Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.

Ratios (Summary)
Inventory Turnover
Payables Turnover
Working Capital Turnover
Average Inventory Processing Period
Average Payables Payment Period

Bristol-Myers Squibb Co., short-term (operating) activity ratios (quarterly data)

		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
	Turnover Ratios
	Inventory turnover
	Payables turnover
	Working capital turnover
	Average No. of Days
	Average inventory processing period
	Less: Average payables payment period

Ratio	Description	The company
Inventory turnover	An activity ratio calculated as cost of goods sold divided by inventory.	Bristol-Myers Squibb Co.’s inventory turnover deteriorated from Q2 2018 to Q3 2018 but then improved from Q3 2018 to Q4 2018 exceeding Q2 2018 level.
Payables turnover	An activity ratio calculated as cost of goods sold divided by payables.	Bristol-Myers Squibb Co.’s payables turnover increased from Q2 2018 to Q3 2018 but then slightly declined from Q3 2018 to Q4 2018 not reaching Q2 2018 level.
Working capital turnover	An activity ratio calculated as revenue divided by working capital.	Bristol-Myers Squibb Co.’s working capital turnover deteriorated from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

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.	Bristol-Myers Squibb Co.’s average inventory processing period deteriorated from Q2 2018 to Q3 2018 but then improved from Q3 2018 to Q4 2018 exceeding Q2 2018 level.
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.	Bristol-Myers Squibb Co.’s average payables payment period declined from Q2 2018 to Q3 2018 but then increased from Q3 2018 to Q4 2018 not reaching Q2 2018 level.

Bristol-Myers Squibb Co., inventory turnover calculation (quarterly data)

		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
	Selected Financial Data (USD $ in millions)
	Cost of products sold
	Inventories
	Ratio
	Inventory turnover¹

Q4 2018 Calculations

¹ Inventory turnover = (Cost of products sold_{Q4 2018} + Cost of products sold_{Q3 2018} + Cost of products sold_{Q2 2018} + Cost of products sold_{Q1 2018}) ÷ Inventories
= ( hidden + hidden + hidden + hidden ) ÷ hidden = hidden

Ratio	Description	The company
Inventory turnover	An activity ratio calculated as cost of goods sold divided by inventory.	Bristol-Myers Squibb Co.’s inventory turnover deteriorated from Q2 2018 to Q3 2018 but then improved from Q3 2018 to Q4 2018 exceeding Q2 2018 level.

Bristol-Myers Squibb Co., payables turnover calculation (quarterly data)

		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
	Selected Financial Data (USD $ in millions)
	Cost of products sold
	Accounts payable
	Ratio
	Payables turnover¹

Q4 2018 Calculations

¹ Payables turnover = (Cost of products sold_{Q4 2018} + Cost of products sold_{Q3 2018} + Cost of products sold_{Q2 2018} + Cost of products sold_{Q1 2018}) ÷ Accounts payable
= ( hidden + hidden + hidden + hidden ) ÷ hidden = hidden

Ratio	Description	The company
Payables turnover	An activity ratio calculated as cost of goods sold divided by payables.	Bristol-Myers Squibb Co.’s payables turnover increased from Q2 2018 to Q3 2018 but then slightly declined from Q3 2018 to Q4 2018 not reaching Q2 2018 level.

Bristol-Myers Squibb Co., working capital turnover calculation (quarterly data)

		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
	Selected Financial Data (USD $ in millions)
	Current assets
	Less: Current liabilities
	Working capital
	Net product sales
	Ratio
	Working capital turnover¹

Q4 2018 Calculations

¹ Working capital turnover = (Net product sales_{Q4 2018} + Net product sales_{Q3 2018} + Net product sales_{Q2 2018} + Net product sales_{Q1 2018}) ÷ Working capital
= ( hidden + hidden + hidden + hidden ) ÷ hidden = hidden

Ratio	Description	The company
Working capital turnover	An activity ratio calculated as revenue divided by working capital.	Bristol-Myers Squibb Co.’s working capital turnover deteriorated from Q2 2018 to Q3 2018 and from Q3 2018 to Q4 2018.

Bristol-Myers Squibb Co., average inventory processing period calculation (quarterly data)

		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
	Selected Financial Data
	Inventory turnover
	Ratio (no. of days)
	Average inventory processing period¹

Q4 2018 Calculations

¹ Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ hidden = hidden

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.	Bristol-Myers Squibb Co.’s average inventory processing period deteriorated from Q2 2018 to Q3 2018 but then improved from Q3 2018 to Q4 2018 exceeding Q2 2018 level.

Bristol-Myers Squibb Co., average payables payment period calculation (quarterly data)

		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
	Selected Financial Data
	Payables turnover
	Ratio (no. of days)
	Average payables payment period¹

Q4 2018 Calculations

¹ Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ hidden = hidden

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.	Bristol-Myers Squibb Co.’s average payables payment period declined from Q2 2018 to Q3 2018 but then increased from Q3 2018 to Q4 2018 not reaching Q2 2018 level.

	Bristol-Myers Squibb Co.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

	All companies
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

Bristol-Myers Squibb Co. (BMY)

Short-term (Operating) Activity Analysis
Quarterly Data

Ratios (Summary)

Inventory Turnover

Payables Turnover

Working Capital Turnover

Average Inventory Processing Period

Average Payables Payment Period

Bristol-Myers Squibb Co. (BMY)

Short-term (Operating) Activity AnalysisQuarterly Data

Ratios (Summary)

Inventory Turnover

Payables Turnover

Working Capital Turnover

Average Inventory Processing Period

Average Payables Payment Period

Short-term (Operating) Activity Analysis
Quarterly Data