Stock Analysis on Net

Danaher Corp. (NYSE:DHR)

Analysis of Liquidity Ratios 
Quarterly Data

Microsoft Excel

Liquidity Ratios (Summary)

Danaher Corp., liquidity ratios (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Oct 1, 2021 Jul 2, 2021 Apr 2, 2021 Dec 31, 2020 Oct 2, 2020 Jul 3, 2020 Apr 3, 2020
Current ratio 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 1.43 1.48 2.26 2.05 1.86 2.08 2.20 1.32
Quick ratio 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 0.89 0.93 1.67 1.51 1.36 1.52 1.59 0.92
Cash ratio 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 0.32 0.35 1.07 0.93 0.82 0.94 0.99 0.52

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03).


The analysis of the liquidity ratios over the observed periods reveals fluctuating short-term financial positioning. The current ratio demonstrates variability, beginning at 1.32 in early April 2020 and reaching peaks above 2.0 in mid-2020 and mid-2021, indicating periods of comparatively strong current asset coverage. However, this ratio also experiences downturns, notably falling to values around 1.37–1.43 in late 2024 and early 2025, suggesting tighter liquidity in those quarters.

The quick ratio, which excludes inventories from current assets, displays parallel trends to the current ratio but generally at lower levels. It starts at 0.92 in April 2020, peaks around 1.67 in mid-2021, then declines to values near or below 0.85 during late 2024 to mid-2025. These movements suggest a reduction in readily liquid assets relative to current liabilities during the later periods, signaling potential increased reliance on inventory or other less liquid current assets to meet short-term obligations.

The cash ratio, representing the most conservative liquidity measure by focusing solely on cash and equivalents, shows marked volatility. It begins at 0.52 in April 2020, climbs to just above 1.0 during mid-2021 and late 2023, indicating a strong cash position in these quarters. Nevertheless, significant declines occur in late 2024 into early 2025, dropping to approximately 0.3, which may highlight tighter cash resources relative to current liabilities toward the end of the timeline.

Overall, while the company exhibited phases of robust liquidity with current and quick ratios exceeding 2.0 and 1.5 respectively, there is a discernible decline in liquidity metrics toward the final quarters monitored. This trend could point to increased current liabilities, reduced current or liquid assets, or a strategic shift in working capital management. Continuous monitoring is advisable to assess whether these declines represent transient fluctuations or a developing liquidity constraint.

Current Ratio
Fluctuates between 1.32 and 2.26, with peaks in mid-2020 and mid-2021, and a downward trend around late 2024 to early 2025.
Quick Ratio
Ranges from 0.83 to 1.67, following a pattern similar to the current ratio but indicating less liquidity due to exclusion of inventories, with declines in late periods.
Cash Ratio
Exhibits the most volatility, rises above 1.0 during some mid and late quarters, but declines to around 0.3 in late 2024 and early 2025, indicating fluctuating cash reserves relative to current liabilities.

Current Ratio

Danaher Corp., current ratio calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Oct 1, 2021 Jul 2, 2021 Apr 2, 2021 Dec 31, 2020 Oct 2, 2020 Jul 3, 2020 Apr 3, 2020
Selected Financial Data (US$ in millions)
Current assets 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 11,648 10,776 15,392 14,012 13,802 12,541 12,344 11,143
Current liabilities 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 8,140 7,257 6,825 6,824 7,402 6,038 5,600 8,466
Liquidity Ratio
Current ratio1 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 1.43 1.48 2.26 2.05 1.86 2.08 2.20 1.32
Benchmarks
Current Ratio, Competitors2
AbbVie Inc. 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 0.79 1.01 0.91 0.83 0.84 0.95 0.86 3.14
Amgen Inc. 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 1.59 1.64 1.31 1.66 1.81 2.28 2.18 1.59
Bristol-Myers Squibb Co. 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 1.52 1.47 1.54 1.56 1.58 1.67 1.47 1.66
Eli Lilly & Co. 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 1.23 1.30 1.15 1.42 1.40 1.36 1.22 1.11
Gilead Sciences Inc. 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 1.27 1.37 1.36 1.37 1.40 3.25 2.33 3.04
Johnson & Johnson 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 1.35 1.34 1.39 1.28 1.21 1.48 1.25 1.31
Merck & Co. Inc. 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 1.27 1.31 1.31 1.02 1.02 1.30 1.32 1.11
Pfizer Inc. 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 1.40 1.39 1.37 1.48 1.35 1.40 1.42 1.03
Regeneron Pharmaceuticals Inc. 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 3.56 3.71 3.57 3.12 3.63 3.89 2.12 4.21
Thermo Fisher Scientific Inc. 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 1.50 3.19 2.78 2.53 2.13 2.93 2.62 2.32
Vertex Pharmaceuticals Inc. 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 4.46 4.62 4.61 4.39 4.33 3.72 3.72 3.54

