Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Thermo Fisher Scientific Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
The liquidity profile from April 2022 through March 2026 is characterized by overall stability, with all three primary liquidity metrics remaining within ranges that suggest a consistent ability to meet short-term obligations. While the ratios exhibit quarterly volatility, there is a general trend of resilience, particularly in the current ratio, which remained above 1.25 throughout the entire period.
- Current Ratio
- The current ratio fluctuated between a low of 1.27 in April 2023 and a peak of 1.93 in June 2025. A period of relative decline was observed during the first half of 2023, followed by a steady recovery and strengthening of the position through 2024 and early 2025. The ratio concluded the period at 1.53 in March 2026, indicating a healthy margin of current assets over current liabilities.
- Quick Ratio
- The quick ratio, which excludes inventory from current assets, showed a range from 0.80 to 1.36. A notable trough occurred in April 2023, coinciding with the low point of the current ratio. The ratio generally improved throughout 2024 and peaked in December 2025 at 1.36. The variance between the current and quick ratios suggests that inventory levels play a significant role in the overall liquidity structure, though the organization maintained a quick ratio near or above 1.0 for a majority of the analyzed timeframe.
- Cash Ratio
- The cash ratio exhibited the highest degree of volatility, with values ranging from a minimum of 0.17 in July 2022 to a maximum of 0.67 in December 2025. Significant spikes in the cash ratio were observed in late 2022 and late 2025, suggesting periodic accumulations of highly liquid assets. The sharp decrease to 0.22 by March 2026 indicates a rapid deployment of cash or a shift in liquid asset allocation toward the end of the period.
Comparative analysis of the three ratios indicates that while the organization maintains a strong overall liquidity cushion, there is a reliance on non-cash current assets to maintain the current ratio. The synchronization of lows across all three ratios in the second quarter of 2023 points to a temporary tightening of liquidity during that specific interval, which was subsequently corrected in following quarters.
AI Ask an analyst for more
Current Ratio
Thermo Fisher Scientific Inc., current ratio calculation (quarterly data)
| Mar 28, 2026 | Dec 31, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 31, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Current assets | 22,316) | 28,707) | 22,295) | 24,584) | 23,378) | 22,137) | 23,783) | 25,476) | 23,640) | 24,589) | 23,092) | 19,995) | 20,209) | 25,229) | 19,299) | 18,100) | 18,776) | ||||||
| Current liabilities | 14,621) | 15,189) | 14,888) | 12,718) | 13,174) | 13,332) | 14,601) | 14,772) | 13,937) | 14,012) | 14,158) | 14,112) | 15,884) | 17,010) | 11,118) | 10,997) | 12,070) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Current ratio1 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||
| AbbVie Inc. | 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. | 1.26 | 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. | 1.42 | 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. | 1.87 | 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. | 1.50 | 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. | 1.97 | 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 | 1.03 | 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. | 1.30 | 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 | ||||||
| Pfizer Inc. | 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 | ||||||
| Regeneron Pharmaceuticals Inc. | 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 | ||||||
| Vertex Pharmaceuticals Inc. | 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: 2026-03-28), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Q1 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 22,316 ÷ 14,621 = 1.53
2 Click competitor name to see calculations.
The organization maintains a consistent capacity to meet its short-term obligations, with the current ratio remaining above 1.0 throughout the entire period from April 2022 to March 2026. The liquidity profile is characterized by periodic fluctuations, though the general trend indicates a robust buffer between current assets and current liabilities.
- Current Ratio Volatility
- The current ratio exhibited a downward trend in early 2023, reaching a period low of 1.27 on April 1, 2023. Following this trough, a recovery phase occurred, with the ratio ascending to a peak of 1.93 by June 28, 2025. The most recent observation on March 28, 2026, shows a normalization to 1.53, indicating a stable but dynamic liquidity position.
- Current Asset Trends
- Current assets demonstrated an overall upward trajectory with significant variability. Assets grew from 18,776 million USD in April 2022 to a peak of 28,707 million USD in December 2025. This growth indicates an expansion of liquid resources, although the subsequent decline to 22,316 million USD by March 2026 suggests a tactical deployment of capital or a reduction in short-term holdings.
