ranging between 4,000 million USD and 5,500 million USD. This divergence—growing assets paired with stable liabilities—was the primary driver for the expansion of the current ratio during the middle phase of the analysis.
- Recent Liquidity Erosion
- The contraction of the current ratio starting in October 2025 is attributed to a simultaneous decrease in current assets and an increase in current liabilities. Current assets fell from 10,407 million USD in July 2025 to 6,592 million USD by April 2026. During the same interval, current liabilities rose from 4,945 million USD to 6,535 million USD. This convergence has effectively neutralized the liquidity buffer established over the previous four years, returning the current ratio to a level nearly identical to its 2021 baseline.
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Quick Ratio
Workday Inc., quick ratio calculation (quarterly data)
| Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Cash and cash equivalents | 559) | 1,501) | 2,609) | 1,264) | 972) | 1,543) | 1,311) | 1,635) | 1,752) | 2,012) | 1,564) | 1,436) | 1,444) | 1,886) | 1,576) | 2,487) | 2,776) | 1,534) | 1,297) | 1,087) | 959) | |||||||
| Marketable securities | 3,794) | 3,942) | 4,234) | 6,922) | 6,998) | 6,474) | 5,846) | 5,738) | 5,430) | 5,801) | 5,316) | 5,221) | 4,885) | 4,235) | 3,916) | 3,806) | 3,479) | 2,110) | 2,258) | 2,221) | 2,035) | |||||||
| Trade and other receivables, net | 1,575) | 2,332) | 1,750) | 1,609) | 1,363) | 1,950) | 1,404) | 1,292) | 1,133) | 1,639) | 1,225) | 1,271) | 1,089) | 1,570) | 1,040) | 1,105) | 778) | 1,243) | 865) | 873) | 647) | |||||||
| Total quick assets | 5,928) | 7,775) | 8,593) | 9,795) | 9,333) | 9,967) | 8,561) | 8,665) | 8,315) | 9,452) | 8,105) | 7,928) | 7,418) | 7,691) | 6,533) | 7,398) | 7,033) | 4,887) | 4,420) | 4,181) | 3,642) | |||||||
| Current liabilities | 6,535) | 6,378) | 5,017) | 4,945) | 4,821) | 5,548) | 4,422) | 4,513) | 4,428) | 5,055) | 4,029) | 4,182) | 4,044) | 4,628) | 3,723) | 4,858) | 4,781) | 5,068) | 4,275) | 4,274) | 4,211) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Quick ratio1 | 0.91 | 1.22 | 1.71 | 1.98 | 1.94 | 1.80 | 1.94 | 1.92 | 1.88 | 1.87 | 2.01 | 1.90 | 1.83 | 1.66 | 1.75 | 1.52 | 1.47 | 0.96 | 1.03 | 0.98 | 0.86 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Accenture PLC | — | — | 1.21 | 1.20 | 1.29 | 1.30 | 1.32 | 1.33 | 1.33 | 0.98 | 1.03 | 1.13 | 1.18 | 1.18 | 1.24 | 1.15 | 1.12 | 1.12 | 1.14 | 1.10 | 1.10 | |||||||
| Adobe Inc. | — | — | — | 0.63 | 0.79 | 0.88 | 0.87 | 0.82 | 1.03 | 0.95 | 0.97 | 1.02 | 0.93 | 1.22 | 1.12 | 1.03 | 1.00 | 1.00 | 1.01 | 0.93 | 0.89 | |||||||
| AppLovin Corp. | — | — | — | — | 3.16 | 3.23 | 3.05 | 2.54 | 1.51 | 2.04 | 2.25 | 2.10 | 1.93 | 1.54 | 1.47 | 2.61 | 3.04 | 3.08 | 2.96 | 2.55 | 2.67 | |||||||
| Cadence Design Systems Inc. | — | — | — | — | 1.13 | 2.41 | 2.49 | 2.33 | 2.58 | 2.43 | 2.00 | 1.06 | 0.96 | 0.94 | 1.10 | 1.10 | 1.19 | 1.02 | 1.13 | 1.36 | 1.56 | |||||||
