Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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Short-term Activity Ratios (Summary)
Based on: 10-K (reporting date: 2024-12-31), 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).
- Inventory Turnover
- The inventory turnover ratio exhibited an overall increasing trend from 16.01 in 2020 to a peak of 19.45 in 2021, followed by a slight decline and stabilization around 18.5 to 18.9 in subsequent years through 2024. This suggests improved efficiency in managing inventory initially, with a modest decrease but consistent performance afterward.
- Receivables Turnover
- Receivables turnover increased marginally from 33.06 in 2020 to 34.15 in 2021, then significantly decreased to 26.34 in 2022. It partially recovered to 31.69 in 2023 and slightly declined again to 30.22 in 2024. This fluctuation indicates variability in the speed of collecting receivables, with a notable slowdown in 2022 and some improvement in the following years.
- Payables Turnover
- There was a sharp decline in payables turnover from 64.48 in 2020 and 74.34 in 2021 down to approximately 27 in 2022, maintained at lower levels (around 25 to 29) through 2024. This shift reflects a significant change in payment practices, possibly indicating longer payment periods to suppliers post-2021.
- Working Capital Turnover
- Working capital turnover remained fairly stable between 11.52 and 12.93 from 2020 through 2022, before experiencing a notable increase to 18.85 in 2023 and further to 29.25 in 2024. This suggests a substantial improvement in the efficiency of using working capital to generate sales or revenue in recent years.
- Average Inventory Processing Period
- The average inventory processing period generally remained consistent around 19 to 23 days, with a decrease from 23 days in 2020 to 19 days in 2021 and 2023, and slight minor fluctuations around 20 days in 2022 and 2024. This stability points to consistent inventory management practices.
- Average Receivable Collection Period
- The average receivable collection period was stable at 11 days in 2020 and 2021, increased to 14 days in 2022, then decreased to 12 days in both 2023 and 2024. This pattern corresponds with the fluctuations observed in receivables turnover, showing some delays in collection during 2022 followed by improvements.
- Operating Cycle
- The operating cycle ranged between 30 and 34 days over the period. It decreased from 34 days in 2020 to 30 days in 2021, then rose back to 34 days in 2022 before decreasing again slightly to 31 and 32 days in the last two reported years. Overall, the operating cycle remained relatively stable with small variations.
- Average Payables Payment Period
- The average payables payment period shortened from 6 days in 2020 to 5 days in 2021 but then more than doubled to 13 days in 2022 and remained around 13 to 14 days in 2023 and 2024. This indicates a clear extension in the time taken to pay suppliers beginning in 2022 and continuing through 2024.
- Cash Conversion Cycle
- The cash conversion cycle showed a consistent downward trend, declining from 28 days in 2020 to 25 in 2021, then dropping more sharply to 21 days in 2022 and reaching a low of 17 days in 2023 before a slight increase to 19 days in 2024. This improvement indicates enhanced efficiency in converting working capital into cash over the period.
Turnover Ratios
Average No. Days
Inventory Turnover
Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Cost of sales | ||||||
Inventories | ||||||
Short-term Activity Ratio | ||||||
Inventory turnover1 | ||||||
Benchmarks | ||||||
Inventory Turnover, Competitors2 | ||||||
Boeing Co. | ||||||
Caterpillar Inc. | ||||||
Eaton Corp. plc | ||||||
GE Aerospace | ||||||
Honeywell International Inc. | ||||||
RTX Corp. | ||||||
Inventory Turnover, Sector | ||||||
Capital Goods | ||||||
Inventory Turnover, Industry | ||||||
Industrials |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Inventory turnover = Cost of sales ÷ Inventories
= ÷ =
2 Click competitor name to see calculations.
- Cost of Sales
- Over the period from 2020 to 2024, the cost of sales has shown a consistent upward trend. Starting at approximately $56.7 billion in 2020, it increased each year, reaching around $64.1 billion in 2024. This represents an overall increase of roughly 13% across the five years, indicating rising production or procurement expenses that may correlate with increased sales or higher input costs.
- Inventories
- Inventories decreased notably from $3.5 billion in 2020 to approximately $3 billion in 2021, suggesting improved inventory management or higher inventory turnover during that year. Following this, inventories exhibited a gradual increase, reaching close to $3.5 billion by 2024. This recovery in inventory levels could reflect adjustments to supply chain strategies or preparation for increased demand.
