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
Payables Turnover
Working Capital Turnover
Average Inventory Processing Period
Average Receivable Collection Period
Operating Cycle
Average Payables Payment Period
Cash Conversion Cycle

HCA Healthcare Inc., short-term (operating) activity ratios (quarterly data)

	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	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
Turnover Ratios
Inventory turnover	4.78	4.77	4.67	4.49	4.10	4.13	4.22	4.47	4.38	4.59	4.66	4.41	4.42	4.46	4.69	4.62	4.43	4.65	—	—	—
Receivables turnover	7.01	7.26	6.88	7.34	7.09	7.31	7.89	8.17	7.50	6.96	7.02	6.77	6.44	6.88	7.04	6.86	7.01	6.71	—	—	—
Payables turnover	2.39	2.31	2.51	2.58	2.40	2.37	2.52	2.84	3.11	2.92	3.16	3.09	2.91	3.00	3.18	3.08	2.93	2.81	—	—	—
Working capital turnover	13.31	14.84	16.00	14.51	15.51	14.20	26.90	42.68	12.93	14.93	13.74	12.50	82.79	17.65	12.16	16.33	15.25	11.42	—	—	—
Average No. Days
Average inventory processing period	76	76	78	81	89	88	86	82	83	80	78	83	83	82	78	79	82	78	—	—	—
Add: Average receivable collection period	52	50	53	50	51	50	46	45	49	52	52	54	57	53	52	53	52	54	—	—	—
Operating cycle	128	126	131	131	140	138	132	127	132	132	130	137	140	135	130	132	134	132	—	—	—
Less: Average payables payment period	153	158	145	142	152	154	145	128	117	125	115	118	125	122	115	119	125	130	—	—	—
Cash conversion cycle	-25	-32	-14	-11	-12	-16	-13	-1	15	7	15	19	15	13	15	13	9	2	—	—	—

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Short-term activity ratio	Description	The company
Inventory turnover	An activity ratio calculated as cost of goods sold divided by inventory.	HCA Healthcare Inc. inventory turnover ratio improved from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.
Receivables turnover	An activity ratio equal to revenue divided by receivables.	HCA Healthcare Inc. receivables turnover ratio improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022 not reaching Q3 2021 level.
Payables turnover	An activity ratio calculated as cost of goods sold divided by payables.	HCA Healthcare Inc. payables turnover ratio decreased from Q3 2021 to Q4 2021 but then slightly increased from Q4 2021 to Q1 2022.
Working capital turnover	An activity ratio calculated as revenue divided by working capital.	HCA Healthcare Inc. working capital turnover ratio deteriorated from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.

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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.	HCA Healthcare Inc. number of days of receivables outstanding improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022 not reaching Q3 2021 level.
Operating cycle	Equal to average inventory processing period plus average receivables collection period.	HCA Healthcare Inc. operating cycle improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022.
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.	HCA Healthcare Inc. number of days of payables outstanding increased from Q3 2021 to Q4 2021 but then slightly decreased from Q4 2021 to Q1 2022.
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.	HCA Healthcare Inc. cash conversion cycle improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022.

HCA Healthcare Inc., inventory turnover calculation (quarterly data)

