Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Paying user area
Try for free
CSX Corp. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to CSX Corp. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
Short-term Activity Ratios (Summary)
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).
- Inventory turnover
- The inventory turnover ratio exhibited a declining trend from 46.58 in 2018 to a low of 35.04 in 2020, indicating slower inventory movement. However, it showed a recovery in subsequent years, increasing to 43.56 by 2022, suggesting improvement in inventory management and sales efficiency.
- Receivables turnover
- This ratio demonstrated a gradual decline from 12.13 in 2018 to 10.91 in 2021, indicating a slower collection of receivables over time. A slight improvement occurred in 2022 with the ratio rising to 11.31, reflecting some enhancement in credit collection processes.
- Payables turnover
- The payables turnover ratio was relatively stable with minor fluctuations, slightly decreasing from 12.91 in 2018 to 11.44 in 2019, then increasing steadily to 13.14 by 2022. This suggests a consistent ability to pay suppliers, with some efficiency gains in later years.
- Working capital turnover
- Working capital turnover experienced a significant decline from 18.85 in 2018 to 4.37 in 2020, indicating decreasing efficiency in using working capital to generate sales. There was a recovery trend afterward, with the ratio improving to 10.78 by 2022, though not reaching previous peak levels.
- Average inventory processing period (days)
- The average inventory processing period remained steady at 8 days in 2018 and 2019, increased to 10 days in 2020 and 2021, and then reverted to 8 days in 2022. This pattern aligns with the inventory turnover trends, reflecting slower inventory movement during 2020-2021 and improvement in 2022.
- Average receivable collection period (days)
- The average time to collect receivables increased slightly from 30 days in 2018-2019 to 33 days in 2021, indicating delayed collections. This metric slightly decreased to 32 days in 2022, suggesting partial improvement in credit management.
- Operating cycle (days)
- The operating cycle lengthened from 38 days in 2018 and 2019 to 43 days in 2021, reflecting extended time to convert inventory and receivables into cash. It shortened to 40 days in 2022, indicating an improvement in overall operational efficiency.
- Average payables payment period (days)
- The average period to pay suppliers increased from 28 days in 2018 to 32 days in 2019, then stabilized at 28 days from 2020 through 2022. This suggests a return to prompt payment practices after a temporary elongation of the payables period.
- Cash conversion cycle (days)
- The cash conversion cycle showed a reduction from 10 days in 2018 to 6 days in 2019, indicating increased efficiency in working capital management. However, it lengthened considerably to 15 days in 2021, signaling a deterioration in cash flow cycle. By 2022, the cycle improved slightly to 12 days but remained above earlier levels.
Turnover Ratios
Average No. Days
Inventory Turnover
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Revenue | ||||||
Materials and supplies | ||||||
Short-term Activity Ratio | ||||||
Inventory turnover1 | ||||||
Benchmarks | ||||||
Inventory Turnover, Competitors2 | ||||||
FedEx Corp. | ||||||
Union Pacific Corp. | ||||||
United Airlines Holdings Inc. | ||||||
United Parcel Service Inc. | ||||||
Inventory Turnover, Sector | ||||||
Transportation | ||||||
Inventory Turnover, Industry | ||||||
Industrials |
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
= ÷ =
2 Click competitor name to see calculations.
- Revenue
- The revenue exhibited fluctuations over the five-year period, beginning at 12,250 million US dollars in 2018 and experiencing a slight decline in 2019 to 11,937 million. In 2020, the revenue further decreased to 10,583 million, marking the lowest point in the period analyzed. However, the subsequent years showed a recovery trend, with revenue increasing to 12,522 million in 2021 and reaching the highest level of 14,853 million in 2022. This indicates a significant rebound and growth in the last two years covered.
- Materials and Supplies
- The cost of materials and supplies remained relatively stable from 2018 through 2019, with values of 263 million and 261 million US dollars respectively. There was a noticeable increase in 2020 to 302 million, which continued upward to 339 million in 2021 and slightly rose to 341 million in 2022. This trend suggests increasing input costs or procurement volumes over time, particularly from 2020 onward.
- Inventory Turnover Ratio
- The inventory turnover ratio demonstrated a declining trend from 46.58 in 2018 to 45.74 in 2019, followed by a more pronounced drop to 35.04 in 2020. A modest recovery occurred in 2021 with an increase to 36.94 and a more significant improvement to 43.56 in 2022. Despite fluctuations, the ratio in 2022 remains below the levels observed at the beginning of the period but indicates an improving efficiency in inventory management particularly after 2020.
Receivables Turnover
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Revenue | ||||||
Accounts receivable, net | ||||||
Short-term Activity Ratio | ||||||
Receivables turnover1 | ||||||
Benchmarks | ||||||
Receivables Turnover, Competitors2 | ||||||
FedEx Corp. | ||||||
Uber Technologies Inc. | ||||||
Union Pacific Corp. | ||||||
United Airlines Holdings Inc. | ||||||
United Parcel Service Inc. | ||||||
Receivables Turnover, Sector | ||||||
Transportation | ||||||
Receivables Turnover, Industry | ||||||
Industrials |
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
= ÷ =
2 Click competitor name to see calculations.
- Revenue
- Revenue exhibited fluctuation over the five-year period under review. There was a slight decrease from 12,250 million US dollars at the end of 2018 to 11,937 million in 2019, followed by a more pronounced decline to 10,583 million in 2020. Subsequently, revenue recovered to 12,522 million in 2021 and continued this positive trend, reaching 14,853 million in 2022. The revenue growth in the last two years notably surpassed the earlier declines, indicating a strong recovery phase.
- Accounts Receivable, Net
- The net accounts receivable showed a general upward trend throughout the period. Starting at 1,010 million US dollars in 2018, this figure slightly decreased to 986 million in 2019 and then continued to decline to 912 million in 2020. However, from 2021 onward, there was a marked increase to 1,148 million and then to 1,313 million in 2022. This rise in receivables corresponds with the recovery in revenue seen during this period.
- Receivables Turnover Ratio
- The receivables turnover ratio, a measure of how efficiently the company collects its receivables, decreased gradually from 12.13 in 2018 to 11.6 in 2020. It further declined to its lowest point of 10.91 in 2021 before slightly rising to 11.31 in 2022. Despite the improvement in the last year, the overall trend suggests a moderate decline in collection efficiency over the five-year period.
- Summary
- Overall, the data indicates that revenue faced some challenges from 2019 to 2020 but recovered strongly thereafter. Meanwhile, accounts receivable followed a similar pattern, decreasing initially but increasing significantly in the last two years, which might be associated with increased sales or changes in credit policies. The declining receivables turnover ratio suggests a gradual reduction in collection efficiency, although there is an observable improvement in the latest year. These trends highlight the importance of monitoring credit management and cash collection practices as the company experiences growth in sales and receivables.
Payables Turnover
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Revenue | ||||||
Accounts payable | ||||||
Short-term Activity Ratio | ||||||
Payables turnover1 | ||||||
Benchmarks | ||||||
Payables Turnover, Competitors2 | ||||||
FedEx Corp. | ||||||
Uber Technologies Inc. | ||||||
Union Pacific Corp. | ||||||
United Airlines Holdings Inc. | ||||||
United Parcel Service Inc. | ||||||
Payables Turnover, Sector | ||||||
Transportation | ||||||
Payables Turnover, Industry | ||||||
Industrials |
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
= ÷ =
2 Click competitor name to see calculations.
- Revenue Trend
- The revenue of the company exhibited fluctuations over the five-year period. Starting at $12,250 million in 2018, it experienced a slight decline in 2019 to $11,937 million, followed by a more notable decrease in 2020 to $10,583 million. Subsequently, revenue rebounded to $12,522 million in 2021 and then increased markedly to $14,853 million by the end of 2022. This pattern suggests a recovery phase after the 2020 downturn with a strong growth trajectory in the most recent year.