| CrowdStrike Holdings Inc. | 1.33 | 1.58 | 1.62 | 1.69 | 1.65 | 1.58 | 1.69 | 1.72 | 1.64 | 1.60 | 1.59 | 1.66 | 1.63 | 1.58 | 1.62 | 1.66 | 1.68 | 1.68 | 1.76 | 1.81 | 1.93 | |||||||
| Datadog Inc. | — | — | — | — | 3.28 | 3.28 | 3.55 | 3.34 | 2.66 | 2.57 | 2.07 | 1.95 | 3.32 | 3.08 | 3.26 | 3.31 | 3.09 | 3.01 | 3.14 | 3.21 | 3.23 | |||||||
| International Business Machines Corp. | — | — | — | — | 0.65 | 0.83 | 0.78 | 0.77 | 0.86 | 0.90 | 0.89 | 0.95 | 0.98 | 0.82 | 0.74 | 0.90 | 0.99 | 0.76 | 0.75 | 0.68 | 0.73 | |||||||
| Intuit Inc. | — | — | 0.76 | 0.67 | 0.78 | 0.63 | 0.85 | 0.68 | 0.54 | 0.71 | 1.00 | 0.55 | 0.66 | 1.25 | 1.29 | 1.02 | 1.10 | 1.17 | 1.29 | 0.78 | 1.71 | |||||||
| Microsoft Corp. | — | — | 1.01 | 1.12 | 1.15 | 1.16 | 1.15 | 1.10 | 1.06 | 1.06 | 1.05 | 1.02 | 1.45 | 1.54 | 1.66 | 1.66 | 1.59 | 1.57 | 1.77 | 2.05 | 1.96 | |||||||
| Oracle Corp. | — | — | 1.22 | 0.77 | 0.50 | 0.61 | 0.87 | 0.67 | 0.59 | 0.59 | 0.69 | 0.63 | 0.73 | 0.74 | 0.65 | 0.50 | 0.49 | 1.43 | 1.34 | 1.45 | 1.90 | |||||||
| Palantir Technologies Inc. | — | — | — | — | 6.82 | 6.99 | 6.31 | 6.19 | 6.36 | 5.83 | 5.55 | 5.77 | 5.80 | 5.41 | 5.39 | 5.08 | 5.25 | 4.92 | 4.08 | 4.09 | 4.15 | |||||||
| Palo Alto Networks Inc. | — | — | 0.78 | 0.97 | 0.90 | 0.88 | 0.83 | 0.78 | 0.77 | 0.82 | 0.78 | 0.78 | 0.81 | 0.72 | 0.66 | 0.58 | 0.65 | 0.73 | 0.70 | 0.62 | 0.64 | |||||||
| Salesforce Inc. | 0.62 | 0.64 | 0.78 | 0.93 | 0.90 | 0.93 | 0.90 | 0.86 | 0.95 | 0.96 | 0.86 | 0.86 | 0.86 | 0.90 | 0.89 | 0.91 | 0.88 | 0.93 | 0.89 | 0.79 | 1.19 | |||||||
| ServiceNow Inc. | — | — | — | — | 0.75 | 0.91 | 0.96 | 0.99 | 1.03 | 1.02 | 1.05 | 1.03 | 0.98 | 1.00 | 1.01 | 1.08 | 1.11 | 1.06 | 1.17 | 1.06 | 1.06 | |||||||
| Synopsys Inc. | — | — | — | 0.99 | 0.98 | 1.20 | 1.16 | 6.34 | 1.99 | 1.88 | 1.10 | 0.99 | 0.88 | 0.85 | 0.92 | 0.90 | 0.86 | 0.85 | 0.87 | 0.99 | 0.93 | |||||||
Based on: 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Q1 2027 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 5,928 ÷ 6,535 = 0.91
2 Click competitor name to see calculations.
The analysis of liquidity ratios reveals a cyclical pattern of expansion and contraction in the short-term solvency position between April 2021 and April 2026.
- Initial Liquidity Phase (April 2021 – January 2022)
- During the initial period, the quick ratio remained relatively low, oscillating between 0.86 and 1.03. This indicates a tighter liquidity position where quick assets were barely sufficient to cover current liabilities, which ranged from approximately $4.2 billion to $5.1 billion.
- Liquidity Expansion and Stability (April 2022 – July 2025)
- A significant improvement in liquidity began in April 2022, with the quick ratio ascending to 1.47. An upward trajectory continued through October 2023, when the ratio peaked at 2.01. For the subsequent period ending July 2025, the ratio maintained a strong and stable position, generally fluctuating between 1.80 and 1.98. This strength was driven by a substantial increase in total quick assets, which peaked at $9.79 billion in July 2025, while current liabilities remained relatively contained between $4.0 billion and $5.5 billion.
