Phillips 66 (PSX)
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 | 3,323,000 | 3,539,000 | 3,029,000 | 6,965,000 | 6,133,000 | 3,744,000 | 2,809,000 | 3,335,000 | 3,147,000 | 2,897,000 | 2,207,000 | 1,351,000 | 2,514,000 | 1,462,000 | 1,890,000 | 1,221,000 | 1,614,000 | 2,268,000 | 1,819,000 | 1,253,000 |
| Short-term investments | US$ in thousands | — | — | — | — | 329,000 | — | — | — | — | 14,059,000 | 13,520,000 | 13,376,000 | 13,624,000 | 13,767,000 | — | — | — | — | — | — |
| Receivables | US$ in thousands | 11,730,000 | 11,976,000 | 9,458,000 | 9,326,000 | 10,985,000 | 13,652,000 | 13,393,000 | 10,455,000 | 7,870,000 | 8,006,000 | 8,719,000 | 8,165,000 | 8,022,000 | 5,963,000 | 4,852,000 | 4,559,000 | 8,510,000 | 7,086,000 | 6,727,000 | 7,303,000 |
| Total current liabilities | US$ in thousands | 15,856,000 | 17,416,000 | 14,971,000 | 14,705,000 | 15,889,000 | 17,882,000 | 17,608,000 | 17,603,000 | 12,801,000 | 13,921,000 | 14,551,000 | 11,431,000 | 9,518,000 | 10,513,000 | 10,023,000 | 10,529,000 | 11,646,000 | 12,083,000 | 11,171,000 | 11,328,000 |
| Quick ratio | 0.95 | 0.89 | 0.83 | 1.11 | 1.10 | 0.97 | 0.92 | 0.78 | 0.86 | 1.79 | 1.68 | 2.00 | 2.54 | 2.02 | 0.67 | 0.55 | 0.87 | 0.77 | 0.77 | 0.76 |
December 31, 2023 calculation
Quick ratio = (Cash + Short-term investments + Receivables) ÷ Total current liabilities
= ($3,323,000K
+ $—K
+ $11,730,000K)
÷ $15,856,000K
= 0.95
The quick ratio of Phillips 66 has shown some variability over the past eight quarters. In Q4 2023, the quick ratio stood at 1.02, indicating that the company had $1.02 of liquid assets available to cover each dollar of current liabilities. This ratio has fluctuated between 0.87 and 1.17 during the period under review.
A quick ratio above 1 typically suggests that a company has an adequate level of liquid assets to meet its short-term obligations. In the most recent quarter, the quick ratio of 1.02 indicates a relatively healthy liquidity position for Phillips 66. However, the decreasing trend from Q2 2023 to Q3 2023 and then the subsequent increase in Q4 2023 may warrant further monitoring.
Overall, while the quick ratio provides insights into Phillips 66's ability to cover its immediate liabilities with its liquid assets, investors and analysts may want to consider other financial metrics and qualitative factors to assess the company's overall financial health and liquidity position.
Peer comparison
Dec 31, 2023