Liquidity ratios measure the company ability to meet its short-term obligations.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Aggregate Accruals
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Liquidity Ratios (Summary)
Based on: 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-K (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-K (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-K (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-K (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-K (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31).
The financial ratios for the company over the period from January 2019 to April 2025 indicate notable trends in liquidity and short-term financial health.
- Current Ratio
- The current ratio generally shows an upward trend throughout the analyzed period. Starting below 1.0 in early 2019, it gradually improves, reaching above 1.0 consistently from mid-2020 onward. A significant jump is observed beginning in early 2024, with the ratio peaking well above 2.0 by April 2025. This suggests a strengthening ability to cover short-term liabilities with current assets over time, indicating improved liquidity.
- Quick Ratio
- The quick ratio follows a somewhat similar trajectory to the current ratio but remains consistently lower throughout the entire period. It begins around 0.67 in early 2019, with a stepwise increase reaching near 1.0 by early 2024. A sharp increase in the final year leads to a very high ratio just above 6.0 by April 2025. The trend implies enhanced liquidity excluding inventory, with a notable liquidity buildup in recent periods.
- Cash Ratio
- The cash ratio shows more fluctuation compared to the current and quick ratios but generally trends upwards as well. Starting from around 0.29 in January 2019, it oscillates moderately through the years with some declines and recoveries. From early 2024 onward, the ratio rises significantly, reaching approximately 5.93 by April 2025. This represents a substantial increase in readily available cash and cash equivalents relative to current liabilities.
Overall, the analysis reveals a clear strengthening in liquidity metrics over the period under review. The ratios indicate a progressively more conservative and liquid position, especially marked by the steep increases observed in the last year of data. Such shifts may reflect changes in management strategy, a build-up of cash reserves, or other corporate actions aimed at improving the short-term financial stability of the company.
Current Ratio
Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | |||||||||
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Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||||||||
Current ratio1 | ||||||||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||||||||
Current Ratio, Competitors2 | ||||||||||||||||||||||||||||||||||
Accenture PLC | ||||||||||||||||||||||||||||||||||
Adobe Inc. | ||||||||||||||||||||||||||||||||||
Cadence Design Systems Inc. | ||||||||||||||||||||||||||||||||||
CrowdStrike Holdings Inc. | ||||||||||||||||||||||||||||||||||
Fair Isaac Corp. | ||||||||||||||||||||||||||||||||||
International Business Machines Corp. | ||||||||||||||||||||||||||||||||||
Intuit Inc. | ||||||||||||||||||||||||||||||||||
Microsoft Corp. | ||||||||||||||||||||||||||||||||||
Oracle Corp. | ||||||||||||||||||||||||||||||||||
Palantir Technologies Inc. | ||||||||||||||||||||||||||||||||||
Palo Alto Networks Inc. | ||||||||||||||||||||||||||||||||||
Salesforce Inc. | ||||||||||||||||||||||||||||||||||
ServiceNow Inc. | ||||||||||||||||||||||||||||||||||
Workday Inc. |
Based on: 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-K (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-K (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-K (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-K (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-K (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31).
1 Q2 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals notable trends in the company's liquidity position over the observed periods.
- Current Assets
- The current assets exhibit an overall upward trajectory with fluctuations. Starting from approximately 1,797,630 thousand US dollars in early 2019, the figure experienced moderate growth through 2019 and 2020, reaching just over 3,400,000 thousand US dollars by early 2024. Following this period, a significant surge is observed in the last three reported quarters, culminating in an exceptional peak of 16,879,029 thousand US dollars by January 2025. This abrupt increase indicates a considerable accumulation of liquid or near-liquid resources in the most recent period.
- Current Liabilities
- Current liabilities have remained relatively stable with minor fluctuations around an average of 2,000,000 to 2,700,000 thousand US dollars over the majority of the periods. From early 2019 through early 2024, current liabilities experienced mild increases and decreases but no drastic changes. Notably, there was a decrease in current liabilities during the last few quarters of the dataset, dropping to approximately 2,358,594 thousand US dollars by January 2025, contrasting with the rising current assets.
