Alpha and Omega Semiconductor Ltd (AOSL)
Quick ratio
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash | US$ in thousands | 153,498 | 169,359 | 182,592 | 176,008 | 175,540 | 174,595 | 162,266 | 193,576 | 195,188 | 265,946 | 287,805 | 316,119 | 314,352 | 323,134 | 269,306 | 252,453 | 202,412 | 192,113 | 180,966 | 154,698 |
| Short-term investments | US$ in thousands | — | — | 355,088 | 214 | — | — | — | — | — | — | — | 100 | 100 | 100 | — | — | — | — | — | — |
| Receivables | US$ in thousands | 34,772 | 30,047 | 30,542 | 31,103 | 15,951 | 14,317 | 33,357 | 36,004 | 23,558 | 21,012 | 55,154 | 56,486 | 66,426 | 39,845 | 57,724 | 44,135 | 35,857 | 35,432 | 25,115 | 26,346 |
| Total current liabilities | US$ in thousands | 152,896 | 155,422 | 151,032 | 151,737 | 154,233 | 159,939 | 161,596 | 187,547 | 172,561 | 214,317 | 221,529 | 244,331 | 266,350 | 199,492 | 177,977 | 257,106 | 233,230 | 211,916 | 211,513 | 198,264 |
| Quick ratio | 1.23 | 1.28 | 3.76 | 1.37 | 1.24 | 1.18 | 1.21 | 1.22 | 1.27 | 1.34 | 1.55 | 1.53 | 1.43 | 1.82 | 1.84 | 1.15 | 1.02 | 1.07 | 0.97 | 0.91 |
June 30, 2025 calculation
Quick ratio = (Cash + Short-term investments + Receivables) ÷ Total current liabilities
= ($153,498K
+ $—K
+ $34,772K)
÷ $152,896K
= 1.23
The analysis of Alpha and Omega Semiconductor Ltd's quick ratio over the period from September 30, 2020, to June 30, 2025, reveals notable fluctuations in its liquidity position. Initially, the quick ratio was below 1.0 at 0.91 in September 2020, indicating potential liquidity constraints and a reliance on less liquid assets to meet short-term obligations.
Throughout 2020 and early 2021, there was a gradual upward trend, with the ratio reaching 1.07 by March 31, 2021, and subsequently surpassing the 1.0 threshold in September 2021 at 1.15. This indicates an improvement in liquidity, suggesting the company was increasingly able to cover its current liabilities with its most liquid assets during this period.
A significant increase occurred between December 2021 and March 2022, where the ratio rose sharply from 1.84 to 1.82, maintaining above unity. This upward movement continued into September 2022 and December 2022, with ratios of approximately 1.53 and 1.55 respectively, indicating sustained liquidity adequacy.
However, a slight decline is observed from March 2023 through September 2023, with ratios decreasing from 1.34 to 1.22, reflecting a modest tightening of liquidity but still remaining above 1.0, which generally suggests the company maintains a comfortable short-term liquidity buffer.
Notably, in December 2024, the quick ratio surged dramatically to 3.76, significantly beyond previous levels, implying a substantial increase in liquid assets relative to current liabilities. This spike indicates either a large accumulation of liquid assets or a reduction in current liabilities, which could result from asset sales or debt repayment.
Following this peak, the ratio decreased to 1.28 in March 2025 and further to 1.23 in June 2025, signaling normalization of liquidity levels but still remaining comfortably above 1.0.
Overall, the company's quick ratio trajectory suggests periods of stable liquidity with temporary increases in liquid assets, particularly evident in late 2024. The consistent retention of ratios above 1.0 for most of the period indicates a generally sound liquidity position, although the dramatic fluctuation in December 2024 warrants further investigation into underlying causes such as asset management or strategic financial decisions.