Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Thermo Fisher Scientific Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
The organization's liquidity profile exhibits a pattern of moderate volatility with a notable trough occurring in the second quarter of 2023, followed by a general trend of recovery and stabilization through 2026. Overall, the liquidity position remains robust, as the primary ratios consistently indicate an ability to cover short-term obligations.
- Current Ratio
- The current ratio fluctuates between a minimum of 1.27 in April 2023 and a peak of 1.93 in June 2025. While a temporary decline was observed during the first half of 2023, the ratio recovered and stabilized above 1.50 for the majority of the subsequent periods. The most recent data shows a strong closing position of 1.81, suggesting a healthy cushion of current assets relative to current liabilities.
- Quick Ratio
- The quick ratio demonstrates a similar trajectory to the current ratio, reaching its lowest point of 0.80 in April 2023. Since September 2023, the ratio has predominantly remained above 1.00, peaking at 1.36 in December 2025. This indicates that the entity maintains sufficient highly liquid assets to meet its immediate liabilities without relying on the sale of inventory, although the periodic dips below 1.00 suggest intermittent tightening of liquid resources.
- Cash Ratio
- The cash ratio exhibits the highest degree of volatility, with values ranging from 0.17 in July 2022 to 0.67 in December 2025. Significant spikes are observed periodically, particularly at year-end intervals, suggesting cyclical cash accumulation or strategic funding activities. Conversely, sharp declines are noted in the first and third quarters of several years, indicating periods of concentrated cash disbursement or investment.
A comparative analysis of the three metrics reveals that the gap between the current ratio and the quick ratio remains relatively consistent, implying a stable level of inventory relative to other current assets. The significant variance in the cash ratio compared to the quick ratio suggests that a substantial portion of the company's liquid assets is held in receivables rather than cash and cash equivalents.
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Current Ratio
Thermo Fisher Scientific Inc., current ratio calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 31, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 31, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | 25,615) | 23,365) | 22,316) | 28,707) | 22,295) | 24,584) | 23,378) | 22,137) | 23,783) | 25,476) | 23,640) | 24,589) | 23,092) | 19,995) | 20,209) | 25,229) | 19,299) | 18,100) | 18,776) | ||||||
| Current liabilities | 14,170) | 15,069) | 14,621) | 15,189) | 14,888) | 12,718) | 13,174) | 13,332) | 14,601) | 14,772) | 13,937) | 14,012) | 14,158) | 14,112) | 15,884) | 17,010) | 11,118) | 10,997) | 12,070) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 1.81 | 1.55 | 1.53 | 1.89 | 1.50 | 1.93 | 1.77 | 1.66 | 1.63 | 1.72 | 1.70 | 1.75 | 1.63 | 1.42 | 1.27 | 1.48 | 1.74 | 1.65 | 1.56 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 0.87 | 0.81 | 0.80 | 0.67 | 0.72 | 0.74 | 0.76 | 0.66 | 0.65 | 0.81 | 0.94 | 0.87 | 0.96 | 0.89 | 0.96 | 0.96 | 0.93 | 0.84 | 0.82 | ||||||
