Analysis of Short-term (Operating) Activity Ratios
Quarterly Data
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)
Nike Inc., short-term (operating) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
- Inventory Turnover
- The inventory turnover ratio initially increased from 2.87 to a peak of 3.85, indicating improved efficiency in managing inventory around early 2022. Subsequently, a decline was observed, followed by a general recovery trend, fluctuating between 3.19 and 3.79, demonstrating mixed performance in inventory management with some periods of slower turnover.
- Receivables Turnover
- The receivables turnover ratio showed considerable volatility. Starting at 13.61, it declined significantly to approximately 9.0 by mid-2020, suggesting slower collection of receivables. Following this, the ratio experienced fluctuations, improving at times to above 12 but generally trending between 9 and 11, reflecting variable effectiveness in receivables collection.
- Payables Turnover
- The payables turnover exhibited notable variation. It was high at 11.84 in late 2020 but trended downward afterward, settling between 7.15 and 10.66 in recent periods. The reduction suggests the company may have adopted longer payment terms or delayed payments to suppliers over time.
- Working Capital Turnover
- The working capital turnover ratio displayed a recovery trend after an initial decline. From 3.05, it decreased to around 2.44, then steadily rose to stabilize around 3.5 in the later periods, indicating improved efficiency in utilizing working capital to generate sales.
- Average Inventory Processing Period
- This metric showed a decreasing trend from 127 days down to a low near 95 days by early 2021, indicating faster inventory processing. However, it increased again afterward, reaching as high as 137 days before moderating to about 102-110 days in the most recent quarters, signaling some challenges in inventory turnover timing.
- Average Receivable Collection Period
- The average period to collect receivables increased from 27 days to peak near 40 days, indicating slower cash inflow from customer payments. More recently, this period remained elevated between 30 and 39 days, suggesting ongoing challenges in maintaining quicker collections.
- Operating Cycle
- The operating cycle generally mirrored the fluctuations in inventory and receivables periods, rising from 154 days to a peak of 175 days and then declining somewhat. The extended cycle reflects periods of slower conversion of inventory and receivables into cash.
- Average Payables Payment Period
- The average time to pay suppliers increased overall, moving from 39 days up to over 50 days in later periods. This demonstrates an extension in the payment period, likely contributing to improved cash flow management but possibly affecting supplier relations.
- Cash Conversion Cycle
- The cash conversion cycle showed a fluctuating pattern, mostly ranging between 84 and 127 days. Despite some improvements in certain quarters, the cycle remained relatively long and variable, indicating ongoing challenges in efficiently managing the complete cash flow cycle from inventory purchase to cash collection.
Turnover Ratios
Average No. Days
Inventory Turnover
Nike Inc., inventory turnover calculation (quarterly data)
| Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Cost of sales | 6,777) | 6,628) | 6,594) | 6,965) | 6,332) | 6,972) | 6,867) | 7,417) | 7,219) | 7,230) | 7,019) | 7,604) | 7,072) | 6,731) | 5,804) | 6,144) | 6,552) | 6,689) | 5,638) | 6,396) | 5,853) | 3,960) | 5,631) | 5,782) | 5,789) | ||||||||
| Inventories | 8,114) | 7,489) | 7,539) | 7,981) | 8,253) | 7,519) | 7,726) | 7,979) | 8,698) | 8,454) | 8,905) | 9,326) | 9,662) | 8,420) | 7,700) | 6,506) | 6,699) | 6,854) | 6,693) | 6,090) | 6,705) | 7,367) | 5,807) | 6,199) | 5,835) | ||||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Inventory turnover1 | 3.32 | 3.54 | 3.56 | 3.40 | 3.34 | 3.79 | 3.72 | 3.62 | 3.34 | 3.42 | 3.19 | 2.92 | 2.67 | 3.00 | 3.27 | 3.85 | 3.77 | 3.59 | 3.26 | 3.59 | 3.17 | 2.87 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Inventory Turnover, Competitors2 | |||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 2.65 | 2.99 | 2.33 | 2.90 | 3.04 | 3.03 | 2.38 | 2.30 | 2.36 | 2.50 | 1.88 | 2.10 | 2.25 | 2.74 | 2.62 | 2.96 | 2.93 | 2.99 | 2.34 | 2.57 | 2.74 | 3.39 | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Q1 2026 Calculation
Inventory turnover
= (Cost of salesQ1 2026
+ Cost of salesQ4 2025
+ Cost of salesQ3 2025
+ Cost of salesQ2 2025)
÷ Inventories
= (6,777 + 6,628 + 6,594 + 6,965)