- Accounts Payable Trend
- Accounts payable showed variability across the years. It increased from $949 million in 2018 to $1,043 million in 2019, then decreased significantly to $809 million in 2020. Following this dip, it rose again to $963 million in 2021 and further to $1,130 million in 2022. These movements may indicate changes in purchasing or payment policies, which could relate to operational adjustments over the period.
- Payables Turnover Ratio
- The payables turnover ratio, an indicator of how quickly the company pays off its suppliers, demonstrated some variation but overall remained within a narrow range. The ratio declined from 12.91 in 2018 to 11.44 in 2019, suggesting a slower payment cycle during that year. It then increased in 2020 to 13.08, followed by a slight decrease to 13.00 in 2021, and a modest rise to 13.14 in 2022. This indicates a generally stable tendency to pay suppliers at a consistent pace, with slight fluctuations possibly reflecting operational or market conditions.
- Overall Analysis
- The data reveals that despite the temporary downturn in 2020 affecting both revenue and accounts payable, the company showed resilience with a recovery in subsequent years. Revenue growth in 2021 and 2022 surpassed previous levels, which may signal improved market conditions or enhanced business performance. Accounts payable levels aligned with revenue trends, increasing in the recovery years after a dip in 2020. Payables turnover maintained relative stability, suggesting consistent supplier payment practices throughout the period. These patterns collectively reflect a company adapting effectively to varying economic conditions.
Working Capital Turnover
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Current assets | ||||||
Less: Current liabilities | ||||||
Working capital | ||||||
Revenue | ||||||
Short-term Activity Ratio | ||||||
Working capital turnover1 | ||||||
Benchmarks | ||||||
Working Capital Turnover, Competitors2 | ||||||
FedEx Corp. | ||||||
Uber Technologies Inc. | ||||||
Union Pacific Corp. | ||||||
United Airlines Holdings Inc. | ||||||
United Parcel Service Inc. | ||||||
Working Capital Turnover, Sector | ||||||
Transportation | ||||||
Working Capital Turnover, Industry | ||||||
Industrials |
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
= ÷ =
2 Click competitor name to see calculations.
- Working Capital
- The working capital exhibited a growth trend from 2018 to 2020, increasing from $650 million to $2,422 million. However, this was followed by a decline in subsequent years, with working capital decreasing to $1,640 million in 2021 and further to $1,378 million in 2022. Despite the decrease after 2020, the 2022 figure remains higher than the initial 2018 value, indicating an overall positive change across the five-year period.
- Revenue
- Revenue showed some volatility over the analyzed period. It declined from $12,250 million in 2018 to $10,583 million in 2020, reflecting a downward trend for these three years. Following 2020, revenue increased significantly, reaching a peak of $14,853 million in 2022. This represents a strong recovery and growth phase after the decline observed until 2020.
- Working Capital Turnover
- The working capital turnover ratio experienced a notable decrease from 18.85 in 2018 to 4.37 in 2020, indicating a reduction in how efficiently the company was using its working capital to generate revenue during this period. Post-2020, the ratio improved substantially, rising to 10.78 by 2022. Despite this recovery, the turnover ratio in 2022 remains below the 2018 level, suggesting room for improvement in working capital utilization relative to the beginning of the period.
- Summary
- The company's financial data over the five years reveals a period of initial growth in working capital accompanied by declining revenue and efficiency as indicated by working capital turnover through 2020. Subsequent years depict a recovery phase with rising revenue and improved turnover ratios, although working capital decreased from the peak level. The trends suggest efforts to enhance operational efficiency and revenue growth after facing challenges in the earlier years.
Average Inventory Processing Period
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data | ||||||
Inventory turnover | ||||||
Short-term Activity Ratio (no. days) | ||||||
Average inventory processing period1 | ||||||
Benchmarks (no. days) | ||||||
Average Inventory Processing Period, Competitors2 | ||||||
FedEx Corp. | ||||||
Union Pacific Corp. | ||||||
United Airlines Holdings Inc. | ||||||
United Parcel Service Inc. | ||||||
Average Inventory Processing Period, Sector | ||||||
Transportation | ||||||
Average Inventory Processing Period, Industry | ||||||
Industrials |
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 ÷ =
2 Click competitor name to see calculations.
- Inventory Turnover
- The inventory turnover ratio demonstrates a fluctuating trend over the examined period. Initially, it decreased from 46.58 in 2018 to 45.74 in 2019, followed by a more pronounced decline to 35.04 in 2020. Thereafter, a slight improvement is seen in 2021 with a ratio of 36.94, and a more substantial recovery in 2022, reaching 43.56. Despite the mid-period decline, the ratio in 2022 remains below the levels observed in 2018 and 2019, indicating a partial but incomplete return to earlier efficiency levels in inventory management.
