Stock Analysis on Net

Becton, Dickinson & Co. (NYSE:BDX)

This company has been moved to the archive! The financial data has not been updated since May 5, 2022.

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

Microsoft Excel

Short-term Activity Ratios (Summary)

Becton, Dickinson & Co., short-term (operating) activity ratios (quarterly data)

Microsoft Excel
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015
Turnover Ratios
Inventory turnover 3.33 3.56 3.78 3.58 3.46 3.51 3.48 3.15 3.35 3.28 3.49 3.42 3.42 3.72 3.56 3.13 2.87 2.09 3.38 3.40 3.63 3.77 3.78
Receivables turnover 8.70 9.15 8.11 9.57 8.91 7.68 7.14 8.49 8.06 8.37 7.37 7.71 7.48 7.70 6.89 6.57 5.89 6.13 6.93 6.95 7.85 8.18 7.72
Working capital turnover 5.73 12.68 9.15 11.12 4.08 7.24 5.46 6.13 17.14 31.45 81.96 10.39 4.38 4.63 0.79 0.81 14.11 20.13 6.35
Average No. Days
Average inventory processing period 110 102 97 102 105 104 105 116 109 111 105 107 107 98 103 117 127 174 108 107 101 97 97
Add: Average receivable collection period 42 40 45 38 41 48 51 43 45 44 50 47 49 47 53 56 62 60 53 53 46 45 47
Operating cycle 152 142 142 140 146 152 156 159 154 155 155 154 156 145 156 173 189 234 161 160 147 142 144

Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Becton, Dickinson & Co. inventory turnover ratio deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.
Receivables turnover An activity ratio equal to revenue divided by receivables. Becton, Dickinson & Co. receivables turnover ratio improved from Q4 2021 to Q1 2022 but then slightly deteriorated from Q1 2022 to Q2 2022.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Becton, Dickinson & Co. working capital turnover ratio improved from Q4 2021 to Q1 2022 but then deteriorated significantly from Q1 2022 to Q2 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. Becton, Dickinson & Co. number of days of inventory outstanding deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Becton, Dickinson & Co. number of days of receivables outstanding improved from Q4 2021 to Q1 2022 but then slightly deteriorated from Q1 2022 to Q2 2022.
Operating cycle Equal to average inventory processing period plus average receivables collection period.

Inventory Turnover

Becton, Dickinson & Co., inventory turnover calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Cost of products sold 2,706 2,572 2,848 2,729 2,661 2,583 2,578 2,195 2,520 2,247 2,318 2,276 2,221 2,187 2,312 2,261 2,618 1,530 1,613 1,531 1,537 1,470 1,679 1,651 1,584 1,578
Inventories 3,258 3,035 2,866 2,947 2,895 2,814 2,743 2,945 2,794 2,760 2,579 2,629 2,627 2,522 2,451 2,562 2,543 2,967 1,818 1,829 1,747 1,692 1,719 1,835 1,846 1,985
Short-term Activity Ratio
Inventory turnover1 3.33 3.56 3.78 3.58 3.46 3.51 3.48 3.15 3.35 3.28 3.49 3.42 3.42 3.72 3.56 3.13 2.87 2.09 3.38 3.40 3.63 3.77 3.78
Benchmarks
Inventory Turnover, Competitors2
Abbott Laboratories 3.24 3.36 3.59 3.47 3.27 2.99 2.99 2.71 2.56 2.92 3.07
Cigna Group 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. 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. 2.62 2.82 2.98 2.90 2.84 2.64 2.49 2.18 2.22 2.30 2.30
Medtronic PLC 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: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31).

1 Q2 2022 Calculation
Inventory turnover = (Cost of products soldQ2 2022 + Cost of products soldQ1 2022 + Cost of products soldQ4 2021 + Cost of products soldQ3 2021) ÷ Inventories
= (2,706 + 2,572 + 2,848 + 2,729) ÷ 3,258 = 3.33

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. Becton, Dickinson & Co. inventory turnover ratio deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.

