Becton, Dickinson & Co. (BDX)


Short-term (Operating) Activity Analysis
Quarterly Data

Difficulty: Beginner


Ratios (Summary)

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

Microsoft Excel LibreOffice Calc
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 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012
Turnover Ratios
Inventory turnover 3.42 3.42 3.72 3.56 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
Receivables turnover 7.71 7.48 7.70 6.89 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
Working capital turnover 31.45 81.96 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
Average No. of Days
Average inventory processing period 107 107 98 103 117 127 174 108 107 101 97 97 104 100 118 128 146 200 132 132 140 138 135 132
Add: Average receivable collection period 47 49 47 53 56 62 60 53 53 46 45 47 48 47 49 57 64 68 44 51 53 50 50 56
Operating cycle 154 156 145 156 173 189 234 161 160 147 142 144 152 147 167 185 210 268 176 183 193 188 185 188

Based on: 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-09), 10-Q (filing date: 2019-02-05), 10-K (filing date: 2018-11-21), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-Q (filing date: 2018-02-06), 10-K (filing date: 2017-11-22), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-02), 10-Q (filing date: 2017-02-02), 10-K (filing date: 2016-11-23), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-06), 10-Q (filing date: 2016-02-05), 10-K (filing date: 2015-11-25), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-08), 10-Q (filing date: 2015-02-06), 10-K (filing date: 2014-11-26), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-05), 10-Q (filing date: 2014-02-10), 10-K (filing date: 2013-11-27), 10-Q (filing date: 2013-08-05), 10-Q (filing date: 2013-05-09), 10-Q (filing date: 2013-02-07).

Ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Becton, Dickinson & Co.’s inventory turnover deteriorated from Q1 2019 to Q2 2019 but then slightly improved from Q2 2019 to Q3 2019.
Receivables turnover An activity ratio equal to revenue divided by receivables. Becton, Dickinson & Co.’s receivables turnover deteriorated from Q1 2019 to Q2 2019 but then improved from Q2 2019 to Q3 2019 exceeding Q1 2019 level.
Working capital turnover An activity ratio calculated as revenue divided by working capital.

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. Becton, Dickinson & Co.’s operating cycle deteriorated from Q1 2019 to Q2 2019 but then slightly improved from Q2 2019 to Q3 2019.

Inventory Turnover

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

Microsoft Excel LibreOffice Calc
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 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012
Selected Financial Data (USD $ in millions)
Cost of products sold 2,276  2,221  2,187  2,312  2,261  2,618  1,530  1,613  1,531  1,537  1,470  1,679  1,651  1,584  1,578  1,630  1,946  1,005  1,006  1,100  1,046  1,019  980  1,014  993  982  894 
Inventories 2,629  2,627  2,522  2,451  2,562  2,543  2,967  1,818  1,829  1,747  1,692  1,719  1,835  1,846  1,985  1,959  2,020  2,278  1,512  1,495  1,553  1,512  1,467  1,402  1,409  1,392  1,360 
Ratio
Inventory turnover1 3.42 3.42 3.72 3.56 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
Benchmarks
Inventory Turnover, Competitors2
Intuitive Surgical Inc. 2.41 2.50 2.74 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 2.35 2.39 2.42 2.53 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. 1.54 1.56 1.58 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. 4.30 4.37 4.49 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: 2019-08-06), 10-Q (filing date: 2019-05-09), 10-Q (filing date: 2019-02-05), 10-K (filing date: 2018-11-21), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-Q (filing date: 2018-02-06), 10-K (filing date: 2017-11-22), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-02), 10-Q (filing date: 2017-02-02), 10-K (filing date: 2016-11-23), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-06), 10-Q (filing date: 2016-02-05), 10-K (filing date: 2015-11-25), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-08), 10-Q (filing date: 2015-02-06), 10-K (filing date: 2014-11-26), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-05), 10-Q (filing date: 2014-02-10), 10-K (filing date: 2013-11-27), 10-Q (filing date: 2013-08-05), 10-Q (filing date: 2013-05-09), 10-Q (filing date: 2013-02-07).

