Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Becton, Dickinson & Co., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31).
The analysis of the liquidity ratios over the presented periods reveals several notable trends and fluctuations.
- Current Ratio
- This ratio generally fluctuates around a range of approximately 1.0 to 1.5 for most quarters, indicating a relatively stable ability to cover current liabilities with current assets. However, there is a remarkable spike in the quarters ending June 30, 2017 and September 30, 2017, where the ratio dramatically increases to above 5.5, which is significantly higher compared to other periods. After this spike, the current ratio returns to the usual range, with slight variations but maintained above 1.0, suggesting periods of strong liquidity interspersed with unusually high liquidity during mid-2017.
- Quick Ratio
- The quick ratio follows a similar pattern to the current ratio, indicating that liquid assets (excluding inventory) tend to move largely in line with total current assets. It remains mostly between 0.4 and 0.9 throughout the timeline, illustrating a moderate buffer to cover immediate liabilities without relying on inventory. The extraordinary jump in mid-2017 aligns with the current ratio anomaly, reaching nearly 4.8 in June and September 2017. This is also followed by a return to a lower, more normalized range. There is a slight upward trend starting early 2020 through the first quarter of 2021, suggesting increased liquid asset availability in that timeframe.
- Cash Ratio
- The cash ratio, representing the most liquid assets relative to current liabilities, remains below 0.5 in most quarters, which is typical for many firms. Like the other ratios, it exhibits a dramatic surge in June and September of 2017, climbing above 4.2, far surpassing all other periods. Outside of this anomaly, the ratio mostly fluctuates between 0.1 and 0.5. There is a noticeable increase around early to mid-2020, with the ratio rising to approximately 0.5 to 0.73, indicating a buildup of cash and equivalents during this period. This could imply a more conservative liquidity posture or responses to external conditions requiring higher cash reserves.
In summary, the liquidity ratios consistently maintain a position indicative of modest liquidity management, except for an isolated period in mid-2017 where all three ratios spike significantly. This could suggest an extraordinary operational or financial event affecting asset composition or liabilities temporarily. Post this period, ratios normalize and show mild volatility with a slight upward adjustment in liquidity from 2020 onward, possibly reflecting strategic changes or market conditions that prompted increased liquidity buffers.
Current Ratio
Becton, Dickinson & Co., current ratio calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Current assets | 10,152) | 8,307) | 8,838) | 9,538) | 10,000) | 9,537) | 8,969) | 8,827) | 8,555) | 6,438) | 6,664) | 6,781) | 6,844) | 6,941) | 7,411) | 7,525) | 7,512) | 7,542) | 18,633) | 18,212) | 4,891) | 5,187) | 6,367) | 6,534) | 6,612) | 5,641) | ||||||||
| Current liabilities | 6,657) | 6,735) | 6,626) | 7,749) | 5,376) | 7,021) | 5,836) | 6,067) | 8,755) | 6,726) | 5,655) | 6,237) | 7,108) | 7,145) | 7,216) | 6,106) | 4,426) | 4,895) | 3,342) | 3,273) | 4,018) | 4,570) | 4,400) | 4,219) | 4,380) | 4,529) | ||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||||||
| Current ratio1 | 1.53 | 1.23 | 1.33 | 1.23 | 1.86 | 1.36 | 1.54 | 1.45 | 0.98 | 0.96 | 1.18 | 1.09 | 0.96 | 0.97 | 1.03 | 1.23 | 1.70 | 1.54 | 5.58 | 5.56 | 1.22 | 1.14 | 1.45 | 1.55 | 1.51 | 1.25 | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||||||||||
| Abbott Laboratories | 2.01 | 1.85 | 1.85 | 1.83 | 1.79 | 1.75 | 1.72 | 1.70 | 1.57 | 1.43 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| CVS Health Corp. | 0.91 | 0.88 | 0.88 | 0.94 | 0.95 | 0.93 | 0.91 | 0.95 | 0.98 | 0.99 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Elevance Health Inc. | 1.36 | 1.36 | 1.47 | 1.48 | 1.49 | 1.57 | 1.55 | 1.59 | 1.64 | 1.53 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Intuitive Surgical Inc. | 5.36 | 5.22 | 5.08 | 5.58 | 5.99 | 6.71 | 6.86 | 7.04 | 6.38 | 4.96 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Medtronic PLC | 2.91 | 2.89 | 2.65 | 2.10 | 2.16 | 1.87 | 2.13 | 2.75 | 2.77 | 2.67 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| UnitedHealth Group Inc. | 0.77 | 0.78 | 0.79 | 0.77 | 0.77 | 0.74 | 0.74 | 0.82 | 0.84 | 0.75 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31).
