Liquidity ratios measure the company ability to meet its short-term obligations.
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- Analysis of Solvency Ratios
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- Selected Financial Data since 2005
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Liquidity Ratios (Summary)
Based on: 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).
The analysis of liquidity ratios over the observed periods reveals several noteworthy trends in the company's short-term financial health. The current ratio exhibits significant fluctuations, with a noticeable spike in May 2020, reaching a peak of 2.2. This value is substantially higher than other periods, indicating a temporary increase in current assets relative to current liabilities. Following this peak, the current ratio decreases and stabilizes in a narrow range around 1.15 to 1.25, suggesting a return to a more typical liquidity position.
The quick ratio mirrors some of the patterns observed in the current ratio but with generally lower values, reflecting the exclusion of inventory from current assets. It shows a considerable increase in May 2020, reaching 0.96, nearly doubling from previous quarters. This suggests that during this period the company had greater liquidity in more readily liquid assets. However, subsequent quarters show a downward trend, with the quick ratio declining steadily and reaching lows around 0.35 to 0.40 in late 2022, before modest recoveries to around 0.45 to 0.59 in the most recent quarters. This variability may indicate fluctuating levels of liquid assets other than inventory in relation to current liabilities.
The cash ratio, representing the most conservative liquidity measure by considering only cash and cash equivalents, follows a similar pattern to the quick ratio. It peaks in May 2020 at 0.92, highlighting increased cash reserves at that time. Afterwards, it declines steadily through mid-2022 to low points near 0.30, then slightly recovers to values generally ranging from 0.39 to 0.54 in the latest quarters. This trend points to variations in the company's cash holdings relative to its immediate liabilities, with a tendency towards reduced cash coverage following the earlier peak.
Overall, the liquidity ratios reflect a pronounced improvement in the company's short-term financial position around the second quarter of 2020, potentially in response to external economic conditions or strategic cash management decisions. Following that period, all liquidity indicators decrease and stabilize at levels that are more moderate but consistent, suggesting that while liquidity weakened from peak levels, the company maintained an adequate ability to meet short-term obligations.
- Current Ratio
- Displayed a significant peak in May 2020 (2.20), then gradually normalized to a stable range near 1.20 in subsequent periods.
- Quick Ratio
- Increased sharply in May 2020 to 0.96, reflecting higher liquidity, but declined to lower levels around 0.35-0.40 in late 2022 before partial recovery.
- Cash Ratio
- Peaked at 0.92 in May 2020, followed by a decline to about 0.30 by mid-2022, with a mild rebound to 0.39-0.54 afterwards.
The overall trend indicates that the company's liquidity strengthened markedly during the early months of the 2020 fiscal year and then settled into more moderate and sustained levels. These fluctuations may be attributable to management's liquidity strategies in response to changing market conditions or operational requirements.
Current Ratio
Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | |||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||||||||
Current ratio1 | ||||||||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||||||||
Current Ratio, Competitors2 | ||||||||||||||||||||||||||||||||||
Amazon.com Inc. | ||||||||||||||||||||||||||||||||||
Home Depot Inc. | ||||||||||||||||||||||||||||||||||
Lowe’s Cos. Inc. |
Based on: 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).
1 Q2 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Current Assets
- The current assets exhibit an overall upward trend from May 2019 through August 2020, increasing from approximately 8,067 million US dollars to a peak of 16,654 million US dollars in October 2020. Subsequently, there is a downward correction with some fluctuations through mid-2022, reaching a low near 11,835 million US dollars in July 2022. Following this period, current assets experience a moderate recovery with some volatility, stabilizing around 12,000 to 13,000 million US dollars through August 2025.
- Current Liabilities
- Current liabilities show notable variability over the analyzed periods. Starting around 6,581 million US dollars in May 2019, liabilities remained relatively stable until early 2020, then decreased sharply to 4,670 million US dollars in May 2020. Thereafter, there is a pronounced increase peaking at 11,817 million US dollars in October 2020. The liabilities fluctuate between roughly 9,900 and 12,000 million US dollars in subsequent quarters, with a slight declining tendency towards the later periods, ending near 11,308 million US dollars in August 2025.
- Current Ratio
- The current ratio demonstrates considerable variation over time but maintains a general range above 1.0, indicating the company consistently holds more current assets than current liabilities. Notably, the ratio spikes in May 2020 to 2.20, coinciding with the period of decreased current liabilities and elevated current assets, reflecting a temporary strong liquidity position. Following this peak, the ratio declines and stabilizes around 1.15 to 1.25 for most periods, signifying a more balanced liquidity profile. Slight downward trends are observed in the most recent periods, with the ratio trending from approximately 1.23 in early 2024 to about 1.17 by August 2025.
- Overall Observations
- The data highlights a period of increased liquidity and asset accumulation around mid-2020, likely reflecting strategic adjustments or external influences affecting working capital management. Subsequent quarters show normalization with less pronounced extremes in both assets and liabilities. The current ratio remains consistently above 1, suggesting the company maintains adequate short-term financial health throughout the span, despite the volatility observed in the absolute values of assets and liabilities.
