Average current ratio by industry: what public data shows

This report covers what public sources say about the topic behind the search. The current ratio compares a firm's current assets with its current liabilities. Neither source measures it, so the report quotes the closest published figures on cost pressure, debt and financing use among small firms. Every number is quoted from a named public source.

Does any source here give an average current ratio for retail or airlines? #

No. The Small Business Credit Survey does not publish balance-sheet ratios, and it has no airline category in the findings quoted here. It does report an industry-level figure for retail. Tariff-related cost challenges were most prevalent in retail (69%) and manufacturing (62%). Across all firms, 77% reported rising costs of goods, services, or wages, tariff-related costs, or both.

How common is debt among small firms? #

Thirty-one percent of firms had no outstanding debt in the 2025 survey, up from 21% in the 2020 survey. The source describes this as a return to prepandemic levels. Of firms that have debt, 59% used a personal guarantee to secure it and 51% used business assets. Eighty-six percent of firms use financing on a regular basis, most often credit cards and loans.

Why do firms seek financing, and what happens when they apply? #

Sixty percent of firms applied for financing in the 12 months before the survey. The most common reasons were to meet operating expenses (56%) and to pursue an expansion or new opportunity (46%). Outcomes for applicants were split three ways.

How do borrowing costs and approvals differ by lender type? #

Small banks had the highest full-approval rate in the survey: 57% of applicants that sought financing there were fully approved, more than at other lenders. Sixty percent of borrowers from online lenders said actual costs were higher than expected, and 4% said they were lower. The share of applicants seeking financing at online fintech lenders rose from 17% in the 2020 survey to 29% in the 2025 survey. These figures describe lender categories, and individual terms vary.

How do firms without employees compare? #

The Federal Reserve's nonemployer chartbook says these firms are less likely to be profitable than employer firms but more optimistic about future revenue growth. About half had no debt at the time of the 2025 survey, and 31 percent reported that they did not regularly use external financing. Nonemployer firms were more likely than employer firms to rely on owners' personal funds to address financial challenges (64% and 54%, respectively).

What this report does not measure #

No source here reports a current ratio, average or otherwise, for any industry, including retail and airlines. The ratio comes from balance-sheet data that these surveys do not collect. Searchers need a source that publishes financial statement data by industry, such as an industry ratio compendium. The survey figures above show cost pressure and financing use, not liquidity. They also come from a convenience sample, not a random one.

@techreport{fenwickfundingresearchgroup2026averagecurrentratiobyind,
  title        = {Average current ratio by industry: what public data shows},
  author       = {{Fenwick Funding Research Group}},
  institution  = {Fenwick Funding Research Group},
  year         = {2026},
  month        = {nov},
  url          = {https://fenwickfundingresearch.com/reports/average-current-ratio-by-industry-what-public-data-shows},
  note         = {Covers 2025 survey; PDF edition: https://fenwickfundingresearch.com/reports/average-current-ratio-by-industry-what-public-data-shows.pdf}
}