1 Q2 2022 Calculation
Current ratio = Current assets ÷ Current liabilities
= 10,152 ÷ 6,657 = 1.53
2 Click competitor name to see calculations.
The quarterly financial data indicates notable fluctuations in current assets, current liabilities, and the current ratio over the observed period. These movements reveal underlying shifts in the company's liquidity and operational management.
- Current Assets
- Current assets display significant variability, beginning at approximately 5.6 billion US dollars at the end of 2015 and peaking notably during the first half of 2017, reaching over 18 billion US dollars. This sharp increase in 2017 is followed by a reversion to a range around 6.4 to 7.5 billion US dollars through late 2018 and 2019. Beginning in early 2020, current assets exhibit steady growth again, culminating in the value of over 10 billion US dollars by the first quarter of 2022.
- Current Liabilities
- Current liabilities demonstrate a generally fluctuating but less pronounced trend compared to current assets. Initially, liabilities decrease from roughly 4.5 billion US dollars at the end of 2015 to about 3.3 billion US dollars in mid-2017, coinciding with the asset peak. However, after mid-2017, liabilities increase again, reaching above 7 billion US dollars by late 2018 and maintaining elevated levels through 2020 and 2021. By early 2022, liabilities moderate again to around 6.6 billion US dollars.
- Current Ratio
- The current ratio, representing the liquidity position, varies substantially. From a starting point near 1.25 at the end of 2015, it improves steadily to over 1.5 by mid-2016, then abruptly spikes to an exceptionally high ratio of approximately 5.56 in mid-2017. This anomaly corresponds to the disproportionate increase in current assets relative to liabilities during this period. Post-2017, the ratio normalizes closer to unity, oscillating between 0.96 and 1.54 for most quarters. Notably, there is a marked decline below 1.0 in late 2018 and early 2019, indicating periods where current liabilities slightly exceeded current assets, before recovering again to above 1.2 by early 2022.
Overall, the data suggests an unusual liquidity event in 2017 characterized by a temporary surge in current assets and a significant increase in the current ratio. Following this, the company's liquidity stabilizes but shows signs of mild pressure through late 2018 and 2019 as indicated by the current ratio dropping below 1. More recent quarters from 2020 to early 2022 reflect a gradual strengthening of liquidity, with rising current assets and a current ratio consistently above 1.2, signaling improved short-term financial health.
Quick Ratio
Becton, Dickinson & Co., quick ratio calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Cash and equivalents | 3,147) | 1,903) | 2,283) | 3,153) | 3,734) | 3,248) | 2,825) | 2,882) | 2,351) | 560) | 536) | 523) | 686) | 943) | 1,140) | 1,384) | 1,251) | 1,124) | 14,179) | 13,852) | 548) | 919) | 1,541) | 1,686) | 1,696) | 1,583) | ||||||||
| Restricted cash | 173) | 144) | 109) | 128) | 164) | 199) | 92) | 82) | 88) | 49) | 54) | 71) | 81) | 98) | 96) | 125) | 167) | 113) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
| Short-term investments | 15) | 8) | 12) | 24) | 24) | 17) | 20) | 22) | 6) | 8) | 30) | 12) | 10) | 5) | 17) | 15) | 16) | 84) | 21) | 17) | 8) | 18) | 27) | 15) | 15) | 10) | ||||||||
| Trade receivables, net | 2,303) | 2,177) | 2,497) | 2,078) | 2,118) | 2,370) | 2,398) | 1,993) | 2,160) | 2,074) | 2,345) | 2,220) | 2,279) | 2,216) | 2,319) | 2,243) | 2,293) | 2,000) | 1,744) | 1,749) | 1,569) | 1,518) | 1,618) | 1,618) | 1,574) | 1,513) | ||||||||
| Total quick assets | 5,638) | 4,232) | 4,901) | 5,383) | 6,040) | 5,834) | 5,335) | 4,979) | 4,605) | 2,691) | 2,965) | 2,826) | 3,056) | 3,262) | 3,572) | 3,767) | 3,727) | 3,321) | 15,944) | 15,618) | 2,125) | 2,455) | 3,186) | 3,319) | 3,285) | 3,106) | ||||||||
