Boeing Co. (NYSE:BA)

Current Ratio Trend

The current ratio demonstrates a gradual decline from 1.33 in the first quarter of 2021 to a low of 1.12 in the third quarter of 2024, indicating a slight reduction in short-term liquidity over this period. However, there is a notable recovery in the last few quarters, rising back to 1.23 in mid-2025 before a minor decrease to 1.18 by the end of the third quarter of 2025. This suggests a partial improvement in the company's ability to cover current liabilities with current assets towards the end of the analyzed timeframe.

Quick Ratio Trend

The quick ratio exhibits a more pronounced downward trend from 0.37 in the first quarter of 2021, dropping steadily to a low point of 0.22 in the first quarter of 2024. This decline implies a decreasing proportion of highly liquid assets relative to current liabilities, potentially reflecting increased reliance on inventory or other less liquid current assets. In the following period, the quick ratio recovers somewhat, climbing to 0.39 by the end of 2024 before slightly decreasing again to 0.34 in the third quarter of 2025, indicating some restoration of more liquid asset buffers in recent quarters.

Cash Ratio Trend

The cash ratio also trends downwards from 0.24 at the start of 2021 to a low of 0.08 in the first quarter of 2024, signifying a marked decrease in cash and cash equivalents relative to current liabilities. This could point to tighter cash management or cash utilization during this period. Following this trough, the cash ratio improves noticeably, reaching 0.27 by the third quarter of 2024 before stabilizing around 0.22 in the most recent quarters. This indicates a recovery in cash reserves or cash equivalents relative to liabilities in the later stages of the reporting period.

Overall Liquidity Observations

Across all three liquidity metrics, the company experienced a downward trend in short-term financial strength through early 2024. This was followed by a gradual and sustained recovery in liquidity ratios through 2024 and 2025. Such a pattern may reflect cyclical operational or market conditions, strategic balance sheet management, or responses to external financial pressures. The recovery toward the end of the period suggests an improving liquidity position and enhanced capacity to meet short-term financial obligations.

The analysis of the quarterly financial data reveals several notable trends in the balance sheet components concerning current assets, current liabilities, and the current ratio over the examined periods.

Current Assets

The current assets show a fluctuating but overall stable pattern within the period. Starting at approximately $119.9 billion in the first quarter of 2021, there is a slight decline throughout the 2021 calendar year, reaching a low around $108.7 billion by the end of December 2021. From 2022 onward, current assets stabilize near the $106 billion to $109 billion range in the first three quarters. A notable increase happens in the fourth quarter of 2024, moving to nearly $128 billion, which represents the highest value in the data set. This elevated level roughly maintains through the first three quarters of 2025, although experiencing a moderate decline toward the last quarter.

Current Liabilities

Current liabilities reflect a general upward trajectory throughout the timeline. The initial value starts at about $89.9 billion in the first quarter of 2021 and decreases slightly until the end of 2021, aligning with the observed current asset trend. In 2022 and beyond, current liabilities increase steadily with few minor fluctuations, peaking at approximately $103.6 billion during the second quarter of 2025. The rising liabilities trend aligns with the rising current assets in the later periods, though liabilities often rise at a somewhat faster pace.

Current Ratio

The current ratio, an indicator of short-term liquidity, generally trends downward from early 2021 through 2023, moving from a ratio of approximately 1.33 to a low of about 1.14 in the early quarters of 2024. This decline suggests a decreasing margin of safety in covering short-term obligations with current assets. However, starting in late 2024, the ratio rebounds to around 1.32 before trending downward again modestly to 1.18 by the third quarter of 2025. Despite this recovery, the current ratio remains slightly lower compared to the beginning of the period, implying a relatively tighter liquidity position.

Overall, the company’s current assets and liabilities both increase over the entire period, with liabilities growing at a slightly faster rate than assets, resulting in a generally declining short-term liquidity ratio. The sharp increase in current assets and liabilities near the end of 2024 and throughout 2025 suggests changes in working capital management or operational scale. The moderate recovery of the current ratio during this time indicates some improvement in liquidity, though it remains cautious.

Total Quick Assets

The total quick assets exhibited a generally declining trend from March 2021 through March 2024, falling from approximately 33.2 billion US dollars to around 20.2 billion US dollars. This downward trajectory suggests a reduction in highly liquid assets available in the short term. However, beginning in late 2024, a notable upward shift is observed, with total quick assets rising sharply to above 37 billion US dollars by the end of 2024, followed by a stabilization in the range of 35 billion US dollars during 2025. This recovery phase indicates an improved liquidity position compared to the prior years.

Current Liabilities

Current liabilities displayed relative stability over the given period, fluctuating within a band from roughly 81.7 billion US dollars at the end of 2021 to peaks exceeding 103 billion US dollars in 2025. The liabilities experienced a gradual increase overall, with seasonal variations but trending upward especially from 2023 onward, culminating in the highest levels recorded in 2025. This trend may reflect increasing short-term obligations or operational financing needs.

Quick Ratio

The quick ratio consistently remained below 0.40 throughout the period analyzed, which is indicative of a liquidity position wherein quick assets cover less than 40% of current liabilities. The ratio declined from about 0.37 in early 2021 to a low near 0.22 by early 2024, highlighting a weakening liquidity condition during these years. Starting in late 2024, the quick ratio rebounded to a peak of approximately 0.39, signaling an enhancement in the ability to meet short-term obligations using liquid assets. Despite this partial recovery, the ratio remains below the commonly desired benchmark of 1, suggesting ongoing liquidity constraints.

Total Cash Assets

The total cash assets exhibited a declining trend from March 31, 2021, through June 30, 2022, dropping from approximately $21.9 billion to $11.4 billion. Thereafter, a recovery phase is observed with periodic fluctuations, reaching $17.2 billion at the end of 2022. In 2023, cash assets slightly decreased again before rising substantially toward the end of 2024, peaking at $26.3 billion by December 31, 2024, followed by stabilization around $23 billion through the third quarter of 2025.

Current Liabilities

Current liabilities showed an overall upward trend across the periods under consideration. Starting at roughly $89.9 billion in March 2021, they decreased moderately to about $81.7 billion by March 2022 but then consistently increased, reaching peaks over $103 billion by mid-2025. This increase suggests a rising short-term obligation burden on the company over time.

Cash Ratio

The cash ratio, representing cash to current liabilities, decreased from 0.24 in early 2021 to as low as 0.08 in March 2024, indicating a significant drop in liquidity relative to short-term liabilities. Subsequent quarters experienced an improvement, with the cash ratio elevating to approximately 0.27 by the end of 2024, then stabilizing in the range of 0.22 to 0.23 in 2025. Despite the late recovery, the ratio remains modest, reflecting cautious liquidity management amid rising current liabilities.

Overall Analysis

The data portrays a period of liquidity tightening through early 2024, marked by decreasing cash reserves and a declining cash ratio. The subsequent recovery in total cash assets and cash ratio toward the end of 2024 suggests tactical cash accumulation or improved cash flow positions. However, rising current liabilities throughout imply growing short-term financial obligations, which may demand continued attention to liquidity management. The stabilization of cash assets and liquidity ratios at higher levels in 2025 suggests a potentially more balanced financial posture entering this period.