Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Boston Scientific Corp., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 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).
- Current Ratio
- The current ratio exhibited notable fluctuations over the analyzed periods. Initially, it remained below 1.0 throughout 2018, indicating potential short-term liquidity concerns. There was a substantial increase in the first quarter of 2019, reaching 1.39, followed by a gradual decline towards the end of 2019. In 2020, the ratio peaked around mid-year, reaching approximately 1.87, suggesting improved short-term liquidity. Subsequently, it showed a moderate downward trend through 2021 and into early 2022. The ratio stabilized in the range of 1.3 to 1.5 in late 2022 and early 2023, reflecting consistent but less robust liquidity compared to the peak in mid-2020.
- Quick Ratio
- The quick ratio started at a relatively low level, under 0.4 in 2018, indicative of limited immediate liquidity without inventory. It generally trended upward from mid-2019 onward, with a sharp increase observed around mid-2020, culminating in a peak of 1.10. Following this peak, the quick ratio experienced some declines through late 2020 and 2021 but remained generally higher than the pre-2019 levels. Entering 2022, the quick ratio fell closer to around 0.5 but increased again towards early 2023, ending near 0.65. This suggests an improvement in the company's ability to meet short-term obligations from liquid assets excluding inventories, particularly notable post-2019.
- Cash Ratio
- The cash ratio consistently reflected the most conservative liquidity measure and showed the lowest values across all periods. It remained below 0.1 during 2018 and most of 2019, indicating minimal cash or cash equivalents relative to current liabilities. Mid-2020 represented a significant rise, with the cash ratio peaking at 0.61, likely reflecting accumulated cash reserves or reduced liabilities during that period. This peak was followed by a decline through 2021, stabilizing around 0.45 to 0.5 but dropping sharply again in early 2022. Late 2022 saw another increase, reaching as high as 0.24 in early 2023, which, despite being above earlier years, still suggests relatively limited cash coverage of current liabilities.
- Overall Insights
- Liquidity ratios indicate that the company improved its short-term financial health significantly from 2019 through mid-2020, possibly reflecting better working capital management or increased liquidity. Although all three ratios (current, quick, and cash) peaked around mid-2020, there was some erosion of these gains in subsequent periods, but overall liquidity remains stronger relative to pre-2019 levels. The relatively lower cash ratio compared to current and quick ratios points to a reliance on receivables or other liquid assets rather than cash itself to meet short-term obligations. The fluctuations across the quarters may also suggest responsiveness to changing market or operational conditions.
Current Ratio
Boston Scientific Corp., current ratio calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current assets | 5,704) | 5,760) | 5,144) | 5,083) | 5,065) | 6,317) | 6,229) | 6,758) | 6,101) | 6,694) | 6,160) | 5,803) | 4,823) | 4,699) | 4,847) | 6,334) | 6,234) | 4,003) | 3,971) | 3,929) | 4,080) | |||||||
| Current liabilities | 4,083) | 3,803) | 3,549) | 3,883) | 4,275) | 4,274) | 4,022) | 4,073) | 3,393) | 3,681) | 3,302) | 3,108) | 3,976) | 4,866) | 4,254) | 4,850) | 4,479) | 5,260) | 5,082) | 4,753) | 4,988) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Current ratio1 | 1.40 | 1.51 | 1.45 | 1.31 | 1.18 | 1.48 | 1.55 | 1.66 | 1.80 | 1.82 | 1.87 | 1.87 | 1.21 | 0.97 | 1.14 | 1.31 | 1.39 | 0.76 | 0.78 | 0.83 | 0.82 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 1.68 | 1.63 | 1.86 | 2.01 | 1.85 | 1.85 | 1.83 | 1.79 | 1.75 | 1.72 | 1.70 | 1.57 | 1.43 | — | — | — | — | — | — | — | — | |||||||
| CVS Health Corp. | 0.92 | 0.94 | 0.94 | 0.91 | 0.88 | 0.88 | 0.94 | 0.95 | 0.93 | 0.91 | 0.95 | 0.98 | 0.99 | — | — | — | — | — | — | — | — | |||||||
| Elevance Health Inc. | 1.43 | 1.40 | 1.35 | 1.36 | 1.36 | 1.47 | 1.48 | 1.49 | 1.57 | 1.55 | 1.59 | 1.64 | 1.53 | — | — | — | — | — | — | — | — | |||||||
| Intuitive Surgical Inc. | 5.26 | 4.40 | 5.10 | 5.36 | 5.22 | 5.08 | 5.58 | 5.99 | 6.71 | 6.86 | 7.04 | 6.38 | 4.96 | — | — | — | — | — | — | — | — | |||||||
| Medtronic PLC | 1.58 | 1.86 | 2.61 | 2.91 | 2.89 | 2.65 | 2.10 | 2.16 | 1.87 | 2.13 | 2.75 | 2.77 | 2.67 | — | — | — | — | — | — | — | — | |||||||
| UnitedHealth Group Inc. | 0.81 | 0.77 | 0.82 | 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: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 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).
