Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Dell Technologies Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30).
The liquidity profile exhibits a period of relative stability characterized by ratios below 1.0, followed by a notable strengthening in the latter half of the observed timeline. While the organization consistently operated with current liabilities exceeding current assets, a positive trajectory emerged starting in late 2024, indicating an improved capacity to cover short-term obligations.
- Current Ratio Trends
- The current ratio remained largely range-bound between 0.72 and 0.82 from April 2021 through August 2024. A significant upward trend is observed beginning in November 2024, where the ratio climbed from 0.77 to a peak of 0.96 by July 2026. This steady increase suggests a systematic improvement in the net working capital position, moving closer to a balanced state where current assets equal current liabilities.
- Quick Ratio Analysis
- The quick ratio demonstrated greater volatility than the current ratio, fluctuating between a low of 0.40 in mid-2024 and a high of 0.61 in May 2026. The persistent gap between the current ratio and the quick ratio indicates that a substantial portion of current assets is tied up in inventory. However, the recovery from the 0.40 trough in August 2024 to 0.56 by July 2026 reflects an enhanced ability to meet immediate liabilities without relying solely on inventory liquidation.
- Cash Ratio Observations
- The cash ratio remained the lowest of the three metrics, reflecting a lean cash position relative to short-term debt. After an initial high of 0.32 in October 2021, the ratio experienced a general decline, reaching a minimum of 0.08 in January 2025. A moderate recovery followed, peaking at 0.19 in October 2025 before settling at 0.14 by July 2026. This pattern suggests that cash is managed tightly, with a reliance on receivables and inventory to maintain liquidity.
- Comparative Liquidity Summary
- An analysis of the combined ratios reveals a correlated improvement across all metrics starting in late 2024. The simultaneous rise in the current and quick ratios indicates a broader strengthening of the short-term financial position, although the cash ratio remains significantly lower, highlighting that the liquidity gains are driven more by non-cash current assets than by cash accumulation.
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Current Ratio
Dell Technologies Inc., current ratio calculation (quarterly data)
| Jul 31, 2026 | May 1, 2026 | Jan 30, 2026 | Oct 31, 2025 | Aug 1, 2025 | May 2, 2025 | Jan 31, 2025 | Nov 1, 2024 | Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current assets | 80,547) | 70,607) | 57,602) | 43,102) | 45,512) | 42,925) | 36,229) | 38,035) | 37,543) | 34,627) | 35,947) | 36,987) | 38,999) | 37,392) | 42,351) | 38,787) | 42,262) | 41,376) | 45,033) | 57,179) | 43,555) | 42,339) | |||||||
| Current liabilities | 83,703) | 74,598) | 63,269) | 50,516) | 54,862) | 50,422) | 46,527) | 49,500) | 52,033) | 47,734) | 48,494) | 48,877) | 50,942) | 46,825) | 51,654) | 52,007) | 54,789) | 53,059) | 56,219) | 69,702) | 55,483) | 54,856) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Current ratio1 | 0.96 | 0.95 | 0.91 | 0.85 | 0.83 | 0.85 | 0.78 | 0.77 | 0.72 | 0.73 | 0.74 | 0.76 | 0.77 | 0.80 | 0.82 | 0.75 | 0.77 | 0.78 | 0.80 | 0.82 | 0.79 | 0.77 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Apple Inc. | — | — | — | 1.00 | 1.07 | 0.97 | 0.89 | 0.87 | 0.82 | 0.92 | 0.87 | 0.95 | 1.04 | 1.07 | 0.99 | 0.98 | 0.94 | 0.94 | 0.88 | 0.86 | 0.93 | 1.04 | |||||||
| Arista Networks Inc. | — | — | — | — | 2.96 | 2.83 | 3.05 | 3.25 | 3.33 | 3.93 | 4.36 | 4.47 | 4.55 | 5.01 | 4.39 | 4.15 | 4.14 | 3.96 | 4.29 | 4.01 | 3.70 | 3.73 | |||||||
| Cisco Systems Inc. | — | — | 0.93 | 0.92 | 0.96 | 0.93 | 1.00 | 0.95 | 0.87 | 0.88 | 0.91 | 0.89 | 1.37 | 1.47 | 1.38 | 1.39 | 1.41 | 1.45 | 1.43 | 1.49 | 1.42 | 1.62 | |||||||
| Lumentum Holdings Inc. | — | — | 1.68 | 1.14 | 0.61 | 1.37 | 4.37 | 4.72 | 4.76 | 5.36 | 5.90 | 5.20 | 3.13 | 4.53 | 4.38 | 3.20 | 3.06 | 3.04 | 4.38 | 4.69 | 3.87 | 3.96 | |||||||
| Super Micro Computer Inc. | — | — | 3.87 | 2.66 | 1.70 | 5.39 | 5.25 | 6.66 | 6.38 | 3.43 | 3.81 | 4.69 | 2.43 | 2.23 | 2.31 | 2.49 | 2.89 | 2.13 | 1.91 | 1.79 | 1.91 | 1.85 | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30).
