Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Based on: 10-Q (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-K (reporting date: 2024-08-31), 10-Q (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-K (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-K (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-K (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-K (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30).
The analysis of the liquidity ratios over the presented quarterly periods reveals several notable trends and fluctuations.
- Current Ratio
- The current ratio generally remained above 1 throughout the periods, indicating that short-term assets consistently exceeded short-term liabilities. Initially, the ratio exhibited a mild upward trend from 1.33 in late 2018 to a peak of 1.45 by the end of 2020, suggesting improved liquidity. However, from early 2021 through early 2024, the current ratio showed a gradual decline, reaching lows near 1.10 to 1.16 in late 2024. Notably, by the end of the dataset, there was a sharp rebound back to approximately 1.46, indicating a recent improvement in the company’s ability to cover short-term obligations.
- Quick Ratio
- The quick ratio, which excludes inventory from current assets, paralleled the current ratio pattern though consistently remaining slightly below it. Early periods saw values around 1.22 to 1.34, reflecting strong immediate liquidity. A downward trend was observed from early 2021, hitting lows around 0.98 to 1.03 in late 2024, indicating a reduction in highly liquid assets relative to current liabilities. Similar to the current ratio, the quick ratio demonstrated a recovery towards the last few quarters, reaching around 1.32–1.33, suggesting a recent strengthening of liquid asset coverage.
- Cash Ratio
- The cash ratio, representing the most conservative measure of liquidity by focusing solely on cash and cash equivalents, showed greater variability. Initially, it moved upward from 0.43 to 0.68 by late 2020, indicating an accumulation of cash relative to current liabilities. Subsequently, a downward drift occurred from early 2021 to late 2024, dipping as low as approximately 0.26 to 0.32, reflecting reduced cash reserves in relation to short-term obligations. The final quarters demonstrated a rebound to around 0.50, signaling an increase in cash liquidity more recently.
- Overall Insights
- Across the three liquidity ratios, a common pattern emerges: a period of rising liquidity through 2020, followed by a gradual decline through most of 2021 to 2024, and a notable recovery in the final periods analyzed. This suggests fluctuating liquidity management, possibly responding to external or internal financial pressures. The recent improvements in all liquidity ratios may indicate enhanced cash management, stronger working capital controls, or reduced short-term liabilities, contributing to better short-term financial health.
Current Ratio
May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | |||||||||
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Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
Current assets | 27,416,505) | 25,307,652) | 25,198,337) | 20,857,781) | 21,075,418) | 20,328,821) | 23,055,576) | 23,381,931) | 23,380,073) | 21,060,958) | 20,672,460) | 21,610,871) | 21,007,740) | 19,185,130) | 18,621,652) | 19,666,511) | 21,144,858) | 19,560,720) | 18,626,094) | 17,749,756) | 16,146,236) | 15,405,293) | 15,606,104) | 15,450,601) | 14,141,660) | 13,833,300) | 13,540,408) | ||||||||
Current liabilities | 18,768,835) | 17,130,355) | 17,186,968) | 18,976,127) | 18,207,753) | 16,136,014) | 17,280,238) | 18,009,038) | 17,092,528) | 16,349,522) | 16,460,246) | 17,523,496) | 16,562,592) | 15,540,122) | 15,232,007) | 15,708,867) | 14,929,559) | 14,090,668) | 12,819,099) | 12,662,590) | 11,828,281) | 11,177,575) | 11,199,408) | 11,061,896) | 10,551,987) | 10,219,049) | 10,176,335) | ||||||||
Liquidity Ratio | |||||||||||||||||||||||||||||||||||
Current ratio1 | 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 | 1.25 | 1.42 | 1.39 | 1.45 | 1.40 | 1.37 | 1.38 | 1.39 | 1.40 | 1.34 | 1.35 | 1.33 | ||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Current Ratio, Competitors2 | |||||||||||||||||||||||||||||||||||
Adobe Inc. | — | 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 | 1.25 | 1.39 | 1.31 | 1.27 | 1.48 | 1.44 | 1.29 | 1.23 | 0.79 | 0.74 | 0.70 | 0.97 | ||||||||