Quick Ratio
Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | |||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||||||||
Accounts receivable, net | ||||||||||||||||||||||||||||||||||
Total quick assets | ||||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||||||||
Quick ratio1 | ||||||||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||||||||
Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||||||||
Amazon.com Inc. | ||||||||||||||||||||||||||||||||||
Home Depot Inc. | ||||||||||||||||||||||||||||||||||
Lowe’s Cos. Inc. |
Based on: 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).
1 Q2 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The data reveals fluctuations in the company's liquidity position over the analyzed period, as evidenced by the trends in total quick assets, current liabilities, and the quick ratio.
- Total Quick Assets
- Total quick assets display significant variations, beginning at 2,628 million USD in May 2019 and gradually declining until February 2020 where a marked increase occurs, peaking at 11,046 million USD in October 2020. This surge aligns with a potential liquidity adjustment or strategic cash accumulation. Following this peak, there is a steady decrease up to October 2022, reaching 3,936 million USD. Another increase is observed in early 2023, then a gradual decline again towards August 2025, with values oscillating between 4,849 million and 6,129 million USD. This pattern indicates variable liquidity management possibly responsive to market or operational conditions.
- Current Liabilities
- Current liabilities demonstrate an overall increasing trend from 6,581 million USD in May 2019 to a peak of approximately 12,017 million USD in November 2024. Despite some fluctuations, liabilities remain consistently high through the period, with occasional short-term declines such as in May 2020 and early 2023. The general upward movement implies increased obligations or payable accounts, which could reflect growth initiatives or rising operational costs.
- Quick Ratio
- The quick ratio shows a notably low liquidity position below 1 for most of the timeframe, indicating that quick assets do not consistently cover current liabilities. Starting at 0.4 in May 2019, the ratio improves significantly during 2020, reaching above 0.9 and peaking just above 1 in early 2021. After this brief period of relative strength, the ratio declines steadily, hitting lows around 0.35 to 0.4 in late 2022 before showing modest recovery phases with ratios near 0.55 in mid-2024. The quick ratio’s fluctuations reflect corresponding movements in quick assets and liabilities, signaling variable short-term liquidity pressure.
Overall, the data highlights periods of enhanced liquidity particularly during 2020 and early 2021, followed by renewed fiscal pressures with declining quick asset levels relative to liabilities. The company’s ability to meet short-term obligations appears limited for most periods, warranting close monitoring of cash management and liability controls going forward.
Cash Ratio
Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | Oct 31, 2020 | Aug 1, 2020 | May 2, 2020 | Feb 1, 2020 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||||||||
Total cash assets | ||||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||||||||
Cash ratio1 | ||||||||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||||||||
Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||||||||
Amazon.com Inc. | ||||||||||||||||||||||||||||||||||
Home Depot Inc. | ||||||||||||||||||||||||||||||||||
Lowe’s Cos. Inc. |
Based on: 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-K (reporting date: 2025-02-01), 10-Q (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-K (reporting date: 2024-02-03), 10-Q (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-K (reporting date: 2023-01-28), 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04).
1 Q2 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Cash Assets
-
The total cash assets exhibited notable fluctuations across the periods. Initially, cash assets declined from 2,235 million US dollars in May 2019 to 2,060 million US dollars by November 2019. Thereafter, a significant upward trend occurred, reaching a peak of 10,582 million US dollars in October 2020. This was followed by a gradual decline with some volatility, where cash assets decreased to 3,365 million US dollars by October 2022. A recovery phase is observed starting January 2023, with cash assets rising again to around 5,600 million US dollars in February 2024 before a slight decrease towards August 2025, ending at approximately 4,639 million US dollars.
- Current Liabilities
-
Current liabilities showed variability but with an overall upward movement. From 6,581 million US dollars in May 2019, liabilities fell sharply to 4,670 million US dollars in May 2020, likely reflecting a specific financial event or operational adjustment. Subsequently, liabilities rose considerably, peaking at 12,017 million US dollars by November 2024. Despite some fluctuations, the general pattern indicates an increase in short-term obligations over the examined timeframe, ending near 11,308 million US dollars by August 2025.
- Cash Ratio
-
The cash ratio demonstrated significant variation consistent with movements in both total cash assets and current liabilities. Initially low around 0.34 in May 2019, it spiked notably to 0.97 by January 2021, reflecting a considerable improvement in liquidity. Following this peak, the ratio trended downward, declining to a lower level of around 0.30 by October 2022. A moderate recovery phase followed with values around 0.54 in February 2024, but the ratio again declined towards the end of the data to values near 0.41 by August 2025. Overall, the cash ratio indicates fluctuating liquidity conditions, with episodic improvements in short-term cash availability relative to current liabilities.
- Summary
-
The data depicts a cyclical pattern in cash assets and liquidity positions over the analyzed periods, with marked peaks and troughs. Cash assets and the cash ratio rose sharply during 2020, possibly indicative of strategic cash management or crisis response, followed by substantial declines through 2022. Current liabilities increased gradually after a mid-2020 dip, suggesting rising operational or financing activities. The interplay of these variables points to dynamic liquidity management efforts amid changing business conditions, with occasional periods of strengthened short-term financial health and subsequent normalization.