÷ 8,114 = 3.32
2 Click competitor name to see calculations.
The financial data exhibits several noteworthy trends concerning cost of sales, inventories, and inventory turnover ratios over multiple quarters.
- Cost of Sales
-
The cost of sales fluctuates throughout the observed periods, with values ranging from approximately 3,960 million US dollars to peaks above 7,600 million US dollars. There is a marked dip around May 2020, likely influenced by external factors, followed by a recovery and subsequent volatility. Although the cost of sales generally trends upward from mid-2020 through to 2024, there are intermittent declines, suggesting variable cost management or changes in sales volume or product mix.
- Inventories
-
Inventory levels show a rising trend from the start of the period up to around early 2023, increasing from about 5,800 million US dollars to close to 9,600 million US dollars. Following this peak, inventories slightly decline but remain elevated relative to earlier periods. This pattern could indicate strategic stockpiling, possibly to buffer against supply chain disruptions or to prepare for anticipated demand. The elevated inventory levels towards the later dates may increase holding costs if turnover does not keep pace.
- Inventory Turnover Ratio
-
The inventory turnover ratio, available from the period ending February 2020 onwards, demonstrates an overall moderate to strong performance. The ratio generally remains between about 2.67 and 3.85 times, with some quarterly variability. Notably, turnover improved from low points around mid-2020 through early 2021, indicating enhanced efficiency in converting inventory to sales after the initial period affected by external disruptions. However, turnover averages stabilize around the mid-3 range thereafter, implying consistent operational management of inventory relative to sales.
In summary, the data reveals an initial disruption in cost of sales and inventory levels coinciding with a broader market event in early 2020, followed by recovery and adjustments. Inventory accumulation up to early 2023 suggests preparation for uncertainties or demand shifts, while inventory turnover ratios point to maintained operational efficiency despite fluctuations. Continued monitoring of inventory relative to turnover will be essential to understand impacts on working capital and cost control.
Receivables Turnover
Nike Inc., receivables turnover calculation (quarterly data)
| Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Revenues | 11,720) | 11,097) | 11,269) | 12,354) | 11,589) | 12,606) | 12,429) | 13,388) | 12,939) | 12,825) | 12,390) | 13,315) | 12,687) | 12,234) | 10,871) | 11,357) | 12,248) | 12,344) | 10,357) | 11,243) | 10,594) | 6,313) | 10,104) | 10,326) | 10,660) | ||||||||
| Accounts receivable, net | 4,962) | 4,717) | 4,491) | 5,302) | 4,764) | 4,427) | 4,526) | 4,782) | 4,749) | 4,131) | 4,513) | 5,437) | 4,960) | 4,667) | 3,827) | 3,746) | 4,341) | 4,463) | 3,669) | 3,713) | 3,813) | 2,749) | 4,473) | 4,792) | 4,656) | ||||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Receivables turnover1 | 9.36 | 9.82 | 10.65 | 9.24 | 10.50 | 11.60 | 11.40 | 10.78 | 10.84 | 12.40 | 11.22 | 9.03 | 9.51 | 10.01 | 12.23 | 12.36 | 10.64 | 9.98 | 10.50 | 10.30 | 9.79 | 13.61 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Receivables Turnover, Competitors2 | |||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 76.11 | 88.11 | 70.99 | 79.20 | 77.78 | 77.10 | 85.85 | 83.21 | 79.07 | 61.02 | 77.64 | 86.34 | 84.75 | 81.25 | 77.74 | 98.38 | 87.37 | 70.54 | 68.09 | 79.08 | 79.06 | 98.94 | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Q1 2026 Calculation
Receivables turnover
= (RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025)
÷ Accounts receivable, net
= (11,720 + 11,097 + 11,269 + 12,354)
