Analysis of Short-term (Operating) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Short-term Activity Ratios (Summary)
Turnover Ratios
Average No. Days
Elevance Health Inc., short-term (operating) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The analyzed period reveals a general deceleration in the efficiency of short-term asset conversion and a slight tightening of payment cycles, despite overall stability in operational activity.
- Receivables Management
- A downward trend in receivables turnover is observed over the long term, declining from a peak of 19.51 in September 2022 to 15.41 by September 2026. This contraction in turnover is mirrored by an increase in the average receivable collection period, which rose from 19 days in mid-2022 to a peak of 26 days in March 2026. These patterns indicate a gradual slowdown in the speed at which outstanding invoices are converted into cash.
- Payables Management
- Payables turnover demonstrates a consistent, albeit gradual, upward trajectory, increasing from 7.28 in March 2022 to 8.05 by September 2026. Correspondingly, the average payables payment period has contracted from 50 days to 45 days. This shift suggests a strategic or operational acceleration in the settlement of obligations to suppliers and vendors.
- Working Capital Efficiency
- Working capital turnover exhibits significant volatility with a general downward bias. After reaching a high of 9.11 in September 2022, the ratio fluctuated before settling into a lower range between 6.87 and 8.11 during the 2024-2026 period. The reduction in this ratio suggests that the company is generating less revenue per unit of working capital invested compared to the beginning of the analyzed period.
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Receivables Turnover
Elevance Health Inc., receivables turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Premiums | 41,704) | 41,279) | 41,024) | 40,690) | 41,791) | 41,271) | 40,887) | 36,245) | 36,809) | 35,416) | 35,696) | 35,138) | 35,259) | 36,589) | 35,868) | 33,646) | 33,722) | 33,076) | 32,785) | ||||||
| Premium receivables, net | 10,686) | 10,991) | 11,525) | 10,073) | 9,535) | 10,465) | 10,359) | 8,011) | 7,209) | 8,040) | 8,931) | 7,902) | 7,883) | 7,431) | 8,246) | 7,083) | 6,682) | 6,757) | 7,349) | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||
| Receivables turnover1 | 15.41 | 14.99 | 14.30 | 16.34 | 16.80 | 14.83 | 14.42 | 18.00 | 19.84 | 17.60 | 15.98 | 18.08 | 17.93 | 18.82 | 16.53 | 18.81 | 19.51 | 18.80 | 16.67 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Receivables Turnover, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | — | 5.42 | 5.50 | 5.59 | 5.39 | 5.41 | 5.78 | 6.06 | 5.85 | 5.94 | 6.11 | 6.11 | 6.15 | 6.52 | 6.89 | 7.02 | 7.03 | 6.33 | 6.20 | ||||||
| Intuitive Surgical Inc. | 6.73 | 6.59 | 6.63 | 6.59 | 7.63 | 7.21 | 7.13 | 6.82 | 6.82 | 6.83 | 6.49 | 6.30 | 7.12 | 7.37 | 6.95 | 6.60 | 7.20 | 7.11 | 6.52 | ||||||
| Medtronic PLC | 5.58 | 5.44 | 5.46 | 5.15 | 5.43 | 5.27 | 5.42 | 5.28 | 5.42 | 5.39 | 5.44 | 5.21 | 5.23 | 5.48 | 5.85 | 5.71 | 5.84 | 5.79 | 5.82 | ||||||
| UnitedHealth Group Inc. | — | 20.67 | 16.76 | 19.27 | 18.98 | 17.29 | 15.03 | 17.66 | 19.43 | 16.49 | 13.80 | 17.27 | 17.23 | 19.23 | 14.88 | 18.22 | 18.37 | 16.27 | 15.65 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Receivables turnover
= (PremiumsQ3 2026
+ PremiumsQ2 2026
+ PremiumsQ1 2026
+ PremiumsQ4 2025)
÷ Premium receivables, net
= (41,704 + 41,279 + 41,024 + 40,690)
÷ 10,686 = 15.41
2 Click competitor name to see calculations.
The analysis of short-term operating activity indicates a period of substantial growth in premiums accompanied by a proportional increase in net premium receivables, which has resulted in a general compression of the receivables turnover ratio over the observed period.