Cadence Design Systems Inc. | — | — | 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 | 1.77 | 1.70 | 1.57 | 1.70 | 1.86 | 1.55 | 1.42 | 1.38 | — | — | — | — | ||||||||
CrowdStrike Holdings Inc. | 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 | 2.65 | 1.91 | 2.18 | 2.25 | 2.38 | 2.53 | 2.94 | 1.03 | — | — | — | — | ||||||||
Fair Isaac Corp. | — | 2.11 | 1.80 | 1.62 | 1.87 | 2.04 | 1.31 | 1.51 | 1.46 | 1.40 | 1.36 | 1.46 | 1.23 | 1.26 | 1.44 | 0.99 | 1.02 | 1.10 | 1.30 | 1.29 | 1.05 | 1.01 | 1.04 | 0.93 | 0.95 | 0.91 | 0.87 | ||||||||
International Business Machines Corp. | — | — | 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 | 0.88 | 0.84 | 0.84 | 0.93 | 0.98 | 1.05 | 1.04 | 0.96 | — | — | — | — | ||||||||
Intuit Inc. | 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 | 1.94 | 1.96 | 1.53 | 3.09 | 2.26 | 1.79 | 1.67 | 1.80 | 1.83 | 1.85 | 1.32 | 1.41 | ||||||||
Microsoft Corp. | 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 | 2.08 | 2.29 | 2.58 | 2.53 | 2.52 | 2.90 | 2.80 | 2.85 | 2.53 | 2.97 | 3.12 | 2.92 | ||||||||
Oracle Corp. | 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 | 2.30 | 2.16 | 2.17 | 2.66 | 3.03 | 2.12 | 2.37 | 2.25 | — | — | — | — | ||||||||
Palantir Technologies Inc. | — | — | 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 | 4.34 | 4.13 | 3.90 | 3.88 | — | — | — | — | — | — | — | — | ||||||||
Palo Alto Networks Inc. | 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 | 0.91 | 1.38 | 0.98 | 1.63 | 1.91 | 1.29 | 1.78 | 1.78 | 1.78 | 1.86 | 1.87 | 2.10 | ||||||||
Salesforce Inc. | 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 | 1.23 | 1.22 | 1.15 | 1.15 | 1.08 | 1.05 | 0.97 | 0.96 | — | — | — | — | ||||||||
ServiceNow Inc. | — | — | 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 | 1.05 | 1.13 | 1.08 | 1.23 | 1.21 | 1.40 | 1.17 | 1.03 | — | — | — | — | ||||||||
Synopsys Inc. | — | 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 | 1.16 | 1.18 | 1.19 | 1.10 | 1.19 | 1.06 | 0.95 | 0.95 | 0.99 | 0.99 | 0.95 | 0.89 | ||||||||
Workday Inc. | 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 | 1.12 | 1.09 | 1.45 | 1.25 | 1.04 | 1.19 | 0.81 | 1.09 | — | — | — | — |
Based on: 10-Q (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-K (reporting date: 2024-08-31), 10-Q (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-K (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-K (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-K (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-K (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30).
1 Q3 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 27,416,505 ÷ 18,768,835 = 1.46
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in liquidity and working capital management over the periods presented.
- Current Assets
- Current assets show a generally upward trend over the span of data, increasing from approximately 13.5 billion US dollars in late 2018 to over 27.4 billion US dollars by mid-2025. Despite some fluctuations, especially noticeable declines in certain intermediate quarters, the overall trajectory is positive, indicating growth in the company's liquid and short-term resources available to fund operations or cover short-term obligations.
- Current Liabilities
- Current liabilities also increase over time, rising from about 10.2 billion US dollars at the beginning of the series to nearly 18.8 billion US dollars by late 2024, before a slight decrease and then another increase occurs towards mid-2025. This pattern suggests that obligations due within one year have grown, though not perfectly parallel to current assets growth, indicating changes in the company's short-term debt or payable levels.
- Current Ratio
- The current ratio, which measures liquidity by dividing current assets by current liabilities, fluctuates modestly through the periods. Starting at around 1.33 in late 2018, it experiences periodic rises and falls but maintains a range generally between 1.1 and 1.5. The ratio peaked several times above 1.4, notably in late 2019 and again in the final quarters reported (2024-2025). A dip below 1.2 occurred in late 2023 and early 2024, indicating a period of relatively tighter liquidity. Overall, the current ratio remains above 1.0 in all periods, suggesting the company consistently maintains current assets exceeding current liabilities.