÷ 4,962 = 9.36
2 Click competitor name to see calculations.
The revenue figures exhibit notable fluctuations over the observed periods. Initially, revenues decreased from approximately 10.66 billion US dollars in August 2019 to around 6.31 billion in May 2020, reflecting a significant decline. Subsequently, revenues recovered and generally trended upward, reaching peaks above 13 billion US dollars by late 2023, before experiencing some volatility and a decrease in 2024 to levels near 11 to 12 billion US dollars. This pattern suggests an initial shock followed by a recovery and some stabilization with periodic fluctuations.
Accounts receivable, net, follow a somewhat similar pattern but with less pronounced volatility. The values decreased sharply in early 2020, coincident with the revenue dip, falling from approximately 4.7 billion to below 2.8 billion US dollars. Afterward, receivables generally increased, peaking near 5.4 billion US dollars in late 2022 and early 2023, before showing some decline in subsequent periods. This trend aligns with revenue movements but indicates a lagged increase in receivables, potentially due to credit sales dynamics or changes in collection cycles.
The receivables turnover ratio shows varying trends that correlate inversely with accounts receivable balances. Early in the timeline, the ratio is not provided, but from May 2020 onwards, it fluctuates, with lower turnover ratios coinciding with periods of high accounts receivable, such as the dip to 9.03 in late 2022. Higher turnover ratios, reaching above 12 in some quarters, suggest improved efficiency in collections or shorter credit terms. Over the period, the turnover ratio generally oscillates between approximately 9 and 12, reflecting periods of varying collection effectiveness.
- Revenue Trends
- Initial sharp decline around early 2020, corresponding with a significant external disruption, followed by recovery and occasional fluctuations with peaks near 13 billion US dollars.
- Accounts Receivable Dynamics
- Sharp decrease early 2020, subsequent gradual increase peaking in late 2022, indicating recovery in credit sales and possible changes in payment terms or collection efficiency.
- Receivables Turnover Ratio
- Varies inversely with accounts receivable, with ratio values ranging roughly between 9 and 12; higher values suggest improved collection efficiency, lower values indicate slower collections or increased credit risk.
Payables Turnover
Nike Inc., payables turnover calculation (quarterly data)
| Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Cost of sales | 6,777) | 6,628) | 6,594) | 6,965) | 6,332) | 6,972) | 6,867) | 7,417) | 7,219) | 7,230) | 7,019) | 7,604) | 7,072) | 6,731) | 5,804) | 6,144) | 6,552) | 6,689) | 5,638) | 6,396) | 5,853) | 3,960) | 5,631) | 5,782) | 5,789) | ||||||||
| Accounts payable | 3,772) | 3,479) | 3,106) | 3,255) | 3,357) | 2,851) | 2,340) | 2,709) | 2,738) | 2,862) | 2,675) | 2,810) | 3,371) | 3,358) | 2,770) | 2,795) | 2,135) | 2,836) | 2,257) | 2,154) | 1,983) | 2,248) | 2,221) | 2,627) | 2,716) | ||||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Payables turnover1 | 7.15 | 7.62 | 8.65 | 8.34 | 8.22 | 9.99 | 12.28 | 10.66 | 10.62 | 10.11 | 10.63 | 9.68 | 7.64 | 7.51 | 9.09 | 8.95 | 11.84 | 8.67 | 9.68 | 10.14 | 10.70 | 9.41 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Payables Turnover, Competitors2 | |||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 14.38 | 15.91 | 10.85 | 13.05 | 15.65 | 11.51 | 12.78 | 12.79 | 12.96 | 20.95 | 10.86 | 11.81 | 9.30 | 9.14 | 10.89 | 11.50 | 10.90 | 11.25 | 11.24 | 14.08 | 21.70 | 21.95 | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Q1 2026 Calculation
Payables turnover
= (Cost of salesQ1 2026
+ Cost of salesQ4 2025
+ Cost of salesQ3 2025
+ Cost of salesQ2 2025)
÷ Accounts payable
= (6,777 + 6,628 + 6,594 + 6,965)
÷ 3,772 = 7.15
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals notable trends in cost of sales, accounts payable levels, and payables turnover ratios over several periods.
