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: 2025-09-30), 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), 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).
- Current Ratio
- The current ratio shows relative stability with slight fluctuations over the observed period. Initially near 1.23, it reached peaks around 1.37 in mid-2021 and 1.49 in mid-2024, indicating periods where current assets significantly exceeded current liabilities. However, some quarters demonstrate modest declines, such as the dip to 1.22 at the end of 2021 and again near 1.24 to 1.31 in mid-2025. Overall, the ratio remained above 1.2, suggesting consistent short-term liquidity and an ability to cover current obligations comfortably.
- Quick Ratio
- The quick ratio exhibits a pattern of moderate variability, generally trending upward within the range of approximately 0.79 to 1.02. Early in the period, it hovered around 0.81, with gradual improvements seen mid-2021 and again reaching a peak slightly above 1.0 in mid-2024. This increase implies enhanced liquidity excluding inventories, reflecting increasing efficiency in covering current liabilities with more liquid assets. Some quarters towards the end show a slight decline to around 0.83-0.90, yet the overall trend suggests strengthening quick asset coverage over time.
- Cash Ratio
- The cash ratio remains the most conservative liquidity metric and shows more pronounced volatility compared to the other two ratios. Starting at 0.25, it increased during mid-2020 and late 2022 to around 0.33 and 0.32 respectively, indicating periods of higher cash and cash equivalents relative to current liabilities. However, several dips are observed, including a decline to approximately 0.2 in mid-2023 and values around 0.26-0.27 by mid-2025. Despite these fluctuations, the cash ratio consistently stays below 0.4, pointing to a modest cash buffer and a reliance on other current assets to meet short-term liabilities.
Current Ratio
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), 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).
1 Q3 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
- Current Assets Trend
- The current assets demonstrate an overall upward trend from March 31, 2020, through the subsequent quarters up to September 30, 2025. Initially, the value decreased from 16,266 million US dollars in March 2020 to a low point near 12,077 million US dollars in mid-2021. Following this period, there is a consistent increase reaching peaks around mid-2025, with values approximating 19,468 million US dollars, indicating an improving liquidity position over the longer term.
- Current Liabilities Trend
- Current liabilities show fluctuations with a general declining trend from 13,262 million US dollars in early 2020 to a trough near 8,784 million US dollars in June 2021. After this, liabilities increase, peaking near 15,036 million US dollars in mid-2025. This increase in liabilities alongside rising current assets suggests evolving working capital dynamics, with liabilities growing more sharply towards the end of the period analyzed.
- Current Ratio Analysis
- The current ratio remains relatively stable around 1.2 to 1.3 throughout much of the timeline until mid-2021, indicating moderate liquidity coverage of short-term liabilities by current assets. Post-2021, the ratio trends upward, reaching as high as approximately 1.49 by September 2024, reflecting improved ability to meet short-term obligations. However, in the final quarters, the ratio declines slightly to around 1.24 to 1.39, reflecting some moderation in liquidity but remaining above one, thus maintaining a generally healthy liquidity position.
- Overall Insights
- The data suggests a period of initial pressure on liquidity with both current assets and liabilities declining early on, followed by steady asset growth that outpaces liabilities, improving short-term financial stability. Toward the mid to late 2020s, increasing liabilities somewhat temper the improvements in the current ratio, pointing to potentially increased short-term obligations or operational scaling. Nonetheless, the current ratio above unity throughout the period demonstrates consistent capacity to cover current liabilities with current assets.
Quick Ratio
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), 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).
1 Q3 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
- Analysis of Total Quick Assets
- Over the period analyzed, total quick assets exhibited a fluctuating trend with an overall moderate increase. Initially, values decreased from approximately 10,830 million USD to around 8,253 million USD during 2020. From 2021 onward, total quick assets generally trended upward, rising from about 8,179 million USD at the start of 2021 to a peak exceeding 12,722 million USD by mid-2024. Notably, some minor fluctuations were observed in late 2022 and early 2023, but the overall trajectory suggested an increase in liquid assets available to the company.