In summary, the company has steadily increased both its current assets and current liabilities over the analyzed quarters, with current assets growing at a slightly faster rate. The current ratio indicates sustained, though variable, liquidity levels, reflecting effective short-term financial management that keeps assets sufficient to meet current debts. The occasional decreases in this ratio highlight moments when liquidity tightened, warranting monitoring, but the general pattern suggests a stable liquidity position throughout the periods.
Quick Ratio
May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | |||||||||
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Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 9,631,607) | 8,490,438) | 8,306,055) | 5,004,469) | 5,537,217) | 5,121,107) | 7,140,841) | 9,045,032) | 8,535,446) | 6,238,787) | 5,899,703) | 7,889,833) | 6,703,568) | 5,466,116) | 5,637,117) | 8,168,174) | 10,009,380) | 9,166,578) | 8,594,003) | 8,415,330) | 6,442,261) | 5,436,456) | 5,810,537) | 6,126,853) | 4,769,158) | 4,464,889) | 4,363,790) | ||||||||
Short-term investments | 5,788) | 5,062) | 5,150) | 5,396) | 4,878) | 4,540) | 4,597) | 4,575) | 4,482) | 4,189) | 4,095) | 3,973) | 4,322) | 6,031) | 6,968) | 4,294) | 4,433) | 3,518) | 83,148) | 94,309) | 3,676) | 3,643) | 3,303) | 3,313) | 3,338) | 3,111) | 3,116) | ||||||||
Receivables and contract assets | 15,100,877) | 14,281,294) | 14,574,637) | 13,664,847) | 13,199,388) | 13,080,504) | 13,241,359) | 12,227,186) | 12,582,660) | 12,499,168) | 12,610,353) | 11,776,775) | 12,219,074) | 11,590,876) | 11,120,401) | 9,728,212) | 9,473,441) | 8,725,392) | 8,547,711) | 7,846,892) | 8,345,601) | 8,517,949) | 8,577,386) | 8,095,071) | 8,134,147) | 8,151,411) | 8,023,057) | ||||||||
Total quick assets | 24,738,272) | 22,776,794) | 22,885,842) | 18,674,712) | 18,741,483) | 18,206,151) | 20,386,797) | 21,276,793) | 21,122,588) | 18,742,144) | 18,514,151) | 19,670,581) | 18,926,964) | 17,063,023) | 16,764,486) | 17,900,680) | 19,487,254) | 17,895,488) | 17,224,862) | 16,356,531) | 14,791,538) | 13,958,048) | 14,391,226) | 14,225,237) | 12,906,643) | 12,619,411) | 12,389,963) | ||||||||
Current liabilities | 18,768,835) | 17,130,355) | 17,186,968) | 18,976,127) | 18,207,753) | 16,136,014) | 17,280,238) | 18,009,038) | 17,092,528) | 16,349,522) | 16,460,246) | 17,523,496) | 16,562,592) | 15,540,122) | 15,232,007) | 15,708,867) | 14,929,559) | 14,090,668) | 12,819,099) | 12,662,590) | 11,828,281) | 11,177,575) | 11,199,408) | 11,061,896) | 10,551,987) | 10,219,049) | 10,176,335) | ||||||||
Liquidity Ratio | |||||||||||||||||||||||||||||||||||
Quick ratio1 | 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 | 1.14 | 1.31 | 1.27 | 1.34 | 1.29 | 1.25 | 1.25 | 1.28 | 1.29 | 1.22 | 1.23 | 1.22 | ||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||||||||
Adobe Inc. | — | 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 | 1.11 | 1.25 | 1.18 | 1.12 | 1.34 | 1.28 | 1.11 | 1.06 | 0.70 | 0.64 | 0.62 | 0.86 | ||||||||
Cadence Design Systems Inc. | — | — | 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 | 1.47 | 1.48 | 1.33 | 1.43 | 1.59 | 1.44 | 1.30 | 1.22 | — | — | — | — | ||||||||
CrowdStrike Holdings Inc. | 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 | 2.50 | 1.76 | 2.01 | 2.07 | 2.18 | 2.36 | 2.76 | 0.87 | — | — | — | — | ||||||||