- Inventory Turnover Ratio
- The inventory turnover ratio improved markedly from 16.01 in 2020 to a peak of 19.45 in 2021, indicating enhanced efficiency in managing and selling inventory. After peaking in 2021, the ratio slightly declined but remained relatively stable between 18.46 and 18.87 through 2024. This sustained high turnover suggests continued effective inventory management relative to sales volume.
Receivables Turnover
Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Net sales | ||||||
Receivables, net | ||||||
Short-term Activity Ratio | ||||||
Receivables turnover1 | ||||||
Benchmarks | ||||||
Receivables Turnover, Competitors2 | ||||||
Boeing Co. | ||||||
Caterpillar Inc. | ||||||
Eaton Corp. plc | ||||||
GE Aerospace | ||||||
Honeywell International Inc. | ||||||
RTX Corp. | ||||||
Receivables Turnover, Sector | ||||||
Capital Goods | ||||||
Receivables Turnover, Industry | ||||||
Industrials |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Receivables turnover = Net sales ÷ Receivables, net
= ÷ =
2 Click competitor name to see calculations.
- Net Sales
- The net sales figures exhibit a generally increasing trend over the analyzed period. Starting at 65,398 million US dollars in 2020, sales increased to 67,044 million in 2021. Although there was a slight decline to 65,984 million in 2022, sales rebounded in subsequent years, reaching 67,571 million in 2023 and 71,043 million in 2024. This indicates overall growth in revenue, with a minor fluctuation observed in 2022.
- Receivables, Net
- Net receivables show variability across the period. The balance was 1,978 million US dollars in 2020 and slightly declined to 1,963 million in 2021. However, there was a notable increase in 2022 to 2,505 million, followed by a decrease to 2,132 million in 2023 and a modest rise again to 2,351 million in 2024. This suggests some inconsistency in the level of accounts receivable, possibly reflecting changes in credit policies, collection processes, or sales composition.
- Receivables Turnover
- The receivables turnover ratio declined overall during the period. It started relatively high at 33.06 in 2020, slightly increased in 2021 to 34.15, but then dropped significantly to 26.34 in 2022. There was a recovery in 2023 to 31.69, followed by a small decrease to 30.22 in 2024. The lower turnover ratio in 2022 suggests a slower collection of receivables that year, which could indicate relaxed credit terms or delays in collections. The partial recovery in subsequent years reflects some improvement but turnover remains below the earlier figures.
Payables Turnover
Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Cost of sales | ||||||
Accounts payable | ||||||
Short-term Activity Ratio | ||||||
Payables turnover1 | ||||||
Benchmarks | ||||||
Payables Turnover, Competitors2 | ||||||
Boeing Co. | ||||||
Caterpillar Inc. | ||||||
Eaton Corp. plc | ||||||
GE Aerospace | ||||||
Honeywell International Inc. | ||||||
RTX Corp. | ||||||
Payables Turnover, Sector | ||||||
Capital Goods | ||||||
Payables Turnover, Industry | ||||||
Industrials |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Payables turnover = Cost of sales ÷ Accounts payable
= ÷ =
2 Click competitor name to see calculations.
- Cost of Sales
- The cost of sales has shown a general upward trend over the five-year period. Starting at 56,744 million US dollars in 2020, it increased slightly in 2021 to 57,983 million. The figure remained relatively stable in 2022 at 57,697 million, followed by a rise to 59,092 million in 2023 and a more pronounced increase to 64,113 million by the end of 2024. This steady growth indicates rising production or procurement costs, which may be driven by expanded operations or inflationary pressures.
- Accounts Payable
- Accounts payable exhibited significant fluctuations during the period. The balance decreased from 880 million US dollars in 2020 to 780 million in 2021, suggesting more efficient payment or reduced credit purchases. However, a sharp increase occurred in 2022, reaching 2,117 million, and further growth continued in 2023 to 2,312 million before a slight decline to 2,222 million in 2024. This sharp increase in payables could reflect extended supplier credit terms or an increase in purchases on credit.