1 Q1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 5,704 ÷ 4,083 = 1.40
2 Click competitor name to see calculations.
The financial data reveals distinct trends over the observed quarters in the periods from 2018 through early 2023. The focus of the analysis is on the current assets, current liabilities, and the current ratio, reflecting the company’s short-term liquidity and operational efficiency.
- Current Assets
- The current assets displayed an overall fluctuating pattern with notable increases and decreases across the quarters. Starting at approximately 4,080 million USD in March 2018, the asset base initially maintained near this level until late 2018. A significant rise was observed in the first half of 2019, peaking near 6,334 million USD in June 2019. Subsequently, there was a decline toward the end of 2019 and early 2020, followed by a recovery and new peaks in the last quarter of 2020 and the first half of 2021. The levels declined again through late 2021 into early 2022, stabilizing somewhat around the 5,000 to 6,000 million USD range with mild volatility through the first quarter of 2023.
- Current Liabilities
- Current liabilities generally trended downward from early 2018 through early 2020, starting near 4,988 million USD and reaching a low close to 3,108 million USD by June 2020. This period denotes a reduction in short-term obligations. However, from mid-2020 onward, liabilities gradually increased, with some fluctuations, rising back toward the 4,000+ million USD range by early 2023. The pattern shows a moderate increase in obligations after a period of decline.
- Current Ratio
- The current ratio exhibited significant variability reflecting changes in both assets and liabilities. Initially below 1, at around 0.82 in early 2018, the ratio dropped further to approximately 0.76 by the end of 2018, indicating that current liabilities exceeded current assets during this period. A sharp improvement occurred in early 2019, peaking at around 1.39, suggesting enhanced liquidity. The ratio then showed a downward trend toward the end of 2019, reaching near 0.97, fogging a tighter liquidity position. Starting mid-2020, the current ratio improved substantially and remained well above 1, peaking around 1.87 in mid and late 2020. After this period, the ratio slightly declined but stayed generally stable above 1.4 through 2023, implying consistent coverage of liabilities by assets.
Overall, the data reflect periods of fluctuating liquidity with improvements notably seen from mid-2019 through 2021. Despite some volatility, liquidity positions since mid-2020 have stabilized at levels that generally suggest an adequate short-term financial health. Variability in current assets and liabilities indicates active management of working capital, possibly influenced by operational and market conditions during the observed timeframe.
Quick Ratio
Boston Scientific Corp., quick ratio calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Cash and cash equivalents | 570) | 928) | 338) | 276) | 325) | 1,925) | 1,947) | 2,675) | 2,016) | 1,734) | 2,022) | 1,724) | 370) | 217) | 277) | 123) | 139) | 146) | 168) | 208) | 287) | |||||||
| Trade accounts receivable, net | 2,076) | 1,970) | 1,871) | 1,917) | 1,866) | 1,778) | 1,669) | 1,675) | 1,631) | 1,531) | 1,598) | 1,457) | 1,577) | 1,828) | 1,796) | 1,712) | 1,621) | 1,608) | 1,580) | 1,587) | 1,580) | |||||||
| Total quick assets | 2,646) | 2,898) | 2,209) | 2,193) | 2,191) | 3,703) | 3,616) | 4,350) | 3,647) | 3,265) | 3,620) | 3,181) | 1,947) | 2,045) | 2,073) | 1,835) | 1,760) | 1,754) | 1,748) | 1,795) | 1,867) | |||||||
| Current liabilities | 4,083) | 3,803) | 3,549) | 3,883) | 4,275) | 4,274) | 4,022) | 4,073) | 3,393) | 3,681) | 3,302) | 3,108) | 3,976) | 4,866) | 4,254) | 4,850) | 4,479) | 5,260) | 5,082) | 4,753) | 4,988) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Quick ratio1 | 0.65 | 0.76 | 0.62 | 0.56 | 0.51 | 0.87 | 0.90 | 1.07 | 1.07 | 0.89 | 1.10 | 1.02 | 0.49 | 0.42 | 0.49 | 0.38 | 0.39 | 0.33 | 0.34 | 0.38 | 0.37 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 1.07 | 1.06 | 1.22 | 1.33 | 1.21 | 1.28 | 1.25 | 1.19 | 1.16 | 1.14 | 1.01 | 0.93 | 0.83 | — | — | — | — | — | — | — | — | |||||||
