Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
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Liquidity Ratios (Summary)
United States Steel Corp., liquidity ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Current Ratio
- The current ratio shows relative stability with moderate fluctuations over the observed periods. Starting from 1.63 in March 2018, it generally hovered around the 1.4 to 1.7 range until early 2020. A notable increase to 2.3 occurred in June 2020, suggesting improved short-term liquidity during that quarter. After this peak, the ratio declined somewhat but remained elevated compared to pre-2020 levels, fluctuating between approximately 1.35 and 2.03 through mid-2023. This pattern indicates an overall strengthening of the ability to cover short-term liabilities, particularly since the COVID-19 pandemic onset.
- Quick Ratio
- The quick ratio demonstrates a more pronounced variability compared to the current ratio. Initial values around 0.96 to 0.99 in early 2018 declined steadily to a low of 0.66 in September 2019, reflecting a decrease in liquid assets relative to current liabilities during that period. A sharp increase occurred in mid-2020, peaking at 1.51 in June 2020, which aligns with the trend seen in the current ratio and points to enhanced liquidity in the immediate term. Following this peak, the quick ratio saw some declines but remained above historical lows, maintaining a range near 1.1 to 1.3 through 2022 and early 2023 before a minor decrease in mid-2023.
- Cash Ratio
- The cash ratio exhibited significant fluctuations and a wider range of values, indicating varying levels of cash and cash equivalents relative to current liabilities. It started at moderate levels around 0.43 to 0.46 in early 2018, then declined to lows near 0.17 in late 2019. A substantial increase occurred during the first half of 2020, reaching a peak of 1.07 in June 2020, indicative of strong cash reserves amid heightened uncertainty. The ratio then decreased again, showing volatility with values ranging between 0.24 and 0.81 in subsequent quarters. A general upward trend resumed from early 2022, maintaining near 0.65 to 0.89 levels, with slightly lower readings towards mid-2023.
- Overall Trends and Insights
- Across all liquidity measures, there is a clear impact of macroeconomic events around early 2020, reflected by spikes in ratios indicating better liquidity positions. This improvement is especially pronounced in the cash and quick ratios, suggesting concerted efforts or circumstances leading to increased holdings of liquid assets. Post-peak, the ratios generally declined but stayed above the pre-2020 baselines, implying a sustained improvement in liquidity management. The variability in the cash ratio underlines fluctuating cash management strategies or operational cash flow changes. The consistent levels of the current ratio imply stable short-term financial health throughout most quarters.
Current Ratio
United States Steel Corp., current ratio calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Current assets | |||||||||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Current ratio1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Current Assets
- Current assets demonstrate fluctuations over the observed periods, with values initially around 4,800 million USD in early 2018, followed by a gradual decline reaching a low near 3,800 million USD by the end of 2019. A notable recovery begins in 2020, with assets increasing substantially, peaking at over 9,000 million USD by mid-2022. This peak is succeeded by a moderate decrease, settling around 7,800 million USD by mid-2023. Overall, current assets exhibit a U-shaped trend, indicating a period of contraction followed by significant growth.
- Current Liabilities
- Current liabilities show a general downward trend from early 2018 through 2020, decreasing from approximately 2,900 million USD to below 2,200 million USD. However, starting in 2021, liabilities increase sharply, peaking at around 4,500 million USD mid-2022, before declining slightly in subsequent quarters. The rise in liabilities during this phase suggests increased short-term obligations possibly related to operational or financing activities during that period.
- Current Ratio
- The current ratio remains above 1.3 throughout the timeframe, indicating that current assets consistently exceed current liabilities. Initially stable around 1.6 in 2018, the ratio decreases modestly to approximately 1.3 by mid-2021, reflecting the rising liabilities relative to assets. A recovery occurs thereafter, with the ratio climbing above 1.9 by late 2022, then slightly declining but remaining close to 1.9 through mid-2023. These fluctuations reveal changes in liquidity position, with the company maintaining a generally solid ability to cover short-term obligations.
