Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Pfizer Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 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: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03).
The liquidity profile is characterized by a period of significant volatility between 2022 and 2023, followed by a phase of relative stabilization extending through mid-2026. A pronounced peak in liquidity occurred in the third quarter of 2023, which was followed by a sharp contraction at the end of that year, after which ratios settled into a more consistent range.
- Current Ratio Analysis
- The current ratio began at 1.39 in April 2022 and experienced a steady climb to a peak of 2.38 by October 2023. This peak was followed by a precipitous decline to 0.91 by December 31, 2023, marking the lowest point in the observed period. From 2024 onward, the ratio stabilized, fluctuating between 0.86 and 1.27, suggesting a return to a baseline level of short-term solvency where current assets generally cover current liabilities.
- Quick Ratio Analysis
- The quick ratio mirrored the trajectory of the current ratio, rising from 0.95 in April 2022 to a high of 1.78 in October 2023. A significant correction occurred by December 31, 2023, with the ratio dropping to 0.50. For the remainder of the period through June 2026, the ratio remained consistently lower than the current ratio, oscillating between 0.42 and 0.80. This persistent gap between the current and quick ratios indicates a substantial portion of current assets is held in inventory.
- Cash Ratio Analysis
- The cash ratio exhibited the most extreme fluctuations, peaking at 1.42 in October 2023 before falling sharply to 0.27 by December 31, 2023. Following this decline, the cash ratio moved within a narrow band between 0.16 and 0.48. The low values observed from 2024 through 2026 suggest that a smaller proportion of immediate cash and cash equivalents is maintained relative to total current liabilities compared to the 2022-2023 period.
- Comparative Liquidity Trends
- The simultaneous peak and subsequent crash of all three liquidity metrics in late 2023 suggest a major structural change in the balance sheet, such as a large cash deployment or a significant increase in short-term obligations. While the current ratio regained a level above 1.0 by late 2024, the quick and cash ratios remained well below 1.0, indicating a continued reliance on inventory liquidation to meet short-term obligations.
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Current Ratio
Pfizer Inc., current ratio calculation (quarterly data)
| Jun 28, 2026 | Mar 29, 2026 | Dec 31, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 31, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Dec 31, 2022 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Current assets | 41,358) | 42,822) | 42,898) | 46,924) | 43,703) | 45,861) | 50,358) | 43,223) | 37,825) | 42,415) | 43,333) | 74,012) | 73,347) | 50,078) | 51,259) | 70,403) | 67,466) | 54,420) | ||||||
| Current liabilities | 32,646) | 34,348) | 36,984) | 36,596) | 37,726) | 36,452) | 42,995) | 43,211) | 43,819) | 40,497) | 47,794) | 31,136) | 34,647) | 36,562) | 42,138) | 44,314) | 47,410) | 39,268) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Current ratio1 | 1.27 | 1.25 | 1.16 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | 0.81 | 0.80 | 0.67 | 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 | ||||||
| Amgen Inc. | 1.37 | 1.26 | 1.14 | 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 | ||||||
| Bristol-Myers Squibb Co. | 1.53 | 1.42 | 1.26 | 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 | ||||||
| Danaher Corp. | 1.65 | 1.87 | 1.87 | 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 | ||||||
| Eli Lilly & Co. | 1.35 | 1.50 | 1.58 | 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 | ||||||
| Gilead Sciences Inc. | 1.27 | 1.97 | 1.55 | 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 | ||||||
| Johnson & Johnson | 1.09 | 1.03 | 1.03 | 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 | ||||||
| Merck & Co. Inc. | 1.32 | 1.30 | 1.54 | 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 | ||||||
| Regeneron Pharmaceuticals Inc. | 3.34 | 3.57 | 4.13 | 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 | ||||||
| Thermo Fisher Scientific Inc. | 1.55 | 1.53 | 1.89 | 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 | ||||||
| Vertex Pharmaceuticals Inc. | 3.19 | 3.02 | 2.90 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 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: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03).
1 Q2 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 41,358 ÷ 32,646 = 1.27
2 Click competitor name to see calculations.
The liquidity position of the entity exhibited significant volatility between April 2022 and December 2023, followed by a period of relative stabilization extending through June 2026.
- Liquidity Peaks and Contractions
- A period of substantial liquidity growth occurred during 2023, with the current ratio peaking at 2.38 on October 1, 2023. This peak was driven by current assets reaching 74.0 billion USD while current liabilities decreased to 31.1 billion USD. This trend reversed sharply by December 31, 2023, when the current ratio fell to 0.91, the lowest point in the analyzed period. This contraction was caused by a simultaneous decrease in current assets to 43.3 billion USD and a spike in current liabilities to 47.8 billion USD.
- Recovery and Stabilization Phase
- From March 2024 through June 2026, the current ratio entered a phase of stabilization. Despite a brief decline to 0.86 in June 2024, the ratio recovered and consistently fluctuated within a tighter range of 1.00 to 1.27. This suggests a return to a balanced liquidity state where current assets generally maintain a modest surplus over current liabilities.