- Analysis of Current Liabilities
- Current liabilities displayed some volatility with an overall increasing tendency. Beginning at roughly 13,262 million USD in early 2020, current liabilities dropped to approximately 8,784 million USD by the middle of 2021, indicating a reduction in short-term obligations. Subsequently, liabilities generally increased once again, reaching around 15,036 million USD by mid-2025. This upward movement was somewhat uneven, with fluctuations apparent in late 2022 through 2024, reflecting varying short-term debt and obligation levels during the timeframe.
- Evaluation of Quick Ratio
- The quick ratio, a key liquidity metric, showed variability but an improving trend towards later periods, reflecting changes in both quick assets and current liabilities. Initially ranging between 0.79 and 0.83 in 2020 and early 2021, the ratio increased to values nearing or exceeding 1.00 during 2023 and mid-2024, suggesting enhanced short-term liquidity. However, in the final periods toward 2025, the quick ratio trended downward to the range of 0.83 to 0.90, indicating a slight decrease in liquid asset coverage relative to current liabilities but still within a reasonable range.
- Overall Insights
- The data reveals that while the company managed to generally increase its liquid assets over the observed term, current liabilities also grew, impacting liquidity ratios. Periods of improved quick ratios coincide with growth in quick assets outpacing liabilities, suggesting focused liquidity management. The decline in quick ratio during the latest periods could warrant attention to ensure sufficient liquid coverage. The observed fluctuations indicate responsiveness to economic or operational conditions affecting liquidity and short-term debt management.
Cash Ratio
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), 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).
1 Q3 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
- Total Cash Assets
- The total cash assets exhibit fluctuations over the reported periods. Beginning at approximately $3.34 billion at the end of March 2020, cash assets rose steadily through September 2020, reaching around $3.84 billion before decreasing to roughly $2.91 billion by March 2021. A notable recovery is observed throughout late 2021 and into early 2022, with cash increasing to nearly $3.61 billion in September 2022. However, a pattern of volatility follows: cash assets declined towards March 2023, then ascended to a peak near $4.00 billion by mid-2024, the highest in the dataset. Toward the end of the timeline, cash balances slightly decreased but remained robust, ending at about $3.59 billion in September 2025. This suggests periods of both liquidity building and drawdown, potentially reflecting operational or strategic cash management activities.
- Current Liabilities
- Current liabilities display a general upward trend across the quarters. Starting at approximately $13.26 billion at March 2020, liabilities decreased steadily through mid-2021, reaching a low around $8.78 billion. From that point onwards, current liabilities consistently increased, surpassing $13 billion by December 2021, and continuing to rise to about $15.04 billion by June 2025. A slight decline is noted immediately following this peak, with liabilities stabilizing near $14 billion by September 2025. This upward trend implies growing near-term obligations over the analyzed periods, which may affect liquidity and financial flexibility if not matched by asset growth.
- Cash Ratio
- The cash ratio, which measures the ability to cover current liabilities with cash and cash equivalents, has remained relatively stable but within a modest range. Beginning at 0.25 in March 2020, it improved to roughly 0.33 by September 2020, suggesting enhanced liquidity coverage. Thereafter, the ratio experienced minor fluctuations, generally hovering between 0.24 and 0.32, with a dip to 0.20 at March 2023. A notable upward movement occurred from late 2023 through mid-2025, peaking at 0.36, indicating a temporary strengthening in cash coverage relative to current liabilities. However, the ratio fell back to around 0.26 toward the end of the period. Throughout the timeline, the cash ratio remained below 0.4, reflecting a cautious liquidity position where cash alone covers a substantial, but not majority portion, of short-term obligations.
- Overall Insights
- The analysis indicates that while total cash assets have demonstrated recovery and growth after periods of decline, current liabilities have generally grown, particularly from 2021 onward. This growth in liabilities has influenced liquidity metrics, as evidenced by the cash ratio's fluctuations. Despite increases in cash holdings at certain intervals, the cash ratio underscores that cash alone covers less than half of current liabilities consistently, which highlights the reliance on other current assets or short-term financing to meet obligations. The patterns suggest active cash management, possibly balancing investments, operational needs, and liabilities, yet the rising liabilities call for ongoing attention to liquidity and debt management strategies.