Stock Analysis on Net
Stock Analysis on Net

Air Products & Chemicals Inc. (NYSE:APD)

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

Beginner level

Short-term Activity Ratios (Summary)

Air Products & Chemicals Inc., short-term (operating) activity ratios (quarterly data)

Microsoft Excel LibreOffice Calc
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 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014
Turnover Ratios
Inventory turnover 14.47 14.07 14.77 14.77 15.39 14.82 15.01 15.27 15.63 19.15 17.98 17.29 17.15 19.97 18.62 18.52 10.33 10.56 10.05 10.08 10.56
Receivables turnover 6.95 6.26 6.42 6.95 7.08 6.66 7.13 7.05 7.40 7.20 6.95 6.91 6.97 7.67 7.45 8.51 6.61 6.08 6.95 7.52 7.04
Working capital turnover 1.41 1.37 3.12 3.09 3.19 3.24 3.18 3.21 3.25 3.00 2.39 2.42 2.42 2.90 3.25 14.62 9.21
Average No. Days
Average inventory processing period 25 26 25 25 24 25 24 24 23 19 20 21 21 18 20 20 35 35 36 36 35
Add: Average receivable collection period 53 58 57 53 52 55 51 52 49 51 53 53 52 48 49 43 55 60 53 49 52
Operating cycle 78 84 82 78 76 80 75 76 72 70 73 74 73 66 69 63 90 95 89 85 87

Based on: 10-K (filing date: 2020-11-19), 10-Q (filing date: 2020-07-23), 10-Q (filing date: 2020-04-23), 10-Q (filing date: 2020-01-24), 10-K (filing date: 2019-11-26), 10-Q (filing date: 2019-07-25), 10-Q (filing date: 2019-04-24), 10-Q (filing date: 2019-01-25), 10-K (filing date: 2018-11-20), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-Q (filing date: 2018-01-26), 10-K (filing date: 2017-11-16), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-04-27), 10-Q (filing date: 2017-01-27), 10-K (filing date: 2016-11-21), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-04-28), 10-Q (filing date: 2016-01-29), 10-K (filing date: 2015-11-24), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-Q (filing date: 2015-01-30).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Air Products & Chemicals Inc.’s inventory turnover ratio deteriorated from Q2 2020 to Q3 2020 but then improved from Q3 2020 to Q4 2020 not reaching Q2 2020 level.
Receivables turnover An activity ratio equal to revenue divided by receivables. Air Products & Chemicals Inc.’s receivables turnover ratio deteriorated from Q2 2020 to Q3 2020 but then improved from Q3 2020 to Q4 2020 exceeding Q2 2020 level.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Air Products & Chemicals Inc.’s working capital turnover ratio deteriorated from Q2 2020 to Q3 2020 but then slightly improved from Q3 2020 to Q4 2020.

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. Air Products & Chemicals Inc.’s number of days of receivables outstanding deteriorated from Q2 2020 to Q3 2020 but then improved from Q3 2020 to Q4 2020 exceeding Q2 2020 level.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Air Products & Chemicals Inc.’s operating cycle deteriorated from Q2 2020 to Q3 2020 but then improved from Q3 2020 to Q4 2020 exceeding Q2 2020 level.

Inventory Turnover

Air Products & Chemicals Inc., inventory turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014
Selected Financial Data (US$ in thousands)
Cost of sales 1,566,500  1,344,900  1,460,100  1,486,600  1,490,800  1,466,000  1,474,700  1,544,000  1,565,800  1,545,400  1,506,500  1,571,800  1,545,300  1,486,200  1,403,800  1,318,100  1,648,700  1,639,300  1,519,000  1,595,700  1,697,100  1,716,400  1,699,600  1,831,000 
Inventories 404,800  410,900  399,700  400,600  388,300  408,300  408,300  403,400  396,100  322,100  339,900  347,400  335,400  293,300  322,800  330,700  619,900  611,100  649,800  665,600  657,800  681,900  693,300  709,700 
Short-term Activity Ratio
Inventory turnover1 14.47 14.07 14.77 14.77 15.39 14.82 15.01 15.27 15.63 19.15 17.98 17.29 17.15 19.97 18.62 18.52 10.33 10.56 10.05 10.08 10.56
Benchmarks
Inventory Turnover, Competitors2
Ecolab Inc. 6.00 6.65 5.72 5.79 5.50 5.36 5.26 5.58 5.26 5.17 5.05 5.12 4.77 4.79 4.87 5.23 5.20 5.31 5.11 5.20
Linde plc 8.93 9.16 9.69 9.81 9.94 8.24 6.91 5.50 10.89 11.08 10.64 10.51 10.69 10.83 10.74 10.65 10.80 10.31 10.51 11.22