| Amgen Inc. | 1.48 | 1.37 | 1.26 | 1.14 | 1.28 | 1.31 | 1.17 | 1.26 | 1.32 | 1.26 | 1.42 | 1.65 | 2.86 | 2.77 | 3.14 | 1.41 | 1.68 | 1.53 | 1.44 | ||||||
| Bristol-Myers Squibb Co. | 1.59 | 1.53 | 1.42 | 1.26 | 1.27 | 1.21 | 1.28 | 1.25 | 1.24 | 1.16 | 1.11 | 1.43 | 1.18 | 1.39 | 1.42 | 1.25 | 1.42 | 1.44 | 1.32 | ||||||
| Danaher Corp. | 1.63 | 1.65 | 1.87 | 1.87 | 1.52 | 1.62 | 1.43 | 1.40 | 1.37 | 1.43 | 1.85 | 1.68 | 2.26 | 2.08 | 1.89 | 1.89 | 1.78 | 1.75 | 1.68 | ||||||
| Eli Lilly & Co. | 1.39 | 1.35 | 1.50 | 1.58 | 1.55 | 1.28 | 1.37 | 1.15 | 1.27 | 1.11 | 1.35 | 0.94 | 1.05 | 1.13 | 1.30 | 1.05 | 1.13 | 1.10 | 1.27 | ||||||
| Gilead Sciences Inc. | 1.38 | 1.27 | 1.97 | 1.55 | 1.45 | 1.32 | 1.37 | 1.60 | 1.26 | 1.14 | 1.08 | 1.43 | 1.34 | 1.02 | 1.28 | 1.29 | 1.30 | 1.43 | 1.48 | ||||||
| Johnson & Johnson | 1.02 | 1.09 | 1.03 | 1.03 | 1.07 | 1.01 | 1.26 | 1.11 | 1.03 | 1.07 | 1.17 | 1.16 | 1.21 | 1.12 | 1.07 | 0.99 | 1.43 | 1.42 | 1.39 | ||||||
| Merck & Co. Inc. | 1.35 | 1.32 | 1.30 | 1.54 | 1.66 | 1.42 | 1.41 | 1.36 | 1.36 | 1.47 | 1.25 | 1.25 | 1.38 | 1.28 | 1.44 | 1.47 | 1.46 | 1.39 | 1.40 | ||||||
| Pfizer Inc. | 1.42 | 1.27 | 1.25 | 1.16 | 1.28 | 1.16 | 1.26 | 1.17 | 1.00 | 0.86 | 1.05 | 0.91 | 2.38 | 2.12 | 1.37 | 1.22 | 1.59 | 1.42 | 1.39 | ||||||
| Regeneron Pharmaceuticals Inc. | 3.35 | 3.34 | 3.57 | 4.13 | 4.06 | 4.60 | 4.93 | 4.73 | 5.28 | 5.44 | 5.27 | 5.69 | 5.18 | 5.45 | 5.45 | 5.06 | 5.36 | 5.12 | 4.76 | ||||||
| Vertex Pharmaceuticals Inc. | 2.34 | 3.19 | 3.02 | 2.90 | 2.36 | 2.52 | 2.65 | 2.69 | 2.47 | 2.52 | 3.50 | 3.99 | 4.08 | 4.14 | 4.28 | 4.83 | 4.70 | 4.50 | 4.75 | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Q3 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 25,615 ÷ 14,170 = 1.81
2 Click competitor name to see calculations.
The liquidity profile demonstrates a consistent ability to meet short-term obligations, with the current ratio remaining above 1.0 throughout the entire observed period. The ratio exhibits a cyclical pattern of fluctuation, generally oscillating between 1.27 and 1.93, indicating a stable yet dynamic management of working capital.
- Current Ratio Trends
- A period of contraction occurred between December 31, 2022, and April 1, 2023, where the ratio declined from 1.48 to its lowest point of 1.27. Following this trough, a steady recovery was observed, with the ratio climbing to 1.75 by the end of 2023. The peak liquidity position was reached on June 28, 2025, with a ratio of 1.93, before settling into a range between 1.53 and 1.81 throughout 2026.
- Current Asset Movements
- Current assets showed significant variability, characterized by periodic surges. A notable increase occurred on December 31, 2022, reaching 25,229 million USD, and a substantial peak was recorded on December 31, 2025, at 28,707 million USD. These increases in liquid assets typically correspond with higher current ratios, suggesting strategic accumulations of cash or short-term investments at year-end.
- Current Liability Management
- Current liabilities remained relatively contained compared to assets, with the exception of a peak of 17,010 million USD on December 31, 2022. Since that period, liabilities have generally fluctuated between 12,718 million USD and 15,189 million USD. The relative stability of these obligations has ensured that the liquidity ratio remains primarily driven by fluctuations in current asset levels rather than sudden increases in short-term debt.
