Analysis of Short-term (Operating) Activity Ratios
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)
Las Vegas Sands Corp., short-term (operating) activity ratios
Based on: 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), 10-K (reporting date: 2018-12-31).
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Las Vegas Sands Corp. inventory turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Las Vegas Sands Corp. receivables turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Las Vegas Sands Corp. payables turnover ratio increased from 2020 to 2021 but then slightly decreased from 2021 to 2022 not reaching 2020 level. |
| Working capital turnover | An activity ratio calculated as revenue divided by working capital. | Las Vegas Sands Corp. working capital turnover ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
| 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. | Las Vegas Sands Corp. number of days of receivables outstanding improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. |
| Operating cycle | Equal to average inventory processing period plus average receivables collection period. | Las Vegas Sands Corp. operating cycle improved from 2020 to 2021 but then slightly deteriorated from 2021 to 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. | Las Vegas Sands Corp. number of days of payables outstanding decreased from 2020 to 2021 but then increased from 2021 to 2022 not reaching 2020 level. |
| 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. | Las Vegas Sands Corp. cash conversion cycle improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. |
Inventory Turnover
Las Vegas Sands Corp., inventory turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Cost of revenues | 2,460) | 2,626) | 2,608) | 6,832) | 6,974) | |
| Inventories | 28) | 22) | 32) | 37) | 35) | |
| Short-term Activity Ratio | ||||||
| Inventory turnover1 | 87.86 | 119.36 | 81.50 | 184.65 | 199.26 | |
| Benchmarks | ||||||
| Inventory Turnover, Competitors2 | ||||||
| Chipotle Mexican Grill Inc. | 184.27 | 177.91 | 186.94 | 170.29 | — | |
| McDonald’s Corp. | 141.94 | 144.74 | 136.62 | 154.59 | — | |
| Starbucks Corp. | 10.97 | 12.89 | 11.90 | 12.44 | 12.40 | |
| Inventory Turnover, Sector | ||||||
| Consumer Services | 24.92 | 27.58 | 23.36 | 28.83 | — | |
| Inventory Turnover, Industry | ||||||
| Consumer Discretionary | 6.66 | 7.03 | 7.46 | 7.68 | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Inventory turnover = Cost of revenues ÷ Inventories
= 2,460 ÷ 28 = 87.86
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. | Las Vegas Sands Corp. inventory turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Receivables Turnover
Las Vegas Sands Corp., receivables turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net revenues | 4,110) | 4,234) | 3,612) | 13,739) | 13,729) | |
| Accounts receivable, net of provision for credit losses | 267) | 202) | 338) | 844) | 726) | |
| Short-term Activity Ratio | ||||||
| Receivables turnover1 | 15.39 | 20.96 | 10.69 | 16.28 | 18.91 | |
| Benchmarks | ||||||
| Receivables Turnover, Competitors2 | ||||||
| Airbnb Inc. | 42.00 | 42.04 | 17.80 | — | — | |
| Booking Holdings Inc. | 7.67 | 8.07 | 12.85 | 8.97 | — | |
| Chipotle Mexican Grill Inc. | 80.79 | 75.77 | 57.27 | 69.36 | — | |
| McDonald’s Corp. | 4.14 | 5.23 | 3.86 | 4.24 | — | |
| Starbucks Corp. | 27.44 | 30.92 | 26.62 | 30.15 | 35.67 | |
| Receivables Turnover, Sector | ||||||
| Consumer Services | 12.89 | 14.36 | 12.53 | 11.63 | — | |
| Receivables Turnover, Industry | ||||||
| Consumer Discretionary | 18.00 | 21.26 | 21.89 | 21.60 | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Receivables turnover = Net revenues ÷ Accounts receivable, net of provision for credit losses
= 4,110 ÷ 267 = 15.39
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. | Las Vegas Sands Corp. receivables turnover ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level. |
