Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
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Liquidity Ratios (Summary)
Johnson Controls International plc, liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31).
- Current Ratio
- The current ratio demonstrates a fluctuating but generally declining trend over the analyzed period. Initially, it was slightly above 1.1 in late 2017 and early 2018, with values mostly close to or slightly above 1, indicating a reasonable short-term liquidity position. A notable peak occurs around mid-2019, reaching 1.41, suggesting a temporary improvement in the company's ability to cover current liabilities. However, from late 2019 onward, there is a gradual decline, with the ratio decreasing to below 1 by early 2024, reaching a low of 0.87. This indicates a weakening liquidity position over recent quarters, implying that current assets may no longer sufficiently cover current liabilities without strain.
- Quick Ratio
- The quick ratio shows a similar pattern to the current ratio but remains lower throughout, reflecting a more conservative measure of liquidity that excludes inventory. It starts around 0.65 in late 2017 and fluctuates moderately until mid-2019 when it spikes sharply to 1.05 before declining steadily thereafter. Post-2019, the ratio declines to around 0.55 by early 2024. This trend suggests that, excluding inventory, the company's liquid assets relative to current liabilities have weakened over time, possibly indicating increased reliance on less liquid current assets or rising short-term liabilities.
- Cash Ratio
- The cash ratio exhibits the lowest values among the liquidity ratios, showing considerable volatility. Initially very low, around 0.02 to 0.05, it rises sharply in mid-2019 to 0.4 before decreasing again. Following this peak, the ratio demonstrates a declining trend, with minor fluctuations, falling to 0.06 by early 2024. This reflects a reduction in the most liquid assets—cash and cash equivalents—relative to current liabilities over the latter part of the period. The variability suggests episodic changes in cash management or working capital strategy but an overall diminishing cash buffer for immediate obligations.
Current Ratio
Johnson Controls International plc, current ratio calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Current assets | ||||||||||||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||||||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||||||
| Current ratio1 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31).
1 Q2 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Current Assets
- Current assets exhibit fluctuations throughout the observed periods with an overall tendency to remain relatively stable around the 11,000 to 13,000 million USD range. In the earlier quarters, values generally range from approximately 11,300 to 12,800 million USD, with a notable dip occurring around March and September 2020, likely reflecting impacts from external factors during that period. Subsequently, there is a gradual recovery with values reaching above 12,700 million USD in early 2023 before a slight decline in the last quarter. The latest figure at March 31, 2024, stands near 11,877 million USD, indicating a moderate contraction compared to the peak in the previous year.
- Current Liabilities
- The current liabilities present considerable variability over the quarters. There is a significant decrease in mid-2019, dropping from over 13,400 million USD in early 2019 to below 10,000 million USD for several consecutive quarters. Following that period, liabilities generally increase, reaching a peak of approximately 13,600 million USD in March 2024. This trend suggests episodes of liability reduction followed by sustained growth in short-term obligations, potentially related to operational or financing activities.
- Current Ratio
- The current ratio demonstrates fluctuating liquidity levels across the quarters. Initially, the ratio hovers slightly above or near 1.1, indicating marginally more current assets than current liabilities. A notable improvement appears mid-2019, with the ratio rising to approximately 1.4, indicating a stronger short-term liquidity position during that period. This is followed by a gradual decline, and from early 2022 onwards, the ratio frequently dips below 1.0, signifying that current liabilities begin to exceed current assets, which may denote reduced liquidity or tighter working capital conditions. By March 2024, the current ratio declines further to 0.87, the lowest point in the dataset, highlighting a potential deterioration in the company’s ability to cover short-term obligations with its current assets.
- Summary Insight
- Overall, the data indicate a generally stable but somewhat cyclical pattern in current assets, whereas current liabilities have shown more pronounced volatility with distinct periods of reduction and increase. The current ratio’s peak in 2019 suggests a temporary strengthening in liquidity, followed by a gradual weakening trend in recent years, culminating in a ratio below 1.0 in the latest periods. This pattern warrants close monitoring as declining liquidity ratios can imply rising short-term financial risk and possible challenges in managing working capital effectively.
Quick Ratio
Johnson Controls International plc, quick ratio calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||||||||||||||||
| Accounts receivable, less allowance for expected credit losses | ||||||||||||||||||||||||||||||||||
| Total quick assets | ||||||||||||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||||||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||||||
| Quick ratio1 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31).