| CVS Health Corp. | 0.61 | 0.62 | 0.64 | 0.62 | 0.54 | 0.55 | 0.59 | 0.58 | 0.54 | 0.53 | 0.58 | 0.63 | 0.60 | — | — | — | — | — | — | — | — | |||||||
| Elevance Health Inc. | 1.31 | 1.27 | 1.21 | 1.22 | 1.23 | 1.33 | 1.33 | 1.35 | 1.43 | 1.42 | 1.45 | 1.49 | 1.37 | — | — | — | — | — | — | — | — | |||||||
| Intuitive Surgical Inc. | 4.30 | 3.56 | 4.19 | 4.49 | 4.40 | 4.34 | 4.66 | 5.12 | 5.76 | 5.96 | 5.93 | 5.40 | 4.00 | — | — | — | — | — | — | — | — | |||||||
| Medtronic PLC | 1.01 | 1.30 | 1.87 | 2.07 | 2.06 | 1.91 | 1.58 | 1.63 | 1.37 | 1.50 | 2.05 | 2.02 | 1.95 | — | — | — | — | — | — | — | — | |||||||
| UnitedHealth Group Inc. | 0.75 | 0.70 | 0.77 | 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: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 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).
1 Q1 2023 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 2,646 ÷ 4,083 = 0.65
2 Click competitor name to see calculations.
- Total Quick Assets
- The total quick assets exhibited moderate fluctuations throughout the observed period. From March 2018 to December 2019, the values ranged between approximately 1,748 million USD and 2,073 million USD, showing a stable yet slightly increasing trend. A significant increase occurred starting in March 2020, peaking at 4,350 million USD by June 2021. Subsequently, there was a decline with values reaching approximately 2,191 million USD in March 2022, before another moderate rebound to around 2,898 million USD by December 2022. The final quarter shows a decrease to 2,646 million USD as of March 2023.
- Current Liabilities
- Current liabilities showed a general downward trend from March 2018 (4,988 million USD) to March 2020 (3,976 million USD), indicating a reduction in short-term obligations. This trend continued more sharply through June 2020 (3,108 million USD), followed by a recovery phase, with liabilities rising to approximately 4,274 million USD by December 2021. Afterward, liabilities decreased again to around 3,549 million USD by September 2022 but exhibited a slight upward movement towards March 2023, reaching 4,083 million USD. Overall, current liabilities fluctuated considerably but remained within a band of roughly 3,000 to 5,000 million USD.
- Quick Ratio
- The quick ratio started low, between 0.33 and 0.49, from March 2018 to December 2019, indicating limited immediate liquidity relative to current liabilities. A notable and sharp improvement occurred in the first half of 2020, with the ratio reaching values above 1.0 (1.02 to 1.10), suggesting increased capability to cover short-term obligations without relying on inventory. However, from late 2020 through 2021, the ratio somewhat stabilized around 0.87 to 1.07, showing strong but variable liquidity. Beginning in March 2022, liquidity declined substantially to values close to 0.5, before slightly improving in late 2022 and early 2023, yet remaining below 0.8. This suggests tightening liquidity conditions compared to the peak periods of 2020 and 2021.
- Overall Analysis
- The period observed showcases considerable volatility in liquidity and short-term financial position. The surge in quick assets during 2020 and early 2021 contributed to a significantly improved quick ratio, which reflects a strong liquidity position amid that timeframe. However, the subsequent decline in quick assets and the fluctuations in current liabilities have led to a reduced quick ratio in recent quarters, indicating a weaker short-term liquidity stance. The oscillations in current liabilities alongside these asset changes emphasize fluctuating working capital management strategies, potentially reflecting responses to external market conditions or internal operational requirements.