	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	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
Selected Financial Data (US$ in millions)
Supplies	2,321)	2,414)	2,463)	2,380)	2,224)	2,370)	2,128)	1,748)	2,123)	2,232)	2,090)	2,118)	2,041)	2,002)	1,890)	1,917)	1,915)	1,947)	1,777)	1,795)	1,797)
Inventories	2,003)	1,986)	2,019)	2,027)	2,068)	2,025)	1,950)	1,834)	1,953)	1,849)	1,769)	1,826)	1,778)	1,732)	1,634)	1,636)	1,677)	1,573)	1,546)	1,544)	1,501)
Short-term Activity Ratio
Inventory turnover¹	4.78	4.77	4.67	4.49	4.10	4.13	4.22	4.47	4.38	4.59	4.66	4.41	4.42	4.46	4.69	4.62	4.43	4.65	—	—	—
Benchmarks
Inventory Turnover, Competitors²
Abbott Laboratories	3.36	3.59	3.47	3.27	2.99	2.99	2.71	2.56	2.92	3.07	—	—	—	—	—	—	—	—	—	—	—
Cigna Group	34.32	31.58	37.54	36.13	36.50	32.70	37.84	36.30	38.13	36.70	—	—	—	—	—	—	—	—	—	—	—
CVS Health Corp.	13.60	13.52	13.49	13.48	12.57	11.88	12.43	13.03	12.68	12.06	—	—	—	—	—	—	—	—	—	—	—
Intuitive Surgical Inc.	2.82	2.98	2.90	2.84	2.64	2.49	2.18	2.22	2.30	2.30	—	—	—	—	—	—	—	—	—	—	—
Medtronic PLC	2.47	2.43	2.24	2.20	2.10	2.23	2.34	2.35	2.37	2.44	2.35	2.39	2.42	2.53	—	—	—	—	—	—	—
Shockwave Medical Inc.	0.87	0.96	0.91	0.82	0.69	0.70	0.70	0.82	1.24	1.42	—	—	—	—	—	—	—	—	—	—	—

¹ Q1 2022 Calculation
Inventory turnover = (Supplies_{Q1 2022} + Supplies_{Q4 2021} + Supplies_{Q3 2021} + Supplies_{Q2 2021}) ÷ Inventories
= (2,321 + 2,414 + 2,463 + 2,380) ÷ 2,003 = 4.78

² Click competitor name to see calculations.

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Short-term activity ratio	Description	The company
Inventory turnover	An activity ratio calculated as cost of goods sold divided by inventory.	HCA Healthcare Inc. inventory turnover ratio improved from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.

HCA Healthcare Inc., receivables turnover calculation (quarterly data)

	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	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
Selected Financial Data (US$ in millions)
Revenues	14,945)	15,064)	15,276)	14,435)	13,977)	14,293)	13,311)	11,068)	12,861)	13,523)	12,694)	12,602)	12,517)	12,274)	11,451)	11,529)	11,423)	11,562)	10,696)	10,733)	10,623)
Accounts receivable	8,520)	8,095)	8,433)	7,636)	7,424)	7,051)	6,433)	6,139)	6,890)	7,380)	7,131)	7,219)	7,420)	6,789)	6,532)	6,592)	6,332)	6,501)	5,980)	5,782)	5,664)
Short-term Activity Ratio
Receivables turnover¹	7.01	7.26	6.88	7.34	7.09	7.31	7.89	8.17	7.50	6.96	7.02	6.77	6.44	6.88	7.04	6.86	7.01	6.71	—	—	—
Benchmarks
Receivables Turnover, Competitors²
Abbott Laboratories	6.20	6.64	6.61	6.58	6.13	5.40	5.70	6.12	6.06	5.88	—	—	—	—	—	—	—	—	—	—	—
CVS Health Corp.	11.30	11.91	11.23	11.48	11.32	12.32	11.14	11.68	11.33	13.04	—	—	—	—	—	—	—	—	—	—	—
Elevance Health Inc.	16.67	20.66	18.93	18.81	17.39	19.72	18.91	18.04	16.74	18.20	—	—	—	—	—	—	—	—	—	—	—
Humana Inc.	27.18	45.69	42.91	32.51	35.43	66.78	64.58	31.30	33.43	60.97	—	—	—	—	—	—	—	—	—	—	—
Intuitive Surgical Inc.	6.52	7.30	7.90	7.38	6.96	6.75	7.32	8.56	8.73	6.94	—	—	—	—	—	—	—	—	—	—	—
Medtronic PLC	5.82	5.51	5.35	5.21	5.73	6.22	4.97	5.05	5.20	4.91	5.22	5.29	5.28	5.00	—	—	—	—	—	—	—
Shockwave Medical Inc.	6.25	6.33	5.86	5.21	4.31	5.80	5.54	8.03	6.51	5.82	—	—	—	—	—	—	—	—	—	—	—
UnitedHealth Group Inc.	15.65	20.07	19.60	18.53	16.35	19.86	20.63	19.62	16.73	20.32	—	—	—	—	—	—	—	—	—	—	—

¹ Q1 2022 Calculation
Receivables turnover = (Revenues_{Q1 2022} + Revenues_{Q4 2021} + Revenues_{Q3 2021} + Revenues_{Q2 2021}) ÷ Accounts receivable
= (14,945 + 15,064 + 15,276 + 14,435) ÷ 8,520 = 7.01

² Click competitor name to see calculations.