1 Q2 2027 Calculation
Current ratio = Current assets ÷ Current liabilities
= 80,547 ÷ 83,703 = 0.96
2 Click competitor name to see calculations.
The liquidity position of the entity is characterized by a current ratio that consistently remains below 1.0 throughout the analyzed period, indicating that current liabilities exceed current assets. However, the data reveals a distinct transition from a period of gradual deterioration in liquidity to a phase of significant strengthening.
- Liquidity Stability and Decline (2021–2024)
- Between April 2021 and May 2024, the current ratio exhibited a general downward trajectory. After peaking at 0.82 in October 2021, the ratio entered a period of volatility, eventually reaching a low of 0.72 by May 3, 2024. This decline was driven by a reduction in current assets, which fell from a high of 57,179 million USD in late 2021 to 34,627 million USD by May 2024, while current liabilities remained relatively elevated, fluctuating primarily between 46,000 million USD and 55,000 million USD.
- Liquidity Recovery and Expansion (2024–2026)
- Starting in late 2024, a reversal in the liquidity trend is observed. The current ratio climbed steadily from 0.77 in November 2024 to 0.96 by July 31, 2026. This recovery is attributed to a substantial increase in current assets, which surged from 38,035 million USD in August 2024 to 80,547 million USD by July 2026. Although current liabilities also increased during this period, reaching 83,703 million USD, the growth in assets was more pronounced, narrowing the gap between short-term obligations and liquid resources.
- Asset and Liability Dynamics
- A notable shift in the balance sheet structure occurred between January 2025 and July 2026. During this window, current assets more than doubled, moving from 36,229 million USD to 80,547 million USD. While current liabilities rose from 46,527 million USD to 83,703 million USD in the same timeframe, the proportionality shifted in favor of liquidity, bringing the current ratio to its highest point in the observed period at 0.96.
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Quick Ratio
Dell Technologies Inc., quick ratio calculation (quarterly data)
| Jul 31, 2026 | May 1, 2026 | Jan 30, 2026 | Oct 31, 2025 | Aug 1, 2025 | May 2, 2025 | Jan 31, 2025 | Nov 1, 2024 | Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 11,569) | 11,578) | 11,528) | 9,569) | 8,145) | 7,700) | 3,633) | 5,225) | 4,550) | 5,830) | 7,366) | 8,298) | 8,364) | 7,631) | 8,607) | 4,909) | 5,507) | 6,654) | 9,477) | 22,406) | 11,719) | 14,244) | |||||||
| Accounts receivable, net of allowance | 22,918) | 25,854) | 17,585) | 11,721) | 15,023) | 9,785) | 10,298) | 11,189) | 11,391) | 8,563) | 9,343) | 9,720) | 10,351) | 9,399) | 12,482) | 11,431) | 13,431) | 11,837) | 12,912) | 14,177) | 12,914) | 10,909) | |||||||
| Due from related party, net | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 386) | 404) | 384) | 378) | 203) | 195) | 131) | 131) | —) | —) | —) | |||||||
| Short-term financing receivables, net of allowance | 12,805) | 8,237) | 8,458) | 6,427) | 5,952) | 5,381) | 5,304) | 5,001) | 4,968) | 4,660) | 4,643) | 4,540) | 4,807) | 5,013) | 5,281) | 4,915) | 4,860) | 4,796) | 5,089) | 4,970) | 4,955) | 4,980) | |||||||
| Total quick assets | 47,292) | 45,669) | 37,571) | 27,717) | 29,120) | 22,866) | 19,235) | 21,415) | 20,909) | 19,053) | 21,352) | 22,944) | 23,926) | 22,427) | 26,748) | 21,458) | 23,993) | 23,418) | 27,609) | 41,553) | 29,588) | 30,133) | |||||||
