Patterson-UTI Energy Inc (PTEN)
Quick ratio
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Cash | US$ in thousands | 192,680 | 137,553 | 117,524 | 224,915 | 174,185 |
| Short-term investments | US$ in thousands | — | — | — | — | — |
| Receivables | US$ in thousands | 998,040 | 565,919 | 356,150 | 164,642 | 346,096 |
| Total current liabilities | US$ in thousands | 1,050,440 | 550,966 | 435,853 | 273,722 | 400,602 |
| Quick ratio | 1.13 | 1.28 | 1.09 | 1.42 | 1.30 |
December 31, 2023 calculation
Quick ratio = (Cash + Short-term investments + Receivables) ÷ Total current liabilities
= ($192,680K
+ $—K
+ $998,040K)
÷ $1,050,440K
= 1.13
The quick ratio of Patterson-UTI Energy Inc has shown some fluctuations over the past five years. In 2023, the quick ratio decreased to 1.24 from 1.40 in 2022. This indicates that the company may have slightly decreased its ability to meet its short-term obligations using its most liquid assets.
Comparing 2023 to 2021, when the quick ratio was also 1.24, it seems that the company has maintained its liquidity position at a similar level. However, there was a significant drop from 1.63 in 2020 to 1.24 in 2021, suggesting a potential decline in the company's short-term liquidity at that time.
Looking back to 2019, the quick ratio was 1.49, indicating that the company had a higher level of liquidity to cover its short-term liabilities compared to the most recent years.
Overall, while the quick ratio has varied over the years, it is important for Patterson-UTI Energy Inc to closely monitor its liquidity position and ensure that it maintains a healthy balance between liquid assets and short-term liabilities to support its operations effectively.
Peer comparison
Dec 31, 2023