Johnson & Johnson (JNJ)


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

Beginner level


Short-term Activity Ratios (Summary)

Johnson & Johnson, short-term (operating) activity ratios (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 30, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015 Dec 28, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Turnover Ratios
Inventory turnover 2.99 2.93 2.98 3.15 3.15 3.14 2.95 2.89 2.48 2.29 2.45 2.66 2.57 2.53 2.64 2.67 2.65 2.64 2.79 2.78
Receivables turnover 5.52 5.55 5.78 5.79 5.79 5.72 5.56 5.67 5.65 5.46 5.87 6.14 6.07 5.88 6.15 6.53 6.20 6.01 6.38 6.77
Payables turnover 3.66 3.92 3.91 3.59 3.91 4.25 4.13 3.47 3.70 3.62 3.57 3.13 3.65 3.56 3.62 3.23 3.66 3.57 3.36 2.98
Working capital turnover 8.91 7.79 6.34 5.51 4.12 4.49 5.02 6.09 7.42 7.31 1.89 1.86 1.79 1.58 1.73 2.16 1.84 1.97 2.14 2.17
Average No. Days
Average inventory processing period 122 125 122 116 116 116 124 126 147 159 149 137 142 144 138 136 138 138 131 131
Add: Average receivable collection period 66 66 63 63 63 64 66 64 65 67 62 59 60 62 59 56 59 61 57 54
Operating cycle 188 191 185 179 179 180 190 190 212 226 211 196 202 206 197 192 197 199 188 185
Less: Average payables payment period 100 93 93 102 93 86 88 105 99 101 102 116 100 103 101 113 100 102 109 122
Cash conversion cycle 88 98 92 77 86 94 102 85 113 125 109 80 102 103 96 79 97 97 79 63

Based on: 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01), 10-K (filing date: 2015-02-24), 10-Q (filing date: 2014-10-30), 10-Q (filing date: 2014-08-01), 10-Q (filing date: 2014-05-02).

Short-term activity ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Johnson & Johnson’s inventory turnover ratio deteriorated from Q1 2019 to Q2 2019 but then improved from Q2 2019 to Q3 2019 exceeding Q1 2019 level.
Receivables turnover An activity ratio equal to revenue divided by receivables. Johnson & Johnson’s receivables turnover ratio deteriorated from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Johnson & Johnson’s payables turnover ratio increased from Q1 2019 to Q2 2019 but then decreased significantly from Q2 2019 to Q3 2019.
Working capital turnover An activity ratio calculated as revenue divided by working capital. Johnson & Johnson’s working capital turnover ratio improved from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.

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.
Operating cycle Equal to average inventory processing period plus average receivables collection period.
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. Johnson & Johnson’s cash conversion cycle deteriorated from Q1 2019 to Q2 2019 but then improved from Q2 2019 to Q3 2019 exceeding Q1 2019 level.

