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: 2025-03-31), 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 exhibited moderate fluctuations over the observed periods. Starting at 1.22 in March 2020, it rose steadily to a peak of 1.52 by March 2022. Following this peak, a gradual decline is evident, with the ratio dropping to 1.09 by March 2025. This suggests that the company's short-term liquidity improved through early 2022 but weakened somewhat thereafter, implying a reduced cushion to cover current liabilities with current assets closer to the most recent periods.
- Quick Ratio
- The quick ratio mirrored a similar pattern to the current ratio but at slightly lower levels due to the exclusion of inventories. It increased from 1.11 in March 2020 to reach a high of 1.41 in March 2022, indicating an improvement in the company's ability to meet short-term obligations with more liquid assets during that period. Thereafter, it declined to a low of 0.95 in March 2025. This downward trend may indicate some erosion in liquid asset coverage relative to current liabilities in later periods.
- Cash Ratio
- The cash ratio showed more pronounced volatility and a generally lower level compared to the other liquidity metrics, highlighting dependence on cash and cash equivalents alone. After starting at 0.60 in March 2020, the ratio initially decreased to 0.37 by December 2020, then rose again to a peak of 0.74 in March 2022. Subsequent quarters exhibited a downward trend reaching 0.32 by March 2025. This pattern suggests fluctuating cash reserves, with a notable decline in cash coverage of current liabilities towards the end of the period, which could signal tighter liquidity conditions based purely on immediate cash availability.
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 | ||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||
Current ratio1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Current Ratio, Competitors2 | ||||||||||||||||||||||||||||
FedEx Corp. | ||||||||||||||||||||||||||||
Uber Technologies Inc. | ||||||||||||||||||||||||||||
Union Pacific Corp. | ||||||||||||||||||||||||||||
United Airlines Holdings Inc. |
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
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the company's liquidity position over the observed periods. The current assets and current liabilities figures display fluctuations that impact the current ratio, a key indicator of short-term financial health.
- Current Assets
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Current assets exhibit a general increasing trend from March 2020 through December 2021, rising from approximately 19.4 billion USD to around 24.9 billion USD. This growth indicates an accumulation of liquid and near-liquid assets during this period. However, starting in 2022, there is a visible decline with values dropping from roughly 25.6 billion USD in March 2022 to about 21.7 billion USD by March 2023.
Following this dip, current assets stabilize somewhat through the rest of 2023 with values fluctuating near the 19 to 19.4 billion USD range but then decline again in early 2024, reaching 16.2 billion USD by March 2024. Minor recoveries are observed mid-2024 before another decline occurs by March 2025, with current assets at approximately 17.1 billion USD.
- Current Liabilities
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Current liabilities show a moderate increase from March 2020 through the end of 2022, rising from about 15.8 billion USD to a peak near 18.1 billion USD in December 2022. This suggests growing short-term obligations during this period. From early 2023 onward, liabilities appear somewhat volatile, decreasing to about 14.7 billion USD in June 2023, followed by an increase to approximately 17.7 billion USD by December 2023.
In 2024, liabilities again vary, dipping to around 14.7 billion USD mid-year before trending upward to nearly 16.4 billion USD by March 2025.
- Current Ratio
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The current ratio varies across the quarters, reflecting changes in the balance of current assets relative to liabilities. Starting in 2020, the ratio fluctuated near 1.2 to 1.3, with a peak of 1.48 in September 2021, indicating a relatively healthy liquidity cushion during that quarter.
From 2022 onward, the ratio gradually declines, hitting lows near 1.09 in March 2025. The ratio remains consistently above one but trends downward, suggesting a tightening liquidity position. Periodic minor recoveries occur but are not sustained.
Overall, the company’s ability to cover short-term obligations with current assets has weakened since late 2021. The initial growth in current assets outpaced that in current liabilities, boosting liquidity ratios. However, subsequent declines in assets combined with fluctuating liabilities have led to a gradual erosion in the current ratio. This pattern signals increased pressure on short-term financial flexibility, warranting monitoring to ensure adequate liquidity is maintained.
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 | ||||||||||||||||||||||||||||
Marketable securities | ||||||||||||||||||||||||||||
Accounts receivable, net | ||||||||||||||||||||||||||||
Total quick assets | ||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||
Quick ratio1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||
FedEx Corp. | ||||||||||||||||||||||||||||
Uber Technologies Inc. | ||||||||||||||||||||||||||||
Union Pacific Corp. | ||||||||||||||||||||||||||||
United Airlines Holdings Inc. |
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
= ÷ =
2 Click competitor name to see calculations.
The quick ratio exhibited fluctuations over the observed periods, indicating varying liquidity conditions within the company. Initially, the ratio remained above 1.0, with values ranging from 1.11 to 1.18 through the first four quarters of 2020, suggesting a relatively stable liquidity position where quick assets exceeded current liabilities.
