Liquidity ratios measure the company ability to meet its short-term obligations.
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Liquidity Ratios (Summary)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).
The analysis of liquidity ratios over the presented periods reveals several notable trends and fluctuations.
- Current Ratio
- The current ratio demonstrates variability, with values generally fluctuating around the range of approximately 1.0 to 1.6 in most periods. Initially, it starts at 1.03 in March 2020 and increases to a peak of 2.38 by October 2023. However, subsequent periods show a decline, reaching a low of 0.86 in September 2024 before gradually recovering to 1.26 by March 2025. This pattern indicates periods of strengthening liquidity followed by tightening, suggesting dynamic management of current assets and liabilities.
- Quick Ratio
- The quick ratio mirrors some aspects of the current ratio but exhibits a wider range of volatility. It begins at 0.6 in March 2020, rising steadily to a high of 1.78 by October 2023. Post this peak, there is a sharp decline to 0.42 in September 2024, indicative of a rapid reduction in the company's most liquid assets relative to current liabilities. The ratio then improves moderately to 0.8 by March 2025. The fluctuations in this ratio suggest variability in the company's immediate liquidity position excluding inventories.
- Cash Ratio
- The cash ratio shows the most pronounced volatility during the periods reviewed. Starting at 0.31 in March 2020, the ratio increases to a peak of 1.42 in October 2023, signifying a period of strong cash or cash equivalents relative to current liabilities. Following this peak, the cash ratio declines sharply to 0.16 by September 2024, reflecting a significant decrease in cash reserves relative to current liabilities. A partial recovery to 0.48 is observed by March 2025. This sharp drop and subsequent recovery highlight short-term fluctuations in cash management or cash availability during the examined timeframe.
Overall, the data indicate that liquidity metrics have experienced considerable variability, with peaks around late 2023 followed by declines through 2024 and partial recoveries by early 2025. These trends may reflect changing operational conditions, financing activities, or strategic liquidity management responses to market or internal company factors over the periods analyzed.
Current Ratio
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 | Dec 31, 2021 | Oct 3, 2021 | Jul 4, 2021 | Apr 4, 2021 | Dec 31, 2020 | Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||
Current ratio1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Current Ratio, Competitors2 | ||||||||||||||||||||||||||||
AbbVie Inc. | ||||||||||||||||||||||||||||
Amgen Inc. | ||||||||||||||||||||||||||||
Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
Danaher Corp. | ||||||||||||||||||||||||||||
Eli Lilly & Co. | ||||||||||||||||||||||||||||
Gilead Sciences Inc. | ||||||||||||||||||||||||||||
Johnson & Johnson | ||||||||||||||||||||||||||||
Merck & Co. Inc. | ||||||||||||||||||||||||||||
Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
Vertex Pharmaceuticals Inc. |
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).
1 Q1 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the liquidity position as reflected by current assets, current liabilities, and the current ratio over the observed periods.
- Current Assets
- The value of current assets displays significant fluctuations. Starting at approximately 34.7 billion USD in March 2020, there was a notable increase through mid-2021 with peaks exceeding 59 billion USD by the end of 2021. Subsequently, current assets experienced a decline toward the end of 2022 into early 2023, dropping to roughly 43.3 billion USD in the first quarter of 2024. Some recovery is visible thereafter with values moving back into the 45–50 billion USD range by March 2025. These swings indicate variability in asset liquidity and possibly in working capital management or short-term investments across quarters.
- Current Liabilities
- Current liabilities remained relatively stable initially, fluctuating between 25.9 billion USD and 42.7 billion USD over the periods studied. There is an observable increase during 2021 with peaks around 47.8 billion USD in the early part of 2024, followed by some reduction toward the end of the data series. The general trend suggests corresponding changes in short-term obligations that may correlate with operational or financing activities.
- Current Ratio
- The current ratio, indicating short-term liquidity, exhibited substantive variability over the quarters. Initially close to 1.0 in early 2020, it improved steadily to reach a peak of above 2.3 in late 2023, signifying a strong ability to cover short-term liabilities with current assets. However, this peak was followed by a pronounced decline in liquidity, plunging below 1.0 in the first quarter of 2024 and recovering moderately in the subsequent quarters. These fluctuations suggest periods of changing liquidity risk and possibly cash management strategies adapting to operational or market conditions.
Overall, the financial data reflects dynamic movements in both assets and liabilities with the company managing varying liquidity positions throughout the timeframe. High current ratios above 1.5 in certain quarters indicate strong short-term financial health, whereas readings close to or below 1.0 towards early 2024 could point to tighter liquidity constraints at those times. The volatility in these measures warrants attention as it may impact operational flexibility and financial stability in the short term.
Quick Ratio
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 | Dec 31, 2021 | Oct 3, 2021 | Jul 4, 2021 | Apr 4, 2021 | Dec 31, 2020 | Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||
Restricted short-term investments | ||||||||||||||||||||||||||||
Trade accounts receivable, net of allowance for doubtful accounts | ||||||||||||||||||||||||||||
Total quick assets | ||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||
Quick ratio1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||
AbbVie Inc. | ||||||||||||||||||||||||||||
Amgen Inc. | ||||||||||||||||||||||||||||
Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
Danaher Corp. | ||||||||||||||||||||||||||||
Eli Lilly & Co. | ||||||||||||||||||||||||||||
Gilead Sciences Inc. | ||||||||||||||||||||||||||||
Johnson & Johnson | ||||||||||||||||||||||||||||
Merck & Co. Inc. | ||||||||||||||||||||||||||||
Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
Vertex Pharmaceuticals Inc. |
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).
