Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Cadence Design Systems Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
An analysis of the liquidity position reveals a distinct three-phase trend characterized by an initial period of gradual decline, a subsequent window of significant expansion, and a final abrupt correction toward baseline levels.
- Current Ratio
- The current ratio exhibited a steady downward trajectory from 1.81 in April 2022 to a low of 1.24 by December 2023. A sharp reversal occurred starting September 30, 2024, where the ratio climbed rapidly to a peak of 3.07 by March 31, 2025. This elevated liquidity remained stable between 2.82 and 3.05 through December 31, 2025, before experiencing a precipitous decline to 1.47 by March 31, 2026.
- Quick Ratio
- Mirroring the current ratio, the quick ratio declined from 1.56 in April 2022 to 0.94 in December 2023, indicating a period where liquid assets were less than current liabilities. A substantial increase followed in the latter half of 2024, peaking at 2.58 in March 2025. The ratio maintained a strong position above 2.30 through the end of 2025, followed by a sharp contraction to 1.13 in the first quarter of 2026.
- Cash Ratio
- The cash ratio followed a nearly identical pattern, starting at 1.18 in April 2022 and descending to 0.63 by December 2023. A significant liquidity surge was observed between September 2024 and December 2025, reaching a maximum of 2.14 in March 2025. This period of high cash availability concluded with a sharp drop to 0.65 by March 31, 2026.
The close correlation between the movements of all three ratios suggests that the volatility in liquidity was driven primarily by cash and cash equivalents rather than changes in inventory or other current assets. The period between September 30, 2024, and December 31, 2025, represents a significant anomaly of over-liquidity, which was abruptly reversed in the first quarter of 2026, returning the financial profile to levels consistent with the 2022-2023 period.
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Current Ratio
Cadence Design Systems Inc., current ratio calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Current assets | 3,180,400) | 4,669,673) | 4,287,040) | 4,222,543) | 3,998,087) | 4,016,079) | 4,099,923) | 2,196,388) | 1,929,932) | 1,976,217) | 1,824,463) | 1,643,050) | 1,698,544) | 1,706,767) | 1,670,483) | 1,657,620) | 1,734,897) | ||||||
| Current liabilities | 2,162,508) | 1,635,291) | 1,406,557) | 1,496,565) | 1,300,767) | 1,370,105) | 1,674,994) | 1,533,722) | 1,465,743) | 1,590,867) | 1,264,167) | 1,196,300) | 1,181,381) | 1,347,696) | 1,256,994) | 1,042,491) | 960,826) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Current ratio1 | 1.47 | 2.86 | 3.05 | 2.82 | 3.07 | 2.93 | 2.45 | 1.43 | 1.32 | 1.24 | 1.44 | 1.37 | 1.44 | 1.27 | 1.33 | 1.59 | 1.81 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||
| Accenture PLC | 1.41 | 1.42 | 1.46 | 1.48 | 1.47 | 1.10 | 1.16 | 1.26 | 1.33 | 1.30 | 1.37 | 1.29 | 1.26 | 1.23 | 1.27 | 1.23 | 1.22 | ||||||
