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)
Elevance Health Inc., short-term (operating) activity ratios (quarterly data)
Based on: 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).
An examination of short-term operating activity ratios reveals several discernible trends over the observed period. Generally, the metrics demonstrate relative stability with some fluctuations, particularly in the more recent quarters. The receivables turnover, payables turnover, and working capital turnover all exhibit patterns of change that warrant further consideration.
- Receivables Turnover
- The receivables turnover ratio fluctuated between 16.67 and 19.84 for much of the period, peaking in September 2024 at 19.84. A noticeable downward trend is observed in the latter portion of the period, with the ratio declining from 18.00 in December 2022 to 16.34 in December 2025. This suggests a potential slowing in the rate at which the company collects its receivables.
- Payables Turnover
- The payables turnover ratio generally increased throughout the observed period, moving from a low of 7.28 to a high of 8.68. The increase appears relatively consistent, indicating the company is becoming more efficient in managing and paying its suppliers. The most significant increase occurred between December 2023 and December 2025.
- Working Capital Turnover
- The working capital turnover ratio demonstrates more volatility than the other two ratios. It peaked at 9.11 in September 2022, then experienced a decline to 6.87 in June 2024. A partial recovery is seen in subsequent periods, reaching 7.50 in December 2025. This suggests fluctuations in the efficiency with which the company utilizes its working capital.
- Average Receivable Collection Period
- The average receivable collection period remained relatively stable between 19 and 22 days for the majority of the period. However, a lengthening of the collection period is evident in the most recent quarters, increasing to 25 days in March 2025 and remaining at 22-25 days through December 2025. This aligns with the observed decline in receivables turnover.
- Average Payables Payment Period
- The average payables payment period exhibited a consistent decrease over the observed timeframe, declining from 50 days to 42 days. This indicates the company is paying its suppliers more quickly, potentially benefiting from improved supplier relationships or taking advantage of early payment discounts. The decrease is gradual but consistent.
In summary, the company appears to be improving its efficiency in managing payables, as evidenced by the increasing payables turnover and decreasing payment period. However, there is a potential concern regarding receivables management, as indicated by the declining receivables turnover and lengthening collection period in the latter part of the period. The working capital turnover shows more variability, requiring further investigation to understand the underlying drivers of these fluctuations.
AI Ask an analyst for more
Turnover Ratios
Average No. Days
Receivables Turnover
Elevance Health Inc., receivables turnover calculation (quarterly data)
| 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 | 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 | 10,073) | 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 | 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 | 5.59 | 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. | 6.59 | 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 | 5.15 | 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. | 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-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 Q4 2025 Calculation
Receivables turnover
= (PremiumsQ4 2025
+ PremiumsQ3 2025
+ PremiumsQ2 2025
+ PremiumsQ1 2025)
÷ Premium receivables, net
= (40,690 + 41,791 + 41,271 + 40,887)
÷ 10,073 = 16.34
2 Click competitor name to see calculations.
The receivables turnover ratio for the analyzed period demonstrates fluctuations, generally ranging between 14.42 and 19.84. An initial upward trend is observed from March 2022 through September 2022, followed by a period of relative stability and then a decline into early 2023. The ratio subsequently recovers through the remainder of 2023 and into the first half of 2024, before exhibiting another downward trend concluding in December 2025.
- Overall Trend
- The ratio does not exhibit a consistent long-term trend. Instead, it appears to oscillate, suggesting potential cyclical influences or changes in the company’s credit and collection policies. The most recent period shows a slight decrease, warranting further investigation.
- Initial Increase (Mar 31, 2022 – Sep 30, 2022)
- From March 31, 2022, to September 30, 2022, the receivables turnover ratio increased from 16.67 to 19.51. This indicates an improvement in the efficiency of collecting receivables during this period. It suggests either faster payment from customers or a more effective collection process.
- Subsequent Decline and Recovery (Dec 31, 2022 – Jun 30, 2024)
- Following the peak in September 2022, the ratio decreased to 16.53 by March 31, 2023. However, it then recovered to 19.84 by September 30, 2024. This fluctuation could be attributed to seasonal factors, changes in the customer mix, or adjustments to credit terms. The recovery suggests a successful re-establishment of efficient collection practices.
- Recent Decrease (Sep 30, 2024 – Dec 31, 2025)
- The ratio decreased from 19.84 in September 2024 to 16.34 in December 2025. This recent decline requires attention, as it suggests a potential slowdown in the collection of receivables. Further analysis is needed to determine the underlying cause, such as extended payment terms, increased credit risk, or operational inefficiencies.
- Correlation with Premium Volume
- While premium volume generally increased over the period, the receivables turnover ratio did not consistently follow suit. This decoupling suggests that factors beyond premium volume, such as collection effectiveness and credit policies, significantly influence the ratio. The increase in premium receivables, net, alongside the recent decline in turnover, supports this observation.
In conclusion, the receivables turnover ratio exhibits a dynamic pattern. While periods of improvement are evident, the recent downward trend necessitates a closer examination of the company’s receivables management practices and potential risks associated with outstanding balances.
