Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Medtronic PLC, liquidity ratios (quarterly data)
Based on: 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26).
- Current Ratio
- The current ratio shows significant fluctuations over the observed periods. Beginning at 2.67 in July 2019, it initially increased slightly to 2.77 but then declined markedly to 1.87 by July 2020. This drop indicates a weakening short-term liquidity position during this timeframe. Following this, the ratio recovered to a peak of 2.91 in October 2021, suggesting an improvement in the company's ability to meet short-term obligations. However, a downward trend followed with the ratio falling to as low as 1.58 in July 2022. After this low point, the ratio experienced fluctuations but generally maintained levels above 1.8, ending at 1.85 in April 2025, which implies a moderate but somewhat unstable liquidity position throughout the later periods.
- Quick Ratio
- The quick ratio similarly shows volatility but at generally lower values than the current ratio, reflecting the exclusion of inventory from liquidity calculations. Starting at 1.95 in July 2019, it increased slightly to 2.05 by January 2020, then sharply declined to 1.37 in July 2020, mirroring the trend in the current ratio and indicating tighter quick liquidity. Recovery followed, with the highest recorded figure at 2.07 in October 2021. Subsequently, a downward trend was observed, reaching a low of 1.01 in July 2022, representing a notably weaker quick liquidity position. The ratio then improved modestly to around 1.2 by April 2025, indicating a stabilization at a lower liquidity level than at the start of the period.
- Cash Ratio
- The cash ratio demonstrates a consistent decline over the analyzed timeframe, indicating diminishing cash and cash equivalents relative to current liabilities. Starting from a fairly strong position of 1.25 in July 2019 and peaking slightly at 1.33 in January 2020, it then decreased steadily with a few minor increases. By July 2022, the ratio had dropped significantly to 0.63, highlighting reduced immediate liquidity. Although there were small recoveries to about 0.88 in April 2023, the ratio continued a general downward trend, ending at 0.70 in April 2025. This pattern suggests increasingly limited cash reserves relative to short-term obligations over the long term.
- Overall Liquidity Analysis
- The overall liquidity profile of the company shows cyclical variations with a peak phase around late 2021, followed by a general decline across all three liquidity ratios into mid-2022. Subsequent quarters showed some recovery but did not return to earlier peak levels, and the cash ratio in particular indicates a persistent reduction in the most liquid assets available. The period demonstrates challenges in maintaining strong liquidity ratios, with current and quick ratios fluctuating mainly between 1.5 and 2.5 while cash ratio movements suggest tighter cash management or reduced cash holdings. These trends may warrant attention to ensure adequate liquidity buffers remain in place for short-term financial stability.
Current Ratio
Medtronic PLC, current ratio calculation (quarterly data)
| Apr 25, 2025 | Jan 24, 2025 | Oct 25, 2024 | Jul 26, 2024 | Apr 26, 2024 | Jan 26, 2024 | Oct 27, 2023 | Jul 28, 2023 | Apr 28, 2023 | Jan 27, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | Apr 24, 2020 | Jan 24, 2020 | Oct 25, 2019 | Jul 26, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||
| Current assets | 23,814) | 22,513) | 22,438) | 21,947) | 21,935) | 22,513) | 22,081) | 21,869) | 21,675) | 25,364) | 25,398) | 22,135) | 23,059) | 23,303) | 22,731) | 22,434) | 22,548) | 26,347) | 26,036) | 24,509) | 22,031) | 24,043) | 22,653) | 22,705) | |||||||
| Current liabilities | 12,879) | 11,840) | 12,195) | 10,287) | 10,789) | 9,793) | 9,659) | 9,047) | 9,051) | 14,422) | 14,465) | 14,049) | 12,394) | 8,927) | 7,803) | 7,764) | 8,509) | 12,534) | 12,071) | 13,086) | 10,366) | 8,735) | 8,170) | 8,518) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||||
