Stock Analysis on Net

Align Technology Inc. (NASDAQ:ALGN)

This company has been moved to the archive! The financial data has not been updated since November 3, 2023.

Analysis of Short-term (Operating) Activity Ratios
Quarterly Data

Microsoft Excel

Short-term Activity Ratios (Summary)

Align Technology Inc., short-term (operating) activity ratios (quarterly data)

Microsoft Excel
Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Turnover Ratios
Inventory turnover 3.89 3.60 3.59 3.25 3.44 3.53 3.86 4.42 4.61 5.00 5.11 5.09 5.38 4.82 5.56 5.92 6.71 7.39 8.12 9.32
Receivables turnover 4.21 4.11 4.19 4.34 4.50 4.28 4.24 4.41 4.39 4.30 3.92 3.76 3.65 4.56 4.52 4.37 4.31 4.21 4.34 4.48
Payables turnover 11.56 10.22 8.57 8.61 7.94 7.51 5.70 6.21 5.46 3.97 6.19 4.99 5.56 6.66 9.25 7.60 10.05 9.68 8.89 8.07
Working capital turnover 6.58 10.43 11.32 7.49 5.59 6.97 6.53 6.93 5.65 6.49 3.90 4.72 6.51 10.40 3.62 3.63 3.61 3.28 3.28 3.22
Average No. Days
Average inventory processing period 94 101 102 112 106 104 95 83 79 73 71 72 68 76 66 62 54 49 45 39
Add: Average receivable collection period 87 89 87 84 81 85 86 83 83 85 93 97 100 80 81 83 85 87 84 81
Operating cycle 181 190 189 196 187 189 181 166 162 158 164 169 168 156 147 145 139 136 129 120
Less: Average payables payment period 32 36 43 42 46 49 64 59 67 92 59 73 66 55 39 48 36 38 41 45
Cash conversion cycle 149 154 146 154 141 140 117 107 95 66 105 96 102 101 108 97 103 98 88 75

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Align Technology Inc. inventory turnover ratio improved from Q1 2023 to Q2 2023 and from Q2 2023 to Q3 2023.
Receivables turnover An activity ratio equal to revenue divided by receivables. Align Technology Inc. receivables turnover ratio deteriorated from Q1 2023 to Q2 2023 but then improved from Q2 2023 to Q3 2023 exceeding Q1 2023 level.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Align Technology Inc. payables turnover ratio increased from Q1 2023 to Q2 2023 and from Q2 2023 to Q3 2023.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Align Technology Inc. working capital turnover ratio deteriorated from Q1 2023 to Q2 2023 and from Q2 2023 to Q3 2023.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Align Technology Inc. number of days of inventory outstanding improved from Q1 2023 to Q2 2023 and from Q2 2023 to Q3 2023.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Align Technology Inc. operating cycle deteriorated from Q1 2023 to Q2 2023 but then improved from Q2 2023 to Q3 2023 exceeding Q1 2023 level.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Align Technology Inc. number of days of payables outstanding decreased from Q1 2023 to Q2 2023 and from Q2 2023 to Q3 2023.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Align Technology Inc. cash conversion cycle deteriorated from Q1 2023 to Q2 2023 but then improved from Q2 2023 to Q3 2023 not reaching Q1 2023 level.

Inventory Turnover

Align Technology Inc., inventory turnover calculation (quarterly data)

Microsoft Excel
Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in thousands)
Cost of net revenues 297,138 288,564 282,493 283,814 271,179 281,994 263,873 286,536 260,750 252,270 217,673 224,057 200,056 127,986 156,607 177,829 169,787 168,408 146,875 150,924 133,508 124,677 109,516
Inventories 296,189 312,736 311,885 338,752 320,903 310,046 275,669 230,230 207,116 178,751 150,643 139,237 123,093 131,276 120,977 112,051 94,795 81,124 68,489 55,641 48,858 47,252 35,866
Short-term Activity Ratio
Inventory turnover1 3.89 3.60 3.59 3.25 3.44 3.53 3.86 4.42 4.61 5.00 5.11 5.09 5.38 4.82 5.56 5.92 6.71 7.39 8.12 9.32
Benchmarks
Inventory Turnover, Competitors2
Abbott Laboratories 2.71 2.62 2.77 3.10 3.37 3.24 3.36 3.59 3.47 3.27 2.99 2.99 2.71 2.56 2.92 3.07
Cigna Group 29.58 28.53 30.04 26.13 30.87 32.34 34.32 31.58 37.54 36.13 36.50 32.70 37.84 36.30 38.13 36.70
CVS Health Corp. 16.34 16.48 15.15 14.05 14.46 14.64 13.60 13.52 13.49 13.48 12.57 11.88 12.43 13.03 12.68 12.06
Intuitive Surgical Inc. 1.99 2.21 2.25 2.27 2.36 2.62 2.82 2.98 2.90 2.84 2.64 2.49 2.18 2.22 2.30 2.30
Medtronic PLC 1.92 2.00 2.09 2.20 2.26 2.38 2.47 2.43 2.24 2.20 2.10 2.23 2.34 2.35 2.37 2.44

