Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Based on: 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
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The current ratio demonstrates variability over the observed period with values ranging approximately between 0.62 and 1.06. Initially, from March 2020 to December 2020, there is an upward trend from 0.82 to 1.01, indicating an improving liquidity position. However, starting in early 2021, the ratio declines significantly, reaching a low of 0.62 in December 2021. Following this, there is a partial recovery marked by fluctuations, with the ratio increasing again toward mid-2024, peaking at 1.05 in June 2024, before declining slightly at the end of the period. Overall, the liquidity position as measured by the current ratio shows periods of weakening and strengthening, with no consistent sustained improvement across all quarters.
- Quick Ratio
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The quick ratio exhibits a similar pattern to the current ratio but with generally lower values, indicating that a smaller portion of current assets is readily liquid without inventory. The ratio increases from 0.60 in March 2020 to 0.86 in September 2020, suggesting an initial improvement in near-cash liquidity. Subsequently, it declines through late 2021, reaching a low of 0.47 in December 2021. Post this low point, there is a moderate upward trend through mid-2024, with the ratio peaking at 0.76 in September 2024. However, the quick ratio decreases again during the last two quarters, indicating some variability and limited stability in quick asset liquidity throughout the period.
- Cash Ratio
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The cash ratio remains consistently the lowest among the three liquidity ratios, indicating limited cash and cash equivalents relative to current liabilities. It starts at 0.24 in March 2020 and rises to a peak of 0.54 by September 2020, signifying a stronger cash position early in the period. Afterward, the ratio declines steadily, dropping to as low as 0.13 in June 2022, reflecting a reduction in readily available cash. Thereafter, the ratio fluctuates with a generally low range between 0.14 and 0.27, registering a moderate increase toward mid-2024, peaking at 0.27 in September 2024, before dropping slightly again. This pattern suggests limited cash reserves with fluctuating but generally subdued levels of cash liquidity throughout the timeframe.
Current Ratio
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Current assets | 4,539) | 4,021) | 4,149) | 4,498) | 4,194) | 4,148) | 3,813) | 3,752) | 4,058) | 3,952) | 4,405) | 3,976) | 3,876) | 3,551) | 3,810) | 3,764) | 3,719) | 4,214) | 5,130) | 5,083) | 3,804) | |||||||
Current liabilities | 6,222) | 5,254) | 5,366) | 4,287) | 4,534) | 5,106) | 5,304) | 5,249) | 6,209) | 5,520) | 5,712) | 6,002) | 5,462) | 5,744) | 5,111) | 4,357) | 4,871) | 4,173) | 4,841) | 5,279) | 4,641) | |||||||
Liquidity Ratio | ||||||||||||||||||||||||||||
Current ratio1 | 0.73 | 0.77 | 0.77 | 1.05 | 0.93 | 0.81 | 0.72 | 0.71 | 0.65 | 0.72 | 0.77 | 0.66 | 0.71 | 0.62 | 0.75 | 0.86 | 0.76 | 1.01 | 1.06 | 0.96 | 0.82 | |||||||
Benchmarks | ||||||||||||||||||||||||||||
Current Ratio, Competitors2 | ||||||||||||||||||||||||||||
FedEx Corp. | 1.28 | 1.36 | 1.31 | 1.34 | 1.37 | 1.37 | 1.32 | 1.30 | 1.42 | 1.43 | 1.39 | 1.49 | 1.51 | 1.51 | 1.60 | 1.76 | 1.69 | 1.58 | 1.21 | 1.25 | 1.31 | |||||||
Uber Technologies Inc. | 1.02 | 1.07 | 1.41 | 1.21 | 1.21 | 1.19 | 1.14 | 1.23 | 1.06 | 1.04 | 1.04 | 0.98 | 1.00 | 0.98 | 1.19 | 1.01 | 1.14 | 1.44 | 1.36 | 1.64 | 1.68 | |||||||
United Airlines Holdings Inc. | 0.78 | 0.81 | 0.79 | 0.77 | 0.75 | 0.83 | 0.89 | 0.91 | 0.91 | 1.00 | 1.03 | 1.04 | 1.04 | 1.19 | 1.36 | 1.37 | 1.13 | 1.16 | 1.04 | 0.61 | 0.49 | |||||||
United Parcel Service Inc. | 1.09 | 1.17 | 1.14 | 1.25 | 1.10 | 1.10 | 1.22 | 1.32 | 1.34 | 1.22 | 1.39 | 1.47 | 1.52 | 1.42 | 1.48 | 1.39 | 1.29 | 1.19 | 1.29 | 1.24 | 1.22 |
Based on: 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 Q1 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 4,539 ÷ 6,222 = 0.73
2 Click competitor name to see calculations.
- Current Assets
- Current assets exhibited a fluctuating trend over the observed periods. Initially, there was a notable increase from 3,804 million US$ at the end of March 2020 to 5,130 million US$ by September 2020. This peak was followed by a decline to 3,551 million US$ at the close of 2021. Subsequently, the figure rebounded to 4,405 million US$ by the third quarter of 2022 before experiencing some oscillations. The latest data from March 2025 shows current assets at 4,539 million US$, indicating a general recovery relative to the lower points observed during 2021 and early 2023.
- Current Liabilities
- Current liabilities demonstrated considerable variability throughout the periods. Starting at 4,641 million US$ in March 2020, liabilities increased to a peak of 5,744 million US$ by December 2021. This was followed by a period of fluctuation, remaining within the range of approximately 5,000 to 6,200 million US$. The data for March 2025 indicates a value of 6,222 million US$, representing one of the highest levels recorded and suggesting increased short-term obligations compared to the earlier periods.
- Current Ratio
- The current ratio showed notable volatility, reflecting the relative movements of current assets and liabilities. The ratio started below 1 at 0.82 in March 2020, improved to slightly above 1.0 (1.06) in September 2020, indicating a temporary improvement in short-term liquidity. However, after this peak, the ratio declined sharply, falling to 0.62 by December 2021, signaling weaker coverage of short-term liabilities by current assets. Subsequent quarters showed modest recovery, with the ratio reaching a maximum of 1.05 in June 2024, before decreasing again to 0.73 by March 2025. Overall, the current ratio has mostly remained below the generally preferred threshold of 1.0, indicating that short-term liabilities frequently exceed current assets, which may point to liquidity concerns.
Quick Ratio
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Cash and cash equivalents | 1,411) | 1,016) | 947) | 1,137) | 925) | 1,055) | 750) | 830) | 1,079) | 973) | 1,267) | 788) | 909) | 960) | 1,194) | 1,115) | 1,183) | 1,799) | 2,601) | 2,706) | 1,130) | |||||||
Accounts receivable, net | 1,965) | 1,894) | 2,036) | 2,118) | 2,162) | 2,073) | 1,934) | 1,826) | 1,955) | 1,891) | 2,052) | 2,052) | 1,958) | 1,722) | 1,679) | 1,666) | 1,610) | 1,505) | 1,565) | 1,388) | 1,669) | |||||||
Total quick assets | 3,376) | 2,910) | 2,983) | 3,255) | 3,087) | 3,128) | 2,684) | 2,656) | 3,034) | 2,864) | 3,319) | 2,840) | 2,867) | 2,682) | 2,873) | 2,781) | 2,793) | 3,304) | 4,166) | 4,094) | 2,799) | |||||||
Current liabilities | 6,222) | 5,254) | 5,366) | 4,287) | 4,534) | 5,106) | 5,304) | 5,249) | 6,209) | 5,520) | 5,712) | 6,002) | 5,462) | 5,744) | 5,111) | 4,357) | 4,871) | 4,173) | 4,841) | 5,279) | 4,641) | |||||||
Liquidity Ratio | ||||||||||||||||||||||||||||
Quick ratio1 | 0.54 | 0.55 | 0.56 | 0.76 | 0.68 | 0.61 | 0.51 | 0.51 | 0.49 | 0.52 | 0.58 | 0.47 | 0.52 | 0.47 | 0.56 | 0.64 | 0.57 | 0.79 | 0.86 | 0.78 | 0.60 | |||||||
Benchmarks | ||||||||||||||||||||||||||||
Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||
FedEx Corp. | 1.15 | 1.24 | 1.17 | 1.22 | 1.25 | 1.25 | 1.19 | 1.16 | 1.30 | 1.31 | 1.27 | 1.37 | 1.39 | 1.40 | 1.50 | 1.63 | 1.56 | 1.45 | 1.07 | 1.11 | 1.18 | |||||||
Uber Technologies Inc. | 0.89 | 0.95 | 1.27 | 1.05 | 1.03 | 1.02 | 0.96 | 1.04 | 0.88 | 0.88 | 0.88 | 0.83 | 0.83 | 0.82 | 1.01 | 0.85 | 0.96 | 1.19 | 1.20 | 1.45 | 1.49 | |||||||
United Airlines Holdings Inc. | 0.68 | 0.71 | 0.69 | 0.68 | 0.66 | 0.73 | 0.78 | 0.83 | 0.82 | 0.91 | 0.94 | 0.95 | 0.95 | 1.10 | 1.25 | 1.27 | 1.01 | 1.02 | 0.94 | 0.51 | 0.37 | |||||||
United Parcel Service Inc. | 0.95 | 1.05 | 1.01 | 1.03 | 0.96 | 0.98 | 1.06 | 1.19 | 1.21 | 1.11 | 1.26 | 1.35 | 1.41 | 1.32 | 1.36 | 1.27 | 1.12 | 1.00 | 1.18 | 1.13 | 1.11 |
Based on: 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 Q1 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 3,376 ÷ 6,222 = 0.54
