Stock Analysis on Net

Ford Motor Co. (NYSE:F)

Analysis of Short-term (Operating) Activity Ratios 

Microsoft Excel

Short-term Activity Ratios (Summary)

Ford Motor Co., short-term (operating) activity ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Turnover Ratios
Inventory turnover 9.62 9.55 9.50 10.43 12.49
Receivables turnover 10.63 9.48 11.11 11.60 15.55
Payables turnover 5.79 5.25 5.13 5.08 6.52
Working capital turnover 8.32 7.60 6.91 5.93 9.03
Average No. Days
Average inventory processing period 38 38 38 35 29
Add: Average receivable collection period 34 39 33 31 23
Operating cycle 72 77 71 66 52
Less: Average payables payment period 63 70 71 72 56
Cash conversion cycle 9 7 0 -6 -4

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Ford Motor Co. inventory turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Receivables turnover An activity ratio equal to revenue divided by receivables. Ford Motor Co. receivables turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Ford Motor Co. payables turnover ratio increased from 2021 to 2022 and from 2022 to 2023.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Ford Motor Co. working capital turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

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. Ford Motor Co. number of days of receivables outstanding deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Ford Motor Co. operating cycle deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 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. Ford Motor Co. number of days of payables outstanding decreased from 2021 to 2022 and from 2022 to 2023.
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. Ford Motor Co. cash conversion cycle deteriorated from 2021 to 2022 and from 2022 to 2023.

Inventory Turnover

Ford Motor Co., inventory turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Cost of sales 150,550 134,397 114,651 112,752 134,693
Inventories 15,651 14,080 12,065 10,808 10,786
Short-term Activity Ratio
Inventory turnover1 9.62 9.55 9.50 10.43 12.49
Benchmarks
Inventory Turnover, Competitors2
General Motors Co. 8.59 8.26 7.74 9.53 10.64
Tesla Inc. 5.81 4.72 6.99 6.07 5.77
Inventory Turnover, Sector
Automobiles & Components 8.11 7.61 8.29 9.35 10.75
Inventory Turnover, Industry
Consumer Discretionary 6.98 6.66 7.03 7.46 7.68

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Inventory turnover = Cost of sales ÷ Inventories
= 150,550 ÷ 15,651 = 9.62

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Ford Motor Co. inventory turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Receivables Turnover

Ford Motor Co., receivables turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Company revenues excluding Ford Credit 165,901 149,079 126,268 115,941 143,640
Trade and other receivables, less allowances 15,601 15,729 11,370 9,993 9,237
Short-term Activity Ratio
Receivables turnover1 10.63 9.48 11.11 11.60 15.55
Benchmarks
Receivables Turnover, Competitors2
General Motors Co. 12.74 10.80 15.36 13.52 18.05
Tesla Inc. 27.59 27.60 28.14 16.72 18.56
Receivables Turnover, Sector
Automobiles & Components 13.35 11.70 14.20 12.86 16.76
Receivables Turnover, Industry
Consumer Discretionary 17.88 18.00 21.26 21.89 21.60

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Receivables turnover = Company revenues excluding Ford Credit ÷ Trade and other receivables, less allowances
= 165,901 ÷ 15,601 = 10.63

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Ford Motor Co. receivables turnover ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Payables Turnover

Ford Motor Co., payables turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Cost of sales 150,550 134,397 114,651 112,752 134,693
Payables 25,992 25,605 22,349 22,204 20,673
Short-term Activity Ratio
Payables turnover1 5.79 5.25 5.13 5.08 6.52
Benchmarks
Payables Turnover, Competitors2
General Motors Co. 5.03 4.62 4.93 4.89 5.26
Tesla Inc. 5.48 3.97 4.01 4.12 5.44
Payables Turnover, Sector
Automobiles & Components 5.41 4.71 4.84 4.88 5.85
Payables Turnover, Industry
Consumer Discretionary 5.19 4.82 4.67 4.75 5.51

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Payables turnover = Cost of sales ÷ Payables
= 150,550 ÷ 25,992 = 5.79

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Ford Motor Co. payables turnover ratio increased from 2021 to 2022 and from 2022 to 2023.

