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)
AmerisourceBergen Corp., short-term (operating) activity ratios
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | AmerisourceBergen Corp. inventory turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | AmerisourceBergen 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. | AmerisourceBergen Corp. payables turnover ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 not reaching 2020 level. |
| 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. | AmerisourceBergen Corp. number of days of receivables outstanding deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level. |
| Operating cycle | Equal to average inventory processing period plus average receivables collection period. | AmerisourceBergen Corp. operating cycle deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 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. | AmerisourceBergen Corp. number of days of payables outstanding increased from 2020 to 2021 but then slightly decreased from 2021 to 2022 not reaching 2020 level. |
| 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. |
Inventory Turnover
AmerisourceBergen Corp., inventory turnover calculation, comparison to benchmarks
| Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Cost of goods sold | 230,290,639) | 207,045,615) | 184,702,042) | 174,450,809) | 163,327,318) | 148,597,824) | |
| Inventories | 15,556,394) | 15,368,352) | 12,589,278) | 11,060,254) | 11,918,508) | 11,461,428) | |
| Short-term Activity Ratio | |||||||
| Inventory turnover1 | 14.80 | 13.47 | 14.67 | 15.77 | 13.70 | 12.97 | |
| Benchmarks | |||||||
| Inventory Turnover, Competitors2 | |||||||
| Abbott Laboratories | 3.10 | 3.59 | 2.99 | 3.07 | — | — | |
| Cigna Group | 26.13 | 31.58 | 32.70 | 36.70 | — | — | |
| CVS Health Corp. | 14.05 | 13.52 | 11.88 | 12.06 | — | — | |
| Intuitive Surgical Inc. | 2.27 | 2.98 | 2.49 | 2.30 | — | — | |
| Medtronic PLC | 2.20 | 2.43 | 2.23 | 2.44 | — | — | |
| Inventory Turnover, Sector | |||||||
| Health Care Equipment & Services | 23.27 | 23.69 | 20.89 | 21.66 | — | — | |
| Inventory Turnover, Industry | |||||||
| Health Care | 10.93 | 10.91 | 9.96 | 10.08 | — | — | |
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
1 2022 Calculation
Inventory turnover = Cost of goods sold ÷ Inventories
= 230,290,639 ÷ 15,556,394 = 14.80
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. | AmerisourceBergen Corp. inventory turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level. |
Receivables Turnover
AmerisourceBergen Corp., receivables turnover calculation, comparison to benchmarks
| Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Revenue | 238,587,006) | 213,988,843) | 189,893,926) | 179,589,121) | 167,939,635) | 153,143,826) | |
| Accounts receivable, less allowances for returns and credit losses | 18,452,675) | 18,167,175) | 13,846,301) | 12,386,879) | 11,314,226) | 10,303,324) | |
| Short-term Activity Ratio | |||||||
| Receivables turnover1 | 12.93 | 11.78 | 13.71 | 14.50 | 14.84 | 14.86 | |
| Benchmarks | |||||||
| Receivables Turnover, Competitors2 | |||||||
| Abbott Laboratories | 7.02 | 6.64 | 5.40 | 5.88 | — | — | |