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q3 2023 Calculation
Inventory turnover = (Cost of net revenuesQ3 2023 + Cost of net revenuesQ2 2023 + Cost of net revenuesQ1 2023 + Cost of net revenuesQ4 2022) ÷ Inventories
= (297,138 + 288,564 + 282,493 + 283,814) ÷ 296,189 = 3.89

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Align Technology Inc. inventory turnover ratio improved from Q1 2023 to Q2 2023 and from Q2 2023 to Q3 2023.

Receivables Turnover

Align Technology Inc., receivables turnover calculation (quarterly data)

Microsoft Excel
Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in thousands)
Net revenues 960,214 1,002,173 943,147 901,515 890,348 969,553 973,219 1,031,099 1,015,906 1,010,808 894,771 834,520 734,144 352,314 550,963 649,787 607,341 600,697 548,971 534,020 505,289 490,259 436,924
Accounts receivable, net of allowance for doubtful accounts 904,178 908,395 884,430 859,685 859,629 931,854 950,892 897,198 855,037 808,079 718,957 657,704 626,046 473,314 533,004 550,291 531,816 520,094 479,281 439,009 420,276 374,371 361,459
Short-term Activity Ratio
Receivables turnover1 4.21 4.11 4.19 4.34 4.50 4.28 4.24 4.41 4.39 4.30 3.92 3.76 3.65 4.56 4.52 4.37 4.31 4.21 4.34 4.48
Benchmarks
Receivables Turnover, Competitors2
Abbott Laboratories 6.15 6.52 6.89 7.02 7.03 6.33 6.20 6.64 6.61 6.58 6.13 5.40 5.70 6.12 6.06 5.88
CVS Health Corp. 10.53 11.44 11.65 11.79 11.94 11.27 11.30 11.91 11.23 11.48 11.32 12.32 11.14 11.68 11.33 13.04
Elevance Health Inc. 17.93 18.82 16.53 18.81 19.51 18.80 16.67 20.66 18.93 18.81 17.39 19.72 18.91 18.04 16.74 18.20
Humana Inc. 55.60 68.53 30.60 55.25 56.74 26.54 27.18 45.69 42.91 32.51 35.43 66.78 64.58 31.30 33.43 60.97
Intuitive Surgical Inc. 7.12 7.37 6.95 6.60 7.20 7.11 6.52 7.30 7.90 7.38 6.96 6.75 7.32 8.56 8.73 6.94
Medtronic PLC 5.23 5.48 5.85 5.71 5.84 5.79 5.82 5.51 5.35 5.21 5.73 6.22 4.97 5.05 5.20 4.91
UnitedHealth Group Inc. 17.23 19.23 14.88 18.22 18.37 16.27 15.65 20.07 19.60 18.53 16.35 19.86 20.63 19.62 16.73 20.32

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q3 2023 Calculation
Receivables turnover = (Net revenuesQ3 2023 + Net revenuesQ2 2023 + Net revenuesQ1 2023 + Net revenuesQ4 2022) ÷ Accounts receivable, net of allowance for doubtful accounts
= (960,214 + 1,002,173 + 943,147 + 901,515) ÷ 904,178 = 4.21

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Align Technology Inc. receivables turnover ratio deteriorated from Q1 2023 to Q2 2023 but then improved from Q2 2023 to Q3 2023 exceeding Q1 2023 level.

