Worthington Industries Inc (WOR)
Cash ratio
| May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and cash equivalents | US$ in thousands | 250,075 | 222,844 | 193,805 | 178,547 | 244,225 | 227,310 | 430,906 | 201,009 | 454,946 | 267,244 | 129,596 | 35,768 | 34,485 | 44,324 | 225,194 | 399,246 | 640,311 | 649,505 | 713,130 | 650,068 |
| Short-term investments | US$ in thousands | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 259,132 | -16,857 | 220,415 | 143,850 | 287,630 |
| Total current liabilities | US$ in thousands | 196,842 | 180,388 | 169,464 | 166,238 | 178,376 | 202,288 | 945,342 | 868,939 | 717,558 | 664,809 | 660,891 | 784,290 | 932,261 | 1,026,700 | 820,158 | 864,257 | 787,901 | 637,261 | 557,174 | 542,184 |
| Cash ratio | 1.27 | 1.24 | 1.14 | 1.07 | 1.37 | 1.12 | 0.46 | 0.23 | 0.63 | 0.40 | 0.20 | 0.05 | 0.04 | 0.04 | 0.27 | 0.76 | 0.79 | 1.37 | 1.54 | 1.73 |
May 31, 2025 calculation
Cash ratio = (Cash and cash equivalents + Short-term investments) ÷ Total current liabilities
= ($250,075K
+ $—K)
÷ $196,842K
= 1.27
The cash ratio of Worthington Industries Inc. demonstrates notable fluctuations over the period analyzed, reflecting changes in the company’s liquidity position. Initially, on August 31, 2020, the cash ratio stood at 1.73, indicating that the company's cash and cash equivalents exceeded its current liabilities, suggesting a strong liquidity buffer. The ratio declined steadily through the subsequent periods, reaching a low of 0.04 by February 28, 2022, and May 31, 2022, which implies a significant reduction in the company's ability to cover current liabilities solely with cash and cash equivalents. This period signifies a substantial deterioration in liquidity, potentially due to increased current liabilities, decreased cash holdings, or both.
From late 2022 onward, the cash ratio exhibits a recovery trend. As of November 30, 2022, the ratio increased to 0.20, and it continued to improve, reaching 0.40 by February 28, 2023. The upward movement persisted, culminating in a ratio of 1.37 on May 31, 2024, and maintaining a relatively high level at 1.14 as of November 30, 2024. This indicates that the company's cash assets once again became sufficient to cover its short-term liabilities, suggesting enhanced liquidity management or increased cash reserves.
Overall, the data reflect a period of liquidity tightening during 2021 and early 2022, followed by a recovery phase in 2023 and 2024. The recent levels of the cash ratio above 1 in 2024-2025 signal a robust cash cushion, which positions the company favorably for meeting short-term obligations without relying on liquidating other assets. This trend underscores an overall positive shift in the company's liquidity profile after a period of vulnerability.
Peer comparison
May 31, 2025