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Short-term activity ratio	Description	The company
Receivables turnover	An activity ratio equal to revenue divided by receivables.	HCA Healthcare Inc. receivables turnover ratio improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022 not reaching Q3 2021 level.

HCA Healthcare Inc., payables turnover calculation (quarterly data)

	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	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
Selected Financial Data (US$ in millions)
Supplies	2,321)	2,414)	2,463)	2,380)	2,224)	2,370)	2,128)	1,748)	2,123)	2,232)	2,090)	2,118)	2,041)	2,002)	1,890)	1,917)	1,915)	1,947)	1,777)	1,795)	1,797)
Accounts payable	4,010)	4,111)	3,759)	3,531)	3,524)	3,535)	3,270)	2,882)	2,750)	2,905)	2,610)	2,609)	2,693)	2,577)	2,414)	2,457)	2,538)	2,606)	2,314)	2,245)	2,233)
Short-term Activity Ratio
Payables turnover¹	2.39	2.31	2.51	2.58	2.40	2.37	2.52	2.84	3.11	2.92	3.16	3.09	2.91	3.00	3.18	3.08	2.93	2.81	—	—	—
Benchmarks
Payables Turnover, Competitors²
Abbott Laboratories	4.02	4.21	4.55	4.43	3.97	3.80	4.37	4.00	4.20	4.07	—	—	—	—	—	—	—	—	—	—	—
Cigna Group	7.89	7.68	7.71	7.60	7.74	7.75	8.02	8.30	9.06	9.34	—	—	—	—	—	—	—	—	—	—	—
CVS Health Corp.	19.38	19.14	18.49	20.72	20.50	19.72	18.61	21.70	21.06	20.13	—	—	—	—	—	—	—	—	—	—	—
Elevance Health Inc.	7.28	7.59	7.31	7.30	7.31	7.75	8.32	8.42	8.48	9.25	—	—	—	—	—	—	—	—	—	—	—
Humana Inc.	7.63	8.35	7.76	7.81	7.32	7.57	7.20	7.12	7.90	8.97	—	—	—	—	—	—	—	—	—	—	—
Intuitive Surgical Inc.	14.36	14.45	14.13	13.71	14.80	18.35	12.46	13.18	10.69	11.08	—	—	—	—	—	—	—	—	—	—	—
Medtronic PLC	5.67	4.98	5.56	5.19	5.56	4.72	4.96	4.84	4.89	4.69	5.31	5.16	4.98	5.56	—	—	—	—	—	—	—
Shockwave Medical Inc.	5.48	11.77	9.70	11.23	6.23	14.32	10.18	7.49	9.18	6.15	—	—	—	—	—	—	—	—	—	—	—
UnitedHealth Group Inc.	6.78	7.63	6.98	6.97	6.58	7.29	7.40	8.02	6.96	7.21	—	—	—	—	—	—	—	—	—	—	—

¹ Q1 2022 Calculation
Payables turnover = (Supplies_{Q1 2022} + Supplies_{Q4 2021} + Supplies_{Q3 2021} + Supplies_{Q2 2021}) ÷ Accounts payable
= (2,321 + 2,414 + 2,463 + 2,380) ÷ 4,010 = 2.39

² Click competitor name to see calculations.

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Short-term activity ratio	Description	The company
Payables turnover	An activity ratio calculated as cost of goods sold divided by payables.	HCA Healthcare Inc. payables turnover ratio decreased from Q3 2021 to Q4 2021 but then slightly increased from Q4 2021 to Q1 2022.

