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)
Amphenol Corp., short-term (operating) activity ratios
Based on: 10-K (reporting date: 2023-12-31), 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).
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Amphenol Corp. inventory turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Amphenol Corp. receivables turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Amphenol Corp. payables turnover ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023. |
| Working capital turnover | An activity ratio calculated as revenue divided by working capital. | Amphenol Corp. working capital turnover ratio improved from 2021 to 2022 and from 2022 to 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. | Amphenol Corp. number of days of inventory outstanding improved from 2021 to 2022 but then deteriorated significantly from 2022 to 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. | Amphenol Corp. operating cycle improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| 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. | Amphenol Corp. number of days of payables outstanding decreased from 2021 to 2022 but then slightly increased from 2022 to 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. | Amphenol Corp. cash conversion cycle improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Inventory Turnover
Amphenol Corp., inventory turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Cost of sales | 8,470,600) | 8,594,800) | 7,474,500) | 5,934,800) | 5,609,400) | |
| Inventories | 2,167,100) | 2,093,600) | 1,894,100) | 1,462,200) | 1,310,100) | |
| Short-term Activity Ratio | ||||||
| Inventory turnover1 | 3.91 | 4.11 | 3.95 | 4.06 | 4.28 | |
| Benchmarks | ||||||
| Inventory Turnover, Competitors2 | ||||||
| Apple Inc. | 33.82 | 45.20 | 32.37 | 41.75 | 39.40 | |
| Arista Networks Inc. | 1.15 | 1.32 | 1.64 | 1.74 | — | |
| Cisco Systems Inc. | 5.83 | 7.52 | 11.50 | 13.74 | 13.91 | |
| Dell Technologies Inc. | 16.67 | 13.45 | 19.05 | 19.27 | 17.97 | |
| Super Micro Computer Inc. | 4.04 | 2.84 | 2.90 | 3.30 | 4.48 | |
| Inventory Turnover, Sector | ||||||
| Technology Hardware & Equipment | 17.81 | 20.20 | 22.66 | 25.52 | — | |
| Inventory Turnover, Industry | ||||||
| Information Technology | 7.98 | 8.59 | 10.42 | 11.15 | — | |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Inventory turnover = Cost of sales ÷ Inventories
= 8,470,600 ÷ 2,167,100 = 3.91
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. | Amphenol Corp. inventory turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Receivables Turnover
Amphenol Corp., receivables turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net sales | 12,554,700) | 12,623,000) | 10,876,300) | 8,598,900) | 8,225,400) | |
| Accounts receivable, less allowance for doubtful accounts | 2,618,400) | 2,631,300) | 2,454,800) | 1,951,600) | 1,736,400) | |
| Short-term Activity Ratio | ||||||
| Receivables turnover1 | 4.79 | 4.80 | 4.43 | 4.41 | 4.74 | |
| Benchmarks | ||||||
| Receivables Turnover, Competitors2 | ||||||
| Apple Inc. | 12.99 | 13.99 | 13.92 | 17.03 | 11.35 | |
| Arista Networks Inc. | 5.72 | 4.75 | 5.71 | 5.95 | — | |
| Cisco Systems Inc. | 9.74 | 7.79 | 8.64 | 9.01 | 9.45 | |
| Dell Technologies Inc. | 8.20 | 7.84 | 7.37 | 7.38 | 7.33 | |
| Super Micro Computer Inc. | 6.20 | 6.23 | 7.67 | 8.27 | 8.89 | |
| Receivables Turnover, Sector | ||||||
| Technology Hardware & Equipment | 11.11 | 11.25 | 11.27 | 12.09 | — | |
| Receivables Turnover, Industry | ||||||
| Information Technology | 7.49 | 7.45 | 7.55 | 7.95 | — | |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Receivables turnover = Net sales ÷ Accounts receivable, less allowance for doubtful accounts
= 12,554,700 ÷ 2,618,400 = 4.79
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. | Amphenol Corp. receivables turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Payables Turnover
Amphenol Corp., payables turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Cost of sales | 8,470,600) | 8,594,800) | 7,474,500) | 5,934,800) | 5,609,400) | |