| Current liabilities | 83,703) | 74,598) | 63,269) | 50,516) | 54,862) | 50,422) | 46,527) | 49,500) | 52,033) | 47,734) | 48,494) | 48,877) | 50,942) | 46,825) | 51,654) | 52,007) | 54,789) | 53,059) | 56,219) | 69,702) | 55,483) | 54,856) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Quick ratio1 | 0.56 | 0.61 | 0.59 | 0.55 | 0.53 | 0.45 | 0.41 | 0.43 | 0.40 | 0.40 | 0.44 | 0.47 | 0.47 | 0.48 | 0.52 | 0.41 | 0.44 | 0.44 | 0.49 | 0.60 | 0.53 | 0.55 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Apple Inc. | — | — | — | 0.81 | 0.91 | 0.85 | 0.77 | 0.72 | 0.68 | 0.78 | 0.75 | 0.80 | 0.87 | 0.92 | 0.84 | 0.81 | 0.76 | 0.77 | 0.71 | 0.70 | 0.76 | 0.88 | |||||||
| Arista Networks Inc. | — | — | — | — | 2.29 | 2.18 | 2.35 | 2.48 | 2.58 | 3.07 | 3.46 | 3.52 | 3.47 | 3.67 | 3.16 | 2.86 | 2.73 | 2.65 | 3.05 | 2.89 | 2.73 | 2.97 | |||||||
| Cisco Systems Inc. | — | — | 0.64 | 0.66 | 0.69 | 0.67 | 0.74 | 0.69 | 0.64 | 0.65 | 0.69 | 0.68 | 1.10 | 1.18 | 1.13 | 1.11 | 1.13 | 1.16 | 1.16 | 1.23 | 1.20 | 1.41 | |||||||
| Lumentum Holdings Inc. | — | — | 1.31 | 0.93 | 0.41 | 0.94 | 2.87 | 3.18 | 3.24 | 3.65 | 4.02 | 3.47 | 2.24 | 3.65 | 3.57 | 2.53 | 2.47 | 2.45 | 3.92 | 4.25 | 3.44 | 3.51 | |||||||
| Super Micro Computer Inc. | — | — | 1.91 | 1.19 | 0.98 | 2.86 | 3.14 | 3.63 | 3.31 | 1.68 | 1.88 | 2.19 | 1.12 | 0.87 | 1.16 | 0.95 | 1.17 | 0.72 | 0.75 | 0.62 | 0.62 | 0.66 | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30).
1 Q2 2027 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 47,292 ÷ 83,703 = 0.56
2 Click competitor name to see calculations.
The liquidity position of the organization, as measured by the quick ratio, exhibits a period of volatility characterized by a mid-term decline followed by a significant recovery in asset levels toward the end of the analyzed period. Throughout the entire timeframe, the quick ratio remained consistently below 1.0, indicating that quick assets were insufficient to cover current liabilities on a one-to-one basis.
- Quick Asset Dynamics
- Total quick assets fluctuated significantly, starting at 30,133 million USD in April 2021 and reaching an early peak of 41,553 million USD in October 2021. A sustained downward trajectory followed, with assets reaching a nadir of 19,053 million USD by May 2024. However, a strong growth phase occurred from January 2025 onward, with quick assets increasing substantially to reach 47,292 million USD by July 2026.
- Current Liabilities Trends
- Current liabilities showed a pattern of expansion and contraction. After an initial peak of 69,702 million USD in October 2021, liabilities generally trended downward, hitting a low of 46,527 million USD in January 2025. In the final quarters of the period, liabilities rose sharply, culminating in a peak of 83,703 million USD by July 2026, which represents the highest liability level in the dataset.
- Quick Ratio Performance and Interpretation
- The quick ratio fluctuated between a minimum of 0.40 and a maximum of 0.61. The ratio declined from 0.55 in April 2021 to its lowest point of 0.40 between May and August 2024, reflecting a tightening of immediate liquidity. A recovery phase ensued, with the ratio peaking at 0.61 in May 2026, driven by the rapid accumulation of quick assets. Despite this recovery, the ratio ended at 0.56 in July 2026, as the growth in current liabilities began to offset the increase in liquid assets.
The data suggests a cyclical relationship between asset accumulation and liability growth. While the recovery in quick assets from 2025 to 2026 improved the short-term liquidity margin, the concurrent rise in current liabilities prevented the ratio from reaching a threshold of 1.0, maintaining a consistent reliance on other current assets or operational cash flow to meet short-term obligations.