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03).

1 Q2 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 10,999 ÷ 6,792 = 1.62

2 Click competitor name to see calculations.


Current Assets
Over the observed periods, current assets demonstrated variability with some notable fluctuations. Initially, there was a steady increase from 11,143 million in early April 2020 to a peak of 15,392 million in July 2021. This was followed by a significant decline to 10,776 million in October 2021, before gradually rising again to reach a higher peak of 21,205 million in September 2023. Subsequent quarters showed a notable decrease, dropping below 10,000 million in late 2024, then recovering somewhat by mid-2025. The pattern indicates intermittent growth phases interspersed with sharp declines, reflecting possible changes in inventory, receivables, or short-term financial management.
Current Liabilities
Current liabilities displayed less volatility compared to current assets. Starting at 8,466 million in April 2020, the value dropped sharply to 5,600 million by July 2020 and then exhibited moderate fluctuations around the 6,500 to 9,300 million range over subsequent quarters. Peaks were observed around late 2023 and early 2024, followed by a gradual decline towards mid-2025. The overall trend points to a relatively stable management of short-term obligations with occasional increases possibly linked to operational or financing activities.
Current Ratio
The current ratio showed significant movement throughout the periods, reflecting changes in the company's liquidity position. Initially, the ratio was moderate at 1.32 in early April 2020, rising sharply to above 2.2 by mid-2020, indicating improved short-term financial health. This peak was followed by declines to around 1.43 by the end of 2021, then another upward trend reaching 2.26 in September 2023, coinciding with the high level of current assets. Subsequently, the ratio decreased again to about 1.37 by late 2024, before a mild recovery to 1.62 by mid-2025. These fluctuations suggest variable ease in covering current liabilities with current assets, reflecting shifts in working capital management and operational conditions.

Quick Ratio

Danaher Corp., quick ratio calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Oct 1, 2021 Jul 2, 2021 Apr 2, 2021 Dec 31, 2020 Oct 2, 2020 Jul 3, 2020 Apr 3, 2020
Selected Financial Data (US$ in millions)
Cash and equivalents 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 2,586 2,552 7,322 6,330 6,035 5,688 5,539 4,368
Trade accounts receivable, less allowance for doubtful accounts 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 4,631 4,194 4,103 3,949 4,045 3,496 3,378 3,433
Total quick assets 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 7,217 6,746 11,425 10,279 10,080 9,183 8,918 7,801
 