Payables Turnover
Las Vegas Sands Corp., payables turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Cost of revenues | 2,460) | 2,626) | 2,608) | 6,832) | 6,974) | |
| Accounts payable | 89) | 77) | 98) | 149) | 178) | |
| Short-term Activity Ratio | ||||||
| Payables turnover1 | 27.64 | 34.10 | 26.61 | 45.85 | 39.18 | |
| Benchmarks | ||||||
| Payables Turnover, Competitors2 | ||||||
| Airbnb Inc. | 10.94 | 9.77 | 10.96 | — | — | |
| Booking Holdings Inc. | 6.82 | 6.91 | 9.25 | 12.16 | — | |
| Chipotle Mexican Grill Inc. | 35.61 | 35.79 | 40.52 | 38.37 | — | |
| McDonald’s Corp. | 7.53 | 7.99 | 9.42 | 7.85 | — | |
| Starbucks Corp. | 16.57 | 17.06 | 18.50 | 15.99 | 14.73 | |
| Payables Turnover, Sector | ||||||
| Consumer Services | 10.75 | 11.42 | 14.22 | 13.10 | — | |
| Payables Turnover, Industry | ||||||
| Consumer Discretionary | 4.82 | 4.67 | 4.75 | 5.51 | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Payables turnover = Cost of revenues ÷ Accounts payable
= 2,460 ÷ 89 = 27.64
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. | Las Vegas Sands Corp. payables turnover ratio increased from 2020 to 2021 but then slightly decreased from 2021 to 2022 not reaching 2020 level. |
Working Capital Turnover
Las Vegas Sands Corp., working capital turnover calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current assets | 6,744) | 5,510) | 2,644) | 5,305) | 5,566) | |
| Less: Current liabilities | 3,902) | 2,565) | 2,309) | 3,224) | 3,157) | |
| Working capital | 2,842) | 2,945) | 335) | 2,081) | 2,409) | |
| Net revenues | 4,110) | 4,234) | 3,612) | 13,739) | 13,729) | |
| Short-term Activity Ratio | ||||||
| Working capital turnover1 | 1.45 | 1.44 | 10.78 | 6.60 | 5.70 | |
| Benchmarks | ||||||
| Working Capital Turnover, Competitors2 | ||||||
| Airbnb Inc. | 1.22 | 0.99 | 0.89 | — | — | |
| Booking Holdings Inc. | 2.33 | 1.59 | 0.77 | 3.37 | — | |
| Chipotle Mexican Grill Inc. | 34.00 | 14.86 | 10.01 | 13.77 | — | |
| McDonald’s Corp. | 5.39 | 3.13 | 131.28 | — | — | |
| Starbucks Corp. | — | 18.11 | 51.17 | — | 3.63 | |
| Working Capital Turnover, Sector | ||||||
| Consumer Services | 5.39 | 3.49 | 3.50 | 13.17 | — | |
| Working Capital Turnover, Industry | ||||||
| Consumer Discretionary | 18.33 | 11.04 | 13.70 | 25.44 | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Working capital turnover = Net revenues ÷ Working capital
= 4,110 ÷ 2,842 = 1.45
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. | Las Vegas Sands Corp. working capital turnover ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
Average Inventory Processing Period
Las Vegas Sands Corp., average inventory processing period calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Inventory turnover | 87.86 | 119.36 | 81.50 | 184.65 | 199.26 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average inventory processing period1 | 4 | 3 | 4 | 2 | 2 | |
| Benchmarks (no. days) | ||||||
| Average Inventory Processing Period, Competitors2 | ||||||
| Chipotle Mexican Grill Inc. | 2 | 2 | 2 | 2 | — | |
| McDonald’s Corp. | 3 | 3 | 3 | 2 | — | |
| Starbucks Corp. | 33 | 28 | 31 | 29 | 29 | |
| Average Inventory Processing Period, Sector | ||||||
| Consumer Services | 15 | 13 | 16 | 13 | — | |
| Average Inventory Processing Period, Industry | ||||||
| Consumer Discretionary | 55 | 52 | 49 | 48 | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 87.86 = 4
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
Las Vegas Sands Corp., average receivable collection period calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Receivables turnover | 15.39 | 20.96 | 10.69 | 16.28 | 18.91 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average receivable collection period1 | 24 | 17 | 34 | 22 | 19 | |
| Benchmarks (no. days) | ||||||
| Average Receivable Collection Period, Competitors2 | ||||||
| Airbnb Inc. | 9 | 9 | 21 | — | — | |
