Liquidity ratios measure the company ability to meet its short-term obligations.
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- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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Liquidity Ratios (Summary)
Based on: 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
- Current Ratio
- The current ratio exhibits considerable fluctuations over the analyzed periods. Initially, values ranged between 1.28 and 1.87 up to the third quarter of 2015, indicating moderately stable short-term liquidity. Thereafter, a pronounced spike occurred in the fourth quarter of 2015 and the first two quarters of 2016, reaching a peak of 4.61. This sharp increase suggests a significant accumulation of current assets or reduction in current liabilities. Following this peak, the ratio gradually declined, stabilizing around values between 1.31 and 2.63 from late 2016 through 2019. The overall trend indicates an episode of substantial liquidity buildup mid-period, followed by normalization to a moderate liquidity position.
- Quick Ratio
- The quick ratio mirrors the pattern of the current ratio with some variation. Starting values fluctuate between 1.2 and 1.51 up to mid-2015, after which a marked increase emerges prominently in late 2015 and early 2016, peaking at 4.09. This rise is indicative of enhanced near-cash assets relative to current liabilities. Subsequently, the quick ratio declines and fluctuates between 1.01 and 2.14 in the periods from mid-2016 to the latter part of 2019. The decline post-peak suggests a rebalancing of liquid assets and liabilities, settling at lower but still positive levels representative of a balanced short-term liquidity.
- Cash Ratio
- The cash ratio demonstrates a similar but more pronounced volatility pattern compared to the other liquidity ratios. Initial levels range from 0.42 to 0.62, indicating moderate cash availability relative to current liabilities. A significant upsurge occurs starting in the third quarter of 2015, with the ratio reaching its highest point during the first quarter of 2016 at 3.8, suggesting a substantial cash reserve accumulation. Following this peak, a steady decline is observed, with the cash ratio decreasing to values between 0.84 and 1.87 in the latest periods toward the end of 2019. These fluctuations reflect changes in cash management and possibly strategic liquidity adjustments over time.
Current Ratio
Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | 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 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||||
Current ratio1 | ||||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||||
Current Ratio, Competitors2 | ||||||||||||||||||||||||||||||
Amazon.com Inc. | ||||||||||||||||||||||||||||||
Home Depot Inc. | ||||||||||||||||||||||||||||||
Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||||
TJX Cos. Inc. |
Based on: 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Q3 2019 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Trend in Current Assets
- The current assets generally exhibit fluctuations over the periods with notable declines and recoveries. From the beginning in March 2014, current assets rose steadily until June 2015, peaking at 28,549 million US dollars. Subsequently, there is a sharp drop in September and December 2015, with values falling to 8,280 million and 7,904 million respectively. After this decline, the current assets mildly recover but remain below the earlier peak, exhibiting a downward tendency from early 2017 through 2019, reaching a low of 5,209 million US dollars by September 2019.
- Trend in Current Liabilities
- Current liabilities follow a decreasing trend from mid-2015 onwards after fluctuating moderately in earlier periods. Initially, liabilities hovered between 15,700 million and 17,600 million US dollars up to June 2015. There is a sharp decrease during the second half of 2015, plummeting to between 2,263 and 4,436 million US dollars. From 2016 through 2019, the liabilities show moderate volatility but tend to stabilize in the range of approximately 2,500 million to 5,200 million US dollars toward the end of the observed periods.
- Current Ratio Analysis
- The current ratio, a measure of short-term liquidity, reveals significant variation within the timeframe. Beginning with modest values between 1.28 and 1.67 during the first half of 2015, there is a notable increase reaching a peak of 4.61 in March 2016. This peak coincides with the sharp drop in current liabilities and current assets previously observed, indicating a temporary improvement in liquidity. Post-peak, the current ratio declines progressively with some fluctuations but remains above 1.3, suggesting that the company sustained a generally healthy liquidity position despite trends of decreasing current assets and stable to slightly increasing liabilities. By the last reported quarter in September 2019, the ratio stands at 1.41, maintaining a reasonable buffer above the commonly accepted threshold of 1.
- Overall Observations
- The data indicates a period of significant restructuring or asset adjustments in the latter half of 2015, with both current assets and liabilities showing abrupt changes. While current assets declined substantially from mid-2015 onwards and did not return to prior peak levels, current liabilities decreased sharply and stabilized at lower levels. The concurrent increase in the current ratio during this period suggests an improvement in liquidity, which later normalized with some decline but remained above critical levels. These patterns point toward a strategic realignment or operational changes impacting the short-term financial structure, with a focus on managing liquidity effectively despite reduced current assets.
