Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Align Technology Inc., liquidity ratios (quarterly data)
Based on: 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), 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).
| Liquidity ratio | Description | The company |
|---|---|---|
| Current ratio | A liquidity ratio calculated as current assets divided by current liabilities. | Align Technology Inc. current ratio improved from Q1 2023 to Q2 2023 and from Q2 2023 to Q3 2023. |
| Quick ratio | A liquidity ratio calculated as (cash plus short-term marketable investments plus receivables) divided by current liabilities. | Align Technology Inc. quick ratio improved from Q1 2023 to Q2 2023 and from Q2 2023 to Q3 2023. |
| Cash ratio | A liquidity ratio calculated as (cash plus short-term marketable investments) divided by current liabilities. | Align Technology Inc. cash ratio improved from Q1 2023 to Q2 2023 and from Q2 2023 to Q3 2023. |
Current Ratio
Align Technology Inc., current ratio calculation (quarterly data)
| 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 | 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 thousands) | ||||||||||||||||||||||||||||||
| Current assets | 2,701,804) | 2,465,456) | 2,331,882) | 2,424,391) | 2,500,580) | 2,376,804) | 2,480,768) | 2,494,075) | 2,455,307) | 2,231,825) | 2,115,555) | 1,849,538) | 1,473,247) | 1,149,244) | 1,576,525) | 1,633,419) | 1,505,579) | 1,457,374) | 1,439,113) | 1,302,479) | 1,224,182) | 1,260,999) | 1,168,776) | |||||||
| Current liabilities | 2,122,986) | 2,107,065) | 2,004,598) | 1,925,887) | 1,809,403) | 1,804,414) | 1,863,647) | 1,924,071) | 1,790,315) | 1,696,581) | 1,393,842) | 1,325,601) | 1,121,794) | 941,592) | 910,686) | 970,970) | 870,144) | 789,046) | 804,884) | 692,073) | 618,209) | 566,646) | 517,985) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||
| Current ratio1 | 1.27 | 1.17 | 1.16 | 1.26 | 1.38 | 1.32 | 1.33 | 1.30 | 1.37 | 1.32 | 1.52 | 1.40 | 1.31 | 1.22 | 1.73 | 1.68 | 1.73 | 1.85 | 1.79 | 1.88 | 1.98 | 2.23 | 2.26 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||||||
| Abbott Laboratories | 1.74 | 1.64 | 1.68 | 1.63 | 1.86 | 2.01 | 1.85 | 1.85 | 1.83 | 1.79 | 1.75 | 1.72 | 1.70 | 1.57 | 1.43 | 1.44 | 1.54 | 1.68 | 1.58 | — | — | — | — | |||||||
| Cigna Group | 0.73 | 0.73 | 0.72 | 0.73 | 0.73 | 0.83 | 0.81 | 0.83 | 0.70 | 0.72 | 0.76 | 0.77 | 0.79 | 0.83 | 0.76 | 0.74 | 0.61 | 0.65 | 0.64 | — | — | — | — | |||||||
| CVS Health Corp. | 0.86 | 0.86 | 0.92 | 0.94 | 0.94 | 0.91 | 0.88 | 0.88 | 0.94 | 0.95 | 0.93 | 0.91 | 0.95 | 0.98 | 0.99 | 0.94 | 0.92 | 0.95 | 0.95 | — | — | — | — | |||||||
| Elevance Health Inc. | 1.41 | 1.44 | 1.43 | 1.40 | 1.35 | 1.36 | 1.36 | 1.47 | 1.48 | 1.49 | 1.57 | 1.55 | 1.59 | 1.64 | 1.53 | 1.65 | 1.70 | 1.64 | 1.61 | — | — | — | — | |||||||
| Humana Inc. | 1.37 | 1.37 | 1.39 | 1.52 | 1.35 | 1.53 | 1.53 | 1.62 | 1.72 | 1.71 | 1.67 | 1.77 | 1.81 | 1.69 | 1.66 | 1.82 | 1.83 | 1.75 | 1.65 | — | — | — | — | |||||||
| Intuitive Surgical Inc. | 5.31 | 5.22 | 5.26 | 4.40 | 5.10 | 5.36 | 5.22 | 5.08 | 5.58 | 5.99 | 6.71 | 6.86 | 7.04 | 6.38 | 4.96 | 4.53 | 4.64 | 5.04 | 5.44 | — | — | — | — | |||||||
| Medtronic PLC | 1.76 | 1.76 | 1.58 | 1.86 | 2.61 | 2.91 | 2.89 | 2.65 | 2.10 | 2.16 | 1.87 | 2.13 | 2.75 | 2.77 | 2.67 | 2.59 | 2.36 | 2.56 | 2.46 | — | — | — | — | |||||||
| UnitedHealth Group Inc. | 0.80 | 0.80 | 0.81 | 0.77 | 0.82 | 0.77 | 0.78 | 0.79 | 0.77 | 0.77 | 0.74 | 0.74 | 0.82 | 0.84 | 0.75 | 0.69 | 0.70 | 0.67 | 0.73 | — | — | — | — | |||||||
Based on: 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), 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 Q3 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 2,701,804 ÷ 2,122,986 = 1.27
