• Caterpillar average quick ratio for 2023 was 0.88, a 1.12% decline from 2022.
• Caterpillar average quick ratio for 2022 was 0.89, a 17.59% decline from 2021.
• Caterpillar average quick ratio for 2021 was 1.08, a 2.86% decline from 2020.

Quick ratio can be defined as a liquidity ratio that measures a company's ability to pay short-term obligations. It is calculated by subtracting inventory from current assets and dividing by current liabilities.