HCA Healthcare Inc., working capital turnover calculation (quarterly data)

	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	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
Selected Financial Data (US$ in millions)
Current assets	15,006)	13,542)	13,248)	12,475)	12,036)	12,333)	16,266)	14,031)	11,016)	11,196)	10,769)	12,869)	11,108)	10,213)	10,010)	10,394)	10,391)	9,977)	9,448)	9,337)	9,037)
Less: Current liabilities	10,518)	9,582)	9,624)	8,615)	8,642)	8,704)	14,379)	12,856)	7,019)	7,757)	7,124)	8,961)	10,531)	7,569)	6,231)	7,625)	7,478)	6,158)	5,611)	5,771)	5,463)
Working capital	4,488)	3,960)	3,624)	3,860)	3,394)	3,629)	1,887)	1,175)	3,997)	3,439)	3,645)	3,908)	577)	2,644)	3,779)	2,769)	2,913)	3,819)	3,837)	3,566)	3,574)

Revenues	14,945)	15,064)	15,276)	14,435)	13,977)	14,293)	13,311)	11,068)	12,861)	13,523)	12,694)	12,602)	12,517)	12,274)	11,451)	11,529)	11,423)	11,562)	10,696)	10,733)	10,623)
Short-term Activity Ratio
Working capital turnover¹	13.31	14.84	16.00	14.51	15.51	14.20	26.90	42.68	12.93	14.93	13.74	12.50	82.79	17.65	12.16	16.33	15.25	11.42	—	—	—
Benchmarks
Working Capital Turnover, Competitors²
Abbott Laboratories	4.13	3.87	3.98	4.02	3.99	4.06	4.52	5.02	6.84	6.64	—	—	—	—	—	—	—	—	—	—	—
Cigna Group	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
CVS Health Corp.	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Elevance Health Inc.	8.65	7.23	6.79	6.67	5.38	6.39	5.98	5.40	6.81	6.11	—	—	—	—	—	—	—	—	—	—	—
Humana Inc.	9.27	8.67	7.47	7.38	7.61	7.42	6.04	6.14	6.91	7.19	—	—	—	—	—	—	—	—	—	—	—
Intuitive Surgical Inc.	1.26	1.22	1.17	1.03	0.88	0.77	0.80	0.88	1.23	1.23	—	—	—	—	—	—	—	—	—	—	—
Medtronic PLC	2.15	2.15	2.02	2.00	2.44	2.48	2.03	2.13	2.16	2.26	2.54	2.30	2.24	2.32	—	—	—	—	—	—	—
Shockwave Medical Inc.	1.15	1.01	0.81	0.64	0.42	0.31	0.25	0.21	0.28	0.22	—	—	—	—	—	—	—	—	—	—	—
UnitedHealth Group Inc.	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

¹ Q1 2022 Calculation
Working capital turnover = (Revenues_{Q1 2022} + Revenues_{Q4 2021} + Revenues_{Q3 2021} + Revenues_{Q2 2021}) ÷ Working capital
= (14,945 + 15,064 + 15,276 + 14,435) ÷ 4,488 = 13.31

² Click competitor name to see calculations.

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Short-term activity ratio	Description	The company
Working capital turnover	An activity ratio calculated as revenue divided by working capital.	HCA Healthcare Inc. working capital turnover ratio deteriorated from Q3 2021 to Q4 2021 and from Q4 2021 to Q1 2022.

HCA Healthcare Inc., average inventory processing period calculation (quarterly data)

	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	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
Selected Financial Data
Inventory turnover	4.78	4.77	4.67	4.49	4.10	4.13	4.22	4.47	4.38	4.59	4.66	4.41	4.42	4.46	4.69	4.62	4.43	4.65	—	—	—
Short-term Activity Ratio (no. days)
Average inventory processing period¹	76	76	78	81	89	88	86	82	83	80	78	83	83	82	78	79	82	78	—	—	—
Benchmarks (no. days)
Average Inventory Processing Period, Competitors²
Abbott Laboratories	109	102	105	111	122	122	135	142	125	119	—	—	—	—	—	—	—	—	—	—	—
Cigna Group	11	12	10	10	10	11	10	10	10	10	—	—	—	—	—	—	—	—	—	—	—
CVS Health Corp.	27	27	27	27	29	31	29	28	29	30	—	—	—	—	—	—	—	—	—	—	—
Intuitive Surgical Inc.	130	122	126	129	138	147	167	164	159	159	—	—	—	—	—	—	—	—	—	—	—
Medtronic PLC	148	150	163	166	174	164	156	155	154	150	156	153	151	144	—	—	—	—	—	—	—
Shockwave Medical Inc.	419	379	401	446	527	519	525	445	294	257	—	—	—	—	—	—	—	—	—	—	—

¹ Q1 2022 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 4.78 = 76

² Click competitor name to see calculations.