1 Q3 2019 Calculation
Inventory turnover = (Cost of products soldQ3 2019 + Cost of products soldQ2 2019 + Cost of products soldQ1 2019 + Cost of products soldQ4 2018) ÷ Inventories
= (2,276 + 2,221 + 2,187 + 2,312) ÷ 2,629 = 3.42

2 Click competitor name to see calculations.

Ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Becton, Dickinson & Co.’s inventory turnover deteriorated from Q1 2019 to Q2 2019 but then slightly improved from Q2 2019 to Q3 2019.

Receivables Turnover

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

Microsoft Excel LibreOffice Calc
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 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012
Selected Financial Data (USD $ in millions)
Revenues 4,350  4,195  4,160  4,403  4,278  4,222  3,080  3,167  3,035  2,969  2,922  3,232  3,198  3,067  2,986  3,060  3,120  2,051  2,051  2,202  2,157  2,072  2,015  2,101  2,053  2,000  1,900 
Trade receivables, net 2,220  2,279  2,216  2,319  2,243  2,293  2,000  1,744  1,749  1,569  1,518  1,618  1,618  1,574  1,513  1,618  1,645  1,572  1,031  1,187  1,204  1,130  1,113  1,240  1,255  1,220  1,168 
Ratio
Receivables turnover1 7.71 7.48 7.70 6.89 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
Benchmarks
Receivables Turnover, Competitors2
Intuitive Surgical Inc. 6.38 7.03 5.46 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 5.22 5.29 5.28 5.00 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. 5.90 6.08 5.83 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. 6.02 5.93 5.89 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. 24.04 17.92 19.75 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: 2019-08-06), 10-Q (filing date: 2019-05-09), 10-Q (filing date: 2019-02-05), 10-K (filing date: 2018-11-21), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-Q (filing date: 2018-02-06), 10-K (filing date: 2017-11-22), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-02), 10-Q (filing date: 2017-02-02), 10-K (filing date: 2016-11-23), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-06), 10-Q (filing date: 2016-02-05), 10-K (filing date: 2015-11-25), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-08), 10-Q (filing date: 2015-02-06), 10-K (filing date: 2014-11-26), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-05), 10-Q (filing date: 2014-02-10), 10-K (filing date: 2013-11-27), 10-Q (filing date: 2013-08-05), 10-Q (filing date: 2013-05-09), 10-Q (filing date: 2013-02-07).

1 Q3 2019 Calculation
Receivables turnover = (RevenuesQ3 2019 + RevenuesQ2 2019 + RevenuesQ1 2019 + RevenuesQ4 2018) ÷ Trade receivables, net
= (4,350 + 4,195 + 4,160 + 4,403) ÷ 2,220 = 7.71

2 Click competitor name to see calculations.

Ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Becton, Dickinson & Co.’s receivables turnover deteriorated from Q1 2019 to Q2 2019 but then improved from Q2 2019 to Q3 2019 exceeding Q1 2019 level.

Working Capital Turnover

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

Microsoft Excel LibreOffice Calc
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 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012
Selected Financial Data (USD $ in millions)
Current assets 6,781  6,844  6,941  7,411  7,525  7,512  7,542  18,633  18,212  4,891  5,187  6,367  6,534  6,612  5,641  6,045  6,303  6,996  12,111  6,131  6,045  5,946  5,743  5,873  5,435  5,500  5,477 
Less: Current liabilities 6,237  7,108  7,145  7,216  6,106  4,426  4,895  3,342  3,273  4,018  4,570  4,400  4,219  4,380  4,529  4,386  4,517  4,497  2,081  2,235  2,093  2,016  1,997  2,130  1,693  1,878  2,004 
Working capital 544  (264) (204) 195  1,419  3,086  2,647  15,291  14,939  873  617  1,967  2,315  2,232  1,112  1,659  1,786  2,499  10,030  3,896  3,952  3,930  3,746  3,743  3,742  3,622  3,474 
Revenues 4,350  4,195  4,160  4,403  4,278  4,222  3,080  3,167  3,035  2,969  2,922  3,232  3,198  3,067  2,986  3,060  3,120  2,051  2,051  2,202  2,157  2,072  2,015  2,101  2,053  2,000  1,900 
Ratio
Working capital turnover1 31.45 81.96 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
Benchmarks
Working Capital Turnover, Competitors2
Intuitive Surgical Inc. 1.24 1.17 1.06 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 2.54 2.30 2.24 2.32 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. 3.35 3.32 2.76 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. 6.70 6.10 5.44 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: 2019-08-06), 10-Q (filing date: 2019-05-09), 10-Q (filing date: 2019-02-05), 10-K (filing date: 2018-11-21), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-Q (filing date: 2018-02-06), 10-K (filing date: 2017-11-22), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-02), 10-Q (filing date: 2017-02-02), 10-K (filing date: 2016-11-23), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-06), 10-Q (filing date: 2016-02-05), 10-K (filing date: 2015-11-25), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-08), 10-Q (filing date: 2015-02-06), 10-K (filing date: 2014-11-26), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-05), 10-Q (filing date: 2014-02-10), 10-K (filing date: 2013-11-27), 10-Q (filing date: 2013-08-05), 10-Q (filing date: 2013-05-09), 10-Q (filing date: 2013-02-07).

1 Q3 2019 Calculation
Working capital turnover = (RevenuesQ3 2019 + RevenuesQ2 2019 + RevenuesQ1 2019 + RevenuesQ4 2018) ÷ Working capital
= (4,350 + 4,195 + 4,160 + 4,403) ÷ 544 = 31.45

2 Click competitor name to see calculations.

Ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital.

Average Inventory Processing Period

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

Microsoft Excel LibreOffice Calc
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 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012
Selected Financial Data
Inventory turnover 3.42 3.42 3.72 3.56 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
Ratio (no. of days)
Average inventory processing period1 107 107 98 103 117 127 174 108 107 101 97 97 104 100 118 128 146 200 132 132 140 138 135 132
Benchmarks (no. of days)
Average Inventory Processing Period, Competitors2
Intuitive Surgical Inc. 152 146 133 126 118 106 94 91 91 94 82 83 77 74 76 89 92 97 92
Medtronic PLC 156 153 151 144 151 145 138 131 147 149 146 139 133 148 162 200 151 153 152 145
Stryker Corp. 237 233 231 232 223 222 211 218 206 197 193 209 208 194 179 183 176 173 176
Thermo Fisher Scientific Inc. 85 84 81 82 82 87 95 106 85 84 82 89 80 83 79 80 79 75 72

Based on: 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-09), 10-Q (filing date: 2019-02-05), 10-K (filing date: 2018-11-21), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-Q (filing date: 2018-02-06), 10-K (filing date: 2017-11-22), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-02), 10-Q (filing date: 2017-02-02), 10-K (filing date: 2016-11-23), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-06), 10-Q (filing date: 2016-02-05), 10-K (filing date: 2015-11-25), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-08), 10-Q (filing date: 2015-02-06), 10-K (filing date: 2014-11-26), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-05), 10-Q (filing date: 2014-02-10), 10-K (filing date: 2013-11-27), 10-Q (filing date: 2013-08-05), 10-Q (filing date: 2013-05-09), 10-Q (filing date: 2013-02-07).

1 Q3 2019 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 3.42 = 107

2 Click competitor name to see calculations.

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

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

Microsoft Excel LibreOffice Calc
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 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012
Selected Financial Data
Receivables turnover 7.71 7.48 7.70 6.89 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
Ratio (no. of days)
Average receivable collection period1 47 49 47 53 56 62 60 53 53 46 45 47 48 47 49 57 64 68 44 51 53 50 50 56
Benchmarks (no. of days)
Average Receivable Collection Period, Competitors2
Intuitive Surgical Inc. 57 52 67 59 56 52 60 57 61 54 58 60 58 49 60 53 52 49 54
Medtronic PLC 70 69 69 73 71 71 71 69 68 71 68 70 62 71 75 92 74 79 78 82
Stryker Corp. 62 60 63 57 58 60 64 59 58 58 63 60 61 58 61 55 56 57 59
Thermo Fisher Scientific Inc. 61 62 62 59 62 66 68 67 62 60 61 59 56 56 55 55 57 55 53
UnitedHealth Group Inc. 15 20 18 18 19 20 17 16 20 19 16 15 19 17 15 17 16 14 12

Based on: 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-09), 10-Q (filing date: 2019-02-05), 10-K (filing date: 2018-11-21), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-Q (filing date: 2018-02-06), 10-K (filing date: 2017-11-22), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-02), 10-Q (filing date: 2017-02-02), 10-K (filing date: 2016-11-23), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-06), 10-Q (filing date: 2016-02-05), 10-K (filing date: 2015-11-25), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-08), 10-Q (filing date: 2015-02-06), 10-K (filing date: 2014-11-26), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-05), 10-Q (filing date: 2014-02-10), 10-K (filing date: 2013-11-27), 10-Q (filing date: 2013-08-05), 10-Q (filing date: 2013-05-09), 10-Q (filing date: 2013-02-07).

1 Q3 2019 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 7.71 = 47

2 Click competitor name to see calculations.

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

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

No. of days

Microsoft Excel LibreOffice Calc
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 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012
Selected Financial Data
Average inventory processing period 107 107 98 103 117 127 174 108 107 101 97 97 104 100 118 128 146 200 132 132 140 138 135 132
Average receivable collection period 47 49 47 53 56 62 60 53 53 46 45 47 48 47 49 57 64 68 44 51 53 50 50 56
Ratio
Operating cycle1 154 156 145 156 173 189 234 161 160 147 142 144 152 147 167 185 210 268 176 183 193 188 185 188
Benchmarks
Operating Cycle, Competitors2
Intuitive Surgical Inc. 209 198 200 185 174 158 154 148 152 148 140 143 135 123 136 142 144 146 146
Medtronic PLC 226 222 220 217 222 216 209 200 215 220 214 209 195 219 237 292 225 232 230 227
Stryker Corp. 299 293 294 289 281 282 275 277 264 255 256 269 269 252 240 238 232 230 235
Thermo Fisher Scientific Inc. 146 146 143 141 144 153 163 173 147 144 143 148 136 139 134 135 136 130 125

Based on: 10-Q (filing date: 2019-08-06), 10-Q (filing date: 2019-05-09), 10-Q (filing date: 2019-02-05), 10-K (filing date: 2018-11-21), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-03), 10-Q (filing date: 2018-02-06), 10-K (filing date: 2017-11-22), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-02), 10-Q (filing date: 2017-02-02), 10-K (filing date: 2016-11-23), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-06), 10-Q (filing date: 2016-02-05), 10-K (filing date: 2015-11-25), 10-Q (filing date: 2015-08-06), 10-Q (filing date: 2015-05-08), 10-Q (filing date: 2015-02-06), 10-K (filing date: 2014-11-26), 10-Q (filing date: 2014-08-04), 10-Q (filing date: 2014-05-05), 10-Q (filing date: 2014-02-10), 10-K (filing date: 2013-11-27), 10-Q (filing date: 2013-08-05), 10-Q (filing date: 2013-05-09), 10-Q (filing date: 2013-02-07).

1 Q3 2019 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 107 + 47 = 154

2 Click competitor name to see calculations.

Ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Becton, Dickinson & Co.’s operating cycle deteriorated from Q1 2019 to Q2 2019 but then slightly improved from Q2 2019 to Q3 2019.