- Recent Liquidity Contraction (October 2025 – April 2026)
- A pronounced downward trend is observed in the final three quarters of the period. The quick ratio declined sharply from 1.71 in October 2025 to 0.91 by April 2026. This deterioration is the result of two converging factors: a significant reduction in total quick assets, which dropped from $8.59 billion to $5.93 billion, and a concurrent increase in current liabilities, which rose to a period high of $6.54 billion. By the end of the analyzed period, the liquidity position returned to levels seen in early 2021, indicating a diminished capacity to meet immediate obligations using only the most liquid assets.
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Cash Ratio
Workday Inc., cash ratio calculation (quarterly data)
| Apr 30, 2026 | Jan 31, 2026 | Oct 31, 2025 | Jul 31, 2025 | Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Cash and cash equivalents | 559) | 1,501) | 2,609) | 1,264) | 972) | 1,543) | 1,311) | 1,635) | 1,752) | 2,012) | 1,564) | 1,436) | 1,444) | 1,886) | 1,576) | 2,487) | 2,776) | 1,534) | 1,297) | 1,087) | 959) | |||||||
| Marketable securities | 3,794) | 3,942) | 4,234) | 6,922) | 6,998) | 6,474) | 5,846) | 5,738) | 5,430) | 5,801) | 5,316) | 5,221) | 4,885) | 4,235) | 3,916) | 3,806) | 3,479) | 2,110) | 2,258) | 2,221) | 2,035) | |||||||
| Total cash assets | 4,353) | 5,443) | 6,843) | 8,186) | 7,970) | 8,017) | 7,157) | 7,373) | 7,182) | 7,813) | 6,880) | 6,657) | 6,329) | 6,121) | 5,492) | 6,293) | 6,255) | 3,644) | 3,555) | 3,308) | 2,995) | |||||||
| Current liabilities | 6,535) | 6,378) | 5,017) | 4,945) | 4,821) | 5,548) | 4,422) | 4,513) | 4,428) | 5,055) | 4,029) | 4,182) | 4,044) | 4,628) | 3,723) | 4,858) | 4,781) | 5,068) | 4,275) | 4,274) | 4,211) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Cash ratio1 | 0.67 | 0.85 | 1.36 | 1.66 | 1.65 | 1.45 | 1.62 | 1.63 | 1.62 | 1.55 | 1.71 | 1.59 | 1.56 | 1.32 | 1.48 | 1.30 | 1.31 | 0.72 | 0.83 | 0.77 | 0.71 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Accenture PLC | — | — | 0.47 | 0.45 | 0.49 | 0.56 | 0.51 | 0.50 | 0.48 | 0.26 | 0.30 | 0.32 | 0.41 | 0.50 | 0.50 | 0.38 | 0.36 | 0.45 | 0.41 | 0.35 | 0.37 | |||||||
| Adobe Inc. | — | — | — | 0.47 | 0.60 | 0.65 | 0.64 | 0.63 | 0.81 | 0.75 | 0.78 | 0.85 | 0.72 | 0.95 | 0.90 | 0.82 | 0.76 | 0.75 | 0.77 | 0.72 | 0.65 | |||||||
| AppLovin Corp. | — | — | — | — | 1.85 | 1.86 | 1.55 | 1.09 | 0.39 | 0.70 | 0.73 | 0.63 | 0.57 | 0.53 | 0.41 | 1.48 | 2.01 | 1.87 | 1.74 | 1.48 | 1.80 | |||||||
| Cadence Design Systems Inc. | — | — | — | — | 0.65 | 1.84 | 1.96 | 1.89 | 2.14 | 1.93 | 1.66 | 0.69 | 0.69 | 0.63 | 0.76 | 0.73 | 0.78 | 0.65 | 0.82 | 0.99 | 1.18 | |||||||
| CrowdStrike Holdings Inc. | 1.11 | 1.25 | 1.33 | 1.43 | 1.41 | 1.25 | 1.42 | 1.48 | 1.38 | 1.29 | 1.35 | 1.42 | 1.41 | 1.28 | 1.36 | 1.41 | 1.44 | 1.42 | 1.54 | 1.57 | 1.71 | |||||||
| Datadog Inc. | — | — | — | — | 2.87 | 2.81 | 3.13 | 2.89 | 2.40 | 2.25 | 1.80 | 1.65 | 2.86 | 2.58 | 2.78 | 2.87 | 2.61 | 2.48 | 2.62 | 2.72 | 2.78 | |||||||
| International Business Machines Corp. | — | — | — | — | 0.29 | 0.37 | 0.42 | 0.41 | 0.50 | 0.45 | 0.48 | 0.54 | 0.60 | 0.39 | 0.36 | 0.50 | 0.57 | 0.28 | 0.32 | 0.24 | 0.32 | |||||||
| Intuit Inc. | — | — | 0.55 | 0.34 | 0.49 | 0.44 | 0.64 | 0.34 | 0.39 | 0.54 | 0.76 | 0.24 | 0.45 | 0.97 | 0.97 | 0.54 | 0.82 | 0.90 | 1.09 | 0.48 | 1.52 | |||||||