AI Ask an analyst for more
Payables Turnover
Elevance Health Inc., payables turnover calculation (quarterly data)
| 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 | 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 | 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 | 8.68 | 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 | 4.56 | 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. | 13.42 | 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 | 4.75 | 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 | 7.44 | 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-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 Q4 2025 Calculation
Payables turnover
= (Benefit expenseQ4 2025
+ Benefit expenseQ3 2025
+ Benefit expenseQ2 2025
+ Benefit expenseQ1 2025)
÷ Medical claims payable
= (38,065 + 38,140 + 36,706 + 35,312)
÷ 17,084 = 8.68
2 Click competitor name to see calculations.
The payables turnover ratio for the analyzed period demonstrates a generally increasing trend, with some quarterly fluctuations. This indicates changes in the efficiency with which obligations are settled relative to benefit expense.
- Overall Trend
- From March 31, 2022, to December 31, 2025, the payables turnover ratio generally increased. The ratio began at 7.28 and concluded at 8.68, representing an approximate 19.04% increase over the period. This suggests a strengthening in the company’s ability to manage and pay its suppliers and other liabilities relative to its benefit expense.
- Short-Term Fluctuations (2022-2023)
- The ratio experienced modest increases from 7.28 in March 2022 to 7.72 in December 2022. A slight decrease was observed in March 2023 (7.57), followed by a further increase to 8.17 by September 2023. This period suggests some volatility, potentially linked to seasonal patterns in benefit expense or changes in payment terms.
- Accelerated Growth (2024-2025)
- A more pronounced upward trend is evident from March 2024 onwards. The ratio increased from 7.54 to 8.68 by December 2025. The largest quarterly increase occurred between September 2025 (8.38) and December 2025 (8.68). This acceleration could be attributed to improved working capital management, more favorable supplier agreements, or a shift in the timing of benefit expense recognition.
- Notable Quarterly Variations
- The ratio peaked at 8.68 in December 2025, and the lowest value was 7.28 in March 2022. The largest single-quarter increase was observed between June 30, 2024 (8.09) and September 30, 2024 (8.17). The largest single-quarter decrease was observed between December 31, 2022 (7.72) and March 31, 2023 (7.57).
In summary, the payables turnover ratio indicates improving efficiency in managing benefit-related liabilities over the analyzed timeframe. The recent acceleration in the ratio warrants further investigation to understand the underlying drivers and assess the sustainability of this trend.
AI Ask an analyst for more
Working Capital Turnover
Elevance Health Inc., working capital turnover calculation (quarterly data)
| 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 | 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 | 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 | 21,966) | 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 | 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 | 7.50 | 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 | 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. | 1.29 | 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 | 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-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 Q4 2025 Calculation
Working capital turnover
= (PremiumsQ4 2025
+ PremiumsQ3 2025
+ PremiumsQ2 2025
+ PremiumsQ1 2025)
÷ Working capital
= (40,690 + 41,791 + 41,271 + 40,887)
÷ 21,966 = 7.50
2 Click competitor name to see calculations.
The working capital turnover ratio exhibited fluctuations over the observed period, spanning from March 31, 2022, to December 31, 2025. Initially, the ratio demonstrated an increasing trend, peaking in the third quarter of 2022, before experiencing a decline through the end of 2022 and into the first half of 2023. A subsequent period of relative stability and slight improvement followed, only to be followed by a more pronounced decrease in the latter half of 2023 and early 2024. The ratio then showed some recovery towards the end of 2024 and into 2025, but remained below the levels seen in 2022.
- Overall Trend
- The overall trend suggests a moderate decrease in the efficiency with which working capital is being utilized to generate premiums. While there are periods of improvement, the ratio generally trended downwards over the entire period. The most significant decline occurred between June 2023 and June 2024.
- Initial Increase (Q1-Q3 2022)
- From March 31, 2022, to September 30, 2022, the working capital turnover ratio increased from 8.65 to 9.11. This indicates an improved ability to generate premiums with each dollar of working capital during this period. This increase could be attributed to efficient management of current assets and liabilities.
- Decline (Q4 2022 - Q2 2023)
- A decline was observed from December 31, 2022, through June 30, 2023, with the ratio decreasing from 8.37 to 7.69. This suggests a less efficient utilization of working capital, potentially due to an increase in working capital levels without a corresponding increase in premiums.
- Fluctuation and Subsequent Decline (Q3 2023 - Q2 2024)
- The ratio experienced a slight recovery in the third quarter of 2023, but then decreased significantly to 6.92 by June 30, 2024. This represents the lowest point in the observed period and indicates a substantial decrease in the efficiency of working capital utilization. The decrease in the ratio during this period is more pronounced than the earlier decline.
- Partial Recovery (Q3 2024 - Q4 2025)
- From September 30, 2024, to December 31, 2025, the ratio showed a partial recovery, increasing from 6.87 to 7.50. However, it did not return to the levels observed in 2022. This suggests some improvement in working capital management, but continued room for optimization.