- Premium Revenue Trajectory
- Premiums exhibited a consistent upward trend, increasing from 32.785 billion USD in March 2022 to a peak of 41.704 billion USD by September 2026. A notable acceleration in growth occurred between December 2024 and March 2025, where quarterly premiums shifted from 36.245 billion USD to 40.887 billion USD, maintaining a baseline above 40 billion USD through 2025 and 2026.
- Net Premium Receivables Growth
- Net premium receivables showed a steady increase, rising from 7.349 billion USD in early 2022 to 10.686 billion USD by the end of the period. The most significant expansion in receivables occurred between December 2024 and March 2025, coinciding with the jump in premium volume, with receivables increasing from 8.011 billion USD to 10.359 billion USD during that window.
- Receivables Turnover Efficiency
- The receivables turnover ratio demonstrates a long-term decline in efficiency. While the ratio peaked at 19.84 in June 2024, it shifted to a lower range starting in 2025, frequently falling between 14.30 and 16.80. This downward trend suggests that while the volume of premiums is increasing, the speed at which these receivables are collected has slowed relative to the scale of operations. The reduction from the 18.00-19.00 range in 2022-2024 to the 14.00-15.00 range in 2026 indicates a lengthening of the average collection cycle.
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Payables Turnover
Elevance Health Inc., payables turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Benefit expense | 37,779) | 37,024) | 35,615) | 38,065) | 38,140) | 36,706) | 35,312) | 33,500) | 32,949) | 30,572) | 30,546) | 31,334) | 30,606) | 31,604) | 30,786) | 30,091) | 29,404) | 28,777) | 28,215) | ||||||
| Medical claims payable | 18,438) | 18,463) | 18,425) | 17,084) | 17,148) | 17,155) | 16,812) | 15,746) | 15,346) | 15,204) | 16,459) | 16,111) | 16,176) | 16,165) | 15,728) | 15,596) | 15,242) | 15,127) | 14,713) | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||
| Payables turnover1 | 8.05 | 8.06 | 8.06 | 8.68 | 8.38 | 8.07 | 7.87 | 8.10 | 8.17 | 8.09 | 7.54 | 7.72 | 7.61 | 7.54 | 7.57 | 7.47 | 7.48 | 7.35 | 7.28 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Payables Turnover, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | — | 4.22 | 4.22 | 4.56 | 4.69 | 4.40 | 4.44 | 4.46 | 4.54 | 4.42 | 4.33 | 4.19 | 4.55 | 4.28 | 4.44 | 4.15 | 4.67 | 4.25 | 4.02 | ||||||
| Intuitive Surgical Inc. | 13.59 | 13.26 | 10.71 | 13.42 | 11.10 | 11.44 | 10.39 | 14.05 | 11.88 | 12.91 | 12.64 | 12.69 | 11.66 | 11.10 | 12.99 | 13.78 | 12.01 | 12.68 | 14.36 | ||||||
| Medtronic PLC | 4.85 | 4.64 | 4.65 | 4.75 | 5.04 | 4.85 | 4.95 | 4.65 | 5.60 | 5.09 | 4.84 | 4.03 | 4.68 | 4.60 | 4.62 | 4.46 | 5.14 | 5.41 | 5.67 | ||||||
| UnitedHealth Group Inc. | — | 7.98 | 7.92 | 7.98 | 7.44 | 7.42 | 7.32 | 7.72 | 7.64 | 7.77 | 7.28 | 7.47 | 7.11 | 7.08 | 6.86 | 7.26 | 7.07 | 6.90 | 6.78 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Payables turnover
= (Benefit expenseQ3 2026
+ Benefit expenseQ2 2026
+ Benefit expenseQ1 2026
+ Benefit expenseQ4 2025)
÷ Medical claims payable
= (37,779 + 37,024 + 35,615 + 38,065)
÷ 18,438 = 8.05
2 Click competitor name to see calculations.
The analysis of operating activity ratios reveals a general upward trajectory in both the scale of obligations and the efficiency of payables turnover over the observed period from March 2022 through September 2026.