Inventory Turnover

Johnson & Johnson, inventory turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 30, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015 Dec 28, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Selected Financial Data (US$ in millions)
Cost of products sold 6,867  6,940  6,615  6,961  6,589  6,927  6,614  7,243  6,902  5,823  5,386  5,534  5,486  5,336  5,329  5,673  5,224  5,357  5,282  5,853  5,399  6,039  5,455 
Inventories 9,173  9,263  9,086  8,599  8,678  8,810  9,014  8,765  9,521  9,699  8,878  8,144  8,488  8,523  8,170  8,053  8,206  8,298  8,085  8,184  8,419  8,155  8,009 
Short-term Activity Ratio
Inventory turnover1 2.99 2.93 2.98 3.15 3.15 3.14 2.95 2.89 2.48 2.29 2.45 2.66 2.57 2.53 2.64 2.67 2.65 2.64 2.79 2.78
Benchmarks
Inventory Turnover, Competitors2
Abbott Laboratories 2.96 2.94 3.13 3.35 3.38 3.36 3.23 3.43 3.27 3.00 2.49 3.71 3.41 3.15 3.16 3.37 3.37 3.27 3.44 3.49
AbbVie Inc. 3.86 3.89 4.40 4.81 4.47 4.91 4.23 4.39 3.54 3.92 4.26 4.04 3.53 3.08 2.75 2.62 2.25 2.51 4.18 3.94
Allergan PLC 2.20 2.33 2.30 2.59 2.44 2.35 2.36 2.40 2.30 2.08 2.03 2.59 2.55 3.55 4.18 4.76 4.84 2.46 1.93 3.04
Amgen Inc. 1.29 1.32 1.40 1.39 1.35 1.31 1.36 1.44 1.39 1.39 1.44 1.52 1.55 1.56 1.64 1.74 1.71 1.70 1.63 1.67
Biogen Inc. 2.66 2.61 2.56 1.95 2.00 1.87 1.90 1.81 1.49 1.65 1.68 1.48 1.42 1.33 1.29 1.39 1.31 1.38 1.46 1.46
Bristol-Myers Squibb Co. 6.15 5.48 5.31 5.48 5.09 5.20 5.19 5.20 4.62 4.53 3.72 3.99 3.05 3.00 3.08 3.20 3.47 2.94 2.65 2.52
Eli Lilly & Co. 1.62 1.70 1.96 1.56 1.57 1.56 1.36 1.36 1.34 1.32 1.40 1.59 1.44 1.44 1.38 1.46 1.43 1.50 1.65 1.80
Gilead Sciences Inc. 5.17 5.22 5.36 5.96 5.56 5.22 4.99 5.46 3.66 3.04 2.73 2.68 2.24 2.25 2.30 2.05 2.02 1.93 2.02 2.73
Merck & Co. Inc. 2.35 2.29 2.34 2.48 2.52 2.56 2.41 2.51 2.41 2.37 2.59 2.85 2.75 2.81 2.93 3.18 2.90 2.88 2.97 3.01
Pfizer Inc. 1.30 1.31 1.38 1.50 1.40 1.43 1.39 1.48 1.41 1.51 1.61 1.82 1.67 1.53 1.41 1.28 1.16 1.57 1.62 1.69
Regeneron Pharmaceuticals Inc. 0.22 0.16 0.15 0.16 0.18 0.22 0.26 0.28 0.30 0.32 0.38 0.49 0.64 0.82 0.92 1.01 1.09 1.02 1.08 1.00
Zoetis Inc. 1.39 1.42 1.46 1.37 1.27 1.26 1.23 1.24 1.20 1.18 1.12 1.11 1.08 1.12 1.19 1.18 1.24 1.23 1.29 1.33

Based on: 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01), 10-K (filing date: 2015-02-24), 10-Q (filing date: 2014-10-30), 10-Q (filing date: 2014-08-01), 10-Q (filing date: 2014-05-02).

1 Q3 2019 Calculation
Inventory turnover = (Cost of products soldQ3 2019 + Cost of products soldQ2 2019 + Cost of products soldQ1 2019 + Cost of products soldQ4 2018) ÷ Inventories
= (6,867 + 6,940 + 6,615 + 6,961) ÷ 9,173 = 2.99

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. Johnson & Johnson’s inventory turnover ratio deteriorated from Q1 2019 to Q2 2019 but then improved from Q2 2019 to Q3 2019 exceeding Q1 2019 level.