- Average Inventory Processing Period
- The average inventory processing period remained stable at 8 days from 2018 to 2019, then increased to 10 days for two consecutive years, 2020 and 2021. This suggests a slower turnover and longer holding of inventory during these years. In 2022, the period shortened back to 8 days, aligning with the earlier years and correlating with the observed improvement in inventory turnover during the same year.
Average Receivable Collection Period
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data | ||||||
Receivables turnover | ||||||
Short-term Activity Ratio (no. days) | ||||||
Average receivable collection period1 | ||||||
Benchmarks (no. days) | ||||||
Average Receivable Collection Period, Competitors2 | ||||||
FedEx Corp. | ||||||
Uber Technologies Inc. | ||||||
Union Pacific Corp. | ||||||
United Airlines Holdings Inc. | ||||||
United Parcel Service Inc. | ||||||
Average Receivable Collection Period, Sector | ||||||
Transportation | ||||||
Average Receivable Collection Period, Industry | ||||||
Industrials |
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 ÷ =
2 Click competitor name to see calculations.
The analysis of the receivables turnover and average receivable collection period over the five-year period reveals certain trends in the company's credit and collection efficiency.
- Receivables turnover (ratio)
- The receivables turnover ratio exhibited a general decline from 12.13 in 2018 to a low of 10.91 in 2021, before slightly recovering to 11.31 in 2022. This indicates that the company's efficiency in collecting receivables diminished over the initial four years but showed improvement in the final year analyzed.
- Average receivable collection period (number of days)
- The average collection period increased from 30 days in 2018 and 2019 to a peak of 33 days in 2021, then slightly decreased to 32 days in 2022. This pattern mirrors the movements in receivables turnover, revealing a trend toward longer collection periods during the middle years, followed by a modest improvement.
Overall, the data suggests that the company experienced a decrease in the speed of collecting receivables between 2018 and 2021, possibly indicating relaxed credit policies or challenges in collection processes. The slight reversal in 2022 implies efforts to enhance collection efficiency, though the metrics have not returned to the initial levels observed in 2018 and 2019.
Operating Cycle
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data | ||||||
Average inventory processing period | ||||||
Average receivable collection period | ||||||
Short-term Activity Ratio | ||||||
Operating cycle1 | ||||||
Benchmarks | ||||||
Operating Cycle, Competitors2 | ||||||
FedEx Corp. | ||||||
Union Pacific Corp. | ||||||
United Airlines Holdings Inc. | ||||||
United Parcel Service Inc. | ||||||
Operating Cycle, Sector | ||||||
Transportation | ||||||
Operating Cycle, Industry | ||||||
Industrials |
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
= + =
2 Click competitor name to see calculations.
- Average Inventory Processing Period
- The average inventory processing period remained stable at 8 days during 2018 and 2019, followed by an increase to 10 days in 2020 and 2021. In 2022, it decreased back to 8 days. This indicates a temporary lengthening of the time required to process inventory, which was then corrected to earlier levels.
- Average Receivable Collection Period
- The average receivable collection period showed a generally increasing trend over the years. It held steady at 30 days during 2018 and 2019, then rose to 31 days in 2020, further increased to 33 days in 2021, and slightly decreased to 32 days in 2022. This suggests a gradual lengthening in the time taken to collect receivables, with a slight improvement in the most recent year.
- Operating Cycle
- The operating cycle lengthened from 38 days in 2018 and 2019 to 41 days in 2020, reaching a peak of 43 days in 2021. In 2022, the operating cycle reduced to 40 days. This pattern reflects the changes in both inventory processing and receivable collection periods, indicating some operational challenges during 2020 and 2021 that partially improved in 2022.
