Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
ONEOK Inc., liquidity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Current Ratio
- The current ratio demonstrated significant fluctuations throughout the observed periods. Initially, the ratio was relatively low, ranging between 0.56 and 0.79 in 2018 and early 2019, indicating limited short-term liquidity. A notable peak occurred in the third quarter of 2019, reaching 1.26, signifying improved liquidity management. The ratio further increased in 2020, with the highest value of 1.71 recorded in the second quarter, suggesting a strong position to meet short-term obligations during that period. However, from 2021 to early 2022, the ratio declined gradually, falling below 1.0, which may suggest tightening liquidity. Towards the end of the period, in 2023, the current ratio rose again to levels above 1.1, reflecting a resumed strengthening of current assets relative to current liabilities.
- Quick Ratio
- The quick ratio generally followed a similar trend to the current ratio but remained consistently below it, reflecting a relatively lower proportion of liquid assets excluding inventories. From 2018 to mid-2019, the quick ratio was low, mostly under 0.55, indicating limited immediate liquidity. A sharp rise was observed in the third quarter of 2019 to 0.89, then fluctuating around that level. In 2020, the quick ratio peaked, reaching 1.22 in the second quarter, suggesting strong liquid asset availability during this time. Subsequent quarters showed a decline with values generally falling between 0.5 and 0.6 throughout 2021 and early 2022. Towards 2023, the ratio increased again, reaching 0.84 in the first quarter and slightly declining to 0.74 in the second quarter, reflecting moderate improvement in liquid asset coverage.
- Cash Ratio
- The cash ratio was consistently the lowest among the three liquidity measures, indicating limited cash or cash equivalents relative to current liabilities. Throughout 2018 and the first half of 2019, values stayed near zero or low single digits, showing tight cash availability. A marked increase was seen in mid-2019, with the cash ratio climbing to 0.43, and this elevated level continued into 2020 with a peak of 0.74 in the second quarter. After this peak, the ratio experienced a gradual decrease, moving down to 0.05 to 0.2 ranges in 2021 and 2022. The ratio showed some volatility, including a brief drop to zero in the first quarter of 2022, but rebounded significantly by early 2023, reaching 0.31 in the first quarter before falling back to 0.07 in the second quarter. These fluctuations indicate varying cash management dynamics, with occasional buildup of cash reserves followed by declines.
- Overall Liquidity Trends
- The data reveals a pattern of cyclical liquidity management, with all ratios improving significantly around 2019-2020 before experiencing some weakening in 2021 and early 2022. The mid-2019 to 2020 period stands out as a time of strengthened liquidity across all measures. Following that period, the company appears to have adopted a more conservative liquidity position with lower ratios. The early part of 2023 indicates a partial recovery in liquidity levels, particularly in the current and quick ratios, while the cash ratio remains more variable. The trends suggest active management of working capital and cash resources in response to changing operational or market conditions.
Current Ratio
ONEOK Inc., current ratio calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current assets | 1,863) | 2,569) | 2,548) | 2,765) | 3,026) | 2,641) | 2,374) | 2,667) | 2,236) | 1,998) | 1,870) | 1,721) | 2,180) | 1,488) | 1,470) | 1,968) | 1,401) | 1,343) | 1,399) | 1,808) | 1,434) | 1,291) | |||||||
| Current liabilities | 1,517) | 2,182) | 3,052) | 4,139) | 3,655) | 3,483) | 3,185) | 2,803) | 2,395) | 2,048) | 1,345) | 1,094) | 1,273) | 1,091) | 2,020) | 1,567) | 1,737) | 1,690) | 2,108) | 2,450) | 2,572) | 2,051) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Current ratio1 | 1.23 | 1.18 | 0.83 | 0.67 | 0.83 | 0.76 | 0.75 | 0.95 | 0.93 | 0.98 | 1.39 | 1.57 | 1.71 | 1.36 | 0.73 | 1.26 | 0.81 | 0.79 | 0.66 | 0.74 | 0.56 | 0.63 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Chevron Corp. | 1.43 | 1.43 | 1.47 | 1.40 | 1.31 | 1.43 | 1.26 | 1.28 | 1.17 | 1.11 | 1.18 | 1.26 | 1.14 | 1.01 | — | — | — | — | — | — | — | — | |||||||
| ConocoPhillips | 1.41 | 1.39 | 1.46 | 1.46 | 1.54 | 1.51 | 1.34 | 1.93 | 2.11 | 2.03 | 2.25 | 2.38 | 2.69 | 2.16 | — | — | — | — | — | — | — | — | |||||||
| Exxon Mobil Corp. | 1.48 | 1.46 | 1.41 | 1.34 | 1.16 | 1.07 | 1.04 | 0.90 | 0.85 | 0.80 | 0.80 | 0.86 | 0.93 | 0.78 | — | — | — | — | — | — | — | — | |||||||
| Occidental Petroleum Corp. | 1.00 | 1.09 | 1.15 | 1.10 | 1.07 | 1.16 | 1.23 | 1.08 | 1.34 | 1.17 | 1.07 | 1.02 | 0.85 | 1.18 | — | — | — | — | — | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 1,863 ÷ 1,517 = 1.23