Receivables Turnover

Johnson & Johnson, receivables turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 30, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015 Dec 28, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Selected Financial Data (US$ in millions)
Sales to customers 20,729  20,562  20,021  20,394  20,348  20,830  20,009  20,195  19,650  18,839  17,766  18,106  17,820  18,482  17,482  17,811  17,102  17,787  17,374  18,254  18,467  19,495  18,115 
Accounts receivable, trade, less allowances for doubtful accounts 14,801  14,653  14,115  14,098  14,048  14,111  14,166  13,490  13,155  13,283  12,300  11,699  11,798  12,062  11,406  10,734  11,366  11,968  11,533  10,985  11,615  12,257  12,116 
Short-term Activity Ratio
Receivables turnover1 5.52 5.55 5.78 5.79 5.79 5.72 5.56 5.67 5.65 5.46 5.87 6.14 6.07 5.88 6.15 6.53 6.20 6.01 6.38 6.77
Benchmarks
Receivables Turnover, Competitors2
Abbott Laboratories 5.75 5.58 5.75 5.90 5.77 5.70 5.31 5.22 5.24 5.10 4.95 6.42 6.24 5.76 5.95 5.97 5.95 5.77 5.86 5.65
AbbVie Inc. 5.94 5.95 5.75 6.08 5.57 5.34 5.07 5.55 5.58 5.50 5.61 5.39 5.05 4.90 5.00 4.83 4.79 4.81 4.85 5.34
Allergan PLC 5.25 5.08 5.75 5.50 5.67 5.85 6.08 5.50 5.51 5.39 5.80 5.76 5.57 5.56 6.00 6.28 7.68 3.63 3.25 5.51
Amgen Inc. 6.19 5.89 5.96 6.29 6.42 6.29 6.04 6.73 6.43 6.17 6.73 6.92 6.77 7.00 6.92 6.99 7.17 7.24 7.79 7.59
Biogen Inc. 5.83 5.70 5.29 5.56 5.34 5.44 5.41 5.79 6.47 6.17 6.59 6.81 6.64 7.42 6.68 7.49 6.82 6.69 6.21 6.35
Eli Lilly & Co. 5.10 5.04 5.70 4.68 5.00 4.95 5.19 5.03 5.11 5.06 5.37 5.27 5.41 5.22 5.57 5.68 5.79 5.86 6.23 6.06
Gilead Sciences Inc. 6.64 6.46 6.66 6.52 6.30 6.43 6.43 6.66 6.56 6.26 7.10 6.64 6.14 5.55 5.26 5.49 5.07 5.39 5.59 5.28
Merck & Co. Inc. 5.45 5.57 5.66 5.98 5.66 5.66 5.62 5.84 5.19 5.38 5.65 5.67 5.42 5.70 5.75 6.09 6.20 6.18 6.21 6.37
Pfizer Inc. 5.62 5.48 5.61 6.68 5.32 5.39 5.57 6.39 5.25 5.52 5.92 6.42 5.41 5.72 5.65 5.97 5.03 5.38 5.51 5.72
Regeneron Pharmaceuticals Inc. 2.29 2.31 2.44 2.38 2.39 2.56 2.51 2.42 2.35 2.47 2.55 2.49 2.42 2.17 2.02 2.33 2.26 2.03 1.90 2.37
Zoetis Inc. 5.97 6.08 6.10 5.62 6.16 5.74 5.77 5.32 5.08 5.15 5.20 5.35 5.34 5.47 5.31 5.09 4.63 4.84 5.29 4.88

Based on: 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01), 10-K (filing date: 2015-02-24), 10-Q (filing date: 2014-10-30), 10-Q (filing date: 2014-08-01), 10-Q (filing date: 2014-05-02).

1 Q3 2019 Calculation
Receivables turnover = (Sales to customersQ3 2019 + Sales to customersQ2 2019 + Sales to customersQ1 2019 + Sales to customersQ4 2018) ÷ Accounts receivable, trade, less allowances for doubtful accounts
= (20,729 + 20,562 + 20,021 + 20,394) ÷ 14,801 = 5.52

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. Johnson & Johnson’s receivables turnover ratio deteriorated from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.

Payables Turnover

Johnson & Johnson, payables turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 30, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015 Dec 28, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Selected Financial Data (US$ in millions)
Cost of products sold 6,867  6,940  6,615  6,961  6,589  6,927  6,614  7,243  6,902  5,823  5,386  5,534  5,486  5,336  5,329  5,673  5,224  5,357  5,282  5,853  5,399  6,039  5,455 
Accounts payable 7,491  6,912  6,923  7,537  7,000  6,516  6,443  7,310  6,390  6,135  6,082  6,918  5,971  6,061  5,965  6,668  5,928  6,140  6,719  7,633  6,603  6,193  6,113 
Short-term Activity Ratio
Payables turnover1 3.66 3.92 3.91 3.59 3.91 4.25 4.13 3.47 3.70 3.62 3.57 3.13 3.65 3.56 3.62 3.23 3.66 3.57 3.36 2.98
Benchmarks
Payables Turnover, Competitors2
Abbott Laboratories 4.29 3.97 4.20 4.27 4.68 4.98 4.99 5.14 6.13 6.49 6.70 7.66 8.49 7.70 8.36 8.09 8.82 8.96 8.92 8.66
Amgen Inc. 4.18 4.20 3.86 3.40 3.90 3.92 3.69 3.01 4.64 4.66 4.59 4.54 5.05 4.80 5.15 4.38 4.07 4.68 4.92 3.65
Biogen Inc. 5.22 5.38 5.22 4.90 5.37 5.91 4.89 4.12 5.02 4.68 4.90 5.28 5.23 5.87 4.57 4.64 4.80 4.24 5.10 5.11
Bristol-Myers Squibb Co. 3.89 3.58 3.44 3.46 3.68 3.45 3.70 2.70 3.40 3.55 3.43 2.97 3.21 2.86 2.67 2.50 3.14 2.08 1.62 1.58
Eli Lilly & Co. 4.51 4.52 5.13 4.55 5.04 4.91 4.98 4.30 4.93 4.57 4.64 4.19 4.80 4.48 4.49 3.76 4.16 4.28 4.16 4.37
Gilead Sciences Inc. 7.22 7.48 8.33 6.14 7.83 7.20 6.21 5.37 6.02 5.23 4.26 3.53 4.04 3.73 4.57 3.40 3.23 2.50 3.81 3.97
Merck & Co. Inc. 4.29 4.25 4.43 4.07 4.41 4.39 4.09 4.12 4.85 4.37 5.37 4.95 5.81 5.87 6.67 5.90 7.33 6.55 7.86 6.39
Pfizer Inc. 2.71 2.69 2.68 2.41 2.66 2.76 2.92 2.41 3.22 3.33 3.52 2.72 3.60 3.57 3.41 2.67 2.71 3.10 3.44 2.98
Regeneron Pharmaceuticals Inc. 0.89 0.87 0.76 0.82 1.10 1.19 1.01 1.14
Zoetis Inc. 7.06 6.90 8.43 6.11 7.66 7.77 8.20 6.80 8.38 8.85 7.45 6.29 7.03 7.61 8.25 5.93 5.66 6.28 6.77 5.92

Based on: 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01), 10-K (filing date: 2015-02-24), 10-Q (filing date: 2014-10-30), 10-Q (filing date: 2014-08-01), 10-Q (filing date: 2014-05-02).

1 Q3 2019 Calculation
Payables turnover = (Cost of products soldQ3 2019 + Cost of products soldQ2 2019 + Cost of products soldQ1 2019 + Cost of products soldQ4 2018) ÷ Accounts payable
= (6,867 + 6,940 + 6,615 + 6,961) ÷ 7,491 = 3.66

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. Johnson & Johnson’s payables turnover ratio increased from Q1 2019 to Q2 2019 but then decreased significantly from Q2 2019 to Q3 2019.

Working Capital Turnover

Johnson & Johnson, working capital turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 30, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015 Dec 28, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Selected Financial Data (US$ in millions)
Current assets 44,333  41,799  41,987  46,033  47,194  45,438  42,768  43,088  41,829  38,789  63,347  65,032  63,319  66,291  62,738  60,210  63,494  61,001  58,192  59,311  59,973  60,119  57,369 
Less: Current liabilities 35,162  31,353  29,111  31,230  27,437  27,488  27,081  30,537  31,806  28,872  25,119  26,287  23,230  21,536  22,134  27,747  25,260  24,512  23,836  25,085  22,982  24,359  23,840 
Working capital 9,171  10,446  12,876  14,803  19,757  17,950  15,687  12,551  10,023  9,917  38,228  38,745  40,089  44,755  40,604  32,463  38,234  36,489  34,356  34,226  36,991  35,760  33,529 
 
