Ingevity Corp (NGVT)
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 | 95,900 | 84,500 | 68,000 | 77,900 | 76,700 | 72,300 | 131,300 | 222,600 | 275,400 | 269,400 | 233,300 | 237,800 | 257,700 | 198,200 | 177,600 | 302,700 | 56,500 | 75,600 | 53,300 | 38,400 |
| Short-term investments | US$ in thousands | — | — | 99,400 | 98,900 | — | — | — | — | — | 75,000 | 74,000 | 74,000 | 73,000 | 73,000 | — | — | 400 | 400 | 400 | 400 |
| Receivables | US$ in thousands | 4,700 | -500 | -2,100 | -500 | 4,900 | -2,300 | -2,000 | -2,000 | 600 | — | — | — | 151,600 | — | — | — | 154,500 | 167,200 | 176,600 | 151,000 |
| Total current liabilities | US$ in thousands | 362,900 | 305,100 | 311,100 | 278,800 | 303,500 | 290,300 | 267,200 | 551,700 | 268,900 | 247,600 | 232,800 | 224,500 | 223,400 | 178,900 | 187,900 | 207,700 | 215,500 | 208,800 | 216,000 | 198,300 |
| Quick ratio | 0.28 | 0.28 | 0.53 | 0.63 | 0.27 | 0.24 | 0.48 | 0.40 | 1.03 | 1.39 | 1.32 | 1.39 | 2.16 | 1.52 | 0.95 | 1.46 | 0.98 | 1.16 | 1.07 | 0.96 |
December 31, 2023 calculation
Quick ratio = (Cash + Short-term investments + Receivables) ÷ Total current liabilities
= ($95,900K
+ $—K
+ $4,700K)
÷ $362,900K
= 0.28
The quick ratio measures a company's ability to cover its short-term liabilities with its most liquid assets. A ratio greater than 1 indicates that a company has more than enough liquid assets to cover its current liabilities. Ingevity Corp's quick ratio fluctuated over the past eight quarters, ranging from 0.86 to 1.50.
In Q4 2023, Ingevity Corp's quick ratio was 0.96, indicating that its liquid assets were slightly less than its current liabilities. However, in the previous quarters, the quick ratio had been higher, with values of 1.14, 1.21, and 1.27 in Q3, Q2, and Q1 2023 respectively.
Compared to the same quarter in the previous year, Ingevity Corp's quick ratio in Q4 2022 was 1.13, which was slightly lower than the recent quarters. The company had a relatively high quick ratio of 1.25 and 1.50 in Q3 and Q2 2022 respectively, indicating a stronger ability to cover its short-term obligations with its liquid assets.
Overall, Ingevity Corp's quick ratio has shown some variability in the recent quarters but has generally remained above 1, reflecting a generally sufficient level of liquid assets to cover its current liabilities.
Peer comparison
Dec 31, 2023