- Cost of Sales
- Cost of sales exhibited volatility across the periods. Initially, figures hovered around the 5,600 to 5,800 million USD range before experiencing a sharp decline to approximately 3,960 million USD in May 2020, likely reflecting business or market disruptions during that quarter. Subsequent quarters saw a recovery, with values increasing steadily and peaking near 7,600 million USD by late 2022. From early 2023 onward, cost of sales remained relatively elevated, fluctuating around 6,300 to 7,400 million USD, indicating a higher baseline cost structure or increased sales volume in recent periods.
- Accounts Payable
- Accounts payable showed a generally upward trajectory with some fluctuations. From about 2,700 million USD at the start, it decreased to below 2,000 million USD by mid-2020, aligning with the reduction in cost of sales. After this period, payables rebounded and generally increased, peaking toward the later periods with figures exceeding 3,700 million USD. Despite some interim decreases, the trend suggests extended payment terms or increased purchasing activity in more recent quarters.
- Payables Turnover Ratio
- The payables turnover ratio, which measures how quickly a company pays off its suppliers, displayed considerable variability. The ratio initially stood around 9.4 to 10.7 in early 2020, then trended downward to lows near 7.1 by mid-2025. This decline indicates a lengthening of payment cycles over time, with the company potentially taking longer to settle its payables in later periods. A few intermittent increases in turnover ratio were observed, peaking above 12 in late 2023, suggesting occasional acceleration in payments. Overall, the downward trend in the payables turnover ratio may reflect strategic cash management or shifts in supplier payment terms.
In summary, the data indicates that after an initial period of contraction in cost of sales and accounts payable during early 2020, both metrics have generally increased, reflecting business recovery and possible growth. Meanwhile, the declining payables turnover ratio suggests an extension in payment periods, possibly as part of working capital optimization strategies. These patterns highlight an evolution in operational and financial management responsive to changing economic conditions over the analyzed timeframe.
Working Capital Turnover
Nike Inc., working capital turnover calculation (quarterly data)
| Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||||||
| Current assets | 23,898) | 23,362) | 24,609) | 24,980) | 25,040) | 25,382) | 24,753) | 24,631) | 24,250) | 25,202) | 26,035) | 27,447) | 28,877) | 28,213) | 26,962) | 27,177) | 26,390) | 26,291) | 24,700) | 23,607) | 21,937) | 20,556) | 15,744) | 16,369) | 16,228) | ||||||||
| Less: Current liabilities | 10,911) | 10,566) | 11,223) | 11,246) | 10,628) | 10,593) | 9,029) | 8,999) | 8,461) | 9,256) | 9,548) | 10,199) | 10,919) | 10,730) | 8,818) | 8,857) | 8,269) | 9,674) | 8,894) | 8,871) | 8,619) | 8,284) | 8,280) | 8,264) | 8,070) | ||||||||
| Working capital | 12,987) | 12,796) | 13,386) | 13,734) | 14,412) | 14,789) | 15,724) | 15,632) | 15,789) | 15,946) | 16,487) | 17,248) | 17,958) | 17,483) | 18,144) | 18,320) | 18,121) | 16,617) | 15,806) | 14,736) | 13,318) | 12,272) | 7,464) | 8,105) | 8,158) | ||||||||
| Revenues | 11,720) | 11,097) | 11,269) | 12,354) | 11,589) | 12,606) | 12,429) | 13,388) | 12,939) | 12,825) | 12,390) | 13,315) | 12,687) | 12,234) | 10,871) | 11,357) | 12,248) | 12,344) | 10,357) | 11,243) | 10,594) | 6,313) | 10,104) | 10,326) | 10,660) | ||||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Working capital turnover1 | 3.58 | 3.62 | 3.57 | 3.57 | 3.47 | 3.47 | 3.28 | 3.30 | 3.26 | 3.21 | 3.07 | 2.85 | 2.63 | 2.67 | 2.58 | 2.53 | 2.55 | 2.68 | 2.44 | 2.60 | 2.80 | 3.05 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | |||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 5.35 | 4.95 | 5.65 | 4.75 | 4.12 | 3.96 | 4.79 | 4.56 | 4.73 | 4.86 | 5.69 | 5.98 | 6.06 | 5.17 | 4.91 | 4.27 | 3.86 | 3.55 | 4.68 | 5.33 | 3.62 | 3.35 | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Q1 2026 Calculation
Working capital turnover
= (RevenuesQ1 2026
+ RevenuesQ4 2025
+ RevenuesQ3 2025
+ RevenuesQ2 2025)
÷ Working capital
= (11,720 + 11,097 + 11,269 + 12,354)
÷ 12,987 = 3.58
2 Click competitor name to see calculations.
The financial data trends show notable fluctuations and gradual developments across the analyzed periods in working capital, revenues, and working capital turnover for the company.
- Working Capital
- The working capital demonstrates a general upward movement from August 2019 through November 2021, increasing from approximately 8.2 billion to about 18.3 billion USD. This growth indicates improved short-term financial health and liquidity over these periods. However, starting from February 2022, working capital shows a downward trend, declining steadily to around 13.0 billion USD by August 2025. This reduction over the last periods may point to tightening liquidity conditions or increased use of current assets or liabilities.
- Revenues
- Revenues experienced some volatility during the periods shown. Initially, revenues were relatively stable around 10 to 11 billion USD until February 2020, followed by a significant drop in May 2020 to approximately 6.3 billion USD, indicative of a sharp decline likely linked to external factors. Subsequently, revenues recovered and even surpassed earlier levels, peaking near 13.3 billion USD in November 2022. Post this peak, the revenues show a moderate decline and fluctuating pattern, ending with about 11.7 billion USD in August 2025. This pattern suggests a recovery phase followed by stabilization at somewhat lower but still substantial levels.
- Working Capital Turnover
- The working capital turnover ratio is only reported from May 2020 onward. Starting at 3.05, it initially decreases to a low of 2.44 before rising steadily from around August 2021. This upward trend continues reaching a peak of 3.62 in February 2025, indicating an improvement in the efficiency with which the company utilizes its working capital to generate revenues. The increase in turnover ratio alongside a declining working capital implies stronger operational efficiency in later periods.
Overall, despite initial challenges reflected in revenue drops and fluctuating working capital, the company shows signs of recovery and improvement in operational efficiency. The decline in working capital alongside increased turnover suggests more effective management of current assets and liabilities, while revenues show resilience with some volatility likely due to external influences.
