Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Merck & Co. Inc., 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
-
The current ratio exhibited a general upward trend from March 31, 2021, through September 30, 2025. Beginning at 1.02 in early 2021, the ratio increased to a range mostly between 1.25 and 1.47 during 2022 to early 2024, showing improved short-term liquidity over this period. Notably, there was a slight dip in the mid-2023 quarters where the ratio decreased to as low as 1.25, but the ratio recovered thereafter. The highest reported value was 1.66 at the end of the observed period, which indicates a strengthening position in the company's ability to cover current liabilities with current assets.
- Quick Ratio
-
The quick ratio also demonstrated an upward movement with some fluctuations over the observed periods. Starting at 0.58 in March 2021, it increased steadily, reaching the high 0.8 to low 0.9 range during 2022, which signals improvement in liquidity excluding inventories. However, there was a noticeable drop during 2023, with a low of 0.68, indicating some volatility or potential increase in less liquid current assets. Following this, the ratio rose again in 2024, achieving a peak value of 1.06 by September 2025, reflecting enhanced ability to cover current liabilities with liquid assets.
- Cash Ratio
-
The cash ratio mirrored the general upward trend seen in other liquidity measures but presented more pronounced variability. It started at 0.26 in March 2021 and rose gradually to above 0.5 in the fourth quarter of 2022. Throughout 2023, the cash ratio decreased to a low of 0.22, signaling a reduction in available cash and cash equivalents relative to current liabilities. Recovery was observed again in 2024, with the ratio reaching nearly 0.5 before declining somewhat towards mid-2025. At the end of the timeframe, the cash ratio increased substantially to 0.64, denoting a stronger cash position relative to short-term obligations.
- Overall Liquidity Trends
-
The analysis of the three liquidity ratios indicates that the company has progressively improved its short-term financial position over the analyzed period, with some cyclical fluctuations. The current and quick ratios demonstrated solid liquidity, suggesting that the company is maintaining an adequate buffer of current assets relative to current liabilities. The cash ratio’s fluctuations suggest changes in cash and liquid investments, with troughs possibly reflecting periods of increased operational or investment activities. The upward trajectory towards the end of the period suggests a conservative stance on liquidity or a strategic accumulation of liquid resources.
Current Ratio
Merck & Co. Inc., 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 | 47,557) | 37,065) | 35,503) | 38,782) | 40,361) | 38,205) | 31,445) | 32,168) | 31,954) | 29,977) | 33,402) | 35,722) | 33,561) | 32,116) | 31,184) | 30,266) | 31,058) | 28,665) | 26,909) | ||||||
| Current liabilities | 28,628) | 26,037) | 25,174) | 28,420) | 29,586) | 26,060) | 25,099) | 25,694) | 23,094) | 23,394) | 23,131) | 24,239) | 22,998) | 23,168) | 22,316) | 23,872) | 23,728) | 21,906) | 26,361) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 1.66 | 1.42 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 0.72 | 0.74 | 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 | ||||||
| Amgen Inc. | 1.28 | 1.31 | 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 | ||||||
| Bristol-Myers Squibb Co. | 1.27 | 1.21 | 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 | ||||||
| Danaher Corp. | 1.52 | 1.62 | 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 | ||||||
| Eli Lilly & Co. | 1.55 | 1.28 | 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 | ||||||
| Gilead Sciences Inc. | 1.45 | 1.32 | 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 | ||||||
| Johnson & Johnson | 1.07 | 1.01 | 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 | ||||||
| Pfizer Inc. | 1.28 | 1.16 | 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 | ||||||
| Regeneron Pharmaceuticals Inc. | 4.06 | 4.60 | 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 | ||||||
| Thermo Fisher Scientific Inc. | 1.50 | 1.93 | 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 | ||||||
| Vertex Pharmaceuticals Inc. | 2.36 | 2.52 | 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 | ||||||
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
= 47,557 ÷ 28,628 = 1.66
2 Click competitor name to see calculations.
- Current Assets Trend
- Current assets showed a general upward trajectory from March 2021 to December 2024, increasing from approximately 26.9 billion US dollars to above 40 billion US dollars. There are some fluctuations, with a notable dip in June 2023 followed by a recovery by June 2024. A significant increase is observed toward the end of the period, reaching over 47 billion US dollars by September 2025.
- Current Liabilities Trend
- Current liabilities exhibit a more variable trend over the same period. Starting at around 26.4 billion US dollars in early 2021, liabilities decreased notably by mid-2021, then modestly fluctuated in the following quarters. The period from early 2024 to late 2025 shows a gradual increase, with liabilities rising to nearly 29 billion US dollars by September 2025.