Sales to customers 20,729  20,562  20,021  20,394  20,348  20,830  20,009  20,195  19,650  18,839  17,766  18,106  17,820  18,482  17,482  17,811  17,102  17,787  17,374  18,254  18,467  19,495  18,115 
Short-term Activity Ratio
Working capital turnover1 8.91 7.79 6.34 5.51 4.12 4.49 5.02 6.09 7.42 7.31 1.89 1.86 1.79 1.58 1.73 2.16 1.84 1.97 2.14 2.17
Benchmarks
Working Capital Turnover, Competitors2
Abbott Laboratories 5.57 5.04 5.80 5.44 5.61 5.72 4.78 2.44 1.87 1.79 1.76 1.04 4.45 4.76 5.08 4.11 2.88 1.72 1.89 4.28
AbbVie Inc. 12.30 64.14 10.46 8.75 6.16 4.62 5.68 3.91 4.00 3.51 3.29 3.99 4.22 2.41 3.73 4.69 4.26
Allergan PLC 58.26 21.12 27.78 10.43 9.97 8.39 4.46 1.46 0.56 52.49 1.93 5.66 3.86 7.01
Amgen Inc. 1.10 1.11 1.00 0.93 0.85 0.82 0.73 0.54 0.53 0.54 0.61 0.63 0.61 0.67 0.63 0.70 0.66 0.65 0.69 0.70
Biogen Inc. 2.81 2.38 1.91 2.51 1.94 2.48 1.49 2.30 2.46 2.70 2.56 1.85 1.74 1.95 2.11 2.23 1.36 2.86 2.61 3.34
Bristol-Myers Squibb Co. 0.78 0.82 2.71 3.32 4.04 5.09 3.91 3.64 3.39 3.52 3.58 3.64 3.98 3.58 4.13 5.86 2.33 2.26 1.65 1.90
Eli Lilly & Co. 12.35 14.53 17.59 2.84 2.46 4.52 4.95 4.90 4.72 4.94 8.54 5.16 4.08 4.50 4.61 4.59 4.62 4.77 5.76 20.17
Gilead Sciences Inc. 1.17 0.89 0.89 0.86 0.88 1.04 1.24 1.27 1.05 1.40 2.18 2.67 3.01 4.04 3.88 2.16 1.87 3.13 2.14 2.05
Merck & Co. Inc. 8.42 10.53 6.33 11.53 5.06 6.95 5.72 6.52 4.71 4.25 3.41 2.97 2.87 3.03 3.52 3.74 3.62 3.72 3.32 2.93
Pfizer Inc. 3.57 3.39 2.97 4.25 10.34 7.05 4.90 4.35 5.69 4.78 6.74 14.23 4.45 4.06 3.39 2.79 1.75 1.68 1.38
Regeneron Pharmaceuticals Inc. 0.87 0.90 0.78 0.82 0.93 1.13 1.17 1.16 1.20 1.24 1.45 1.72 1.27 1.38 1.32 1.28 1.27 1.29 1.09 1.16
Zoetis Inc. 1.72 1.77 1.79 1.83 1.86 1.71 1.67 1.70 1.63 2.79 3.00 2.15 2.10 2.12 2.25 2.33 2.68 2.76 2.75 2.01

Based on: 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01), 10-K (filing date: 2015-02-24), 10-Q (filing date: 2014-10-30), 10-Q (filing date: 2014-08-01), 10-Q (filing date: 2014-05-02).

1 Q3 2019 Calculation
Working capital turnover = (Sales to customersQ3 2019 + Sales to customersQ2 2019 + Sales to customersQ1 2019 + Sales to customersQ4 2018) ÷ Working capital
= (20,729 + 20,562 + 20,021 + 20,394) ÷ 9,171 = 8.91

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. Johnson & Johnson’s working capital turnover ratio improved from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.