- Asset and Liability Dynamics
- Current assets showed high variance, peaking at 74.0 billion USD in late 2023 before settling into a range between 37.8 billion USD and 50.4 billion USD from 2024 onward. Current liabilities demonstrated similar volatility, with a notable peak in December 2023. The stabilization observed in the latter half of the period indicates a more consistent management of short-term obligations and working capital.
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Quick Ratio
Pfizer Inc., quick ratio calculation (quarterly data)
| Jun 28, 2026 | Mar 29, 2026 | Dec 31, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 31, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Dec 31, 2022 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Cash and cash equivalents | 976) | 1,703) | 1,142) | 1,343) | 1,638) | 1,430) | 1,043) | 1,092) | 1,052) | 719) | 2,853) | 3,148) | 2,632) | 2,166) | 416) | 1,298) | 1,780) | 2,470) | ||||||
| Short-term investments | 10,723) | 11,372) | 12,454) | 13,641) | 11,611) | 15,887) | 19,434) | 8,860) | 6,048) | 11,209) | 9,837) | 41,033) | 42,153) | 17,806) | 22,316) | 34,825) | 31,524) | 21,427) | ||||||
| Trade accounts receivable, net of allowance for doubtful accounts | 12,490) | 12,585) | 11,874) | 14,260) | 12,078) | 11,845) | 11,463) | 14,451) | 11,393) | 10,989) | 11,177) | 11,086) | 10,231) | 12,305) | 10,952) | 16,076) | 15,155) | 13,225) | ||||||
| Total quick assets | 24,189) | 25,660) | 25,470) | 29,244) | 25,327) | 29,162) | 31,940) | 24,403) | 18,493) | 22,917) | 23,867) | 55,267) | 55,016) | 32,277) | 33,684) | 52,199) | 48,459) | 37,122) | ||||||
| Current liabilities | 32,646) | 34,348) | 36,984) | 36,596) | 37,726) | 36,452) | 42,995) | 43,211) | 43,819) | 40,497) | 47,794) | 31,136) | 34,647) | 36,562) | 42,138) | 44,314) | 47,410) | 39,268) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Quick ratio1 | 0.74 | 0.75 | 0.69 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | 0.49 | 0.52 | 0.41 | 0.47 | 0.48 | 0.48 | 0.42 | 0.43 | 0.59 | 0.72 | 0.63 | 0.71 | 0.63 | 0.66 | 0.69 | 0.69 | 0.57 | 0.52 | ||||||
| Amgen Inc. | 0.95 | 0.85 | 0.73 | 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 | ||||||
| Bristol-Myers Squibb Co. | 1.16 | 1.04 | 0.94 | 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 | ||||||
| Danaher Corp. | 1.03 | 1.28 | 1.25 | 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 | ||||||
| Eli Lilly & Co. | 0.68 | 0.72 | 0.78 | 0.73 | 0.53 | 0.57 | 0.58 | 0.62 | 0.60 | 0.67 | 0.52 | 0.58 | 0.63 | 0.79 | 0.62 | 0.70 | 0.66 | 0.77 | ||||||
| Gilead Sciences Inc. | 0.75 | 1.31 | 1.06 | 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 | ||||||
| Johnson & Johnson | 0.73 | 0.69 | 0.69 | 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 | ||||||
| Merck & Co. Inc. | 0.71 | 0.66 | 0.93 | 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 | ||||||
| Regeneron Pharmaceuticals Inc. | 2.63 | 2.84 | 3.28 | 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 | ||||||
| Thermo Fisher Scientific Inc. | 1.01 | 0.97 | 1.36 | 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 | ||||||
| Vertex Pharmaceuticals Inc. | 2.54 | 2.38 | 2.24 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 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: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03).
1 Q2 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 24,189 ÷ 32,646 = 0.74
2 Click competitor name to see calculations.
The liquidity position, as measured by the quick ratio, exhibits significant volatility over the analyzed period, characterized by a strong peak in late 2023 followed by a sharp contraction and a subsequent period of stabilization below the 1.0 threshold.
- Liquidity Expansion (April 2022 – October 2023)
- A positive trend is observed from April 2022 through October 2023, during which the quick ratio climbed from 0.95 to a peak of 1.78. This expansion was driven by a substantial increase in total quick assets, which reached a high of 55,267 million in October 2023, coinciding with a reduction in current liabilities to a period low of 31,136 million.
- Rapid Liquidity Contraction (December 2023 – June 2024)
- A sharp decline in liquidity occurred between December 2023 and June 2024. The quick ratio fell precipitously from 1.78 to 0.42, the lowest value in the series. This deterioration resulted from a significant depletion of total quick assets, which dropped to 18,493 million by June 2024, while current liabilities rose to 43,819 million.
