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)
Inventory Turnover
Receivables Turnover
Payables Turnover
Working Capital Turnover
Average Inventory Processing Period
Average Receivable Collection Period
Operating Cycle
Average Payables Payment Period
Cash Conversion Cycle

Cintas Corp., short-term (operating) activity ratios (quarterly data)

	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018
Turnover Ratios
Inventory turnover	12.69	12.43	11.97	10.75	10.08	9.44	9.16	8.61	8.70	9.21	8.94	8.36	8.55	8.36	7.89	7.01	7.03	7.80	9.42	11.08	11.06	11.31	11.25	—	—	—
Receivables turnover	7.25	7.54	7.71	7.46	7.22	7.51	7.65	7.60	7.37	7.50	7.81	7.58	7.62	7.84	7.89	7.42	7.62	8.10	8.14	7.70	7.51	7.64	7.57	—	—	—
Payables turnover	11.97	12.52	14.48	15.75	15.12	14.95	15.36	16.24	14.41	14.94	16.79	17.32	16.54	19.09	16.47	15.71	13.71	15.09	16.67	16.07	15.12	16.03	16.65	—	—	—
Working capital turnover	8.55	9.22	7.07	5.36	5.48	4.94	5.16	5.65	6.25	7.08	6.55	120.40	15.56	34.83	7.83	4.04	4.35	4.46	4.97	5.07	5.98	6.00	6.22	—	—	—
Average No. Days
Average inventory processing period	29	29	30	34	36	39	40	42	42	40	41	44	43	44	46	52	52	47	39	33	33	32	32	—	—	—
Add: Average receivable collection period	50	48	47	49	51	49	48	48	49	49	47	48	48	47	46	49	48	45	45	47	49	48	48	—	—	—
Operating cycle	79	77	77	83	87	88	88	90	91	89	88	92	91	91	92	101	100	92	84	80	82	80	80	—	—	—
Less: Average payables payment period	30	29	25	23	24	24	24	22	25	24	22	21	22	19	22	23	27	24	22	23	24	23	22	—	—	—
Cash conversion cycle	49	48	52	60	63	64	64	68	66	65	66	71	69	72	70	78	73	68	62	57	58	57	58	—	—	—

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Short-term activity ratio	Description	The company
Inventory turnover	An activity ratio calculated as cost of goods sold divided by inventory.	Cintas Corp. inventory turnover ratio improved from Q4 2024 to Q1 2025 and from Q1 2025 to Q2 2025.
Receivables turnover	An activity ratio equal to revenue divided by receivables.	Cintas Corp. receivables turnover ratio deteriorated from Q4 2024 to Q1 2025 and from Q1 2025 to Q2 2025.
Payables turnover	An activity ratio calculated as cost of goods sold divided by payables.	Cintas Corp. payables turnover ratio decreased from Q4 2024 to Q1 2025 and from Q1 2025 to Q2 2025.
Working capital turnover	An activity ratio calculated as revenue divided by working capital.	Cintas Corp. working capital turnover ratio improved from Q4 2024 to Q1 2025 but then slightly deteriorated from Q1 2025 to Q2 2025.

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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.	Cintas Corp. number of days of receivables outstanding deteriorated from Q4 2024 to Q1 2025 and from Q1 2025 to Q2 2025.
Operating cycle	Equal to average inventory processing period plus average receivables collection period.
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.	Cintas Corp. number of days of payables outstanding increased from Q4 2024 to Q1 2025 and from Q1 2025 to Q2 2025.
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.	Cintas Corp. cash conversion cycle improved from Q4 2024 to Q1 2025 but then slightly deteriorated from Q1 2025 to Q2 2025.

