Onto Innovation Inc (ONTO)
Quick ratio
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Cash | US$ in thousands | 233,508 | 175,872 | 169,602 | 136,720 | 130,673 |
| Short-term investments | US$ in thousands | 464,303 | 371,912 | 341,741 | 237,002 | 189,563 |
| Receivables | US$ in thousands | 226,556 | 241,395 | — | 149,251 | 123,656 |
| Total current liabilities | US$ in thousands | 147,726 | 160,558 | 154,526 | 120,091 | 85,743 |
| Quick ratio | 6.26 | 4.92 | 3.31 | 4.35 | 5.18 |
December 31, 2023 calculation
Quick ratio = (Cash + Short-term investments + Receivables) ÷ Total current liabilities
= ($233,508K
+ $464,303K
+ $226,556K)
÷ $147,726K
= 6.26
The quick ratio of Onto Innovation Inc has shown a positive trend over the past five years, indicating an improvement in the company's liquidity position. The ratio has increased from 5.18 in 2019 to 6.26 in 2023, reflecting the company's ability to meet its short-term obligations using its most liquid assets. A quick ratio of above 1 indicates that the company has more than enough liquid assets to cover its current liabilities, suggesting a strong financial position. This steady improvement in the quick ratio suggests that Onto Innovation Inc has been effectively managing its short-term liquidity and is well-positioned to meet its financial commitments in the near term.
Peer comparison
Dec 31, 2023