| Current ratio1 | 1.85 | 1.90 | 1.84 | 2.13 | 2.03 | 2.30 | 2.29 | 2.42 | 2.39 | 1.76 | 1.76 | 1.58 | 1.86 | 2.61 | 2.91 | 2.89 | 2.65 | 2.10 | 2.16 | 1.87 | 2.13 | 2.75 | 2.77 | 2.67 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||||
| Abbott Laboratories | — | — | — | 1.78 | 1.67 | 1.60 | 1.68 | 1.60 | 1.64 | 1.74 | 1.64 | 1.68 | 1.63 | 1.86 | 2.01 | 1.85 | 1.85 | 1.83 | 1.79 | 1.75 | 1.72 | 1.70 | 1.57 | 1.43 | |||||||
| CVS Health Corp. | — | — | — | 0.82 | 0.81 | 0.80 | 0.86 | 0.81 | 0.86 | 0.86 | 0.86 | 0.92 | 0.94 | 0.94 | 0.91 | 0.88 | 0.88 | 0.94 | 0.95 | 0.93 | 0.91 | 0.95 | 0.98 | 0.99 | |||||||
| Elevance Health Inc. | — | — | — | 1.43 | 1.45 | 1.50 | 1.49 | 1.37 | 1.44 | 1.41 | 1.44 | 1.43 | 1.40 | 1.35 | 1.36 | 1.36 | 1.47 | 1.48 | 1.49 | 1.57 | 1.55 | 1.59 | 1.64 | 1.53 | |||||||
| Intuitive Surgical Inc. | — | — | — | 4.98 | 4.07 | 4.30 | 5.15 | 5.55 | 4.76 | 5.31 | 5.22 | 5.26 | 4.40 | 5.10 | 5.36 | 5.22 | 5.08 | 5.58 | 5.99 | 6.71 | 6.86 | 7.04 | 6.38 | 4.96 | |||||||
| UnitedHealth Group Inc. | — | — | — | 0.85 | 0.83 | 0.91 | 0.88 | 0.85 | 0.79 | 0.80 | 0.80 | 0.81 | 0.77 | 0.82 | 0.77 | 0.78 | 0.79 | 0.77 | 0.77 | 0.74 | 0.74 | 0.82 | 0.84 | 0.75 | |||||||
Based on: 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26).
1 Q4 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 23,814 ÷ 12,879 = 1.85
2 Click competitor name to see calculations.
- Current Assets
- Over the observed periods, current assets exhibit notable fluctuations. Initially, there is a gradual increase from US$22,705 million in July 2019 to US$26,036 million by October 2020, indicating growth in liquid resources. Subsequently, current assets decline sharply to approximately US$22,548 million by April 2021, followed by a period of relative stability around the US$22,000–23,000 million range through mid-2022. Another upward trend is seen from late 2022, reaching around US$25,398 million in October 2022. However, a decline resumes in early 2023, with current assets fluctuating roughly between US$21,600 million and US$22,500 million through mid-2024. The latest figure in April 2025 shows an increase to US$23,814 million. This pattern reflects periods of both accumulation and reduction of short-term assets, with no persistent upward or downward trajectory overall.
- Current Liabilities
- Current liabilities demonstrate a variable pattern marked by significant rises and falls. Starting from US$8,518 million in July 2019, liabilities generally increase, peaking at US$14,465 million by October 2022. This rise indicates growing short-term obligations. Notably, this upward movement is punctuated by intervals of substantial decreases, such as the drop to US$8,509 million by April 2021 and again to about US$9,047 million in early 2023. From mid-2023 onward, current liabilities fluctuate around the US$9,700 million to US$12,195 million range, with the last values rising to US$12,879 million by April 2025. The volatile nature suggests active management of short-term debts or varying operational cycles affecting payables.
- Current Ratio
- The current ratio follows a dynamic trend reflecting the interplay between assets and liabilities. Starting at a high level of 2.67 in July 2019, it maintains values around 2.7 until early 2020 before declining significantly to 1.87 in July 2020, suggesting reduced liquidity. Recovery occurs through early 2021 with the ratio peaking near 2.9 by October 2021, indicating improved ability to cover short-term liabilities. Another downward trend follows, with the ratio dipping to as low as 1.58 in July 2022, reflecting tighter liquidity conditions. Subsequently, the ratio oscillates between approximately 1.76 and 2.42 through mid-2024, showing moderate liquidity fluctuations. Toward the end of the period, the ratio stabilizes near 1.85 by April 2025, highlighting a consistent but lower buffer of current assets against liabilities relative to earlier years. Overall, the current ratio indicates periods of both strengthened and weakened short-term financial health.
