Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Carnival Corp. & plc, liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28).
- Liquidity Ratios Trends
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The liquidity ratios, including the current ratio, quick ratio, and cash ratio, exhibited a notable improvement starting from the early part of 2020. Specifically, the current ratio increased significantly from 0.27 in February 2020 to a peak of 1.45 in February 2021, reflecting a stronger short-term liquidity position. Similarly, the quick ratio and cash ratio followed comparable upward trajectories, reaching their highest points of 1.36 and 1.34 respectively by February 2021.
This improvement can be inferred as a response to increased liquidity requirements or efforts to strengthen the balance sheet during that period. However, after reaching this peak in early 2021, all three ratios began a consistent decline through to February 2024. The current ratio fell back to 0.36, the quick ratio to 0.23, and the cash ratio to 0.18, indicating a decline in available liquid assets relative to short-term liabilities.
- Period of Liquidity Enhancement
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The substantial rise in these liquidity measures during the year 2020 likely reflects strategic adjustments in working capital management, possibly in response to external economic pressures or operational needs. These adjustments allowed the company to boost its reserve of liquid assets and reduce liquidity risk during that turbulent period.
- Subsequent Decline and Current Position
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Following the liquidity peak, a steady downtrend through 2022 and into 2024 suggests increasing pressure on the company's liquidity position. The decline in ratios below 1.0, and particularly the drop below 0.5 in the latest reported periods, may indicate potential challenges in covering short-term obligations solely through liquid assets. This could raise concerns about working capital adequacy and financial flexibility.
The cash ratio’s decline to 0.18 toward the latest period underscores a shrinking buffer of cash and cash equivalents against current liabilities, representing a more conservative liquidity stance and potentially signaling tighter cash management or strained cash flows.
- Overall Assessment
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The liquidity profile shows a recovery phase marked by elevated ratios in 2020-2021, followed by a sustained weakening trend through 2023 into early 2024. The company may need to explore measures to enhance cash reserves or improve current assets' convertibility to maintain adequate liquidity levels. Monitoring these liquidity ratios will be critical to assess the firm's capacity to meet near-term financial commitments going forward.
Current Ratio
Carnival Corp. & plc, current ratio calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Current assets | 4,484) | 5,266) | 4,683) | 6,206) | 7,144) | 7,492) | 8,432) | 8,554) | 8,057) | 10,133) | 8,909) | 10,198) | 12,459) | 10,563) | 9,268) | 8,222) | 2,885) | 2,059) | 2,712) | 2,835) | 2,101) | |||||||
| Current liabilities | 12,396) | 11,481) | 11,008) | 11,835) | 11,088) | 10,605) | 12,954) | 13,380) | 10,920) | 10,408) | 9,491) | 8,754) | 8,619) | 8,686) | 10,184) | 11,858) | 10,716) | 9,127) | 8,932) | 10,377) | 9,642) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Current ratio1 | 0.36 | 0.46 | 0.43 | 0.52 | 0.64 | 0.71 | 0.65 | 0.64 | 0.74 | 0.97 | 0.94 | 1.16 | 1.45 | 1.22 | 0.91 | 0.69 | 0.27 | 0.23 | 0.30 | 0.27 | 0.22 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Airbnb Inc. | 1.44 | 1.66 | 1.78 | 1.47 | 1.55 | 1.86 | 1.85 | 1.58 | 1.61 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Booking Holdings Inc. | 1.22 | 1.28 | 1.44 | 1.55 | 1.59 | 1.86 | 1.45 | 1.45 | 1.72 | 2.10 | 2.48 | 2.05 | 2.18 | — | — | — | — | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | 1.65 | 1.57 | 1.53 | 1.58 | 1.41 | 1.28 | 1.32 | 1.26 | 1.32 | 1.58 | 1.78 | 1.73 | 1.75 | — | — | — | — | — | — | — | — | |||||||
| DoorDash, Inc. | 1.64 | 1.64 | 1.72 | 1.69 | 1.73 | 1.86 | 2.12 | 2.39 | 2.51 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| McDonald’s Corp. | 0.83 | 1.16 | 1.71 | 1.35 | 1.47 | 1.43 | 1.65 | 1.41 | 1.10 | 1.78 | 1.33 | 1.45 | 1.19 | — | — | — | — | — | — | — | — | |||||||
| Starbucks Corp. | 0.70 | 0.78 | 0.78 | 0.77 | 0.75 | 0.77 | 0.84 | 0.83 | 0.81 | 1.20 | 1.02 | 1.07 | 1.06 | 1.06 | 0.95 | 0.70 | 0.68 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28).
