Analysis of Liquidity Ratios
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Corning Inc., liquidity ratios
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Current ratio | 1.67 | 1.44 | 1.59 | 2.12 | 2.12 | |
| Quick ratio | 0.78 | 0.66 | 0.86 | 1.28 | 1.21 | |
| Cash ratio | 0.41 | 0.32 | 0.45 | 0.71 | 0.69 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Liquidity ratio | Description | The company |
|---|---|---|
| Current ratio | A liquidity ratio calculated as current assets divided by current liabilities. | Corning Inc. current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
| Quick ratio | A liquidity ratio calculated as (cash plus short-term marketable investments plus receivables) divided by current liabilities. | Corning Inc. quick ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
| Cash ratio | A liquidity ratio calculated as (cash plus short-term marketable investments) divided by current liabilities. | Corning Inc. cash ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Current Ratio
Corning Inc., current ratio calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current assets | 7,212) | 7,453) | 7,659) | 8,004) | 7,463) | |
| Current liabilities | 4,319) | 5,175) | 4,806) | 3,767) | 3,521) | |
| Liquidity Ratio | ||||||
| Current ratio1 | 1.67 | 1.44 | 1.59 | 2.12 | 2.12 | |
| Benchmarks | ||||||
| Current Ratio, Competitors2 | ||||||
| Apple Inc. | 0.99 | 0.88 | 1.07 | 1.36 | 1.54 | |
| Arista Networks Inc. | 4.39 | 4.29 | 4.34 | 4.99 | — | |
| Cisco Systems Inc. | 1.38 | 1.43 | 1.49 | 1.72 | 1.51 | |
| Dell Technologies Inc. | 0.82 | 0.80 | 0.80 | 0.70 | 0.80 | |
| Super Micro Computer Inc. | 2.31 | 1.91 | 1.93 | 2.25 | 2.35 | |
| Current Ratio, Sector | ||||||
| Technology Hardware & Equipment | 1.04 | 0.95 | 1.08 | 1.24 | — | |
| Current Ratio, Industry | ||||||
| Information Technology | 1.41 | 1.37 | 1.55 | 1.71 | — | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 7,212 ÷ 4,319 = 1.67
2 Click competitor name to see calculations.
| Liquidity ratio | Description | The company |
|---|---|---|
| Current ratio | A liquidity ratio calculated as current assets divided by current liabilities. | Corning Inc. current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level. |
Quick Ratio
Corning Inc., quick ratio calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Cash and cash equivalents | 1,779) | 1,671) | 2,148) | 2,672) | 2,434) | |
| Trade accounts receivable, net of doubtful accounts | 1,572) | 1,721) | 2,004) | 2,133) | 1,836) | |
| Total quick assets | 3,351) | 3,392) | 4,152) | 4,805) | 4,270) | |
| Current liabilities | 4,319) | 5,175) | 4,806) | 3,767) | 3,521) | |
| Liquidity Ratio | ||||||
| Quick ratio1 | 0.78 | 0.66 | 0.86 | 1.28 | 1.21 | |
| Benchmarks | ||||||
| Quick Ratio, Competitors2 | ||||||
| Apple Inc. | 0.84 | 0.71 | 0.91 | 1.22 | 1.38 | |
| Arista Networks Inc. | 3.16 | 3.05 | 3.54 | 4.25 | — | |
| Cisco Systems Inc. | 1.13 | 1.16 | 1.32 | 1.58 | 1.39 | |
| Dell Technologies Inc. | 0.52 | 0.49 | 0.59 | 0.51 | 0.59 | |
| Super Micro Computer Inc. | 1.16 | 0.75 | 0.72 | 0.87 | 1.06 | |
| Quick Ratio, Sector | ||||||
| Technology Hardware & Equipment | 0.83 | 0.72 | 0.89 | 1.08 | — | |
| Quick Ratio, Industry | ||||||
| Information Technology | 1.12 | 1.09 | 1.30 | 1.47 | — | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 3,351 ÷ 4,319 = 0.78
2 Click competitor name to see calculations.
| Liquidity ratio | Description | The company |
|---|---|---|
| Quick ratio | A liquidity ratio calculated as (cash plus short-term marketable investments plus receivables) divided by current liabilities. | Corning Inc. quick ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Cash Ratio
Corning Inc., cash ratio calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Cash and cash equivalents | 1,779) | 1,671) | 2,148) | 2,672) | 2,434) | |
| Total cash assets | 1,779) | 1,671) | 2,148) | 2,672) | 2,434) | |
| Current liabilities | 4,319) | 5,175) | 4,806) | 3,767) | 3,521) | |
| Liquidity Ratio | ||||||
| Cash ratio1 | 0.41 | 0.32 | 0.45 | 0.71 | 0.69 | |
| Benchmarks | ||||||
| Cash Ratio, Competitors2 | ||||||
| Apple Inc. | 0.42 | 0.31 | 0.50 | 0.86 | 0.95 | |
| Arista Networks Inc. | 2.62 | 2.34 | 3.07 | 3.74 | — | |
| Cisco Systems Inc. | 0.84 | 0.75 | 0.93 | 1.16 | 1.05 | |
| Dell Technologies Inc. | 0.17 | 0.17 | 0.26 | 0.18 | 0.22 | |
| Super Micro Computer Inc. | 0.32 | 0.18 | 0.24 | 0.30 | 0.41 | |
| Cash Ratio, Sector | ||||||
| Technology Hardware & Equipment | 0.44 | 0.34 | 0.50 | 0.72 | — | |
| Cash Ratio, Industry | ||||||
| Information Technology | 0.70 | 0.66 | 0.89 | 1.07 | — | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 1,779 ÷ 4,319 = 0.41
2 Click competitor name to see calculations.
| Liquidity ratio | Description | The company |
|---|---|---|
| Cash ratio | A liquidity ratio calculated as (cash plus short-term marketable investments) divided by current liabilities. | Corning Inc. cash ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |