Allegheny Technologies Incorporated (ATI)
Quick ratio
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash | US$ in thousands | 743,900 | 432,900 | 267,100 | 196,200 | 584,000 | 329,100 | 274,000 | 316,700 | 687,700 | 1,006,800 | 472,500 | 541,700 | 645,900 | 572,200 | 539,100 | 639,000 | 490,800 | 511,300 | 281,200 | 217,000 |
| Short-term investments | US$ in thousands | — | 1,200 | 1,500 | 1,300 | 1,400 | 1,100 | 500 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Receivables | US$ in thousands | 625,000 | 683,000 | 710,100 | 725,600 | 579,200 | 678,100 | 627,100 | 558,000 | 470,000 | 502,000 | 362,200 | 423,900 | 345,800 | 388,000 | 483,600 | 593,400 | 554,100 | 596,700 | 581,400 | 565,100 |
| Total current liabilities | US$ in thousands | 977,100 | 829,300 | 897,500 | 824,000 | 963,900 | 822,800 | 799,900 | 877,200 | 856,400 | 1,207,300 | 599,100 | 689,200 | 653,300 | 563,700 | 614,400 | 1,059,200 | 849,200 | 763,300 | 759,200 | 760,000 |
| Quick ratio | 1.40 | 1.35 | 1.09 | 1.12 | 1.21 | 1.23 | 1.13 | 1.00 | 1.35 | 1.25 | 1.39 | 1.40 | 1.52 | 1.70 | 1.66 | 1.16 | 1.23 | 1.45 | 1.14 | 1.03 |
December 31, 2023 calculation
Quick ratio = (Cash + Short-term investments + Receivables) ÷ Total current liabilities
= ($743,900K
+ $—K
+ $625,000K)
÷ $977,100K
= 1.40
ATI Inc's quick ratio, which measures the company's ability to meet its short-term obligations with its most liquid assets, has fluctuated over the past eight quarters. The quick ratio ranged from a low of 1.18 in Q1 2022 to a high of 1.53 in Q4 2023. Generally, a quick ratio above 1 indicates that the company has an adequate level of liquid assets to cover its current liabilities.
The quick ratio showed an improving trend from Q1 2022 to Q4 2023, with some fluctuations in between. The ratio was relatively stable in Q2 and Q3 2022, before increasing to 1.40 in Q3 2022, and then declining to 1.20 in Q2 2023. However, the ratio improved again in the following quarters, reaching 1.53 in Q4 2023.
Overall, ATI Inc's quick ratio has generally remained above 1 over the past eight quarters, indicating a healthy liquidity position. However, management should continue monitoring the quick ratio to ensure the company can effectively meet its short-term obligations.