The fluctuations in working capital turnover warrant further investigation to understand the underlying drivers. Changes in premium revenue, accounts receivable, accounts payable, and inventory levels (if applicable) should be examined to determine the causes of these trends.
AI Ask an analyst for more
Average Receivable Collection Period
Elevance Health Inc., average receivable collection period calculation (quarterly data)
| 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 | 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 | 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 | 65 | 68 | 67 | 63 | 60 | 62 | 61 | 60 | 60 | 59 | 56 | 53 | 52 | 52 | 58 | 59 | |||||
| Intuitive Surgical Inc. | 55 | 48 | 51 | 51 | 54 | 53 | 53 | 56 | 58 | 51 | 50 | 53 | 55 | 51 | 51 | 56 | |||||
| Medtronic PLC | 71 | 67 | 69 | 67 | 69 | 67 | 68 | 67 | 70 | 70 | 67 | 62 | 64 | 63 | 63 | 63 | |||||
| UnitedHealth Group Inc. | 19 | 19 | 21 | 24 | 21 | 19 | 22 | 26 | 21 | 21 | 19 | 25 | 20 | 20 | 22 | 23 | |||||
Based on: 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 Q4 2025 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 16.34 = 22
2 Click competitor name to see calculations.
The average receivable collection period exhibited relative stability over the observed period, with fluctuations primarily occurring between 18 and 25 days. An initial decrease was noted from 22 days in March 2022 to 19 days in June 2022, remaining at 19 days through the end of 2022. A return to 22 days occurred in March 2023, followed by another period of stability at 19-20 days through December 2023.
- Trend Analysis - 2022-2023
- From March 2022 through December 2023, the average collection period demonstrated a cyclical pattern. It began with a decrease, stabilized, and then experienced a slight increase before returning to a similar level. This suggests consistent management of receivables, with minor adjustments potentially related to seasonal factors or changes in payment terms.
- Trend Analysis - 2024-2025
- A slight upward trend is observable from March 2024 through March 2025, with the collection period increasing from 23 days to 25 days. This increase continued into June 2025, reaching 25 days. A subsequent decrease to 22 days was observed in September 2025, followed by a stabilization at 22 days through December 2025. This recent increase warrants monitoring to determine if it represents a sustained shift in collection efficiency.
Overall, the average receivable collection period remained within a relatively narrow range for the majority of the analyzed timeframe. The recent increase in the collection period during 2024 and the first half of 2025, however, suggests a potential lengthening of the time required to collect receivables, which could be an area for further investigation.
- Notable Observations
- The period between September 2024 and March 2025 shows the highest average collection periods within the entire observed timeframe, peaking at 25 days. This is a deviation from the previously observed 18-22 day range and may indicate a temporary slowdown in collections or a change in the composition of outstanding receivables.
AI Ask an analyst for more
Average Payables Payment Period
Elevance Health Inc., average payables payment period calculation (quarterly data)
| 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 | 8.68 | 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 | 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 | 80 | 78 | 83 | 82 | 82 | 80 | 83 | 84 | 87 | 80 | 85 | 82 | 88 | 78 | 86 | 91 | |||||
| Intuitive Surgical Inc. | 27 | 33 | 32 | 35 | 26 | 31 | 28 | 29 | 29 | 31 | 33 | 28 | 26 | 30 | 29 | 25 | |||||
| Medtronic PLC | 77 | 72 | 75 | 74 | 78 | 65 | 72 | 75 | 91 | 78 | 79 | 79 | 82 | 71 | 67 | 64 | |||||
| UnitedHealth Group Inc. | 46 | 49 | 49 | 50 | 47 | 48 | 47 | 50 | 49 | 51 | 52 | 53 | 50 | 52 | 53 | 54 | |||||
Based on: 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 Q4 2025 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 8.68 = 42
2 Click competitor name to see calculations.
The average payables payment period demonstrates a consistent, albeit gradual, decreasing trend over the observed period. Initially, the period remained stable at 50 days for the first four quarters of 2022. Subsequently, a slight decline commenced, reaching 47 days by the end of 2022.
- Overall Trend
- From the beginning of the observation period through the end of 2025, the average payables payment period generally decreased. The period moved from 50 days in March 2022 to 42 days in December 2025, representing an 8-day reduction over the entire timeframe.
- Short-Term Fluctuations
- While the overall trend is downward, minor fluctuations are present. A slight increase to 46 days was noted in March 2025 before continuing the downward trajectory. The period remained at 45 days for three consecutive quarters between March 2024 and December 2024.
- Rate of Change
- The most significant decrease occurred between September 2023 and December 2025, with a reduction of 4 days. The period between March 2022 and December 2022 saw a decrease of 1 day. The rate of decrease appears to have accelerated in the latter half of the observation period.
The consistent decline in the average payables payment period suggests an increasing efficiency in managing payments to suppliers, or potentially a shift in negotiating more favorable payment terms. Further investigation into supplier relationships and payment policies would be necessary to determine the underlying cause of this trend.
AI Ask an analyst for more