Based on: 10-K (filing date: 2020-11-19), 10-Q (filing date: 2020-07-23), 10-Q (filing date: 2020-04-23), 10-Q (filing date: 2020-01-24), 10-K (filing date: 2019-11-26), 10-Q (filing date: 2019-07-25), 10-Q (filing date: 2019-04-24), 10-Q (filing date: 2019-01-25), 10-K (filing date: 2018-11-20), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-Q (filing date: 2018-01-26), 10-K (filing date: 2017-11-16), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-04-27), 10-Q (filing date: 2017-01-27), 10-K (filing date: 2016-11-21), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-04-28), 10-Q (filing date: 2016-01-29), 10-K (filing date: 2015-11-24), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-Q (filing date: 2015-01-30).

1 Q4 2020 Calculation
Inventory turnover = (Cost of salesQ4 2020 + Cost of salesQ3 2020 + Cost of salesQ2 2020 + Cost of salesQ1 2020) ÷ Inventories
= (1,566,500 + 1,344,900 + 1,460,100 + 1,486,600) ÷ 404,800 = 14.47

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. Air Products & Chemicals Inc.’s inventory turnover ratio deteriorated from Q2 2020 to Q3 2020 but then improved from Q3 2020 to Q4 2020 not reaching Q2 2020 level.

Receivables Turnover

Air Products & Chemicals Inc., receivables turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014
Selected Financial Data (US$ in thousands)
Sales 2,320,100  2,065,200  2,216,300  2,254,700  2,283,200  2,224,000  2,187,700  2,224,000  2,298,900  2,259,000  2,155,700  2,216,600  2,203,100  2,121,900  1,980,100  1,882,500  2,463,000  2,434,400  2,271,200  2,355,800  2,449,400  2,470,200  2,414,500  2,560,800 
Trade receivables, net 1,274,800  1,409,700  1,399,400  1,288,600  1,260,200  1,340,700  1,258,500  1,268,200  1,207,200  1,227,600  1,252,300  1,233,400  1,174,000  1,101,200  1,176,300  1,063,300  1,439,900  1,563,200  1,373,300  1,288,500  1,406,200  1,440,800  1,381,400  1,430,400 
Short-term Activity Ratio
Receivables turnover1 6.95 6.26 6.42 6.95 7.08 6.66 7.13 7.05 7.40 7.20 6.95 6.91 6.97 7.67 7.45 8.51 6.61 6.08 6.95 7.52 7.04
Benchmarks
Receivables Turnover, Competitors2
Ecolab Inc. 5.65 6.17 5.25 5.33 5.45 5.38 5.46 5.51 5.49 5.45 5.50 5.38 5.34 5.46 5.61 5.62 5.62 5.73 5.93 5.67
Linde plc 6.71 6.81 6.86 6.53 6.36 5.13 4.29 3.47 6.50 6.36 6.16 6.34 6.15 6.10 6.22 6.42 6.17 6.01 6.25 6.73

Based on: 10-K (filing date: 2020-11-19), 10-Q (filing date: 2020-07-23), 10-Q (filing date: 2020-04-23), 10-Q (filing date: 2020-01-24), 10-K (filing date: 2019-11-26), 10-Q (filing date: 2019-07-25), 10-Q (filing date: 2019-04-24), 10-Q (filing date: 2019-01-25), 10-K (filing date: 2018-11-20), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-Q (filing date: 2018-01-26), 10-K (filing date: 2017-11-16), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-04-27), 10-Q (filing date: 2017-01-27), 10-K (filing date: 2016-11-21), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-04-28), 10-Q (filing date: 2016-01-29), 10-K (filing date: 2015-11-24), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-Q (filing date: 2015-01-30).

1 Q4 2020 Calculation
Receivables turnover = (SalesQ4 2020 + SalesQ3 2020 + SalesQ2 2020 + SalesQ1 2020) ÷ Trade receivables, net
= (2,320,100 + 2,065,200 + 2,216,300 + 2,254,700) ÷ 1,274,800 = 6.95

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. Air Products & Chemicals Inc.’s receivables turnover ratio deteriorated from Q2 2020 to Q3 2020 but then improved from Q3 2020 to Q4 2020 exceeding Q2 2020 level.