2 Click competitor name to see calculations.
| Liquidity ratio | Description | The company |
|---|---|---|
| Current ratio | A liquidity ratio calculated as current assets divided by current liabilities. | Align Technology Inc. current ratio improved from Q1 2023 to Q2 2023 and from Q2 2023 to Q3 2023. |
Quick Ratio
Align Technology Inc., quick ratio calculation (quarterly data)
| 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 | 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 thousands) | ||||||||||||||||||||||||||||||
| Cash and cash equivalents | 1,239,013) | 951,956) | 832,383) | 942,050) | 1,044,523) | 877,501) | 926,119) | 1,099,370) | 1,237,822) | 1,086,357) | 1,131,698) | 960,843) | 615,532) | 404,359) | 790,696) | 550,425) | 490,362) | 423,500) | 588,001) | 636,899) | 420,860) | 547,993) | 498,003) | |||||||
| Marketable securities, short-term | 44,792) | 55,805) | 51,644) | 57,534) | 46,242) | 22,138) | 86,749) | 71,972) | —) | —) | —) | —) | —) | —) | —) | 318,202) | 292,011) | 297,422) | 144,540) | 98,460) | 184,297) | 164,629) | 164,740) | |||||||
| Accounts receivable, net of allowance for doubtful accounts | 904,178) | 908,395) | 884,430) | 859,685) | 859,629) | 931,854) | 950,892) | 897,198) | 855,037) | 808,079) | 718,957) | 657,704) | 626,046) | 473,314) | 533,004) | 550,291) | 531,816) | 520,094) | 479,281) | 439,009) | 420,276) | 374,371) | 361,459) | |||||||
| Total quick assets | 2,187,983) | 1,916,156) | 1,768,457) | 1,859,269) | 1,950,394) | 1,831,493) | 1,963,760) | 2,068,540) | 2,092,859) | 1,894,436) | 1,850,655) | 1,618,547) | 1,241,578) | 877,673) | 1,323,700) | 1,418,918) | 1,314,189) | 1,241,016) | 1,211,822) | 1,174,368) | 1,025,433) | 1,086,993) | 1,024,202) | |||||||
| Current liabilities | 2,122,986) | 2,107,065) | 2,004,598) | 1,925,887) | 1,809,403) | 1,804,414) | 1,863,647) | 1,924,071) | 1,790,315) | 1,696,581) | 1,393,842) | 1,325,601) | 1,121,794) | 941,592) | 910,686) | 970,970) | 870,144) | 789,046) | 804,884) | 692,073) | 618,209) | 566,646) | 517,985) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||
| Quick ratio1 | 1.03 | 0.91 | 0.88 | 0.97 | 1.08 | 1.02 | 1.05 | 1.08 | 1.17 | 1.12 | 1.33 | 1.22 | 1.11 | 0.93 | 1.45 | 1.46 | 1.51 | 1.57 | 1.51 | 1.70 | 1.66 | 1.92 | 1.98 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||||
| Abbott Laboratories | 1.04 | 1.00 | 1.07 | 1.06 | 1.22 | 1.33 | 1.21 | 1.28 | 1.25 | 1.19 | 1.16 | 1.14 | 1.01 | 0.93 | 0.83 | 0.88 | 0.93 | 0.98 | 0.94 | — | — | — | — | |||||||
| Cigna Group | 0.61 | 0.61 | 0.59 | 0.58 | 0.61 | 0.52 | 0.48 | 0.48 | 0.58 | 0.59 | 0.64 | 0.66 | 0.46 | 0.50 | 0.42 | 0.41 | 0.51 | 0.53 | 0.53 | — | — | — | — | |||||||