Average Inventory Processing Period

Johnson & Johnson, average inventory processing period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 30, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015 Dec 28, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Selected Financial Data
Inventory turnover 2.99 2.93 2.98 3.15 3.15 3.14 2.95 2.89 2.48 2.29 2.45 2.66 2.57 2.53 2.64 2.67 2.65 2.64 2.79 2.78
Short-term Activity Ratio (no. days)
Average inventory processing period1 122 125 122 116 116 116 124 126 147 159 149 137 142 144 138 136 138 138 131 131
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
Abbott Laboratories 123 124 116 109 108 109 113 107 112 122 147 98 107 116 115 108 108 111 106 105
AbbVie Inc. 94 94 83 76 82 74 86 83 103 93 86 90 103 118 133 139 162 146 87 93
Allergan PLC 166 157 159 141 150 155 155 152 159 176 180 141 143 103 87 77 75 148 189 120
Amgen Inc. 282 276 261 262 271 278 268 254 262 263 253 241 235 234 223 210 213 214 225 218
Biogen Inc. 137 140 143 187 182 195 192 202 245 221 217 247 257 274 284 263 278 264 250 251
Bristol-Myers Squibb Co. 59 67 69 67 72 70 70 70 79 81 98 92 120 122 119 114 105 124 138 145
Eli Lilly & Co. 225 214 186 233 233 235 268 268 272 276 260 230 254 253 264 250 255 243 222 203
Gilead Sciences Inc. 71 70 68 61 66 70 73 67 100 120 134 136 163 162 159 178 181 189 181 134
Merck & Co. Inc. 156 160 156 147 145 142 152 146 151 154 141 128 133 130 125 115 126 127 123 121
Pfizer Inc. 281 279 264 244 261 254 262 246 258 242 227 201 219 238 259 284 314 233 225 216
Regeneron Pharmaceuticals Inc. 1,648 2,260 2,429 2,334 2,011 1,659 1,423 1,309 1,205 1,138 963 749 570 446 398 360 334 357 339 365
Zoetis Inc. 262 256 251 266 288 290 296 293 305 310 326 329 337 326 308 308 295 296 284 274

Based on: 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01), 10-K (filing date: 2015-02-24), 10-Q (filing date: 2014-10-30), 10-Q (filing date: 2014-08-01), 10-Q (filing date: 2014-05-02).

1 Q3 2019 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 2.99 = 122

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

Johnson & Johnson, average receivable collection period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 30, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015 Dec 28, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Selected Financial Data
Receivables turnover 5.52 5.55 5.78 5.79 5.79 5.72 5.56 5.67 5.65 5.46 5.87 6.14 6.07 5.88 6.15 6.53 6.20 6.01 6.38 6.77
Short-term Activity Ratio (no. days)
Average receivable collection period1 66 66 63 63 63 64 66 64 65 67 62 59 60 62 59 56 59 61 57 54
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Abbott Laboratories 63 65 64 62 63 64 69 70 70 72 74 57 59 63 61 61 61 63 62 65
AbbVie Inc. 61 61 64 60 66 68 72 66 65 66 65 68 72 74 73 76 76 76 75 68
Allergan PLC 70 72 63 66 64 62 60 66 66 68 63 63 65 66 61 58 48 100 112 66
Amgen Inc. 59 62 61 58 57 58 60 54 57 59 54 53 54 52 53 52 51 50 47 48
Biogen Inc. 63 64 69 66 68 67 67 63 56 59 55 54 55 49 55 49 54 55 59 58
Eli Lilly & Co. 72 72 64 78 73 74 70 73 71 72 68 69 67 70 66 64 63 62 59 60
Gilead Sciences Inc. 55 56 55 56 58 57 57 55 56 58 51 55 59 66 69 66 72 68 65 69
Merck & Co. Inc. 67 66 64 61 64 64 65 63 70 68 65 64 67 64 63 60 59 59 59 57
Pfizer Inc. 65 67 65 55 69 68 65 57 70 66 62 57 67 64 65 61 73 68 66 64
Regeneron Pharmaceuticals Inc. 159 158 149 153 152 143 145 151 155 148 143 147 151 168 181 156 161 180 192 154
Zoetis Inc. 61 60 60 65 59 64 63 69 72 71 70 68 68 67 69 72 79 75 69 75

Based on: 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01), 10-K (filing date: 2015-02-24), 10-Q (filing date: 2014-10-30), 10-Q (filing date: 2014-08-01), 10-Q (filing date: 2014-05-02).

