Synaptics Incorporated (SYNA)

Cash ratio

		Jun 30, 2025	Mar 31, 2025	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
Cash and cash equivalents	US$ in thousands	391,500	360,400	596,100	853,600	876,900	828,100	846,100	801,300	924,700	898,000	818,800	867,800	824,000	690,300	502,800	347,300	836,300	756,200	309,900	180,200
Short-term investments	US$ in thousands	61,000	61,000	11,100	33,000	38,100	500	2,600	23,100	9,600	35,900	40,100	44,000	52,000	64,600	71,100	—	—	—	7,000	63,700
Total current liabilities	US$ in thousands	270,900	247,500	229,800	253,900	277,200	210,900	253,300	245,500	260,100	268,900	299,300	365,300	463,400	393,000	365,200	303,500	786,700	276,100	225,500	257,500
Cash ratio		1.67	1.70	2.64	3.49	3.30	3.93	3.35	3.36	3.59	3.47	2.87	2.50	1.89	1.92	1.57	1.14	1.06	2.74	1.41	0.95

June 30, 2025 calculation

Cash ratio = (Cash and cash equivalents + Short-term investments) ÷ Total current liabilities
= ($391,500K + $61,000K) ÷ $270,900K
= 1.67

The cash ratio of Synaptics Incorporated exhibits notable fluctuations over the period from September 2020 through June 2025. Initially, the ratio was relatively conservative at 0.95 as of September 30, 2020, indicating that the company's cash and cash equivalents narrowly covered its current liabilities, with some dependence on other current assets for liquidity.

Throughout 2021, the cash ratio increased significantly, surpassing 1. with a peak of 2.74 on March 31, 2021. This suggests an improving liquidity position wherein the company held substantially more cash relative to its current liabilities, potentially reflecting a cautious approach to liquidity management or a strategic accumulation of cash reserves.

In 2022, the ratio remained robust, reaching a high of 2.87 at year's end. The upward trend continued into early 2023, with the ratio peaking at 3.47 on March 31, 2023, representing a scenario where cash holdings were more than three times current liabilities. This elevated level commonly indicates a strong liquidity buffer, reducing reliance on receivables or inventory in meeting short-term obligations.

Throughout 2023, however, the ratio experienced a gradual decline, decreasing to approximately 3.36 by September 30, and further declining to 2.64 by the end of December 2024. Despite this reduction, the cash ratio remained above 2 at the end of 2024, still reflecting a robust liquidity position.

In 2025, the cash ratio decreased further, reaching 1.70 by March 31 and 1.67 by June 30. Although lower than previous years, these figures still indicate that Synaptics maintained enough cash and near-cash assets to cover its current liabilities comfortably, though the margin of safety has narrowed.

Overall, Synaptics Incorporated's cash ratio during this period shows a pattern of strengthening liquidity through early 2023, followed by a gradual but consistent decline. Nonetheless, the ratios consistently remained above 1, demonstrating maintained coverage of current liabilities through cash and cash equivalents, and suggesting prudent liquidity management over the analyzed period.