| CVS Health Corp. | 0.60 | 0.59 | 0.61 | 0.62 | 0.64 | 0.62 | 0.54 | 0.55 | 0.59 | 0.58 | 0.54 | 0.53 | 0.58 | 0.63 | 0.60 | 0.52 | 0.52 | 0.54 | 0.55 | — | — | — | — | |||||||
| Elevance Health Inc. | 1.29 | 1.32 | 1.31 | 1.27 | 1.21 | 1.22 | 1.23 | 1.33 | 1.33 | 1.35 | 1.43 | 1.42 | 1.45 | 1.49 | 1.37 | 1.52 | 1.58 | 1.51 | 1.49 | — | — | — | — | |||||||
| Humana Inc. | 1.15 | 1.16 | 1.18 | 1.20 | 1.13 | 1.21 | 1.21 | 1.20 | 1.32 | 1.28 | 1.26 | 1.37 | 1.47 | 1.35 | 1.29 | 1.47 | 1.51 | 1.36 | 1.32 | — | — | — | — | |||||||
| Intuitive Surgical Inc. | 4.44 | 4.36 | 4.30 | 3.56 | 4.19 | 4.49 | 4.40 | 4.34 | 4.66 | 5.12 | 5.76 | 5.96 | 5.93 | 5.40 | 4.00 | 3.75 | 3.80 | 4.15 | 4.53 | — | — | — | — | |||||||
| Medtronic PLC | 1.18 | 1.18 | 1.01 | 1.30 | 1.87 | 2.07 | 2.06 | 1.91 | 1.58 | 1.63 | 1.37 | 1.50 | 2.05 | 2.02 | 1.95 | 1.90 | 1.69 | 1.88 | 1.83 | — | — | — | — | |||||||
| UnitedHealth Group Inc. | 0.75 | 0.74 | 0.75 | 0.70 | 0.77 | 0.71 | 0.72 | 0.72 | 0.71 | 0.71 | 0.68 | 0.68 | 0.75 | 0.76 | 0.66 | 0.63 | 0.64 | 0.62 | 0.66 | — | — | — | — | |||||||
Based on: 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), 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 Q3 2023 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 2,187,983 ÷ 2,122,986 = 1.03
2 Click competitor name to see calculations.
| Liquidity ratio | Description | The company |
|---|---|---|
| Quick ratio | A liquidity ratio calculated as (cash plus short-term marketable investments plus receivables) divided by current liabilities. | Align Technology Inc. quick ratio improved from Q1 2023 to Q2 2023 and from Q2 2023 to Q3 2023. |
Cash Ratio
Align Technology Inc., cash ratio calculation (quarterly data)
| 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 | 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 thousands) | ||||||||||||||||||||||||||||||
| Cash and cash equivalents | 1,239,013) | 951,956) | 832,383) | 942,050) | 1,044,523) | 877,501) | 926,119) | 1,099,370) | 1,237,822) | 1,086,357) | 1,131,698) | 960,843) | 615,532) | 404,359) | 790,696) | 550,425) | 490,362) | 423,500) | 588,001) | 636,899) | 420,860) | 547,993) | 498,003) | |||||||
| Marketable securities, short-term | 44,792) | 55,805) | 51,644) | 57,534) | 46,242) | 22,138) | 86,749) | 71,972) | —) | —) | —) | —) | —) | —) | —) | 318,202) | 292,011) | 297,422) | 144,540) | 98,460) | 184,297) | 164,629) | 164,740) | |||||||
| Total cash assets | 1,283,805) | 1,007,761) | 884,027) | 999,584) | 1,090,765) | 899,639) | 1,012,868) | 1,171,342) | 1,237,822) | 1,086,357) | 1,131,698) | 960,843) | 615,532) | 404,359) | 790,696) | 868,627) | 782,373) | 720,922) | 732,541) | 735,359) | 605,157) | 712,622) | 662,743) | |||||||
