Boeing Co. (NYSE:BA)

Current Ratio

The current ratio shows a moderate decline over the observed periods, beginning at 1.17 in the first quarter of 2020 and increasing slightly to a peak of 1.42 by the third quarter of 2020. After this peak, the ratio decreases gradually, stabilizing at values around 1.3 during 2021 and early 2022. From mid-2022 through mid-2023, the ratio trends downward again, reaching lows around 1.14 in late 2023 and early 2024. A notable rebound occurs in the first quarter of 2025, with the current ratio rising back to approximately 1.23. This pattern suggests a fluctuating but overall slightly decreasing short-term liquidity position, with periods of improvement toward the end of the timeframe.

Quick Ratio

The quick ratio starts at a low base of 0.30 in the first quarter of 2020 but markedly improves to a high of 0.47 by the second quarter of 2020. This improvement could indicate better management of liquid assets excluding inventory during that period. However, from late 2020 onwards, the quick ratio exhibits a general declining trend, dropping below 0.3 from early 2022 to mid-2024. A significant recovery is seen beginning in late 2024 and early 2025 when the quick ratio climbs back towards 0.35 to 0.39. This indicates varying availability of near-cash assets over the periods, with recent quarters showing an improvement in the company’s ability to cover short-term liabilities more promptly.

Cash Ratio

The cash ratio experiences the most pronounced fluctuations among the liquidity ratios. Starting at 0.16 in early 2020, it increases sharply to 0.35 in the second quarter of 2020, then declines steadily throughout 2021 and 2022, reaching a low of approximately 0.08 in the first quarter of 2024. This represents a significant reduction in actual cash and cash equivalents relative to current liabilities. Toward the end of the period, particularly in 2024 and early 2025, the cash ratio improves substantially, rising back above 0.2 and peaking near 0.27. Such volatility suggests fluctuating cash management and possibly varying financing or operational cash flow conditions during this timeframe.

Current Assets

Current assets show fluctuations over the presented periods, rising significantly from approximately 111 billion USD in March 2020 to a peak near 130 billion USD in June 2020 and September 2020. Afterward, there is a gradual decline through 2021, reaching just above 108 billion USD by December 2021. The asset level then remains relatively stable with minor variations around the 108 to 109 billion USD mark through 2022 and into early 2023. From mid-2023 onward, there is a noticeable increase peaking close to 128 billion USD by March 2025, indicating a recovery and growth trend in current assets toward the end of the period.

Current Liabilities

Current liabilities demonstrate a general downward trend from March 2020 through December 2021, decreasing from approximately 94.5 billion USD to about 82 billion USD. However, starting in 2022, liabilities gradually increase with some volatility, reaching over 103 billion USD by June 2025. This uptick indicates growing short-term obligations as the period progresses, with liabilities surpassing the levels seen at the initial data points.

Current Ratio

The current ratio, an indicator of short-term liquidity, initially improves from 1.17 in March 2020 to a peak of 1.42 by September 2020, indicating enhanced ability to cover short-term liabilities with current assets. Following this peak, the ratio declines steadily through 2021 and 2022, falling to approximately 1.12 by September 2024, which suggests a reduction in liquidity or a relative increase in liabilities compared to assets. A recovery is observed afterward, rising back to approximately 1.32 by March 2025, reflecting improved liquidity conditions despite the increasing liabilities.

Summary Insights

Overall, the data reflects an initial phase of strong liquidity and asset growth through early-mid 2020, likely influenced by external market conditions. This is followed by a period of asset decline and steady reduction in the current ratio through 2021 and into mid-2024, indicating tightening liquidity. The latter quarters show a recovery in both current assets and liquidity ratios, despite an upward trend in current liabilities. Such dynamics could signal strategic financial adjustments or improved operational cash flows leading to enhanced short-term financial health by the end of the analyzed timeline.

The analysis of the quarterly financial data reveals several trends related to liquidity and short-term obligations over the observed periods.