Working Capital Turnover

Air Products & Chemicals Inc., working capital turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014
Selected Financial Data (US$ in thousands)
Current assets 8,684,900  9,006,500  4,688,500  4,719,700  4,618,300  4,915,200  4,895,200  5,089,900  5,082,200  5,055,500  5,396,300  5,355,500  5,876,700  5,347,000  5,294,100  3,548,800  4,317,300  3,378,800  3,031,200  2,779,000  2,910,800  3,102,300  3,114,500  3,137,200 
Less: Current liabilities 2,416,700  2,591,000  1,806,900  1,819,000  1,820,900  2,155,200  2,073,000  2,303,500  2,338,300  2,109,800  1,752,300  1,831,600  2,489,000  2,433,200  2,602,300  2,929,800  3,283,300  3,658,900  3,839,100  3,572,400  3,648,100  2,918,900  3,081,300  3,001,900 
Working capital 6,268,200  6,415,500  2,881,600  2,900,700  2,797,400  2,760,000  2,822,200  2,786,400  2,743,900  2,945,700  3,644,000  3,523,900  3,387,700  2,913,800  2,691,800  619,000  1,034,000  (280,100) (807,900) (793,400) (737,300) 183,400  33,200  135,300 
 
Sales 2,320,100  2,065,200  2,216,300  2,254,700  2,283,200  2,224,000  2,187,700  2,224,000  2,298,900  2,259,000  2,155,700  2,216,600  2,203,100  2,121,900  1,980,100  1,882,500  2,463,000  2,434,400  2,271,200  2,355,800  2,449,400  2,470,200  2,414,500  2,560,800 
Short-term Activity Ratio
Working capital turnover1 1.41 1.37 3.12 3.09 3.19 3.24 3.18 3.21 3.25 3.00 2.39 2.42 2.42 2.90 3.25 14.62 9.21
Benchmarks
Working Capital Turnover, Competitors2
Ecolab Inc. 6.95 7.17 6.87 12.44 15.61 20.35 24.71 14.79 11.81 14.61 23.04 11.88 15.78 62.53 129.58 10.44 376.97
Linde plc 143.68 4.77 3.45 34.67 143.71 14.06 26.20 12.66 12.99 9.83 14.70

Based on: 10-K (filing date: 2020-11-19), 10-Q (filing date: 2020-07-23), 10-Q (filing date: 2020-04-23), 10-Q (filing date: 2020-01-24), 10-K (filing date: 2019-11-26), 10-Q (filing date: 2019-07-25), 10-Q (filing date: 2019-04-24), 10-Q (filing date: 2019-01-25), 10-K (filing date: 2018-11-20), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-Q (filing date: 2018-01-26), 10-K (filing date: 2017-11-16), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-04-27), 10-Q (filing date: 2017-01-27), 10-K (filing date: 2016-11-21), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-04-28), 10-Q (filing date: 2016-01-29), 10-K (filing date: 2015-11-24), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-Q (filing date: 2015-01-30).

1 Q4 2020 Calculation
Working capital turnover = (SalesQ4 2020 + SalesQ3 2020 + SalesQ2 2020 + SalesQ1 2020) ÷ Working capital
= (2,320,100 + 2,065,200 + 2,216,300 + 2,254,700) ÷ 6,268,200 = 1.41

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. Air Products & Chemicals Inc.’s working capital turnover ratio deteriorated from Q2 2020 to Q3 2020 but then slightly improved from Q3 2020 to Q4 2020.

Average Inventory Processing Period

Air Products & Chemicals Inc., average inventory processing period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014
Selected Financial Data
Inventory turnover 14.47 14.07 14.77 14.77 15.39 14.82 15.01 15.27 15.63 19.15 17.98 17.29 17.15 19.97 18.62 18.52 10.33 10.56 10.05 10.08 10.56
Short-term Activity Ratio (no. days)
Average inventory processing period1 25 26 25 25 24 25 24 24 23 19 20 21 21 18 20 20 35 35 36 36 35
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Ecolab Inc. 61 55 64 63 66 68 69 65 69 71 72 71 77 76 75 70 70 69 71 70
Linde plc 41 40 38 37 37 44 53 66 34 33 34 35 34 34 34 34 34 35 35 33

Based on: 10-K (filing date: 2020-11-19), 10-Q (filing date: 2020-07-23), 10-Q (filing date: 2020-04-23), 10-Q (filing date: 2020-01-24), 10-K (filing date: 2019-11-26), 10-Q (filing date: 2019-07-25), 10-Q (filing date: 2019-04-24), 10-Q (filing date: 2019-01-25), 10-K (filing date: 2018-11-20), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-Q (filing date: 2018-01-26), 10-K (filing date: 2017-11-16), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-04-27), 10-Q (filing date: 2017-01-27), 10-K (filing date: 2016-11-21), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-04-28), 10-Q (filing date: 2016-01-29), 10-K (filing date: 2015-11-24), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-Q (filing date: 2015-01-30).