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Quick Ratio
Thermo Fisher Scientific Inc., quick ratio calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 31, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 31, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 5,461) | 4,064) | 3,254) | 9,852) | 1,982) | 4,576) | 4,134) | 4,009) | 4,645) | 7,073) | 5,499) | 8,077) | 6,151) | 3,133) | 3,482) | 8,524) | 2,919) | 1,888) | 2,752) | ||||||
| Short-term investments | 600) | —) | 2) | 253) | 1,564) | 1,814) | 1,813) | 1,561) | 2,000) | 1,750) | 1,751) | 3) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Accounts receivable, less allowances | 9,625) | 9,451) | 9,204) | 8,900) | 8,911) | 8,594) | 8,455) | 8,191) | 8,255) | 7,943) | 7,931) | 8,221) | 8,370) | 8,019) | 7,922) | 8,115) | 7,671) | 7,745) | 7,889) | ||||||
| Contract assets, net | 1,691) | 1,688) | 1,684) | 1,666) | 1,620) | 1,441) | 1,366) | 1,435) | 1,541) | 1,487) | 1,422) | 1,443) | 1,465) | 1,467) | 1,375) | 1,312) | 1,248) | 1,147) | 1,064) | ||||||
| Total quick assets | 17,377) | 15,203) | 14,144) | 20,671) | 14,077) | 16,425) | 15,768) | 15,196) | 16,441) | 18,253) | 16,603) | 17,744) | 15,986) | 12,619) | 12,779) | 17,951) | 11,838) | 10,780) | 11,705) | ||||||
| Current liabilities | 14,170) | 15,069) | 14,621) | 15,189) | 14,888) | 12,718) | 13,174) | 13,332) | 14,601) | 14,772) | 13,937) | 14,012) | 14,158) | 14,112) | 15,884) | 17,010) | 11,118) | 10,997) | 12,070) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 1.23 | 1.01 | 0.97 | 1.36 | 0.95 | 1.29 | 1.20 | 1.14 | 1.13 | 1.24 | 1.19 | 1.27 | 1.13 | 0.89 | 0.80 | 1.06 | 1.06 | 0.98 | 0.97 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 0.56 | 0.49 | 0.52 | 0.41 | 0.47 | 0.48 | 0.48 | 0.42 | 0.43 | 0.59 | 0.72 | 0.63 | 0.71 | 0.63 | 0.66 | 0.69 | 0.69 | 0.57 | 0.52 | ||||||
| Amgen Inc. | 1.01 | 0.95 | 0.85 | 0.73 | 0.82 | 0.82 | 0.74 | 0.81 | 0.80 | 0.75 | 0.84 | 0.99 | 2.41 | 2.34 | 2.62 | 0.95 | 1.17 | 0.99 | 0.90 | ||||||
| Bristol-Myers Squibb Co. | 1.24 | 1.16 | 1.04 | 0.94 | 0.99 | 0.91 | 0.94 | 0.91 | 0.84 | 0.78 | 0.78 | 1.04 | 0.77 | 0.94 | 1.01 | 0.87 | 0.98 | 1.07 | 1.03 | ||||||
| Danaher Corp. | 1.08 | 1.03 | 1.28 | 1.25 | 0.84 | 0.96 | 0.83 | 0.83 | 0.84 | 0.85 | 1.34 | 1.18 | 1.76 | 1.52 | 1.34 | 1.30 | 1.19 | 1.13 | 1.08 | ||||||
| Eli Lilly & Co. | 0.64 | 0.68 | 0.72 | 0.78 | 0.73 | 0.53 | 0.57 | 0.58 | 0.62 | 0.60 | 0.67 | 0.52 | 0.58 | 0.63 | 0.79 | 0.62 | 0.70 | 0.66 | 0.77 | ||||||
| Gilead Sciences Inc. | 0.95 | 0.75 | 1.31 | 1.06 | 1.01 | 0.89 | 1.00 | 1.20 | 0.82 | 0.69 | 0.72 | 1.06 | 0.98 | 0.78 | 0.95 | 0.99 | 0.96 | 1.06 | 1.06 | ||||||
| Johnson & Johnson | 0.65 | 0.73 | 0.69 | 0.69 | 0.71 | 0.68 | 0.96 | 0.78 | 0.70 | 0.77 | 0.84 | 0.82 | 0.86 | 0.84 | 0.81 | 0.71 | 1.10 | 1.09 | 1.06 | ||||||
| Merck & Co. Inc. | 0.78 | 0.71 | 0.66 | 0.93 | 1.06 | 0.79 | 0.80 | 0.84 | 0.88 | 0.88 | 0.68 | 0.68 | 0.83 | 0.74 | 0.90 | 0.93 | 0.90 | 0.85 | 0.84 | ||||||
| Pfizer Inc. | 0.90 | 0.74 | 0.75 | 0.69 | 0.80 | 0.67 | 0.80 | 0.74 | 0.56 | 0.42 | 0.57 | 0.50 | 1.78 | 1.59 | 0.88 | 0.80 | 1.18 | 1.02 | 0.95 | ||||||
| Regeneron Pharmaceuticals Inc. | 2.72 | 2.63 | 2.84 | 3.28 | 3.19 | 3.57 | 3.90 | 3.86 | 4.34 | 4.43 | 4.40 | 4.82 | 4.31 | 4.53 | 4.54 | 4.16 | 4.37 | 4.20 | 3.95 | ||||||
| Vertex Pharmaceuticals Inc. | 1.72 | 2.54 | 2.38 | 2.24 | 1.84 | 2.00 | 2.12 | 2.17 | 2.08 | 2.10 | 3.15 | 3.60 | 3.74 | 3.82 | 3.95 | 4.46 | 4.28 | 4.14 | 4.37 | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Q3 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 17,377 ÷ 14,170 = 1.23
2 Click competitor name to see calculations.
The liquidity profile exhibits a cyclical pattern characterized by periodic fluctuations around the 1.0 threshold, reflecting varying levels of capacity to cover short-term liabilities using only the most liquid assets.