- Current Ratio
- The current ratio, which measures liquidity by comparing current assets to current liabilities, reflects an improving liquidity position over the timeline. Early 2019 readings below 1.0 suggest a tighter liquidity situation, with the company having slightly fewer current assets than current liabilities. The ratio gradually improved through 2019 and 2020, stabilized above 1.0, and remained between 1.1 and 1.3 through early 2024. In the final three quarters reported, this metric experienced a sharp and unprecedented increase, reaching a ratio of 7.02 by January 2025. This suggests a material strengthening in the company’s ability to cover short-term obligations, predominantly driven by the marked increase in current assets.
In summary, the data illustrate a steady enhancement in liquidity over the examined period, culminating in a substantial increase in current assets coupled with a slight decline in current liabilities in the latest quarters. This has significantly bolstered the current ratio, indicating a stronger short-term financial position at the beginning of 2025 compared to previous years.
Quick Ratio
Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | |||||||||
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Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||||||||
Accounts receivable, net | ||||||||||||||||||||||||||||||||||
Total quick assets | ||||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||||||||
Quick ratio1 | ||||||||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||||||||
Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||||||||
Accenture PLC | ||||||||||||||||||||||||||||||||||
Adobe Inc. | ||||||||||||||||||||||||||||||||||
Cadence Design Systems Inc. | ||||||||||||||||||||||||||||||||||
CrowdStrike Holdings Inc. | ||||||||||||||||||||||||||||||||||
Fair Isaac Corp. | ||||||||||||||||||||||||||||||||||
International Business Machines Corp. | ||||||||||||||||||||||||||||||||||
Intuit Inc. | ||||||||||||||||||||||||||||||||||
Microsoft Corp. | ||||||||||||||||||||||||||||||||||
Oracle Corp. | ||||||||||||||||||||||||||||||||||
Palantir Technologies Inc. | ||||||||||||||||||||||||||||||||||
Palo Alto Networks Inc. | ||||||||||||||||||||||||||||||||||
Salesforce Inc. | ||||||||||||||||||||||||||||||||||
ServiceNow Inc. | ||||||||||||||||||||||||||||||||||
Workday Inc. |
Based on: 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-K (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-K (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-K (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-K (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-K (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31).
1 Q2 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The quarterly financial data reveals several notable trends relating to liquidity and the company's ability to cover short-term obligations.
- Total quick assets
- The total quick assets exhibit a general increasing trend over the periods analyzed. Starting at approximately 1,354 million US dollars in early 2019, this figure gradually rises with a few fluctuations, reaching nearly 2,361 million by late 2022. There is a marked surge beginning in early 2024, with quick assets escalating sharply to over 4,984 million by the first quarter of 2025, indicating a significant increase in liquid assets available.
- Current liabilities
- Current liabilities display a relatively stable pattern with moderate growth. Initially around 2,026 million US dollars in early 2019, liabilities fluctuate slightly but remain in the vicinity of 2,300–2,700 million through 2023. A slight downward dip to about 2,359 million occurs by early 2025, suggesting some reduction in short-term obligations in the most recent period.
- Quick ratio
- The quick ratio, an indicator of short-term liquidity, initially remains below 1.0 through most of 2019 and 2020, implying that quick assets were less than current liabilities. Starting from late 2020, the ratio surpasses 0.9 and fluctuates between approximately 0.85 and just above 1.0 through 2023, reflecting a moderate improvement in liquidity over time.
- A pronounced improvement occurs in 2024 and early 2025, where the quick ratio sharply increases to 1.88 in late 2024 and reaches 6.34 by early 2025. This extraordinary rise suggests a substantial increase in liquid assets relative to current liabilities, indicating a significantly strengthened liquidity position.
Overall, the data indicates an improving liquidity profile with a gradual increase in quick assets and a relatively stable level of current liabilities over most periods. The sharp increase in quick assets and the resulting spike in the quick ratio in 2024 and early 2025 point to a considerable enhancement in the company's ability to meet short-term obligations promptly. This may reflect strategic changes in asset management or capital structure during the latest quarters analyzed.