| Adobe Inc. | 0.91 | 1.00 | 1.02 | 0.99 | 1.18 | 1.07 | 1.11 | 1.16 | 1.05 | 1.34 | 1.25 | 1.16 | 1.12 | 1.11 | 1.14 | 1.07 | 1.04 | ||||||
| AppLovin Corp. | 3.24 | 3.32 | 3.25 | 2.74 | 1.68 | 2.19 | 2.41 | 2.28 | 2.11 | 1.71 | 1.61 | 2.87 | 3.31 | 3.35 | 3.36 | 2.82 | 2.93 | ||||||
| CrowdStrike Holdings Inc. | 1.85 | 1.77 | 1.86 | 1.90 | 1.80 | 1.76 | 1.74 | 1.82 | 1.78 | 1.73 | 1.76 | 1.80 | 1.83 | 1.83 | 1.90 | 1.98 | 2.07 | ||||||
| Datadog Inc. | 3.40 | 3.38 | 3.66 | 3.43 | 2.74 | 2.64 | 2.13 | 2.01 | 3.43 | 3.17 | 3.35 | 3.42 | 3.19 | 3.09 | 3.23 | 3.31 | 3.33 | ||||||
| International Business Machines Corp. | 0.80 | 0.96 | 0.93 | 0.91 | 1.01 | 1.04 | 1.06 | 1.12 | 1.13 | 0.96 | 0.91 | 1.06 | 1.16 | 0.92 | 0.95 | 0.88 | 0.92 | ||||||
| Intuit Inc. | 1.39 | 1.36 | 1.45 | 1.27 | 1.24 | 1.29 | 1.50 | 1.17 | 1.25 | 1.47 | 1.51 | 1.23 | 1.37 | 1.39 | 1.63 | 1.18 | 2.10 | ||||||
| Microsoft Corp. | 1.40 | 1.35 | 1.37 | 1.35 | 1.30 | 1.27 | 1.24 | 1.22 | 1.66 | 1.77 | 1.91 | 1.93 | 1.84 | 1.78 | 1.99 | 2.25 | 2.16 | ||||||
| Oracle Corp. | 0.62 | 0.75 | 1.02 | 0.81 | 0.72 | 0.72 | 0.85 | 0.79 | 0.87 | 0.91 | 0.82 | 0.65 | 0.60 | 1.62 | 1.52 | 1.65 | 2.04 | ||||||
| Palantir Technologies Inc. | 6.91 | 7.11 | 6.43 | 6.32 | 6.49 | 5.96 | 5.67 | 5.92 | 5.91 | 5.55 | 5.53 | 5.22 | 5.41 | 5.17 | 4.28 | 4.36 | 4.38 | ||||||
| Palo Alto Networks Inc. | 0.99 | 0.94 | 0.90 | 0.84 | 0.84 | 0.89 | 0.84 | 0.83 | 0.86 | 0.78 | 0.74 | 0.64 | 0.70 | 0.77 | 0.74 | 0.66 | 0.68 | ||||||
| Salesforce Inc. | 1.07 | 1.06 | 1.11 | 1.04 | 1.11 | 1.09 | 1.04 | 1.02 | 1.02 | 1.02 | 1.05 | 1.06 | 1.03 | 1.05 | 1.06 | 0.93 | 1.33 | ||||||
| ServiceNow Inc. | 0.84 | 1.00 | 1.06 | 1.09 | 1.12 | 1.10 | 1.13 | 1.12 | 1.05 | 1.06 | 1.08 | 1.14 | 1.17 | 1.11 | 1.24 | 1.12 | 1.12 | ||||||
| Synopsys Inc. | 1.36 | 1.62 | 1.62 | 7.02 | 2.68 | 2.44 | 2.02 | 1.86 | 1.29 | 1.15 | 1.20 | 1.15 | 1.11 | 1.09 | 1.14 | 1.25 | 1.19 | ||||||
| Workday Inc. | 2.07 | 1.90 | 2.05 | 2.04 | 2.00 | 1.97 | 2.13 | 2.00 | 1.95 | 1.75 | 1.87 | 1.61 | 1.56 | 1.03 | 1.10 | 1.04 | 0.93 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Q1 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 3,180,400 ÷ 2,162,508 = 1.47
2 Click competitor name to see calculations.
The liquidity profile exhibits three distinct phases characterized by an initial tightening, a period of significant expansion, and a subsequent correction in short-term solvency metrics.
- Current Assets Trend
- Current assets remained relatively stable between 1.6 billion and 1.9 billion USD from April 2022 through June 2024. A substantial increase occurred on September 30, 2024, where assets nearly doubled to approximately 4.1 billion USD. This elevated liquidity position was sustained through December 31, 2025, peaking at 4.67 billion USD, before declining to 3.18 billion USD by March 31, 2026.
- Current Liabilities Trend
- Current liabilities demonstrated a gradual upward trajectory, rising from 960.8 million USD in April 2022 to 1.67 billion USD by September 2024. While liabilities remained relatively flat through 2025, a sharp increase was recorded in the final period, reaching 2.16 billion USD by March 31, 2026.
