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
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 1.43 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 0.83 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 0.30 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: 2025-03-28), 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).

Current Ratio
The current ratio exhibited fluctuations over the observed periods, starting at 1.32 and reaching a peak of 2.26 in July 2021. After this peak, it experienced a decline, dropping to 1.43 by December 2021. A gradual recovery followed, with values oscillating between 1.68 and 2.26 through September 2023. From then onwards, a downward trend was apparent, with the ratio decreasing to 1.37 by December 2024 and slightly rising to 1.43 by March 2025. Overall, the current ratio indicates variability in short-term liquidity, with periods of strong liquidity followed by relative contraction.
Quick Ratio
The quick ratio mirrored the general pattern of the current ratio but with somewhat more pronounced fluctuations. It began at 0.92, rising to a high of 1.67 in July 2021. Subsequently, a decline to 0.89 occurred in December 2021. Recovery was observed through early 2023, peaking at 1.76 in September 2023. However, a significant decrease followed, with the ratio falling below 1.0 from September 2024 onwards, reaching 0.83 by March 2025. This suggests a weakening in the company’s ability to meet short-term obligations with its most liquid assets in the later periods.
Cash Ratio
The cash ratio demonstrated notable volatility during the timeline. Starting at 0.52, there was a marked increase until July 2021 reaching 1.07, followed by a sharp decline to 0.32 by December 2021. The ratio then improved steadily, peaking at 1.31 in September 2023. After this peak, the ratio decreased substantially, falling to approximately 0.3 by March 2025. This trend indicates fluctuating cash holdings relative to current liabilities, with a strong cash reserve period around mid-2023 but a significant reduction towards the end of the dataset.
Overall Liquidity Trends
The liquidity ratios collectively reveal a pattern of initial strengthening in the company’s short-term financial health through mid-2021, followed by a phase of contraction around the end of 2021. A recovery period extended into 2023, characterized by improved liquidity ratios, especially in quick and cash ratios. However, the most recent data points show a consistent decline across all ratios, potentially signaling tighter liquidity conditions or increased short-term obligations more recently. This suggests that while the company maintained a healthy liquidity buffer for a significant portion of the timeframe, there may be emerging liquidity pressures in the latest quarters.

Current Ratio

Danaher Corp., current ratio calculation (quarterly data)

Microsoft Excel
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 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 6,645 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 1.43 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. 0.76 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. 1.17 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. 1.28 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. 1.37 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. 1.37 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 1.26 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. 1.41 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. 1.26 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. 4.93 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. 1.77 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. 2.65 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: 2025-03-28), 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 Q1 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 9,525 ÷ 6,645 = 1.43

2 Click competitor name to see calculations.

Current assets
The current assets exhibited fluctuations throughout the periods under review. An initial increase is noticeable from April 2020, starting at 11,143 million USD, reaching a peak in December 2023 at 21,205 million USD. However, subsequent quarters show a decline, with values decreasing to 9,497 million USD by March 2025. This pattern suggests periods of asset accumulation followed by sharp reductions, indicating possible changes in working capital management or asset turnover rhythms.
Current liabilities
Current liabilities show moderate volatility but generally maintained a narrower range compared to current assets. Beginning at 8,466 million USD in April 2020, liabilities declined to a low of 5,600 million USD in July 2020, before gradually increasing again to 9,367 million USD by December 2023. After this peak, there is a steady decrease to 6,645 million USD by March 2025. This variation points to periods of debt repayment or shifts in short-term obligations, though the overall trend remains less dramatic than assets.
Current ratio
The current ratio experienced significant changes, reflecting the movements in assets and liabilities. Initially, the ratio improved from 1.32 in April 2020 to a high of 2.26 in July 2021, indicating strengthened liquidity. Following this peak, the ratio declined to values around 1.4 by the end of the timeline, suggesting a reduction in liquidity relative to the earlier periods. These fluctuations imply adjustments in the balance between short-term assets and liabilities, with liquidity strengthening in mid-2021 but weakening towards 2025.
Overall analysis
The financial data indicates that the company has undergone substantial shifts in its short-term financial position over the reviewed quarters. The initial positive trend in liquidity and asset growth reversed after late 2023, perhaps reflecting changes in operational dynamics, financing strategies, or external economic factors impacting working capital. The consistent rise and fall of current assets and liabilities warrant monitoring to ensure stability in liquidity and efficient capital management going forward.

Quick Ratio

Danaher Corp., quick ratio calculation (quarterly data)

Microsoft Excel
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 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 3,506 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 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 6,645 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 0.83 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 0.43 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. 0.74 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. 0.94 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. 0.57 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. 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 0.96 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. 0.80 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. 0.80 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. 3.90 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. 1.20 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. 2.12 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: 2025-03-28), 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 Q1 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 5,499 ÷ 6,645 = 0.83

2 Click competitor name to see calculations.

The analysis of the quarterly financial data reveals fluctuations in total quick assets, current liabilities, and the quick ratio over the observed periods.