Cintas Corp., inventory turnover calculation (quarterly data)

	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018
Selected Financial Data (US$ in thousands)
Cost of revenue	1,285,080)	1,249,456)	1,255,486)	1,218,325)	1,235,629)	1,200,759)	1,195,693)	1,155,955)	1,152,411)	1,138,342)	1,128,491)	1,062,388)	1,037,140)	994,194)	976,611)	967,540)	937,164)	920,374)	911,764)	986,253)	991,358)	961,997)	970,165)	927,177)	943,110)	923,263)
Inventories, net	394,605)	399,078)	410,201)	451,215)	474,840)	498,354)	506,604)	531,270)	514,839)	473,888)	472,150)	486,750)	464,864)	463,692)	481,797)	533,211)	534,128)	488,165)	408,898)	352,924)	348,304)	336,290)	334,589)	339,805)	321,874)	303,770)
Short-term Activity Ratio
Inventory turnover¹	12.69	12.43	11.97	10.75	10.08	9.44	9.16	8.61	8.70	9.21	8.94	8.36	8.55	8.36	7.89	7.01	7.03	7.80	9.42	11.08	11.06	11.31	11.25	—	—	—

¹ Q2 2025 Calculation
Inventory turnover = (Cost of revenue_{Q2 2025} + Cost of revenue_{Q1 2025} + Cost of revenue_{Q4 2024} + Cost of revenue_{Q3 2024}) ÷ Inventories, net
= (1,285,080 + 1,249,456 + 1,255,486 + 1,218,325) ÷ 394,605 = 12.69

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Short-term activity ratio	Description	The company
Inventory turnover	An activity ratio calculated as cost of goods sold divided by inventory.	Cintas Corp. inventory turnover ratio improved from Q4 2024 to Q1 2025 and from Q1 2025 to Q2 2025.

Cintas Corp., receivables turnover calculation (quarterly data)

	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018
Selected Financial Data (US$ in thousands)
Revenue	2,561,783)	2,501,587)	2,470,935)	2,406,173)	2,377,177)	2,342,330)	2,284,471)	2,189,986)	2,174,858)	2,166,454)	2,074,686)	1,960,542)	1,922,281)	1,896,950)	1,835,661)	1,777,056)	1,757,048)	1,746,575)	1,619,584)	1,810,648)	1,843,749)	1,811,139)	1,793,730)	1,682,330)	1,718,268)	1,697,975)
Accounts receivable, net	1,370,493)	1,293,791)	1,244,182)	1,262,077)	1,273,974)	1,197,342)	1,152,993)	1,133,096)	1,135,833)	1,082,783)	1,006,220)	1,004,632)	975,442)	927,360)	901,710)	929,492)	910,266)	866,414)	870,369)	942,853)	949,122)	917,535)	910,120)	878,037)	904,062)	838,192)
Short-term Activity Ratio
Receivables turnover¹	7.25	7.54	7.71	7.46	7.22	7.51	7.65	7.60	7.37	7.50	7.81	7.58	7.62	7.84	7.89	7.42	7.62	8.10	8.14	7.70	7.51	7.64	7.57	—	—	—

¹ Q2 2025 Calculation
Receivables turnover = (Revenue_{Q2 2025} + Revenue_{Q1 2025} + Revenue_{Q4 2024} + Revenue_{Q3 2024}) ÷ Accounts receivable, net
= (2,561,783 + 2,501,587 + 2,470,935 + 2,406,173) ÷ 1,370,493 = 7.25

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Short-term activity ratio	Description	The company
Receivables turnover	An activity ratio equal to revenue divided by receivables.	Cintas Corp. receivables turnover ratio deteriorated from Q4 2024 to Q1 2025 and from Q1 2025 to Q2 2025.

Cintas Corp., payables turnover calculation (quarterly data)

	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018
Selected Financial Data (US$ in thousands)
Cost of revenue	1,285,080)	1,249,456)	1,255,486)	1,218,325)	1,235,629)	1,200,759)	1,195,693)	1,155,955)	1,152,411)	1,138,342)	1,128,491)	1,062,388)	1,037,140)	994,194)	976,611)	967,540)	937,164)	920,374)	911,764)	986,253)	991,358)	961,997)	970,165)	927,177)	943,110)	923,263)
Accounts payable	418,259)	395,931)	339,166)	307,941)	316,697)	314,743)	302,292)	281,649)	310,986)	292,321)	251,504)	235,051)	240,322)	202,968)	230,786)	237,857)	274,021)	252,513)	230,995)	243,248)	254,611)	237,242)	226,020)	214,567)	211,900)	214,011)
Short-term Activity Ratio
Payables turnover¹	11.97	12.52	14.48	15.75	15.12	14.95	15.36	16.24	14.41	14.94	16.79	17.32	16.54	19.09	16.47	15.71	13.71	15.09	16.67	16.07	15.12	16.03	16.65	—	—	—