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Cash Ratio
Dell Technologies Inc., cash ratio calculation (quarterly data)
| Jul 31, 2026 | May 1, 2026 | Jan 30, 2026 | Oct 31, 2025 | Aug 1, 2025 | May 2, 2025 | Jan 31, 2025 | Nov 1, 2024 | Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 11,569) | 11,578) | 11,528) | 9,569) | 8,145) | 7,700) | 3,633) | 5,225) | 4,550) | 5,830) | 7,366) | 8,298) | 8,364) | 7,631) | 8,607) | 4,909) | 5,507) | 6,654) | 9,477) | 22,406) | 11,719) | 14,244) | |||||||
| Total cash assets | 11,569) | 11,578) | 11,528) | 9,569) | 8,145) | 7,700) | 3,633) | 5,225) | 4,550) | 5,830) | 7,366) | 8,298) | 8,364) | 7,631) | 8,607) | 4,909) | 5,507) | 6,654) | 9,477) | 22,406) | 11,719) | 14,244) | |||||||
| Current liabilities | 83,703) | 74,598) | 63,269) | 50,516) | 54,862) | 50,422) | 46,527) | 49,500) | 52,033) | 47,734) | 48,494) | 48,877) | 50,942) | 46,825) | 51,654) | 52,007) | 54,789) | 53,059) | 56,219) | 69,702) | 55,483) | 54,856) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Cash ratio1 | 0.14 | 0.16 | 0.18 | 0.19 | 0.15 | 0.15 | 0.08 | 0.11 | 0.09 | 0.12 | 0.15 | 0.17 | 0.16 | 0.16 | 0.17 | 0.09 | 0.10 | 0.13 | 0.17 | 0.32 | 0.21 | 0.26 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Apple Inc. | — | — | — | 0.42 | 0.51 | 0.41 | 0.33 | 0.39 | 0.34 | 0.37 | 0.37 | 0.47 | 0.54 | 0.55 | 0.42 | 0.50 | 0.47 | 0.37 | 0.31 | 0.37 | 0.40 | 0.43 | |||||||
| Arista Networks Inc. | — | — | — | — | 1.96 | 1.88 | 2.00 | 2.17 | 2.18 | 2.61 | 3.04 | 3.05 | 2.90 | 3.06 | 2.62 | 2.41 | 2.26 | 2.10 | 2.34 | 2.37 | 2.27 | 2.50 | |||||||
| Cisco Systems Inc. | — | — | 0.38 | 0.42 | 0.43 | 0.44 | 0.46 | 0.45 | 0.42 | 0.46 | 0.44 | 0.47 | 0.83 | 0.87 | 0.84 | 0.81 | 0.81 | 0.79 | 0.75 | 0.83 | 0.81 | 1.00 | |||||||
| Lumentum Holdings Inc. | — | — | 1.10 | 0.82 | 0.31 | 0.74 | 2.23 | 2.46 | 2.58 | 3.00 | 3.29 | 2.74 | 1.86 | 3.27 | 3.18 | 2.17 | 2.06 | 2.02 | 3.56 | 3.88 | 3.08 | 3.08 | |||||||
| Super Micro Computer Inc. | — | — | 1.05 | 0.16 | 0.27 | 1.79 | 2.20 | 1.78 | 1.05 | 0.73 | 0.71 | 1.23 | 0.36 | 0.34 | 0.32 | 0.33 | 0.33 | 0.18 | 0.18 | 0.17 | 0.21 | 0.25 | |||||||
Based on: 10-Q (reporting date: 2026-07-31), 10-Q (reporting date: 2026-05-01), 10-K (reporting date: 2026-01-30), 10-Q (reporting date: 2025-10-31), 10-Q (reporting date: 2025-08-01), 10-Q (reporting date: 2025-05-02), 10-K (reporting date: 2025-01-31), 10-Q (reporting date: 2024-11-01), 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30).
1 Q2 2027 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 11,569 ÷ 83,703 = 0.14
2 Click competitor name to see calculations.
The analysis of the liquidity position reveals a period of significant volatility in the cash ratio, characterized by a general downward trajectory from a peak in late 2021 followed by a period of instability and a recent divergence between cash holdings and short-term obligations.
- Cash Ratio Trends and Volatility
- The cash ratio reached its highest point of 0.32 on October 29, 2021, before experiencing a steady decline to 0.09 by October 28, 2022. While intermittent recoveries occurred, the ratio remained largely suppressed, frequently dipping toward the 0.10 threshold. A notable low of 0.08 was recorded on January 31, 2025, marking the point of minimum immediate liquidity relative to current liabilities within the observed timeframe.
- Cash Asset Fluctuations
- Total cash assets exhibited substantial variance, peaking at 22,406 million USD in October 2021 and dropping to a minimum of 3,633 million USD by January 31, 2025. A recovery phase began in mid-2025, with cash assets stabilizing between 11,528 million USD and 11,578 million USD through the first half of 2026.
- Current Liability Expansion
- Current liabilities remained relatively range-bound between 46,000 million USD and 69,000 million USD for several years. However, a sharp upward trend emerged starting in late 2025, with liabilities escalating from 50,516 million USD on August 2, 2025, to 83,703 million USD by July 31, 2026. This rapid increase in short-term obligations represents the most significant change in the balance sheet structure during the period.
- Liquidity Compression Analysis
- In the final quarters of the analysis, a divergence is observed: although cash assets improved and remained stable at approximately 11.5 billion USD, the simultaneous surge in current liabilities exerted downward pressure on the cash ratio. Consequently, the ratio declined from 0.18 in October 2025 to 0.14 by July 2026, indicating that the growth in short-term debt outpaced the accumulation of cash reserves.
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