| Microsoft Corp. | — | — | 0.57 | 0.69 | 0.76 | 0.67 | 0.70 | 0.66 | 0.68 | 0.60 | 0.68 | 0.67 | 1.15 | 1.07 | 1.22 | 1.22 | 1.23 | 1.10 | 1.35 | 1.62 | 1.62 | |||||||
| Oracle Corp. | — | — | 0.96 | 0.52 | 0.28 | 0.34 | 0.60 | 0.39 | 0.34 | 0.34 | 0.40 | 0.36 | 0.48 | 0.44 | 0.38 | 0.27 | 0.32 | 1.12 | 1.12 | 1.21 | 1.70 | |||||||
| Palantir Technologies Inc. | — | — | — | — | 5.80 | 6.11 | 5.45 | 5.51 | 5.61 | 5.25 | 4.84 | 4.96 | 5.15 | 4.93 | 4.77 | 4.53 | 4.83 | 4.48 | 3.59 | 3.69 | 3.77 | |||||||
| Palo Alto Networks Inc. | — | — | 0.35 | 0.57 | 0.57 | 0.36 | 0.43 | 0.43 | 0.46 | 0.34 | 0.41 | 0.43 | 0.52 | 0.31 | 0.46 | 0.39 | 0.46 | 0.44 | 0.50 | 0.45 | 0.48 | |||||||
| Salesforce Inc. | 0.43 | 0.26 | 0.53 | 0.68 | 0.72 | 0.50 | 0.66 | 0.60 | 0.76 | 0.53 | 0.61 | 0.60 | 0.65 | 0.48 | 0.65 | 0.67 | 0.68 | 0.48 | 0.62 | 0.55 | 0.98 | |||||||
| ServiceNow Inc. | — | — | — | — | 0.52 | 0.60 | 0.69 | 0.72 | 0.80 | 0.69 | 0.78 | 0.75 | 0.73 | 0.66 | 0.73 | 0.82 | 0.85 | 0.71 | 0.89 | 0.81 | 0.83 | |||||||
| Synopsys Inc. | — | — | — | 0.66 | 0.56 | 0.80 | 0.75 | 5.93 | 1.62 | 1.53 | 0.79 | 0.66 | 0.48 | 0.53 | 0.67 | 0.62 | 0.48 | 0.56 | 0.60 | 0.70 | 0.51 | |||||||
Based on: 10-Q (reporting date: 2026-04-30), 10-K (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-K (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-K (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30).
1 Q1 2027 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 4,353 ÷ 6,535 = 0.67
2 Click competitor name to see calculations.
The liquidity profile exhibits three distinct phases: an initial period of growth, a prolonged phase of high solvency, and a final period of significant contraction. The overall trajectory shows a substantial increase in the ability to cover short-term obligations starting in 2022, followed by a sharp reversal in liquidity levels toward the end of the observed period.
- Cash Asset Trends
- Total cash assets grew steadily from US$ 2,995 million in April 2021 to a peak of US$ 8,186 million in July 2025. Following this peak, a rapid depletion of cash is observed, with balances falling to US$ 4,353 million by April 2026, representing a nearly 47% decrease from the high point within nine months.
- Current Liability Movements
- Current liabilities fluctuated between US$ 3,723 million and US$ 5,548 million for the majority of the period. However, a notable upward trend emerges in the final quarters, with liabilities climbing to US$ 6,535 million by April 2026, creating a simultaneous pressure of rising obligations and falling cash reserves.
- Cash Ratio Evolution
- The cash ratio began at 0.71 in April 2021, indicating that cash assets covered approximately 71% of current liabilities. A significant shift occurred in April 2022, where the ratio surpassed 1.0, peaking at 1.71 in October 2023. This indicated a period of high liquidity where cash alone was sufficient to cover short-term debts nearly twice over. This strength persisted until October 2025, after which the ratio declined sharply to 0.85 in January 2026 and reached a period low of 0.67 by April 2026.
- Liquidity Correlation
- The deterioration of the cash ratio in the final stages is driven by a dual impact: the substantial reduction in total cash assets coupled with a simultaneous increase in current liabilities. This convergence marks a transition from a highly liquid position back to a state where current liabilities exceed available cash assets.
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