Current liabilities 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 8,140 7,257 6,825 6,824 7,402 6,038 5,600 8,466
Liquidity Ratio
Quick ratio1 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 0.89 0.93 1.67 1.51 1.36 1.52 1.59 0.92
Benchmarks
Quick Ratio, Competitors2
AbbVie Inc. 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 0.56 0.75 0.65 0.61 0.60 0.68 0.58 2.88
Amgen Inc. 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 1.06 1.19 0.86 1.16 1.30 1.65 1.60 1.10
Bristol-Myers Squibb Co. 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 1.20 1.16 1.16 1.25 1.28 1.43 1.26 1.38
Eli Lilly & Co. 0.53 0.57 0.59 0.63 0.61 0.68 0.52 0.58 0.63 0.79 0.63 0.71 0.67 0.77 0.80 0.79 0.67 0.83 0.85 0.79 0.68 0.64
Gilead Sciences Inc. 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 0.95 1.01 1.05 0.99 1.08 2.93 2.09 2.78
Johnson & Johnson 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 1.04 1.03 1.04 0.97 0.91 1.17 0.92 0.98
Merck & Co. Inc. 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 0.73 0.78 0.75 0.58 0.58 0.77 0.84 0.66
Pfizer Inc. 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 1.00 0.99 0.91 0.88 0.78 0.93 0.98 0.60
Regeneron Pharmaceuticals Inc. 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 2.98 3.03 2.92 2.39 2.86 3.02 1.61 3.38
Thermo Fisher Scientific Inc. 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 1.00 2.37 1.92 1.70 1.63 2.16 1.83 1.48
Vertex Pharmaceuticals Inc. 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 4.04 4.21 4.16 4.06 4.02 3.46 3.47 3.27

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03).

1 Q2 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 6,521 ÷ 6,792 = 0.96

2 Click competitor name to see calculations.


The quick assets exhibit noticeable fluctuations over the observed periods, with an initial growth trend from April 2020 (7,801 million USD) to July 2021 (11,425 million USD). Subsequently, there is a sharp decline reaching 6,746 million USD in October 2021, followed by a recovery that peaks in September 2023 at 16,478 million USD. After this peak, the values decline again, settling around 6,521 million USD by June 2025.

Current liabilities generally remain between approximately 5,600 million USD and 9,367 million USD during the examined timeframe. From April 2020 to December 2021, liabilities fluctuate but show no drastic trend upward or downward, maintaining moderate volatility. From December 2021 to June 2025, current liabilities fluctuate within a tighter range, mostly between 6,600 million USD and 9,300 million USD, without a clear directional trend.

The quick ratio demonstrates considerable variability, reflecting the combined effects of changes in quick assets and current liabilities. Starting below 1 at 0.92 in April 2020, it rises to a high of 1.67 by July 2021, indicating increased liquidity during this period. However, a decline follows, bottoming out at 0.89 in December 2021. The ratio then recovers to reach its maximum value of 1.76 in September 2023, suggesting a relatively strong short-term liquidity position.

Post-September 2023, the quick ratio exhibits a downward trend, dropping below 1 again and reaching a low of 0.83 in multiple consecutive quarters from September 2024 to March 2025. A slight improvement to 0.96 is observed by June 2025. These lower ratio values indicate a tighter liquidity position toward the end of the reported period.

Overall, the data suggest the company experienced phases of strengthening short-term liquidity, particularly notable during mid-2021 and late 2023. However, these improvements are interrupted by periods of reduced liquidity, particularly apparent in late 2021 and from late 2024 onward. The volatility in quick assets appears more pronounced than in current liabilities, significantly influencing the fluctuations in the quick ratio. Monitoring the quick ratio close to or below 1 in recent quarters could warrant attention to maintain adequate liquidity going forward.

Quick Assets
Strong increase until mid-2021, sharp drop afterward, peak in late 2023, followed by decline.
Current Liabilities
Fluctuate moderately without clear trend, mostly stable post-2021 within range 6,600-9,300 million USD.
Quick Ratio
Rises above 1.5 in mid-2021 and late 2023 indicating liquidity strength; falls below 1 in periods around late 2021 and from late 2024 suggesting liquidity pressure.