Total Quick Assets

Total quick assets demonstrated an overall increasing trend from April 2020 through the end of 2023, peaking notably in the third quarter of 2023 at US$16,478 million. This peak is followed by a significant decline starting in the first quarter of 2024, reaching a low of US$5,499 million by the fourth quarter of 2024 and the first quarter of 2025. The data indicate periods of volatility, particularly between mid-2021 and early 2022 where a sharp drop to US$6,746 million was observed before recovering. More generally, after a strong buildup in quick assets during 2023, the values decreased substantially in 2024.

Current Liabilities

Current liabilities show some variability but maintained a relatively narrower range compared to quick assets, fluctuating mostly between approximately US$5,600 million and US$9,300 million. A notable decline occurred from April 2020 to July 2020, dropping from US$8,466 million to US$5,600 million. After this, current liabilities rose and then stabilized somewhat around US$7,000 million to US$9,300 million through 2021 and early 2022, before demonstrating a gradual decline starting in 2023 through early 2025, with levels near US$6,600 million by the end of the data set.

Quick Ratio

The quick ratio exhibited considerable volatility over the timeline. Initially, the ratio was below 1 in April 2020 (0.92), improved significantly in mid-2020 reaching a peak of 1.67 in July 2021, followed by a drop below 1 in late 2021 (0.89 in December 2021). From early 2022 onwards, the quick ratio moved above 1 with a rising trend culminating at 1.76 in the third quarter of 2023. However, following this peak, the quick ratio declined substantially, falling below 1 in the first quarter of 2024 and remaining near 0.83 through the first quarter of 2025. This trajectory suggests periods where the short-term liquidity was strong but ended with deteriorating quick ratio values indicating decreasing ability to cover current liabilities with quick assets in the latest quarters.

In summary, the period saw initial strengthening of liquidity metrics with both quick assets and the quick ratio improving until mid-2023. Subsequently, there is a marked contraction in quick assets and deterioration in the quick ratio throughout 2024 and early 2025, signaling a potential tightening of liquidity. Concurrently, current liabilities exhibited less dramatic changes but somewhat declined towards the end of the observed timeframe. These patterns suggest evolving liquidity challenges and warrant attention to the drivers of declining quick assets and the implications for short-term financial health.


Cash Ratio

Danaher Corp., cash ratio calculation (quarterly data)

Microsoft Excel
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 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 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 6,645 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 0.30 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. 0.14 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. 0.38 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 0.46 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. 0.11 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. 0.64 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 0.68 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. 0.37 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. 0.48 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. 2.34 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. 0.45 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. 1.64 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: 2025-03-28), 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 Q1 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 1,993 ÷ 6,645 = 0.30

2 Click competitor name to see calculations.

Total Cash Assets
The total cash assets show a fluctuating but generally unstable pattern over the analyzed quarters. Starting from 4,368 million USD in April 2020, cash assets increased steadily until July 2021, reaching a peak of 7,322 million USD. A sharp decline is noted in October and December 2021, dropping to around 2,552 million and 2,586 million USD respectively. Following this, cash assets recovered again, rising to a new peak of 12,277 million USD in September 2023, before another significant decline in subsequent quarters, ending at 1,993 million USD in March 2025. This pattern suggests periods of both strong liquidity accumulation and rapid cash outflows or utilization.
Current Liabilities
Current liabilities exhibited some volatility but remained relatively stable around the 7,000 to 8,500 million USD range for most quarters. Initially, liabilities decreased sharply from 8,466 million USD in April 2020 to a low of 5,600 million USD in July 2020 but then increased again, fluctuating around approximately 7,500 to 8,300 million USD through December 2022. From 2023 onward, liabilities appear less volatile, maintaining a narrower range between approximately 6,600 and 9,367 million USD, reflecting some degree of liability management or controlled short-term debt exposure.
Cash Ratio
The cash ratio, calculated as cash assets divided by current liabilities, reflects notable variability in liquidity coverage. Initially, the ratio starts below 1 at 0.52 in April 2020 but improves substantially to reach a peak above 1 in July 2021 (1.07), indicating that cash assets were sufficient to cover current liabilities comfortably. A significant drop in late 2021 brought the ratio down to around 0.32 to 0.35, pointing to lower liquidity coverage. Recovery ensued, with the ratio peaking at 1.31 in September 2023, the highest liquidity coverage recorded. However, this was followed by a marked decline again to around 0.3 by March 2025, suggesting liquidity constraints relative to short-term obligations in recent periods.
Overall Insights
The data depicts a company experiencing cyclical fluctuations in liquidity levels, as evidenced by the oscillation in total cash assets and the cash ratio. Cash assets and liquidity coverage peaked strongly around mid-2021 and again in late 2023, interspersed with sharp declines. Current liabilities saw less extremes, implying a more consistent management of short-term obligations. The repeated decline in the cash ratio towards the final quarters signals potential pressure on liquidity in relation to current liabilities, warranting monitoring or strategic adjustments to ensure sufficient short-term financial stability.