2 Click competitor name to see calculations.
- Trend in Total Quick Assets
- The total quick assets display notable fluctuations over the examined periods. Initially, there is a sharp increase from 2,799 million US dollars in March 2020 to a peak of 4,166 million in September 2020. Following this peak, a decline occurs through December 2020. From early 2021 to the end of that year, the values remain relatively stable but trend downwards toward 2,682 million by December 2021. In 2022, the quick assets show moderate volatility with increases and decreases, ending the year slightly lower at 2,864 million. The data from 2023 through early 2025 indicate mild recovery periods with values gently oscillating between approximately 2,650 million and 3,376 million, without establishing a consistent upward or downward trajectory.
- Trend in Current Liabilities
- Current liabilities generally exhibit an upward trend from March 2020 through early 2023. Starting at 4,641 million US dollars in March 2020, liabilities rise and peak irregularly, reaching as high as 6,209 million by March 2023. Post this peak, a downward movement is observed until June 2024, where liabilities decrease to approximately 4,287 million. Subsequently, liabilities again increase, fluctuating around the 5,200 to 6,200 million range toward early 2025. The pattern shows increased volatility and some cyclical behavior, but overall current liabilities remain elevated compared to the initial 2020 levels.
- Trend in Quick Ratio
- The quick ratio reflects the relationship between quick assets and current liabilities and exhibits considerable variability. The ratio starts at 0.6 in March 2020, improves notably through mid-2020, reaching a maximum of 0.86 in September 2020, suggesting improved short-term liquidity during that period. However, there is a declining trend throughout 2021, reaching a low of 0.47 by December. The ratio then fluctuates within a narrow band around 0.5 from 2022 through 2023, indicating consistent pressures on liquidity. A moderate recovery occurs mid-2024 with the ratio approaching 0.76, but this improvement is not sustained and the ratio declines again toward early 2025, reaching approximately 0.54. Overall, the quick ratio remains below 1.0 throughout, indicating that quick assets are consistently less than current liabilities, which suggests limited immediate liquidity.
- Overall Insights
- The data indicates that while quick assets have periods of improvement, they do not keep pace with rising current liabilities, leading to persistent liquidity constraints as evidenced by the quick ratio remaining below 1. The peak in quick assets during 2020 is not sustained, while liabilities generally trend upward, increasing pressure on the company’s short-term financial position. The quick ratio’s variations suggest management faces ongoing challenges balancing liquid assets against liabilities, with occasional improvements failing to establish a sustained solvency buffer. It is advisable to monitor these trends for potential liquidity risks and consider strategies to improve the quick asset base or manage liabilities more effectively.