Payables Turnover

Align Technology Inc., payables turnover calculation (quarterly data)

Microsoft Excel
Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in thousands)
Cost of net revenues 297,138 288,564 282,493 283,814 271,179 281,994 263,873 286,536 260,750 252,270 217,673 224,057 200,056 127,986 156,607 177,829 169,787 168,408 146,875 150,924 133,508 124,677 109,516
Accounts payable 99,693 110,155 130,561 127,870 138,918 145,607 186,509 163,886 174,916 225,079 124,298 142,132 119,184 94,987 72,690 87,250 63,300 61,950 62,512 64,256 43,065 48,744 41,881
Short-term Activity Ratio
Payables turnover1 11.56 10.22 8.57 8.61 7.94 7.51 5.70 6.21 5.46 3.97 6.19 4.99 5.56 6.66 9.25 7.60 10.05 9.68 8.89 8.07
Benchmarks
Payables Turnover, Competitors2
Abbott Laboratories 4.55 4.28 4.44 4.15 4.67 4.25 4.02 4.21 4.55 4.43 3.97 3.80 4.37 4.00 4.20 4.07
Cigna Group 6.76 6.92 7.18 7.31 7.44 7.44 7.89 7.68 7.71 7.60 7.74 7.75 8.02 8.30 9.06 9.34
CVS Health Corp. 19.73 21.32 22.08 18.07 18.75 19.22 19.38 19.14 18.49 20.72 20.50 19.72 18.61 21.70 21.06 20.13
Elevance Health Inc. 7.61 7.54 7.57 7.47 7.48 7.35 7.28 7.59 7.31 7.30 7.31 7.75 8.32 8.42 8.48 9.25
Humana Inc. 8.26 7.84 7.78 8.17 8.07 7.61 7.63 8.35 7.76 7.81 7.32 7.57 7.20 7.12 7.90 8.97
Intuitive Surgical Inc. 11.66 11.10 12.99 13.78 12.01 12.68 14.36 14.45 14.13 13.71 14.80 18.35 12.46 13.18 10.69 11.08
Medtronic PLC 4.68 4.60 4.62 4.46 5.14 5.41 5.67 4.98 5.56 5.19 5.56 4.72 4.96 4.84 4.89 4.69
UnitedHealth Group Inc. 7.11 7.08 6.86 7.26 7.07 6.90 6.78 7.63 6.98 6.97 6.58 7.29 7.40 8.02 6.96 7.21

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q3 2023 Calculation
Payables turnover = (Cost of net revenuesQ3 2023 + Cost of net revenuesQ2 2023 + Cost of net revenuesQ1 2023 + Cost of net revenuesQ4 2022) ÷ Accounts payable
= (297,138 + 288,564 + 282,493 + 283,814) ÷ 99,693 = 11.56

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Align Technology Inc. payables turnover ratio increased from Q1 2023 to Q2 2023 and from Q2 2023 to Q3 2023.

Working Capital Turnover

Align Technology Inc., working capital turnover calculation (quarterly data)

Microsoft Excel
Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data (US$ in thousands)
Current assets 2,701,804 2,465,456 2,331,882 2,424,391 2,500,580 2,376,804 2,480,768 2,494,075 2,455,307 2,231,825 2,115,555 1,849,538 1,473,247 1,149,244 1,576,525 1,633,419 1,505,579 1,457,374 1,439,113 1,302,479 1,224,182 1,260,999 1,168,776
Less: Current liabilities 2,122,986 2,107,065 2,004,598 1,925,887 1,809,403 1,804,414 1,863,647 1,924,071 1,790,315 1,696,581 1,393,842 1,325,601 1,121,794 941,592 910,686 970,970 870,144 789,046 804,884 692,073 618,209 566,646 517,985
Working capital 578,818 358,391 327,284 498,504 691,177 572,390 617,121 570,004 664,992 535,244 721,713 523,937 351,453 207,652 665,839 662,449 635,435 668,328 634,229 610,406 605,973 694,353 650,791
 