Quick Ratio
Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | 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 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||||
Accounts receivable, net | ||||||||||||||||||||||||||||||
Loans and interest receivable, net | ||||||||||||||||||||||||||||||
Funds receivable and customer accounts | ||||||||||||||||||||||||||||||
Total quick assets | ||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||||
Quick ratio1 | ||||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||||
Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||||
Amazon.com Inc. | ||||||||||||||||||||||||||||||
Home Depot Inc. | ||||||||||||||||||||||||||||||
Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||||
TJX Cos. Inc. |
Based on: 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Q3 2019 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Quick Assets
- The total quick assets exhibited notable fluctuations over the observed periods. Starting at approximately $21.0 billion in early 2014, the value increased steadily to peak around $25.7 billion by mid-2015. However, a significant drop followed in the subsequent quarters, falling sharply to a low near $3.8 billion by late 2019. This sharp decline after 2015 indicates either a reduction in liquid assets or a change in classification or reporting practices during that period.
- Current Liabilities
- Current liabilities showed considerable variability across the quarters. Initially, liabilities increased from roughly $15.7 billion in early 2014 to about $17.6 billion by the first quarter of 2015. Afterward, a steep decline was observed, reaching as low as approximately $2.3 billion in late 2015. Post-2016, liabilities generally trended upward, peaking around $5.2 billion in mid-2019 before declining slightly to near $3.7 billion by the end of the dataset. The initial sharp drop and subsequent recovery may suggest shifts in short-term obligations, possibly influenced by operational changes or financial restructuring.
- Quick Ratio
- The quick ratio, a measure of short-term liquidity, mirrored the volatility seen in quick assets and current liabilities. Starting at 1.34 in early 2014, the ratio dipped slightly before rising to a peak of approximately 4.09 in early 2016. This elevated ratio indicates a strong liquidity position at that time, likely due to the reduced current liabilities and the retained level of quick assets. Following this peak, the ratio declined steadily over the subsequent years to about 1.03 by late 2019, approaching a neutral liquidity position. The diminishing quick ratio in recent periods could imply a tightening of liquidity or an increase in current liabilities relative to quick assets.
- Overall Trends and Insights
- The data reveals a period of strong liquidity between 2014 and 2016, characterized by high quick assets and comparatively low current liabilities, resulting in high quick ratios. After this period, there is a marked decline in both quick assets and quick ratio, coupled with an increase in current liabilities, suggesting a shift towards lower liquidity reserves or altered asset-liability management strategies. This evolution may reflect changing business conditions, financial policies, or market environment impacting the company’s short-term financial stability over the given timeframe.
Cash Ratio
Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | 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 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||||
Total cash assets | ||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||||
Cash ratio1 | ||||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||||
Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||||
Amazon.com Inc. | ||||||||||||||||||||||||||||||
Home Depot Inc. | ||||||||||||||||||||||||||||||
Lowe’s Cos. Inc. | ||||||||||||||||||||||||||||||
TJX Cos. Inc. |
Based on: 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
1 Q3 2019 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Cash Assets Trend
- Over the observed periods, total cash assets demonstrate significant volatility. Initially, cash assets show an increasing trend from 7,844 million USD in March 2014 to a peak of 10,554 million USD in June 2015. This is followed by a sharp decline to 5,301 million USD in September 2015 and subsequent fluctuations with generally decreasing values toward the end of the data series, reaching 3,086 million USD by September 2019. The initial growth period is marked by strong liquidity accumulation, but the latter period indicates a gradual depletion of cash reserves.
- Current Liabilities Trend
- Current liabilities exhibit a varying pattern with some notable shifts. The amount generally fluctuates between approximately 15,700 million USD and 17,600 million USD from March 2014 through June 2015, then abruptly declines to 4,436 million USD in September 2015 and drops further to 2,263 million USD in December 2015. After this significant decrease, liabilities hover at lower levels ranging between 2,100 million USD and 5,200 million USD through to September 2019. This marked reduction suggests a strategic liability management or reclassification occurring mid-2015, which considerably reduces short-term obligations.
- Cash Ratio Behavior
- The cash ratio, representing liquidity by comparing cash assets to current liabilities, shows a pronounced increase starting mid-2015. Initially, the ratio remains below or near 0.6, indicating moderate liquidity. A sudden rise occurs from 1.19 in September 2015 to a peak of 3.8 in March 2016, illustrating a substantial improvement in the ability to cover current liabilities with cash. Following the peak, the ratio gradually declines but remains above 0.8 through to the end of the period in September 2019. This pattern indicates an improved liquidity position driven largely by the reduction in current liabilities coupled with a moderate level of cash assets.
- Summary Insight
- The combined trends show an initial phase of increasing cash assets and stable high current liabilities leading to moderate liquidity. A sharp shift in late 2015 with a substantial reduction in current liabilities significantly enhances the cash ratio, reflecting strengthened short-term financial stability. Despite a decrease in cash assets after mid-2016, the lower liabilities keep liquidity at acceptable levels, though a gradual decline in the cash ratio toward the end suggests a cautious monitoring of cash reserves relative to obligations.