| Cigna Group | 18.64 | 19.35 | 19.47 | 20.05 | — | — | |
| CVS Health Corp. | 11.79 | 11.91 | 12.32 | 13.04 | — | — | |
| Elevance Health Inc. | 18.81 | 20.66 | 19.72 | 18.20 | — | — | |
| Humana Inc. | 55.25 | 45.69 | 66.78 | 60.97 | — | — | |
| Intuitive Surgical Inc. | 6.60 | 7.30 | 6.75 | 6.94 | — | — | |
| Medtronic PLC | 5.71 | 5.51 | 6.22 | 4.91 | — | — | |
| UnitedHealth Group Inc. | 18.22 | 20.07 | 19.86 | 20.32 | — | — | |
| Receivables Turnover, Sector | |||||||
| Health Care Equipment & Services | 14.72 | 14.99 | 15.09 | 14.97 | — | — | |
| Receivables Turnover, Industry | |||||||
| Health Care | 9.77 | 9.45 | 9.50 | 9.90 | — | — | |
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
1 2022 Calculation
Receivables turnover = Revenue ÷ Accounts receivable, less allowances for returns and credit losses
= 238,587,006 ÷ 18,452,675 = 12.93
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. | AmerisourceBergen Corp. receivables turnover ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level. |
Payables Turnover
AmerisourceBergen Corp., payables turnover calculation, comparison to benchmarks
| Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Cost of goods sold | 230,290,639) | 207,045,615) | 184,702,042) | 174,450,809) | 163,327,318) | 148,597,824) | |
| Accounts payable | 40,192,890) | 38,009,954) | 31,705,055) | 28,385,074) | 26,836,873) | 25,404,042) | |
| Short-term Activity Ratio | |||||||
| Payables turnover1 | 5.73 | 5.45 | 5.83 | 6.15 | 6.09 | 5.85 | |
| Benchmarks | |||||||
| Payables Turnover, Competitors2 | |||||||
| Abbott Laboratories | 4.15 | 4.21 | 3.80 | 4.07 | — | — | |
| Cigna Group | 7.31 | 7.68 | 7.75 | 9.34 | — | — | |
| CVS Health Corp. | 18.07 | 19.14 | 19.72 | 20.13 | — | — | |
| Elevance Health Inc. | 7.47 | 7.59 | 7.75 | 9.25 | — | — | |
| Humana Inc. | 8.17 | 8.35 | 7.57 | 8.97 | — | — | |
| Intuitive Surgical Inc. | 13.78 | 14.45 | 18.35 | 11.08 | — | — | |
| Medtronic PLC | 4.46 | 4.98 | 4.72 | 4.69 | — | — | |
| UnitedHealth Group Inc. | 7.26 | 7.63 | 7.29 | 7.21 | — | — | |
| Payables Turnover, Sector | |||||||
| Health Care Equipment & Services | 8.91 | 9.25 | 9.16 | 9.95 | — | — | |
| Payables Turnover, Industry | |||||||
| Health Care | 7.55 | 7.68 | 7.52 | 8.05 | — | — | |
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
1 2022 Calculation
Payables turnover = Cost of goods sold ÷ Accounts payable
= 230,290,639 ÷ 40,192,890 = 5.73
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. | AmerisourceBergen Corp. payables turnover ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 not reaching 2020 level. |
Working Capital Turnover
AmerisourceBergen Corp., working capital turnover calculation, comparison to benchmarks
| Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Current assets | 39,589,758) | 38,802,609) | 33,055,702) | 28,132,054) | 25,894,372) | 24,303,299) | |
| Less: Current liabilities | 43,477,955) | 41,358,641) | 33,853,077) | 29,581,294) | 27,869,687) | 26,818,165) | |
| Working capital | (3,888,197) | (2,556,032) | (797,375) | (1,449,240) | (1,975,315) | (2,514,866) | |
| Revenue | 238,587,006) | 213,988,843) | 189,893,926) | 179,589,121) | 167,939,635) | 153,143,826) | |
