Analysis of Short-term (Operating) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Short-term Activity Ratios (Summary)
CSX Corp., short-term (operating) activity ratios
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | CSX Corp. inventory turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | CSX Corp. receivables turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level. |
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | CSX Corp. payables turnover ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level. |
| Working capital turnover | An activity ratio calculated as revenue divided by working capital. | CSX Corp. working capital turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
| 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. | |
| 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. | CSX Corp. operating cycle deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 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. | |
| 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. | CSX Corp. cash conversion cycle deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Inventory Turnover
CSX Corp., inventory turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 14,853) | 12,522) | 10,583) | 11,937) | 12,250) | |
| Materials and supplies | 341) | 339) | 302) | 261) | 263) | |
| Short-term Activity Ratio | ||||||
| Inventory turnover1 | 43.56 | 36.94 | 35.04 | 45.74 | 46.58 | |
| Benchmarks | ||||||
| Inventory Turnover, Competitors2 | ||||||
| FedEx Corp. | 146.80 | 143.03 | 121.01 | 126.03 | — | |
| Union Pacific Corp. | 33.57 | 35.11 | 30.62 | — | — | |
| United Airlines Holdings Inc. | 40.54 | 25.06 | 16.48 | — | — | |
| United Parcel Service Inc. | 112.87 | 135.69 | 136.50 | — | — | |
| Inventory Turnover, Sector | ||||||
| Transportation | 83.93 | 81.51 | 70.20 | — | — | |
| Inventory Turnover, Industry | ||||||
| Industrials | 4.30 | 4.04 | 3.72 | — | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Inventory turnover = Revenue ÷ Materials and supplies
= 14,853 ÷ 341 = 43.56
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. | CSX Corp. inventory turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
Receivables Turnover
CSX Corp., receivables turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 14,853) | 12,522) | 10,583) | 11,937) | 12,250) | |
| Accounts receivable, net | 1,313) | 1,148) | 912) | 986) | 1,010) | |
| Short-term Activity Ratio | ||||||
| Receivables turnover1 | 11.31 | 10.91 | 11.60 | 12.11 | 12.13 | |
| Benchmarks | ||||||
| Receivables Turnover, Competitors2 | ||||||
| FedEx Corp. | 7.88 | 6.96 | 6.85 | 7.65 | — | |
| Uber Technologies Inc. | 11.47 | 7.16 | 10.38 | — | — | |
| Union Pacific Corp. | 13.15 | 12.66 | 12.98 | — | — | |
| United Airlines Holdings Inc. | 24.96 | 14.81 | 11.86 | — | — | |
| United Parcel Service Inc. | 7.97 | 7.76 | 7.87 | — | — | |
| Receivables Turnover, Sector | ||||||
| Transportation | 9.56 | 8.05 | 8.08 | — | — | |
| Receivables Turnover, Industry | ||||||
| Industrials | 8.17 | 7.76 | 7.58 | — | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Receivables turnover = Revenue ÷ Accounts receivable, net
= 14,853 ÷ 1,313 = 11.31
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. | CSX Corp. receivables turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level. |
Payables Turnover
CSX Corp., payables turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | 14,853) | 12,522) | 10,583) | 11,937) | 12,250) | |
| Accounts payable | 1,130) | 963) | 809) | 1,043) | 949) | |
| Short-term Activity Ratio | ||||||
| Payables turnover1 | 13.14 | 13.00 | 13.08 | 11.44 | 12.91 | |
| Benchmarks | ||||||
| Payables Turnover, Competitors2 | ||||||
| FedEx Corp. | 23.20 | 21.86 | 21.17 | 23.00 | — | |
| Uber Technologies Inc. | 27.00 | 10.87 | 21.93 | — | — | |
| Union Pacific Corp. | 31.73 | 28.99 | 31.92 | — | — | |
| United Airlines Holdings Inc. | 13.24 | 9.62 | 9.63 | — | — | |
| United Parcel Service Inc. | 13.36 | 12.93 | 13.11 | — | — | |
| Payables Turnover, Sector | ||||||
| Transportation | 17.23 | 15.26 | 15.94 | — | — | |
| Payables Turnover, Industry | ||||||
| Industrials | 7.86 | 7.84 | 7.52 | — | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Payables turnover = Revenue ÷ Accounts payable
= 14,853 ÷ 1,130 = 13.14
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. | CSX Corp. payables turnover ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level. |
Working Capital Turnover
CSX Corp., working capital turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current assets | 3,849) | 3,873) | 4,441) | 3,278) | 2,565) | |
| Less: Current liabilities | 2,471) | 2,233) | 2,019) | 2,151) | 1,915) | |
| Working capital | 1,378) | 1,640) | 2,422) | 1,127) | 650) | |
| Revenue | 14,853) | 12,522) | 10,583) | 11,937) | 12,250) | |
| Short-term Activity Ratio | ||||||
| Working capital turnover1 | 10.78 | 7.64 | 4.37 | 10.59 | 18.85 | |
| Benchmarks | ||||||
| Working Capital Turnover, Competitors2 | ||||||
| FedEx Corp. | 15.35 | 12.13 | 11.46 | 17.11 | — | |
| Uber Technologies Inc. | 80.50 | — | 3.69 | — | — | |
| Union Pacific Corp. | — | — | 476.41 | — | — | |
| United Airlines Holdings Inc. | 681.14 | 6.98 | 7.40 | — | — | |
| United Parcel Service Inc. | 24.61 | 13.21 | 26.45 | — | — | |
| Working Capital Turnover, Sector | ||||||