Receivables Turnover

Becton, Dickinson & Co., receivables turnover calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Revenues 5,011 4,995 5,136 4,890 4,907 5,315 4,784 3,855 4,253 4,225 4,585 4,350 4,195 4,160 4,403 4,278 4,222 3,080 3,167 3,035 2,969 2,922 3,232 3,198 3,067 2,986
Trade receivables, net 2,303 2,177 2,497 2,078 2,118 2,370 2,398 1,993 2,160 2,074 2,345 2,220 2,279 2,216 2,319 2,243 2,293 2,000 1,744 1,749 1,569 1,518 1,618 1,618 1,574 1,513
Short-term Activity Ratio
Receivables turnover1 8.70 9.15 8.11 9.57 8.91 7.68 7.14 8.49 8.06 8.37 7.37 7.71 7.48 7.70 6.89 6.57 5.89 6.13 6.93 6.95 7.85 8.18 7.72
Benchmarks
Receivables Turnover, Competitors2
Abbott Laboratories 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. 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. 18.80 16.67 20.66 18.93 18.81 17.39 19.72 18.91 18.04 16.74 18.20
Humana Inc. 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. 7.11 6.52 7.30 7.90 7.38 6.96 6.75 7.32 8.56 8.73 6.94
Medtronic PLC 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. 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: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31).

1 Q2 2022 Calculation
Receivables turnover = (RevenuesQ2 2022 + RevenuesQ1 2022 + RevenuesQ4 2021 + RevenuesQ3 2021) ÷ Trade receivables, net
= (5,011 + 4,995 + 5,136 + 4,890) ÷ 2,303 = 8.70

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. Becton, Dickinson & Co. receivables turnover ratio improved from Q4 2021 to Q1 2022 but then slightly deteriorated from Q1 2022 to Q2 2022.

Working Capital Turnover

Becton, Dickinson & Co., working capital turnover calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Current assets 10,152 8,307 8,838 9,538 10,000 9,537 8,969 8,827 8,555 6,438 6,664 6,781 6,844 6,941 7,411 7,525 7,512 7,542 18,633 18,212 4,891 5,187 6,367 6,534 6,612 5,641
Less: Current liabilities 6,657 6,735 6,626 7,749 5,376 7,021 5,836 6,067 8,755 6,726 5,655 6,237 7,108 7,145 7,216 6,106 4,426 4,895 3,342 3,273 4,018 4,570 4,400 4,219 4,380 4,529
Working capital 3,495 1,572 2,212 1,789 4,624 2,516 3,133 2,760 (200) (288) 1,009 544 (264) (204) 195 1,419 3,086 2,647 15,291 14,939 873 617 1,967 2,315 2,232 1,112
 
Revenues 5,011 4,995 5,136 4,890 4,907 5,315 4,784 3,855 4,253 4,225 4,585 4,350 4,195 4,160 4,403 4,278 4,222 3,080 3,167 3,035 2,969 2,922 3,232 3,198 3,067 2,986
Short-term Activity Ratio
Working capital turnover1 5.73 12.68 9.15 11.12 4.08 7.24 5.46 6.13 17.14 31.45 81.96 10.39 4.38 4.63 0.79 0.81 14.11 20.13 6.35
Benchmarks
Working Capital Turnover, Competitors2
Abbott Laboratories 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. 8.85 8.65 7.23 6.79 6.67 5.38 6.39 5.98 5.40 6.81 6.11
Humana Inc. 9.53 9.27 8.67 7.47 7.38 7.61 7.42 6.04 6.14 6.91 7.19
Intuitive Surgical Inc. 1.17 1.26 1.22 1.17 1.03 0.88 0.77 0.80 0.88 1.23 1.23
Medtronic PLC 2.13 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: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31).

