Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
GE Aerospace, liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Current Ratio Trend
- The current ratio exhibits a notable decline from 1.96 at the beginning of the period to around 1.08-1.09 toward the end, indicating a gradual reduction in the company's short-term liquidity. Initially, there is a consistent decrease, reaching as low as 1.08 by mid-2025. Although slight fluctuations are observed, the overall trend shows diminishing capability to cover current liabilities with current assets.
- Quick Ratio Trend
- The quick ratio follows a similar downward trajectory, starting at 1.06 and declining to approximately 0.70-0.73 by mid-2025. This suggests a reduced level of immediate liquidity excluding inventory, indicating the company is less able to meet short-term obligations with its most liquid assets over time. Minor recovery phases are visible but do not offset the overall decreasing trend.
- Cash Ratio Trend
- The cash ratio experiences the most pronounced decline, dropping from 0.67 initially to a low of about 0.33 in late 2025. This reflects a decreasing amount of cash and cash equivalents relative to current liabilities. Periodic slight increases are observed but are insufficient to alter the persistent downward trend, suggesting tighter cash management or reduced cash reserves.
- Comparative Insights
- Across all liquidity measures, a clear pattern of declining short-term financial health is apparent. The current ratio remains above 1, indicating that current assets still exceed current liabilities; however, the decreasing trend signals potential challenges in liquidity management. The sharper fall in the cash and quick ratios highlights increasing reliance on less liquid current assets or growing pressure on immediate cash resources.
- Overall Implications
- The consistent downward movement in liquidity ratios suggests increased caution is warranted regarding short-term financial stability. The firm's capacity to swiftly cover obligations diminishes, which could affect operational flexibility and creditor confidence if the trend persists. Monitoring and potentially improving liquid asset management may be advisable to mitigate liquidity risk.
Current Ratio
GE Aerospace, current ratio calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | 40,074) | 37,801) | 37,575) | 37,635) | 38,649) | 37,352) | 59,589) | 59,799) | 56,434) | 60,213) | 60,286) | 66,234) | 60,082) | 60,658) | 63,299) | 66,348) | 103,587) | 102,411) | 113,198) | ||||||
| Current liabilities | 37,203) | 36,466) | 34,941) | 34,392) | 34,093) | 32,750) | 51,087) | 50,876) | 48,164) | 48,108) | 48,177) | 56,947) | 54,657) | 53,883) | 53,344) | 51,953) | 57,676) | 56,639) | 57,681) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 1.08 | 1.04 | 1.08 | 1.09 | 1.13 | 1.14 | 1.17 | 1.18 | 1.17 | 1.25 | 1.25 | 1.16 | 1.10 | 1.13 | 1.19 | 1.28 | 1.80 | 1.81 | 1.96 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 1.18 | 1.23 | 1.23 | 1.32 | 1.12 | 1.18 | 1.14 | 1.14 | 1.15 | 1.17 | 1.16 | 1.22 | 1.22 | 1.25 | 1.30 | 1.33 | 1.36 | 1.35 | 1.33 | ||||||
| Caterpillar Inc. | — | 1.34 | 1.32 | 1.42 | 1.40 | 1.28 | 1.35 | 1.35 | 1.45 | 1.33 | 1.43 | 1.39 | 1.41 | 1.45 | 1.44 | 1.46 | 1.61 | 1.56 | 1.60 | ||||||
| Eaton Corp. plc | — | 1.24 | 1.31 | 1.50 | 1.53 | 1.56 | 1.56 | 1.51 | 1.45 | 1.53 | 1.50 | 1.38 | 1.28 | 0.97 | 0.99 | 1.04 | 1.27 | 1.10 | 1.51 | ||||||
| Honeywell International Inc. | 1.36 | 1.29 | 1.25 | 1.31 | 1.44 | 1.21 | 1.66 | 1.27 | 1.35 | 1.41 | 1.26 | 1.25 | 1.24 | 1.20 | 1.21 | 1.30 | 1.29 | 1.41 | 1.43 | ||||||
| Lockheed Martin Corp. | 1.13 | 0.98 | 1.08 | 1.13 | 1.30 | 1.24 | 1.30 | 1.21 | 1.36 | 1.36 | 1.30 | 1.32 | 1.28 | 1.27 | 1.27 | 1.42 | 1.42 | 1.36 | 1.38 | ||||||
| RTX Corp. | 1.07 | 1.01 | 1.01 | 0.99 | 0.99 | 0.99 | 1.07 | 1.04 | 1.03 | 1.10 | 1.13 | 1.09 | 1.09 | 1.10 | 1.16 | 1.19 | 1.23 | 1.17 | 1.17 | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 40,074 ÷ 37,203 = 1.08
2 Click competitor name to see calculations.
- Current Assets
- The current assets display a notable decline from early 2021 through mid-2024. Beginning at approximately $113.2 billion in March 2021, the amount decreases steadily to around $37.6 billion in December 2024. There is a slight increase observed toward the later part of the timeline, with the value rising to approximately $40.1 billion by September 2025. Overall, the trend suggests a significant reduction in liquid or short-term assets over the period, with some stabilization towards the end.
