{"id":40303,"date":"2022-10-23T14:54:15","date_gmt":"2022-10-23T14:54:15","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=40303"},"modified":"2025-12-23T13:40:20","modified_gmt":"2025-12-23T13:40:20","slug":"peer-comparison-of-companys-liquidity","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-issuers\/peer-comparison-of-companys-liquidity\/","title":{"rendered":"Peer Comparison of Company&#8217;s Liquidity"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Working Capital and Liquidity (2025 Level I CFA\u00ae Exam \u2013 Corporate issuers \u2013 Module 5)\",\n  \"description\": \"This video lesson covers the concept of leverage and its impact on company performance. It explains business, operating, and financial risk; how to calculate and interpret degrees of leverage; and how leverage affects net income and return on equity. It also covers breakeven and operating breakeven sales calculations.\",\n  \"uploadDate\": \"2022-09-30T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/i.ytimg.com\/vi\/qwQXR6SdLvA\/hqdefault.jpg\",\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=qwQXR6SdLvA\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/qwQXR6SdLvA\",\n  \"duration\": \"PT47M50S\"\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"What are the current ratios for Company ABC and Company XYZ?\",\n    \"text\": \"Question\\nThe following table gives information for companies ABC and XYZ:\\n\\nCompany ABC\\nCurrent assets ($): 10,500,000\\nCurrent liabilities ($): 12,000,000\\n\\nCompany XYZ\\nCurrent assets ($): 4,500,000\\nCurrent liabilities ($): 8,000,000\\n\\nThe current ratio for each company is closest to:\\n\\nA. Company ABC: 0.88; Company XYZ: 0.56.\\nB. Company ABC: 0.56; Company XYZ: 0.88.\\nC. Company ABC: 1.14; Company XYZ: 1.78.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is A. Company ABC's current ratio = 10,500,000 \/ 12,000,000 = 0.875. Company XYZ's current ratio = 4,500,000 \/ 8,000,000 = 0.5625.\"\n    }\n  }\n}\n<\/script>\n\n\n\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/qwQXR6SdLvA?si=FHL3FCbb4Lo12ERP\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n\n\n<p><br \/>A company\u2019s liquidity determines its creditworthiness and capacity to borrow at cheaper rates and with better credit conditions, increasing its flexibility.<\/p>\n<p>The less liquid it is, the more likely a corporation is to go bankrupt. Similarly, the less liquid a corporation is, the more likely it is to slide into financial difficulties. The primary indicator of a company\u2019s solvency is its cash flows since it must settle debt obligations with cash.<\/p>\n<p>The liquidity of a corporation may be evaluated using the following financial ratios:<\/p>\n<h2><strong>Liquidity Ratios<\/strong><\/h2>\n<p>Liquidity ratios assist in measuring the ability of a company to satisfy short-term obligations when they fall due. Comparing a company\u2019s liquidity ratios with those of peer companies in the same industry can determine the relative creditworthiness of the company.<\/p>\n<p>Common liquidity ratios include:<\/p>\n<p>$$\\begin{align} \\text{Current ratio}&amp;=\\cfrac{ \\text{Current assets} }{\\text{Current liabilities}}\\\\ \\text{Quick ratio}&amp;=\\cfrac{ \\text{Cash &amp; cash equivalents} +\\text{Short-term investments} +\\text{Account receivable} }{\\text{Current liabilities}}\\\\ \\text{Cash ratio}&amp;=\\cfrac{ \\text{Cash+Short-term marketable instruments} }{\\text{Current liabilities}}\\end{align} $$<\/p>\n<p>The greater the value of a company\u2019s current ratio, quick ratio, or cash ratio, the greater its level of liquidity.<\/p>\n<h2><strong>\u00a0<\/strong><strong>Activity Ratios<\/strong><\/h2>\n<p><strong>\u00a0<\/strong>The accounts receivable turnover ratio measures the average number of times accounts receivables are created from credit sales and collected during a year.<\/p>\n<p>$$ \\text{Accounts Receivable Turnover}=\\cfrac{ \\text{Credit Sales} }{\\text{Average receivables}}$$<\/p>\n<p>The inventory turnover ratio measures the average number of times new inventory is obtained and sold during a year.<\/p>\n<p>$$ \\text{Inventory Turnover} =\\cfrac{ \\text{Cost of goods sold} }{\\text{Average inventory}}$$<\/p>\n<p>The number of days of receivables ratio indicates how well a company manages the extension and collection of credit it gives its customers.<\/p>\n<p>$$\\text{Number of days of receivables (Days sales outstanding)}=\\frac{\\text{Average accounts receivable}}{\\text{Average day\u2019s sales on credit}}=\\frac{\\text{Average accounts receivable}}{\\text{Sales on credit \/ 365}}$$<\/p>\n<p>The number of days of inventory ratio indicates the average length of time that inventory remains with a company during its financial year.<\/p>\n<p>$$\\text{Number of days of inventory(Days of inventory outstanding)}= \\frac{\\text{Average inventory}}{\\text{Avarage day\u2019s cost of goods sold}}=\\frac{\\text{Average inventory}}{\\text{Cost of goods sold \/ 365}}$$<\/p>\n<p>The number of days of payables is another ratio that tells us how long it takes a company to pay its suppliers.<\/p>\n<p>$$\\text{Number of days of payables(Days of payable outstanding)}= \\frac{\\text{Average accounts payable}}{\\text{Avarage day\u2019s Purchases}}=\\frac{\\text{Average accounts payable}}{\\text{Purchases\/ 365}}$$<\/p>\n<p>$$\\text{Cash conversion cycle = Days of inventory + Days of receivables \u2013 Days of payables}$$<\/p>\n<p>Ratios are best utilized when a company can compare the values of its ratios over time with those of its peer group. The peer group includes competitors within the same industry and other companies of comparable size.<\/p>\n<blockquote>\n<h2><strong>Question<\/strong><\/h2>\n<p>The following table gives information for companies ABC and XYZ:<\/p>\n<p>$$ \\begin{array}{c|c|c} {} &amp; {\\textbf{Company ABC}} &amp; {\\textbf{Company XYZ}} \\\\ \\hline { \\text{Current assets }($)} &amp; {10,500,000} &amp; {4,500,000} \\\\ \\hline { \\text{Current liabilities }($)} &amp; {12,000,000} &amp; {8,000,000} \\\\ \\end{array} $$<\/p>\n<p>The current ratio for each company is <em>closest to:<\/em><\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li>Company ABC: 0.88; Company XYZ: 0.56.<\/li>\n<li>Company ABC: 0.56; Company XYZ: 0.88.<\/li>\n<li>Company ABC: 1.14; Company XYZ: 1.78.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>A<\/strong>.<\/p>\n<p>Company ABC\u2019s current ratio = \\(\\frac{$10,500,000}{$12,000,000} = 0.875\\).<\/p>\n<p>Company XYZ\u2019s current ratio = \\(\\frac{$4,500,000}{$8,000,000} = 0.5625\\).<\/p>\n<\/blockquote>","protected":false},"excerpt":{"rendered":"<p>A company\u2019s liquidity determines its creditworthiness and capacity to borrow at cheaper rates and with better credit conditions, increasing its flexibility. The less liquid it is, the more likely a corporation is to go bankrupt. Similarly, the less liquid a&#8230;<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-40303","post","type-post","status-publish","format-standard","hentry","category-corporate-issuers","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Comparing Company Liquidity with Peers | CFA Level 1<\/title>\n<meta name=\"description\" content=\"Learn what a company&#039;s liquidity is and how to evaluate it through peer comparison. 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