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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.

HCA Healthcare Inc., average receivable collection period calculation (quarterly data)

	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	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
Selected Financial Data
Receivables turnover	7.01	7.26	6.88	7.34	7.09	7.31	7.89	8.17	7.50	6.96	7.02	6.77	6.44	6.88	7.04	6.86	7.01	6.71	—	—	—
Short-term Activity Ratio (no. days)
Average receivable collection period¹	52	50	53	50	51	50	46	45	49	52	52	54	57	53	52	53	52	54	—	—	—
Benchmarks (no. days)
Average Receivable Collection Period, Competitors²
Abbott Laboratories	59	55	55	55	60	68	64	60	60	62	—	—	—	—	—	—	—	—	—	—	—
CVS Health Corp.	32	31	32	32	32	30	33	31	32	28	—	—	—	—	—	—	—	—	—	—	—
Elevance Health Inc.	22	18	19	19	21	19	19	20	22	20	—	—	—	—	—	—	—	—	—	—	—
Humana Inc.	13	8	9	11	10	5	6	12	11	6	—	—	—	—	—	—	—	—	—	—	—
Intuitive Surgical Inc.	56	50	46	49	52	54	50	43	42	53	—	—	—	—	—	—	—	—	—	—	—
Medtronic PLC	63	66	68	70	64	59	73	72	70	74	70	69	69	73	—	—	—	—	—	—	—
Shockwave Medical Inc.	58	58	62	70	85	63	66	45	56	63	—	—	—	—	—	—	—	—	—	—	—
UnitedHealth Group Inc.	23	18	19	20	22	18	18	19	22	18	—	—	—	—	—	—	—	—	—	—	—

¹ Q1 2022 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 7.01 = 52

² Click competitor name to see calculations.

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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.	HCA Healthcare Inc. number of days of receivables outstanding improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022 not reaching Q3 2021 level.

HCA Healthcare Inc., operating cycle calculation (quarterly data)

No. days

	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	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
Selected Financial Data
Average inventory processing period	76	76	78	81	89	88	86	82	83	80	78	83	83	82	78	79	82	78	—	—	—
Average receivable collection period	52	50	53	50	51	50	46	45	49	52	52	54	57	53	52	53	52	54	—	—	—
Short-term Activity Ratio
Operating cycle¹	128	126	131	131	140	138	132	127	132	132	130	137	140	135	130	132	134	132	—	—	—
Benchmarks
Operating Cycle, Competitors²
Abbott Laboratories	168	157	160	166	182	190	199	202	185	181	—	—	—	—	—	—	—	—	—	—	—
CVS Health Corp.	59	58	59	59	61	61	62	59	61	58	—	—	—	—	—	—	—	—	—	—	—
Intuitive Surgical Inc.	186	172	172	178	190	201	217	207	201	212	—	—	—	—	—	—	—	—	—	—	—
Medtronic PLC	211	216	231	236	238	223	229	227	224	224	226	222	220	217	—	—	—	—	—	—	—
Shockwave Medical Inc.	477	437	463	516	612	582	591	490	350	320	—	—	—	—	—	—	—	—	—	—	—

¹ Q1 2022 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 76 + 52 = 128

² Click competitor name to see calculations.

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Short-term activity ratio	Description	The company
Operating cycle	Equal to average inventory processing period plus average receivables collection period.	HCA Healthcare Inc. operating cycle improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022.