Working Capital Turnover

Ford Motor Co., working capital turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Current assets 121,481 116,476 108,996 116,744 114,047
Less: Current liabilities 101,531 96,866 90,727 97,192 98,132
Working capital 19,950 19,610 18,269 19,552 15,915
 
Company revenues excluding Ford Credit 165,901 149,079 126,268 115,941 143,640
Short-term Activity Ratio
Working capital turnover1 8.32 7.60 6.91 5.93 9.03
Benchmarks
Working Capital Turnover, Competitors2
General Motors Co. 21.98 15.52 14.76 107.17
Tesla Inc. 4.64 5.73 7.28 2.53 17.12
Working Capital Turnover, Sector
Automobiles & Components 8.76 8.69 8.80 7.75 39.11
Working Capital Turnover, Industry
Consumer Discretionary 14.90 18.33 11.04 13.70 25.44

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Working capital turnover = Company revenues excluding Ford Credit ÷ Working capital
= 165,901 ÷ 19,950 = 8.32

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital. Ford Motor Co. working capital turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

Average Inventory Processing Period

Ford Motor Co., average inventory processing period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Inventory turnover 9.62 9.55 9.50 10.43 12.49
Short-term Activity Ratio (no. days)
Average inventory processing period1 38 38 38 35 29
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
General Motors Co. 43 44 47 38 34
Tesla Inc. 63 77 52 60 63
Average Inventory Processing Period, Sector
Automobiles & Components 45 48 44 39 34
Average Inventory Processing Period, Industry
Consumer Discretionary 52 55 52 49 48

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 9.62 = 38

2 Click competitor name to see calculations.

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

Ford Motor Co., average receivable collection period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Receivables turnover 10.63 9.48 11.11 11.60 15.55
Short-term Activity Ratio (no. days)
Average receivable collection period1 34 39 33 31 23
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
General Motors Co. 29 34 24 27 20
Tesla Inc. 13 13 13 22 20
Average Receivable Collection Period, Sector
Automobiles & Components 27 31 26 28 22
Average Receivable Collection Period, Industry
Consumer Discretionary 20 20 17 17 17

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 10.63 = 34

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Ford Motor Co. number of days of receivables outstanding deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Operating Cycle

Ford Motor Co., operating cycle calculation, comparison to benchmarks

No. days

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Average inventory processing period 38 38 38 35 29
Average receivable collection period 34 39 33 31 23
Short-term Activity Ratio
Operating cycle1 72 77 71 66 52
Benchmarks
Operating Cycle, Competitors2
General Motors Co. 72 78 71 65 54
Tesla Inc. 76 90 65 82 83
Operating Cycle, Sector
Automobiles & Components 72 79 70 67 56
Operating Cycle, Industry
Consumer Discretionary 72 75 69 66 65

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 38 + 34 = 72

2 Click competitor name to see calculations.

Short-term activity ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Ford Motor Co. operating cycle deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Average Payables Payment Period

Ford Motor Co., average payables payment period calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Payables turnover 5.79 5.25 5.13 5.08 6.52
Short-term Activity Ratio (no. days)
Average payables payment period1 63 70 71 72 56
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
General Motors Co. 73 79 74 75 69
Tesla Inc. 67 92 91 89 67
Average Payables Payment Period, Sector
Automobiles & Components 67 77 75 75 62
Average Payables Payment Period, Industry
Consumer Discretionary 70 76 78 77 66

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 5.79 = 63

2 Click competitor name to see calculations.

Short-term activity 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. Ford Motor Co. number of days of payables outstanding decreased from 2021 to 2022 and from 2022 to 2023.

Cash Conversion Cycle

Ford Motor Co., cash conversion cycle calculation, comparison to benchmarks

No. days

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data
Average inventory processing period 38 38 38 35 29
Average receivable collection period 34 39 33 31 23
Average payables payment period 63 70 71 72 56
Short-term Activity Ratio
Cash conversion cycle1 9 7 0 -6 -4
Benchmarks
Cash Conversion Cycle, Competitors2
General Motors Co. -1 -1 -3 -10 -15
Tesla Inc. 9 -2 -26 -7 16
Cash Conversion Cycle, Sector
Automobiles & Components 5 2 -5 -8 -6
Cash Conversion Cycle, Industry
Consumer Discretionary 2 -1 -9 -11 -1

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 38 + 3463 = 9

2 Click competitor name to see calculations.

Short-term activity 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. Ford Motor Co. cash conversion cycle deteriorated from 2021 to 2022 and from 2022 to 2023.