- Payables Turnover Ratio
- The payables turnover ratio showed a downward trend after 2021. It increased from 64.48 in 2020 to a peak of 74.34 in 2021, indicating faster payment to suppliers. However, a significant decline followed over the next three years: 27.25 in 2022, 25.56 in 2023, and a slight rebound to 28.85 in 2024. The decreasing turnover ratio suggests the company is taking longer to pay its suppliers, which aligns with the rise in accounts payable and could indicate a strategic shift towards managing working capital more conservatively or cash flow constraints.
- Overall Insights
- The data reflects an increase in cost of sales combined with a marked rise in accounts payable and a substantial decrease in payables turnover ratio after 2021. These patterns imply the company may be experiencing higher costs but is extending payment periods to suppliers, possibly to optimize cash flow or due to operational adjustments. The sharp changes in payables and turnover ratio from 2021 onward warrant further investigation to understand underlying causes and potential impacts on supplier relationships and liquidity.
Working Capital Turnover
Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Current assets | ||||||
Less: Current liabilities | ||||||
Working capital | ||||||
Net sales | ||||||
Short-term Activity Ratio | ||||||
Working capital turnover1 | ||||||
Benchmarks | ||||||
Working Capital Turnover, Competitors2 | ||||||
Boeing Co. | ||||||
Caterpillar Inc. | ||||||
Eaton Corp. plc | ||||||
GE Aerospace | ||||||
Honeywell International Inc. | ||||||
RTX Corp. | ||||||
Working Capital Turnover, Sector | ||||||
Capital Goods | ||||||
Working Capital Turnover, Industry | ||||||
Industrials |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Working capital turnover = Net sales ÷ Working capital
= ÷ =
2 Click competitor name to see calculations.
The financial data demonstrates several notable trends over the five-year period under review.
- Working Capital
- The working capital shows a consistent downward trend, decreasing from US$5,445 million in 2020 to US$2,429 million in 2024. This decline suggests a reduction in the liquidity buffer or current assets relative to current liabilities over time, which may indicate tighter operational liquidity or improved management of current assets and liabilities.
- Net Sales
- Net sales exhibit a generally increasing trend, rising from US$65,398 million in 2020 to US$71,043 million in 2024. Although there was a slight dip in 2022, the overall sales figures indicate growth and an expanding revenue base over the analyzed period.
- Working Capital Turnover
- The working capital turnover ratio shows a marked increase from 12.01 in 2020 to 29.25 in 2024. This sharp rise corresponds with the decreasing working capital and increasing sales figures, indicating enhanced efficiency in using working capital to generate sales. The notably higher turnover ratio in the latter years suggests a stronger operational performance and possibly tighter working capital management.
In summary, the data reveals a business that is generating increasing sales while reducing its working capital, resulting in higher efficiency in the use of its working capital. However, the continuous reduction of working capital might raise considerations regarding liquidity risks that should be monitored alongside operational improvements.
Average Inventory Processing Period
Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|---|---|
Selected Financial Data | ||||||
Inventory turnover | ||||||
Short-term Activity Ratio (no. days) | ||||||
Average inventory processing period1 | ||||||
Benchmarks (no. days) | ||||||
Average Inventory Processing Period, Competitors2 | ||||||
Boeing Co. | ||||||
Caterpillar Inc. | ||||||
Eaton Corp. plc | ||||||
GE Aerospace | ||||||
Honeywell International Inc. | ||||||
RTX Corp. | ||||||
Average Inventory Processing Period, Sector | ||||||
Capital Goods | ||||||
Average Inventory Processing Period, Industry | ||||||
Industrials |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ =
2 Click competitor name to see calculations.
- Inventory Turnover
- The inventory turnover ratio shows an upward trend from 16.01 in 2020 to a peak of 19.45 in 2021. Following this, there is a slight decline to 18.68 in 2022, with a minor increase to 18.87 in 2023 before a small decrease to 18.46 in 2024. Overall, the inventory turnover has improved significantly compared to 2020, indicating a more efficient use of inventory over the period, though the rate has slightly stabilized with minor fluctuations in the last three years.
- Average Inventory Processing Period
- The average inventory processing period decreased notably from 23 days in 2020 to 19 days in 2021, reflecting faster inventory turnover in that year. It then slightly increased to 20 days in 2022, returned to 19 days in 2023, and rose again to 20 days in 2024. This pattern suggests a general improvement in inventory management efficiency after 2020, followed by a stabilization around 19 to 20 days in subsequent years.