Cash Ratio

Danaher Corp., cash ratio calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Oct 1, 2021 Jul 2, 2021 Apr 2, 2021 Dec 31, 2020 Oct 2, 2020 Jul 3, 2020 Apr 3, 2020
Selected Financial Data (US$ in millions)
Cash and equivalents 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 2,586 2,552 7,322 6,330 6,035 5,688 5,539 4,368
Total cash assets 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 2,586 2,552 7,322 6,330 6,035 5,688 5,539 4,368
 
Current liabilities 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 8,140 7,257 6,825 6,824 7,402 6,038 5,600 8,466
Liquidity Ratio
Cash ratio1 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 0.32 0.35 1.07 0.93 0.82 0.94 0.99 0.52
Benchmarks
Cash Ratio, Competitors2
AbbVie Inc. 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 0.28 0.43 0.30 0.31 0.30 0.33 0.25 2.50
Amgen Inc. 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 0.66 0.87 0.55 0.82 0.91 1.24 1.09 0.68
Bristol-Myers Squibb Co. 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 0.78 0.73 0.68 0.75 0.83 1.03 0.92 0.95
Eli Lilly & Co. 0.09 0.11 0.12 0.14 0.12 0.14 0.11 0.11 0.15 0.23 0.13 0.18 0.18 0.19 0.26 0.28 0.22 0.26 0.29 0.30 0.20 0.14
Gilead Sciences Inc. 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 0.56 0.56 0.64 0.58 0.65 2.52 1.79 2.34
Johnson & Johnson 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 0.70 0.70 0.65 0.60 0.59 0.79 0.52 0.54
Merck & Co. Inc. 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 0.34 0.42 0.39 0.26 0.30 0.36 0.50 0.32
Pfizer Inc. 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 0.73 0.71 0.61 0.51 0.47 0.64 0.70 0.31
Regeneron Pharmaceuticals Inc. 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 1.45 1.56 1.05 1.09 1.33 1.29 0.85 1.95
Thermo Fisher Scientific Inc. 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 0.33 1.55 1.01 0.80 1.00 1.21 0.97 0.54
Vertex Pharmaceuticals Inc. 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 3.51 3.64 3.65 3.56 3.55 3.07 3.03 2.72

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03).

1 Q2 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 2,957 ÷ 6,792 = 0.44

2 Click competitor name to see calculations.


The analysis of the quarterly financial data reveals fluctuating trends in cash assets, current liabilities, and the cash ratio over the observed periods.

Total Cash Assets
The total cash assets exhibit notable volatility. Initially, there is a steady increase from approximately 4.37 billion USD in early April 2020 to a peak of around 7.32 billion USD by July 2021. This is followed by a sharp decline to roughly 2.55 billion USD by October 2021. Another upward trend occurs through 2022 and into early 2023, reaching a new high near 12.28 billion USD in September 2023. Subsequently, the cash assets decline again, falling to approximately 2.08 billion USD by June 2024 before a slight recovery to just under 3 billion USD by June 2025.
Current Liabilities
Current liabilities show a less volatile but still fluctuating pattern. They start above 8.46 billion USD in April 2020, drop significantly to around 5.6 billion USD by July 2020, and then increase steadily up to 8.14 billion USD by December 2021. After this peak, liabilities hover between approximately 6.7 and 9.37 billion USD through to mid-2025, showing moderate fluctuations without clear persistent trends upward or downward.
Cash Ratio
The cash ratio, indicating liquidity, mirrors the volatility seen in cash assets relative to current liabilities. It begins below 1.0, rising to just above parity (around 1.07) in mid-2021, then drops sharply to low levels near 0.32 by late 2021. Through 2022 and early 2023, the ratio improves again, climbing to a peak of approximately 1.31 in late 2023, indicating strong short-term liquidity at that point. However, after this peak, the ratio declines noticeably to values around 0.3 to 0.44 by mid-2025, suggesting reduced liquidity relative to current obligations.

Overall, the data illustrates periods of strong liquidity interspersed with phases of contraction in cash resources. The sharp swings in cash assets and cash ratio indicate potentially strategic cash management or fluctuations in operating cash flows. Meanwhile, current liabilities have generally remained within a narrower range, contributing less to volatility in the liquidity ratio. The later periods, especially post-2023, depict decreasing liquidity ratios despite occasional rebounds, which may warrant closer monitoring going forward.