¹ Q2 2025 Calculation
Payables turnover = (Cost of revenue_{Q2 2025} + Cost of revenue_{Q1 2025} + Cost of revenue_{Q4 2024} + Cost of revenue_{Q3 2024}) ÷ Accounts payable
= (1,285,080 + 1,249,456 + 1,255,486 + 1,218,325) ÷ 418,259 = 11.97

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Short-term activity ratio	Description	The company
Payables turnover	An activity ratio calculated as cost of goods sold divided by payables.	Cintas Corp. payables turnover ratio decreased from Q4 2024 to Q1 2025 and from Q1 2025 to Q2 2025.

Cintas Corp., working capital turnover calculation (quarterly data)

	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018
Selected Financial Data (US$ in thousands)
Current assets	3,170,391)	3,043,392)	3,185,207)	3,030,996)	3,036,739)	2,987,528)	2,938,459)	2,910,156)	2,893,170)	2,747,790)	2,631,983)	2,686,741)	2,655,474)	2,477,666)	2,843,309)	2,978,556)	3,102,773)	2,666,177)	2,309,699)	2,497,706)	2,490,287)	2,289,818)	2,236,280)	2,223,756)	2,215,870)	2,104,378)
Less: Current liabilities	2,007,767)	1,984,889)	1,828,519)	1,273,895)	1,357,602)	1,168,839)	1,230,062)	1,388,261)	1,553,737)	1,599,541)	1,432,890)	2,623,490)	2,177,928)	2,269,039)	1,934,085)	1,270,360)	1,508,472)	1,093,350)	885,195)	1,066,646)	1,297,251)	1,122,882)	1,127,733)	994,351)	1,114,686)	679,094)
Working capital	1,162,624)	1,058,503)	1,356,688)	1,757,101)	1,679,137)	1,818,689)	1,708,397)	1,521,895)	1,339,433)	1,148,249)	1,199,093)	63,251)	477,546)	208,627)	909,224)	1,708,196)	1,594,301)	1,572,827)	1,424,504)	1,431,060)	1,193,036)	1,166,936)	1,108,547)	1,229,405)	1,101,184)	1,425,284)

Revenue	2,561,783)	2,501,587)	2,470,935)	2,406,173)	2,377,177)	2,342,330)	2,284,471)	2,189,986)	2,174,858)	2,166,454)	2,074,686)	1,960,542)	1,922,281)	1,896,950)	1,835,661)	1,777,056)	1,757,048)	1,746,575)	1,619,584)	1,810,648)	1,843,749)	1,811,139)	1,793,730)	1,682,330)	1,718,268)	1,697,975)
Short-term Activity Ratio
Working capital turnover¹	8.55	9.22	7.07	5.36	5.48	4.94	5.16	5.65	6.25	7.08	6.55	120.40	15.56	34.83	7.83	4.04	4.35	4.46	4.97	5.07	5.98	6.00	6.22	—	—	—

¹ Q2 2025 Calculation
Working capital turnover = (Revenue_{Q2 2025} + Revenue_{Q1 2025} + Revenue_{Q4 2024} + Revenue_{Q3 2024}) ÷ Working capital
= (2,561,783 + 2,501,587 + 2,470,935 + 2,406,173) ÷ 1,162,624 = 8.55

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Short-term activity ratio	Description	The company
Working capital turnover	An activity ratio calculated as revenue divided by working capital.	Cintas Corp. working capital turnover ratio improved from Q4 2024 to Q1 2025 but then slightly deteriorated from Q1 2025 to Q2 2025.

Cintas Corp., average inventory processing period calculation (quarterly data)

	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018
Selected Financial Data
Inventory turnover	12.69	12.43	11.97	10.75	10.08	9.44	9.16	8.61	8.70	9.21	8.94	8.36	8.55	8.36	7.89	7.01	7.03	7.80	9.42	11.08	11.06	11.31	11.25	—	—	—
Short-term Activity Ratio (no. days)
Average inventory processing period¹	29	29	30	34	36	39	40	42	42	40	41	44	43	44	46	52	52	47	39	33	33	32	32	—	—	—

¹ Q2 2025 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 12.69 = 29

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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.