- Current Ratio Analysis
- The current ratio initially trended downward from 1.81 in April 2022 to a low of 1.24 in December 2023, suggesting a narrowing margin of safety for short-term obligations. This trend reversed sharply in September 2024, with the ratio surging to 2.45 and peaking at 3.07 in March 2025. This surge reflects a period of exceptionally high liquidity. However, the ratio experienced a significant contraction by March 31, 2026, falling to 1.47 due to the simultaneous decrease in current assets and the spike in current liabilities.
The evidence indicates that the organization transitioned from a lean liquidity position in 2023 to an oversized liquidity cushion throughout 2024 and 2025, eventually returning to a moderate liquidity level in early 2026.
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Quick Ratio
Cadence Design Systems Inc., quick ratio calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Cash and cash equivalents | 1,406,668) | 3,001,317) | 2,753,246) | 2,822,762) | 2,777,674) | 2,644,030) | 2,786,040) | 1,058,955) | 1,012,418) | 1,008,152) | 961,982) | 873,925) | 916,963) | 882,325) | 1,026,051) | 1,029,544) | 1,134,752) | ||||||
| Receivables, net | 1,033,814) | 944,939) | 755,265) | 670,166) | 580,887) | 680,460) | 560,973) | 564,851) | 389,865) | 489,224) | 426,505) | 440,915) | 488,237) | 486,710) | 391,181) | 391,738) | 361,789) | ||||||
| Total quick assets | 2,440,482) | 3,946,256) | 3,508,511) | 3,492,928) | 3,358,561) | 3,324,490) | 3,347,013) | 1,623,806) | 1,402,283) | 1,497,376) | 1,388,487) | 1,314,840) | 1,405,200) | 1,369,035) | 1,417,232) | 1,421,282) | 1,496,541) | ||||||
| Current liabilities | 2,162,508) | 1,635,291) | 1,406,557) | 1,496,565) | 1,300,767) | 1,370,105) | 1,674,994) | 1,533,722) | 1,465,743) | 1,590,867) | 1,264,167) | 1,196,300) | 1,181,381) | 1,347,696) | 1,256,994) | 1,042,491) | 960,826) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Quick ratio1 | 1.13 | 2.41 | 2.49 | 2.33 | 2.58 | 2.43 | 2.00 | 1.06 | 0.96 | 0.94 | 1.10 | 1.10 | 1.19 | 1.02 | 1.13 | 1.36 | 1.56 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||
| Accenture PLC | 1.29 | 1.30 | 1.32 | 1.33 | 1.33 | 0.98 | 1.03 | 1.13 | 1.18 | 1.18 | 1.24 | 1.15 | 1.12 | 1.12 | 1.14 | 1.10 | 1.10 | ||||||
| Adobe Inc. | 0.79 | 0.88 | 0.87 | 0.82 | 1.03 | 0.95 | 0.97 | 1.02 | 0.93 | 1.22 | 1.12 | 1.03 | 1.00 | 1.00 | 1.01 | 0.93 | 0.89 | ||||||
| AppLovin Corp. | 3.16 | 3.23 | 3.05 | 2.54 | 1.51 | 2.04 | 2.25 | 2.10 | 1.93 | 1.54 | 1.47 | 2.61 | 3.04 | 3.08 | 2.96 | 2.55 | 2.67 | ||||||
| CrowdStrike Holdings Inc. | 1.65 | 1.58 | 1.69 | 1.72 | 1.64 | 1.60 | 1.59 | 1.66 | 1.63 | 1.58 | 1.62 | 1.66 | 1.68 | 1.68 | 1.76 | 1.81 | 1.93 | ||||||
| Datadog Inc. | 3.28 | 3.28 | 3.55 | 3.34 | 2.66 | 2.57 | 2.07 | 1.95 | 3.32 | 3.08 | 3.26 | 3.31 | 3.09 | 3.01 | 3.14 | 3.21 | 3.23 | ||||||
