CorVel Corp (CRVL)
Quick ratio
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash | US$ in thousands | 105,563 | 106,994 | 91,749 | 86,593 | 71,329 | 78,031 | 75,625 | 94,308 | 97,504 | 115,538 | 131,075 | 138,662 | 139,716 | 128,829 | 106,082 | 94,111 | 83,223 | 89,628 | 97,920 | 104,425 |
| Short-term investments | US$ in thousands | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Receivables | US$ in thousands | 139,525 | 131,171 | 118,345 | 111,775 | 107,673 | 111,668 | 112,990 | 108,137 | 109,893 | 92,795 | 89,655 | 86,067 | 81,935 | 78,364 | 94,138 | 89,721 | 85,459 | 66,187 | 71,421 | 66,842 |
| Total current liabilities | US$ in thousands | 184,499 | 188,387 | 186,499 | 187,731 | 167,887 | 186,426 | 175,510 | 181,405 | 171,370 | 170,537 | 162,648 | 152,258 | 162,460 | 158,822 | 149,077 | 138,535 | 133,689 | 135,725 | 132,941 | 130,735 |
| Quick ratio | 1.33 | 1.26 | 1.13 | 1.06 | 1.07 | 1.02 | 1.07 | 1.12 | 1.21 | 1.22 | 1.36 | 1.48 | 1.36 | 1.30 | 1.34 | 1.33 | 1.26 | 1.15 | 1.27 | 1.31 |
March 31, 2024 calculation
Quick ratio = (Cash + Short-term investments + Receivables) ÷ Total current liabilities
= ($105,563K
+ $—K
+ $139,525K)
÷ $184,499K
= 1.33
The quick ratio of CorVel Corp has shown fluctuations over the past few quarters. The quick ratio measures the company's ability to meet its short-term obligations with its most liquid assets. A quick ratio above 1 indicates that the company has an adequate level of liquid assets to cover its short-term liabilities.
Based on the data provided, the quick ratio has generally been above 1, indicating that CorVel Corp has had a strong ability to cover its short-term obligations with its quick assets. The quick ratio increased from 1.26 in Dec 2019 to 1.36 in Jun 2021 before declining slightly to 1.13 in Sep 2023. The most recent quick ratio as of Mar 31, 2024, stands at 1.33.
Overall, the trend in the quick ratio suggests that CorVel Corp has been able to maintain a comfortable level of liquidity to meet its short-term financial obligations. It is important for investors and stakeholders to continue monitoring the company's quick ratio to assess its liquidity position in the future.