Total Quick Assets

Total quick assets showed an initial increase from US$28,252 million on March 31, 2020, peaking at US$43,908 million on June 30, 2020. Subsequently, there was a general decline with fluctuations, reaching a low of US$20,218 million on March 31, 2024. Notably, there was a significant recovery towards the end of the period, climbing back above US$35,000 million by mid-2025. This pattern indicates volatile short-term liquid assets, with a pronounced dip around early 2024 followed by an improvement in liquidity levels.

Current Liabilities

Current liabilities remained relatively high throughout the period, starting at US$94,502 million on March 31, 2020, with minor fluctuations around the mid-90,000 million mark. There was a slight downward trend noted through 2021, reaching approximately US$81,992 million by December 31, 2021. However, from early 2022 onwards, current liabilities increased steadily, surpassing US$103,000 million by mid-2025. This trajectory suggests growing short-term obligations, potentially exerting pressure on liquidity.

Quick Ratio

The quick ratio, representing the company's ability to meet short-term liabilities with liquid assets, indicates tight liquidity conditions. Starting at 0.30 in March 2020, it improved to a high of 0.47 in June 2020, reflecting relatively stronger liquidity early on. Thereafter, the ratio declined steadily, remaining below 0.40 for most of the periods, with a low point of 0.22 in March 2024—the same period when quick assets were at their lowest and liabilities were high. Toward the end of the dataset, the quick ratio shows an improvement, increasing to 0.39 by March 2025. Despite this uptick, the ratio consistently remained well below 1.0, highlighting persistent liquidity constraints in covering current liabilities without relying on inventory sales.

In summary, the data points to a challenging liquidity environment, marked by declining quick assets and rising current liabilities through much of the timeframe. The recovery in quick assets and the quick ratio toward the end of the period suggests some improvement in liquidity management, though overall short-term financial pressure remains evident given the consistently low quick ratios.

The financial data reveals several noteworthy trends over the observed periods. Total cash assets experienced significant volatility, with a peak at the end of the second quarter of 2020, reaching 32,430 million US dollars, followed by a general decline throughout 2021 and early 2022. From the first quarter of 2023 onward, cash assets demonstrated fluctuations but a tendency toward partial recovery, particularly noticeable in the fourth quarter of 2024, where an increase to 26,282 million US dollars was observed.

Current liabilities displayed a contrasting pattern compared to cash assets. Starting from a high of 94,502 million US dollars at the end of the first quarter of 2020, liabilities showed a gradual decline until the fourth quarter of 2021, reaching 81,992 million US dollars. After this decline, liabilities generally increased through subsequent periods, peaking again in the second quarter of 2025 at approximately 103,654 million US dollars, indicating growing short-term obligations.

The cash ratio, which measures liquidity by comparing cash assets to current liabilities, mirrored these movements. It showed the highest liquidity in the second quarter of 2020 at 0.35, followed by a steady decrease through 2021 to 0.20 and even lower points in mid-2024 at 0.08. Nonetheless, a recovery phase was observed toward the final quarters, with the cash ratio improving to around 0.27 by the first quarter of 2025. Despite this improvement, the ratio remained relatively low throughout the period, suggesting ongoing liquidity constraints.

In summary, while total cash assets and liquidity ratios experienced considerable fluctuations, the trend indicates an initial asset peak and higher liquidity in mid-2020, followed by consistent pressure on cash reserves and liquidity through 2021 to mid-2024. Current liabilities tended to decrease initially but then increased over the latter periods, intensifying liquidity pressures. The recent small improvements in cash assets and ratio might reflect efforts to enhance liquidity position, although current liabilities remain elevated.

Total Cash Assets

High volatility with a peak in mid-2020 followed by decline and partial recovery in late 2024.

Current Liabilities

Gradual decline until late 2021, then a rise leading to record levels by mid-2025.

Cash Ratio

Peaked early in the period, steadily declined reflecting reduced liquidity, and modest recovery near the end.