- Quick Ratio Trend Analysis
- The quick ratio remained relatively stable throughout 2022, ranging between 0.97 and 1.06. A notable contraction occurred in early 2023, reaching a period low of 0.80 on April 1, 2023, indicating a phase where quick assets were insufficient to cover current liabilities. A recovery trend followed, with the ratio climbing to 1.27 by December 31, 2023, and generally maintaining a strengthened position between 1.13 and 1.29 through the first half of 2025.
- Asset and Liability Dynamics
- Total quick assets demonstrate significant volatility, peaking at $20.67 billion in December 2025. In contrast, current liabilities have shown more stability, generally fluctuating between $10.9 billion and $17.0 billion. The expansion of the quick ratio is primarily driven by surges in quick assets rather than a consistent reduction in liabilities. For instance, the peak ratio of 1.36 in December 2025 coincided with the highest recorded level of quick assets, despite liabilities remaining above $15 billion.
- Short-Term Liquidity Volatility
- Increased volatility is observed from late 2025 through 2026. A sharp decline to 0.95 in September 2025 was followed by a rapid ascent to 1.36 in December 2025, and a subsequent drop to 0.97 in March 2026. The period concludes with a recovery to 1.23 by September 26, 2026. These fluctuations suggest periodic shifts in the company's cash position or the timing of short-term debt settlements.
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Cash Ratio
Thermo Fisher Scientific Inc., cash ratio calculation (quarterly data)
| Sep 26, 2026 | Jun 27, 2026 | Mar 28, 2026 | Dec 31, 2025 | Sep 27, 2025 | Jun 28, 2025 | Mar 29, 2025 | Dec 31, 2024 | Sep 28, 2024 | Jun 29, 2024 | Mar 30, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jul 1, 2023 | Apr 1, 2023 | Dec 31, 2022 | Oct 1, 2022 | Jul 2, 2022 | Apr 2, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 5,461) | 4,064) | 3,254) | 9,852) | 1,982) | 4,576) | 4,134) | 4,009) | 4,645) | 7,073) | 5,499) | 8,077) | 6,151) | 3,133) | 3,482) | 8,524) | 2,919) | 1,888) | 2,752) | ||||||
| Short-term investments | 600) | —) | 2) | 253) | 1,564) | 1,814) | 1,813) | 1,561) | 2,000) | 1,750) | 1,751) | 3) | —) | —) | —) | —) | —) | —) | —) | ||||||
| Total cash assets | 6,061) | 4,064) | 3,256) | 10,105) | 3,546) | 6,390) | 5,947) | 5,570) | 6,645) | 8,823) | 7,250) | 8,080) | 6,151) | 3,133) | 3,482) | 8,524) | 2,919) | 1,888) | 2,752) | ||||||
| Current liabilities | 14,170) | 15,069) | 14,621) | 15,189) | 14,888) | 12,718) | 13,174) | 13,332) | 14,601) | 14,772) | 13,937) | 14,012) | 14,158) | 14,112) | 15,884) | 17,010) | 11,118) | 10,997) | 12,070) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 0.43 | 0.27 | 0.22 | 0.67 | 0.24 | 0.50 | 0.45 | 0.42 | 0.46 | 0.60 | 0.52 | 0.58 | 0.43 | 0.22 | 0.22 | 0.50 | 0.26 | 0.17 | 0.23 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| AbbVie Inc. | 0.25 | 0.16 | 0.22 | 0.12 | 0.14 | 0.16 | 0.14 | 0.14 | 0.17 | 0.31 | 0.44 | 0.34 | 0.38 | 0.27 | 0.24 | 0.31 | 0.36 | 0.25 | 0.19 | ||||||
| Amgen Inc. | 0.57 | 0.55 | 0.48 | 0.36 | 0.43 | 0.39 | 0.38 | 0.52 | 0.44 | 0.43 | 0.49 | 0.60 | 2.05 | 2.00 | 2.22 | 0.59 | 0.80 | 0.57 | 0.51 | ||||||
| Bristol-Myers Squibb Co. | 0.67 | 0.59 | 0.55 | 0.46 | 0.59 | 0.49 | 0.49 | 0.46 | 0.36 | 0.29 | 0.37 | 0.55 | 0.33 | 0.43 | 0.49 | 0.42 | 0.48 | 0.63 | 0.66 | ||||||