1 Q4 2020 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 14.47 = 25

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period.

Average Receivable Collection Period

Air Products & Chemicals Inc., average receivable collection period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
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 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014
Selected Financial Data
Receivables turnover 6.95 6.26 6.42 6.95 7.08 6.66 7.13 7.05 7.40 7.20 6.95 6.91 6.97 7.67 7.45 8.51 6.61 6.08 6.95 7.52 7.04
Short-term Activity Ratio (no. days)
Average receivable collection period1 53 58 57 53 52 55 51 52 49 51 53 53 52 48 49 43 55 60 53 49 52
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Ecolab Inc. 65 59 70 68 67 68 67 66 67 67 66 68 68 67 65 65 65 64 62 64
Linde plc 54 54 53 56 57 71 85 105 56 57 59 58 59 60 59 57 59 61 58 54

Based on: 10-K (filing date: 2020-11-19), 10-Q (filing date: 2020-07-23), 10-Q (filing date: 2020-04-23), 10-Q (filing date: 2020-01-24), 10-K (filing date: 2019-11-26), 10-Q (filing date: 2019-07-25), 10-Q (filing date: 2019-04-24), 10-Q (filing date: 2019-01-25), 10-K (filing date: 2018-11-20), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-Q (filing date: 2018-01-26), 10-K (filing date: 2017-11-16), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-04-27), 10-Q (filing date: 2017-01-27), 10-K (filing date: 2016-11-21), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-04-28), 10-Q (filing date: 2016-01-29), 10-K (filing date: 2015-11-24), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-Q (filing date: 2015-01-30).

1 Q4 2020 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 6.95 = 53

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. Air Products & Chemicals Inc.’s number of days of receivables outstanding deteriorated from Q2 2020 to Q3 2020 but then improved from Q3 2020 to Q4 2020 exceeding Q2 2020 level.

Operating Cycle

Air Products & Chemicals Inc., operating cycle calculation (quarterly data)

No. days

Microsoft Excel LibreOffice Calc
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 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014
Selected Financial Data
Average inventory processing period 25 26 25 25 24 25 24 24 23 19 20 21 21 18 20 20 35 35 36 36 35
Average receivable collection period 53 58 57 53 52 55 51 52 49 51 53 53 52 48 49 43 55 60 53 49 52
Short-term Activity Ratio
Operating cycle1 78 84 82 78 76 80 75 76 72 70 73 74 73 66 69 63 90 95 89 85 87
Benchmarks
Operating Cycle, Competitors2
Ecolab Inc. 126 114 134 131 133 136 136 131 136 138 138 139 145 143 140 135 135 133 133 134
Linde plc 95 94 91 93 94 115 138 171 90 90 93 93 93 94 93 91 93 96 93 87

Based on: 10-K (filing date: 2020-11-19), 10-Q (filing date: 2020-07-23), 10-Q (filing date: 2020-04-23), 10-Q (filing date: 2020-01-24), 10-K (filing date: 2019-11-26), 10-Q (filing date: 2019-07-25), 10-Q (filing date: 2019-04-24), 10-Q (filing date: 2019-01-25), 10-K (filing date: 2018-11-20), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-Q (filing date: 2018-01-26), 10-K (filing date: 2017-11-16), 10-Q (filing date: 2017-08-01), 10-Q (filing date: 2017-04-27), 10-Q (filing date: 2017-01-27), 10-K (filing date: 2016-11-21), 10-Q (filing date: 2016-07-29), 10-Q (filing date: 2016-04-28), 10-Q (filing date: 2016-01-29), 10-K (filing date: 2015-11-24), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-04-30), 10-Q (filing date: 2015-01-30).

1 Q4 2020 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 25 + 53 = 78

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. Air Products & Chemicals Inc.’s operating cycle deteriorated from Q2 2020 to Q3 2020 but then improved from Q3 2020 to Q4 2020 exceeding Q2 2020 level.