| International Business Machines Corp. | 0.65 | 0.83 | 0.78 | 0.77 | 0.86 | 0.90 | 0.89 | 0.95 | 0.98 | 0.82 | 0.74 | 0.90 | 0.99 | 0.76 | 0.75 | 0.68 | 0.73 | ||||||
| Intuit Inc. | 0.78 | 0.63 | 0.85 | 0.68 | 0.54 | 0.71 | 1.00 | 0.55 | 0.66 | 1.25 | 1.29 | 1.02 | 1.10 | 1.17 | 1.29 | 0.78 | 1.71 | ||||||
| Microsoft Corp. | 1.15 | 1.16 | 1.15 | 1.10 | 1.06 | 1.06 | 1.05 | 1.02 | 1.45 | 1.54 | 1.66 | 1.66 | 1.59 | 1.57 | 1.77 | 2.05 | 1.96 | ||||||
| Oracle Corp. | 0.50 | 0.61 | 0.87 | 0.67 | 0.59 | 0.59 | 0.69 | 0.63 | 0.73 | 0.74 | 0.65 | 0.50 | 0.49 | 1.43 | 1.34 | 1.45 | 1.90 | ||||||
| Palantir Technologies Inc. | 6.82 | 6.99 | 6.31 | 6.19 | 6.36 | 5.83 | 5.55 | 5.77 | 5.80 | 5.41 | 5.39 | 5.08 | 5.25 | 4.92 | 4.08 | 4.09 | 4.15 | ||||||
| Palo Alto Networks Inc. | 0.90 | 0.88 | 0.83 | 0.78 | 0.77 | 0.82 | 0.78 | 0.78 | 0.81 | 0.72 | 0.66 | 0.58 | 0.65 | 0.73 | 0.70 | 0.62 | 0.64 | ||||||
| Salesforce Inc. | 0.90 | 0.93 | 0.90 | 0.86 | 0.95 | 0.96 | 0.86 | 0.86 | 0.86 | 0.90 | 0.89 | 0.91 | 0.88 | 0.93 | 0.89 | 0.79 | 1.19 | ||||||
| ServiceNow Inc. | 0.75 | 0.91 | 0.96 | 0.99 | 1.03 | 1.02 | 1.05 | 1.03 | 0.98 | 1.00 | 1.01 | 1.08 | 1.11 | 1.06 | 1.17 | 1.06 | 1.06 | ||||||
| Synopsys Inc. | 0.98 | 1.20 | 1.16 | 6.34 | 1.99 | 1.88 | 1.10 | 0.99 | 0.88 | 0.85 | 0.92 | 0.90 | 0.86 | 0.85 | 0.87 | 0.99 | 0.93 | ||||||
| Workday Inc. | 1.94 | 1.80 | 1.94 | 1.92 | 1.88 | 1.87 | 2.01 | 1.90 | 1.83 | 1.66 | 1.75 | 1.52 | 1.47 | 0.96 | 1.03 | 0.98 | 0.86 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Q1 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 2,440,482 ÷ 2,162,508 = 1.13
2 Click competitor name to see calculations.
The liquidity position of the entity exhibited three distinct phases between April 2022 and March 2026: a period of steady erosion, a phase of rapid expansion, and a final sharp contraction. The quick ratio, which measures the ability to meet short-term obligations using the most liquid assets, fluctuated from a high of 2.58 to a low of 0.94 over the analyzed period.
- Liquidity Erosion (April 2022 – December 2023)
- A consistent downward trend in the quick ratio is observed during this period, falling from 1.56 to 0.94. This decline was primarily driven by a steady increase in current liabilities, which grew from US$ 960.8 million to US$ 1.59 billion. During this same window, total quick assets remained relatively stagnant, fluctuating within a narrow range between US$ 1.31 billion and US$ 1.50 billion, resulting in a diminished margin of safety for short-term obligations.
- Rapid Liquidity Expansion (March 2024 – December 2024)
- A significant inflection point occurred in the second half of 2024. While the quick ratio was still below 1.0 in March 2024, it surged to 2.00 by September 2024 and peaked at 2.43 in December 2024. This shift was precipitated by a substantial increase in total quick assets, which more than doubled from US$ 1.62 billion in June 2024 to US$ 3.35 billion by December 2024, far outpacing the growth of current liabilities.