2 Click competitor name to see calculations.
- Current Assets
- Current assets exhibit considerable fluctuations over the observed periods. Initially, there is a moderate increase from 1,291 million USD at the end of March 2018 to 1,808 million USD by September 2018. This is followed by a decline near the end of 2018. In 2019, current assets generally rise, peaking at 1,968 million USD in September before dropping again by year-end. Throughout 2020 and 2021, there is an upward trend with values consistently increasing, reaching a high of 2,667 million USD in September 2021. Thereafter, current assets experience volatility, rising to 3,026 million USD in June 2022 before decreasing steadily towards mid-2023, ending at 1,863 million USD. The pattern indicates cyclical changes likely influenced by seasonal or operational factors.
- Current Liabilities
- Current liabilities demonstrate variability alongside current assets but with notable distinct phases. Starting relatively high at 2,051 million USD in March 2018, liabilities peak at 2,572 million USD in June 2018 and remain generally elevated through 2018. A significant decline occurs during 2019, bottoming out around 1,567 million USD in September. During 2020 and 2021, current liabilities trend upward sharply, reaching a maximum of 3,185 million USD in December 2021. In 2022, liabilities continue to rise, peaking at 4,139 million USD in September before dropping considerably to 1,517 million USD by June 2023. This volatility suggests varying short-term obligations potentially related to financing or operational activities.
- Current Ratio
- The current ratio displays marked variability, reflective of changes in both assets and liabilities. Early ratios are below 1, starting at 0.63 in March 2018, indicating liquidity levels where current liabilities exceed current assets. There is a brief improvement in late 2019 and more pronounced increases in 2020, with the ratio peaking at 1.71 in June 2020, suggesting strong short-term liquidity during that period. However, the ratio declines again through 2021, dipping below 1 at 0.75 by December, indicating tighter liquidity. In 2022, the ratio fluctuates between 0.67 and 0.83, before improving substantially in the first half of 2023 to 1.23. This pattern indicates periods of both constrained and adequate liquidity, with notable improvement by mid-2023.
- Overall Analysis
- The data reveals cyclical patterns in liquidity and balance sheet management. The company experiences phases of heightened current liabilities accompanied by rising current assets, which occasionally improve liquidity ratios above 1, signaling better short-term financial health. However, multiple intervals show the current ratio below 1, suggesting periods where short-term obligations exceed readily available assets, potentially pointing to liquidity risk. The significant volatility in both assets and liabilities implies active management of working capital, possibly responding to operational needs or market conditions. The recent upward trend in current ratio as of June 2023 suggests an improvement in the company's ability to cover short-term liabilities with current assets.
