Boeing Co. (NYSE:BA)

The liquidity profile exhibits a general trend of stability with a period of heightened volatility between March 2024 and December 2024. While the overall ability to meet short-term obligations remains intact, there is a significant disparity between the current ratio and the more stringent liquidity measures, suggesting a heavy reliance on inventory for short-term solvency.

Current Ratio

A gradual downward trend is observed from March 2022, where the ratio stood at 1.30, reaching a low of 1.14 by March 2024. A sharp recovery occurred in December 2024, peaking at 1.32, before the ratio stabilized within the 1.18 to 1.23 range through early 2026. The ratio consistently remains above 1.0, indicating that current assets exceed current liabilities throughout the entire period.

Quick Ratio

The quick ratio remains significantly lower than the current ratio, fluctuating primarily between 0.22 and 0.39. A notable dip to 0.22 was recorded in March 2024, coinciding with the period of lowest overall liquidity. This was followed by a peak of 0.39 in December 2024. The persistent gap between the current and quick ratios underscores a substantial portion of current assets tied up in non-liquid inventories.

Cash Ratio

The most volatility is observed in the cash ratio, which reached a critical low of 0.08 in March 2024. A subsequent recovery led to a peak of 0.27 in December 2024 and again in December 2025. Throughout the analyzed timeframe, the ratio largely fluctuates between 0.11 and 0.27, reflecting a limited capacity to settle immediate liabilities using only cash and cash equivalents.

The synchronization of the lows in March 2024 and the peaks in December 2024 across all three metrics indicates a specific liquidity event or strategic cash management cycle during that calendar year. The subsequent stabilization suggests a return to a baseline liquidity position characterized by low immediate cash availability but sufficient overall current assets.

The liquidity position of the entity exhibits a period of gradual decline followed by a recovery and subsequent stabilization between March 2022 and March 2026. While the current ratio remained above 1.0 throughout the entire period, ensuring that short-term obligations were covered by current assets, there were distinct shifts in the composition of the balance sheet that impacted overall liquidity.

Current Assets Trend

Current assets remained relatively stagnant, fluctuating between 106 billion and 109 billion US dollars from March 2022 through March 2024. A significant increase occurred during the latter half of 2024, with assets rising to a peak of 128.4 billion US dollars in December 2025. This expansion indicates a substantial increase in short-term resources toward the end of the observed timeframe.

Current Liabilities Trend

Current liabilities showed a consistent upward trajectory, increasing from 81.6 billion US dollars in March 2022 to a peak of 108.1 billion US dollars in December 2025. The most pronounced growth in liabilities occurred between 2022 and 2023, which contributed to the initial compression of the liquidity ratio.

Current Ratio Analysis

The current ratio experienced a steady downward trend from 1.30 in March 2022 to a period low of 1.12 in September 2024. A sharp recovery was observed in December 2024, where the ratio reached 1.32, reflecting a temporary peak in liquidity. For the duration of 2025 and into March 2026, the ratio stabilized, fluctuating within a narrow range between 1.18 and 1.23, suggesting a normalized management of short-term assets relative to obligations.

The liquidity position is characterized by a persistent deficiency in immediate coverage, as the quick ratio remains consistently and significantly below the 1.0 threshold throughout the analyzed period. This indicates a systemic reliance on non-quick current assets or external financing to meet short-term obligations.

Total Quick Assets Trend

Quick assets exhibited moderate volatility with an overall upward trajectory over the long term. Beginning at US$ 23,837 million in March 2022, assets reached a period low of US$ 20,218 million in March 2024 before experiencing a substantial increase to a peak of US$ 41,479 million by December 2025. This growth suggests periodic injections of liquidity or shifts in asset composition toward more liquid instruments.

Current Liabilities Growth

There is a clear and steady increase in current liabilities, which rose from US$ 81,692 million in March 2022 to US$ 105,547 million by March 2026. The liabilities surpassed the US$ 100 billion mark in the first quarter of 2025, reflecting an expanding short-term debt burden that continues to outpace the growth of highly liquid assets.

Quick Ratio Dynamics

The quick ratio remained relatively stable between 0.28 and 0.32 for the majority of 2022 and 2023. A notable contraction occurred in March 2024, where the ratio dropped to 0.22, marking the period's lowest liquidity level. A recovery followed, peaking at 0.39 in December 2024, driven by a surge in quick assets. However, by March 2026, the ratio retreated to 0.32, underscoring a persistent inability to maintain a high level of immediate liquidity relative to current obligations.

The analysis of the cash ratio from March 2022 through March 2026 reveals a period of initial stability followed by significant volatility and a subsequent recovery in liquidity levels.

Current Liabilities Trend

A consistent upward trajectory is observed in current liabilities, which increased from 81,692 million US$ in March 2022 to 105,547 million US$ by March 2026. This steady growth indicates a rising volume of short-term obligations over the analyzed period.

Liquidity Volatility and Minimums

The cash ratio remained relatively stable, fluctuating between 0.14 and 0.19 throughout 2022 and 2023. However, a sharp contraction occurred in March 2024, where the ratio dropped to its lowest point of 0.08. This decline coincided with a significant reduction in total cash assets to 7,529 million US$, marking a period of constrained liquidity relative to immediate obligations.

Recovery and Peak Liquidity

A substantial reversal in the liquidity trend occurred in the latter half of 2024. Total cash assets surged to a peak of 26,282 million US$ in December 2024, driving the cash ratio to 0.27. This improved liquidity position was largely maintained throughout 2025, with the ratio reaching 0.27 again in December 2025, before settling at 0.20 in March 2026.

Overall, although current liabilities have expanded consistently, the substantial increase in cash assets starting in late 2024 has resulted in a higher cash ratio compared to the baseline observed between 2022 and 2023, effectively mitigating the liquidity dip experienced in early 2024.