| Current liabilities | 6,657) | 6,735) | 6,626) | 7,749) | 5,376) | 7,021) | 5,836) | 6,067) | 8,755) | 6,726) | 5,655) | 6,237) | 7,108) | 7,145) | 7,216) | 6,106) | 4,426) | 4,895) | 3,342) | 3,273) | 4,018) | 4,570) | 4,400) | 4,219) | 4,380) | 4,529) | ||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||||||
| Quick ratio1 | 0.85 | 0.63 | 0.74 | 0.69 | 1.12 | 0.83 | 0.91 | 0.82 | 0.53 | 0.40 | 0.52 | 0.45 | 0.43 | 0.46 | 0.50 | 0.62 | 0.84 | 0.68 | 4.77 | 4.77 | 0.53 | 0.54 | 0.72 | 0.79 | 0.75 | 0.69 | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||||||||
| Abbott Laboratories | 1.33 | 1.21 | 1.28 | 1.25 | 1.19 | 1.16 | 1.14 | 1.01 | 0.93 | 0.83 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| CVS Health Corp. | 0.62 | 0.54 | 0.55 | 0.59 | 0.58 | 0.54 | 0.53 | 0.58 | 0.63 | 0.60 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Elevance Health Inc. | 1.22 | 1.23 | 1.33 | 1.33 | 1.35 | 1.43 | 1.42 | 1.45 | 1.49 | 1.37 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Intuitive Surgical Inc. | 4.49 | 4.40 | 4.34 | 4.66 | 5.12 | 5.76 | 5.96 | 5.93 | 5.40 | 4.00 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Medtronic PLC | 2.07 | 2.06 | 1.91 | 1.58 | 1.63 | 1.37 | 1.50 | 2.05 | 2.02 | 1.95 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| UnitedHealth Group Inc. | 0.71 | 0.72 | 0.72 | 0.71 | 0.71 | 0.68 | 0.68 | 0.75 | 0.76 | 0.66 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31).
1 Q2 2022 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 5,638 ÷ 6,657 = 0.85
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends and fluctuations over the observed periods.
- Total Quick Assets
- There is considerable volatility in total quick assets throughout the timeframe. Initial values hover around the 3,000 million US$ mark, with a notable surge in the middle periods reaching peaks above 15,000 million US$ for two consecutive quarters (Mar 31, 2017 and Jun 30, 2017). This spike is an outlier compared to surrounding quarters. Following this, total quick assets return to levels close to their initial range but gradually increase from early 2020 onward, culminating in a rise to above 5,600 million US$ by Mar 31, 2022. This indicates an overall increase in liquid assets after a period of fluctuation.
- Current Liabilities
- Current liabilities show fluctuations within a range generally between approximately 3,200 million US$ and 8,700 million US$. The highest liabilities occur around Mar 31, 2020, with 8,755 million US$, representing a significant increase compared to previous quarters. This pattern suggests an increased obligation in the short term during that period. Afterward, liabilities moderately decrease but remain elevated compared to earlier years, with values stabilizing around 6,500 to 7,700 million US$ towards the end of the reporting period.
- Quick Ratio
- The quick ratio, indicating liquidity strength, varies significantly over time. It starts below 1.0 and largely remains so, reflecting that quick assets do not consistently cover current liabilities. The two quarters with exceptionally high quick ratios (4.77 in Mar and Jun 2017) correspond to the aforementioned spike in quick assets, which considerably exceeds current liabilities during those quarters. Outside of these outliers, the quick ratio mostly ranges from 0.4 to 0.9, underscoring a generally conservative liquidity position with some quarters showing potential short-term liquidity stress (ratios below 0.5). The trend towards the end of the period shows improvement, with the ratio approaching or exceeding 0.8 in some quarters, indicative of strengthening liquidity.
In summary, the data demonstrates a generally volatile liquidity profile with substantial asset surges mid-period that sharply improve the quick ratio temporarily. Current liabilities increased notably in early 2020, possibly reflecting changing operational or financial conditions. Toward the most recent quarters, an upward trend in quick assets and quick ratio suggests an improvement in liquidity position, although the quick ratio remains below 1.0 in most periods, highlighting continued monitoring for short-term financial health.
