Which of the following is NOT considered a liquidity measure?

The debt-to-equity ratio is not considered a liquidity measure because it primarily assesses a company's financial leverage, indicating the proportion of debt used to finance a company's assets relative to shareholders' equity. This ratio provides insight into a company's capital structure and risk level but does not directly relate to the company's ability to meet its short-term liabilities with its short-term assets.

On the other hand, working capital, current ratio, and quick ratio are all measures of liquidity. Working capital represents the difference between current assets and current liabilities, reflecting the company's short-term financial health. The current ratio compares current assets to current liabilities, indicating whether a company has enough short-term assets to cover its short-term obligations. The quick ratio is a more stringent measure that excludes inventory from current assets, thus focusing on the most liquid assets available to meet liabilities. Each of these measures directly pertains to liquidity and short-term financial stability, highlighting why the debt-to-equity ratio stands apart in this context.