In 2021, the quick ratio improved further, reaching a peak of 1.36 in the third quarter before slightly declining but remaining elevated above 1.3 at year-end. This trend was supported by a steady increase in total quick assets throughout 2021, rising from approximately US$18.2 billion in March to over US$23.1 billion by December. Meanwhile, current liabilities showed modest increases but were generally contained below the growth rate of quick assets during this period.
Entering 2022, the quick ratio declined gradually from 1.41 in the first quarter to 1.11 by the last quarter, accompanied by a downward trend in total quick assets from US$23.7 billion to US$20.2 billion. Simultaneously, current liabilities increased slightly during this year, eroding some of the earlier liquidity gains.
In 2023, the quick ratio exhibited some volatility, initially rising to 1.21 in the first quarter but then declining steadily to 1.06 by the fourth quarter. Total quick assets decreased notably during the first three quarters before a moderate recovery in the final quarter. Current liabilities decreased in the first half of the year, which partly sustained the quick ratio, but rebounded in the later quarters, exerting downward pressure on liquidity measures.
In the latest periods covering 2024 and the first quarter of 2025, the quick ratio hovered close to 1.0, fluctuating between 0.95 and 1.05. This indicates a liquidity position where quick assets are roughly on par with current liabilities, reflecting a more constrained liquid asset base relative to obligations. Total quick assets declined significantly in the first quarter of 2024 then showed some recovery toward the end of the year, whereas current liabilities remained relatively stable with some quarter-to-quarter variation.
Overall, the data reveals a peak in liquidity ratios and quick asset levels during 2021, followed by a gradual decline through 2022 and 2023, stabilizing near parity in 2024 and early 2025. The trends suggest the company experienced stronger relative liquidity in the middle period of the dataset, but later quarters reflect reduced buffer capacity of quick assets against current obligations, signaling more prudent management or increasing short-term liabilities relative to liquid assets.
- Total Quick Assets
- Increased steadily from early 2020 through 2021, peaking over US$23 billion, then declined gradually through 2023 with some recovery in late 2023 and 2024.
- Current Liabilities
- Remained mostly stable with slight increases, peaking in late 2022 before fluctuating moderately around US$15–17 billion in 2023 and 2024.
- Quick Ratio
- Peaked at 1.36 in 2021, then trended downward to near 1.0 in 2024–2025, indicating a normalizing liquidity position closer to break-even between quick assets and current liabilities.
Cash Ratio
Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
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Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||
Marketable securities | ||||||||||||||||||||||||||||
Total cash assets | ||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||
Cash ratio1 | ||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||
Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||
FedEx Corp. | ||||||||||||||||||||||||||||
Uber Technologies Inc. | ||||||||||||||||||||||||||||
Union Pacific Corp. | ||||||||||||||||||||||||||||
United Airlines Holdings Inc. |
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
= ÷ =
2 Click competitor name to see calculations.
- Total cash assets
- Total cash assets exhibit notable fluctuations over the observed periods. Initially, cash assets remained relatively stable around the 9,000 to 10,500 million US$ range from early 2020 through late 2021, peaking slightly above 10,500 million in the last quarter of 2021. Beginning in early 2022, there is a downward trend with cash assets declining sharply from a high of approximately 12,500 million in March 2022 to a low of roughly 6,000 million by the end of 2023. The decline continues into 2024, with the lowest levels recorded near 5,000 million, indicating a significant reduction of liquidity over this timeframe. Some minor recoveries are observed mid-2024 but do not reach previous highs.
- Current liabilities
- Current liabilities show a generally increasing trend with some variability. Starting around 15,800 million US$ in early 2020, liabilities increase gradually, peaking in late 2022 at over 18,000 million. A temporary decrease occurs in early to mid-2023, followed by a renewed rise through late 2023 and 2024, reaching approximately 16,600 million by the first quarter of 2025. Despite short-term fluctuations, the overall level of current liabilities remains elevated compared to the early 2020 base, suggesting increased short-term financial obligations.
- Cash ratio
- The cash ratio follows a downward trajectory with some intermittent rebounds. Early 2020 levels start near 0.6, decline to a low of 0.37 by the end of 2020, then recover to a peak of 0.74 in March 2022. From that point, a consistent decrease is observed through 2022 and 2023, reaching a low of about 0.31 in mid-2024. The ratio remains below 0.4 in subsequent quarters, ending near 0.32 in March 2025. This trend indicates a diminishing ability to cover current liabilities solely with cash assets, highlighting potential liquidity pressures.
- Summary
- Over the analyzed period, the company displays a pattern of decreasing cash assets coupled with relatively stable or slightly increasing current liabilities, resulting in a declining cash ratio. This combination signals a reduction in liquidity and a weaker short-term financial position. Periodic increases in the cash ratio suggest temporary improvements, but these are insufficient to offset the broader downward trend. The data implies heightened attention to liquidity management may be warranted to maintain adequate coverage of current liabilities.