Patterson-UTI Energy Inc (PTEN)
Cash ratio
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | US$ in thousands | 239,182 | 113,379 | 72,444 | 167,665 | 190,108 | 61,856 | 150,288 | 157,218 | 137,553 | 42,735 | 19,636 | 48,264 | 117,524 | 191,284 | 216,682 | 214,144 | 224,915 | 303,741 | 246,781 | 152,200 |
| Short-term investments | US$ in thousands | 2,111 | 2,103 | — | 385,360 | 2,572 | 5,192 | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Total current liabilities | US$ in thousands | 841,993 | 858,402 | 851,197 | 916,901 | 1,050,440 | 1,037,130 | 454,321 | 486,824 | 550,966 | 459,996 | 448,421 | 396,180 | 435,853 | 338,849 | 293,482 | 272,260 | 273,722 | 263,397 | 272,139 | 354,282 |
| Cash ratio | 0.29 | 0.13 | 0.09 | 0.60 | 0.18 | 0.06 | 0.33 | 0.32 | 0.25 | 0.09 | 0.04 | 0.12 | 0.27 | 0.56 | 0.74 | 0.79 | 0.82 | 1.15 | 0.91 | 0.43 |
December 31, 2024 calculation
Cash ratio = (Cash and cash equivalents + Short-term investments) ÷ Total current liabilities
= ($239,182K
+ $2,111K)
÷ $841,993K
= 0.29
Patterson-UTI Energy Inc's cash ratio, which measures the company's ability to cover its short-term liabilities with its cash and cash equivalents, has displayed fluctuations over the period from March 31, 2020, to December 31, 2024.
The cash ratio started at 0.43 on March 31, 2020, indicating that the company had $0.43 in cash and cash equivalents for every dollar of its current liabilities. The ratio then showed an increasing trend, reaching its highest point of 1.15 on September 30, 2020, suggesting a stronger liquidity position.
However, from December 31, 2020, to June 30, 2022, the cash ratio experienced a declining trend, dropping to 0.04 by June 30, 2022. This significant decrease may raise concerns about the company's ability to cover its short-term obligations with its available cash.
Subsequently, the cash ratio witnessed fluctuations but generally remained below 0.60 until June 30, 2024. This range indicates that Patterson-UTI Energy Inc may have faced challenges in maintaining a robust cash position relative to its short-term liabilities during this period.
Investors and analysts should carefully monitor the company's cash management strategies and overall liquidity position to assess its ability to meet financial obligations in the short term.
Peer comparison
Dec 31, 2024