Liquidity ratios measure the company ability to meet its short-term obligations.
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Liquidity Ratios (Summary)
Based on: 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
- Current Ratio
- The current ratio demonstrates moderate fluctuations over the observed periods. Beginning at 1.32 in August 2018, it trends upward to peak at 1.76 in November 2020, indicating improving short-term liquidity during that timeframe. Subsequently, the ratio exhibits a general decline, reaching 1.23 by November 2024. Seasonal variation is also evident, with higher values often appearing in the third and fourth quarters, reflecting potential cyclical inventory or receivables management. Despite the decline from the peak, the ratio remains above 1.20 toward the end, suggesting the company maintains adequate liquidity to meet current obligations.
- Quick Ratio
- The quick ratio follows a trend broadly similar to the current ratio but remains consistently lower, as expected given its exclusion of inventory. It starts at 1.15 in August 2018 and increases to a peak of 1.63 in November 2020. This peak indicates strong immediate liquidity during that period. Post peak, the quick ratio experiences a decline to approximately 1.10–1.15 by late 2024, reflecting a reduction in liquid assets relative to current liabilities. The decline is relatively gradual and mirrors the current ratio trend, suggesting that liquid asset management correspondingly changes alongside total current assets. Seasonal rises and falls also mimic those seen in the current ratio.
- Cash Ratio
- The cash ratio shows greater volatility compared to the current and quick ratios, reflecting more variability in cash and cash equivalents. Starting from 0.25 in August 2018, it declines modestly before rising substantially to reach a high of 0.69 in November 2020. This peak aligns with the liquidity improvement observed in the other ratios during the same period. After this peak, the cash ratio exhibits a generally downward trend with intermittent rebounds, dropping to levels around 0.35–0.42 in late 2024. The ratio's fluctuations are more pronounced, potentially due to cash flow timing differences, indicating that the company’s immediate cash position can vary significantly quarter to quarter. Despite the decrease, cash levels still provide a meaningful cushion relative to current liabilities at the end of the period.
Current Ratio
Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | 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 | Nov 30, 2018 | Aug 31, 2018 | |||||||||
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Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||||
Liquidity Ratio | |||||||||||||||||||||||||||||||||||
Current ratio1 | |||||||||||||||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Current Ratio, Competitors2 | |||||||||||||||||||||||||||||||||||
Uber Technologies Inc. | |||||||||||||||||||||||||||||||||||
Union Pacific Corp. | |||||||||||||||||||||||||||||||||||
United Airlines Holdings Inc. | |||||||||||||||||||||||||||||||||||
United Parcel Service Inc. |
Based on: 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
1 Q3 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Current Assets
- The current assets exhibit a fluctuating yet generally upward trend from August 2018 through May 2021, increasing from approximately $12.6 billion to about $20.6 billion. After reaching this peak, there is a gradual decline observed from this point onward, with values decreasing to around $17.2 billion by February 2025. Notable is the significant increase in the period of May 2020 to November 2020, where current assets rose sharply, likely reflecting changes in operational or liquidity management during that timeframe.
- Current Liabilities
- Current liabilities present a consistent upward trajectory from August 2018, starting near $9.6 billion and rising steadily to roughly $14.4 billion by February 2025. This increase is generally continuous, with minor fluctuations but no periods of notable decrease. The steady growth in liabilities indicates an expansion in obligations or accounts payable over the analyzed quarters.
- Current Ratio
- The current ratio, which measures the company's short-term liquidity by comparing current assets to current liabilities, initially improved from 1.32 in August 2018 to a peak of 1.76 in November 2020. This peak corresponds with the period of increased current assets, suggesting enhanced liquidity and a stronger capacity to cover short-term liabilities during this period. However, post-November 2020, the current ratio gradually declines, dropping to approximately 1.24 by February 2025. Despite this decline, the current ratio remains above 1.0 throughout, indicating that current assets continue to exceed current liabilities, albeit by a smaller margin in recent quarters.
- Summary and Implications
- Overall, the data reveal an initial phase of asset growth coupled with manageable liabilities leading to improved liquidity up to late 2020. Subsequent periods show a contraction in asset levels along with continued liability increases, resulting in a declining liquidity ratio. The decreasing current ratio suggests growing pressure on short-term financial health, although the ratio's levels still indicate the company maintains a positive working capital position. These trends may reflect changing operational dynamics, investment or financing activities, and warrant continued monitoring to ensure liquidity remains sufficient to meet short-term obligations.
