Carpenter Technology Corporation (CRS)
Cash 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 and cash equivalents | US$ in thousands | 315,500 | 151,500 | 162,100 | 150,200 | 199,100 | 53,500 | 15,700 | 18,100 | 44,500 | 22,300 | 20,000 | 52,600 | 154,200 | 393,900 | 96,900 | 213,200 | 287,400 | 244,200 | 271,400 | 218,900 |
| Short-term investments | US$ in thousands | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Total current liabilities | US$ in thousands | 483,700 | 444,200 | 432,100 | 406,200 | 466,300 | 453,400 | 485,700 | 448,600 | 459,400 | 544,000 | 510,300 | 410,900 | 375,600 | 633,800 | 294,300 | 332,400 | 306,300 | 269,300 | 265,800 | 264,500 |
| Cash ratio | 0.65 | 0.34 | 0.38 | 0.37 | 0.43 | 0.12 | 0.03 | 0.04 | 0.10 | 0.04 | 0.04 | 0.13 | 0.41 | 0.62 | 0.33 | 0.64 | 0.94 | 0.91 | 1.02 | 0.83 |
June 30, 2025 calculation
Cash ratio = (Cash and cash equivalents + Short-term investments) ÷ Total current liabilities
= ($315,500K
+ $—K)
÷ $483,700K
= 0.65
The cash ratio of Carpenter Technology Corporation has exhibited significant fluctuations from September 30, 2020, through June 30, 2025. Initially, the ratio was relatively high at 0.83 in September 2020, indicating that the company's cash holdings were enough to cover approximately 83% of its current liabilities. This ratio rose modestly to 1.02 by December 2020, surpassing the benchmark of 1.0, which suggests a strong liquidity position and the company's capacity to meet its short-term obligations solely with its cash reserves during that period.
Throughout 2021, the cash ratio experienced a gradual decline, decreasing to 0.64 by September and further tumbling to 0.33 by December. The downward trend continued into 2022, with the ratio falling to 0.13 in September and reaching a low of 0.04 at the end of 2022 and into the first quarter of 2023. This decline signifies a marked reduction in the company's cash liquidity relative to its current liabilities, potentially reflecting increased utilization of cash for operational needs, investments, or debt repayment.
In the latter half of 2023, the cash ratio remained relatively low, hovering around 0.04 to 0.12, indicating limited cash coverage of current liabilities. However, starting in June 2024, there was a notable recovery, with the ratio increasing to 0.43 by September 2024, and further rising to 0.65 by June 2025. This resurgence suggests an improvement in cash reserves relative to current liabilities, potentially signaling enhanced liquidity management or inflows of cash.
Overall, the trend indicates a period of reduced liquidity in late 2022 and early 2023, followed by a recovery phase beginning mid-2024. The low ratios throughout much of 2022 and 2023 reflect a conservative cash position, which may necessitate attention regarding short-term liquidity risk. Conversely, the upward trend from mid-2024 suggests strategic adjustments leading to improved cash liquidity relative to current liabilities toward the specified period.
Peer comparison
Jun 30, 2025