Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Danaher Corp., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01).
The liquidity profile exhibits a distinct cyclical pattern characterized by a period of accumulation, a subsequent contraction, and a final recovery phase. A significant peak across all liquidity metrics occurred in September 2023, followed by a marked decline that reached its lowest points between late 2024 and mid-2025, before trending upward again toward early 2026.
- Current Ratio
- An upward trajectory is observed from April 2022, where the ratio stood at 1.68, peaking at 2.26 in September 2023. This was followed by a sharp reduction to 1.68 in December 2023 and a further descent to a minimum of 1.37 by September 2024. A recovery trend is evident in the subsequent periods, with the ratio returning to 1.87 by December 2025 and maintaining that level through March 2026.
- Quick Ratio
- The quick ratio followed a similar growth pattern, rising from 1.08 in April 2022 to a peak of 1.76 in September 2023. A more pronounced contraction followed, with the ratio dropping below the 1.0 threshold between June 2024 and September 2025, hitting a low of 0.83. This decline suggests a period of increased reliance on inventory to cover short-term liabilities. The ratio subsequently recovered to 1.28 by March 2026.
- Cash Ratio
- The cash ratio demonstrated the highest level of volatility among the three metrics. After reaching a peak of 1.31 in September 2023, the ratio experienced a substantial decrease, falling to 0.31 in December 2024 and reaching a trough of 0.24 in September 2025. A strong recovery was observed in the final quarters of the period, with the ratio climbing back to 0.76 by March 2026, indicating a significant replenishment of highly liquid assets.
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Current Ratio
Danaher Corp., current ratio calculation (quarterly data)
| Mar 27, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Current assets | 13,935) | 12,756) | 9,606) | 10,999) | 9,525) | 9,497) | 10,060) | 9,609) | 14,372) | 13,937) | 21,205) | 17,461) | 16,532) | 15,883) | 14,250) | 13,229) | 12,670) | ||||||
| Current liabilities | 7,460) | 6,807) | 6,324) | 6,792) | 6,645) | 6,798) | 7,339) | 6,701) | 7,778) | 8,274) | 9,367) | 8,404) | 8,730) | 8,389) | 8,002) | 7,556) | 7,547) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Current ratio1 | 1.87 | 1.87 | 1.52 | 1.62 | 1.43 | 1.40 | 1.37 | 1.43 | 1.85 | 1.68 | 2.26 | 2.08 | 1.89 | 1.89 | 1.78 | 1.75 | 1.68 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||
| AbbVie Inc. | — | 0.67 | 0.72 | 0.74 | 0.76 | 0.66 | 0.65 | 0.81 | 0.94 | 0.87 | 0.96 | 0.89 | 0.96 | 0.96 | 0.93 | 0.84 | 0.82 | ||||||
| Amgen Inc. | 1.26 | 1.14 | 1.28 | 1.31 | 1.17 | 1.26 | 1.32 | 1.26 | 1.42 | 1.65 | 2.86 | 2.77 | 3.14 | 1.41 | 1.68 | 1.53 | 1.44 | ||||||
| Bristol-Myers Squibb Co. | 1.42 | 1.26 | 1.27 | 1.21 | 1.28 | 1.25 | 1.24 | 1.16 | 1.11 | 1.43 | 1.18 | 1.39 | 1.42 | 1.25 | 1.42 | 1.44 | 1.32 | ||||||