- Sustained High Liquidity (March 2025 – December 2025)
- The entity maintained a robust liquidity profile throughout 2025, with the quick ratio consistently remaining above 2.30. Quick assets reached a peak of US$ 3.95 billion in September 2025. This period represents the strongest liquidity position in the provided dataset, indicating a high capacity to cover current liabilities without relying on inventory sales.
- Recent Liquidity Compression (March 2026)
- A sharp reversal in liquidity is evident in the final quarter of the analysis. The quick ratio dropped precipitously to 1.13. This contraction was the result of a simultaneous decrease in total quick assets, which fell to US$ 2.44 billion, and a significant spike in current liabilities, which reached a period high of US$ 2.16 billion.
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Cash Ratio
Cadence Design Systems Inc., cash ratio calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | 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 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Cash and cash equivalents | 1,406,668) | 3,001,317) | 2,753,246) | 2,822,762) | 2,777,674) | 2,644,030) | 2,786,040) | 1,058,955) | 1,012,418) | 1,008,152) | 961,982) | 873,925) | 916,963) | 882,325) | 1,026,051) | 1,029,544) | 1,134,752) | ||||||
| Total cash assets | 1,406,668) | 3,001,317) | 2,753,246) | 2,822,762) | 2,777,674) | 2,644,030) | 2,786,040) | 1,058,955) | 1,012,418) | 1,008,152) | 961,982) | 873,925) | 916,963) | 882,325) | 1,026,051) | 1,029,544) | 1,134,752) | ||||||
| Current liabilities | 2,162,508) | 1,635,291) | 1,406,557) | 1,496,565) | 1,300,767) | 1,370,105) | 1,674,994) | 1,533,722) | 1,465,743) | 1,590,867) | 1,264,167) | 1,196,300) | 1,181,381) | 1,347,696) | 1,256,994) | 1,042,491) | 960,826) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Cash ratio1 | 0.65 | 1.84 | 1.96 | 1.89 | 2.14 | 1.93 | 1.66 | 0.69 | 0.69 | 0.63 | 0.76 | 0.73 | 0.78 | 0.65 | 0.82 | 0.99 | 1.18 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||
| Accenture PLC | 0.49 | 0.56 | 0.51 | 0.50 | 0.48 | 0.26 | 0.30 | 0.32 | 0.41 | 0.50 | 0.50 | 0.38 | 0.36 | 0.45 | 0.41 | 0.35 | 0.37 | ||||||
| Adobe Inc. | 0.60 | 0.65 | 0.64 | 0.63 | 0.81 | 0.75 | 0.78 | 0.85 | 0.72 | 0.95 | 0.90 | 0.82 | 0.76 | 0.75 | 0.77 | 0.72 | 0.65 | ||||||
| AppLovin Corp. | 1.85 | 1.86 | 1.55 | 1.09 | 0.39 | 0.70 | 0.73 | 0.63 | 0.57 | 0.53 | 0.41 | 1.48 | 2.01 | 1.87 | 1.74 | 1.48 | 1.80 | ||||||
| CrowdStrike Holdings Inc. | 1.41 | 1.25 | 1.42 | 1.48 | 1.38 | 1.29 | 1.35 | 1.42 | 1.41 | 1.28 | 1.36 | 1.41 | 1.44 | 1.42 | 1.54 | 1.57 | 1.71 | ||||||
| Datadog Inc. | 2.87 | 2.81 | 3.13 | 2.89 | 2.40 | 2.25 | 1.80 | 1.65 | 2.86 | 2.58 | 2.78 | 2.87 | 2.61 | 2.48 | 2.62 | 2.72 | 2.78 | ||||||
| International Business Machines Corp. | 0.29 | 0.37 | 0.42 | 0.41 | 0.50 | 0.45 | 0.48 | 0.54 | 0.60 | 0.39 | 0.36 | 0.50 | 0.57 | 0.28 | 0.32 | 0.24 | 0.32 | ||||||
| Intuit Inc. | 0.49 | 0.44 | 0.64 | 0.34 | 0.39 | 0.54 | 0.76 | 0.24 | 0.45 | 0.97 | 0.97 | 0.54 | 0.82 | 0.90 | 1.09 | 0.48 | 1.52 | ||||||
