iCFO Finsights. Data-driven benchmark insights for advisors
Advisors are often asked whether a business’s liquidity position is “healthy.”
The challenge is that liquidity norms vary dramatically by industry — and looking at raw ratios without context can be misleading.
To help ground those conversations, we analyzed firm-level financial data from over 1 million U.S. businesses to see how liquidity typically shows up across industries.
Below is a snapshot of industries with the highest and lowest median Current Ratios, based on 6-digit NAICS benchmarks.
Industries with the Highest Typical Liquidity
Median Current Ratio (NAICS 6-digit)
Minimum firm count applied
| Industry | NAICS | Firms | Median Current Ration |
| Libraries & Archives | 519120 | 626 | 9 |
| Labor Unions & Similar Organizations | 813930 | 1635 | 5.9 |
| Museums | 712120 | 263 | 5.3 |
| Civic & Social Organizations | 813312 | 403 | 5.1 |
| Religious Organizations | 813211 | 466 | 4.9 |
| Other Information Services | 519190 | 325 | 4.6 |
| Historical Sites | 712130 | 258 | 4.5 |
| Social Advocacy Organizations | 813940 | 151 | 4.3 |
| Zoos & Botanical Gardens | 712110 | 2,155 | 4.2 |
| Securities Brokerage | 523120 | 2,074 | 4.2 |
Industries with the Tightest Liquidity
Median Current Ratio (NAICS 6-digit)
| Industry | NAICS | Firms | Median Current Ration |
| Hotels (Except Casino Hotels) | 721110 | 3,863 | 0.64 |
| Amusement & Theme Parks | 713110 | 105 | 0.66 |
| Bed-and-Breakfast Inns | 721191 | 372 | 0.71 |
| Other Traveler Accommodation | 721199 | 352 | 0.73 |
| Scenic Transportation | 487990 | 54 | 0.76 |
| Passenger Car Rental | 532111 | 435 | 0.79 |
| RV Parks & Campgrounds | 721214 | 852 | 0.89 |
Why these differences matter
Industries with very high liquidity often share structural characteristics such as:
- Grant, dues, or donation-based funding
- Cash collected in advance of spending
- Low short-term liabilities
- Conservative balance-sheet policies
By contrast, industries with lower liquidity tend to be:
- Asset-heavy
- Payroll- and inventory-intensive
- Dependent on continuous cash turnover
- Designed to operate with thinner working-capital buffers
In other words, a “strong” current ratio in one industry may be unrealistic — or even inefficient — in another.
How advisors use this insight
Advisors often use industry liquidity norms to:
- Set realistic expectations with clients
- Explain why peer balance sheets look different
- Distinguish structural liquidity from operational performance
- Support financing, restructuring, and growth conversations
Want to see how this looks in practice?
Compare liquidity, profitability, growth, and capital structure by industry, size, and region — using the same firm-level data.
Explore Benchmarks by NAICS Code, Size, or Region
The real value isn’t in any single ranking.
It’s having contextual benchmarks that help advisors explain why numbers look the way they do.
This analysis is part of the iCFO Finsights series, recently announced as an ongoing benchmark initiative for advisors.