| Current liabilities | 2,122,986) | 2,107,065) | 2,004,598) | 1,925,887) | 1,809,403) | 1,804,414) | 1,863,647) | 1,924,071) | 1,790,315) | 1,696,581) | 1,393,842) | 1,325,601) | 1,121,794) | 941,592) | 910,686) | 970,970) | 870,144) | 789,046) | 804,884) | 692,073) | 618,209) | 566,646) | 517,985) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||
| Cash ratio1 | 0.60 | 0.48 | 0.44 | 0.52 | 0.60 | 0.50 | 0.54 | 0.61 | 0.69 | 0.64 | 0.81 | 0.72 | 0.55 | 0.43 | 0.87 | 0.89 | 0.90 | 0.91 | 0.91 | 1.06 | 0.98 | 1.26 | 1.28 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||||
| Abbott Laboratories | 0.54 | 0.57 | 0.66 | 0.66 | 0.74 | 0.75 | 0.65 | 0.78 | 0.75 | 0.71 | 0.67 | 0.60 | 0.46 | 0.46 | 0.34 | 0.38 | 0.41 | 0.37 | 0.36 | — | — | — | — | |||||||
| Cigna Group | 0.20 | 0.22 | 0.20 | 0.17 | 0.19 | 0.11 | 0.12 | 0.14 | 0.13 | 0.15 | 0.24 | 0.32 | 0.15 | 0.20 | 0.13 | 0.14 | 0.17 | 0.17 | 0.20 | — | — | — | — | |||||||
| CVS Health Corp. | 0.20 | 0.21 | 0.24 | 0.23 | 0.28 | 0.22 | 0.16 | 0.18 | 0.20 | 0.17 | 0.15 | 0.18 | 0.19 | 0.27 | 0.21 | 0.15 | 0.14 | 0.17 | 0.16 | — | — | — | — | |||||||
| Elevance Health Inc. | 0.90 | 0.92 | 0.91 | 0.86 | 0.87 | 0.86 | 0.86 | 0.95 | 0.97 | 0.97 | 1.08 | 1.04 | 1.04 | 1.10 | 0.95 | 1.08 | 1.14 | 1.07 | 1.04 | — | — | — | — | |||||||
| Humana Inc. | 1.09 | 1.11 | 1.06 | 1.10 | 1.07 | 1.02 | 1.02 | 1.08 | 1.20 | 1.12 | 1.12 | 1.29 | 1.39 | 1.22 | 1.16 | 1.37 | 1.44 | 1.28 | 1.15 | — | — | — | — | |||||||
| Intuitive Surgical Inc. | 3.86 | 3.77 | 3.59 | 2.90 | 3.50 | 3.78 | 3.58 | 3.66 | 3.98 | 4.42 | 5.04 | 5.30 | 5.27 | 4.85 | 3.44 | 3.13 | 3.11 | 3.37 | 3.79 | — | — | — | — | |||||||
| Medtronic PLC | 0.77 | 0.79 | 0.63 | 0.85 | 1.26 | 1.37 | 1.36 | 1.27 | 1.17 | 1.18 | 0.99 | 1.06 | 1.33 | 1.27 | 1.25 | 1.16 | 1.03 | 1.20 | 1.21 | — | — | — | — | |||||||
| UnitedHealth Group Inc. | 0.42 | 0.44 | 0.43 | 0.36 | 0.46 | 0.36 | 0.37 | 0.36 | 0.35 | 0.35 | 0.33 | 0.33 | 0.37 | 0.42 | 0.35 | 0.28 | 0.30 | 0.32 | 0.32 | — | — | — | — | |||||||
Based on: 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), 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 Q3 2023 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 1,283,805 ÷ 2,122,986 = 0.60
2 Click competitor name to see calculations.
| Liquidity ratio | Description | The company |
|---|---|---|
| Cash ratio | A liquidity ratio calculated as (cash plus short-term marketable investments) divided by current liabilities. | Align Technology Inc. cash ratio improved from Q1 2023 to Q2 2023 and from Q2 2023 to Q3 2023. |