- Current Liabilities
- Current liabilities show a fluctuating but generally downward trend from $57.7 billion in March 2021 to about $34.1 billion in December 2024. Following that, liabilities gradually increase to approximately $37.2 billion by September 2025. This pattern indicates a reduction in short-term obligations in the earlier years, followed by a modest raise towards the later periods.
- Current Ratio
- The current ratio declines sharply from 1.96 in March 2021 to a low near 1.04 in September 2025, with some minor fluctuations. The sharpest decrease occurs in 2021, falling from 1.96 to about 1.10 by year-end 2021. Post-2021, the ratio maintains a range roughly between 1.04 and 1.25. This decline implies deteriorating short-term liquidity, as the buffer of current assets over current liabilities diminishes markedly during the period.
- Overall Analysis
- The data indicates a substantial decrease in current assets alongside a decline in current liabilities, resulting in a progressively lower current ratio over nearly five years. The decreasing current ratio points to reduced liquidity, suggesting the entity may face tighter short-term financial flexibility. The late period stabilization in assets and liabilities, with slight upward adjustments, may indicate efforts to manage or restore liquidity levels. However, the ratio remains marginally above 1, reflecting a modest capacity to meet short-term obligations.
Quick Ratio
GE Aerospace, quick ratio calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash, cash equivalents and restricted cash | 12,501) | 10,861) | 12,405) | 13,619) | 13,724) | 12,107) | 18,447) | 16,967) | 13,127) | 12,766) | 12,001) | 17,262) | 12,596) | 13,190) | 12,842) | 15,770) | 24,955) | 22,460) | 31,783) | ||||||
| Investment securities | 1,008) | 998) | 1,000) | 982) | 2,232) | 3,338) | 3,737) | 5,706) | 7,054) | 10,885) | 12,814) | 7,609) | 6,297) | 6,745) | 10,779) | 12,297) | 5,300) | 6,134) | 6,741) | ||||||
| Current receivables | 10,671) | 10,512) | 9,653) | 9,327) | 8,936) | 8,370) | 15,100) | 15,466) | 14,546) | 14,767) | 14,212) | 17,976) | 17,197) | 16,283) | 16,050) | 15,620) | 14,874) | 15,190) | 15,381) | ||||||
| Financing receivables, net | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 271) | 316) | 306) | ||||||
| Other GE Capital receivables | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 1,186) | 1,363) | 1,339) | ||||||
| Current contract assets | 3,111) | 3,059) | 2,940) | 2,982) | 2,884) | 2,719) | 1,547) | 1,500) | 1,875) | 2,037) | 2,244) | 3,088) | 3,701) | 4,241) | 4,246) | 4,881) | 5,238) | 5,431) | 5,821) | ||||||
| Total quick assets | 27,291) | 25,430) | 25,998) | 26,910) | 27,776) | 26,534) | 38,831) | 39,639) | 36,602) | 40,455) | 41,271) | 45,935) | 39,791) | 40,459) | 43,917) | 48,568) | 51,824) | 50,894) | 61,371) | ||||||
| Current liabilities | 37,203) | 36,466) | 34,941) | 34,392) | 34,093) | 32,750) | 51,087) | 50,876) | 48,164) | 48,108) | 48,177) | 56,947) | 54,657) | 53,883) | 53,344) | 51,953) | 57,676) | 56,639) | 57,681) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 0.73 | 0.70 | 0.74 | 0.78 | 0.81 | 0.81 | 0.76 | 0.78 | 0.76 | 0.84 | 0.86 | 0.81 | 0.73 | 0.75 | 0.82 | 0.93 | 0.90 | 0.90 | 1.06 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 0.34 | 0.34 | 0.35 | 0.39 | 0.24 | 0.26 | 0.22 | 0.28 | 0.28 | 0.28 | 0.29 | 0.32 | 0.29 | 0.28 | 0.29 | 0.34 | 0.38 | 0.38 | 0.37 | ||||||