Fair Isaac Corp. | — | 1.86 | 1.62 | 1.52 | 1.76 | 1.92 | 1.22 | 1.43 | 1.39 | 1.28 | 1.26 | 1.37 | 1.15 | 1.17 | 1.31 | 0.91 | 0.95 | 0.92 | 1.16 | 1.19 | 0.93 | 0.87 | 0.89 | 0.82 | 0.87 | 0.80 | 0.76 | ||||||||
International Business Machines Corp. | — | — | 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 | 0.69 | 0.64 | 0.66 | 0.75 | 0.83 | 0.88 | 0.88 | 0.80 | — | — | — | — | ||||||||
Intuit Inc. | 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 | 1.60 | 1.72 | 1.20 | 2.74 | 2.04 | 1.54 | 1.30 | 1.34 | 1.44 | 1.57 | 0.94 | 0.89 | ||||||||
Microsoft Corp. | 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 | 1.90 | 2.10 | 2.36 | 2.30 | 2.33 | 2.73 | 2.65 | 2.68 | 2.35 | 2.80 | 2.93 | 2.72 | ||||||||
Oracle Corp. | 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 | 2.15 | 2.00 | 2.02 | 2.50 | 2.83 | 1.91 | 2.16 | 2.09 | — | — | — | — | ||||||||
Palantir Technologies Inc. | — | — | 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 | 4.11 | 3.90 | 3.79 | 3.73 | — | — | — | — | — | — | — | — | ||||||||
Palo Alto Networks Inc. | 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 | 0.86 | 1.23 | 0.88 | 1.48 | 1.78 | 1.16 | 1.64 | 1.64 | 1.65 | 1.73 | 1.74 | 1.98 | ||||||||
Salesforce Inc. | 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 | 1.11 | 1.05 | 0.98 | 1.00 | 0.95 | 0.87 | 0.82 | 0.81 | — | — | — | — | ||||||||
ServiceNow Inc. | — | — | 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 | 1.01 | 1.07 | 1.03 | 1.19 | 1.16 | 1.33 | 1.11 | 0.98 | — | — | — | — | ||||||||
Synopsys Inc. | — | 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 | 0.89 | 0.90 | 0.92 | 0.83 | 0.94 | 0.82 | 0.73 | 0.73 | 0.73 | 0.70 | 0.67 | 0.67 | ||||||||
Workday Inc. | 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 | 1.07 | 1.02 | 1.35 | 1.15 | 0.95 | 1.09 | 0.74 | 1.00 | — | — | — | — |
Based on: 10-Q (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-K (reporting date: 2024-08-31), 10-Q (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-K (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-K (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-K (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-K (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30).
1 Q3 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 24,738,272 ÷ 18,768,835 = 1.32
2 Click competitor name to see calculations.
- Total Quick Assets
- The total quick assets exhibited a general upward trend from November 2018 to May 2025. Starting at approximately 12.39 billion US dollars, the figure showed a steady increase, reaching a peak of about 24.74 billion US dollars by May 2025. Notable increments occurred between August 2020 and February 2021, as well as between August 2024 and May 2025, indicating periods of stronger liquidity expansion. Some intermediate fluctuations were observed, such as a decline between November 2021 and November 2022, yet the overall trajectory remained positive.
- Current Liabilities
- Current liabilities also demonstrated a rising trend over the same period, increasing from approximately 10.18 billion US dollars in November 2018 to around 18.77 billion US dollars by May 2025. Increases were somewhat consistent but exhibited periodic fluctuations, with episodes of slight reduction, for example around November 2022 to February 2023, and again between November 2023 and February 2024. Despite these fluctuations, current liabilities increased at a somewhat slower pace relative to total quick assets in certain intervals.
