Penn National Gaming Inc (PENN)

Cash 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 and cash equivalents	US$ in thousands	1,071,800	1,317,900	1,271,600	1,311,300	1,624,000	1,728,400	1,708,300	1,805,500	1,863,900	2,729,300	2,274,700	2,062,200	1,853,800	1,873,100	1,244,300	730,700	437,400	406,900	378,800	400,300
Short-term investments	US$ in thousands	10,700	8,600	20,200	13,900	17,100	20,600	31,400	48,200	84,300	176,800	161,900	169,300	143,100	112,100	48,300	18,700	40,500	28,300	—	—
Total current liabilities	US$ in thousands	1,490,000	1,252,800	1,226,700	1,271,000	1,158,700	1,148,300	1,085,900	1,122,900	1,133,200	1,077,700	958,100	947,300	860,000	921,400	827,800	813,900	905,600	877,300	860,506	820,383
Cash ratio		0.73	1.06	1.05	1.04	1.42	1.52	1.60	1.65	1.72	2.70	2.54	2.36	2.32	2.15	1.56	0.92	0.53	0.50	0.44	0.49

December 31, 2023 calculation

Cash ratio = (Cash and cash equivalents + Short-term investments) ÷ Total current liabilities
= ($1,071,800K + $10,700K) ÷ $1,490,000K
= 0.73

The cash ratio of PENN Entertainment Inc has shown a declining trend over the past few quarters based on the data provided. The cash ratio, which measures the company's ability to cover its current liabilities using only its cash and cash equivalents, decreased from 1.52 in Q4 2022 to 0.90 in Q4 2023.

A decreasing trend in the cash ratio may indicate that the company's liquidity position has weakened over time, as it now has less cash available to cover its short-term obligations. This could raise concerns about the company's ability to meet its immediate financial obligations without relying on other sources of funding.

It is important for investors and stakeholders to closely monitor the cash ratio of PENN Entertainment Inc to assess its liquidity risk and financial health. Further analysis and investigation into the reasons behind the declining cash ratio would be necessary to understand the company's liquidity position and financial stability more comprehensively.