Quick Ratio
ONEOK Inc., quick ratio calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 106) | 680) | 220) | 22) | 136) | 15) | 146) | 224) | 374) | 402) | 524) | 447) | 946) | 532) | 21) | 673) | 273) | 28) | 12) | 84) | 15) | 17) | |||||||
| Accounts receivable, net | 1,023) | 1,153) | 1,532) | 1,729) | 1,779) | 1,682) | 1,442) | 1,498) | 1,092) | 910) | 830) | 718) | 609) | 498) | 835) | 719) | 669) | 813) | 819) | 1,085) | 935) | 844) | |||||||
| Total quick assets | 1,129) | 1,833) | 1,753) | 1,751) | 1,914) | 1,697) | 1,588) | 1,722) | 1,466) | 1,312) | 1,354) | 1,165) | 1,555) | 1,029) | 856) | 1,392) | 943) | 841) | 831) | 1,170) | 950) | 862) | |||||||
| Current liabilities | 1,517) | 2,182) | 3,052) | 4,139) | 3,655) | 3,483) | 3,185) | 2,803) | 2,395) | 2,048) | 1,345) | 1,094) | 1,273) | 1,091) | 2,020) | 1,567) | 1,737) | 1,690) | 2,108) | 2,450) | 2,572) | 2,051) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Quick ratio1 | 0.74 | 0.84 | 0.57 | 0.42 | 0.52 | 0.49 | 0.50 | 0.61 | 0.61 | 0.64 | 1.01 | 1.06 | 1.22 | 0.94 | 0.42 | 0.89 | 0.54 | 0.50 | 0.39 | 0.48 | 0.37 | 0.42 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Chevron Corp. | 0.97 | 1.03 | 1.12 | 1.03 | 1.00 | 1.12 | 0.90 | 0.90 | 0.83 | 0.77 | 0.77 | 0.84 | 0.74 | 0.66 | — | — | — | — | — | — | — | — | |||||||
| ConocoPhillips | 1.19 | 1.20 | 1.27 | 1.27 | 1.34 | 1.29 | 1.10 | 1.66 | 1.86 | 1.81 | 1.98 | 2.04 | 2.29 | 1.72 | — | — | — | — | — | — | — | — | |||||||
| Exxon Mobil Corp. | 1.06 | 1.07 | 1.03 | 0.98 | 0.84 | 0.74 | 0.69 | 0.55 | 0.51 | 0.47 | 0.44 | 0.51 | 0.55 | 0.50 | — | — | — | — | — | — | — | — | |||||||
| Occidental Petroleum Corp. | 0.45 | 0.60 | 0.68 | 0.67 | 0.79 | 0.84 | 0.84 | 0.61 | 0.82 | 0.62 | 0.50 | 0.38 | 0.34 | 0.37 | — | — | — | — | — | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2023 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 1,129 ÷ 1,517 = 0.74
2 Click competitor name to see calculations.
- Analysis of Total Quick Assets
-
Total quick assets exhibit variability throughout the periods, initially showing a rise from 862 million in March 2018 to a peak of 1,392 million in September 2019. This is followed by fluctuations with values dropping to 856 million by December 2019, then rising again to a high of 1,914 million in June 2022. After this peak, a gradual decline is noticeable, ending at 1,129 million by June 2023. This pattern suggests a period of growth in liquidity followed by volatility and a moderate decrease in more recent quarters.
- Analysis of Current Liabilities
-
Current liabilities demonstrate an overall upward trend from 2,051 million in March 2018 to a significant high of 4,139 million in September 2022. Notably, fluctuations occur within this upward trajectory, with some declines such as from 2,572 million in June 2018 to 1,567 million in September 2019. However, from March 2020 onwards, liabilities generally increase, peaking in late 2022, before a sharp reduction in the first half of 2023 to 1,517 million. This pattern indicates increasing short-term obligations over time with a recent decrease, possibly reflecting improved management or repayment of liabilities.
- Analysis of Quick Ratio
-
The quick ratio shows considerable fluctuation across the review period. Early ratios are low, ranging from 0.37 to 0.5 during 2018 and early 2019, followed by a marked increase to 0.89 in September 2019. The ratio peaks at 1.22 in June 2020, reflecting enhanced liquidity compared to current liabilities at that time. Subsequently, the quick ratio declines again, fluctuating between 0.5 and 0.64 through 2021 and 2022, and experiences a recovery reaching 0.84 in March 2023 before decreasing slightly to 0.74 in June 2023. These fluctuations suggest variable liquidity management and reactive short-term financial positioning relative to current liabilities.
- Summary Insights
-
Overall, the company’s liquidity position as measured by total quick assets and the quick ratio has experienced cycles of growth and contraction, with peaks around mid-2019 and mid-2022 followed by declines. The rise in current liabilities across the years, particularly reaching a high in late 2022, suggests an increased borrowing or short-term financial commitments period, which later improves significantly by mid-2023. The quick ratio’s variability emphasizes changing liquidity conditions and management responses to balancing quick assets against current liabilities. The latest periods indicate a recovery in liquidity ratios and a reduction of current liabilities, which may indicate better short-term financial stability and operational efficiency going forward.