- Overall Analysis
- The data indicates that inventory management became more efficient from 2020 to 2021, with an increase in turnover and a decrease in processing period. After this initial improvement, both the turnover ratio and processing period have shown minor fluctuations but generally maintained a higher level of efficiency compared to 2020. This stability suggests that the company has established effective inventory control measures, although there may be external or operational factors causing slight year-to-year variances.
Average Receivable Collection Period
Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|---|---|
Selected Financial Data | ||||||
Receivables turnover | ||||||
Short-term Activity Ratio (no. days) | ||||||
Average receivable collection period1 | ||||||
Benchmarks (no. days) | ||||||
Average Receivable Collection Period, Competitors2 | ||||||
Boeing Co. | ||||||
Caterpillar Inc. | ||||||
Eaton Corp. plc | ||||||
GE Aerospace | ||||||
Honeywell International Inc. | ||||||
RTX Corp. | ||||||
Average Receivable Collection Period, Sector | ||||||
Capital Goods | ||||||
Average Receivable Collection Period, Industry | ||||||
Industrials |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =
2 Click competitor name to see calculations.
- Receivables Turnover
- The receivables turnover ratio experienced a decline from 33.06 in 2020 to its lowest point of 26.34 in 2022. Subsequently, it demonstrated a recovery trend, rising to 31.69 in 2023 before slightly decreasing to 30.22 in 2024. This indicates a general fluctuation in the efficiency with which receivables are being collected over the analyzed period, with a dip in efficiency around 2022 followed by improvement.
- Average Receivable Collection Period
- The average receivable collection period, measured in days, remained stable at 11 days for both 2020 and 2021. It then increased to 14 days in 2022, aligning with the dip in receivables turnover, suggesting slower collection during that year. Following this increase, the period decreased to 12 days in both 2023 and 2024, indicating a partial return toward quicker receivables collection, although still slightly above the levels observed in the initial years.
- Overall Analysis
- The observable trend over the five-year period shows a period of reduced efficiency in receivables collection around 2022, as evidenced by a lower receivables turnover and a longer collection period. The subsequent years show improvement, with metrics moving closer to earlier levels but not fully reverting to the initial state. This pattern suggests challenges in collections during 2022 that were later addressed but still posed a slight impact in the following years.
Operating Cycle
Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|---|---|
Selected Financial Data | ||||||
Average inventory processing period | ||||||
Average receivable collection period | ||||||
Short-term Activity Ratio | ||||||
Operating cycle1 | ||||||
Benchmarks | ||||||
Operating Cycle, Competitors2 | ||||||
Boeing Co. | ||||||
Caterpillar Inc. | ||||||
Eaton Corp. plc | ||||||
GE Aerospace | ||||||
Honeywell International Inc. | ||||||
RTX Corp. | ||||||
Operating Cycle, Sector | ||||||
Capital Goods | ||||||
Operating Cycle, Industry | ||||||
Industrials |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= + =
2 Click competitor name to see calculations.
- Average Inventory Processing Period
- The average inventory processing period exhibits minor fluctuations over the five-year span. It decreased from 23 days in 2020 to 19 days in 2021, indicating an improvement in inventory turnover efficiency. Subsequently, it slightly increased to 20 days in 2022, decreased again to 19 days in 2023, and increased to 20 days in 2024. Overall, this metric remains relatively stable with marginal variability around the 19 to 20-day mark after the initial decrease.
- Average Receivable Collection Period
- The average receivable collection period remained steady at 11 days during 2020 and 2021. It then increased to 14 days in 2022, suggesting a temporary extension in the collection timeframe. This was followed by a reduction to 12 days in both 2023 and 2024. The trend indicates a slight lengthening in the receivables period in 2022, followed by a partial recovery towards the shorter collection periods observed earlier.
- Operating Cycle
- The operating cycle length demonstrates variability reflective of the underlying changes in inventory and receivable periods. It started at 34 days in 2020, decreased to 30 days in 2021, then rose back to 34 days in 2022. In the subsequent years, it shortened to 31 days in 2023 and slightly increased again to 32 days in 2024. This pattern suggests fluctuations in the overall efficiency of the operating cycle with no clear long-term trend toward either elongation or reduction.