| Booking Holdings Inc. | 48 | 45 | 28 | 41 | — | |
| Chipotle Mexican Grill Inc. | 5 | 5 | 6 | 5 | — | |
| McDonald’s Corp. | 88 | 70 | 95 | 86 | — | |
| Starbucks Corp. | 13 | 12 | 14 | 12 | 10 | |
| Average Receivable Collection Period, Sector | ||||||
| Consumer Services | 28 | 25 | 29 | 31 | — | |
| Average Receivable Collection Period, Industry | ||||||
| Consumer Discretionary | 20 | 17 | 17 | 17 | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 15.39 = 24
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. | Las Vegas Sands Corp. number of days of receivables outstanding improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. |
Operating Cycle
Las Vegas Sands Corp., operating cycle calculation, comparison to benchmarks
No. days
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Average inventory processing period | 4 | 3 | 4 | 2 | 2 | |
| Average receivable collection period | 24 | 17 | 34 | 22 | 19 | |
| Short-term Activity Ratio | ||||||
| Operating cycle1 | 28 | 20 | 38 | 24 | 21 | |
| Benchmarks | ||||||
| Operating Cycle, Competitors2 | ||||||
| Chipotle Mexican Grill Inc. | 7 | 7 | 8 | 7 | — | |
| McDonald’s Corp. | 91 | 73 | 98 | 88 | — | |
| Starbucks Corp. | 46 | 40 | 45 | 41 | 39 | |
| Operating Cycle, Sector | ||||||
| Consumer Services | 43 | 38 | 45 | 44 | — | |
| Operating Cycle, Industry | ||||||
| Consumer Discretionary | 75 | 69 | 66 | 65 | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 4 + 24 = 28
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. | Las Vegas Sands Corp. operating cycle improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. |
Average Payables Payment Period
Las Vegas Sands Corp., average payables payment period calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Payables turnover | 27.64 | 34.10 | 26.61 | 45.85 | 39.18 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average payables payment period1 | 13 | 11 | 14 | 8 | 9 | |
| Benchmarks (no. days) | ||||||
| Average Payables Payment Period, Competitors2 | ||||||
| Airbnb Inc. | 33 | 37 | 33 | — | — | |
| Booking Holdings Inc. | 54 | 53 | 39 | 30 | — | |
| Chipotle Mexican Grill Inc. | 10 | 10 | 9 | 10 | — | |
| McDonald’s Corp. | 48 | 46 | 39 | 46 | — | |
| Starbucks Corp. | 22 | 21 | 20 | 23 | 25 | |
| Average Payables Payment Period, Sector | ||||||
| Consumer Services | 34 | 32 | 26 | 28 | — | |
| Average Payables Payment Period, Industry | ||||||
| Consumer Discretionary | 76 | 78 | 77 | 66 | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 27.64 = 13
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. | Las Vegas Sands Corp. number of days of payables outstanding decreased from 2020 to 2021 but then increased from 2021 to 2022 not reaching 2020 level. |
Cash Conversion Cycle
Las Vegas Sands Corp., cash conversion cycle calculation, comparison to benchmarks
No. days
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Average inventory processing period | 4 | 3 | 4 | 2 | 2 | |
| Average receivable collection period | 24 | 17 | 34 | 22 | 19 | |
| Average payables payment period | 13 | 11 | 14 | 8 | 9 | |
| Short-term Activity Ratio | ||||||
| Cash conversion cycle1 | 15 | 9 | 24 | 16 | 12 | |
| Benchmarks | ||||||
| Cash Conversion Cycle, Competitors2 | ||||||
| Chipotle Mexican Grill Inc. | -3 | -3 | -1 | -3 | — | |
| McDonald’s Corp. | 43 | 27 | 59 | 42 | — | |
| Starbucks Corp. | 24 | 19 | 25 | 18 | 14 | |
| Cash Conversion Cycle, Sector | ||||||
| Consumer Services | 9 | 6 | 19 | 16 | — | |
| Cash Conversion Cycle, Industry | ||||||
| Consumer Discretionary | -1 | -9 | -11 | -1 | — | |
Based on: 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), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 4 + 24 – 13 = 15
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. | Las Vegas Sands Corp. cash conversion cycle improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022. |