1 Q2 2022 Calculation
Working capital turnover = (RevenuesQ2 2022 + RevenuesQ1 2022 + RevenuesQ4 2021 + RevenuesQ3 2021) ÷ Working capital
= (5,011 + 4,995 + 5,136 + 4,890) ÷ 3,495 = 5.73

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. Becton, Dickinson & Co. working capital turnover ratio improved from Q4 2021 to Q1 2022 but then deteriorated significantly from Q1 2022 to Q2 2022.

Average Inventory Processing Period

Becton, Dickinson & Co., average inventory processing period calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015
Selected Financial Data
Inventory turnover 3.33 3.56 3.78 3.58 3.46 3.51 3.48 3.15 3.35 3.28 3.49 3.42 3.42 3.72 3.56 3.13 2.87 2.09 3.38 3.40 3.63 3.77 3.78
Short-term Activity Ratio (no. days)
Average inventory processing period1 110 102 97 102 105 104 105 116 109 111 105 107 107 98 103 117 127 174 108 107 101 97 97
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Abbott Laboratories 113 109 102 105 111 122 122 135 142 125 119
Cigna Group 11 11 12 10 10 10 11 10 10 10 10
CVS Health Corp. 25 27 27 27 27 29 31 29 28 29 30
Intuitive Surgical Inc. 139 130 122 126 129 138 147 167 164 159 159
Medtronic PLC 153 148 150 163 166 174 164 156 155 154 150

Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31).

1 Q2 2022 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 3.33 = 110

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. Becton, Dickinson & Co. number of days of inventory outstanding deteriorated from Q4 2021 to Q1 2022 and from Q1 2022 to Q2 2022.

Average Receivable Collection Period

Becton, Dickinson & Co., average receivable collection period calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015
Selected Financial Data
Receivables turnover 8.70 9.15 8.11 9.57 8.91 7.68 7.14 8.49 8.06 8.37 7.37 7.71 7.48 7.70 6.89 6.57 5.89 6.13 6.93 6.95 7.85 8.18 7.72
Short-term Activity Ratio (no. days)
Average receivable collection period1 42 40 45 38 41 48 51 43 45 44 50 47 49 47 53 56 62 60 53 53 46 45 47
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Abbott Laboratories 58 59 55 55 55 60 68 64 60 60 62
CVS Health Corp. 32 32 31 32 32 32 30 33 31 32 28
Elevance Health Inc. 19 22 18 19 19 21 19 19 20 22 20
Humana Inc. 14 13 8 9 11 10 5 6 12 11 6
Intuitive Surgical Inc. 51 56 50 46 49 52 54 50 43 42 53
Medtronic PLC 63 63 66 68 70 64 59 73 72 70 74
UnitedHealth Group Inc. 22 23 18 19 20 22 18 18 19 22 18

Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31).

1 Q2 2022 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 8.70 = 42

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. Becton, Dickinson & Co. number of days of receivables outstanding improved from Q4 2021 to Q1 2022 but then slightly deteriorated from Q1 2022 to Q2 2022.

Operating Cycle

Becton, Dickinson & Co., operating cycle calculation (quarterly data)

No. days

Microsoft Excel
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 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015
Selected Financial Data
Average inventory processing period 110 102 97 102 105 104 105 116 109 111 105 107 107 98 103 117 127 174 108 107 101 97 97
Average receivable collection period 42 40 45 38 41 48 51 43 45 44 50 47 49 47 53 56 62 60 53 53 46 45 47
Short-term Activity Ratio
Operating cycle1 152 142 142 140 146 152 156 159 154 155 155 154 156 145 156 173 189 234 161 160 147 142 144
Benchmarks
Operating Cycle, Competitors2
Abbott Laboratories 171 168 157 160 166 182 190 199 202 185 181
CVS Health Corp. 57 59 58 59 59 61 61 62 59 61 58
Intuitive Surgical Inc. 190 186 172 172 178 190 201 217 207 201 212
Medtronic PLC 216 211 216 231 236 238 223 229 227 224 224

Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31).

1 Q2 2022 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 110 + 42 = 152

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.