| Danaher Corp. | 0.63 | 0.54 | 0.76 | 0.68 | 0.24 | 0.44 | 0.30 | 0.31 | 0.36 | 0.35 | 0.90 | 0.71 | 1.31 | 1.02 | 0.85 | 0.71 | 0.64 | 0.53 | 0.49 | ||||||
| Eli Lilly & Co. | 0.10 | 0.19 | 0.14 | 0.21 | 0.24 | 0.09 | 0.10 | 0.12 | 0.14 | 0.12 | 0.13 | 0.10 | 0.11 | 0.14 | 0.22 | 0.12 | 0.17 | 0.17 | 0.18 | ||||||
| Gilead Sciences Inc. | 0.54 | 0.29 | 0.81 | 0.65 | 0.60 | 0.47 | 0.64 | 0.83 | 0.43 | 0.26 | 0.36 | 0.64 | 0.57 | 0.48 | 0.56 | 0.57 | 0.54 | 0.61 | 0.62 | ||||||
| Johnson & Johnson | 0.31 | 0.38 | 0.38 | 0.37 | 0.36 | 0.35 | 0.68 | 0.49 | 0.39 | 0.47 | 0.54 | 0.50 | 0.53 | 0.53 | 0.54 | 0.42 | 0.75 | 0.73 | 0.70 | ||||||
| Merck & Co. Inc. | 0.34 | 0.26 | 0.21 | 0.51 | 0.64 | 0.33 | 0.37 | 0.48 | 0.49 | 0.44 | 0.22 | 0.28 | 0.38 | 0.27 | 0.45 | 0.54 | 0.49 | 0.44 | 0.40 | ||||||
| Pfizer Inc. | 0.45 | 0.36 | 0.38 | 0.37 | 0.41 | 0.35 | 0.48 | 0.48 | 0.23 | 0.16 | 0.29 | 0.27 | 1.42 | 1.29 | 0.55 | 0.54 | 0.82 | 0.70 | 0.61 | ||||||
| Regeneron Pharmaceuticals Inc. | 1.50 | 1.45 | 1.71 | 1.97 | 1.91 | 2.04 | 2.34 | 2.28 | 2.68 | 2.80 | 2.94 | 3.17 | 2.75 | 2.88 | 2.89 | 2.46 | 2.44 | 2.49 | 2.34 | ||||||
| Vertex Pharmaceuticals Inc. | 1.26 | 1.99 | 1.87 | 1.71 | 1.40 | 1.54 | 1.64 | 1.72 | 1.64 | 1.63 | 2.68 | 3.16 | 3.31 | 3.35 | 3.44 | 3.93 | 3.74 | 3.62 | 3.78 | ||||||
Based on: 10-Q (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-01), 10-Q (reporting date: 2022-07-02), 10-Q (reporting date: 2022-04-02).
1 Q3 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 6,061 ÷ 14,170 = 0.43
2 Click competitor name to see calculations.
The cash ratio exhibits significant volatility over the observed period, characterized by recurring fluctuations and a distinct pattern of year-end liquidity spikes. While the ratio frequently fluctuates between 0.20 and 0.60, there is a consistent trend of increased cash positions occurring every December, suggesting a cyclical approach to liquidity management or year-end cash accumulation.
- Cash Asset Volatility
- Total cash assets demonstrate substantial variance, ranging from a low of 1,888 million USD in July 2022 to a peak of 10,105 million USD in December 2025. Significant increases are noted at the end of each calendar year, specifically in December 2022, 2023, and 2025, followed by sharp contractions in the subsequent quarters.
- Current Liabilities Stability
- Current liabilities reached a peak of 17,010 million USD in December 2022 but have since stabilized, generally fluctuating between 12,718 million USD and 15,189 million USD. This relative stability in short-term obligations indicates that the volatility in the cash ratio is primarily driven by fluctuations in cash holdings rather than changes in the liability structure.
- Cash Ratio Trends and Liquidity
- The cash ratio reflects a fluctuating liquidity position. Initial readings in 2022 were relatively low, dipping to 0.17 in July. However, a higher baseline was established starting in 2023, with the ratio frequently exceeding 0.40. The highest liquidity peak occurred in December 2025 at 0.67, while the lowest points often revert to the 0.22 to 0.27 range, indicating a periodic reliance on other current assets to meet short-term obligations during non-peak cash periods.
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