Net revenues 960,214 1,002,173 943,147 901,515 890,348 969,553 973,219 1,031,099 1,015,906 1,010,808 894,771 834,520 734,144 352,314 550,963 649,787 607,341 600,697 548,971 534,020 505,289 490,259 436,924
Short-term Activity Ratio
Working capital turnover1 6.58 10.43 11.32 7.49 5.59 6.97 6.53 6.93 5.65 6.49 3.90 4.72 6.51 10.40 3.62 3.63 3.61 3.28 3.28 3.22
Benchmarks
Working Capital Turnover, Competitors2
Abbott Laboratories 4.15 4.39 4.21 4.48 3.92 3.63 4.13 3.87 3.98 4.02 3.99 4.06 4.52 5.02 6.84 6.64
Cigna Group
CVS Health Corp.
Elevance Health Inc. 7.92 7.69 7.60 8.37 9.11 8.85 8.65 7.23 6.79 6.67 5.38 6.39 5.98 5.40 6.81 6.11
Humana Inc. 9.72 9.34 8.98 10.27 10.54 9.53 9.27 8.67 7.47 7.38 7.61 7.42 6.04 6.14 6.91 7.19
Intuitive Surgical Inc. 0.95 1.03 1.15 1.29 1.21 1.17 1.26 1.22 1.17 1.03 0.88 0.77 0.80 0.88 1.23 1.23
Medtronic PLC 2.81 2.82 3.84 2.97 2.21 2.13 2.15 2.15 2.02 2.00 2.44 2.48 2.03 2.13 2.16 2.26
UnitedHealth Group Inc.

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q3 2023 Calculation
Working capital turnover = (Net revenuesQ3 2023 + Net revenuesQ2 2023 + Net revenuesQ1 2023 + Net revenuesQ4 2022) ÷ Working capital
= (960,214 + 1,002,173 + 943,147 + 901,515) ÷ 578,818 = 6.58

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. Align Technology Inc. working capital turnover ratio deteriorated from Q1 2023 to Q2 2023 and from Q2 2023 to Q3 2023.

Average Inventory Processing Period

Align Technology Inc., average inventory processing period calculation (quarterly data)

Microsoft Excel
Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data
Inventory turnover 3.89 3.60 3.59 3.25 3.44 3.53 3.86 4.42 4.61 5.00 5.11 5.09 5.38 4.82 5.56 5.92 6.71 7.39 8.12 9.32
Short-term Activity Ratio (no. days)
Average inventory processing period1 94 101 102 112 106 104 95 83 79 73 71 72 68 76 66 62 54 49 45 39
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Abbott Laboratories 135 139 132 118 108 113 109 102 105 111 122 122 135 142 125 119
Cigna Group 12 13 12 14 12 11 11 12 10 10 10 11 10 10 10 10
CVS Health Corp. 22 22 24 26 25 25 27 27 27 27 29 31 29 28 29 30
Intuitive Surgical Inc. 183 166 162 161 155 139 130 122 126 129 138 147 167 164 159 159
Medtronic PLC 190 183 174 166 161 153 148 150 163 166 174 164 156 155 154 150

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q3 2023 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 3.89 = 94

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period. Align Technology Inc. number of days of inventory outstanding improved from Q1 2023 to Q2 2023 and from Q2 2023 to Q3 2023.

Average Receivable Collection Period

Align Technology Inc., average receivable collection period calculation (quarterly data)

Microsoft Excel
Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data
Receivables turnover 4.21 4.11 4.19 4.34 4.50 4.28 4.24 4.41 4.39 4.30 3.92 3.76 3.65 4.56 4.52 4.37 4.31 4.21 4.34 4.48
Short-term Activity Ratio (no. days)
Average receivable collection period1 87 89 87 84 81 85 86 83 83 85 93 97 100 80 81 83 85 87 84 81
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Abbott Laboratories 59 56 53 52 52 58 59 55 55 55 60 68 64 60 60 62
CVS Health Corp. 35 32 31 31 31 32 32 31 32 32 32 30 33 31 32 28
Elevance Health Inc. 20 19 22 19 19 19 22 18 19 19 21 19 19 20 22 20
Humana Inc. 7 5 12 7 6 14 13 8 9 11 10 5 6 12 11 6
Intuitive Surgical Inc. 51 50 53 55 51 51 56 50 46 49 52 54 50 43 42 53
Medtronic PLC 70 67 62 64 63 63 63 66 68 70 64 59 73 72 70 74
UnitedHealth Group Inc. 21 19 25 20 20 22 23 18 19 20 22 18 18 19 22 18

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q3 2023 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 4.21 = 87

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover.