1 Q3 2019 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 5.52 = 66

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.

Operating Cycle

Johnson & Johnson, operating cycle calculation (quarterly data)

No. days

Microsoft Excel LibreOffice Calc
Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 30, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015 Dec 28, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Selected Financial Data
Average inventory processing period 122 125 122 116 116 116 124 126 147 159 149 137 142 144 138 136 138 138 131 131
Average receivable collection period 66 66 63 63 63 64 66 64 65 67 62 59 60 62 59 56 59 61 57 54
Short-term Activity Ratio
Operating cycle1 188 191 185 179 179 180 190 190 212 226 211 196 202 206 197 192 197 199 188 185
Benchmarks
Operating Cycle, Competitors2
Abbott Laboratories 186 189 180 171 171 173 182 177 182 194 221 155 166 179 176 169 169 174 168 170
AbbVie Inc. 155 155 147 136 148 142 158 149 168 159 151 158 175 192 206 215 238 222 162 161
Allergan PLC 236 229 222 207 214 217 215 218 225 244 243 204 208 169 148 135 123 248 301 186
Amgen Inc. 341 338 322 320 328 336 328 308 319 322 307 294 289 286 276 262 264 264 272 266
Biogen Inc. 200 204 212 253 250 262 259 265 301 280 272 301 312 323 339 312 332 319 309 309
Eli Lilly & Co. 297 286 250 311 306 309 338 341 343 348 328 299 321 323 330 314 318 305 281 263
Gilead Sciences Inc. 126 126 123 117 124 127 130 122 156 178 185 191 222 228 228 244 253 257 246 203
Merck & Co. Inc. 223 226 220 208 209 206 217 209 221 222 206 192 200 194 188 175 185 186 182 178
Pfizer Inc. 346 346 329 299 330 322 327 303 328 308 289 258 286 302 324 345 387 301 291 280
Regeneron Pharmaceuticals Inc. 1,807 2,418 2,578 2,487 2,163 1,802 1,568 1,460 1,360 1,286 1,106 896 721 614 579 516 495 537 531 519
Zoetis Inc. 323 316 311 331 347 354 359 362 377 381 396 397 405 393 377 380 374 371 353 349

Based on: 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01), 10-K (filing date: 2015-02-24), 10-Q (filing date: 2014-10-30), 10-Q (filing date: 2014-08-01), 10-Q (filing date: 2014-05-02).

1 Q3 2019 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 122 + 66 = 188

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.

Average Payables Payment Period

Johnson & Johnson, average payables payment period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 30, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015 Dec 28, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Selected Financial Data
Payables turnover 3.66 3.92 3.91 3.59 3.91 4.25 4.13 3.47 3.70 3.62 3.57 3.13 3.65 3.56 3.62 3.23 3.66 3.57 3.36 2.98
Short-term Activity Ratio (no. days)
Average payables payment period1 100 93 93 102 93 86 88 105 99 101 102 116 100 103 101 113 100 102 109 122
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Abbott Laboratories 85 92 87 85 78 73 73 71 60 56 54 48 43 47 44 45 41 41 41 42
Amgen Inc. 87 87 95 107 94 93 99 121 79 78 80 80 72 76 71 83 90 78 74 100
Biogen Inc. 70 68 70 74 68 62 75 89 73 78 74 69 70 62 80 79 76 86 72 71
Bristol-Myers Squibb Co. 94 102 106 105 99 106 99 135 107 103 106 123 114 127 137 146 116 175 225 231
Eli Lilly & Co. 81 81 71 80 72 74 73 85 74 80 79 87 76 81 81 97 88 85 88 83
Gilead Sciences Inc. 51 49 44 59 47 51 59 68 61 70 86 103 90 98 80 107 113 146 96 92
Merck & Co. Inc. 85 86 82 90 83 83 89 89 75 83 68 74 63 62 55 62 50 56 46 57
Pfizer Inc. 135 136 136 152 137 132 125 151 113 110 104 134 101 102 107 137 135 118 106 122
Regeneron Pharmaceuticals Inc. 411 419 481 442 333 307 360 321
Zoetis Inc. 52 53 43 60 48 47 45 54 44 41 49 58 52 48 44 62 64 58 54 62

Based on: 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01), 10-K (filing date: 2015-02-24), 10-Q (filing date: 2014-10-30), 10-Q (filing date: 2014-08-01), 10-Q (filing date: 2014-05-02).