- Current Liability Management
- Current liabilities peaked early in the observed period at 17,010 million USD in December 2022. Since that peak, liabilities have been managed within a narrower range, generally fluctuating between 12,700 million USD and 15,200 million USD. The relative stability of these obligations against the growth of assets contributed to the periodic improvements in the current ratio.
- Liquidity Correlation
- The correlation between asset growth and liability control is evident in the second half of the analysis period. Between December 2023 and June 2025, the current ratio improved from 1.75 to 1.93, driven by a steady increase in current assets while liabilities remained comparatively flat. This suggests an intentional strengthening of the short-term solvency margin.
AI Ask an analyst for more
Quick Ratio
Thermo Fisher Scientific Inc., quick ratio calculation (quarterly data)
| Mar 28, 2026 | Dec 31, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 31, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Cash and cash equivalents | 3,254) | 9,852) | 1,982) | 4,576) | 4,134) | 4,009) | 4,645) | 7,073) | 5,499) | 8,077) | 6,151) | 3,133) | 3,482) | 8,524) | 2,919) | 1,888) | 2,752) | ||||||
| Short-term investments | 2) | 253) | 1,564) | 1,814) | 1,813) | 1,561) | 2,000) | 1,750) | 1,751) | 3) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Accounts receivable, less allowances | 9,204) | 8,900) | 8,911) | 8,594) | 8,455) | 8,191) | 8,255) | 7,943) | 7,931) | 8,221) | 8,370) | 8,019) | 7,922) | 8,115) | 7,671) | 7,745) | 7,889) | ||||||
| Contract assets, net | 1,684) | 1,666) | 1,620) | 1,441) | 1,366) | 1,435) | 1,541) | 1,487) | 1,422) | 1,443) | 1,465) | 1,467) | 1,375) | 1,312) | 1,248) | 1,147) | 1,064) | ||||||
| Total quick assets | 14,144) | 20,671) | 14,077) | 16,425) | 15,768) | 15,196) | 16,441) | 18,253) | 16,603) | 17,744) | 15,986) | 12,619) | 12,779) | 17,951) | 11,838) | 10,780) | 11,705) | ||||||
| Current liabilities | 14,621) | 15,189) | 14,888) | 12,718) | 13,174) | 13,332) | 14,601) | 14,772) | 13,937) | 14,012) | 14,158) | 14,112) | 15,884) | 17,010) | 11,118) | 10,997) | 12,070) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Quick ratio1 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||
| AbbVie Inc. | 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. | 0.85 | 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. | 1.04 | 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. | 1.28 | 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. | 0.72 | 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. | 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 | 0.69 | 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. | 0.66 | 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 | ||||||
| Pfizer Inc. | 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 | ||||||
| Regeneron Pharmaceuticals Inc. | 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 | ||||||
| Vertex Pharmaceuticals Inc. | 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: 2026-03-28), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Q1 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 14,144 ÷ 14,621 = 0.97
2 Click competitor name to see calculations.
The analysis of liquidity trends from April 2022 through March 2026 reveals a period of volatility characterized by cyclical fluctuations in the quick ratio, reflecting a dynamic balance between liquid assets and short-term obligations.
- Quick Ratio Trends and Volatility
- The quick ratio demonstrated significant variance over the observed period. After starting at 0.97 in April 2022, the ratio experienced a decline to a period low of 0.80 in April 2023. A subsequent recovery trend followed, with the ratio climbing to 1.27 by December 31, 2023. While the ratio remained generally strong through 2024, a notable spike to 1.36 occurred in December 2025, before returning to 0.97 by March 2026.
- Quick Asset Trajectory
- Total quick assets exhibited a general upward trend with intermittent fluctuations. From an initial value of $11.7 billion in April 2022, assets peaked at $20.67 billion in December 2025. The most significant increase was observed between September 2025 ($14.08 billion) and December 2025, indicating a substantial short-term accumulation of highly liquid assets toward the end of the calendar year.