Average Inventory Processing Period
Nike Inc., average inventory processing period calculation (quarterly data)
| Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||||||||||||
| Inventory turnover | 3.32 | 3.54 | 3.56 | 3.40 | 3.34 | 3.79 | 3.72 | 3.62 | 3.34 | 3.42 | 3.19 | 2.92 | 2.67 | 3.00 | 3.27 | 3.85 | 3.77 | 3.59 | 3.26 | 3.59 | 3.17 | 2.87 | — | — | — | ||||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||||||||||||
| Average inventory processing period1 | 110 | 103 | 102 | 107 | 109 | 96 | 98 | 101 | 109 | 107 | 114 | 125 | 137 | 122 | 112 | 95 | 97 | 102 | 112 | 102 | 115 | 127 | — | — | — | ||||||||
| Benchmarks (no. days) | |||||||||||||||||||||||||||||||||
| Average Inventory Processing Period, Competitors2 | |||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 138 | 122 | 157 | 126 | 120 | 120 | 154 | 159 | 155 | 146 | 195 | 174 | 162 | 133 | 139 | 123 | 125 | 122 | 156 | 142 | 133 | 108 | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Q1 2026 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 3.32 = 110
2 Click competitor name to see calculations.
The analysis of inventory management metrics over multiple quarters reveals notable trends in the company's operational efficiency. Two primary indicators are considered: Inventory Turnover and Average Inventory Processing Period.
- Inventory Turnover
- This ratio measures how often inventory is sold and replaced over a period. Starting from a value of 2.87 in May 2020, the turnover ratio generally exhibits an upward trend, peaking around 3.85 in February 2022. This increase suggests improved efficiency in inventory management, with goods being sold and replenished more rapidly.
- Following the peak, a temporary decline is observed, with values falling to 2.67 by August 2022, indicating some slowdown in inventory movement. However, the ratio recovers progressively in subsequent periods, stabilizing around the mid-3.0 range and reaching approximately 3.72 in November 2023, before showing some fluctuations below 3.6 in 2024 and 2025. The fluctuations toward the later periods may reflect changing market conditions or adjustments in inventory policy.
- Average Inventory Processing Period
- Expressed in days, this metric indicates the average time inventory remains before being sold. Initially recorded at 127 days in May 2020, the period shortens substantially to 95 days by February 2022, reflecting more rapid inventory turnover and enhanced operational performance.
- Subsequent periods show an increase in the processing period to a peak of 137 days in August 2022, aligning inversely with the inventory turnover decline during the same timeframe. This suggests potential inventory accumulation or slower sales during that phase.
- After this peak, the average processing period decreases again, fluctuating between approximately 96 and 114 days through 2023 and into 2025. This decrease signals a return toward more efficient inventory handling, although the variation indicates intermittent changes in stock management or demand patterns.
Overall, the data highlight a cyclical pattern where improvements in inventory turnover correspond with decreases in inventory processing time, and vice versa. While the company shows adaptive inventory management with generally enhanced efficiency from mid-2020 through early 2024, periodic fluctuations point to the influence of external or internal factors affecting inventory dynamics.
Average Receivable Collection Period
Nike Inc., average receivable collection period calculation (quarterly data)
| Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||||||||||||
| Receivables turnover | 9.36 | 9.82 | 10.65 | 9.24 | 10.50 | 11.60 | 11.40 | 10.78 | 10.84 | 12.40 | 11.22 | 9.03 | 9.51 | 10.01 | 12.23 | 12.36 | 10.64 | 9.98 | 10.50 | 10.30 | 9.79 | 13.61 | — | — | — | ||||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||||||||||||
| Average receivable collection period1 | 39 | 37 | 34 | 40 | 35 | 31 | 32 | 34 | 34 | 29 | 33 | 40 | 38 | 36 | 30 | 30 | 34 | 37 | 35 | 35 | 37 | 27 | — | — | — | ||||||||
| Benchmarks (no. days) | |||||||||||||||||||||||||||||||||
| Average Receivable Collection Period, Competitors2 | |||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 5 | 4 | 5 | 5 | 5 | 5 | 4 | 4 | 5 | 6 | 5 | 4 | 4 | 4 | 5 | 4 | 4 | 5 | 5 | 5 | 5 | 4 | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Q1 2026 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 9.36 = 39
2 Click competitor name to see calculations.
- Receivables Turnover Ratio
- The receivables turnover ratio exhibits significant fluctuations over the observed periods. Starting from a high point around 13.61, it declines sharply to below 10 in subsequent quarters, indicating slower collection efficiency. Between the periods of early 2020 and mid-2022, the ratio varies mostly between approximately 9 and 12.4, with occasional rebounds signifying transient improvements in collection activity. The ratio does not maintain a consistent upward or downward trend but rather cycles through periods of improvement and decline, ending at 9.36 in the last reported period, suggesting a general decrease in the speed at which receivables are collected when compared to the initial high value.