Cash Ratio
Becton, Dickinson & Co., cash ratio calculation (quarterly data)
| Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | 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 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Cash and equivalents | 3,147) | 1,903) | 2,283) | 3,153) | 3,734) | 3,248) | 2,825) | 2,882) | 2,351) | 560) | 536) | 523) | 686) | 943) | 1,140) | 1,384) | 1,251) | 1,124) | 14,179) | 13,852) | 548) | 919) | 1,541) | 1,686) | 1,696) | 1,583) | ||||||||
| Restricted cash | 173) | 144) | 109) | 128) | 164) | 199) | 92) | 82) | 88) | 49) | 54) | 71) | 81) | 98) | 96) | 125) | 167) | 113) | —) | —) | —) | —) | —) | —) | —) | —) | ||||||||
| Short-term investments | 15) | 8) | 12) | 24) | 24) | 17) | 20) | 22) | 6) | 8) | 30) | 12) | 10) | 5) | 17) | 15) | 16) | 84) | 21) | 17) | 8) | 18) | 27) | 15) | 15) | 10) | ||||||||
| Total cash assets | 3,335) | 2,055) | 2,404) | 3,305) | 3,922) | 3,464) | 2,937) | 2,986) | 2,445) | 617) | 620) | 606) | 777) | 1,046) | 1,253) | 1,524) | 1,434) | 1,321) | 14,200) | 13,869) | 556) | 937) | 1,568) | 1,701) | 1,711) | 1,593) | ||||||||
| Current liabilities | 6,657) | 6,735) | 6,626) | 7,749) | 5,376) | 7,021) | 5,836) | 6,067) | 8,755) | 6,726) | 5,655) | 6,237) | 7,108) | 7,145) | 7,216) | 6,106) | 4,426) | 4,895) | 3,342) | 3,273) | 4,018) | 4,570) | 4,400) | 4,219) | 4,380) | 4,529) | ||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||||||
| Cash ratio1 | 0.50 | 0.31 | 0.36 | 0.43 | 0.73 | 0.49 | 0.50 | 0.49 | 0.28 | 0.09 | 0.11 | 0.10 | 0.11 | 0.15 | 0.17 | 0.25 | 0.32 | 0.27 | 4.25 | 4.24 | 0.14 | 0.21 | 0.36 | 0.40 | 0.39 | 0.35 | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||||||||
| Abbott Laboratories | 0.75 | 0.65 | 0.78 | 0.75 | 0.71 | 0.67 | 0.60 | 0.46 | 0.46 | 0.34 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| CVS Health Corp. | 0.22 | 0.16 | 0.18 | 0.20 | 0.17 | 0.15 | 0.18 | 0.19 | 0.27 | 0.21 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Elevance Health Inc. | 0.86 | 0.86 | 0.95 | 0.97 | 0.97 | 1.08 | 1.04 | 1.04 | 1.10 | 0.95 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Intuitive Surgical Inc. | 3.78 | 3.58 | 3.66 | 3.98 | 4.42 | 5.04 | 5.30 | 5.27 | 4.85 | 3.44 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| Medtronic PLC | 1.37 | 1.36 | 1.27 | 1.17 | 1.18 | 0.99 | 1.06 | 1.33 | 1.27 | 1.25 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| UnitedHealth Group Inc. | 0.36 | 0.37 | 0.36 | 0.35 | 0.35 | 0.33 | 0.33 | 0.37 | 0.42 | 0.35 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31).
1 Q2 2022 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 3,335 ÷ 6,657 = 0.50
2 Click competitor name to see calculations.
The financial data reflects notable fluctuations in liquidity and short-term financial obligations over the analyzed periods.
- Total cash assets
- The total cash assets demonstrate significant variability, with a marked spike during the periods ending June and September 2017, reaching values above 13 billion US dollars, followed by a sharp decline in subsequent quarters. After this peak, the cash assets generally remained well below that level but showed an increasing trend from early 2020 through early 2022, recovering from approximately 2.4 billion US dollars to about 3.3 billion US dollars by the first quarter of 2022.
- Current liabilities
- Current liabilities remained relatively stable from late 2015 through 2017, fluctuating mostly between approximately 3.2 billion and 4.9 billion US dollars. Beginning in late 2017, liabilities increased substantially with peaks observed above 7 billion US dollars toward 2018 and early 2020. Thereafter, liabilities displayed some volatility but maintained a high level between 5.3 billion and 7.7 billion US dollars, suggesting elevated short-term obligations relative to earlier years.
- Cash ratio
- The cash ratio experienced dramatic shifts over the period. From 2015 through 2016, the ratio remained within a 0.14 to 0.40 range, indicating moderate liquidity relative to current liabilities. A pronounced surge happened in mid-2017, with the ratio rising sharply above 4.2, reflecting the extraordinary increase in cash assets during that time. Following this peak, the ratio returned to lower levels, generally ranging between 0.09 and 0.50 in subsequent years. Notably, there was a gradual improvement in the cash ratio starting in early 2020, increasing from below 0.1 up to 0.73 by early 2021, before settling around 0.3 to 0.5 toward early 2022.
Overall, the data indicates a period of extraordinary cash accumulation mid-2017, which significantly improved liquidity metrics temporarily. Post this period, liquidity ratios declined but showed signs of recovery starting in 2020. The sustained elevated current liabilities from late 2017 onwards suggest increased funding requirements or operational expenditures, which the company seems to have managed with improving cash buffers in recent years.