- Recovery and Stabilization (July 2024 – June 2026)
- A gradual recovery followed the mid-2024 trough, with the quick ratio returning to 0.74 by December 2024. From 2025 through June 2026, the ratio remained relatively stable, fluctuating within a narrow range between 0.67 and 0.80. This stabilization is reflected in total quick assets maintaining a range between 24,189 million and 31,940 million, while current liabilities trended downward toward 32,646 million by the end of the period.
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Cash Ratio
Pfizer Inc., cash ratio calculation (quarterly data)
| Jun 28, 2026 | Mar 29, 2026 | Dec 31, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 31, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Oct 1, 2023 | Jul 2, 2023 | Apr 2, 2023 | Dec 31, 2022 | Oct 2, 2022 | Jul 3, 2022 | Apr 3, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Cash and cash equivalents | 976) | 1,703) | 1,142) | 1,343) | 1,638) | 1,430) | 1,043) | 1,092) | 1,052) | 719) | 2,853) | 3,148) | 2,632) | 2,166) | 416) | 1,298) | 1,780) | 2,470) | ||||||
| Short-term investments | 10,723) | 11,372) | 12,454) | 13,641) | 11,611) | 15,887) | 19,434) | 8,860) | 6,048) | 11,209) | 9,837) | 41,033) | 42,153) | 17,806) | 22,316) | 34,825) | 31,524) | 21,427) | ||||||
| Total cash assets | 11,699) | 13,075) | 13,596) | 14,984) | 13,249) | 17,317) | 20,477) | 9,952) | 7,100) | 11,928) | 12,690) | 44,181) | 44,785) | 19,972) | 22,732) | 36,123) | 33,304) | 23,897) | ||||||
| Current liabilities | 32,646) | 34,348) | 36,984) | 36,596) | 37,726) | 36,452) | 42,995) | 43,211) | 43,819) | 40,497) | 47,794) | 31,136) | 34,647) | 36,562) | 42,138) | 44,314) | 47,410) | 39,268) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||
| Cash ratio1 | 0.36 | 0.38 | 0.37 | 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 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||
| AbbVie Inc. | 0.16 | 0.22 | 0.12 | 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 | 0.25 | 0.19 | ||||||
| Amgen Inc. | 0.55 | 0.48 | 0.36 | 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 | ||||||
| Bristol-Myers Squibb Co. | 0.59 | 0.55 | 0.46 | 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 | ||||||
| Danaher Corp. | 0.54 | 0.76 | 0.68 | 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 | ||||||
| Eli Lilly & Co. | 0.19 | 0.14 | 0.21 | 0.24 | 0.09 | 0.10 | 0.12 | 0.14 | 0.12 | 0.13 | 0.10 | 0.11 | 0.14 | 0.22 | 0.12 | 0.17 | 0.17 | 0.18 | ||||||
| Gilead Sciences Inc. | 0.29 | 0.81 | 0.65 | 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 | ||||||
| Johnson & Johnson | 0.38 | 0.38 | 0.37 | 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 | ||||||
| Merck & Co. Inc. | 0.26 | 0.21 | 0.51 | 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 | ||||||
| Regeneron Pharmaceuticals Inc. | 1.45 | 1.71 | 1.97 | 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 | ||||||
| Thermo Fisher Scientific Inc. | 0.27 | 0.22 | 0.67 | 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 | ||||||
| Vertex Pharmaceuticals Inc. | 1.99 | 1.87 | 1.71 | 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 | ||||||
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-29), 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: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03).
1 Q2 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 11,699 ÷ 32,646 = 0.36
2 Click competitor name to see calculations.
The analysis of the cash ratio reveals a period of significant volatility followed by a phase of relative stability. Liquidity levels experienced a dramatic surge in 2023, reaching a peak where cash assets substantially exceeded current obligations, followed by a sharp correction and an eventual plateauing through the first half of 2026.
- Liquidity Peaks and Contractions
- A period of increasing liquidity is observed from April 2022 through October 2023, with the cash ratio rising from 0.61 to a peak of 1.42. During this interval, total cash assets reached a high of 44,785 million US dollars in July 2023. This peak indicates a temporary position of high liquidity where cash holdings were more than sufficient to cover all short-term liabilities.
- Rapid Deleveraging and Cash Reduction
- A severe contraction in the cash ratio occurred between October 2023 and June 2024, where the ratio plummeted from 1.42 to 0.16. This decline was primarily driven by a substantial reduction in total cash assets, which fell from 44,181 million US dollars to 7,100 million US dollars. This sharp downward trend suggests a significant deployment of cash reserves or a strategic reallocation of liquid assets.
- Stabilization Phase
- From December 2024 through June 2026, the cash ratio entered a stabilization phase, fluctuating within a narrow band between 0.35 and 0.48. During this period, current liabilities remained relatively consistent, ranging between 32,646 million and 42,995 million US dollars, while cash assets settled into a range between 11,699 million and 20,477 million US dollars. This pattern indicates a shift toward a more consistent, albeit lower, liquidity posture compared to the peaks observed in 2023.
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