- Quick Ratio
- The quick ratio fluctuated modestly throughout the time span, beginning at 1.22 in November 2018 and maintaining a level largely above 1.0, indicating a position of liquidity where quick assets exceed current liabilities. The ratio peaked at 1.34 around November 2020, signifying a particularly strong liquidity position at that time. Subsequent periods saw a gradual decline, reaching lows near 0.98 in February 2025, just below the threshold of 1.0, which could indicate increased pressure on short-term liquidity. However, the ratio recovered toward the end of the observed period, rising to approximately 1.32 by May 2025, suggesting an improvement in liquid asset coverage over current liabilities.
Cash Ratio
May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | |||||||||
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Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 9,631,607) | 8,490,438) | 8,306,055) | 5,004,469) | 5,537,217) | 5,121,107) | 7,140,841) | 9,045,032) | 8,535,446) | 6,238,787) | 5,899,703) | 7,889,833) | 6,703,568) | 5,466,116) | 5,637,117) | 8,168,174) | 10,009,380) | 9,166,578) | 8,594,003) | 8,415,330) | 6,442,261) | 5,436,456) | 5,810,537) | 6,126,853) | 4,769,158) | 4,464,889) | 4,363,790) | ||||||||
Short-term investments | 5,788) | 5,062) | 5,150) | 5,396) | 4,878) | 4,540) | 4,597) | 4,575) | 4,482) | 4,189) | 4,095) | 3,973) | 4,322) | 6,031) | 6,968) | 4,294) | 4,433) | 3,518) | 83,148) | 94,309) | 3,676) | 3,643) | 3,303) | 3,313) | 3,338) | 3,111) | 3,116) | ||||||||
Total cash assets | 9,637,395) | 8,495,500) | 8,311,205) | 5,009,865) | 5,542,095) | 5,125,647) | 7,145,438) | 9,049,607) | 8,539,928) | 6,242,976) | 5,903,798) | 7,893,806) | 6,707,890) | 5,472,147) | 5,644,085) | 8,172,468) | 10,013,813) | 9,170,096) | 8,677,151) | 8,509,639) | 6,445,937) | 5,440,099) | 5,813,840) | 6,130,166) | 4,772,496) | 4,468,000) | 4,366,906) | ||||||||
Current liabilities | 18,768,835) | 17,130,355) | 17,186,968) | 18,976,127) | 18,207,753) | 16,136,014) | 17,280,238) | 18,009,038) | 17,092,528) | 16,349,522) | 16,460,246) | 17,523,496) | 16,562,592) | 15,540,122) | 15,232,007) | 15,708,867) | 14,929,559) | 14,090,668) | 12,819,099) | 12,662,590) | 11,828,281) | 11,177,575) | 11,199,408) | 11,061,896) | 10,551,987) | 10,219,049) | 10,176,335) | ||||||||
Liquidity Ratio | |||||||||||||||||||||||||||||||||||
Cash ratio1 | 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 | 0.52 | 0.67 | 0.65 | 0.68 | 0.67 | 0.54 | 0.49 | 0.52 | 0.55 | 0.45 | 0.44 | 0.43 | ||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||||||||
Adobe Inc. | — | 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 | 0.84 | 1.00 | 0.94 | 0.85 | 1.09 | 1.03 | 0.84 | 0.80 | 0.51 | 0.47 | 0.45 | 0.61 | ||||||||
Cadence Design Systems Inc. | — | — | 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 | 1.12 | 1.12 | 0.91 | 0.94 | 1.17 | 1.17 | 1.03 | 0.93 | — | — | — | — | ||||||||
CrowdStrike Holdings Inc. | 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 | 2.22 | 1.51 | 1.76 | 1.81 | 1.85 | 2.01 | 2.42 | 0.58 | — | — | — | — | ||||||||
Fair Isaac Corp. | — | 0.43 | 0.56 | 0.40 | 0.46 | 0.43 | 0.37 | 0.37 | 0.41 | 0.37 | 0.39 | 0.40 | 0.40 | 0.46 | 0.50 | 0.35 | 0.44 | 0.40 | 0.37 | 0.38 | 0.27 | 0.23 | 0.25 | 0.22 | 0.17 | 0.18 | 0.18 | ||||||||
International Business Machines Corp. | — | — | 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 | 0.22 | 0.23 | 0.22 | 0.31 | 0.36 | 0.41 | 0.37 | 0.30 | — | — | — | — | ||||||||
Intuit Inc. | 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 | 1.46 | 1.52 | 1.02 | 2.69 | 2.00 | 1.46 | 1.03 | 1.28 | 1.39 | 1.46 | 0.67 | 0.84 | ||||||||
Microsoft Corp. | 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 | 1.47 | 1.74 | 1.96 | 1.97 | 1.89 | 2.34 | 2.25 | 2.35 | 1.93 | 2.44 | 2.54 | 2.41 | ||||||||
Oracle Corp. | 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 | 1.93 | 1.77 | 1.81 | 2.26 | 2.50 | 1.64 | 1.88 | 1.89 | — | — | — | — | ||||||||