Cash Ratio
Boston Scientific Corp., cash ratio calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Cash and cash equivalents | 570) | 928) | 338) | 276) | 325) | 1,925) | 1,947) | 2,675) | 2,016) | 1,734) | 2,022) | 1,724) | 370) | 217) | 277) | 123) | 139) | 146) | 168) | 208) | 287) | |||||||
| Total cash assets | 570) | 928) | 338) | 276) | 325) | 1,925) | 1,947) | 2,675) | 2,016) | 1,734) | 2,022) | 1,724) | 370) | 217) | 277) | 123) | 139) | 146) | 168) | 208) | 287) | |||||||
| Current liabilities | 4,083) | 3,803) | 3,549) | 3,883) | 4,275) | 4,274) | 4,022) | 4,073) | 3,393) | 3,681) | 3,302) | 3,108) | 3,976) | 4,866) | 4,254) | 4,850) | 4,479) | 5,260) | 5,082) | 4,753) | 4,988) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Cash ratio1 | 0.14 | 0.24 | 0.10 | 0.07 | 0.08 | 0.45 | 0.48 | 0.66 | 0.59 | 0.47 | 0.61 | 0.55 | 0.09 | 0.04 | 0.07 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.06 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Abbott Laboratories | 0.66 | 0.66 | 0.74 | 0.75 | 0.65 | 0.78 | 0.75 | 0.71 | 0.67 | 0.60 | 0.46 | 0.46 | 0.34 | — | — | — | — | — | — | — | — | |||||||
| CVS Health Corp. | 0.24 | 0.23 | 0.28 | 0.22 | 0.16 | 0.18 | 0.20 | 0.17 | 0.15 | 0.18 | 0.19 | 0.27 | 0.21 | — | — | — | — | — | — | — | — | |||||||
| Elevance Health Inc. | 0.91 | 0.86 | 0.87 | 0.86 | 0.86 | 0.95 | 0.97 | 0.97 | 1.08 | 1.04 | 1.04 | 1.10 | 0.95 | — | — | — | — | — | — | — | — | |||||||
| Intuitive Surgical Inc. | 3.59 | 2.90 | 3.50 | 3.78 | 3.58 | 3.66 | 3.98 | 4.42 | 5.04 | 5.30 | 5.27 | 4.85 | 3.44 | — | — | — | — | — | — | — | — | |||||||
| Medtronic PLC | 0.63 | 0.85 | 1.26 | 1.37 | 1.36 | 1.27 | 1.17 | 1.18 | 0.99 | 1.06 | 1.33 | 1.27 | 1.25 | — | — | — | — | — | — | — | — | |||||||
| UnitedHealth Group Inc. | 0.43 | 0.36 | 0.46 | 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: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 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).
1 Q1 2023 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 570 ÷ 4,083 = 0.14
2 Click competitor name to see calculations.
The analysis of the quarterly data reveals multiple trends concerning liquidity and cash management over the observed period.
- Total Cash Assets
- The total cash assets generally fluctuated across the quarters, with notable volatility. From March 2018 through December 2019, cash assets showed a decreasing trend from 287 million USD to 217 million USD, interspersed with peaks and troughs. Starting March 2020, there was a significant spike with cash assets reaching 1,724 million USD, peaking further at 2,022 million USD in June 2020 before declining to around 1,016–1,925 million USD throughout 2020 and 2021. Subsequently, from March 2022 onwards, a steep drop is observed, with cash assets falling to as low as 276 million USD before a slight recovery to 570 million USD by March 2023.
- Current Liabilities
- Current liabilities showed a generally downward trend between 2018 and early 2020, decreasing from around 4,988 million USD in March 2018 to approximately 3,976 million USD in March 2020. However, after this period, current liabilities have remained relatively stable but with some fluctuations in the 3,300–4,300 million USD range through 2020 to early 2023, ending at 4,083 million USD in March 2023. There is no clear directional trend but rather a consolidation around this range after the initial decline.
- Cash Ratio
- The cash ratio, indicating liquidity, was quite low and stable below 0.1 from March 2018 through December 2019, reflecting relatively tight liquidity conditions. From March 2020, a dramatic increase occurred, climbing sharply to 0.55 and peaking at 0.66 in June 2021, coinciding with the high cash asset levels. Post mid-2021, this ratio declined steadily, reaching 0.14 by March 2023, suggesting a reduction in liquidity relative to current liabilities.
Overall, the data exhibits significant changes in cash holdings primarily during 2020 and 2021, which increased liquidity ratios substantially. This likely reflects strategic cash management adjustments or responses to external events during this period. The subsequent decline in both cash assets and cash ratio towards early 2023 indicates a normalization or usage of accumulated cash reserves. Current liabilities have been comparatively more stable, but the fluctuation in liquidity ratios highlights shifts in short-term financial flexibility over the years.