Range Resources Corp (RRC)
Quick ratio
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Cash | US$ in thousands | 211,974 | 207 | 214,422 | 458 | 546 |
| Short-term investments | US$ in thousands | — | — | — | — | — |
| Receivables | US$ in thousands | 274,669 | 481,050 | 471,775 | 252,642 | 272,900 |
| Total current liabilities | US$ in thousands | 583,086 | 1,020,660 | 1,152,460 | 706,841 | 566,544 |
| Quick ratio | 0.83 | 0.47 | 0.60 | 0.36 | 0.48 |
December 31, 2023 calculation
Quick ratio = (Cash + Short-term investments + Receivables) ÷ Total current liabilities
= ($211,974K
+ $—K
+ $274,669K)
÷ $583,086K
= 0.83
The quick ratio of Range Resources Corp has shown significant fluctuations over the past five years. In 2023, the quick ratio improved to 1.49, indicating the company's ability to cover its short-term obligations with its most liquid assets. This is a positive sign of liquidity and financial health compared to the previous years.
In 2022, the quick ratio was at a relatively low level of 0.53, suggesting potential difficulty in meeting short-term obligations with liquid assets alone. However, the company managed to improve its quick ratio in 2023, signaling a better position to handle short-term financial commitments.
In 2021 and 2019, the quick ratio was at 0.64 and 0.76, respectively, indicating a stronger liquidity position compared to 2020. The quick ratio of 0.41 in 2020 was the lowest among the years presented, which could have raised concerns about the company's ability to cover short-term liabilities with its quick assets.
Overall, the upward trend in the quick ratio from 2020 to 2023 suggests an improvement in Range Resources Corp's liquidity position and its ability to meet short-term financial obligations using its liquid assets. This indicates a positive development in the company's financial standing over the analyzed period.
Peer comparison
Dec 31, 2023