Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
United Parcel Service Inc., liquidity ratios (quarterly data)
Based on: 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).
The analysis of the liquidity ratios over the reported periods reveals several patterns and fluctuations that bear significance for short-term financial health assessment.
- Current Ratio
- The current ratio demonstrates a generally fluctuating trend with some seasonal effects. Starting at 1.22 in March 2020, it rises moderately to peak around 1.48 in September 2021, suggesting improved short-term liquidity during that time. Subsequently, the ratio shows a gradual decline through 2022 and into 2023, hitting a low near 1.10 in early 2024. By the end of the series in June 2025, there is a slight recovery to 1.32. The overall movement indicates periods of strengthened and weakened ability to cover current liabilities with current assets, with a modest downward pressure in the more recent quarters that may warrant attention.
- Quick Ratio
- The quick ratio, which excludes inventory and focuses on more liquid assets, follows a similar trajectory to the current ratio but with somewhat lower values as expected. Beginning at 1.11 in Q1 2020, it rises steadily to a high of approximately 1.36 in late 2021, supporting the trend of improved near-cash liquidity at that time. A notable decline ensues afterward, reaching a low below 1.00 around mid-2024, indicating a tighter quick liquidity position. There is a partial rebound to 1.17 by mid-2025. The dip below the benchmark of 1.00 in some quarters suggests a potential cautionary signal regarding the company’s ability to promptly meet immediate liabilities without selling inventory.
- Cash Ratio
- The cash ratio, focusing solely on the most liquid assets (cash and cash equivalents), exhibits the most volatility and generally lower values compared to the other ratios. Starting at 0.60 in March 2020, a decrease to around 0.37 occurs by year-end 2020, followed by a recovery increasing to a peak of 0.74 in March 2022. After that peak, a downward trend becomes evident, with the ratio declining to levels as low as 0.31 in mid-2024 before a modest rise to 0.44 by June 2025. The fluctuation indicates sensitive management of cash reserves, with periods of enhanced cash availability followed by tightening, which could impact the company's flexibility in addressing immediate expenses without relying on receivables or liquidating other assets.
In summary, the liquidity position experienced improvement through 2021, reaching peak levels around the third quarter of 2021, followed by a gradual decline in ratios through late 2023 and early 2024. The slight recovery in 2025 suggests some restoration of liquidity buffers but also reflects a level of volatility. These patterns highlight the importance of monitoring liquidity closely, especially the quick and cash ratios, to ensure continued solvency and operational fluidity in the near term.
Current Ratio
United Parcel Service Inc., current ratio calculation (quarterly data)
| Jun 30, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current assets | 18,850) | 17,090) | 19,310) | 17,264) | 18,823) | 16,177) | 19,413) | 19,251) | 19,439) | 21,725) | 22,217) | 24,598) | 25,571) | 25,601) | 24,934) | 22,843) | 21,988) | 20,985) | 20,216) | 19,930) | 20,226) | 19,389) | |||||||
| Current liabilities | 14,240) | 15,660) | 16,441) | 15,081) | 15,085) | 14,696) | 17,676) | 15,817) | 14,686) | 16,262) | 18,140) | 17,679) | 17,337) | 16,842) | 17,569) | 15,472) | 15,770) | 16,306) | 17,016) | 15,456) | 16,271) | 15,846) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Current ratio1 | 1.32 | 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 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||
| FedEx Corp. | 1.23 | 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. | 1.11 | 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 | |||||||
| Union Pacific Corp. | 0.65 | 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 | |||||||
| United Airlines Holdings Inc. | 0.70 | 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 | |||||||
Based on: 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 Q2 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 18,850 ÷ 14,240 = 1.32
2 Click competitor name to see calculations.
The analysis of the quarterly financial indicators reflects variations in liquidity over the observed period.
- Current Assets
- Current assets generally increased from around 19.4 billion USD at the end of Q1 2020 to a peak near 25 billion USD by Q4 2021, indicating an accumulation of assets available within one year. Subsequently, there was a decline notable from early 2022 through mid-2023, reaching a low of approximately 19.4 billion USD in Q3 2023. Following this trough, a modest recovery is evident toward early 2025, although levels remain below the previous peak.
- Current Liabilities
- Current liabilities moved within a narrower range but showed an overall increasing trend from roughly 15.8 billion USD in Q1 2020 to a high of approximately 18.1 billion USD by Q4 2022. After this peak, liabilities decreased steadily, falling to around 14.2 billion USD in Q2 2025. This declining trend in liabilities during the latter periods suggests an improvement in short-term obligations management.