Cintas Corp., average receivable collection period calculation (quarterly data)

	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018
Selected Financial Data
Receivables turnover	7.25	7.54	7.71	7.46	7.22	7.51	7.65	7.60	7.37	7.50	7.81	7.58	7.62	7.84	7.89	7.42	7.62	8.10	8.14	7.70	7.51	7.64	7.57	—	—	—
Short-term Activity Ratio (no. days)
Average receivable collection period¹	50	48	47	49	51	49	48	48	49	49	47	48	48	47	46	49	48	45	45	47	49	48	48	—	—	—

¹ Q2 2025 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 7.25 = 50

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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.	Cintas Corp. number of days of receivables outstanding deteriorated from Q4 2024 to Q1 2025 and from Q1 2025 to Q2 2025.

Cintas Corp., operating cycle calculation (quarterly data)

No. days

	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018
Selected Financial Data
Average inventory processing period	29	29	30	34	36	39	40	42	42	40	41	44	43	44	46	52	52	47	39	33	33	32	32	—	—	—
Average receivable collection period	50	48	47	49	51	49	48	48	49	49	47	48	48	47	46	49	48	45	45	47	49	48	48	—	—	—
Short-term Activity Ratio
Operating cycle¹	79	77	77	83	87	88	88	90	91	89	88	92	91	91	92	101	100	92	84	80	82	80	80	—	—	—

¹ Q2 2025 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 29 + 50 = 79

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Short-term activity ratio	Description	The company
Operating cycle	Equal to average inventory processing period plus average receivables collection period.

Cintas Corp., average payables payment period calculation (quarterly data)

	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018
Selected Financial Data
Payables turnover	11.97	12.52	14.48	15.75	15.12	14.95	15.36	16.24	14.41	14.94	16.79	17.32	16.54	19.09	16.47	15.71	13.71	15.09	16.67	16.07	15.12	16.03	16.65	—	—	—
Short-term Activity Ratio (no. days)
Average payables payment period¹	30	29	25	23	24	24	24	22	25	24	22	21	22	19	22	23	27	24	22	23	24	23	22	—	—	—

¹ Q2 2025 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 11.97 = 30

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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.	Cintas Corp. number of days of payables outstanding increased from Q4 2024 to Q1 2025 and from Q1 2025 to Q2 2025.

Cintas Corp., cash conversion cycle calculation (quarterly data)

No. days

	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018
Selected Financial Data
Average inventory processing period	29	29	30	34	36	39	40	42	42	40	41	44	43	44	46	52	52	47	39	33	33	32	32	—	—	—
Average receivable collection period	50	48	47	49	51	49	48	48	49	49	47	48	48	47	46	49	48	45	45	47	49	48	48	—	—	—
Average payables payment period	30	29	25	23	24	24	24	22	25	24	22	21	22	19	22	23	27	24	22	23	24	23	22	—	—	—
Short-term Activity Ratio
Cash conversion cycle¹	49	48	52	60	63	64	64	68	66	65	66	71	69	72	70	78	73	68	62	57	58	57	58	—	—	—

¹ Q2 2025 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 29 + 50 – 30 = 49

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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.	Cintas Corp. cash conversion cycle improved from Q4 2024 to Q1 2025 but then slightly deteriorated from Q1 2025 to Q2 2025.

Cintas Corp. (NASDAQ:CTAS)

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

Short-term Activity Ratios (Summary)

Inventory Turnover

Receivables Turnover

Payables Turnover

Working Capital Turnover

Average Inventory Processing Period

Average Receivable Collection Period

Operating Cycle

Average Payables Payment Period

Cash Conversion Cycle

Cintas Corp. (NASDAQ:CTAS)

Analysis of Short-term (Operating) Activity RatiosQuarterly Data

Short-term Activity Ratios (Summary)

Inventory Turnover

Receivables Turnover

Payables Turnover

Working Capital Turnover

Average Inventory Processing Period

Average Receivable Collection Period

Operating Cycle

Average Payables Payment Period

Cash Conversion Cycle

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