| Caterpillar Inc. | — | 0.72 | 0.69 | 0.80 | 0.76 | 0.69 | 0.73 | 0.74 | 0.76 | 0.74 | 0.79 | 0.79 | 0.78 | 0.81 | 0.84 | 0.89 | 1.00 | 1.02 | 1.08 | ||||||
| Eaton Corp. plc | — | 0.63 | 0.74 | 0.85 | 0.87 | 0.94 | 0.93 | 0.91 | 0.84 | 0.85 | 0.78 | 0.73 | 0.65 | 0.50 | 0.51 | 0.54 | 0.69 | 0.44 | 0.66 | ||||||
| Honeywell International Inc. | 0.98 | 0.90 | 0.83 | 0.88 | 0.96 | 0.83 | 1.18 | 0.84 | 0.92 | 0.98 | 0.84 | 0.88 | 0.85 | 0.82 | 0.84 | 0.94 | 0.96 | 1.06 | 1.08 | ||||||
| Lockheed Martin Corp. | 0.93 | 0.80 | 0.87 | 0.92 | 1.10 | 1.05 | 1.08 | 0.99 | 1.14 | 1.14 | 1.07 | 1.09 | 1.06 | 1.03 | 1.03 | 1.15 | 1.18 | 1.10 | 1.09 | ||||||
| RTX Corp. | 0.67 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.64 | 0.63 | 0.63 | 0.68 | 0.71 | 0.69 | 0.70 | 0.71 | 0.76 | 0.81 | 0.82 | 0.79 | 0.79 | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 27,291 ÷ 37,203 = 0.73
2 Click competitor name to see calculations.
The analysis of the available quarterly financial data reveals several notable trends in liquidity and short-term financial position over time.
- Total Quick Assets
- There is an overall declining trend in total quick assets from March 31, 2021, through mid-2025, with fluctuations. Initially, quick assets decreased substantially from 61,371 million USD in early 2021 to 39,917 million USD by the third quarter of 2022. This drop was followed by a brief recovery at the end of 2022, peaking at 45,935 million USD. After this, the asset level generally trended downward again, reaching a low point of 26,534 million USD in mid-2024. Some slight increases were observed afterward, but total quick assets remained below the early 2021 levels through to the third quarter of 2025.
- Current Liabilities
- Current liabilities demonstrated more variability but a generally less pronounced downward trend compared to quick assets. Starting around 57,681 million USD in March 2021, liabilities fluctuated in the 53,000 to 56,000 million USD range through 2022. From early 2023 onward, liabilities decreased notably to approximately 32,750 million USD in mid-2024. However, there was a subsequent increase, with liabilities climbing back to over 37,000 million USD by the third quarter of 2025. This pattern suggests shifting short-term obligations, with a period of reduction followed by rising liabilities again in recent quarters.
- Quick Ratio
- The quick ratio exhibits a consistent downward trend during the early periods, declining from 1.06 at the beginning of 2021 to a low of around 0.73 to 0.75 in the middle to latter part of 2022. There was a modest improvement at the end of 2022, rising to approximately 0.81, but the ratio again declined gradually, reaching around 0.70 by mid-2025. This indicates that the company’s ability to cover short-term liabilities with its most liquid assets weakened over the observed period, falling below the benchmark of 1.0 that typically signifies strong liquidity.
Overall, the data suggests increasing pressure on liquidity over the years analyzed. The decline in total quick assets combined with fluctuating but generally high current liabilities has led to a quick ratio consistently below 1.0 after early 2021. This situation could indicate tightening working capital conditions and potentially increased short-term financial risk if this trend continues. The temporary improvements in quick ratio and asset levels toward the end of 2022 show some volatility but are not sustained in the long term.