1 Q1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 4,484 ÷ 12,396 = 0.36
2 Click competitor name to see calculations.
- Current Assets
- Current assets exhibit considerable fluctuations over the observed period. Initially, values fluctuate modestly between approximately US$2,000 million and US$2,800 million from early 2019 through early 2020. A marked increase is observed starting in May 2020, peaking around US$10,563 million by November 2020, likely reflecting an unusual accumulation or liquidity adjustment. Subsequently, there is a decline trend from early 2021 onwards, with values steadily reducing to about US$4,484 million by February 2024, indicating a contraction in short-term assets over the latter periods.
- Current Liabilities
- Current liabilities generally rise across the timeframe, starting from approximately US$9,642 million in early 2019 and increasing to peak values above US$13,000 million by mid-2022. From mid-2022 onwards, current liabilities oscillate moderately but remain elevated, ending at around US$12,396 million by February 2024. This trend suggests growing short-term obligations, with some volatility in the latter periods.
- Current Ratio
- The current ratio indicates the company’s liquidity position and ability to cover short-term liabilities with current assets. Early data points reflect a low ratio, fluctuating around 0.22 to 0.3 prior to 2020, suggesting limited liquidity. Following May 2020, there is a notable improvement in liquidity, with the current ratio rising to above 1.2 by November 2020, indicative of a temporary strengthening in liquidity.
- However, after this peak, the current ratio declines steadily over subsequent periods, dropping below 0.5 by late 2023 and early 2024, indicating worsening short-term liquidity and potential challenges in meeting current obligations. This decline corresponds with decreasing current assets coupled with relatively high current liabilities during the same timeframe.
- Overall Financial Liquidity Trends
- The data reveals a liquidity strengthening phase around mid to late 2020, with current assets increasing significantly and the current ratio improving above 1.0. This may reflect strategic liquidity management or temporary changes related to external conditions. However, this improvement was not sustained, as subsequent quarters show a gradual erosion of liquidity, evidenced by falling current assets and a declining current ratio, combined with rising current liabilities.
- The persistent low current ratio below 1.0 in recent periods indicates potential liquidity risk and suggests a reduced ability to cover short-term liabilities with readily available assets. This trend warrants careful monitoring and, potentially, corrective financial actions to ensure sufficient working capital and liquidity buffers moving forward.
Quick Ratio
Carnival Corp. & plc, quick ratio calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Cash and cash equivalents | 2,242) | 2,415) | 2,842) | 4,468) | 5,455) | 4,029) | 7,071) | 7,054) | 6,414) | 8,939) | 7,151) | 7,067) | 9,674) | 9,513) | 8,176) | 6,881) | 1,354) | 518) | 1,153) | 1,202) | 649) | |||||||
| Restricted cash | —) | 11) | 18) | 18) | 15) | 1,988) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Short-term investments | —) | —) | —) | —) | —) | —) | —) | 151) | 515) | 200) | 647) | 2,204) | 1,840) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Trade and other receivables, net | 644) | 556) | 485) | 449) | 514) | 395) | 360) | 359) | 267) | 246) | 281) | 218) | 250) | 273) | 376) | 604) | 405) | 444) | 441) | 405) | 406) | |||||||
| Total quick assets | 2,886) | 2,982) | 3,345) | 4,935) | 5,984) | 6,412) | 7,431) | 7,564) | 7,196) | 9,385) | 8,079) | 9,489) | 11,764) | 9,786) | 8,552) | 7,485) | 1,759) | 962) | 1,594) | 1,607) | 1,055) | |||||||
| Current liabilities | 12,396) | 11,481) | 11,008) | 11,835) | 11,088) | 10,605) | 12,954) | 13,380) | 10,920) | 10,408) | 9,491) | 8,754) | 8,619) | 8,686) | 10,184) | 11,858) | 10,716) | 9,127) | 8,932) | 10,377) | 9,642) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Quick ratio1 | 0.23 | 0.26 | 0.30 | 0.42 | 0.54 | 0.60 | 0.57 | 0.57 | 0.66 | 0.90 | 0.85 | 1.08 | 1.36 | 1.13 | 0.84 | 0.63 | 0.16 | 0.11 | 0.18 | 0.15 | 0.11 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Airbnb Inc. | 1.41 | 1.62 | 1.75 | 1.45 | 1.52 | 1.83 | 1.82 | 1.55 | 1.59 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Booking Holdings Inc. | 1.15 | 1.20 | 1.35 | 1.45 | 1.49 | 1.73 | 1.34 | 1.37 | 1.63 | 2.00 | 2.28 | 1.86 | 1.97 | — | — | — | — | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | 1.51 | 1.37 | 1.40 | 1.44 | 1.26 | 1.09 | 1.05 | 1.02 | 1.13 | 1.35 | 1.29 | 1.28 | 1.35 | — | — | — | — | — | — | — | — | |||||||
| DoorDash, Inc. | 1.35 | 1.35 | 1.42 | 1.41 | 1.43 | 1.54 | 1.87 | 2.14 | 2.23 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| McDonald’s Corp. | 0.63 | 1.03 | 1.43 | 1.04 | 1.25 | 1.24 | 1.35 | 1.07 | 0.95 | 1.64 | 1.20 | 1.23 | 1.04 | — | — | — | — | — | — | — | — | |||||||
| Starbucks Corp. | 0.48 | 0.55 | 0.52 | 0.51 | 0.48 | 0.48 | 0.52 | 0.55 | 0.57 | 0.93 | 0.75 | 0.75 | 0.78 | 0.75 | 0.63 | 0.43 | 0.46 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28).