1 Q1 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Quick Assets
- The total quick assets exhibited fluctuations throughout the observed periods. Initially, there was a significant increase from 20,231 million US dollars in March 2020 to a peak of 55,267 million US dollars in October 2023. However, this peak was followed by a marked decline to 23,867 million US dollars by December 2023. Afterward, quick assets showed some recovery and fluctuations around the 18,493 to 31,940 million US dollars range towards the end of the timeline, indicating variability in liquid asset management or changes in asset composition.
- Current Liabilities
- Current liabilities also displayed variability, with values starting at approximately 33,890 million US dollars in March 2020 and reaching a high point of 47,794 million US dollars in December 2023. Subsequently, liabilities decreased somewhat to 36,452 million US dollars by March 2025. The general trend indicates periodic increases and decreases, with certain peaks corresponding roughly with fluctuations in quick assets, suggestive of periodic adjustments in working capital or short-term obligations management.
- Quick Ratio
- The quick ratio, reflecting the relationship between quick assets and current liabilities, showed notable variability. Originally below 1.0 at 0.6 in March 2020, it generally trended upward, achieving levels above or near 1.0 at multiple points, such as December 2021 (1.0), October 2022 (1.18), and reaching a maximum of 1.78 in October 2023. This suggests periods where liquid assets sufficiently covered current liabilities. However, the subsequent decline to 0.5 by December 2023 and values below 0.8 in the following quarters signal decreased liquidity coverage, potentially indicating tighter short-term financial conditions or increased liabilities relative to quick assets during those periods.
- Overall Observations
- The data reveals a pattern of cyclical fluctuations in both assets and liabilities, impacting liquidity ratios accordingly. Peaks in quick assets and the quick ratio appear to coincide, suggesting concerted periods of strengthened liquidity. The declines following peak periods point to either increased short-term obligations or reductions in readily available assets. This volatility warrants close monitoring, as maintaining a quick ratio near or above 1.0 is typically indicative of healthy short-term financial stability.
Cash Ratio
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 | Dec 31, 2021 | Oct 3, 2021 | Jul 4, 2021 | Apr 4, 2021 | Dec 31, 2020 | Sep 27, 2020 | Jun 28, 2020 | Mar 29, 2020 | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||
Restricted short-term investments | ||||||||||||||||||||||||||||
Total cash assets | ||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||
Cash ratio1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||
AbbVie Inc. | ||||||||||||||||||||||||||||
Amgen Inc. | ||||||||||||||||||||||||||||
Bristol-Myers Squibb Co. | ||||||||||||||||||||||||||||
Danaher Corp. | ||||||||||||||||||||||||||||
Eli Lilly & Co. | ||||||||||||||||||||||||||||
Gilead Sciences Inc. | ||||||||||||||||||||||||||||
Johnson & Johnson | ||||||||||||||||||||||||||||
Merck & Co. Inc. | ||||||||||||||||||||||||||||
Regeneron Pharmaceuticals Inc. | ||||||||||||||||||||||||||||
Thermo Fisher Scientific Inc. | ||||||||||||||||||||||||||||
Vertex Pharmaceuticals Inc. |
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29).
1 Q1 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The data reveals several important trends and fluctuations across the presented periods in terms of liquidity and short-term financial position.
- Total Cash Assets
- The total cash assets show a pattern of significant volatility. There was a notable increase from March 29, 2020 (US$10,350 million) to June 28, 2020 (US$22,794 million), followed by some fluctuations with a general upward trend reaching a peak around July 2, 2023 (US$44,785 million). After this peak, cash assets experienced a sharp decrease, falling to US$12,690 million by December 31, 2023. Subsequently, there is a smaller recovery visible towards March 30, 2025 (US$17,317 million), but overall the latter half of the timeline shows lower and more fluctuating levels of cash assets compared to the earlier peak period.
- Current Liabilities
- Current liabilities have remained relatively high and exhibit some volatility as well. Values start from US$33,890 million in March 2020 and fluctuate around similar magnitudes throughout the timeframe. Peaks are observed around July 3, 2022 (US$47,410 million) and again at December 31, 2023 (US$47,794 million). Despite temporary decreases, liabilities remain mostly above US$30,000 million and generally trend higher than cash assets, indicating consistent short-term obligations.
- Cash Ratio
- The cash ratio, which measures the ability to cover current liabilities with cash and cash equivalents, varied considerably. It begins at a low level of 0.31 in March 2020 but improves steadily through the year, reaching a high of 1.42 by July 2, 2023. This suggests improved liquidity during this peak period, where cash assets exceeded current liabilities. However, following this peak, the ratio declines sharply to 0.27 by December 31, 2023, indicating a substantial drop in liquidity. The ratio remains below 0.5 in the final periods, reflecting a reduced capacity to cover short-term liabilities solely with cash.
In summary, the data illustrates a period of improved liquidity culminating in mid-2023, followed by a significant decline in cash reserves and liquidity ratios toward the end of 2023 and into 2024. Simultaneously, current liabilities remain high and somewhat volatile throughout, which exerts pressure on the company’s short-term financial stability. The declining cash ratio in the latter periods signals potential challenges in meeting short-term obligations from cash resources alone.