| Accounts payable | 1,350,900) | 1,309,100) | 1,312,000) | 1,120,700) | 866,800) | |
| Short-term Activity Ratio | ||||||
| Payables turnover1 | 6.27 | 6.57 | 5.70 | 5.30 | 6.47 | |
| Benchmarks | ||||||
| Payables Turnover, Competitors2 | ||||||
| Apple Inc. | 3.42 | 3.49 | 3.89 | 4.01 | 3.50 | |
| Arista Networks Inc. | 5.13 | 7.33 | 5.27 | 6.23 | — | |
| Cisco Systems Inc. | 9.19 | 8.47 | 7.59 | 7.94 | 9.34 | |
| Dell Technologies Inc. | 4.28 | 2.92 | 2.99 | 3.15 | 3.41 | |
| Super Micro Computer Inc. | 7.52 | 6.71 | 4.94 | 6.74 | 8.34 | |
| Payables Turnover, Sector | ||||||
| Technology Hardware & Equipment | 3.81 | 3.48 | 3.76 | 3.90 | — | |
| Payables Turnover, Industry | ||||||
| Information Technology | 4.78 | 4.24 | 4.62 | 4.91 | — | |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Payables turnover = Cost of sales ÷ Accounts payable
= 8,470,600 ÷ 1,350,900 = 6.27
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. | Amphenol Corp. payables turnover ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023. |
Working Capital Turnover
Amphenol Corp., working capital turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Current assets | 6,835,300) | 6,479,100) | 5,958,200) | 5,490,800) | 4,211,200) | |
| Less: Current liabilities | 3,152,700) | 2,676,100) | 2,447,100) | 2,304,300) | 2,132,700) | |
| Working capital | 3,682,600) | 3,803,000) | 3,511,100) | 3,186,500) | 2,078,500) | |
| Net sales | 12,554,700) | 12,623,000) | 10,876,300) | 8,598,900) | 8,225,400) | |
| Short-term Activity Ratio | ||||||
| Working capital turnover1 | 3.41 | 3.32 | 3.10 | 2.70 | 3.96 | |
| Benchmarks | ||||||
| Working Capital Turnover, Competitors2 | ||||||
| Apple Inc. | — | — | 39.10 | 7.16 | 4.56 | |
| Arista Networks Inc. | 0.90 | 1.03 | 0.80 | 0.76 | — | |
| Cisco Systems Inc. | 4.73 | 4.65 | 3.88 | 2.70 | 3.24 | |
| Dell Technologies Inc. | — | — | — | — | — | |
| Super Micro Computer Inc. | 3.95 | 3.89 | 3.96 | 3.77 | 4.29 | |
| Working Capital Turnover, Sector | ||||||
| Technology Hardware & Equipment | 59.87 | — | 31.78 | 9.38 | — | |
| Working Capital Turnover, Industry | ||||||
| Information Technology | 5.83 | 6.45 | 4.32 | 3.29 | — | |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Working capital turnover = Net sales ÷ Working capital
= 12,554,700 ÷ 3,682,600 = 3.41
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. | Amphenol Corp. working capital turnover ratio improved from 2021 to 2022 and from 2022 to 2023. |
Average Inventory Processing Period
Amphenol Corp., average inventory processing period calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Inventory turnover | 3.91 | 4.11 | 3.95 | 4.06 | 4.28 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average inventory processing period1 | 93 | 89 | 92 | 90 | 85 | |
| Benchmarks (no. days) | ||||||
| Average Inventory Processing Period, Competitors2 | ||||||
| Apple Inc. | 11 | 8 | 11 | 9 | 9 | |
| Arista Networks Inc. | 318 | 276 | 222 | 210 | — | |
| Cisco Systems Inc. | 63 | 49 | 32 | 27 | 26 | |
| Dell Technologies Inc. | 22 | 27 | 19 | 19 | 20 | |
| Super Micro Computer Inc. | 90 | 128 | 126 | 110 | 81 | |
| Average Inventory Processing Period, Sector | ||||||
| Technology Hardware & Equipment | 20 | 18 | 16 | 14 | — | |
| Average Inventory Processing Period, Industry | ||||||
| Information Technology | 46 | 43 | 35 | 33 | — | |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 3.91 = 93
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. | Amphenol Corp. number of days of inventory outstanding improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Average Receivable Collection Period
Amphenol Corp., average receivable collection period calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Receivables turnover | 4.79 | 4.80 | 4.43 | 4.41 | 4.74 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average receivable collection period1 | 76 | 76 | 82 | 83 | 77 | |
| Benchmarks (no. days) | ||||||
| Average Receivable Collection Period, Competitors2 | ||||||
| Apple Inc. | 28 | 26 | 26 | 21 | 32 | |