1 Q1 2024 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 2,886 ÷ 12,396 = 0.23
2 Click competitor name to see calculations.
The financial data over the observed periods reveals significant fluctuations and trends in the liquidity position as measured by total quick assets, current liabilities, and the quick ratio.
- Total Quick Assets
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Total quick assets showed notable variability across the periods. Initially, a moderate level was observed, followed by a substantial increase starting around May 2020 through November 2020, peaking in February 2021.
After February 2021, there was a general declining trend with some fluctuations, resulting in a consistent decrease towards February 2024, when the level of quick assets dropped to its lowest point in the dataset.
- Current Liabilities
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Current liabilities remained relatively high throughout the periods with some oscillations. There was a rise from February 2019 through May 2020, peaking in this period, followed by a general decline until November 2020.
Starting from early 2021, current liabilities showed a tendency to increase again, reaching the highest levels in the last observed period, February 2024.
- Quick Ratio
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The quick ratio, a key liquidity indicator, reflects the relationship between quick assets and current liabilities. It exhibited a low and relatively stable position prior to February 2020, indicating limited short-term liquidity.
Following this, a sharp increase occurred from May 2020 through February 2021, with the quick ratio rising above 1.0, peaking at 1.36, suggesting a temporary improvement in liquidity.
Subsequent to this peak, there was a progressive decline in the quick ratio, dropping below 0.3 by February 2024, highlighting a continuous deterioration in the company’s ability to cover its current liabilities with its most liquid assets.
- Overall Liquidity Analysis
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The data indicates a period of strengthening liquidity starting mid-2020, likely linked to increased quick assets and controlled liabilities, resulting in an improved quick ratio. However, this was not sustained in the longer term as quick assets declined and current liabilities increased in later periods.
The steady decline in the quick ratio towards the end of the dataset raises concerns regarding the short-term financial flexibility and indicates potential liquidity challenges that may require attention.