1 Q3 2019 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 3.66 = 100

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.

Cash Conversion Cycle

Johnson & Johnson, cash conversion cycle calculation (quarterly data)

No. days

Microsoft Excel LibreOffice Calc
Sep 29, 2019 Jun 30, 2019 Mar 31, 2019 Dec 30, 2018 Sep 30, 2018 Jul 1, 2018 Apr 1, 2018 Dec 31, 2017 Oct 1, 2017 Jul 2, 2017 Apr 2, 2017 Dec 31, 2016 Oct 2, 2016 Jul 3, 2016 Apr 3, 2016 Dec 31, 2015 Sep 27, 2015 Jun 28, 2015 Mar 29, 2015 Dec 28, 2014 Sep 28, 2014 Jun 29, 2014 Mar 30, 2014
Selected Financial Data
Average inventory processing period 122 125 122 116 116 116 124 126 147 159 149 137 142 144 138 136 138 138 131 131
Average receivable collection period 66 66 63 63 63 64 66 64 65 67 62 59 60 62 59 56 59 61 57 54
Average payables payment period 100 93 93 102 93 86 88 105 99 101 102 116 100 103 101 113 100 102 109 122
Short-term Activity Ratio
Cash conversion cycle1 88 98 92 77 86 94 102 85 113 125 109 80 102 103 96 79 97 97 79 63
Benchmarks
Cash Conversion Cycle, Competitors2
Abbott Laboratories 101 97 93 86 93 100 109 106 122 138 167 107 123 132 132 124 128 133 127 128
Amgen Inc. 254 251 227 213 234 243 229 187 240 244 227 214 217 210 205 179 174 186 198 166
Biogen Inc. 130 136 142 179 182 200 184 176 228 202 198 232 242 261 259 233 256 233 237 238
Eli Lilly & Co. 216 205 179 231 234 235 265 256 269 268 249 212 245 242 249 217 230 220 193 180
Gilead Sciences Inc. 75 77 79 58 77 76 71 54 95 108 99 88 132 130 148 137 140 111 150 111
Merck & Co. Inc. 138 140 138 118 126 123 128 120 146 139 138 118 137 132 133 113 135 130 136 121
Pfizer Inc. 211 210 193 147 193 190 202 152 215 198 185 124 185 200 217 208 252 183 185 158
Regeneron Pharmaceuticals Inc. 1,396 1,999 2,097 2,045 1,830 1,495 1,208 1,139
Zoetis Inc. 271 263 268 271 299 307 314 308 333 340 347 339 353 345 333 318 310 313 299 287

Based on: 10-Q (filing date: 2019-10-28), 10-Q (filing date: 2019-07-29), 10-Q (filing date: 2019-05-01), 10-K (filing date: 2019-02-20), 10-Q (filing date: 2018-10-31), 10-Q (filing date: 2018-08-02), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-21), 10-Q (filing date: 2017-11-02), 10-Q (filing date: 2017-08-03), 10-Q (filing date: 2017-05-08), 10-K (filing date: 2017-02-27), 10-Q (filing date: 2016-11-04), 10-Q (filing date: 2016-08-04), 10-Q (filing date: 2016-05-10), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-30), 10-Q (filing date: 2015-07-31), 10-Q (filing date: 2015-05-01), 10-K (filing date: 2015-02-24), 10-Q (filing date: 2014-10-30), 10-Q (filing date: 2014-08-01), 10-Q (filing date: 2014-05-02).

1 Q3 2019 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 122 + 66100 = 88

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. Johnson & Johnson’s cash conversion cycle deteriorated from Q1 2019 to Q2 2019 but then improved from Q2 2019 to Q3 2019 exceeding Q1 2019 level.