| Short-term Activity Ratio | |||||||
| Working capital turnover1 | — | — | — | — | — | — | |
| Benchmarks | |||||||
| Working Capital Turnover, Competitors2 | |||||||
| Abbott Laboratories | 4.48 | 3.87 | 4.06 | 6.64 | — | — | |
| Cigna Group | — | — | — | — | — | — | |
| CVS Health Corp. | — | — | — | — | — | — | |
| Elevance Health Inc. | 8.37 | 7.23 | 6.39 | 6.11 | — | — | |
| Humana Inc. | 10.27 | 8.67 | 7.42 | 7.19 | — | — | |
| Intuitive Surgical Inc. | 1.29 | 1.22 | 0.77 | 1.23 | — | — | |
| Medtronic PLC | 2.97 | 2.15 | 2.48 | 2.26 | — | — | |
| UnitedHealth Group Inc. | — | — | — | — | — | — | |
| Working Capital Turnover, Sector | |||||||
| Health Care Equipment & Services | 72.82 | 40.87 | 44.34 | 59.48 | — | — | |
| Working Capital Turnover, Industry | |||||||
| Health Care | 18.71 | 13.72 | 14.03 | 9.09 | — | — | |
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
1 2022 Calculation
Working capital turnover = Revenue ÷ Working capital
= 238,587,006 ÷ -3,888,197 = —
2 Click competitor name to see calculations.
Average Inventory Processing Period
AmerisourceBergen Corp., average inventory processing period calculation, comparison to benchmarks
| Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Inventory turnover | 14.80 | 13.47 | 14.67 | 15.77 | 13.70 | 12.97 | |
| Short-term Activity Ratio (no. days) | |||||||
| Average inventory processing period1 | 25 | 27 | 25 | 23 | 27 | 28 | |
| Benchmarks (no. days) | |||||||
| Average Inventory Processing Period, Competitors2 | |||||||
| Abbott Laboratories | 118 | 102 | 122 | 119 | — | — | |
| Cigna Group | 14 | 12 | 11 | 10 | — | — | |
| CVS Health Corp. | 26 | 27 | 31 | 30 | — | — | |
| Intuitive Surgical Inc. | 161 | 122 | 147 | 159 | — | — | |
| Medtronic PLC | 166 | 150 | 164 | 150 | — | — | |
| Average Inventory Processing Period, Sector | |||||||
| Health Care Equipment & Services | 16 | 15 | 17 | 17 | — | — | |
| Average Inventory Processing Period, Industry | |||||||
| Health Care | 33 | 33 | 37 | 36 | — | — | |
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
1 2022 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 14.80 = 25
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
AmerisourceBergen Corp., average receivable collection period calculation, comparison to benchmarks
| Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Receivables turnover | 12.93 | 11.78 | 13.71 | 14.50 | 14.84 | 14.86 | |
| Short-term Activity Ratio (no. days) | |||||||
| Average receivable collection period1 | 28 | 31 | 27 | 25 | 25 | 25 | |
| Benchmarks (no. days) | |||||||
| Average Receivable Collection Period, Competitors2 | |||||||
| Abbott Laboratories | 52 | 55 | 68 | 62 | — | — | |
| Cigna Group | 20 | 19 | 19 | 18 | — | — | |
| CVS Health Corp. | 31 | 31 | 30 | 28 | — | — | |
| Elevance Health Inc. | 19 | 18 | 19 | 20 | — | — | |
| Humana Inc. | 7 | 8 | 5 | 6 | — | — | |
| Intuitive Surgical Inc. | 55 | 50 | 54 | 53 | — | — | |
| Medtronic PLC | 64 | 66 | 59 | 74 | — | — | |
| UnitedHealth Group Inc. | 20 | 18 | 18 | 18 | — | — | |
| Average Receivable Collection Period, Sector | |||||||
| Health Care Equipment & Services | 25 | 24 | 24 | 24 | — | — | |
| Average Receivable Collection Period, Industry | |||||||
| Health Care | 37 | 39 | 38 | 37 | — | — | |
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
1 2022 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 12.93 = 28
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. | AmerisourceBergen Corp. number of days of receivables outstanding deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level. |
Operating Cycle
AmerisourceBergen Corp., operating cycle calculation, comparison to benchmarks
No. days
| Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Average inventory processing period | 25 | 27 | 25 | 23 | 27 | 28 | |
| Average receivable collection period | 28 | 31 | 27 | 25 | 25 | 25 | |
| Short-term Activity Ratio | |||||||
| Operating cycle1 | 53 | 58 | 52 | 48 | 52 | 53 | |
| Benchmarks | |||||||
| Operating Cycle, Competitors2 | |||||||
| Abbott Laboratories | 170 | 157 | 190 | 181 | — | — | |
| Cigna Group | 34 | 31 | 30 | 28 | — | — | |
| CVS Health Corp. | 57 | 58 | 61 | 58 | — | — | |
| Intuitive Surgical Inc. | 216 | 172 | 201 | 212 | — | — | |
| Medtronic PLC | 230 | 216 | 223 | 224 | — | — | |
| Operating Cycle, Sector | |||||||
| Health Care Equipment & Services | 41 | 39 | 41 | 41 | — | — | |
| Operating Cycle, Industry | |||||||
| Health Care | 70 | 72 | 75 | 73 | — | — | |
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
1 2022 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 25 + 28 = 53
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. | AmerisourceBergen Corp. operating cycle deteriorated from 2020 to 2021 but then improved from 2021 to 2022 not reaching 2020 level. |
Average Payables Payment Period
AmerisourceBergen Corp., average payables payment period calculation, comparison to benchmarks
| Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Payables turnover | 5.73 | 5.45 | 5.83 | 6.15 | 6.09 | 5.85 | |
| Short-term Activity Ratio (no. days) | |||||||
| Average payables payment period1 | 64 | 67 | 63 | 59 | 60 | 62 | |
| Benchmarks (no. days) | |||||||
| Average Payables Payment Period, Competitors2 | |||||||
| Abbott Laboratories | 88 | 87 | 96 | 90 | — | — | |
| Cigna Group | 50 | 48 | 47 | 39 | — | — | |
| CVS Health Corp. | 20 | 19 | 19 | 18 | — | — | |
| Elevance Health Inc. | 49 | 48 | 47 | 39 | — | — | |
| Humana Inc. | 45 | 44 | 48 | 41 | — | — | |
| Intuitive Surgical Inc. | 26 | 25 | 20 | 33 | — | — | |
| Medtronic PLC | 82 | 73 | 77 | 78 | — | — | |
| UnitedHealth Group Inc. | 50 | 48 | 50 | 51 | — | — | |
| Average Payables Payment Period, Sector | |||||||
| Health Care Equipment & Services | 41 | 39 | 40 | 37 | — | — | |
| Average Payables Payment Period, Industry | |||||||
| Health Care | 48 | 48 | 49 | 45 | — | — | |
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
1 2022 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 5.73 = 64
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. | AmerisourceBergen Corp. number of days of payables outstanding increased from 2020 to 2021 but then slightly decreased from 2021 to 2022 not reaching 2020 level. |
Cash Conversion Cycle
AmerisourceBergen Corp., cash conversion cycle calculation, comparison to benchmarks
No. days
| Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Average inventory processing period | 25 | 27 | 25 | 23 | 27 | 28 | |
| Average receivable collection period | 28 | 31 | 27 | 25 | 25 | 25 | |
| Average payables payment period | 64 | 67 | 63 | 59 | 60 | 62 | |
| Short-term Activity Ratio | |||||||
| Cash conversion cycle1 | -11 | -9 | -11 | -11 | -8 | -9 | |
| Benchmarks | |||||||
| Cash Conversion Cycle, Competitors2 | |||||||
| Abbott Laboratories | 82 | 70 | 94 | 91 | — | — | |
| Cigna Group | -16 | -17 | -17 | -11 | — | — | |
| CVS Health Corp. | 37 | 39 | 42 | 40 | — | — | |
| Intuitive Surgical Inc. | 190 | 147 | 181 | 179 | — | — | |
| Medtronic PLC | 148 | 143 | 146 | 146 | — | — | |
| Cash Conversion Cycle, Sector | |||||||
| Health Care Equipment & Services | 0 | 0 | 1 | 4 | — | — | |
| Cash Conversion Cycle, Industry | |||||||
| Health Care | 22 | 24 | 26 | 28 | — | — | |
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
1 2022 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 25 + 28 – 64 = -11
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. |