| Eli Lilly & Co. | 1.50 | 1.58 | 1.55 | 1.28 | 1.37 | 1.15 | 1.27 | 1.11 | 1.35 | 0.94 | 1.05 | 1.13 | 1.30 | 1.05 | 1.13 | 1.10 | 1.27 | ||||||
| Gilead Sciences Inc. | 1.97 | 1.55 | 1.45 | 1.32 | 1.37 | 1.60 | 1.26 | 1.14 | 1.08 | 1.43 | 1.34 | 1.02 | 1.28 | 1.29 | 1.30 | 1.43 | 1.48 | ||||||
| Johnson & Johnson | 1.03 | 1.03 | 1.07 | 1.01 | 1.26 | 1.11 | 1.03 | 1.07 | 1.17 | 1.16 | 1.21 | 1.12 | 1.07 | 0.99 | 1.43 | 1.42 | 1.39 | ||||||
| Merck & Co. Inc. | 1.30 | 1.54 | 1.66 | 1.42 | 1.41 | 1.36 | 1.36 | 1.47 | 1.25 | 1.25 | 1.38 | 1.28 | 1.44 | 1.47 | 1.46 | 1.39 | 1.40 | ||||||
| Pfizer Inc. | 1.25 | 1.16 | 1.28 | 1.16 | 1.26 | 1.17 | 1.00 | 0.86 | 1.05 | 0.91 | 2.38 | 2.12 | 1.37 | 1.22 | 1.59 | 1.42 | 1.39 | ||||||
| Regeneron Pharmaceuticals Inc. | 3.57 | 4.13 | 4.06 | 4.60 | 4.93 | 4.73 | 5.28 | 5.44 | 5.27 | 5.69 | 5.18 | 5.45 | 5.45 | 5.06 | 5.36 | 5.12 | 4.76 | ||||||
| Thermo Fisher Scientific Inc. | 1.53 | 1.89 | 1.50 | 1.93 | 1.77 | 1.66 | 1.63 | 1.72 | 1.70 | 1.75 | 1.63 | 1.42 | 1.27 | 1.48 | 1.74 | 1.65 | 1.56 | ||||||
| Vertex Pharmaceuticals Inc. | 3.02 | 2.90 | 2.36 | 2.52 | 2.65 | 2.69 | 2.47 | 2.52 | 3.50 | 3.99 | 4.08 | 4.14 | 4.28 | 4.83 | 4.70 | 4.50 | 4.75 | ||||||
Based on: 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01).
1 Q1 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 13,935 ÷ 7,460 = 1.87
2 Click competitor name to see calculations.
The liquidity profile exhibits a period of significant volatility characterized by an initial expansion, a sharp contraction in late 2023 and early 2024, and a subsequent recovery phase leading into 2026.
- Current Assets Trend
- A steady increase in current assets is observed from April 2022, peaking at 21,205 million US$ in September 2023. This peak was followed by a substantial reduction, with assets falling to 13,937 million US$ by December 2023 and reaching a low of 9,497 million US$ by December 2024. From January 2025 onward, a gradual recovery trend is evident, concluding at 13,935 million US$ in March 2026.
- Current Liabilities Trend
- Current liabilities remained relatively stable compared to assets, fluctuating between a low of 6,324 million US$ in September 2025 and a peak of 9,367 million US$ in September 2023. A general downward trend in liabilities was noted between September 2023 and September 2025, which contributed to the stabilization of liquidity margins during the asset recovery phase.
- Current Ratio Analysis
- The current ratio demonstrated a positive trajectory from 1.68 in April 2022 to a maximum of 2.26 in September 2023, indicating a strengthening of short-term solvency. A rapid decline occurred thereafter, with the ratio dropping to 1.68 in December 2023 and hitting a minimum of 1.37 in September 2024. This contraction suggests a period of intensified short-term obligations or a significant deployment of liquid resources. However, the ratio rebounded steadily over the final period, returning to 1.87 by March 2026, which signifies a return to a healthy liquidity cushion.