- Current Ratio
- The current ratio exhibited fluctuations aligning with movements in assets and liabilities. It began near 1.22 in Q1 2020, climbed to a maximum of approximately 1.52 by Q1 2022, indicating stronger liquidity and the ability to cover short-term liabilities comfortably at that time. However, it declined thereafter, bottoming near 1.09 in Q2 2025, reflecting a tightening liquidity position though still above the critical threshold of 1.00.
In summary, the periods through 2021 saw an enhancement of working capital, with growth in current assets outpacing current liabilities, leading to improved liquidity ratios. Post-2021, the trend reversed with decreasing current assets and reductions in liabilities, culminating in a narrowing current ratio, which may warrant closer monitoring to ensure sufficient short-term financial flexibility going forward.
Quick Ratio
United Parcel Service Inc., quick ratio calculation (quarterly data)
| Jun 30, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 6,194) | 4,802) | 6,112) | 5,855) | 6,319) | 4,281) | 3,206) | 4,311) | 4,812) | 6,190) | 5,602) | 11,045) | 11,735) | 12,208) | 10,255) | 10,212) | 9,608) | 7,731) | 5,910) | 8,839) | 8,813) | 8,955) | |||||||
| Marketable securities | 92) | 263) | 206) | 205) | 213) | 232) | 2,866) | 2,967) | 3,071) | 3,208) | 1,993) | 331) | 336) | 337) | 338) | 348) | 346) | 351) | 406) | 402) | 403) | 505) | |||||||
| Accounts receivable, net | 10,430) | 9,887) | 10,871) | 9,195) | 9,048) | 9,554) | 11,216) | 9,461) | 9,587) | 10,299) | 12,583) | 10,975) | 11,396) | 11,199) | 12,541) | 10,474) | 10,137) | 10,127) | 10,750) | 8,993) | 9,230) | 8,126) | |||||||
| Total quick assets | 16,716) | 14,952) | 17,189) | 15,255) | 15,580) | 14,067) | 17,288) | 16,739) | 17,470) | 19,697) | 20,178) | 22,351) | 23,467) | 23,744) | 23,134) | 21,034) | 20,091) | 18,209) | 17,066) | 18,234) | 18,446) | 17,586) | |||||||
| Current liabilities | 14,240) | 15,660) | 16,441) | 15,081) | 15,085) | 14,696) | 17,676) | 15,817) | 14,686) | 16,262) | 18,140) | 17,679) | 17,337) | 16,842) | 17,569) | 15,472) | 15,770) | 16,306) | 17,016) | 15,456) | 16,271) | 15,846) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Quick ratio1 | 1.17 | 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 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||
| FedEx Corp. | 1.10 | 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. | 0.97 | 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 | |||||||
| Union Pacific Corp. | 0.46 | 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 | |||||||
| United Airlines Holdings Inc. | 0.62 | 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 | |||||||
Based on: 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 Q2 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 16,716 ÷ 14,240 = 1.17
2 Click competitor name to see calculations.
The analysis of the quarterly financial data over the observed periods reveals several noteworthy trends in liquidity and short-term financial health.
- Total Quick Assets
- The total quick assets exhibit fluctuations across the quarters, with an initial increase from approximately 17,586 million USD in March 2020 to a peak of around 23,134 million USD in December 2021. Following this peak, a downward trend is observed, with values declining to about 16,739 million USD in September 2023. Subsequently, there is some recovery in the later quarters, reaching approximately 16,716 million USD by June 2025. Overall, quick assets show volatility, generally rising until late 2021, then decreasing with some moderate recovery toward the end of the period.
- Current Liabilities
- Current liabilities also display variability, initially rising from 15,846 million USD in March 2020 to a high of about 18,140 million USD in December 2022. After this peak, a gradual reduction is noted, reaching near 14,240 million USD by June 2025. This trend suggests management's efforts toward liability control or changes in operational financing over the timeline, with liabilities peaking around late 2022 and declining thereafter.
- Quick Ratio
- The quick ratio fluctuates around the benchmark of 1.0, indicative of generally balanced short-term liquidity. Starting at 1.11 in March 2020, the ratio improves, reaching a high of approximately 1.41 in March 2022, reflecting strong liquidity relative to current liabilities. However, after this peak, the ratio declines and occasionally dips below 1.0, reaching lows near 0.95 in June 2025, suggesting periods when quick assets were slightly insufficient to cover current liabilities. The most recent quarters indicate a mixed liquidity position, with the quick ratio recovering to 1.17 by June 2025.