- Benefit Expense and Obligations Growth
- Benefit expenses demonstrated a sustained increase, rising from 28,215 million USD in March 2022 to 37,779 million USD by September 2026. In conjunction, medical claims payable grew from 14,713 million USD to 18,438 million USD over the same duration. This concurrent growth indicates an expansion in the volume of medical services processed and the associated liabilities managed by the organization.
- Payables Turnover Performance
- The payables turnover ratio exhibited a gradual increasing trend, starting at 7.28 in March 2022 and reaching a peak of 8.68 in December 2025. This increase suggests that medical claims were settled more frequently relative to the average payable balance. A notable acceleration occurred between March 2024 (7.54) and September 2024 (8.17), followed by a period of elevated turnover throughout 2025.
- Recent Stabilization Trends
- Following the peak in late 2025, the turnover ratio experienced a correction and subsequently stabilized. Between March 2026 and September 2026, the ratio remained nearly constant, fluctuating minimally between 8.05 and 8.06. This indicates the establishment of a new operational baseline for claims settlement efficiency, maintaining a higher turnover rate than that observed in the 2022-2023 period.
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Working Capital Turnover
Elevance Health Inc., working capital turnover calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | 68,524) | 67,184) | 67,032) | 63,001) | 63,778) | 63,324) | 61,121) | 58,942) | 62,846) | 62,274) | 60,948) | 60,029) | 61,185) | 59,743) | 59,823) | 55,617) | 55,603) | 53,655) | 53,897) | ||||||
| Less: Current liabilities | 46,662) | 44,254) | 45,309) | 41,035) | 40,878) | 43,834) | 42,698) | 40,581) | 42,033) | 41,813) | 44,334) | 41,791) | 43,337) | 41,571) | 41,889) | 39,696) | 41,287) | 39,308) | 39,733) | ||||||
| Working capital | 21,862) | 22,930) | 21,723) | 21,966) | 22,900) | 19,490) | 18,423) | 18,361) | 20,813) | 20,461) | 16,614) | 18,238) | 17,848) | 18,172) | 17,934) | 15,921) | 14,316) | 14,347) | 14,164) | ||||||
| Premiums | 41,704) | 41,279) | 41,024) | 40,690) | 41,791) | 41,271) | 40,887) | 36,245) | 36,809) | 35,416) | 35,696) | 35,138) | 35,259) | 36,589) | 35,868) | 33,646) | 33,722) | 33,076) | 32,785) | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||
| Working capital turnover1 | 7.53 | 7.19 | 7.59 | 7.50 | 7.00 | 7.96 | 8.11 | 7.85 | 6.87 | 6.92 | 8.59 | 7.83 | 7.92 | 7.69 | 7.60 | 8.37 | 9.11 | 8.85 | 8.65 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | — | 6.95 | 6.33 | 4.67 | 4.27 | 3.91 | 4.17 | 4.42 | 4.63 | 4.35 | 4.83 | 4.54 | 4.15 | 4.39 | 4.21 | 4.48 | 3.92 | 3.63 | 4.13 | ||||||
| Intuitive Surgical Inc. | 1.96 | 1.45 | 1.53 | 1.29 | 1.43 | 1.30 | 1.42 | 1.56 | 1.42 | 1.23 | 1.17 | 1.14 | 0.95 | 1.03 | 1.15 | 1.29 | 1.21 | 1.17 | 1.26 | ||||||
| Medtronic PLC | 2.43 | 2.47 | 2.92 | 3.07 | 3.11 | 3.22 | 2.79 | 2.90 | 2.54 | 2.57 | 2.46 | 2.47 | 2.81 | 2.82 | 3.84 | 2.97 | 2.21 | 2.13 | 2.15 | ||||||
| UnitedHealth Group Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Working capital turnover
= (PremiumsQ3 2026
+ PremiumsQ2 2026
+ PremiumsQ1 2026
+ PremiumsQ4 2025)
÷ Working capital
= (41,704 + 41,279 + 41,024 + 40,690)
÷ 21,862 = 7.53
2 Click competitor name to see calculations.
The financial trajectory from March 2022 through September 2026 is characterized by a simultaneous increase in both working capital and premium revenue, although the growth in working capital has generally outpaced revenue growth, leading to a compression in turnover efficiency.
- Working Capital Expansion
- A consistent upward trend in working capital is observed, rising from 14,164 million USD in March 2022 to 21,862 million USD by September 2026. Significant growth phases occurred between December 2022 and March 2023, and again between March 2024 and June 2024. The highest liquidity position was reached in September 2025 at 22,900 million USD, indicating an increasing allocation of current assets relative to current liabilities over the analyzed period.
- Premium Revenue Growth
- Premiums demonstrated a steady climb from 32,785 million USD in March 2022 to 41,704 million USD in September 2026. A notable structural shift is evident starting in March 2025, where quarterly premiums consistently exceeded the 40,000 million USD threshold, reflecting a sustained increase in the volume of business generated.
- Working Capital Turnover Dynamics
- The working capital turnover ratio experienced an overall decline, moving from a peak of 9.11 in September 2022 to 7.53 by September 2026. The ratio exhibited significant volatility during 2024, dropping to a low of 6.87 in September 2024 before recovering to 8.11 by December 2024. This fluctuation suggests periods of misalignment between the growth of operating liquidity and the generation of premiums.
- Efficiency Analysis
- The long-term contraction of the turnover ratio indicates a decrease in the efficiency with which working capital is utilized to generate premiums. While the increase in premiums is positive, the more aggressive growth in working capital has diluted the turnover rate. The transition from a ratio range of 8.3–9.1 in 2022 to a range of 7.0–7.6 in 2026 suggests a shift toward a more conservative liquidity posture or a slower absorption of current assets into revenue-generating activities.
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Average Receivable Collection Period
Elevance Health Inc., average receivable collection period calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||||
| Receivables turnover | 15.41 | 14.99 | 14.30 | 16.34 | 16.80 | 14.83 | 14.42 | 18.00 | 19.84 | 17.60 | 15.98 | 18.08 | 17.93 | 18.82 | 16.53 | 18.81 | 19.51 | 18.80 | 16.67 | ||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||||
| Average receivable collection period1 | 24 | 24 | 26 | 22 | 22 | 25 | 25 | 20 | 18 | 21 | 23 | 20 | 20 | 19 | 22 | 19 | 19 | 19 | 22 | ||||||
| Benchmarks (no. days) | |||||||||||||||||||||||||
| Average Receivable Collection Period, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | — | 67 | 66 | 65 | 68 | 67 | 63 | 60 | 62 | 61 | 60 | 60 | 59 | 56 | 53 | 52 | 52 | 58 | 59 | ||||||
| Intuitive Surgical Inc. | 54 | 55 | 55 | 55 | 48 | 51 | 51 | 54 | 53 | 53 | 56 | 58 | 51 | 50 | 53 | 55 | 51 | 51 | 56 | ||||||
| Medtronic PLC | 65 | 67 | 67 | 71 | 67 | 69 | 67 | 69 | 67 | 68 | 67 | 70 | 70 | 67 | 62 | 64 | 63 | 63 | 63 | ||||||
| UnitedHealth Group Inc. | — | 18 | 22 | 19 | 19 | 21 | 24 | 21 | 19 | 22 | 26 | 21 | 21 | 19 | 25 | 20 | 20 | 22 | 23 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 15.41 = 24
2 Click competitor name to see calculations.
The analysis of short-term operating activity indicates a fluctuating trend in the efficiency of receivables management, characterized by a period of relative stability followed by a notable decline in collection performance during the latter portion of the observed timeline.
- Receivables Turnover
- The turnover ratio exhibited significant variability, initially fluctuating between 16.53 and 19.51 throughout 2022 and 2023. A peak in efficiency was reached in September 2024, where the ratio hit a high of 19.84. However, a distinct downward trajectory emerged starting in March 2025, with the ratio declining to a period low of 14.30 by March 2026, before marginally recovering to 15.41 by September 2026.
- Average Receivable Collection Period
- The collection period remained largely consistent between 19 and 22 days from March 2022 through December 2023. Operational efficiency peaked in September 2024, when the collection period reached its minimum of 18 days. Following this peak, a sustained increase in the time required to collect receivables occurred, rising to 25 days by March 2025 and peaking at 26 days in March 2026. The period concluded with the collection cycle stabilizing at 24 days through September 2026.
An inverse correlation is maintained between the turnover ratio and the collection period. The shift from a collection cycle averaging approximately 20 days in the earlier years to a range of 24 to 26 days in the final quarters suggests a deceleration in the conversion of receivables into cash. This trend indicates a potential expansion of the credit cycle or a decrease in the promptness of payments received during the 2025 and 2026 periods.
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Average Payables Payment Period
Elevance Health Inc., average payables payment period calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||||
| Payables turnover | 8.05 | 8.06 | 8.06 | 8.68 | 8.38 | 8.07 | 7.87 | 8.10 | 8.17 | 8.09 | 7.54 | 7.72 | 7.61 | 7.54 | 7.57 | 7.47 | 7.48 | 7.35 | 7.28 | ||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||||
| Average payables payment period1 | 45 | 45 | 45 | 42 | 44 | 45 | 46 | 45 | 45 | 45 | 48 | 47 | 48 | 48 | 48 | 49 | 49 | 50 | 50 | ||||||
| Benchmarks (no. days) | |||||||||||||||||||||||||
| Average Payables Payment Period, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | — | 87 | 87 | 80 | 78 | 83 | 82 | 82 | 80 | 83 | 84 | 87 | 80 | 85 | 82 | 88 | 78 | 86 | 91 | ||||||
| Intuitive Surgical Inc. | 27 | 28 | 34 | 27 | 33 | 32 | 35 | 26 | 31 | 28 | 29 | 29 | 31 | 33 | 28 | 26 | 30 | 29 | 25 | ||||||
| Medtronic PLC | 75 | 79 | 79 | 77 | 72 | 75 | 74 | 78 | 65 | 72 | 75 | 91 | 78 | 79 | 79 | 82 | 71 | 67 | 64 | ||||||
| UnitedHealth Group Inc. | — | 46 | 46 | 46 | 49 | 49 | 50 | 47 | 48 | 47 | 50 | 49 | 51 | 52 | 53 | 50 | 52 | 53 | 54 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 8.05 = 45
2 Click competitor name to see calculations.
The analysis of short-term operating activity reveals a consistent trend toward accelerated settlement of accounts payable between March 2022 and September 2026. There is a clear inverse correlation between the payables turnover ratio and the average payables payment period, indicating a strategic shift toward more rapid payment cycles.
- Payables Turnover Ratio
- The payables turnover ratio exhibited a steady upward trajectory, beginning at 7.28 in March 2022 and rising to 7.72 by December 2023. A more pronounced acceleration occurred in 2024, with the ratio climbing to 8.09 by June 2024. The ratio reached its peak at 8.68 in December 2025 before stabilizing at approximately 8.05 through the third quarter of 2026. This overall increase suggests that obligations to suppliers are being cycled more frequently.
- Average Payables Payment Period
- The average time taken to settle payables decreased over the analyzed period. Starting at 50 days in the first half of 2022, the period gradually contracted to 47 days by December 2023. A significant reduction to 45 days was observed in June 2024, with the payment period reaching a minimum of 42 days in December 2025. Following this trough, the payment period returned to and remained constant at 45 days from March 2026 through September 2026.
- Operational Implications
- The reduction in the payment period from 50 days to 45 days reflects an increase in the efficiency of the company's payment processes or a shift in vendor credit terms. The synchronization of the turnover peak and the payment period trough in December 2025 indicates a period of maximum liquidity deployment toward suppliers. The subsequent stabilization of both metrics in 2026 suggests the establishment of a new operational baseline for short-term liability management.
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