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Quick Ratio
Danaher Corp., quick ratio calculation (quarterly data)
| Mar 27, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Cash and equivalents | 5,701) | 4,615) | 1,528) | 2,957) | 1,993) | 2,078) | 2,627) | 2,374) | 7,031) | 5,864) | 12,277) | 8,575) | 7,379) | 5,995) | 5,150) | 3,984) | 3,717) | ||||||
| Trade accounts receivable, less allowance for doubtful accounts | 3,819) | 3,913) | 3,755) | 3,564) | 3,506) | 3,537) | 3,507) | 3,298) | 3,379) | 3,922) | 4,201) | 4,199) | 4,313) | 4,918) | 4,409) | 4,527) | 4,407) | ||||||
| Total quick assets | 9,520) | 8,528) | 5,283) | 6,521) | 5,499) | 5,615) | 6,134) | 5,672) | 10,410) | 9,786) | 16,478) | 12,774) | 11,692) | 10,913) | 9,559) | 8,511) | 8,124) | ||||||
| Current liabilities | 7,460) | 6,807) | 6,324) | 6,792) | 6,645) | 6,798) | 7,339) | 6,701) | 7,778) | 8,274) | 9,367) | 8,404) | 8,730) | 8,389) | 8,002) | 7,556) | 7,547) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Quick ratio1 | 1.28 | 1.25 | 0.84 | 0.96 | 0.83 | 0.83 | 0.84 | 0.85 | 1.34 | 1.18 | 1.76 | 1.52 | 1.34 | 1.30 | 1.19 | 1.13 | 1.08 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||
| AbbVie Inc. | — | 0.41 | 0.47 | 0.48 | 0.48 | 0.43 | 0.44 | 0.59 | 0.72 | 0.63 | 0.71 | 0.63 | 0.66 | 0.69 | 0.69 | 0.61 | 0.56 | ||||||
| Amgen Inc. | 0.85 | 0.73 | 0.82 | 0.82 | 0.74 | 0.81 | 0.80 | 0.75 | 0.84 | 0.99 | 2.41 | 2.34 | 2.62 | 0.95 | 1.17 | 0.99 | 0.90 | ||||||
| Bristol-Myers Squibb Co. | 1.04 | 0.94 | 0.99 | 0.91 | 0.94 | 0.91 | 0.84 | 0.78 | 0.78 | 1.04 | 0.77 | 0.94 | 1.01 | 0.87 | 0.98 | 1.07 | 1.03 | ||||||
| Eli Lilly & Co. | 0.72 | 0.78 | 0.73 | 0.53 | 0.57 | 0.58 | 0.62 | 0.60 | 0.67 | 0.52 | 0.58 | 0.63 | 0.79 | 0.62 | 0.70 | 0.66 | 0.77 | ||||||
| Gilead Sciences Inc. | 1.31 | 1.06 | 1.01 | 0.89 | 1.00 | 1.20 | 0.82 | 0.69 | 0.72 | 1.06 | 0.98 | 0.78 | 0.95 | 0.99 | 0.96 | 1.06 | 1.06 | ||||||
| Johnson & Johnson | 0.69 | 0.69 | 0.71 | 0.68 | 0.96 | 0.78 | 0.70 | 0.77 | 0.84 | 0.82 | 0.86 | 0.84 | 0.81 | 0.71 | 1.10 | 1.09 | 1.06 | ||||||
| Merck & Co. Inc. | 0.66 | 0.93 | 1.06 | 0.79 | 0.80 | 0.84 | 0.88 | 0.88 | 0.68 | 0.68 | 0.83 | 0.74 | 0.90 | 0.93 | 0.90 | 0.85 | 0.84 | ||||||
| Pfizer Inc. | 0.75 | 0.69 | 0.80 | 0.67 | 0.80 | 0.74 | 0.56 | 0.42 | 0.57 | 0.50 | 1.78 | 1.59 | 0.88 | 0.80 | 1.18 | 1.02 | 0.95 | ||||||
| Regeneron Pharmaceuticals Inc. | 2.84 | 3.28 | 3.19 | 3.57 | 3.90 | 3.86 | 4.34 | 4.43 | 4.40 | 4.82 | 4.31 | 4.53 | 4.54 | 4.16 | 4.37 | 4.20 | 3.95 | ||||||
| Thermo Fisher Scientific Inc. | 0.97 | 1.36 | 0.95 | 1.29 | 1.20 | 1.14 | 1.13 | 1.24 | 1.19 | 1.27 | 1.13 | 0.89 | 0.80 | 1.06 | 1.06 | 0.98 | 0.97 | ||||||
| Vertex Pharmaceuticals Inc. | 2.38 | 2.24 | 1.84 | 2.00 | 2.12 | 2.17 | 2.08 | 2.10 | 3.15 | 3.60 | 3.74 | 3.82 | 3.95 | 4.46 | 4.28 | 4.14 | 4.37 | ||||||
Based on: 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01).