- Average Receivable Collection Period
- The average collection period demonstrates an inverse relationship to the receivables turnover ratio, as expected. It increases from around 27 days to peaks above 40 days in several periods, notably in mid-2022 and early 2025, indicating prolonged durations to collect receivables. There are intermittent decreases back to the low 30-day range, showing periods when collection efficiency was partially regained. Overall, the data suggests increasing delays in receivable collections over time, with some short-term improvements, but without a sustained downward trend in collection days.
- Summary of Trends and Insights
- The analysis reveals variability and a general weakening in receivables management efficiency. The cyclical nature of both ratios points to possible external factors affecting collection performance, such as market conditions or operational changes. The declining turnover ratio alongside increasing collection days suggests that, over time, the company experiences longer delays in converting receivables into cash, which may impact liquidity. Monitoring and managing this trend would be key to maintaining financial health.
Operating Cycle
Nike Inc., operating cycle calculation (quarterly data)
No. days
| Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||||||||||||
| Average inventory processing period | 110 | 103 | 102 | 107 | 109 | 96 | 98 | 101 | 109 | 107 | 114 | 125 | 137 | 122 | 112 | 95 | 97 | 102 | 112 | 102 | 115 | 127 | — | — | — | ||||||||
| Average receivable collection period | 39 | 37 | 34 | 40 | 35 | 31 | 32 | 34 | 34 | 29 | 33 | 40 | 38 | 36 | 30 | 30 | 34 | 37 | 35 | 35 | 37 | 27 | — | — | — | ||||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Operating cycle1 | 149 | 140 | 136 | 147 | 144 | 127 | 130 | 135 | 143 | 136 | 147 | 165 | 175 | 158 | 142 | 125 | 131 | 139 | 147 | 137 | 152 | 154 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Operating Cycle, Competitors2 | |||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 143 | 126 | 162 | 131 | 125 | 125 | 158 | 163 | 160 | 152 | 200 | 178 | 166 | 137 | 144 | 127 | 129 | 127 | 161 | 147 | 138 | 112 | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Q1 2026 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 110 + 39 = 149
2 Click competitor name to see calculations.
- Inventory Processing Period
- The average inventory processing period shows some fluctuations over the analyzed quarters. It began at 127 days and generally trended downward to reach a low of 95 days. However, subsequent periods saw an increase, peaking at 137 days, followed by a gradual decline to around 96-107 days. Towards the latest periods, it slightly increased again to approximately 110 days. This indicates a varied efficiency in inventory management, with periods of faster turnover interspersed with slower processing intervals.
- Receivable Collection Period
- The average receivable collection period displays moderate volatility. Initially recorded around 27 days, it increased to highs around 40 days. The period oscillated between the low 30s and high 30s, reflecting challenges in shortening the collection cycle. Periods of reduced collection days suggest efforts to improve cash collection efficiency, although recent data points indicate a tendency toward longer receivable durations.
- Operating Cycle
- The operating cycle exhibits a fluctuating pattern broadly correlated with the inventory and receivable periods. Starting around 154 days, it initially decreased to 125 days but then rose significantly to a peak of 175 days, indicating an extended cash conversion cycle. The cycle later receded to a low near 127 days but subsequently showed an upward trend again, reaching close to 149 days toward the end of the observed timeframe. This reflects intermittent improvements and setbacks in managing working capital effectiveness.
