Boeing Co. (NYSE:BA)

The liquidity position, as indicated by the observed ratios, exhibits fluctuations over the analyzed period. Generally, the ratios demonstrate a degree of stability, though with some notable shifts, particularly in the most recent quarters. A consistent pattern of relatively low values is apparent across all three ratios, suggesting a constrained ability to meet short-term obligations with current assets.

Current Ratio

The current ratio experienced a gradual decline from 1.30 in March 2022 to a low of 1.14 in December 2022. A slight recovery occurred in the first half of 2023, peaking at 1.18 in June 2023, before declining again to 1.12 in September 2023. A more substantial increase is observed in December 2024, reaching 1.32, followed by a decrease to 1.19 in December 2025. This suggests some volatility in the company’s ability to cover current liabilities with current assets, with a recent positive shift.

Quick Ratio

The quick ratio remained relatively stable between 0.28 and 0.32 from March 2022 through December 2023. A significant increase to 0.39 is noted in December 2024, continuing to 0.38 in December 2025. This improvement indicates a strengthening ability to meet short-term obligations with the most liquid assets, excluding inventory. However, the overall levels remain low, indicating limited immediate liquidity.

Cash Ratio

The cash ratio demonstrated a modest fluctuation between 0.14 and 0.19 from March 2022 to December 2023. A notable decrease to 0.08 occurred in March 2024, followed by a recovery to 0.27 in December 2024 and remaining at 0.27 in December 2025. This suggests a shift in the composition of current assets, with a greater reliance on cash in the latter part of the period, though still representing a small proportion of current liabilities.

Overall, the trends suggest a period of moderate liquidity challenges followed by a potential improvement in the most recent quarters. The increases in the quick and cash ratios in late 2024 and 2025 are positive indicators, but the consistently low values across all ratios warrant continued monitoring.

The current ratio exhibited a generally declining trend from March 31, 2022, through September 30, 2023, before demonstrating some volatility and a slight upward movement towards the end of the observed period. Initial values indicated a reasonably comfortable liquidity position, but subsequent quarters reveal a weakening ability to cover short-term obligations with short-term assets.

Overall Trend

The current ratio began at 1.30 in March 2022 and decreased to a low of 1.14 by December 2022 and remained at that level through September 2023. A modest increase to 1.18 was observed in June 2024, followed by a more substantial rise to 1.32 in December 2024. This was followed by a decrease to 1.19 by December 2025.

Initial Decline (March 2022 - September 2023)

A consistent downward trend was apparent over this period. The ratio decreased from 1.30 to 1.14, indicating a reduction in the company’s ability to meet its short-term liabilities with its short-term assets. This decline suggests a potential increase in current liabilities relative to current assets, or a decrease in the liquidity of current assets.

Subsequent Volatility (December 2023 - December 2025)

Following the sustained decline, the current ratio experienced a significant increase to 1.32 in December 2023. This improvement was followed by fluctuations, with the ratio decreasing to 1.19 by December 2025. This period suggests potential shifts in working capital management or changes in the timing of current asset and liability recognition.

Recent Performance (March 2024 - December 2025)

The ratio moved from 1.14 in March 2024 to 1.18 in June 2024, then peaked at 1.32 in December 2024 before declining to 1.19 in December 2025. This recent performance indicates a degree of instability in the short-term liquidity position, despite the peak in December 2024.

In summary, the current ratio demonstrates a period of weakening liquidity followed by a temporary improvement and subsequent stabilization at a level slightly below the initial value. Continued monitoring of this ratio is recommended to assess the company’s ongoing ability to meet its short-term obligations.

The quick ratio exhibits a generally stable, though relatively low, profile over the observed period. Fluctuations occur, but a consistent pattern of values below 0.35 is prevalent for much of the timeframe. A notable increase is observed towards the end of the period, suggesting a potential improvement in short-term liquidity.

Overall Trend

From March 31, 2022, through December 31, 2023, the quick ratio remained relatively flat, oscillating between 0.28 and 0.32. This indicates a consistent, but limited, ability to meet short-term obligations with highly liquid assets. A discernible upward trend emerges from March 31, 2024, culminating in a ratio of 0.38 by December 31, 2025. This suggests a strengthening of the company’s immediate liquidity position in the latter part of the analyzed period.

Short-Term Fluctuations

A slight dip in the quick ratio is visible from the first quarter of 2022 (0.29) to the fourth quarter of 2022 (0.32). The first half of 2023 shows a consistent ratio of 0.28 and 0.29. The ratio then declines to 0.22 in the first quarter of 2024, representing the lowest point in the observed period. This is followed by a recovery, with the ratio reaching 0.39 in the fourth quarter of 2024, the highest value recorded.

Component Analysis

Total quick assets generally increased from US$23,837 million in March 2022 to US$41,479 million in December 2025. However, current liabilities experienced a more substantial increase, rising from US$81,692 million to US$108,115 million over the same period. The observed improvement in the quick ratio from 2024 onwards appears to be driven by a faster growth rate in quick assets compared to current liabilities, rather than a decrease in the absolute level of current liabilities.

The observed fluctuations warrant further investigation to understand the underlying drivers of changes in both quick assets and current liabilities. While the recent trend is positive, the quick ratio remains below one, indicating that the entity does not have enough liquid assets to cover its immediate liabilities without relying on inventory sales or other financing options.

The cash ratio exhibited fluctuations over the observed period, spanning from March 31, 2022, to December 31, 2025. Initially, the ratio demonstrated a modest increase, followed by periods of relative stability and subsequent volatility. A notable surge is evident in the later quarters of the analyzed timeframe.

Initial Period (Mar 31, 2022 – Dec 31, 2022)

The cash ratio began at 0.15 and experienced a slight decline to 0.14 before recovering to 0.16 and peaking at 0.19 by the end of 2022. This suggests a strengthening of the company’s immediate liquidity position during this timeframe, potentially due to increased cash holdings or a decrease in current liabilities, though the changes were relatively small.

First Half of 2023

The first half of 2023 saw the cash ratio stabilize around 0.16 and 0.15, indicating a consistent, but not improving, ability to cover current liabilities with available cash. The ratio remained relatively flat, suggesting a balance between cash assets and current obligations.

Second Half of 2023 & First Half of 2024

A decrease to 0.14 in September 2023 was followed by a slight recovery to 0.17 by December 2023. The ratio then decreased again to 0.08 in March 2024, representing the lowest point in the observed period. This decline suggests a weakening in the company’s immediate liquidity, potentially due to an increase in current liabilities or a reduction in cash assets. A subsequent increase to 0.13 in June 2024 indicates a partial recovery.

Second Half of 2024 & 2025

A significant increase is observed in September 2024, with the cash ratio reaching 0.27. This trend continued into 2025, with the ratio fluctuating between 0.23 and 0.27. This substantial improvement suggests a considerable strengthening of the company’s ability to meet its short-term obligations with cash, potentially driven by a significant increase in cash assets or a reduction in current liabilities.

Overall, the cash ratio demonstrates a pattern of initial stability, a period of decline in early 2024, and a substantial recovery and stabilization in the latter part of the analyzed period. The significant increase in the ratio towards the end of the timeframe warrants further investigation to understand the underlying drivers of this improvement.