Quick Ratio
Medtronic PLC, quick ratio calculation (quarterly data)
| Apr 25, 2025 | Jan 24, 2025 | Oct 25, 2024 | Jul 26, 2024 | Apr 26, 2024 | Jan 26, 2024 | Oct 27, 2023 | Jul 28, 2023 | Apr 28, 2023 | Jan 27, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | Apr 24, 2020 | Jan 24, 2020 | Oct 25, 2019 | Jul 26, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||
| Cash and cash equivalents | 2,218) | 1,240) | 1,394) | 1,311) | 1,284) | 1,623) | 1,311) | 1,339) | 1,543) | 4,521) | 4,828) | 2,140) | 3,714) | 3,479) | 2,900) | 3,004) | 3,593) | 5,077) | 6,420) | 6,499) | 4,140) | 3,709) | 3,962) | 5,080) | |||||||
| Investments | 6,747) | 6,682) | 6,595) | 6,532) | 6,721) | 6,698) | 6,423) | 6,537) | 6,416) | 6,616) | 6,602) | 6,733) | 6,859) | 7,742) | 7,769) | 7,591) | 7,224) | 9,562) | 7,857) | 6,513) | 6,808) | 7,919) | 6,436) | 5,603) | |||||||
| Accounts receivable, less allowances and credit losses | 6,515) | 6,115) | 6,260) | 6,011) | 6,128) | 5,968) | 5,934) | 5,806) | 5,998) | 5,887) | 5,626) | 5,308) | 5,551) | 5,446) | 5,493) | 5,431) | 5,462) | 5,215) | 5,348) | 4,876) | 4,645) | 6,248) | 6,118) | 5,894) | |||||||
| Total quick assets | 15,480) | 14,037) | 14,249) | 13,854) | 14,133) | 14,289) | 13,668) | 13,682) | 13,957) | 17,024) | 17,056) | 14,181) | 16,124) | 16,667) | 16,162) | 16,026) | 16,279) | 19,854) | 19,625) | 17,888) | 15,593) | 17,876) | 16,516) | 16,577) | |||||||
| Current liabilities | 12,879) | 11,840) | 12,195) | 10,287) | 10,789) | 9,793) | 9,659) | 9,047) | 9,051) | 14,422) | 14,465) | 14,049) | 12,394) | 8,927) | 7,803) | 7,764) | 8,509) | 12,534) | 12,071) | 13,086) | 10,366) | 8,735) | 8,170) | 8,518) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||||
| Quick ratio1 | 1.20 | 1.19 | 1.17 | 1.35 | 1.31 | 1.46 | 1.42 | 1.51 | 1.54 | 1.18 | 1.18 | 1.01 | 1.30 | 1.87 | 2.07 | 2.06 | 1.91 | 1.58 | 1.63 | 1.37 | 1.50 | 2.05 | 2.02 | 1.95 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||||
| Abbott Laboratories | — | — | — | 1.09 | 1.05 | 1.00 | 1.02 | 0.95 | 1.00 | 1.04 | 1.00 | 1.07 | 1.06 | 1.22 | 1.33 | 1.21 | 1.28 | 1.25 | 1.19 | 1.16 | 1.14 | 1.01 | 0.93 | 0.83 | |||||||
| CVS Health Corp. | — | — | — | 0.59 | 0.56 | 0.54 | 0.60 | 0.54 | 0.59 | 0.60 | 0.59 | 0.61 | 0.62 | 0.64 | 0.62 | 0.54 | 0.55 | 0.59 | 0.58 | 0.54 | 0.53 | 0.58 | 0.63 | 0.60 | |||||||
| Elevance Health Inc. | — | — | — | 1.31 | 1.32 | 1.34 | 1.32 | 1.23 | 1.30 | 1.29 | 1.32 | 1.31 | 1.27 | 1.21 | 1.22 | 1.23 | 1.33 | 1.33 | 1.35 | 1.43 | 1.42 | 1.45 | 1.49 | 1.37 | |||||||
| Intuitive Surgical Inc. | — | — | — | 3.73 | 3.00 | 3.21 | 3.94 | 4.31 | 3.83 | 4.44 | 4.36 | 4.30 | 3.56 | 4.19 | 4.49 | 4.40 | 4.34 | 4.66 | 5.12 | 5.76 | 5.96 | 5.93 | 5.40 | 4.00 | |||||||
| UnitedHealth Group Inc. | — | — | — | 0.77 | 0.75 | 0.83 | 0.81 | 0.79 | 0.73 | 0.75 | 0.74 | 0.75 | 0.70 | 0.77 | 0.71 | 0.72 | 0.72 | 0.71 | 0.71 | 0.68 | 0.68 | 0.75 | 0.76 | 0.66 | |||||||
Based on: 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26).
1 Q4 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 15,480 ÷ 12,879 = 1.20
2 Click competitor name to see calculations.
The analysis of the financial data reveals several key trends and fluctuations over the observed periods.
