Myers Industries Inc (MYE)
Current ratio
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Total current assets | US$ in thousands | 256,621 | 257,207 | 219,914 | 183,730 | 185,042 |
| Total current liabilities | US$ in thousands | 165,107 | 137,762 | 132,500 | 142,247 | 82,625 |
| Current ratio | 1.55 | 1.87 | 1.66 | 1.29 | 2.24 |
December 31, 2023 calculation
Current ratio = Total current assets ÷ Total current liabilities
= $256,621K ÷ $165,107K
= 1.55
The current ratio of Myers Industries Inc. has fluctuated over the past five years, ranging from 1.29 to 2.24. A current ratio below 1 indicates a company may have difficulty meeting its short-term obligations, while a ratio above 1 suggests the company has more current assets than current liabilities.
In 2023, the current ratio decreased to 1.55 from 1.87 in 2022, indicating a slight weakening of the company's short-term liquidity position. Despite this decrease, the current ratio remains above 1, suggesting that Myers Industries Inc. still has sufficient current assets to cover its current liabilities.
Comparing the 2023 ratio to previous years, Myers Industries Inc. had a higher current ratio in 2022 and 2019, indicating stronger short-term liquidity positions in those years. Conversely, the company had lower current ratios in 2020 and 2021, which could imply potential liquidity challenges during those periods.
Overall, while the current ratio of Myers Industries Inc. has fluctuated over the past five years, it has generally remained above 1, indicating a reasonable ability to meet short-term obligations. However, management should continue to monitor the company's liquidity position to ensure it remains adequate to support ongoing operations and financial stability.
Peer comparison
Dec 31, 2023