| Arista Networks Inc. | 64 | 77 | 64 | 61 | — | |
| Cisco Systems Inc. | 37 | 47 | 42 | 41 | 39 | |
| Dell Technologies Inc. | 45 | 47 | 50 | 49 | 50 | |
| Super Micro Computer Inc. | 59 | 59 | 48 | 44 | 41 | |
| Average Receivable Collection Period, Sector | ||||||
| Technology Hardware & Equipment | 33 | 32 | 32 | 30 | — | |
| Average Receivable Collection Period, Industry | ||||||
| Information Technology | 49 | 49 | 48 | 46 | — | |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 4.79 = 76
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
Amphenol Corp., operating cycle calculation, comparison to benchmarks
No. days
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Average inventory processing period | 93 | 89 | 92 | 90 | 85 | |
| Average receivable collection period | 76 | 76 | 82 | 83 | 77 | |
| Short-term Activity Ratio | ||||||
| Operating cycle1 | 169 | 165 | 174 | 173 | 162 | |
| Benchmarks | ||||||
| Operating Cycle, Competitors2 | ||||||
| Apple Inc. | 39 | 34 | 37 | 30 | 41 | |
| Arista Networks Inc. | 382 | 353 | 286 | 271 | — | |
| Cisco Systems Inc. | 100 | 96 | 74 | 68 | 65 | |
| Dell Technologies Inc. | 67 | 74 | 69 | 68 | 70 | |
| Super Micro Computer Inc. | 149 | 187 | 174 | 154 | 122 | |
| Operating Cycle, Sector | ||||||
| Technology Hardware & Equipment | 53 | 50 | 48 | 44 | — | |
| Operating Cycle, Industry | ||||||
| Information Technology | 95 | 92 | 83 | 79 | — | |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 93 + 76 = 169
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. | Amphenol Corp. operating cycle improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Average Payables Payment Period
Amphenol Corp., average payables payment period calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Payables turnover | 6.27 | 6.57 | 5.70 | 5.30 | 6.47 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average payables payment period1 | 58 | 56 | 64 | 69 | 56 | |
| Benchmarks (no. days) | ||||||
| Average Payables Payment Period, Competitors2 | ||||||
| Apple Inc. | 107 | 105 | 94 | 91 | 104 | |
| Arista Networks Inc. | 71 | 50 | 69 | 59 | — | |
| Cisco Systems Inc. | 40 | 43 | 48 | 46 | 39 | |
| Dell Technologies Inc. | 85 | 125 | 122 | 116 | 107 | |
| Super Micro Computer Inc. | 49 | 54 | 74 | 54 | 44 | |
| Average Payables Payment Period, Sector | ||||||
| Technology Hardware & Equipment | 96 | 105 | 97 | 94 | — | |
| Average Payables Payment Period, Industry | ||||||
| Information Technology | 76 | 86 | 79 | 74 | — | |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 6.27 = 58
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. | Amphenol Corp. number of days of payables outstanding decreased from 2021 to 2022 but then slightly increased from 2022 to 2023. |
Cash Conversion Cycle
Amphenol Corp., cash conversion cycle calculation, comparison to benchmarks
No. days
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Average inventory processing period | 93 | 89 | 92 | 90 | 85 | |
| Average receivable collection period | 76 | 76 | 82 | 83 | 77 | |
| Average payables payment period | 58 | 56 | 64 | 69 | 56 | |
| Short-term Activity Ratio | ||||||
| Cash conversion cycle1 | 111 | 109 | 110 | 104 | 106 | |
| Benchmarks | ||||||
| Cash Conversion Cycle, Competitors2 | ||||||
| Apple Inc. | -68 | -71 | -57 | -61 | -63 | |
| Arista Networks Inc. | 311 | 303 | 217 | 212 | — | |
| Cisco Systems Inc. | 60 | 53 | 26 | 22 | 26 | |
| Dell Technologies Inc. | -18 | -51 | -53 | -48 | -37 | |
| Super Micro Computer Inc. | 100 | 133 | 100 | 100 | 78 | |
| Cash Conversion Cycle, Sector | ||||||
| Technology Hardware & Equipment | -43 | -55 | -49 | -50 | — | |
| Cash Conversion Cycle, Industry | ||||||
| Information Technology | 19 | 6 | 4 | 5 | — | |
Based on: 10-K (reporting date: 2023-12-31), 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).
1 2023 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 93 + 76 – 58 = 111
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. | Amphenol Corp. cash conversion cycle improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |