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Express Scripts Holding Co. (ESRX)


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

Difficulty: Beginner


Short-term Activity Ratios (Summary)

Express Scripts Holding Co., short-term (operating) activity ratios (quarterly data)

Microsoft Excel LibreOffice Calc
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 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Turnover Ratios
Inventory turnover 42.62 39.97 45.08 42.97 44.30 47.76 52.13 46.79 55.48 54.19 53.78 46.14 54.12 57.16 49.89 43.99 51.66 52.45 54.33 51.29
Receivables turnover 12.95 13.69 14.75 14.18 14.49 14.19 14.44 14.20 14.58 13.75 15.04 15.14 13.79 15.77 17.55 16.87 15.72 19.41 26.04 25.88
Payables turnover 20.94 19.12 23.10 24.31 20.77 20.90 25.01 23.65 24.55 22.15 25.32 27.04 28.61 28.38 30.97 29.63 31.12 31.32 33.16 33.09
Working capital turnover
Average No. Days
Average inventory processing period 9 9 8 8 8 8 7 8 7 7 7 8 7 6 7 8 7 7 7 7
Add: Average receivable collection period 28 27 25 26 25 26 25 26 25 27 24 24 26 23 21 22 23 19 14 14
Operating cycle 37 36 33 34 33 34 32 34 32 34 31 32 33 29 28 30 30 26 21 21
Less: Average payables payment period 17 19 16 15 18 17 15 15 15 16 14 13 13 13 12 12 12 12 11 11
Cash conversion cycle 20 17 17 19 15 17 17 19 17 18 17 19 20 16 16 18 18 14 10 10

Based on: 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-10-24), 10-Q (filing date: 2017-07-25), 10-Q (filing date: 2017-04-24), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-25), 10-Q (filing date: 2016-07-25), 10-Q (filing date: 2016-04-25), 10-K (filing date: 2016-02-16), 10-Q (filing date: 2015-10-27), 10-Q (filing date: 2015-07-28), 10-Q (filing date: 2015-04-28), 10-K (filing date: 2015-02-23), 10-Q (filing date: 2014-10-28), 10-Q (filing date: 2014-07-29), 10-Q (filing date: 2014-04-29), 10-K (filing date: 2014-02-20), 10-Q (filing date: 2013-10-24), 10-Q (filing date: 2013-07-29), 10-Q (filing date: 2013-04-29).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory.
Receivables turnover An activity ratio equal to revenue divided by receivables.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Express Scripts Holding Co.’s payables turnover ratio declined from Q1 2018 to Q2 2018 but then slightly increased from Q2 2018 to Q3 2018.
Working capital turnover An activity ratio calculated as revenue divided by working capital.

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.
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. Express Scripts Holding Co.’s number of days of payables outstanding increased from Q1 2018 to Q2 2018 but then slightly declined from Q2 2018 to Q3 2018 not reaching Q1 2018 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

Express Scripts Holding Co., inventory turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Selected Financial Data (US$ in thousands)
Cost of revenues 23,211,800  23,437,600  22,890,000  22,888,300  22,445,700  23,186,300  22,782,200  22,525,100  23,136,000  23,061,100  22,944,800  23,912,200  23,049,100  23,323,000  23,065,600  24,218,600  23,705,500  23,103,300  21,934,600  23,720,400  23,921,400  24,266,800  24,057,800 
Inventories 2,168,900  2,293,100  2,027,800  2,124,900  2,052,900  1,918,700  1,755,400  1,959,000  1,677,400  1,715,700  1,733,400  2,023,100  1,730,400  1,650,000  1,885,900  2,113,200  1,789,800  1,767,000  1,727,300  1,871,100  1,643,600  1,672,900  1,657,400 
Short-term Activity Ratio
Inventory turnover1 42.62 39.97 45.08 42.97 44.30 47.76 52.13 46.79 55.48 54.19 53.78 46.14 54.12 57.16 49.89 43.99 51.66 52.45 54.33 51.29
Benchmarks
Inventory Turnover, Competitors2
Becton, Dickinson & Co. 3.13 2.87 2.09 3.38 3.40 3.63 3.77 3.78 3.51 3.65 3.10 2.85 2.50 1.82 2.76 2.77 2.61 2.65 2.71 2.77
Intuitive Surgical Inc. 2.89 3.10 3.46 3.88 4.02 4.02 3.90 4.47 4.37 4.73 4.91 4.80 4.12 3.95 3.77 3.95
Medtronic PLC 2.42 2.52 2.65 2.78 2.48 2.45 2.50 2.63 2.75 2.47 2.25 1.82 2.42 2.39 2.41 2.51
Stryker Corp. 1.57 1.64 1.64 1.73 1.67 1.78 1.85 1.89 1.75 1.75 1.88 2.04 1.99 2.07 2.11 2.07
Thermo Fisher Scientific Inc. 4.46 4.47 4.21 3.86 3.45 4.29 4.36 4.48 4.09 4.59 4.39 4.62 4.56 4.62 4.85 5.05

Based on: 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-10-24), 10-Q (filing date: 2017-07-25), 10-Q (filing date: 2017-04-24), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-25), 10-Q (filing date: 2016-07-25), 10-Q (filing date: 2016-04-25), 10-K (filing date: 2016-02-16), 10-Q (filing date: 2015-10-27), 10-Q (filing date: 2015-07-28), 10-Q (filing date: 2015-04-28), 10-K (filing date: 2015-02-23), 10-Q (filing date: 2014-10-28), 10-Q (filing date: 2014-07-29), 10-Q (filing date: 2014-04-29), 10-K (filing date: 2014-02-20), 10-Q (filing date: 2013-10-24), 10-Q (filing date: 2013-07-29), 10-Q (filing date: 2013-04-29).

1 Q3 2018 Calculation
Inventory turnover = (Cost of revenuesQ3 2018 + Cost of revenuesQ2 2018 + Cost of revenuesQ1 2018 + Cost of revenuesQ4 2017) ÷ Inventories
= (23,211,800 + 23,437,600 + 22,890,000 + 22,888,300) ÷ 2,168,900 = 42.62

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.

Receivables Turnover

Express Scripts Holding Co., receivables turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Selected Financial Data (US$ in thousands)
Revenues 25,563,200  25,641,800  24,769,400  25,378,800  24,683,400  25,347,500  24,654,900  24,863,300  25,410,100  25,222,300  24,791,800  26,175,400  25,222,600  25,454,200  24,899,600  26,312,600  25,778,500  25,111,000  23,685,000  25,781,400  25,915,600  26,381,900  26,019,900 
Receivables, net 7,824,100  7,338,100  6,793,600  7,056,300  6,871,500  7,067,500  6,936,100  7,062,100  6,967,000  7,373,600  6,758,400  6,721,300  7,391,100  6,494,500  5,819,400  5,979,800  6,384,500  5,178,200  3,907,300  4,022,900  5,112,400  4,552,800  4,294,100 
Short-term Activity Ratio
Receivables turnover1 12.95 13.69 14.75 14.18 14.49 14.19 14.44 14.20 14.58 13.75 15.04 15.14 13.79 15.77 17.55 16.87 15.72 19.41 26.04 25.88
Benchmarks
Receivables Turnover, Competitors2
Becton, Dickinson & Co. 6.57 5.89 6.13 6.93 6.95 7.85 8.18 7.72 7.61 7.77 7.41 6.35 5.73 5.38 8.23 7.12 6.93 7.29 7.34 6.50
Intuitive Surgical Inc. 6.15 6.49 6.95 6.11 6.40 5.97 6.74 6.29 6.07 6.27 7.51 6.05 6.91 7.07 7.52 6.77
Medtronic PLC 5.15 5.15 5.18 5.31 5.38 5.12 5.36 5.18 5.87 5.15 4.84 3.96 4.91 4.63 4.66 4.46
Stryker Corp. 6.39 6.24 6.04 5.66 6.17 6.28 6.29 5.76 6.04 5.96 6.32 5.98 6.58 6.55 6.41 6.15
Thermo Fisher Scientific Inc. 6.20 5.90 5.52 5.39 5.42 5.89 6.05 5.99 6.21 6.50 6.50 6.67 6.61 6.41 6.66 6.83
UnitedHealth Group Inc. 19.88 19.54 17.94 20.92 22.65 18.19 19.61 22.57 24.52 18.76 21.23 23.98 21.66 22.79 26.55 30.50

Based on: 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-10-24), 10-Q (filing date: 2017-07-25), 10-Q (filing date: 2017-04-24), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-25), 10-Q (filing date: 2016-07-25), 10-Q (filing date: 2016-04-25), 10-K (filing date: 2016-02-16), 10-Q (filing date: 2015-10-27), 10-Q (filing date: 2015-07-28), 10-Q (filing date: 2015-04-28), 10-K (filing date: 2015-02-23), 10-Q (filing date: 2014-10-28), 10-Q (filing date: 2014-07-29), 10-Q (filing date: 2014-04-29), 10-K (filing date: 2014-02-20), 10-Q (filing date: 2013-10-24), 10-Q (filing date: 2013-07-29), 10-Q (filing date: 2013-04-29).

1 Q3 2018 Calculation
Receivables turnover = (RevenuesQ3 2018 + RevenuesQ2 2018 + RevenuesQ1 2018 + RevenuesQ4 2017) ÷ Receivables, net
= (25,563,200 + 25,641,800 + 24,769,400 + 25,378,800) ÷ 7,824,100 = 12.95

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.

Payables Turnover

Express Scripts Holding Co., payables turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Selected Financial Data (US$ in thousands)
Cost of revenues 23,211,800  23,437,600  22,890,000  22,888,300  22,445,700  23,186,300  22,782,200  22,525,100  23,136,000  23,061,100  22,944,800  23,912,200  23,049,100  23,323,000  23,065,600  24,218,600  23,705,500  23,103,300  21,934,600  23,720,400  23,921,400  24,266,800  24,057,800 
Accounts payable 4,412,900  4,793,500  3,957,400  3,755,700  4,377,900  4,383,600  3,658,000  3,875,700  3,791,100  4,197,300  3,681,800  3,451,800  3,273,000  3,322,700  3,038,500  3,137,300  2,971,500  2,959,300  2,830,400  2,900,000  2,573,400  2,639,300  2,573,700 
Short-term Activity Ratio
Payables turnover1 20.94 19.12 23.10 24.31 20.77 20.90 25.01 23.65 24.55 22.15 25.32 27.04 28.61 28.38 30.97 29.63 31.12 31.32 33.16 33.09
Benchmarks
Payables Turnover, Competitors2
Intuitive Surgical Inc. 11.08 10.07 10.18 11.33 11.26 11.62 11.26 11.89 13.24 12.35 13.83 15.33 13.79 12.30 11.25 11.65
Medtronic PLC 5.03 5.34 5.33 5.37 5.92 5.48 5.54 5.35 6.76 6.01 5.80 3.92 7.16 6.18 6.45 5.84
Stryker Corp. 8.09 8.01 8.28 8.77 8.97 9.48 8.82 8.76 8.70 8.21 8.42 8.16 9.76 9.80 10.03 10.00
Thermo Fisher Scientific Inc. 9.89 9.42 8.99 8.03 9.58 10.58 9.84 10.69 10.38 11.31 11.08 11.20 11.57 11.07 11.13 11.45
UnitedHealth Group Inc. 8.44 8.42 8.09 8.63 8.38 8.32 8.21 8.63 8.48 8.20 8.06 8.38 7.92 7.39 7.37 8.06

Based on: 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-10-24), 10-Q (filing date: 2017-07-25), 10-Q (filing date: 2017-04-24), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-25), 10-Q (filing date: 2016-07-25), 10-Q (filing date: 2016-04-25), 10-K (filing date: 2016-02-16), 10-Q (filing date: 2015-10-27), 10-Q (filing date: 2015-07-28), 10-Q (filing date: 2015-04-28), 10-K (filing date: 2015-02-23), 10-Q (filing date: 2014-10-28), 10-Q (filing date: 2014-07-29), 10-Q (filing date: 2014-04-29), 10-K (filing date: 2014-02-20), 10-Q (filing date: 2013-10-24), 10-Q (filing date: 2013-07-29), 10-Q (filing date: 2013-04-29).

1 Q3 2018 Calculation
Payables turnover = (Cost of revenuesQ3 2018 + Cost of revenuesQ2 2018 + Cost of revenuesQ1 2018 + Cost of revenuesQ4 2017) ÷ Accounts payable
= (23,211,800 + 23,437,600 + 22,890,000 + 22,888,300) ÷ 4,412,900 = 20.94

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. Express Scripts Holding Co.’s payables turnover ratio declined from Q1 2018 to Q2 2018 but then slightly increased from Q2 2018 to Q3 2018.

Working Capital Turnover

Express Scripts Holding Co., working capital turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Selected Financial Data (US$ in thousands)
Current assets 14,352,200  13,170,100  11,474,800  11,957,100  12,679,000  11,636,800  12,089,200  12,363,400  11,123,000  10,614,500  10,399,800  12,059,500  10,274,400  9,637,700  9,171,500  10,568,100  9,704,700  10,452,400  8,134,400  8,491,400  9,224,200  8,302,800  8,707,900 
Less: Current liabilities 18,691,400  18,586,700  16,723,100  17,846,400  17,356,800  16,779,300  17,041,700  16,428,100  15,978,500  19,136,500  17,236,900  17,155,300  16,013,800  15,868,800  14,900,200  17,016,900  15,922,500  15,984,400  13,574,900  13,235,300  11,226,200  10,618,300  11,524,100 
Working capital (4,339,200) (5,416,600) (5,248,300) (5,889,300) (4,677,800) (5,142,500) (4,952,500) (4,064,700) (4,855,500) (8,522,000) (6,837,100) (5,095,800) (5,739,400) (6,231,100) (5,728,700) (6,448,800) (6,217,800) (5,532,000) (5,440,500) (4,743,900) (2,002,000) (2,315,500) (2,816,200)
 
Revenues 25,563,200  25,641,800  24,769,400  25,378,800  24,683,400  25,347,500  24,654,900  24,863,300  25,410,100  25,222,300  24,791,800  26,175,400  25,222,600  25,454,200  24,899,600  26,312,600  25,778,500  25,111,000  23,685,000  25,781,400  25,915,600  26,381,900  26,019,900 
Short-term Activity Ratio
Working capital turnover1
Benchmarks
Working Capital Turnover, Competitors2
Becton, Dickinson & Co. 10.39 4.38 4.63 0.79 0.81 14.11 20.13 6.35 5.32 5.48 10.09 6.20 5.28 3.39 0.85 2.17 2.11 2.10 2.18 2.15
Intuitive Surgical Inc. 1.01 1.04 1.18 1.49 1.29 1.41 1.73 1.02 1.10 1.08 1.25 1.40 1.20 1.35 1.46 1.58
Medtronic PLC 1.90 2.02 3.11 2.79 3.01 2.24 1.84 1.75 1.47 1.26 1.08 0.93 0.54 1.19 1.12 1.09
Stryker Corp. 3.53 3.87 4.17 2.76 2.72 2.43 2.21 2.40 2.51 2.48 1.24 2.24 2.20 1.88 1.94 1.86
Thermo Fisher Scientific Inc. 5.47 6.61 8.75 8.82 10.94 8.08 9.64 8.48 6.10 21.93 80.21 10.64 57.79 123.74 14.19
UnitedHealth Group Inc.

Based on: 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-10-24), 10-Q (filing date: 2017-07-25), 10-Q (filing date: 2017-04-24), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-25), 10-Q (filing date: 2016-07-25), 10-Q (filing date: 2016-04-25), 10-K (filing date: 2016-02-16), 10-Q (filing date: 2015-10-27), 10-Q (filing date: 2015-07-28), 10-Q (filing date: 2015-04-28), 10-K (filing date: 2015-02-23), 10-Q (filing date: 2014-10-28), 10-Q (filing date: 2014-07-29), 10-Q (filing date: 2014-04-29), 10-K (filing date: 2014-02-20), 10-Q (filing date: 2013-10-24), 10-Q (filing date: 2013-07-29), 10-Q (filing date: 2013-04-29).

1 Q3 2018 Calculation
Working capital turnover = (RevenuesQ3 2018 + RevenuesQ2 2018 + RevenuesQ1 2018 + RevenuesQ4 2017) ÷ Working capital
= (25,563,200 + 25,641,800 + 24,769,400 + 25,378,800) ÷ -4,339,200 =

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.

Average Inventory Processing Period

Express Scripts Holding Co., average inventory processing period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Selected Financial Data
Inventory turnover 42.62 39.97 45.08 42.97 44.30 47.76 52.13 46.79 55.48 54.19 53.78 46.14 54.12 57.16 49.89 43.99 51.66 52.45 54.33 51.29
Short-term Activity Ratio (no. days)
Average inventory processing period1 9 9 8 8 8 8 7 8 7 7 7 8 7 6 7 8 7 7 7 7
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Becton, Dickinson & Co. 117 127 174 108 107 101 97 97 104 100 118 128 146 200 132 132 140 138 135 132
Intuitive Surgical Inc. 126 118 106 94 91 91 94 82 83 77 74 76 89 92 97 92
Medtronic PLC 151 145 138 131 147 149 146 139 133 148 162 200 151 153 152 145
Stryker Corp. 232 223 222 211 218 206 197 193 209 208 194 179 183 176 173 176
Thermo Fisher Scientific Inc. 82 82 87 95 106 85 84 82 89 80 83 79 80 79 75 72