Palantir Technologies Inc. | — | — | 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 | 3.83 | 3.64 | 3.43 | 3.50 | — | — | — | — | — | — | — | — | ||||||||
Palo Alto Networks Inc. | 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 | 0.57 | 0.98 | 0.72 | 1.22 | 1.39 | 0.87 | 1.40 | 1.39 | 1.37 | 1.52 | 1.51 | 1.76 | ||||||||
Salesforce Inc. | 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 | 0.67 | 0.78 | 0.72 | 0.76 | 0.54 | 0.62 | 0.59 | 0.61 | — | — | — | — | ||||||||
ServiceNow Inc. | — | — | 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 | 0.67 | 0.80 | 0.76 | 0.94 | 0.83 | 1.04 | 0.82 | 0.68 | — | — | — | — | ||||||||
Synopsys Inc. | — | 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 | 0.65 | 0.66 | 0.65 | 0.47 | 0.58 | 0.51 | 0.42 | 0.34 | 0.42 | 0.42 | 0.36 | 0.29 | ||||||||
Workday Inc. | 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 | 0.83 | 0.81 | 1.08 | 0.94 | 0.65 | 0.84 | 0.56 | 0.77 | — | — | — | — |
Based on: 10-Q (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-K (reporting date: 2024-08-31), 10-Q (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-K (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-K (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-K (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-K (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-K (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30).
1 Q3 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 9,637,395 ÷ 18,768,835 = 0.51
2 Click competitor name to see calculations.
The analyzed financial data reveals several notable trends concerning the company's liquidity and its ability to meet short-term obligations over the examined periods.
- Total Cash Assets
- The total cash assets exhibit significant fluctuations throughout the period. Initially, there is a general upward trend from approximately 4.37 billion US dollars in late 2018 to a peak near 10.01 billion in mid-2021. Following this peak, the cash assets decrease notably to around 5.64 billion by late 2021, before gradually increasing again, reaching close to 9.64 billion by mid-2025. These variations suggest periodic changes in cash reserves, potentially influenced by operational cash flows, investment activities, or financing events.
- Current Liabilities
- Current liabilities demonstrate a steady increase over the span of the data, rising from approximately 10.18 billion US dollars at the end of 2018 to a peak of about 18.97 billion by late 2024. Some minor declines are observed afterward, with values fluctuating around 17 to 18 billion up to mid-2025. This overall upward trajectory indicates growing short-term obligations, which may reflect expansion activities, increased operational costs, or shifts in working capital management.
- Cash Ratio
- The cash ratio, representing the proportion of cash assets to current liabilities, shows notable variability. Early periods reveal gradual improvement from 0.43 to a higher point of 0.68 in late 2020, indicative of strengthening liquidity. However, from early 2021 onwards, there is a marked decline in this ratio to values as low as 0.26 by late 2024, indicating a reduction in immediate liquidity relative to current liabilities during that time frame. Toward the end of the period, the ratio recovers somewhat, rising to approximately 0.51 by mid-2025. This pattern suggests fluctuating liquidity positions, potentially influenced by both changes in cash holdings and current liabilities levels.
In summary, the company exhibited an overall increase in current liabilities over the examined timeframe, with cash assets displaying cyclical movements including peaks and troughs. The cash ratio mirrored these fluctuations, revealing periods of stronger liquidity followed by significant declines and late recovery. These trends highlight the company's varying capacity to cover short-term obligations purely with cash reserves, warranting attention to liquidity management strategies amid growing liabilities.