- Current Ratio Analysis
- The current ratio, representing liquidity, generally remained above 1.0 throughout the period, indicating an adequate ability to cover short-term obligations. The ratio improved notably after March 2021, peaking around 1.47 in late 2022. Some volatility is visible through 2023, with a decline followed by recovery. The most recent data show a strong increase to 1.66 by September 2025, suggesting a strengthening liquidity position.
- Insights and Interpretations
- The increase in current assets over time, coupled with a moderate rise in current liabilities, has tended to improve liquidity as measured by the current ratio. This pattern indicates an enhanced capacity to meet short-term liabilities with current assets, potentially reflecting improved operational efficiency or a strategic decision to maintain higher levels of liquid assets. However, fluctuations in both assets and liabilities indicate some variability in the company's working capital management, necessitating continued monitoring.
Quick Ratio
Merck & Co. Inc., 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 and cash equivalents | 18,169) | 8,007) | 8,629) | 13,242) | 14,593) | 11,304) | 5,579) | 6,841) | 8,605) | 5,660) | 9,707) | 12,694) | 11,145) | 9,675) | 8,556) | 8,096) | 10,016) | 8,575) | 6,981) | ||||||
| Short-term investments | 45) | 615) | 599) | 447) | —) | 50) | 40) | 252) | 168) | 718) | 680) | 498) | 103) | 453) | 372) | —) | —) | —) | —) | ||||||
| Accounts receivable, net of allowance for doubtful accounts | 12,120) | 11,846) | 10,790) | 10,278) | 11,381) | 11,642) | 11,366) | 10,349) | 10,394) | 11,030) | 10,415) | 9,450) | 9,482) | 9,643) | 9,828) | 9,230) | 8,571) | 7,843) | 8,235) | ||||||
| Total quick assets | 30,334) | 20,468) | 20,018) | 23,967) | 25,974) | 22,996) | 16,985) | 17,442) | 19,167) | 17,408) | 20,802) | 22,642) | 20,730) | 19,771) | 18,756) | 17,326) | 18,587) | 16,418) | 15,216) | ||||||
| Current liabilities | 28,628) | 26,037) | 25,174) | 28,420) | 29,586) | 26,060) | 25,099) | 25,694) | 23,094) | 23,394) | 23,131) | 24,239) | 22,998) | 23,168) | 22,316) | 23,872) | 23,728) | 21,906) | 26,361) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 1.06 | 0.79 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 0.47 | 0.48 | 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 | ||||||
| Amgen Inc. | 0.82 | 0.82 | 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 | ||||||
| Bristol-Myers Squibb Co. | 0.99 | 0.91 | 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 | ||||||
| Danaher Corp. | 0.84 | 0.96 | 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 | ||||||
| Eli Lilly & Co. | 0.73 | 0.53 | 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 | ||||||
| Gilead Sciences Inc. | 1.01 | 0.89 | 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 | ||||||
| Johnson & Johnson | 0.71 | 0.68 | 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 | ||||||
| Pfizer Inc. | 0.80 | 0.67 | 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 | ||||||
| Regeneron Pharmaceuticals Inc. | 3.19 | 3.57 | 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 | ||||||
| Thermo Fisher Scientific Inc. | 0.95 | 1.29 | 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 | ||||||
| Vertex Pharmaceuticals Inc. | 1.84 | 2.00 | 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 | ||||||
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
= 30,334 ÷ 28,628 = 1.06
2 Click competitor name to see calculations.
The analysis of the quarterly financial data indicates several notable trends regarding liquidity and short-term financial stability over the observed periods.
- Total Quick Assets
- The total quick assets exhibit an overall upward trajectory from early 2021 through late 2025. Starting at approximately 15.2 billion USD in the first quarter of 2021, these assets generally increased, reaching peaks near 30.3 billion USD by the third quarter of 2025. There are some fluctuations, such as a dip in mid-2023, but the general trend is positive, indicating an accumulation of liquid assets over time.
- Current Liabilities
- Current liabilities fluctuate moderately throughout the periods, ranging between roughly 21.9 billion USD and 29.6 billion USD. The data shows occasional rises, particularly noticeable in late 2024 and 2025. Despite these fluctuations, there is no consistent upward or downward trend, suggesting relatively stable short-term obligations with some volatility.