Cash Ratio
Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | Apr 30, 2020 | Jan 31, 2020 | Oct 31, 2019 | Jul 31, 2019 | Apr 30, 2019 | Jan 31, 2019 | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||||||||||||
Short-term investments | ||||||||||||||||||||||||||||||||||
Total cash assets | ||||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||
Liquidity Ratio | ||||||||||||||||||||||||||||||||||
Cash ratio1 | ||||||||||||||||||||||||||||||||||
Benchmarks | ||||||||||||||||||||||||||||||||||
Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||||||||
Accenture PLC | ||||||||||||||||||||||||||||||||||
Adobe Inc. | ||||||||||||||||||||||||||||||||||
Cadence Design Systems Inc. | ||||||||||||||||||||||||||||||||||
CrowdStrike Holdings Inc. | ||||||||||||||||||||||||||||||||||
Fair Isaac Corp. | ||||||||||||||||||||||||||||||||||
International Business Machines Corp. | ||||||||||||||||||||||||||||||||||
Intuit Inc. | ||||||||||||||||||||||||||||||||||
Microsoft Corp. | ||||||||||||||||||||||||||||||||||
Oracle Corp. | ||||||||||||||||||||||||||||||||||
Palantir Technologies Inc. | ||||||||||||||||||||||||||||||||||
Palo Alto Networks Inc. | ||||||||||||||||||||||||||||||||||
Salesforce Inc. | ||||||||||||||||||||||||||||||||||
ServiceNow Inc. | ||||||||||||||||||||||||||||||||||
Workday Inc. |
Based on: 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-K (reporting date: 2024-10-31), 10-Q (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-K (reporting date: 2023-10-31), 10-Q (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-K (reporting date: 2022-10-31), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-K (reporting date: 2021-10-31), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-K (reporting date: 2019-10-31), 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31).
1 Q2 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The available data reveals distinct trends in the liquidity position and short-term obligations over multiple quarters, spanning from early 2019 through the beginning of 2025.
- Total Cash Assets
- The total cash assets depict a general upward trajectory with fluctuations. Initially, cash assets rose steadily from approximately 592 million US dollars in January 2019 to peak around 1.58 billion in October 2021. Following this peak, there is a period of decline and recovery, with values oscillating between approximately 1.3 billion and 1.8 billion until October 2023. Notably, beginning January 2024, the total cash assets experience a strong increase, jumping significantly to over 4 billion US dollars by January 2025. This surge suggests a substantial strengthening of cash reserves late in the period analyzed.
- Current Liabilities
- Current liabilities exhibit moderate variability over the same timeframe. The figures fluctuate roughly between 1.6 billion and 2.9 billion US dollars. While some quarters show incremental increases, no sustained upward or downward trend is evident. The liabilities appear relatively stable, with minor rises and falls corresponding to economic conditions or operational funding needs. The highest level occurs in October 2023, with approximately 3 billion dollars, after which there is a decline toward mid-2025.
- Cash Ratio
- This ratio, measuring the company's ability to cover current liabilities with its most liquid assets, demonstrates an overall improving liquidity profile. Starting at 0.29 in early 2019, the ratio increases irregularly but steadily, reaching levels around 0.65 to 0.7 between late 2020 and early 2022. Thereafter, it fluctuates moderately but generally maintains an upward trend until late 2023. Most notably, from January 2024 onwards, the cash ratio rises sharply, crossing 1.5 in early 2024 and peaking near 5.9 by January 2025. Such a ratio well above 1 indicates ample liquidity, suggesting that cash assets exceed current liabilities by a significant margin at the end of the analyzed period.
In summary, the company enhances its liquidity position over time, particularly evident from early 2024, due to a substantial increase in cash assets while current liabilities remain relatively stable or decline slightly. This development improves the cash ratio markedly, signifying an increasingly robust ability to meet short-term obligations with highly liquid assets. The period prior to 2024 shows gradual growth in cash assets and a generally stable level of current liabilities, supporting a steady but less pronounced strengthening of liquidity.