Average Payables Payment Period
Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|---|---|
Selected Financial Data | ||||||
Payables turnover | ||||||
Short-term Activity Ratio (no. days) | ||||||
Average payables payment period1 | ||||||
Benchmarks (no. days) | ||||||
Average Payables Payment Period, Competitors2 | ||||||
Boeing Co. | ||||||
Caterpillar Inc. | ||||||
Eaton Corp. plc | ||||||
GE Aerospace | ||||||
Honeywell International Inc. | ||||||
RTX Corp. | ||||||
Average Payables Payment Period, Sector | ||||||
Capital Goods | ||||||
Average Payables Payment Period, Industry | ||||||
Industrials |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ =
2 Click competitor name to see calculations.
The analysis of the payables-related financial metrics reveals noticeable variations over the observed five-year period.
- Payables Turnover
- The payables turnover ratio demonstrates a fluctuating trend with an initial increase from 64.48 in 2020 to a peak of 74.34 in 2021, indicating faster payment cycles during this period. However, this ratio then experiences a significant decline to 27.25 in 2022, closely followed by a slight decrease to 25.56 in 2023 before a moderate recovery to 28.85 in 2024. The substantial drop after 2021 suggests a slowdown in the frequency of accounts payable settlement.
- Average Payables Payment Period
- This metric inversely mirrors the payables turnover ratio, starting at 6 days in 2020 and improving to 5 days in 2021, which indicates quicker payment to suppliers. Nonetheless, it then sharply lengthens to 13 days in 2022 and further extends to 14 days in 2023, before a marginal reduction to 13 days in 2024. This elongation in the payment period aligns with the reduced payables turnover, highlighting a trend toward slower payments in recent years.
In summary, the data show an initial trend of quicker payments to suppliers through 2021, followed by a notable deceleration in payment speed from 2022 onwards, as evidenced by lower payables turnover ratios and longer average payment periods. This pattern could imply changes in working capital management, supplier negotiations, or cash flow considerations during the latter years.
Cash Conversion Cycle
Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
---|---|---|---|---|---|---|
Selected Financial Data | ||||||
Average inventory processing period | ||||||
Average receivable collection period | ||||||
Average payables payment period | ||||||
Short-term Activity Ratio | ||||||
Cash conversion cycle1 | ||||||
Benchmarks | ||||||
Cash Conversion Cycle, Competitors2 | ||||||
Boeing Co. | ||||||
Caterpillar Inc. | ||||||
Eaton Corp. plc | ||||||
GE Aerospace | ||||||
Honeywell International Inc. | ||||||
RTX Corp. | ||||||
Cash Conversion Cycle, Sector | ||||||
Capital Goods | ||||||
Cash Conversion Cycle, Industry | ||||||
Industrials |
Based on: 10-K (reporting date: 2024-12-31), 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).
1 2024 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= + – =
2 Click competitor name to see calculations.
- Average Inventory Processing Period
- The average inventory processing period demonstrates minor fluctuations over the observed years. It decreased from 23 days in 2020 to 19 days in 2021, indicating an improvement in inventory turnover efficiency. Subsequently, it slightly rose to 20 days in 2022, reverted to 19 days in 2023, and slightly increased again to 20 days in 2024, reflecting relative stability with some minor variability around the 19-20 day range.
- Average Receivable Collection Period
- The average receivable collection period remained consistent at 11 days during 2020 and 2021. It increased to 14 days in 2022, suggesting a slowdown in collections, but improved to 12 days in both 2023 and 2024, signalling a partial recovery toward earlier collection efficiency levels.
- Average Payables Payment Period
- The average payables payment period shows a notable upward trend from 6 days in 2020 to 5 days in 2021, then sharply rising to 13 days in 2022. This extended payment period remained elevated at 14 days in 2023 and slightly decreased to 13 days in 2024. The increase suggests extended credit terms or delayed payments to suppliers in recent years compared to earlier periods.
- Cash Conversion Cycle
- The cash conversion cycle exhibits a consistent downward trend from 28 days in 2020 to its lowest point of 17 days in 2023, highlighting an overall improvement in working capital management by reducing the time between cash outflows and inflows. In 2024, there is a slight increase to 19 days, but the cycle remains significantly shorter compared to 2020, indicating enhanced operational efficiency.