Cash Ratio
ONEOK Inc., cash ratio calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 106) | 680) | 220) | 22) | 136) | 15) | 146) | 224) | 374) | 402) | 524) | 447) | 946) | 532) | 21) | 673) | 273) | 28) | 12) | 84) | 15) | 17) | |||||||
| Total cash assets | 106) | 680) | 220) | 22) | 136) | 15) | 146) | 224) | 374) | 402) | 524) | 447) | 946) | 532) | 21) | 673) | 273) | 28) | 12) | 84) | 15) | 17) | |||||||
| Current liabilities | 1,517) | 2,182) | 3,052) | 4,139) | 3,655) | 3,483) | 3,185) | 2,803) | 2,395) | 2,048) | 1,345) | 1,094) | 1,273) | 1,091) | 2,020) | 1,567) | 1,737) | 1,690) | 2,108) | 2,450) | 2,572) | 2,051) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Cash ratio1 | 0.07 | 0.31 | 0.07 | 0.01 | 0.04 | 0.00 | 0.05 | 0.08 | 0.16 | 0.20 | 0.39 | 0.41 | 0.74 | 0.49 | 0.01 | 0.43 | 0.16 | 0.02 | 0.01 | 0.03 | 0.01 | 0.01 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Chevron Corp. | 0.32 | 0.47 | 0.52 | 0.42 | 0.32 | 0.38 | 0.21 | 0.24 | 0.27 | 0.26 | 0.25 | 0.35 | 0.33 | 0.30 | — | — | — | — | — | — | — | — | |||||||
| ConocoPhillips | 0.71 | 0.75 | 0.72 | 0.74 | 0.67 | 0.61 | 0.55 | 1.14 | 1.31 | 1.18 | 1.46 | 1.58 | 1.92 | 1.35 | — | — | — | — | — | — | — | — | |||||||
| Exxon Mobil Corp. | 0.48 | 0.49 | 0.43 | 0.41 | 0.24 | 0.15 | 0.12 | 0.08 | 0.06 | 0.06 | 0.08 | 0.16 | 0.22 | 0.18 | — | — | — | — | — | — | — | — | |||||||
| Occidental Petroleum Corp. | 0.07 | 0.16 | 0.13 | 0.16 | 0.14 | 0.22 | 0.33 | 0.23 | 0.48 | 0.26 | 0.24 | 0.18 | 0.10 | 0.17 | — | — | — | — | — | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2023 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 106 ÷ 1,517 = 0.07
2 Click competitor name to see calculations.
- Total Cash Assets
- The total cash assets exhibit significant volatility throughout the observed periods. Initially, the cash holdings were relatively low, fluctuating between $12 million and $84 million in 2018. There was a marked increase in mid-2019, peaking sharply at $673 million in September 2019, followed by a steep decline to $21 million by December 2019. In 2020, cash assets again showed peaks and troughs, notably reaching $532 million in the first quarter before dropping below $100 million later in the year. During 2021 and early 2022, cash levels generally trended downward, with consistently lower amounts than previous peaks, dipping as low as $15 million in March 2022. However, a noticeable recovery occurred in mid-2023, with cash assets rising to $680 million by March 2023 before again declining to $106 million in June 2023.
- Current Liabilities
- Current liabilities displayed a gradual decline from early 2018 through the end of 2019, decreasing from $2,051 million to $2,020 million but with fluctuations during the intervening quarters. A significant reduction occurred in early 2020, where liabilities dropped sharply from over $2,000 million to $1,091 million in March 2020. However, between 2021 and 2022, there was a clear upward trend, peaking at $4,139 million in December 2022, which represents nearly a doubling of liabilities compared to early 2018. In 2023, liabilities receded, ending the period at $1,517 million in June 2023, indicating considerable variability within the liability structure across quarters.
- Cash Ratio
- The cash ratio, which measures the ability to cover current liabilities with cash, was generally very low during early periods, mostly remaining below 0.05. Notable exceptions occurred in mid to late 2019 and through 2020 when the ratio peaked at 0.74 in June 2020, indicating a stronger liquidity position during this time. Following this peak, the ratio declined substantially by late 2021, reaching as low as 0.05. In 2022, the cash ratio hovered around zero or very minimal values, reflecting tight liquidity. However, a recovery was observed in early 2023, with the ratio increasing to 0.31 in March 2023 before dropping again to 0.07 by mid-year.
- Overall Trends and Insights
- The financial data reveal a pattern of high volatility in cash assets and liquidity ratios, contrasted with significant fluctuations in current liabilities. The spikes in cash assets and cash ratio during late 2019 and mid-2020 suggest periods of enhanced liquidity, possibly from financing activities or other cash inflows. Conversely, the steep rise in current liabilities throughout 2021 and 2022 implies increased short-term obligations, potentially due to operational or financing needs. The low cash ratios in 2022 point to a more constrained liquidity position during this time. The partial recovery in cash assets and liquidity ratios in early 2023 indicates improved cash management or inflows but is accompanied by a simultaneous reduction in liabilities, suggesting adjustments in the company’s liability structure or debt repayment activities. The overall financial position appears subject to considerable short-term variations, highlighting the importance of ongoing liquidity management.