Granite Construction Incorporated (GVA)
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 | 417,663 | 292,124 | 214,446 | 199,751 | 293,991 | 255,084 | 175,022 | 360,911 | 395,647 | 464,049 | 377,620 | 440,833 | 425,292 | 388,024 | 288,922 | 242,604 | 252,345 | 184,673 | 144,958 | 200,263 |
| Short-term investments | US$ in thousands | 35,863 | 31,278 | 24,981 | 39,754 | 39,374 | 39,873 | 45,000 | 14,953 | 0 | 0 | 0 | 0 | 10,844 | 184,980 | 5,896 | 5,000 | 27,799 | 37,918 | 41,037 | 36,049 |
| Receivables | US$ in thousands | 598,705 | 743,091 | 636,797 | 397,231 | 463,987 | 618,144 | 527,277 | 380,502 | 464,588 | 684,822 | 543,914 | 393,283 | 437,558 | 661,948 | 596,922 | 477,718 | 547,417 | 712,972 | 564,543 | 380,985 |
| Total current liabilities | US$ in thousands | 1,029,880 | 1,056,480 | 867,234 | 723,367 | 797,594 | 1,052,030 | 1,000,080 | 935,666 | 1,069,320 | 1,100,350 | 1,048,290 | 1,000,140 | 943,256 | 974,593 | 889,600 | 809,562 | 842,056 | 876,526 | 839,722 | 675,777 |
| Quick ratio | 1.02 | 1.01 | 1.01 | 0.88 | 1.00 | 0.87 | 0.75 | 0.81 | 0.80 | 1.04 | 0.88 | 0.83 | 0.93 | 1.27 | 1.00 | 0.90 | 0.98 | 1.07 | 0.89 | 0.91 |
December 31, 2023 calculation
Quick ratio = (Cash + Short-term investments + Receivables) ÷ Total current liabilities
= ($417,663K
+ $35,863K
+ $598,705K)
÷ $1,029,880K
= 1.02
Granite Construction Inc.'s quick ratio has shown fluctuations over the past eight quarters, ranging from a low of 1.30 in Q2 2022 to a high of 1.61 in Q2 2023. Overall, the quick ratio has generally been above 1, indicating that the company has had an acceptable level of liquidity to cover its short-term obligations.
The upward trend from Q2 2022 to Q2 2023 suggests an improvement in the company's ability to meet its short-term liabilities with its quick assets. However, the small decrease in Q3 2023 and Q4 2023 compared to Q2 2023 indicates a slight dip in liquidity during those periods.
It is important to note that while the quick ratio provides a snapshot of a company's short-term liquidity position, it should be analyzed in conjunction with other financial metrics to get a comprehensive view of Granite Construction Inc.'s financial health.
Peer comparison
Dec 31, 2023