Quick Ratio
Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | 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 | Nov 30, 2018 | Aug 31, 2018 | |||||||||
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Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||||||||||||
Receivables, less allowances | |||||||||||||||||||||||||||||||||||
Total quick assets | |||||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||||
Liquidity Ratio | |||||||||||||||||||||||||||||||||||
Quick ratio1 | |||||||||||||||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||||||||
Uber Technologies Inc. | |||||||||||||||||||||||||||||||||||
Union Pacific Corp. | |||||||||||||||||||||||||||||||||||
United Airlines Holdings Inc. | |||||||||||||||||||||||||||||||||||
United Parcel Service Inc. |
Based on: 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
1 Q3 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Quick Assets
- The total quick assets demonstrate noticeable fluctuations over the examined periods. Starting at $11,085 million in August 2018, the figure gradually increased until November 2020, peaking at $19,756 million. This peak corresponds with an evident rise that began around May 2020, likely indicating improved liquidity or asset availability during that timeframe. Subsequently, total quick assets exhibit a declining trend from early 2021 onwards, with intermittent modest recoveries, but generally trending downward to $15,365 million by February 2025. The decline suggests a contraction in readily available assets in recent quarters compared to the peak in late 2020.
- Current Liabilities
- Current liabilities remained relatively stable but with an overall increasing tendency between August 2018 and early 2021, starting near $9,606 million and reaching a high of $13,660 million by May 2021. Following this maximum, current liabilities continue to fluctuate within a high range, mostly between $13,000 million and $14,000 million through early 2025. There is a slight downward movement observed after November 2023, dipping near $13,308 million and $13,355 million, but rising again toward $13,896 million by February 2025. This indicates a maintained level of near-term financial obligations, without substantial reduction over the longer term.
- Quick Ratio
- The quick ratio shows a dynamic pattern aligned with changes in quick assets and liabilities. Initially, the ratio improved from 1.15 in August 2018 to a peak of 1.63 in November 2020, reflecting strengthened short-term liquidity conditions. This upward trend reverses following the peak, declining progressively to about 1.10-1.11 over the most recent quarters ending February 2025. The ratio remains above 1.0 throughout, indicating the company's quick assets continue to exceed current liabilities, but the declining trend suggests a weakening in immediate liquidity strength relative to earlier periods.
- Overall Analysis
- The data reveals an overall improvement in liquidity through 2020, likely driven by increased quick assets outpacing current liabilities, leading to the highest quick ratio recorded in the sample. However, from 2021 onward, there is a discernible weakening trend marked by declining quick assets, relatively stable but high current liabilities, and a tapering quick ratio. This pattern implies increased pressure on short-term liquidity, signaling a need for close monitoring of asset availability and liability management to sustain financial flexibility.
Cash Ratio
Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | May 31, 2019 | Feb 28, 2019 | Nov 30, 2018 | Aug 31, 2018 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||||||||||||
Total cash assets | |||||||||||||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||||||||||||
Liquidity Ratio | |||||||||||||||||||||||||||||||||||
Cash ratio1 | |||||||||||||||||||||||||||||||||||
Benchmarks | |||||||||||||||||||||||||||||||||||
Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||||||||
Uber Technologies Inc. | |||||||||||||||||||||||||||||||||||
Union Pacific Corp. | |||||||||||||||||||||||||||||||||||
United Airlines Holdings Inc. | |||||||||||||||||||||||||||||||||||
United Parcel Service Inc. |
Based on: 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
1 Q3 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total cash assets
- The total cash assets exhibit significant fluctuations across the observed periods. Initially, values remain relatively stable between approximately 2,100 and 2,800 million US dollars through mid-2019. A marked increase appears starting May 2020, reaching a peak near 8,800 million in early 2021. Following this peak, cash assets trend downward gradually, with occasional minor recoveries, stabilizing around the 5,000 to 7,000 million range throughout 2022 and 2023. The latest periods up to early 2025 see a slight decline, maintaining a value near 5,000 million US dollars.
- Current liabilities
- Current liabilities demonstrate a consistent upward trend over the entire timeline. Starting close to 9,600 million US dollars in August 2018, liabilities increase steadily with occasional small fluctuations. The progression crosses the 10,000 million mark by late 2019 and continues rising to peak values exceeding 14,000 million in late 2024. This gradual increase suggests expanding obligations or operational scale over time.
- Cash ratio
- The cash ratio fluctuates considerably, reflecting changes in liquidity relative to current liabilities. Initially, values remain below 0.3, indicating limited cash coverage. A notable improvement occurs in 2020, with the ratio doubling to above 0.6, coinciding with a surge in cash assets. Post-2021, the ratio declines gradually, stabilizing around 0.4 to 0.5 but trending downward through 2024 and early 2025 toward approximately 0.35. This trend suggests a reduction in cash liquidity buffer relative to liabilities after the peak in 2020-2021.
- Overall observations
- The data indicates a period of enhanced cash position around 2020 and early 2021, potentially reflecting strategic cash accumulation or external factors influencing cash inflows. Concurrently, current liabilities show a steady increase over time, implying growing financial commitments. Despite the temporary liquidity improvement in the cash ratio during 2020, the subsequent decline suggests caution regarding cash adequacy relative to liabilities in recent periods. The interplay between rising liabilities and fluctuating cash reserves highlights the importance of ongoing liquidity management.