- Total Quick Assets
- The total quick assets exhibit a pattern of variability with some peaks and troughs. Initially, the values rise from 16,577 million USD in July 2019 to 19,625 million USD in October 2020, showing an upward trend. This is followed by a decline to a low point of 13,682 million USD in October 2023. Subsequently, the assets show a slight recovery, increasing to 15,480 million USD by April 2025. Overall, the fluctuations suggest periods of accumulation and depletion of liquid assets.
- Current Liabilities
- Current liabilities show a more pronounced increasing trend until mid-2022, rising from 8,518 million USD in July 2019 to a peak of 14,465 million USD in October 2022. After this peak, liabilities drop substantially to around 9,047 million USD by April 2023 and then again rise steadily, reaching 12,879 million USD by April 2025. This pattern suggests significant variations in short-term obligations with episodes of reduction followed by renewed accumulation.
- Quick Ratio
- The quick ratio, representing liquidity, reflects considerable volatility. Starting at 1.95 in July 2019, it increases slightly, reaching values above 2.0 by January 2020 and October 2021, indicating strong liquidity in those periods. However, it declines sharply to a low of 1.01 by July 2022 and remains near or below 1.20 for the following periods, signaling reduced liquidity relative to current liabilities. There is a modest recovery in early 2023, with the ratio moving closer to 1.54, followed by a stabilization around 1.17 to 1.20 in the last observed quarters. This suggests fluctuating liquidity management with periods of both strong and weak coverage of current liabilities by quick assets.
In summary, the data indicates that the company’s liquid assets and short-term liabilities have experienced significant shifts over the years, influencing liquidity as reflected by the quick ratio. Peaks in quick assets and quick ratio correspond to periods of relatively stable or lower current liabilities. Contrarily, phases of rising current liabilities generally coincide with declines in the quick ratio, pointing to tighter short-term liquidity conditions during those times.
Cash Ratio
Medtronic PLC, cash ratio calculation (quarterly data)
| Apr 25, 2025 | Jan 24, 2025 | Oct 25, 2024 | Jul 26, 2024 | Apr 26, 2024 | Jan 26, 2024 | Oct 27, 2023 | Jul 28, 2023 | Apr 28, 2023 | Jan 27, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | Apr 24, 2020 | Jan 24, 2020 | Oct 25, 2019 | Jul 26, 2019 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||
| Cash and cash equivalents | 2,218) | 1,240) | 1,394) | 1,311) | 1,284) | 1,623) | 1,311) | 1,339) | 1,543) | 4,521) | 4,828) | 2,140) | 3,714) | 3,479) | 2,900) | 3,004) | 3,593) | 5,077) | 6,420) | 6,499) | 4,140) | 3,709) | 3,962) | 5,080) | |||||||
| Investments | 6,747) | 6,682) | 6,595) | 6,532) | 6,721) | 6,698) | 6,423) | 6,537) | 6,416) | 6,616) | 6,602) | 6,733) | 6,859) | 7,742) | 7,769) | 7,591) | 7,224) | 9,562) | 7,857) | 6,513) | 6,808) | 7,919) | 6,436) | 5,603) | |||||||
| Total cash assets | 8,965) | 7,922) | 7,989) | 7,843) | 8,005) | 8,321) | 7,734) | 7,876) | 7,959) | 11,137) | 11,430) | 8,873) | 10,573) | 11,221) | 10,669) | 10,595) | 10,817) | 14,639) | 14,277) | 13,012) | 10,948) | 11,628) | 10,398) | 10,683) | |||||||
| Current liabilities | 12,879) | 11,840) | 12,195) | 10,287) | 10,789) | 9,793) | 9,659) | 9,047) | 9,051) | 14,422) | 14,465) | 14,049) | 12,394) | 8,927) | 7,803) | 7,764) | 8,509) | 12,534) | 12,071) | 13,086) | 10,366) | 8,735) | 8,170) | 8,518) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||||
| Cash ratio1 | 0.70 | 0.67 | 0.66 | 0.76 | 0.74 | 0.85 | 0.80 | 0.87 | 0.88 | 0.77 | 0.79 | 0.63 | 0.85 | 1.26 | 1.37 | 1.36 | 1.27 | 1.17 | 1.18 | 0.99 | 1.06 | 1.33 | 1.27 | 1.25 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||||
| Abbott Laboratories | — | — | — | 0.53 | 0.56 | 0.52 | 0.52 | 0.47 | 0.53 | 0.54 | 0.57 | 0.66 | 0.66 | 0.74 | 0.75 | 0.65 | 0.78 | 0.75 | 0.71 | 0.67 | 0.60 | 0.46 | 0.46 | 0.34 | |||||||
