Oceaneering International Inc (OII)

Quick ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cash	US$ in thousands	461,566	568,745	538,114	452,016	373,655
Short-term investments	US$ in thousands	0	6,369	6,416	10,179	10,179
Receivables	US$ in thousands	331,326	296,554	262,960	296,214	421,360
Total current liabilities	US$ in thousands	732,476	568,414	501,161	437,116	600,956
Quick ratio		1.08	1.53	1.61	1.74	1.34

December 31, 2023 calculation

Quick ratio = (Cash + Short-term investments + Receivables) ÷ Total current liabilities
= ($461,566K + $0K + $331,326K) ÷ $732,476K
= 1.08

The quick ratio of Oceaneering International, Inc. has exhibited fluctuations over the past five years. The company's quick ratio stood at 1.50 as of December 31, 2023, reflecting a decline from the previous year. This ratio indicates that the company may have slightly fewer liquid assets readily available to cover its current liabilities in the short term.

Compared to the quick ratios of 1.96 in 2022 and 2.06 in 2021, the current ratio has experienced a downward trend. However, it is noteworthy that Oceaneering International, Inc. maintained a quick ratio above 1.0 in all the years, implying that the company has generally been able to meet its short-term obligations using its most liquid assets.

The highest quick ratio recorded was 2.35 in 2020, indicating a stronger liquidity position that year. In contrast, the quick ratio was lower at 1.78 in 2019, suggesting a comparatively weaker liquidity position.

Overall, while the recent decrease in the quick ratio may raise some concerns about the company's short-term liquidity position, it is important to consider the historical trend and the benchmark of 1.0 to assess Oceaneering International, Inc.'s ability to meet its current obligations.