1 Q1 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 9,520 ÷ 7,460 = 1.28
2 Click competitor name to see calculations.
The liquidity profile exhibits three distinct phases: a period of expansion, a sharp contraction, and a subsequent recovery. From April 2022 through September 2023, liquidity strengthened significantly, with the quick ratio peaking at 1.76. This trend was primarily driven by a substantial increase in total quick assets, which rose from 8,124 million USD to a high of 16,478 million USD.
- Quick Asset Volatility
- A precipitous decline in quick assets is observed between September 2023 and June 2024, where values fell from 16,478 million USD to 5,672 million USD. This contraction directly contributed to the quick ratio falling below the 1.0 threshold, reaching a low of 0.83 by December 2024.
- Current Liability Management
- Current liabilities remained relatively stable compared to the volatility of assets, fluctuating between 6,324 million USD and 9,367 million USD. The peak in liabilities coincided with the peak in assets in September 2023, while the lowest liability level was recorded in September 2025.
- Liquidity Restoration
- A recovery trend emerged in the final quarters of the analyzed period. From September 2025 to March 2026, the quick ratio climbed from 0.84 to 1.28, supported by an increase in total quick assets to 9,520 million USD.
The interval between June 2024 and September 2025 represents a phase of constrained liquidity, during which the quick ratio remained consistently below 1.0, with the exception of a brief increase to 0.96 in June 2025. The most recent trajectory indicates a return to a robust liquidity position, surpassing the levels observed at the beginning of the analyzed timeframe.
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Cash Ratio
Danaher Corp., cash ratio calculation (quarterly data)
| Mar 27, 2026 | Dec 31, 2025 | Sep 26, 2025 | Jun 27, 2025 | Mar 28, 2025 | Dec 31, 2024 | Sep 27, 2024 | Jun 28, 2024 | Mar 29, 2024 | Dec 31, 2023 | Sep 29, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jul 1, 2022 | Apr 1, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Cash and equivalents | 5,701) | 4,615) | 1,528) | 2,957) | 1,993) | 2,078) | 2,627) | 2,374) | 7,031) | 5,864) | 12,277) | 8,575) | 7,379) | 5,995) | 5,150) | 3,984) | 3,717) | ||||||
| Total cash assets | 5,701) | 4,615) | 1,528) | 2,957) | 1,993) | 2,078) | 2,627) | 2,374) | 7,031) | 5,864) | 12,277) | 8,575) | 7,379) | 5,995) | 5,150) | 3,984) | 3,717) | ||||||
| Current liabilities | 7,460) | 6,807) | 6,324) | 6,792) | 6,645) | 6,798) | 7,339) | 6,701) | 7,778) | 8,274) | 9,367) | 8,404) | 8,730) | 8,389) | 8,002) | 7,556) | 7,547) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Cash ratio1 | 0.76 | 0.68 | 0.24 | 0.44 | 0.30 | 0.31 | 0.36 | 0.35 | 0.90 | 0.71 | 1.31 | 1.02 | 0.85 | 0.71 | 0.64 | 0.53 | 0.49 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||
| AbbVie Inc. | — | 0.12 | 0.14 | 0.16 | 0.14 | 0.14 | 0.17 | 0.31 | 0.44 | 0.34 | 0.38 | 0.27 | 0.24 | 0.31 | 0.36 | 0.29 | 0.23 | ||||||
| Amgen Inc. | 0.48 | 0.36 | 0.43 | 0.39 | 0.38 | 0.52 | 0.44 | 0.43 | 0.49 | 0.60 | 2.05 | 2.00 | 2.22 | 0.59 | 0.80 | 0.57 | 0.51 | ||||||
| Bristol-Myers Squibb Co. | 0.55 | 0.46 | 0.59 | 0.49 | 0.49 | 0.46 | 0.36 | 0.29 | 0.37 | 0.55 | 0.33 | 0.43 | 0.49 | 0.42 | 0.48 | 0.63 | 0.66 | ||||||
| Eli Lilly & Co. | 0.14 | 0.21 | 0.24 | 0.09 | 0.10 | 0.12 | 0.14 | 0.12 | 0.13 | 0.10 | 0.11 | 0.14 | 0.22 | 0.12 | 0.17 | 0.17 | 0.18 | ||||||