1 Q2 2024 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total quick assets
- The total quick assets exhibit fluctuations over the observed quarters without a clear sustained upward or downward trend. Beginning at 7,283 million USD at the end of 2017, the values initially remain relatively steady through mid-2018, followed by a noticeable decline at the end of 2018 to 5,734 million USD. There is a subsequent increase in the first half of 2019, peaking at 9,718 million USD in June 2019, then a gradual decrease through the end of 2019. The year 2020 reflects moderate volatility with values oscillating between approximately 6,498 and 7,245 million USD. From early 2021 through the beginning of 2022, quick assets stabilize around the 7,000 million USD mark with minor variations. A decline is observed starting mid-2022 through early 2023, followed by some recovery in the last two quarters of 2023 and early 2024, ultimately reaching 7,531 million USD by the first quarter of 2024.
- Current liabilities
- Current liabilities demonstrate a generally increasing trend over the period with some variability. Starting at 11,246 million USD in late 2017, there is a slight decrease in early 2019, notably dropping to 9,242 million USD in June 2019 before gradually rising again through the remainder of 2019 and 2020. From 2021 onward, current liabilities increase steadily and significantly, reaching 11,654 million USD in early 2022 and progressing to 13,599 million USD by the first quarter of 2024. This suggests a rising obligation or short-term debt level over time, which may impact liquidity considerations.
- Quick ratio
- The quick ratio varies considerably across the quarters, reflecting the interplay between quick assets and current liabilities. Initial values hover around 0.63 to 0.65 through 2017 and mid-2018, then sharply decline to a low of 0.44 in the first quarter of 2019. This is followed by a substantial increase to a peak of 1.05 in the middle of 2019, indicating improved liquidity during this period. After the peak, the ratio consistently declines from the latter part of 2019 onward, dipping below 0.7 by early 2022 and further down to 0.55 by the first quarter of 2024. This downward trend suggests a diminishing immediate liquidity position relative to short-term liabilities, which might warrant further analysis regarding operational efficiency or financing strategy.
Cash Ratio
Johnson Controls International plc, cash ratio calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||||||||||||||||
| Total cash assets | ||||||||||||||||||||||||||||||||||
| Current liabilities | ||||||||||||||||||||||||||||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||||||
| Cash ratio1 | ||||||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31).
1 Q2 2024 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
- Total Cash Assets
- The total cash assets show significant volatility throughout the periods analyzed. Starting at 552 million USD at the end of 2017, a pronounced drop occurred in the subsequent quarters, reaching a low around 200-300 million USD during 2018 and early 2019. A notable spike is visible in mid-2019, with total cash assets peaking at 3685 million USD, followed by a gradual decline through the remainder of 2019 and into 2020. The cash levels then stabilized somewhat around 1800 to 2300 million USD during 2020 and early 2021, before a consistent downward trajectory set in, reaching lows near 800 to 1000 million USD in late 2023 and early 2024. This suggests fluctuating liquidity conditions with brief periods of strong cash accumulation offset by intervals of depletion.
- Current Liabilities
- Current liabilities exhibited a mostly upward trend over the entire timeframe. Beginning at approximately 11,246 million USD at the end of 2017, values fluctuated mildly but generally rose, peaking close to 13,441 million USD in early 2019. After a brief decrease in mid-2019, liabilities resumed an increasing trend, moving from roughly 8,200 million USD in late 2020 to 13,599 million USD in early 2024. The overall increase indicates a growing short-term financial obligation burden, which may impact liquidity if not managed in tandem with asset levels.
- Cash Ratio
- The cash ratio, a measure of liquidity evaluating total cash against current liabilities, remained low throughout all periods, reflecting constrained ability to cover short-term obligations with cash alone. It began near 0.05 at the end of 2017, dropped to as low as 0.02 in early 2018, before spiking sharply to a high of 0.40 in mid-2019 in line with the cash assets surge. Subsequently, the ratio declined, fluctuating mostly between 0.08 and 0.24 through 2020 and 2021. From 2022 onward, the cash ratio trended downward again, reaching a low of 0.06 in early 2024. The persistently low cash ratio suggests limited immediate liquidity cushion relative to current liabilities, with brief improvements corresponding to cash asset peaks, but generally indicating reliance on other current assets or financing sources to cover short-term debts.