- Current Liability Management
- Current liabilities showed a peak of $17.01 billion in December 2022. Following this peak, a general trend of stabilization and moderate reduction was observed, with liabilities fluctuating between $12.7 billion and $15.2 billion from 2023 through March 2026. The reduction in liabilities relative to the growth in quick assets during specific intervals contributed to the intermittent peaks in the quick ratio.
- Short-Term Solvency Interpretation
- The organization maintained a quick ratio above 1.0 for the majority of the period between September 2023 and June 2025, suggesting a robust ability to cover current liabilities without relying on inventory sales. However, the ratio frequently returned to levels slightly below 1.0, as seen in early 2023 and early 2026, indicating periods where liquid assets were nearly equivalent to short-term debts.
AI Ask an analyst for more
Cash Ratio
Thermo Fisher Scientific Inc., cash ratio calculation (quarterly data)
| Mar 28, 2026 | Dec 31, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 31, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Cash and cash equivalents | 3,254) | 9,852) | 1,982) | 4,576) | 4,134) | 4,009) | 4,645) | 7,073) | 5,499) | 8,077) | 6,151) | 3,133) | 3,482) | 8,524) | 2,919) | 1,888) | 2,752) | ||||||
| Short-term investments | 2) | 253) | 1,564) | 1,814) | 1,813) | 1,561) | 2,000) | 1,750) | 1,751) | 3) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Total cash assets | 3,256) | 10,105) | 3,546) | 6,390) | 5,947) | 5,570) | 6,645) | 8,823) | 7,250) | 8,080) | 6,151) | 3,133) | 3,482) | 8,524) | 2,919) | 1,888) | 2,752) | ||||||
| Current liabilities | 14,621) | 15,189) | 14,888) | 12,718) | 13,174) | 13,332) | 14,601) | 14,772) | 13,937) | 14,012) | 14,158) | 14,112) | 15,884) | 17,010) | 11,118) | 10,997) | 12,070) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Cash ratio1 | 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 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||
| AbbVie Inc. | 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. | 0.48 | 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. | 0.55 | 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. | 0.76 | 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. | 0.14 | 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. | 0.81 | 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 | 0.37 | 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. | 0.21 | 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 | ||||||
| Pfizer Inc. | 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 | ||||||
| Regeneron Pharmaceuticals Inc. | 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 | ||||||
| Vertex Pharmaceuticals Inc. | 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: 2026-03-28), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Q1 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 3,256 ÷ 14,621 = 0.22
2 Click competitor name to see calculations.
The liquidity position exhibits a cyclical pattern characterized by significant fluctuations in cash reserves, resulting in a volatile cash ratio over the analyzed period. While the ratio has fluctuated between a low of 0.17 and a peak of 0.67, there is an observable trend of year-end liquidity accumulation followed by first-quarter reductions.
- Cash Asset Dynamics
- Total cash assets demonstrate a recurring seasonal surge. Significant peaks are observed every December, with balances reaching 8,524 million US dollars in 2022, 8,080 million US dollars in 2023, and a period high of 10,105 million US dollars in December 2025. These peaks are consistently followed by sharp declines in the subsequent quarters, as evidenced by the drop to 3,256 million US dollars by March 2026.
- Current Liability Trends
- Current liabilities have remained relatively stable, generally oscillating between 12,000 million and 15,000 million US dollars. Following a peak of 17,010 million US dollars in December 2022, the liability levels have normalized, suggesting that the volatility seen in the cash ratio is driven primarily by the management of cash assets rather than significant shifts in short-term obligations.
- Cash Ratio Analysis
- The cash ratio reflects the underlying volatility of the asset base. A consistent pattern emerges where the ratio bottoms out during the middle of the year—such as 0.17 in July 2022 and 0.22 in April 2023—and climbs toward the end of the calendar year. The ratio reached its highest efficiency in December 2025 at 0.67, indicating a stronger immediate capacity to cover current liabilities. However, the return to 0.22 in March 2026 aligns with previous cyclical downturns, maintaining a historical baseline of liquidity.
AI Ask an analyst for more