• Parker-Hannifin average current ratio for 2023 was 0.98, a 36.36% decline from 2022.
• Parker-Hannifin average current ratio for 2022 was 1.54, a 7.78% decline from 2021.
• Parker-Hannifin average current ratio for 2021 was 1.67, a 10.6% decline from 2020.

Current ratio can be defined as a liquidity ratio that measures a company's ability to pay short-term obligations.