Based on: 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-10-24), 10-Q (filing date: 2017-07-25), 10-Q (filing date: 2017-04-24), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-25), 10-Q (filing date: 2016-07-25), 10-Q (filing date: 2016-04-25), 10-K (filing date: 2016-02-16), 10-Q (filing date: 2015-10-27), 10-Q (filing date: 2015-07-28), 10-Q (filing date: 2015-04-28), 10-K (filing date: 2015-02-23), 10-Q (filing date: 2014-10-28), 10-Q (filing date: 2014-07-29), 10-Q (filing date: 2014-04-29), 10-K (filing date: 2014-02-20), 10-Q (filing date: 2013-10-24), 10-Q (filing date: 2013-07-29), 10-Q (filing date: 2013-04-29).

1 Q3 2018 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 42.62 = 9

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

Express Scripts Holding Co., average receivable collection period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Selected Financial Data
Receivables turnover 12.95 13.69 14.75 14.18 14.49 14.19 14.44 14.20 14.58 13.75 15.04 15.14 13.79 15.77 17.55 16.87 15.72 19.41 26.04 25.88
Short-term Activity Ratio (no. days)
Average receivable collection period1 28 27 25 26 25 26 25 26 25 27 24 24 26 23 21 22 23 19 14 14
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Becton, Dickinson & Co. 56 62 60 53 53 46 45 47 48 47 49 57 64 68 44 51 53 50 50 56
Intuitive Surgical Inc. 59 56 52 60 57 61 54 58 60 58 49 60 53 52 49 54
Medtronic PLC 71 71 71 69 68 71 68 70 62 71 75 92 74 79 78 82
Stryker Corp. 57 58 60 64 59 58 58 63 60 61 58 61 55 56 57 59
Thermo Fisher Scientific Inc. 59 62 66 68 67 62 60 61 59 56 56 55 55 57 55 53
UnitedHealth Group Inc. 18 19 20 17 16 20 19 16 15 19 17 15 17 16 14 12

Based on: 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-10-24), 10-Q (filing date: 2017-07-25), 10-Q (filing date: 2017-04-24), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-25), 10-Q (filing date: 2016-07-25), 10-Q (filing date: 2016-04-25), 10-K (filing date: 2016-02-16), 10-Q (filing date: 2015-10-27), 10-Q (filing date: 2015-07-28), 10-Q (filing date: 2015-04-28), 10-K (filing date: 2015-02-23), 10-Q (filing date: 2014-10-28), 10-Q (filing date: 2014-07-29), 10-Q (filing date: 2014-04-29), 10-K (filing date: 2014-02-20), 10-Q (filing date: 2013-10-24), 10-Q (filing date: 2013-07-29), 10-Q (filing date: 2013-04-29).

1 Q3 2018 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 12.95 = 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.

Operating Cycle

Express Scripts Holding Co., operating cycle calculation (quarterly data)

No. days

Microsoft Excel LibreOffice Calc
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 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Selected Financial Data
Average inventory processing period 9 9 8 8 8 8 7 8 7 7 7 8 7 6 7 8 7 7 7 7
Average receivable collection period 28 27 25 26 25 26 25 26 25 27 24 24 26 23 21 22 23 19 14 14
Short-term Activity Ratio
Operating cycle1 37 36 33 34 33 34 32 34 32 34 31 32 33 29 28 30 30 26 21 21
Benchmarks
Operating Cycle, Competitors2
Becton, Dickinson & Co. 173 189 234 161 160 147 142 144 152 147 167 185 210 268 176 183 193 188 185 188
Intuitive Surgical Inc. 185 174 158 154 148 152 148 140 143 135 123 136 142 144 146 146
Medtronic PLC 222 216 209 200 215 220 214 209 195 219 237 292 225 232 230 227
Stryker Corp. 289 281 282 275 277 264 255 256 269 269 252 240 238 232 230 235
Thermo Fisher Scientific Inc. 141 144 153 163 173 147 144 143 148 136 139 134 135 136 130 125

Based on: 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-10-24), 10-Q (filing date: 2017-07-25), 10-Q (filing date: 2017-04-24), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-25), 10-Q (filing date: 2016-07-25), 10-Q (filing date: 2016-04-25), 10-K (filing date: 2016-02-16), 10-Q (filing date: 2015-10-27), 10-Q (filing date: 2015-07-28), 10-Q (filing date: 2015-04-28), 10-K (filing date: 2015-02-23), 10-Q (filing date: 2014-10-28), 10-Q (filing date: 2014-07-29), 10-Q (filing date: 2014-04-29), 10-K (filing date: 2014-02-20), 10-Q (filing date: 2013-10-24), 10-Q (filing date: 2013-07-29), 10-Q (filing date: 2013-04-29).