Cash Ratio
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Cash and cash equivalents | 1,411) | 1,016) | 947) | 1,137) | 925) | 1,055) | 750) | 830) | 1,079) | 973) | 1,267) | 788) | 909) | 960) | 1,194) | 1,115) | 1,183) | 1,799) | 2,601) | 2,706) | 1,130) | |||||||
Total cash assets | 1,411) | 1,016) | 947) | 1,137) | 925) | 1,055) | 750) | 830) | 1,079) | 973) | 1,267) | 788) | 909) | 960) | 1,194) | 1,115) | 1,183) | 1,799) | 2,601) | 2,706) | 1,130) | |||||||
Current liabilities | 6,222) | 5,254) | 5,366) | 4,287) | 4,534) | 5,106) | 5,304) | 5,249) | 6,209) | 5,520) | 5,712) | 6,002) | 5,462) | 5,744) | 5,111) | 4,357) | 4,871) | 4,173) | 4,841) | 5,279) | 4,641) | |||||||
Liquidity Ratio | ||||||||||||||||||||||||||||
Cash ratio1 | 0.23 | 0.19 | 0.18 | 0.27 | 0.20 | 0.21 | 0.14 | 0.16 | 0.17 | 0.18 | 0.22 | 0.13 | 0.17 | 0.17 | 0.23 | 0.26 | 0.24 | 0.43 | 0.54 | 0.51 | 0.24 | |||||||
Benchmarks | ||||||||||||||||||||||||||||
Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||
FedEx Corp. | 0.42 | 0.49 | 0.42 | 0.47 | 0.51 | 0.50 | 0.40 | 0.33 | 0.50 | 0.48 | 0.43 | 0.49 | 0.53 | 0.52 | 0.65 | 0.69 | 0.62 | 0.47 | 0.17 | 0.19 | 0.24 | |||||||
Uber Technologies Inc. | 0.60 | 0.66 | 0.92 | 0.69 | 0.66 | 0.66 | 0.64 | 0.75 | 0.58 | 0.56 | 0.61 | 0.55 | 0.55 | 0.55 | 0.85 | 0.69 | 0.81 | 1.03 | 1.08 | 1.34 | 1.39 | |||||||
United Airlines Holdings Inc. | 0.59 | 0.62 | 0.61 | 0.59 | 0.57 | 0.65 | 0.69 | 0.75 | 0.73 | 0.82 | 0.85 | 0.86 | 0.86 | 1.01 | 1.15 | 1.17 | 0.92 | 0.92 | 0.87 | 0.46 | 0.32 | |||||||
United Parcel Service Inc. | 0.32 | 0.38 | 0.40 | 0.43 | 0.31 | 0.34 | 0.46 | 0.54 | 0.58 | 0.42 | 0.64 | 0.70 | 0.74 | 0.60 | 0.68 | 0.63 | 0.50 | 0.37 | 0.60 | 0.57 | 0.60 |
Based on: 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 Q1 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 1,411 ÷ 6,222 = 0.23
2 Click competitor name to see calculations.
- Total Cash Assets
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Total cash assets exhibit notable fluctuations over the periods observed. Initially, cash assets increased significantly from 1,130 million USD at the end of Q1 2020 to a peak of 2,706 million USD in Q2 2020. This increase was followed by a gradual decline throughout the remainder of 2020, reaching 960 million USD by Q4 2020. In 2021, cash assets fluctuated, decreasing slightly in the first half of the year and then dipping to a low of 750 million USD in Q3 2023. Following this low, cash assets display a modest recovery trend in the most recent quarters, rising to 1,411 million USD by the end of Q1 2025. Overall, cash assets have moved through periods of volatility, with a significant peak in mid-2020 and a trough in late 2023, then a moderate upward trend.
- Current Liabilities
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Current liabilities show considerable variability across the analyzed timeframe. Starting at 4,641 million USD in Q1 2020, liabilities generally increased, peaking at 6,209 million USD in Q1 2023. This peak represents a substantial increase compared to the starting point. After this peak, current liabilities declined to 4,287 million USD by Q2 2024 before rising again to 6,222 million USD by Q1 2025. The data indicate a cyclical pattern with alternating increases and decreases, and an overall upward trend when comparing the start and end values.
- Cash Ratio
-
The cash ratio, which measures liquidity by comparing total cash assets to current liabilities, demonstrates variability with a general decline during the mid-periods followed by partial recovery. The ratio started at 0.24 in Q1 2020, increased sharply to a high of 0.54 in Q3 2020, then experienced a consistent decrease through most of 2021 and into early 2023, reaching a low of 0.14 in Q3 2023. After this low point, the cash ratio shows a recovery trend, climbing to 0.23 by Q1 2025. This trend reflects the patterns seen in cash assets and liabilities, where peak cash levels enhanced liquidity in 2020, followed by reduced liquidity during phases of higher liabilities and lower cash balances, before improving again in the most recent quarters.