In summary, the data indicate a phase of increasing liquidity and quick asset buildup until early 2022, followed by fluctuations and partial declines in both quick assets and liquidity ratios in the subsequent years. Current liabilities peaked somewhat later and have tended to decrease more steadily since late 2022, which contributes to an improved quick ratio toward the end of the observed period. Monitoring these liquidity metrics remains crucial, given periodic dips below recommended thresholds.
Cash Ratio
United Parcel Service Inc., cash ratio calculation (quarterly data)
| Jun 30, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | 6,194) | 4,802) | 6,112) | 5,855) | 6,319) | 4,281) | 3,206) | 4,311) | 4,812) | 6,190) | 5,602) | 11,045) | 11,735) | 12,208) | 10,255) | 10,212) | 9,608) | 7,731) | 5,910) | 8,839) | 8,813) | 8,955) | |||||||
| Marketable securities | 92) | 263) | 206) | 205) | 213) | 232) | 2,866) | 2,967) | 3,071) | 3,208) | 1,993) | 331) | 336) | 337) | 338) | 348) | 346) | 351) | 406) | 402) | 403) | 505) | |||||||
| Total cash assets | 6,286) | 5,065) | 6,318) | 6,060) | 6,532) | 4,513) | 6,072) | 7,278) | 7,883) | 9,398) | 7,595) | 11,376) | 12,071) | 12,545) | 10,593) | 10,560) | 9,954) | 8,082) | 6,316) | 9,241) | 9,216) | 9,460) | |||||||
| Current liabilities | 14,240) | 15,660) | 16,441) | 15,081) | 15,085) | 14,696) | 17,676) | 15,817) | 14,686) | 16,262) | 18,140) | 17,679) | 17,337) | 16,842) | 17,569) | 15,472) | 15,770) | 16,306) | 17,016) | 15,456) | 16,271) | 15,846) | |||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Cash ratio1 | 0.44 | 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 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||
| FedEx Corp. | 0.35 | 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. | 0.67 | 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 | |||||||
| Union Pacific Corp. | 0.16 | 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 | |||||||
| United Airlines Holdings Inc. | 0.54 | 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 | |||||||
Based on: 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 Q2 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 6,286 ÷ 14,240 = 0.44
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several trends in liquidity and short-term financial position over the observed periods.
- Total Cash Assets
- Total cash assets show fluctuations throughout the periods with an initial moderate level around US$9,400 million in early 2020, followed by a decrease toward the end of that year. The figures rise again in early to mid-2021, peaking near US$10,600 million in the third quarter of 2021. Subsequently, there is a decline observed during late 2021 and into 2022, with a notable trough around US$7,595 million at the end of 2022. Through 2023 and into early 2024, cash assets exhibit further declines reaching approximately US$4,513 million mid-2024, with a slight recovery towards mid and late 2024 and early 2025, though still generally trending lower compared with earlier periods.
- Current Liabilities
- Current liabilities display some volatility but remain within a relatively stable band between roughly US$14,200 million and US$18,000 million. There is an upward inflection in liabilities near the end of 2020 and through 2022, reaching highs above US$18,000 million. However, from early 2023 onward, current liabilities tend to oscillate with some decrease, settling mostly around the mid to high US$14,000 million range by the last quarters of the data span.
- Cash Ratio
- The cash ratio, which measures the ability to cover current liabilities with cash assets, aligns temporally with the trends seen in cash assets and current liabilities. Initially, the ratio hovers around 0.6, suggesting moderate liquidity. A sharp drop to approximately 0.37 at the end of 2020 corresponds with the cash asset decrease and an increase in liabilities during the same period. A rebound to about 0.7-0.74 in early 2022 indicates improved liquidity conditions, driven by higher cash relative to liabilities. Yet, there is a general downward trajectory of the cash ratio starting in 2022 through 2025, falling to lows around 0.31 in mid-2024 and staying below 0.5 in most recent quarters, reflecting diminished cash coverage of current liabilities despite some intermittent increases.
In summary, the company experiences significant variability in cash holdings, with peaks during mid-2021 and early 2022 followed by consistent reductions continuing into 2025. Current liabilities maintain a somewhat steady but elevated level throughout, impacting liquidity metrics. The declining cash ratio in recent periods indicates a weakening short-term liquidity position, underscoring a potential area of focus for financial strategy moving forward.