HCA Healthcare Inc., average payables payment period calculation (quarterly data)

	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	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
Selected Financial Data
Payables turnover	2.39	2.31	2.51	2.58	2.40	2.37	2.52	2.84	3.11	2.92	3.16	3.09	2.91	3.00	3.18	3.08	2.93	2.81	—	—	—
Short-term Activity Ratio (no. days)
Average payables payment period¹	153	158	145	142	152	154	145	128	117	125	115	118	125	122	115	119	125	130	—	—	—
Benchmarks (no. days)
Average Payables Payment Period, Competitors²
Abbott Laboratories	91	87	80	82	92	96	83	91	87	90	—	—	—	—	—	—	—	—	—	—	—
Cigna Group	46	48	47	48	47	47	46	44	40	39	—	—	—	—	—	—	—	—	—	—	—
CVS Health Corp.	19	19	20	18	18	19	20	17	17	18	—	—	—	—	—	—	—	—	—	—	—
Elevance Health Inc.	50	48	50	50	50	47	44	43	43	39	—	—	—	—	—	—	—	—	—	—	—
Humana Inc.	48	44	47	47	50	48	51	51	46	41	—	—	—	—	—	—	—	—	—	—	—
Intuitive Surgical Inc.	25	25	26	27	25	20	29	28	34	33	—	—	—	—	—	—	—	—	—	—	—
Medtronic PLC	64	73	66	70	66	77	74	75	75	78	69	71	73	66	—	—	—	—	—	—	—
Shockwave Medical Inc.	67	31	38	32	59	25	36	49	40	59	—	—	—	—	—	—	—	—	—	—	—
UnitedHealth Group Inc.	54	48	52	52	56	50	49	46	52	51	—	—	—	—	—	—	—	—	—	—	—

¹ Q1 2022 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 2.39 = 153

² Click competitor name to see calculations.

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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.	HCA Healthcare Inc. number of days of payables outstanding increased from Q3 2021 to Q4 2021 but then slightly decreased from Q4 2021 to Q1 2022.

HCA Healthcare Inc., cash conversion cycle calculation (quarterly data)

No. days

	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	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
Selected Financial Data
Average inventory processing period	76	76	78	81	89	88	86	82	83	80	78	83	83	82	78	79	82	78	—	—	—
Average receivable collection period	52	50	53	50	51	50	46	45	49	52	52	54	57	53	52	53	52	54	—	—	—
Average payables payment period	153	158	145	142	152	154	145	128	117	125	115	118	125	122	115	119	125	130	—	—	—
Short-term Activity Ratio
Cash conversion cycle¹	-25	-32	-14	-11	-12	-16	-13	-1	15	7	15	19	15	13	15	13	9	2	—	—	—
Benchmarks
Cash Conversion Cycle, Competitors²
Abbott Laboratories	77	70	80	84	90	94	116	111	98	91	—	—	—	—	—	—	—	—	—	—	—
CVS Health Corp.	40	39	39	41	43	42	42	42	44	40	—	—	—	—	—	—	—	—	—	—	—
Intuitive Surgical Inc.	161	147	146	151	165	181	188	179	167	179	—	—	—	—	—	—	—	—	—	—	—
Medtronic PLC	147	143	165	166	172	146	155	152	149	146	157	151	147	151	—	—	—	—	—	—	—
Shockwave Medical Inc.	410	406	425	484	553	557	555	441	310	261	—	—	—	—	—	—	—	—	—	—	—

¹ Q1 2022 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 76 + 52 – 153 = -25

² Click competitor name to see calculations.

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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.	HCA Healthcare Inc. cash conversion cycle improved from Q3 2021 to Q4 2021 but then slightly deteriorated from Q4 2021 to Q1 2022.

HCA Healthcare Inc. (NYSE:HCA)

Analysis of Short-term (Operating) Activity Ratios
Quarterly Data

Short-term Activity Ratios (Summary)

Inventory Turnover

Receivables Turnover

Payables Turnover

Working Capital Turnover

Average Inventory Processing Period

Average Receivable Collection Period

Operating Cycle

Average Payables Payment Period

Cash Conversion Cycle

HCA Healthcare Inc. (NYSE:HCA)

Analysis of Short-term (Operating) Activity RatiosQuarterly Data

Short-term Activity Ratios (Summary)

Inventory Turnover

Receivables Turnover

Payables Turnover

Working Capital Turnover

Average Inventory Processing Period

Average Receivable Collection Period

Operating Cycle

Average Payables Payment Period

Cash Conversion Cycle

Analysis of Short-term (Operating) Activity Ratios
Quarterly Data