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Short-term (Operating) Activity Analysis

Difficulty: Beginner


Ratios (Summary)

CVS Health Corp., short-term (operating) activity ratios

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Turnover Ratios
Inventory turnover
Receivables turnover
Payables turnover
Working capital turnover
Average No. of Days
Average inventory processing period
Add: Average receivable collection period
Operating cycle
Less: Average payables payment period
Cash conversion cycle

Source: Based on data from CVS Health Corp. Annual Reports

Ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. CVS Health Corp.'s inventory turnover improved from 2015 to 2016 and from 2016 to 2017.
Receivables turnover An activity ratio equal to revenue divided by receivables. CVS Health Corp.'s receivables turnover improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. CVS Health Corp.'s payables turnover increased from 2015 to 2016 but then slightly declined from 2016 to 2017 not reaching 2015 level.
Working capital turnover An activity ratio calculated as revenue divided by working capital. CVS Health Corp.'s working capital turnover improved from 2015 to 2016 and from 2016 to 2017.
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. CVS Health Corp.'s average receivable collection period improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017.
Operating cycle Equal to average inventory processing period plus average receivables collection period. CVS Health Corp.'s operating cycle improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017.
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.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.

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Inventory Turnover

CVS Health Corp., inventory turnover calculation, comparison to benchmarks

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in millions)
Cost of revenues
Inventories
Ratio
Inventory turnover1
Benchmarks
Inventory Turnover, Competitors
Walgreens Boots Alliance Inc.
Inventory Turnover, Sector
Food & Drug Retailers
Inventory Turnover, Industry
Consumer Services

Source: Based on data from CVS Health Corp. Annual Reports

2017 Calculations

1 Inventory turnover = Cost of revenues ÷ Inventories
= ÷ =

Ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. CVS Health Corp.'s inventory turnover improved from 2015 to 2016 and from 2016 to 2017.

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Receivables Turnover

CVS Health Corp., receivables turnover calculation, comparison to benchmarks

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in millions)
Net revenues
Accounts receivable, net
Ratio
Receivables turnover1
Benchmarks
Receivables Turnover, Competitors
Walgreens Boots Alliance Inc.
Receivables Turnover, Sector
Food & Drug Retailers
Receivables Turnover, Industry
Consumer Services

Source: Based on data from CVS Health Corp. Annual Reports

2017 Calculations

1 Receivables turnover = Net revenues ÷ Accounts receivable, net
= ÷ =

Ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. CVS Health Corp.'s receivables turnover improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017.

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Payables Turnover

CVS Health Corp., payables turnover calculation, comparison to benchmarks

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in millions)
Cost of revenues
Accounts payable
Ratio
Payables turnover1
Benchmarks
Payables Turnover, Competitors
Walgreens Boots Alliance Inc.
Payables Turnover, Sector
Food & Drug Retailers
Payables Turnover, Industry
Consumer Services

Source: Based on data from CVS Health Corp. Annual Reports

2017 Calculations

1 Payables turnover = Cost of revenues ÷ Accounts payable
= ÷ =

Ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. CVS Health Corp.'s payables turnover increased from 2015 to 2016 but then slightly declined from 2016 to 2017 not reaching 2015 level.

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Working Capital Turnover

CVS Health Corp., working capital turnover calculation, comparison to benchmarks

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in millions)
Current assets
Less: Current liabilities
Working capital
Net revenues
Ratio
Working capital turnover1
Benchmarks
Working Capital Turnover, Competitors
Walgreens Boots Alliance Inc.
Working Capital Turnover, Sector
Food & Drug Retailers
Working Capital Turnover, Industry
Consumer Services

Source: Based on data from CVS Health Corp. Annual Reports

2017 Calculations

1 Working capital turnover = Net revenues ÷ Working capital
= ÷ =

Ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. CVS Health Corp.'s working capital turnover improved from 2015 to 2016 and from 2016 to 2017.

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Average Inventory Processing Period

CVS Health Corp., average inventory processing period calculation, comparison to benchmarks

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data
Inventory turnover
Ratio (no. of days)
Average inventory processing period1
Benchmarks (no. of days)
Average Inventory Processing Period, Competitors
Walgreens Boots Alliance Inc.
Average Inventory Processing Period, Sector
Food & Drug Retailers
Average Inventory Processing Period, Industry
Consumer Services

Source: Based on data from CVS Health Corp. Annual Reports

2017 Calculations

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

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.

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Average Receivable Collection Period

CVS Health Corp., average receivable collection period calculation, comparison to benchmarks

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data
Receivables turnover
Ratio (no. of days)
Average receivable collection period1
Benchmarks (no. of days)
Average Receivable Collection Period, Competitors
Walgreens Boots Alliance Inc.
Average Receivable Collection Period, Sector
Food & Drug Retailers
Average Receivable Collection Period, Industry
Consumer Services

Source: Based on data from CVS Health Corp. Annual Reports

2017 Calculations

1 Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =

Ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. CVS Health Corp.'s average receivable collection period improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017.

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Operating Cycle

CVS Health Corp., operating cycle calculation, comparison to benchmarks

No. of days

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data
Average inventory processing period
Average receivable collection period
Ratio
Operating cycle1
Benchmarks
Operating Cycle, Competitors
Walgreens Boots Alliance Inc.
Operating Cycle, Sector
Food & Drug Retailers
Operating Cycle, Industry
Consumer Services

Source: Based on data from CVS Health Corp. Annual Reports

2017 Calculations

1 Operating cycle = Average inventory processing period + Average receivable collection period
= + =

Ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. CVS Health Corp.'s operating cycle improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017.

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Average Payables Payment Period

CVS Health Corp., average payables payment period calculation, comparison to benchmarks

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data
Payables turnover
Ratio (no. of days)
Average payables payment period1
Benchmarks (no. of days)
Average Payables Payment Period, Competitors
Walgreens Boots Alliance Inc.
Average Payables Payment Period, Sector
Food & Drug Retailers
Average Payables Payment Period, Industry
Consumer Services

Source: Based on data from CVS Health Corp. Annual Reports

2017 Calculations

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

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.

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Cash Conversion Cycle

CVS Health Corp., cash conversion cycle calculation, comparison to benchmarks

No. of days

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data
Average inventory processing period
Average receivable collection period
Average payables payment period
Ratio
Cash conversion cycle1
Benchmarks
Cash Conversion Cycle, Competitors
Walgreens Boots Alliance Inc.
Cash Conversion Cycle, Sector
Food & Drug Retailers
Cash Conversion Cycle, Industry
Consumer Services

Source: Based on data from CVS Health Corp. Annual Reports

2017 Calculations

1 Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= + =

Ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.

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