Average Payables Payment Period
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data | ||||||
Payables turnover | ||||||
Short-term Activity Ratio (no. days) | ||||||
Average payables payment period1 | ||||||
Benchmarks (no. days) | ||||||
Average Payables Payment Period, Competitors2 | ||||||
FedEx Corp. | ||||||
Uber Technologies Inc. | ||||||
Union Pacific Corp. | ||||||
United Airlines Holdings Inc. | ||||||
United Parcel Service Inc. | ||||||
Average Payables Payment Period, Sector | ||||||
Transportation | ||||||
Average Payables Payment Period, Industry | ||||||
Industrials |
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 ÷ =
2 Click competitor name to see calculations.
The financial data over the period from 2018 to 2022 reveals patterns in the company's payables management efficiency.
- Payables Turnover
- The payables turnover ratio demonstrates some fluctuations during the analyzed years. It decreased from 12.91 in 2018 to 11.44 in 2019, indicating a slower rate of paying off accounts payable in 2019 compared to the previous year. However, the ratio improved in 2020, rising to 13.08, which suggests more efficient payables management. This level was maintained in 2021 at 13.00 and slightly increased to 13.14 in 2022, pointing to relatively stable and consistent payables turnover in the last three years.
- Average Payables Payment Period (days)
- This measure inversely correlates with the payables turnover ratio and reflects the average time taken to settle payables. After an increase from 28 days in 2018 to 32 days in 2019, indicating slower payments, the period returned to 28 days in 2020 and remained steady at that level through 2021 and 2022. This return and stabilization at 28 days indicate a tightening in the payment policy after 2019 and consistent payment practices in subsequent years.
In conclusion, the company's payables turnover and payment period metrics suggest a transient slowdown in payment speed in 2019 followed by a return to a slightly more efficient and stable payables management approach from 2020 onwards. The consistent payment period of 28 days in the last three years aligns with a stable payables turnover ratio slightly above the 2018 level, highlighting improved working capital management efficiency in recent periods.
Cash Conversion Cycle
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
---|---|---|---|---|---|---|
Selected Financial Data | ||||||
Average inventory processing period | ||||||
Average receivable collection period | ||||||
Average payables payment period | ||||||
Short-term Activity Ratio | ||||||
Cash conversion cycle1 | ||||||
Benchmarks | ||||||
Cash Conversion Cycle, Competitors2 | ||||||
FedEx Corp. | ||||||
Union Pacific Corp. | ||||||
United Airlines Holdings Inc. | ||||||
United Parcel Service Inc. | ||||||
Cash Conversion Cycle, Sector | ||||||
Transportation | ||||||
Cash Conversion Cycle, Industry | ||||||
Industrials |
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
= + – =
2 Click competitor name to see calculations.
- Average inventory processing period
- The average inventory processing period remained constant at 8 days for 2018 and 2019, increased to 10 days in 2020 and 2021, and then returned to 8 days in 2022. This indicates a temporary extension in inventory turnover times during 2020 and 2021, followed by a return to more efficient processing in 2022.
- Average receivable collection period
- The receivable collection period was steady at 30 days in 2018 and 2019, then increased to 31 days in 2020, further increasing to 33 days in 2021, before slightly decreasing to 32 days in 2022. This trend suggests a gradual lengthening in the time taken to collect receivables, which may affect cash inflows.
- Average payables payment period
- The payables payment period increased from 28 days in 2018 to 32 days in 2019, then reverted to 28 days for the subsequent three years through 2020 to 2022. This pattern indicates a brief extension in payment terms during 2019, followed by consistency in payment practices in the following years.
- Cash conversion cycle
- The cash conversion cycle declined from 10 days in 2018 to 6 days in 2019, then increased substantially to 13 days in 2020 and further to 15 days in 2021, before reducing to 12 days in 2022. This fluctuation reflects variability in the overall working capital management efficiency, with a notable deterioration during 2020 and 2021 and a partial improvement in 2022.