- Quick Ratio
- The quick ratio, which measures the company's ability to meet short-term liabilities with its most liquid assets, shows a general improvement from early 2021, starting at 0.58. It peaks around 0.93 in the fourth quarter of 2022, suggesting improved liquidity. Thereafter, the ratio fluctuates, dipping in the early parts of 2023 but recovering towards the end of 2024 and showing a value above 1.0 by the third quarter of 2025. This indicates periods of both strengthening and weakening liquidity, with an overall positive trend towards enhanced short-term financial health by the end of the period analyzed.
In summary, the company’s liquidity position has generally improved over the observed timeframe, driven by increasing quick assets and a quick ratio trending upward despite some periodic variations. Current liabilities remained relatively stable with some intermittent increases, but the rising quick ratio towards 2025 suggests that liquid resources are increasingly sufficient to cover short-term obligations.
Cash Ratio
Merck & Co. Inc., 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 and cash equivalents | 18,169) | 8,007) | 8,629) | 13,242) | 14,593) | 11,304) | 5,579) | 6,841) | 8,605) | 5,660) | 9,707) | 12,694) | 11,145) | 9,675) | 8,556) | 8,096) | 10,016) | 8,575) | 6,981) | ||||||
| Short-term investments | 45) | 615) | 599) | 447) | —) | 50) | 40) | 252) | 168) | 718) | 680) | 498) | 103) | 453) | 372) | —) | —) | —) | —) | ||||||
| Total cash assets | 18,214) | 8,622) | 9,228) | 13,689) | 14,593) | 11,354) | 5,619) | 7,093) | 8,773) | 6,378) | 10,387) | 13,192) | 11,248) | 10,128) | 8,928) | 8,096) | 10,016) | 8,575) | 6,981) | ||||||
| Current liabilities | 28,628) | 26,037) | 25,174) | 28,420) | 29,586) | 26,060) | 25,099) | 25,694) | 23,094) | 23,394) | 23,131) | 24,239) | 22,998) | 23,168) | 22,316) | 23,872) | 23,728) | 21,906) | 26,361) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 0.64 | 0.33 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 0.14 | 0.16 | 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 | ||||||
| Amgen Inc. | 0.43 | 0.39 | 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 | ||||||
| Bristol-Myers Squibb Co. | 0.59 | 0.49 | 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 | ||||||
| Danaher Corp. | 0.24 | 0.44 | 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 | ||||||
| Eli Lilly & Co. | 0.25 | 0.09 | 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 | ||||||
| Gilead Sciences Inc. | 0.60 | 0.47 | 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 | ||||||
| Johnson & Johnson | 0.36 | 0.35 | 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 | ||||||
| Pfizer Inc. | 0.41 | 0.35 | 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 | ||||||
| Regeneron Pharmaceuticals Inc. | 1.91 | 2.04 | 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 | ||||||
| Thermo Fisher Scientific Inc. | 0.24 | 0.50 | 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 | ||||||
| Vertex Pharmaceuticals Inc. | 1.40 | 1.54 | 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 | ||||||
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
= 18,214 ÷ 28,628 = 0.64
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and fluctuations in liquidity metrics over the observed periods.
- Total Cash Assets
- Total cash assets display a generally upward trend from March 2021 through December 2022, rising from 6,981 million US dollars to 13,192 million US dollars. Subsequently, there is a significant decrease in the first quarter of 2023 to 10,387 million, followed by further fluctuations with a notable dip to 5,619 million in March 2024. After this trough, cash assets increased substantially reaching a peak of 18,214 million by September 2025. This indicates periods of both cash accumulation and cash utilization, with an overall tendency toward higher cash reserves by the end of the period.
- Current Liabilities
- Current liabilities stayed relatively stable over the quarters, ranging broadly between approximately 21,906 million and 29,586 million US dollars. Specific observations include a peak of 29,586 million in September 2024 and a relative dip to about 21,906 million in June 2021. This suggests comparatively steady short-term obligations with some volatility but no clear sustained uptrend or downtrend.
- Cash Ratio
- The cash ratio mirrors the movements in total cash assets relative to current liabilities. It increased moderately from 0.26 in March 2021 to 0.54 by December 2022, indicative of improving immediate liquidity during this period. However, it dropped sharply to 0.22 in March 2024, reflecting the significant reduction in cash assets at that time. Following this low point, the cash ratio rebounded and reached a high of 0.64 by September 2025, denoting stronger liquidity and improved capacity to cover current liabilities solely with cash and cash equivalents.
Overall, the company demonstrates an ability to grow cash assets over time interspersed with periods of reduced liquidity. Current liabilities remain relatively stable, resulting in fluctuating but improving cash ratios toward the end of the observed timeframe, which suggests an enhanced liquidity position in the most recent quarters analyzed.