| Transportation | 32.61 | 15.90 | 13.91 | — | — | |
| Working Capital Turnover, Industry | ||||||
| Industrials | 10.27 | 6.91 | 4.52 | — | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Working capital turnover = Revenue ÷ Working capital
= 14,853 ÷ 1,378 = 10.78
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. | CSX Corp. working capital turnover ratio improved from 2020 to 2021 and from 2021 to 2022. |
Average Inventory Processing Period
CSX Corp., average inventory processing period calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Inventory turnover | 43.56 | 36.94 | 35.04 | 45.74 | 46.58 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average inventory processing period1 | 8 | 10 | 10 | 8 | 8 | |
| Benchmarks (no. days) | ||||||
| Average Inventory Processing Period, Competitors2 | ||||||
| FedEx Corp. | 2 | 3 | 3 | 3 | — | |
| Union Pacific Corp. | 11 | 10 | 12 | — | — | |
| United Airlines Holdings Inc. | 9 | 15 | 22 | — | — | |
| United Parcel Service Inc. | 3 | 3 | 3 | — | — | |
| Average Inventory Processing Period, Sector | ||||||
| Transportation | 4 | 4 | 5 | — | — | |
| Average Inventory Processing Period, Industry | ||||||
| Industrials | 85 | 90 | 98 | — | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 43.56 = 8
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. |
Average Receivable Collection Period
CSX Corp., average receivable collection period calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Receivables turnover | 11.31 | 10.91 | 11.60 | 12.11 | 12.13 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average receivable collection period1 | 32 | 33 | 31 | 30 | 30 | |
| Benchmarks (no. days) | ||||||
| Average Receivable Collection Period, Competitors2 | ||||||
| FedEx Corp. | 46 | 52 | 53 | 48 | — | |
| Uber Technologies Inc. | 32 | 51 | 35 | — | — | |
| Union Pacific Corp. | 28 | 29 | 28 | — | — | |
| United Airlines Holdings Inc. | 15 | 25 | 31 | — | — | |
| United Parcel Service Inc. | 46 | 47 | 46 | — | — | |
| Average Receivable Collection Period, Sector | ||||||
| Transportation | 38 | 45 | 45 | — | — | |
| Average Receivable Collection Period, Industry | ||||||
| Industrials | 45 | 47 | 48 | — | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 11.31 = 32
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
CSX Corp., operating cycle calculation, comparison to benchmarks
No. days
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Average inventory processing period | 8 | 10 | 10 | 8 | 8 | |
| Average receivable collection period | 32 | 33 | 31 | 30 | 30 | |
| Short-term Activity Ratio | ||||||
| Operating cycle1 | 40 | 43 | 41 | 38 | 38 | |
| Benchmarks | ||||||
| Operating Cycle, Competitors2 | ||||||
| FedEx Corp. | 48 | 55 | 56 | 51 | — | |
| Union Pacific Corp. | 39 | 39 | 40 | — | — | |
| United Airlines Holdings Inc. | 24 | 40 | 53 | — | — | |
| United Parcel Service Inc. | 49 | 50 | 49 | — | — | |
| Operating Cycle, Sector | ||||||
| Transportation | 42 | 49 | 50 | — | — | |
| Operating Cycle, Industry | ||||||
| Industrials | 130 | 137 | 146 | — | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 8 + 32 = 40
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. | CSX Corp. operating cycle deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Average Payables Payment Period
CSX Corp., average payables payment period calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Payables turnover | 13.14 | 13.00 | 13.08 | 11.44 | 12.91 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average payables payment period1 | 28 | 28 | 28 | 32 | 28 | |
| Benchmarks (no. days) | ||||||
| Average Payables Payment Period, Competitors2 | ||||||
| FedEx Corp. | 16 | 17 | 17 | 16 | — | |
| Uber Technologies Inc. | 14 | 34 | 17 | — | — | |
| Union Pacific Corp. | 12 | 13 | 11 | — | — | |
| United Airlines Holdings Inc. | 28 | 38 | 38 | — | — | |
| United Parcel Service Inc. | 27 | 28 | 28 | — | — | |
| Average Payables Payment Period, Sector | ||||||
| Transportation | 21 | 24 | 23 | — | — | |
| Average Payables Payment Period, Industry | ||||||
| Industrials | 46 | 47 | 49 | — | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 13.14 = 28
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. |
Cash Conversion Cycle
CSX Corp., cash conversion cycle calculation, comparison to benchmarks
No. days
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Average inventory processing period | 8 | 10 | 10 | 8 | 8 | |
| Average receivable collection period | 32 | 33 | 31 | 30 | 30 | |
| Average payables payment period | 28 | 28 | 28 | 32 | 28 | |
| Short-term Activity Ratio | ||||||
| Cash conversion cycle1 | 12 | 15 | 13 | 6 | 10 | |
| Benchmarks | ||||||
| Cash Conversion Cycle, Competitors2 | ||||||
| FedEx Corp. | 32 | 38 | 39 | 35 | — | |
| Union Pacific Corp. | 27 | 26 | 29 | — | — | |
| United Airlines Holdings Inc. | -4 | 2 | 15 | — | — | |
| United Parcel Service Inc. | 22 | 22 | 21 | — | — | |
| Cash Conversion Cycle, Sector | ||||||
| Transportation | 21 | 25 | 27 | — | — | |
| Cash Conversion Cycle, Industry | ||||||
| Industrials | 84 | 90 | 97 | — | — | |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 8 + 32 – 28 = 12
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. | CSX Corp. cash conversion cycle deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |