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)
Inventory Turnover
Receivables Turnover
Working Capital Turnover
Average Inventory Processing Period
Average Receivable Collection Period
Operating Cycle

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

	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. 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	—	—	—

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.
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.

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

	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 (US$ 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
Short-term Activity 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	—	—	—	—	—	—	—

¹ Q3 2019 Calculation
Inventory turnover = (Cost of products sold_{Q3 2019} + Cost of products sold_{Q2 2019} + Cost of products sold_{Q1 2019} + Cost of products sold_{Q4 2018}) ÷ Inventories
= (2,276 + 2,221 + 2,187 + 2,312) ÷ 2,629 = 3.42