Cash Ratio
Carnival Corp. & plc, cash ratio calculation (quarterly data)
| 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
| Cash and cash equivalents | 2,242) | 2,415) | 2,842) | 4,468) | 5,455) | 4,029) | 7,071) | 7,054) | 6,414) | 8,939) | 7,151) | 7,067) | 9,674) | 9,513) | 8,176) | 6,881) | 1,354) | 518) | 1,153) | 1,202) | 649) | |||||||
| Restricted cash | —) | 11) | 18) | 18) | 15) | 1,988) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Short-term investments | —) | —) | —) | —) | —) | —) | —) | 151) | 515) | 200) | 647) | 2,204) | 1,840) | —) | —) | —) | —) | —) | —) | —) | —) | |||||||
| Total cash assets | 2,242) | 2,426) | 2,860) | 4,486) | 5,470) | 6,017) | 7,071) | 7,205) | 6,929) | 9,139) | 7,798) | 9,271) | 11,514) | 9,513) | 8,176) | 6,881) | 1,354) | 518) | 1,153) | 1,202) | 649) | |||||||
| Current liabilities | 12,396) | 11,481) | 11,008) | 11,835) | 11,088) | 10,605) | 12,954) | 13,380) | 10,920) | 10,408) | 9,491) | 8,754) | 8,619) | 8,686) | 10,184) | 11,858) | 10,716) | 9,127) | 8,932) | 10,377) | 9,642) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||
| Cash ratio1 | 0.18 | 0.21 | 0.26 | 0.38 | 0.49 | 0.57 | 0.55 | 0.54 | 0.63 | 0.88 | 0.82 | 1.06 | 1.34 | 1.10 | 0.80 | 0.58 | 0.13 | 0.06 | 0.13 | 0.12 | 0.07 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||
| Airbnb Inc. | 0.78 | 1.01 | 1.12 | 0.76 | 0.87 | 1.21 | 1.20 | 0.88 | 0.95 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| Booking Holdings Inc. | 0.95 | 0.95 | 1.08 | 1.22 | 1.31 | 1.46 | 1.07 | 1.15 | 1.41 | 1.78 | 2.01 | 1.67 | 1.88 | — | — | — | — | — | — | — | — | |||||||
| Chipotle Mexican Grill Inc. | 1.42 | 1.26 | 1.34 | 1.38 | 1.19 | 0.98 | 0.96 | 0.92 | 1.03 | 1.23 | 1.20 | 1.19 | 1.27 | — | — | — | — | — | — | — | — | |||||||
| DoorDash, Inc. | 1.20 | 1.20 | 1.28 | 1.27 | 1.28 | 1.38 | 1.72 | 1.97 | 2.04 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||
| McDonald’s Corp. | 0.17 | 0.67 | 0.87 | 0.44 | 0.80 | 0.68 | 0.81 | 0.54 | 0.55 | 1.17 | 0.85 | 0.77 | 0.66 | — | — | — | — | — | — | — | — | |||||||
| Starbucks Corp. | 0.36 | 0.42 | 0.39 | 0.38 | 0.36 | 0.35 | 0.39 | 0.44 | 0.45 | 0.81 | 0.63 | 0.62 | 0.67 | 0.63 | 0.52 | 0.32 | 0.36 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2024-02-29), 10-K (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-Q (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-K (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-Q (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-K (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-Q (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-K (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-Q (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-K (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-Q (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28).
1 Q1 2024 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 2,242 ÷ 12,396 = 0.18
2 Click competitor name to see calculations.
- Total Cash Assets
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Total cash assets showed significant fluctuations over the periods analyzed. Initially, there was a moderate increase from 649 million to 1202 million US dollars between early 2019 and mid-2019, followed by a slight decline toward the end of 2019. Starting February 2020, there was a pronounced surge in total cash assets, reaching a peak of 9513 million US dollars by November 2020. Subsequently, a downward trend appeared, with cash assets decreasing steadily through 2021 and 2022, reaching around 6017 million US dollars by November 2022. This declining pattern continued through 2023 and into early 2024, with cash reserves falling to approximately 2242 million US dollars by February 2024.
- Current Liabilities
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Current liabilities displayed volatility but generally reflected a rising trend. From 9642 million US dollars in February 2019, liabilities increased somewhat irregularly, peaking at 13380 million US dollars by May 2022. A temporary decrease followed during the last half of 2022, but liabilities then resumed an upward trajectory, ending at 12396 million US dollars by February 2024. The fluctuations indicate changing short-term obligations, but overall, the company faced increasing current liabilities through the analyzed periods.
- Cash Ratio
-
The cash ratio exhibited notable shifts consistent with movements in cash assets and liabilities. Initially, the ratio was very low, ranging between 0.06 and 0.13 from early 2019 until the start of 2020, implying limited immediate liquidity coverage relative to current liabilities. Starting in May 2020, the ratio rose sharply, peaking at 1.34 in February 2021, indicating strong liquidity at that point. However, after this peak, the cash ratio declined steadily throughout 2021, 2022, and especially during 2023 and early 2024, dropping below 0.2 by February 2024. This decline suggests increasing pressure on short-term liquidity and potentially tighter working capital conditions in recent quarters.
- Overall Analysis
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The data reflect that the company had a period of increased liquidity during 2020 and early 2021, likely supported by higher cash reserves. This period coincided with a peak cash ratio, suggesting robust capacity to meet short-term obligations. However, since that peak, a continuous reduction in cash assets alongside generally elevated and somewhat rising current liabilities has led to considerable declines in the cash ratio. This trend may indicate a deterioration in liquidity position and increased reliance on external or less liquid resources to cover current liabilities. The sustained decline in cash ratio below 0.2 in the most recent period warrants attention as a potential indicator of heightened liquidity risk.