1 Q3 2018 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 9 + 28 = 37

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.

Average Payables Payment Period

Express Scripts Holding Co., average payables payment period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Selected Financial Data
Payables turnover 20.94 19.12 23.10 24.31 20.77 20.90 25.01 23.65 24.55 22.15 25.32 27.04 28.61 28.38 30.97 29.63 31.12 31.32 33.16 33.09
Short-term Activity Ratio (no. days)
Average payables payment period1 17 19 16 15 18 17 15 15 15 16 14 13 13 13 12 12 12 12 11 11
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Intuitive Surgical Inc. 33 36 36 32 32 31 32 31 28 30 26 24 26 30 32 31
Medtronic PLC 73 68 68 68 62 67 66 68 54 61 63 93 51 59 57 63
Stryker Corp. 45 46 44 42 41 39 41 42 42 44 43 45 37 37 36 36
Thermo Fisher Scientific Inc. 37 39 41 45 38 35 37 34 35 32 33 33 32 33 33 32
UnitedHealth Group Inc. 43 43 45 42 44 44 44 42 43 44 45 44 46 49 50 45

Based on: 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-10-24), 10-Q (filing date: 2017-07-25), 10-Q (filing date: 2017-04-24), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-25), 10-Q (filing date: 2016-07-25), 10-Q (filing date: 2016-04-25), 10-K (filing date: 2016-02-16), 10-Q (filing date: 2015-10-27), 10-Q (filing date: 2015-07-28), 10-Q (filing date: 2015-04-28), 10-K (filing date: 2015-02-23), 10-Q (filing date: 2014-10-28), 10-Q (filing date: 2014-07-29), 10-Q (filing date: 2014-04-29), 10-K (filing date: 2014-02-20), 10-Q (filing date: 2013-10-24), 10-Q (filing date: 2013-07-29), 10-Q (filing date: 2013-04-29).

1 Q3 2018 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 20.94 = 17

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. Express Scripts Holding Co.’s number of days of payables outstanding increased from Q1 2018 to Q2 2018 but then slightly declined from Q2 2018 to Q3 2018 not reaching Q1 2018 level.

Cash Conversion Cycle

Express Scripts Holding Co., cash conversion cycle calculation (quarterly data)

No. days

Microsoft Excel LibreOffice Calc
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 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Selected Financial Data
Average inventory processing period 9 9 8 8 8 8 7 8 7 7 7 8 7 6 7 8 7 7 7 7
Average receivable collection period 28 27 25 26 25 26 25 26 25 27 24 24 26 23 21 22 23 19 14 14
Average payables payment period 17 19 16 15 18 17 15 15 15 16 14 13 13 13 12 12 12 12 11 11
Short-term Activity Ratio
Cash conversion cycle1 20 17 17 19 15 17 17 19 17 18 17 19 20 16 16 18 18 14 10 10
Benchmarks
Cash Conversion Cycle, Competitors2
Intuitive Surgical Inc. 152 138 122 122 116 121 116 109 115 105 97 112 116 114 114 115
Medtronic PLC 149 148 141 132 153 153 148 141 141 158 174 199 174 173 173 164
Stryker Corp. 244 235 238 233 236 225 214 214 227 225 209 195 201 195 194 199
Thermo Fisher Scientific Inc. 104 105 112 118 135 112 107 109 113 104 106 101 103 103 97 93

Based on: 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-K (filing date: 2018-02-27), 10-Q (filing date: 2017-10-24), 10-Q (filing date: 2017-07-25), 10-Q (filing date: 2017-04-24), 10-K (filing date: 2017-02-14), 10-Q (filing date: 2016-10-25), 10-Q (filing date: 2016-07-25), 10-Q (filing date: 2016-04-25), 10-K (filing date: 2016-02-16), 10-Q (filing date: 2015-10-27), 10-Q (filing date: 2015-07-28), 10-Q (filing date: 2015-04-28), 10-K (filing date: 2015-02-23), 10-Q (filing date: 2014-10-28), 10-Q (filing date: 2014-07-29), 10-Q (filing date: 2014-04-29), 10-K (filing date: 2014-02-20), 10-Q (filing date: 2013-10-24), 10-Q (filing date: 2013-07-29), 10-Q (filing date: 2013-04-29).

1 Q3 2018 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 9 + 2817 = 20

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.