Cash Ratio
GE Aerospace, cash ratio calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash, cash equivalents and restricted cash | 12,501) | 10,861) | 12,405) | 13,619) | 13,724) | 12,107) | 18,447) | 16,967) | 13,127) | 12,766) | 12,001) | 17,262) | 12,596) | 13,190) | 12,842) | 15,770) | 24,955) | 22,460) | 31,783) | ||||||
| Investment securities | 1,008) | 998) | 1,000) | 982) | 2,232) | 3,338) | 3,737) | 5,706) | 7,054) | 10,885) | 12,814) | 7,609) | 6,297) | 6,745) | 10,779) | 12,297) | 5,300) | 6,134) | 6,741) | ||||||
| Total cash assets | 13,509) | 11,859) | 13,405) | 14,601) | 15,956) | 15,445) | 22,184) | 22,673) | 20,181) | 23,651) | 24,815) | 24,871) | 18,893) | 19,935) | 23,621) | 28,067) | 30,255) | 28,594) | 38,524) | ||||||
| Current liabilities | 37,203) | 36,466) | 34,941) | 34,392) | 34,093) | 32,750) | 51,087) | 50,876) | 48,164) | 48,108) | 48,177) | 56,947) | 54,657) | 53,883) | 53,344) | 51,953) | 57,676) | 56,639) | 57,681) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 0.36 | 0.33 | 0.38 | 0.42 | 0.47 | 0.47 | 0.43 | 0.45 | 0.42 | 0.49 | 0.52 | 0.44 | 0.35 | 0.37 | 0.44 | 0.54 | 0.52 | 0.50 | 0.67 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | 0.22 | 0.22 | 0.23 | 0.27 | 0.11 | 0.13 | 0.08 | 0.17 | 0.14 | 0.15 | 0.16 | 0.19 | 0.16 | 0.14 | 0.15 | 0.20 | 0.23 | 0.24 | 0.24 | ||||||
| Caterpillar Inc. | — | 0.16 | 0.11 | 0.21 | 0.17 | 0.13 | 0.15 | 0.20 | 0.20 | 0.21 | 0.21 | 0.22 | 0.21 | 0.21 | 0.22 | 0.31 | 0.36 | 0.39 | 0.43 | ||||||
| Eaton Corp. plc | — | 0.06 | 0.20 | 0.26 | 0.25 | 0.34 | 0.32 | 0.34 | 0.25 | 0.20 | 0.09 | 0.09 | 0.08 | 0.07 | 0.06 | 0.08 | 0.11 | 0.06 | 0.20 | ||||||
| Honeywell International Inc. | 0.59 | 0.49 | 0.46 | 0.52 | 0.56 | 0.47 | 0.73 | 0.44 | 0.46 | 0.51 | 0.40 | 0.51 | 0.44 | 0.43 | 0.49 | 0.59 | 0.60 | 0.68 | 0.71 | ||||||
| Lockheed Martin Corp. | 0.15 | 0.05 | 0.09 | 0.13 | 0.18 | 0.14 | 0.16 | 0.09 | 0.21 | 0.21 | 0.14 | 0.16 | 0.15 | 0.11 | 0.12 | 0.26 | 0.18 | 0.18 | 0.20 | ||||||
| RTX Corp. | 0.11 | 0.09 | 0.10 | 0.11 | 0.13 | 0.12 | 0.12 | 0.14 | 0.12 | 0.13 | 0.15 | 0.16 | 0.14 | 0.13 | 0.17 | 0.22 | 0.22 | 0.23 | 0.24 | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Q3 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 13,509 ÷ 37,203 = 0.36
2 Click competitor name to see calculations.
The financial data reveals notable fluctuations and trends in liquidity and short-term obligations over the observed periods.
- Total Cash Assets
- There is an overall declining trend in total cash assets from March 31, 2021, through June 30, 2025. Initially, cash assets decreased significantly from $38,524 million to $19,935 million over the first half of the timeline. After a brief rebound towards the end of 2022, total cash assets remained relatively volatile but trended downward again from early 2023 onwards, reaching a low of approximately $11,859 million in June 2025 before a slight rise in the following quarter.
- Current Liabilities
- Current liabilities remained sizable and exhibited less volatile movements compared to cash assets. Starting at $57,681 million in March 2021, liabilities held within a narrow range around the mid-$50,000 million mark up to the end of 2022. From early 2023, there is a marked reduction in current liabilities to about $32,750 million by June 2024, followed by a gradual uptick through September 2025, concluding near $37,203 million. This pattern suggests changes in short-term obligations that could be linked to restructuring or operational shifts.
- Cash Ratio
- The cash ratio, indicating liquidity by comparing cash assets to current liabilities, generally follows a declining trend over the observed timeline. Starting at 0.67, the ratio decreased consistently through mid-2022 to a low of 0.35, reflecting tighter liquidity relative to liabilities. A partial recovery occurred by December 2022 (0.44), followed by fluctuations hovering between 0.33 and 0.52. Despite some upward movements, the ratio remains below the initial levels, signaling sustained pressure on immediate liquidity position.
In summary, the data indicates a weakening liquidity profile characterized by decreasing cash reserves and fluctuating but overall significant current liabilities. Although there is evidence of some liability reduction in 2023 and mid-2024, total cash assets have not recovered correspondingly, leading to lower cash ratios. This suggests potential challenges in maintaining strong cash liquidity relative to short-term obligations in the analyzed periods.