| Gilead Sciences Inc. | 0.81 | 0.65 | 0.60 | 0.47 | 0.64 | 0.83 | 0.43 | 0.26 | 0.36 | 0.64 | 0.57 | 0.48 | 0.56 | 0.57 | 0.54 | 0.61 | 0.62 | ||||||
| Johnson & Johnson | 0.38 | 0.37 | 0.36 | 0.35 | 0.68 | 0.49 | 0.39 | 0.47 | 0.54 | 0.50 | 0.53 | 0.53 | 0.54 | 0.42 | 0.75 | 0.73 | 0.70 | ||||||
| Merck & Co. Inc. | 0.21 | 0.51 | 0.64 | 0.33 | 0.37 | 0.48 | 0.49 | 0.44 | 0.22 | 0.28 | 0.38 | 0.27 | 0.45 | 0.54 | 0.49 | 0.44 | 0.40 | ||||||
| Pfizer Inc. | 0.38 | 0.37 | 0.41 | 0.35 | 0.48 | 0.48 | 0.23 | 0.16 | 0.29 | 0.27 | 1.42 | 1.29 | 0.55 | 0.54 | 0.82 | 0.70 | 0.61 | ||||||
| Regeneron Pharmaceuticals Inc. | 1.71 | 1.97 | 1.91 | 2.04 | 2.34 | 2.28 | 2.68 | 2.80 | 2.94 | 3.17 | 2.75 | 2.88 | 2.89 | 2.46 | 2.44 | 2.49 | 2.34 | ||||||
| Thermo Fisher Scientific Inc. | 0.22 | 0.67 | 0.24 | 0.50 | 0.45 | 0.42 | 0.46 | 0.60 | 0.52 | 0.58 | 0.43 | 0.22 | 0.22 | 0.50 | 0.26 | 0.17 | 0.23 | ||||||
| Vertex Pharmaceuticals Inc. | 1.87 | 1.71 | 1.40 | 1.54 | 1.64 | 1.72 | 1.64 | 1.63 | 2.68 | 3.16 | 3.31 | 3.35 | 3.44 | 3.93 | 3.74 | 3.62 | 3.78 | ||||||
Based on: 10-Q (reporting date: 2026-03-27), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-26), 10-Q (reporting date: 2025-06-27), 10-Q (reporting date: 2025-03-28), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-27), 10-Q (reporting date: 2024-06-28), 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 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: 2022-07-01), 10-Q (reporting date: 2022-04-01).
1 Q1 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 5,701 ÷ 7,460 = 0.76
2 Click competitor name to see calculations.
The liquidity position of the organization exhibited three distinct phases between April 2022 and March 2026, characterized by an initial accumulation of liquid assets, a subsequent period of significant contraction, and a final recovery phase.
- Liquidity Accumulation Phase (April 2022 – September 2023)
- A consistent upward trend in the cash ratio is observed, rising from 0.49 to a peak of 1.31. This growth was driven by a substantial increase in total cash assets, which grew from 3,717 million US$ to 12,277 million US$. By September 2023, the cash position was sufficient to cover all current liabilities in full, indicating a period of high immediate liquidity.
- Liquidity Contraction Phase (December 2023 – September 2025)
- A sharp reversal occurred starting in December 2023, with the cash ratio falling from 1.31 to 0.71, and continuing a downward trajectory to a minimum of 0.24 by September 2025. Total cash assets declined precipitously from their peak, reaching a low of 1,528 million US$ in September 2025. Although current liabilities also decreased during this period, the reduction in cash assets was far more aggressive, leading to a diminished capacity to cover short-term obligations using only cash.
- Liquidity Recovery Phase (December 2025 – March 2026)
- The final period shows a rapid restoration of liquidity. Cash assets increased from 1,528 million US$ in September 2025 to 5,701 million US$ by March 2026. Consequently, the cash ratio recovered from 0.24 to 0.76, signaling a return to a more robust cash-to-liability position.
- Current Liabilities Stability
- Current liabilities remained relatively stable compared to the volatility of cash assets, fluctuating within a range of approximately 6,324 million US$ to 9,367 million US$. The relative stability of these obligations highlights that the swings in the cash ratio were primarily driven by changes in cash asset management rather than shifts in the liability structure.
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