Operating Cycle

Align Technology Inc., operating cycle calculation (quarterly data)

No. days

Microsoft Excel
Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data
Average inventory processing period 94 101 102 112 106 104 95 83 79 73 71 72 68 76 66 62 54 49 45 39
Average receivable collection period 87 89 87 84 81 85 86 83 83 85 93 97 100 80 81 83 85 87 84 81
Short-term Activity Ratio
Operating cycle1 181 190 189 196 187 189 181 166 162 158 164 169 168 156 147 145 139 136 129 120
Benchmarks
Operating Cycle, Competitors2
Abbott Laboratories 194 195 185 170 160 171 168 157 160 166 182 190 199 202 185 181
CVS Health Corp. 57 54 55 57 56 57 59 58 59 59 61 61 62 59 61 58
Intuitive Surgical Inc. 234 216 215 216 206 190 186 172 172 178 190 201 217 207 201 212
Medtronic PLC 260 250 236 230 224 216 211 216 231 236 238 223 229 227 224 224

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q3 2023 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 94 + 87 = 181

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Align Technology Inc. operating cycle deteriorated from Q1 2023 to Q2 2023 but then improved from Q2 2023 to Q3 2023 exceeding Q1 2023 level.

Average Payables Payment Period

Align Technology Inc., average payables payment period calculation (quarterly data)

Microsoft Excel
Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data
Payables turnover 11.56 10.22 8.57 8.61 7.94 7.51 5.70 6.21 5.46 3.97 6.19 4.99 5.56 6.66 9.25 7.60 10.05 9.68 8.89 8.07
Short-term Activity Ratio (no. days)
Average payables payment period1 32 36 43 42 46 49 64 59 67 92 59 73 66 55 39 48 36 38 41 45
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Abbott Laboratories 80 85 82 88 78 86 91 87 80 82 92 96 83 91 87 90
Cigna Group 54 53 51 50 49 49 46 48 47 48 47 47 46 44 40 39
CVS Health Corp. 19 17 17 20 19 19 19 19 20 18 18 19 20 17 17 18
Elevance Health Inc. 48 48 48 49 49 50 50 48 50 50 50 47 44 43 43 39
Humana Inc. 44 47 47 45 45 48 48 44 47 47 50 48 51 51 46 41
Intuitive Surgical Inc. 31 33 28 26 30 29 25 25 26 27 25 20 29 28 34 33
Medtronic PLC 78 79 79 82 71 67 64 73 66 70 66 77 74 75 75 78
UnitedHealth Group Inc. 51 52 53 50 52 53 54 48 52 52 56 50 49 46 52 51

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q3 2023 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 11.56 = 32

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Align Technology Inc. number of days of payables outstanding decreased from Q1 2023 to Q2 2023 and from Q2 2023 to Q3 2023.

Cash Conversion Cycle

Align Technology Inc., cash conversion cycle calculation (quarterly data)

No. days

Microsoft Excel
Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Selected Financial Data
Average inventory processing period 94 101 102 112 106 104 95 83 79 73 71 72 68 76 66 62 54 49 45 39
Average receivable collection period 87 89 87 84 81 85 86 83 83 85 93 97 100 80 81 83 85 87 84 81
Average payables payment period 32 36 43 42 46 49 64 59 67 92 59 73 66 55 39 48 36 38 41 45
Short-term Activity Ratio
Cash conversion cycle1 149 154 146 154 141 140 117 107 95 66 105 96 102 101 108 97 103 98 88 75
Benchmarks
Cash Conversion Cycle, Competitors2
Abbott Laboratories 114 110 103 82 82 85 77 70 80 84 90 94 116 111 98 91
CVS Health Corp. 38 37 38 37 37 38 40 39 39 41 43 42 42 42 44 40
Intuitive Surgical Inc. 203 183 187 190 176 161 161 147 146 151 165 181 188 179 167 179
Medtronic PLC 182 171 157 148 153 149 147 143 165 166 172 146 155 152 149 146

Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Q3 2023 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 94 + 8732 = 149

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. Align Technology Inc. cash conversion cycle deteriorated from Q1 2023 to Q2 2023 but then improved from Q2 2023 to Q3 2023 not reaching Q1 2023 level.