| Microsoft Corp. | 0.76 | 0.67 | 0.70 | 0.66 | 0.68 | 0.60 | 0.68 | 0.67 | 1.15 | 1.07 | 1.22 | 1.22 | 1.23 | 1.10 | 1.35 | 1.62 | 1.62 | ||||||
| Oracle Corp. | 0.28 | 0.34 | 0.60 | 0.39 | 0.34 | 0.34 | 0.40 | 0.36 | 0.48 | 0.44 | 0.38 | 0.27 | 0.32 | 1.12 | 1.12 | 1.21 | 1.70 | ||||||
| Palantir Technologies Inc. | 5.80 | 6.11 | 5.45 | 5.51 | 5.61 | 5.25 | 4.84 | 4.96 | 5.15 | 4.93 | 4.77 | 4.53 | 4.83 | 4.48 | 3.59 | 3.69 | 3.77 | ||||||
| Palo Alto Networks Inc. | 0.57 | 0.36 | 0.43 | 0.43 | 0.46 | 0.34 | 0.41 | 0.43 | 0.52 | 0.31 | 0.46 | 0.39 | 0.46 | 0.44 | 0.50 | 0.45 | 0.48 | ||||||
| Salesforce Inc. | 0.72 | 0.50 | 0.66 | 0.60 | 0.76 | 0.53 | 0.61 | 0.60 | 0.65 | 0.48 | 0.65 | 0.67 | 0.68 | 0.48 | 0.62 | 0.55 | 0.98 | ||||||
| ServiceNow Inc. | 0.52 | 0.60 | 0.69 | 0.72 | 0.80 | 0.69 | 0.78 | 0.75 | 0.73 | 0.66 | 0.73 | 0.82 | 0.85 | 0.71 | 0.89 | 0.81 | 0.83 | ||||||
| Synopsys Inc. | 0.56 | 0.80 | 0.75 | 5.93 | 1.62 | 1.53 | 0.79 | 0.66 | 0.48 | 0.53 | 0.67 | 0.62 | 0.48 | 0.56 | 0.60 | 0.70 | 0.51 | ||||||
| Workday Inc. | 1.65 | 1.45 | 1.62 | 1.63 | 1.62 | 1.55 | 1.71 | 1.59 | 1.56 | 1.32 | 1.48 | 1.30 | 1.31 | 0.72 | 0.83 | 0.77 | 0.71 | ||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Q1 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 1,406,668 ÷ 2,162,508 = 0.65
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The liquidity profile of the organization exhibited significant volatility over the analyzed period, characterized by an initial decline, a period of substantial cash accumulation, and a subsequent sharp contraction.
- Initial Liquidity Erosion (April 2022 – December 2023)
- During this phase, the cash ratio transitioned from a position of full coverage at 1.18 to a low of 0.63. This downward trend was driven by a combination of fluctuating cash assets and a steady increase in current liabilities, which rose from approximately $960 million to $1.59 billion. By the end of 2023, the organization's immediate cash reserves were insufficient to cover its short-term obligations independently.
- Rapid Liquidity Expansion (March 2024 – December 2025)
- A pivotal shift occurred in the third quarter of 2024, where total cash assets surged from approximately $1.06 billion in June to $2.79 billion in September. This resulted in a sharp increase in the cash ratio, which climbed from 0.69 to 1.66. Liquidity peaked in March 2025 with a cash ratio of 2.14, indicating a highly liquid position where cash assets more than doubled the value of current liabilities. This trend of robust liquidity was maintained through December 2025, with the ratio remaining consistently above 1.80.
- Liquidity Contraction (March 2026)
- The analyzed period concluded with a significant reduction in liquidity. As of March 31, 2026, total cash assets decreased to $1.41 billion, while current liabilities reached a period high of $2.16 billion. Consequently, the cash ratio reverted to 0.65, mirroring the low levels observed in late 2023 and indicating a return to a state where short-term liabilities exceed immediately available cash.
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