Onto Innovation Inc (ONTO)
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 | 233,508 | 206,585 | 224,257 | 230,484 | 175,872 | 200,383 | 180,175 | 172,463 | 169,602 | 152,207 | 134,218 | 126,450 | 136,720 | 101,606 | 129,388 | 101,320 | 130,673 | 51,009 | 94,035 | 95,212 |
| Short-term investments | US$ in thousands | 464,303 | 423,079 | 385,346 | 353,034 | 371,912 | 352,329 | 364,825 | 369,448 | 341,741 | 309,344 | 276,621 | 266,450 | 237,002 | 238,797 | 182,673 | 190,629 | 189,563 | 93,101 | 50,947 | 52,851 |
| Receivables | US$ in thousands | 226,556 | 209,520 | 187,852 | — | 241,395 | — | — | — | — | 179,766 | 174,662 | 141,876 | 149,251 | 131,429 | 137,529 | 149,229 | 123,656 | 56,969 | 51,602 | 45,252 |
| Total current liabilities | US$ in thousands | 147,726 | 135,758 | 136,937 | 148,418 | 160,558 | 169,553 | 176,667 | 184,679 | 154,526 | 148,617 | 133,168 | 126,412 | 120,091 | 97,231 | 98,715 | 94,328 | 85,743 | 49,831 | 50,955 | 50,407 |
| Quick ratio | 6.26 | 6.18 | 5.82 | 3.93 | 4.92 | 3.26 | 3.08 | 2.93 | 3.31 | 4.32 | 4.40 | 4.23 | 4.35 | 4.85 | 4.55 | 4.68 | 5.18 | 4.04 | 3.86 | 3.84 |
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 generally increasing trend over the past five quarters, with some fluctuations in between. The quick ratio measures the company's ability to meet its short-term obligations using its most liquid assets. A quick ratio above 1 indicates that the company has enough liquid assets to cover its current liabilities.
The quick ratio of Onto Innovation Inc has consistently been well above 1, indicating strong liquidity and the ability to meet short-term obligations comfortably. The ratio peaked at 6.26 in December 2023, reflecting a significant increase in liquid assets compared to current liabilities. This high level of liquidity suggests that the company is in a strong financial position and has a buffer to handle any unexpected disruptions or financial challenges.
Overall, the upward trend in the quick ratio demonstrates Onto Innovation Inc's prudent management of liquidity and its ability to efficiently manage its working capital. Investors and stakeholders may view this as a positive indicator of the company's financial health and stability.
Peer comparison
Dec 31, 2023