Middleby Corp (MIDD)
Cash 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 and cash equivalents | US$ in thousands | 247,496 | 167,189 | 157,279 | 156,524 | 162,001 | 144,918 | 166,589 | 146,676 | 180,362 | 251,476 | 395,562 | 309,331 | 268,103 | 220,310 | 649,720 | 381,043 | 94,500 | 87,181 | 81,687 | 81,210 |
| Short-term investments | US$ in thousands | — | 3,288 | 7,286 | 7,034 | 6,805 | — | 1,448 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Total current liabilities | US$ in thousands | 851,094 | 864,247 | 878,405 | 990,309 | 988,284 | 937,778 | 976,414 | 918,401 | 914,888 | 822,836 | 731,837 | 714,437 | 700,258 | 596,994 | 504,553 | 607,232 | 593,137 | 585,244 | 565,297 | 561,557 |
| Cash ratio | 0.29 | 0.20 | 0.19 | 0.17 | 0.17 | 0.15 | 0.17 | 0.16 | 0.20 | 0.31 | 0.54 | 0.43 | 0.38 | 0.37 | 1.29 | 0.63 | 0.16 | 0.15 | 0.14 | 0.14 |
December 31, 2023 calculation
Cash ratio = (Cash and cash equivalents + Short-term investments) ÷ Total current liabilities
= ($247,496K
+ $—K)
÷ $851,094K
= 0.29
The cash ratio of Middleby Corp has fluctuated over the past few quarters. The ratio indicates the company's ability to cover its short-term liabilities with its cash and cash equivalents.
In the most recent quarter, at Dec 31, 2023, the cash ratio stood at 0.29, a slight increase compared to the previous quarter. This implies that Middleby Corp had $0.29 in cash and cash equivalents for every dollar of its current liabilities as of the end of December 2023.
Looking back at historical data, the cash ratio has shown some variability, with values ranging from as low as 0.14 in Mar 31, 2019, to as high as 1.29 in Jun 30, 2020. The significant increase in the cash ratio in Jun 30, 2020, may indicate a period of strong liquidity for the company.
Overall, fluctuations in the cash ratio may reflect changes in Middleby Corp's cash position and short-term liabilities over time. It is essential for investors and stakeholders to monitor this ratio to assess the company's liquidity and ability to meet its short-term obligations.
Peer comparison
Dec 31, 2023