| CVS Health Corp. | — | — | — | 0.14 | 0.13 | 0.11 | 0.20 | 0.16 | 0.14 | 0.20 | 0.21 | 0.24 | 0.23 | 0.28 | 0.22 | 0.16 | 0.18 | 0.20 | 0.17 | 0.15 | 0.18 | 0.19 | 0.27 | 0.21 | |||||||
| Elevance Health Inc. | — | — | — | 0.79 | 0.85 | 0.90 | 0.86 | 0.82 | 0.87 | 0.90 | 0.92 | 0.91 | 0.86 | 0.87 | 0.86 | 0.86 | 0.95 | 0.97 | 0.97 | 1.08 | 1.04 | 1.04 | 1.10 | 0.95 | |||||||
| Intuitive Surgical Inc. | — | — | — | 2.93 | 2.30 | 2.52 | 3.20 | 3.49 | 3.15 | 3.86 | 3.77 | 3.59 | 2.90 | 3.50 | 3.78 | 3.58 | 3.66 | 3.98 | 4.42 | 5.04 | 5.30 | 5.27 | 4.85 | 3.44 | |||||||
| UnitedHealth Group Inc. | — | — | — | 0.30 | 0.28 | 0.37 | 0.33 | 0.35 | 0.34 | 0.42 | 0.44 | 0.43 | 0.36 | 0.46 | 0.36 | 0.37 | 0.36 | 0.35 | 0.35 | 0.33 | 0.33 | 0.37 | 0.42 | 0.35 | |||||||
Based on: 10-K (reporting date: 2025-04-25), 10-Q (reporting date: 2025-01-24), 10-Q (reporting date: 2024-10-25), 10-Q (reporting date: 2024-07-26), 10-K (reporting date: 2024-04-26), 10-Q (reporting date: 2024-01-26), 10-Q (reporting date: 2023-10-27), 10-Q (reporting date: 2023-07-28), 10-K (reporting date: 2023-04-28), 10-Q (reporting date: 2023-01-27), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-K (reporting date: 2022-04-29), 10-Q (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-K (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-K (reporting date: 2020-04-24), 10-Q (reporting date: 2020-01-24), 10-Q (reporting date: 2019-10-25), 10-Q (reporting date: 2019-07-26).
1 Q4 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 8,965 ÷ 12,879 = 0.70
2 Click competitor name to see calculations.
The financial data reveals several notable trends in liquidity and current liabilities over the observed periods.
- Total Cash Assets
- Total cash assets exhibited fluctuations throughout the analyzed quarters. Initially, the assets increased from approximately 10,683 million US dollars in mid-2019 to a peak of around 14,639 million by early 2021. Following this, there was a marked decline to below 8,000 million by mid-2023, with some minor recoveries towards early 2025, where values stabilized near 8,900 million. This overall pattern suggests periods of considerable cash accumulation followed by substantial reductions and a relatively flat trend in the most recent quarters.
- Current Liabilities
- Current liabilities displayed an overall increasing trend with certain periods of volatility. Starting at about 8,518 million US dollars in mid-2019, liabilities rose sharply, peaking near 14,465 million by late 2022. Subsequently, there was a decline to approximately 9,000 million by mid-2023, but liabilities climbed again to reach approximately 12,879 million by early 2025. This highlights cycles of liability growth, occasional reduction, and renewed increases aligned with operational or financial activities.
- Cash Ratio
- The cash ratio, defined as cash assets divided by current liabilities, showed a decreasing trend, indicating a decline in liquidity coverage over time. Initially, the ratio was above 1.0, reaching as high as 1.37 in late 2021, which suggests that cash assets were sufficient to cover current liabilities fully. However, from late 2021 onwards, the ratio steadily decreased to values below 1.0, dipping as low as 0.63 around late 2022. In subsequent periods, it remained below 1.0 but showed minor fluctuations, ending near 0.7 by early 2025. This decline signals a weakening liquidity position, with cash assets covering a smaller proportion of current liabilities compared to earlier periods.
- Overall Analysis
- The combination of decreasing cash ratios and fluctuating but generally rising current liabilities suggests increasing liquidity risk over the analyzed timeframe. The significant drop in total cash assets post-early 2021, coupled with elevated liabilities, reduces the buffer available to meet short-term obligations solely through cash reserves. While there are some recoveries in cash assets and fluctuations in liabilities, the persistent lower cash ratio in recent quarters warrants attention to liquidity management and potential implications for short-term financial stability.