Quick Ratio
United States Steel Corp., quick ratio calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | |||||||||||||||||||||||||||||
| Receivables, less allowance | |||||||||||||||||||||||||||||
| Receivables from related parties | |||||||||||||||||||||||||||||
| Total quick assets | |||||||||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Quick ratio1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2023 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Quick Assets
- The total quick assets exhibited variability across the reported periods. Starting at approximately 2,938 million USD in March 2018, there was a gradual decline reaching a low point near 1,876 million USD by September 2019. Subsequently, a recovery phase began, with assets increasing notably from early 2020. The upward trend continued strongly through 2021 and into 2022, peaking around 5,637 million USD in June 2022. After reaching this peak, the figure showed a slight decrease toward mid-2023, settling near 4,944 million USD.
- Current Liabilities
- Current liabilities remained relatively stable with some fluctuations over the timeframe. Initial values hovered around 2,959 million USD in March 2018, followed by minor oscillations with a general downward movement through late 2019, reaching approximately 2,625 million USD. From 2020 onwards, liabilities increased steadily, peaking at about 4,568 million USD by mid-2022. This was followed by a moderate decline and stabilization near 4,072 million USD into mid-2023.
- Quick Ratio
- The quick ratio demonstrated significant fluctuation with periods of both decline and improvement. Beginning just under parity at 0.99 in early 2018, the ratio decreased to a low of approximately 0.66 in late 2019, indicative of reduced short-term liquidity relative to current liabilities. A marked improvement occurred starting in 2020, with the quick ratio increasing sharply to 1.51 by mid-2020, reflecting enhanced liquidity. Although slight decreases followed, the ratio remained consistently above 1.0 through 2021 and 2022, reaching levels up to 1.3. In early 2023, a minor reduction to around 1.16 was observed, but the ratio still suggests a solid liquidity position relative to nearly all prior years.
Cash Ratio
United States Steel Corp., cash ratio calculation (quarterly data)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Cash and cash equivalents | |||||||||||||||||||||||||||||
| Total cash assets | |||||||||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||||||||
| Liquidity Ratio | |||||||||||||||||||||||||||||
| Cash ratio1 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||||||
| Freeport-McMoRan Inc. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q2 2023 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Cash Assets Trend
- Over the observed periods, total cash assets exhibited significant fluctuations. Starting at 1,372 million USD in March 2018, cash assets generally decreased through 2019, reaching a low of 476 million USD in September 2019. A marked recovery began in 2020, with cash assets peaking at 2,300 million USD in June 2020 and maintaining elevated levels through 2021 and into 2022, reaching a high of 3,504 million USD in March 2023. In the latest reported quarters, cash assets show a mild decline but remain above 2,800 million USD, indicating relatively strong liquidity reserves compared to earlier years.
- Current Liabilities Pattern
- Current liabilities started at 2,959 million USD in March 2018 and remained relatively stable around the 2,900 to 3,200 million USD range through 2018 and early 2019. Thereafter, liabilities decreased notably in 2019, reaching a low of 2,625 million USD at year-end 2019 and further dropping to approximately 2,141 million USD in June 2020. However, from mid-2021 onwards, current liabilities increased again, peaking at 4,568 million USD in June 2022 before stabilizing near 4,000 million USD by mid-2023. This rise indicates increased short-term obligations in recent periods.
- Cash Ratio Evolution
- The cash ratio, a measure of liquidity, started at a moderate level of 0.46 in March 2018 and declined steadily through 2019 to a low of 0.17 in September 2019. Starting in 2020, there was a pronounced improvement, with the ratio jumping to above 1.0 by June 2020, reflecting substantially increased cash relative to current liabilities. Though the ratio dipped again in 2021 to around 0.24 in March, it rose steadily afterward, reaching 0.89 by March 2023. This suggests an overall improvement in the company's ability to cover current liabilities with available cash, despite some volatility.
- Overall Insights
- The data indicates a period of liquidity tightening through 2018 and 2019, characterized by declining cash assets and rising liabilities relative to cash. The situation improved markedly during 2020, potentially reflecting enhanced cash management or operational performance amid external conditions. After some fluctuation, liquidity ratios remained relatively strong through 2022 and into 2023. The concurrent rise in current liabilities during this period suggests increased operational scale or financing activities, but the maintained cash ratio implies adequate cash coverage for these obligations. The recent mild declines in cash assets and cash ratio warrant monitoring but currently do not indicate immediate liquidity concerns.