Average Payables Payment Period
Nike Inc., average payables payment period calculation (quarterly data)
| Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||||||||||||
| Payables turnover | 7.15 | 7.62 | 8.65 | 8.34 | 8.22 | 9.99 | 12.28 | 10.66 | 10.62 | 10.11 | 10.63 | 9.68 | 7.64 | 7.51 | 9.09 | 8.95 | 11.84 | 8.67 | 9.68 | 10.14 | 10.70 | 9.41 | — | — | — | ||||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||||||||||||
| Average payables payment period1 | 51 | 48 | 42 | 44 | 44 | 37 | 30 | 34 | 34 | 36 | 34 | 38 | 48 | 49 | 40 | 41 | 31 | 42 | 38 | 36 | 34 | 39 | — | — | — | ||||||||
| Benchmarks (no. days) | |||||||||||||||||||||||||||||||||
| Average Payables Payment Period, Competitors2 | |||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 25 | 23 | 34 | 28 | 23 | 32 | 29 | 29 | 28 | 17 | 34 | 31 | 39 | 40 | 34 | 32 | 33 | 32 | 32 | 26 | 17 | 17 | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Q1 2026 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 7.15 = 51
2 Click competitor name to see calculations.
The analysis of the payables turnover ratio and the average payables payment period over the observed quarters reveals several notable trends and fluctuations.
- Payables Turnover Ratio
- The payables turnover ratio demonstrates variability across the periods, indicating changes in the company's efficiency in managing its payables. Starting from a lower ratio near 9.41 in May 2020, the ratio increased to a peak of 12.28 by November 2023, reflecting a quicker payment cycle at that point. However, following this peak, the turnover ratio declined steadily, reaching 7.15 by August 2025. The overall pattern suggests intermittent improvements in payable management, followed by slower payables turnover indicating potentially longer payment terms or slower payments in later periods.
- Average Payables Payment Period
- The average payables payment period, expressed in days, shows an inverse relationship to the payables turnover ratio as expected, given that an increase in the turnover ratio typically corresponds to a shorter payment period. Initially, this metric fluctuates around the high 30s to low 40s days range, with a notable reduction to 30 days in November 2023 correlating with the highest turnover ratio observed. Subsequently, the payment period increased again, reaching 51 days by August 2025, consistent with the longer payment durations indicated by the declining turnover ratio. This suggests a shift toward slower payments and possibly extended credit terms in the most recent periods.
Overall, the data points to periods of enhanced payables management efficiency, particularly around late 2023, followed by a trend toward lengthening payment periods and reduced turnover rates in the most recent quarters. This could imply evolving supplier payment strategies or cash management priorities over time.
Cash Conversion Cycle
Nike Inc., cash conversion cycle calculation (quarterly data)
No. days
| Aug 31, 2025 | May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | May 31, 2020 | Feb 29, 2020 | Nov 30, 2019 | Aug 31, 2019 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||||||||||||
| Average inventory processing period | 110 | 103 | 102 | 107 | 109 | 96 | 98 | 101 | 109 | 107 | 114 | 125 | 137 | 122 | 112 | 95 | 97 | 102 | 112 | 102 | 115 | 127 | — | — | — | ||||||||
| Average receivable collection period | 39 | 37 | 34 | 40 | 35 | 31 | 32 | 34 | 34 | 29 | 33 | 40 | 38 | 36 | 30 | 30 | 34 | 37 | 35 | 35 | 37 | 27 | — | — | — | ||||||||
| Average payables payment period | 51 | 48 | 42 | 44 | 44 | 37 | 30 | 34 | 34 | 36 | 34 | 38 | 48 | 49 | 40 | 41 | 31 | 42 | 38 | 36 | 34 | 39 | — | — | — | ||||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||||||||||
| Cash conversion cycle1 | 98 | 92 | 94 | 103 | 100 | 90 | 100 | 101 | 109 | 100 | 113 | 127 | 127 | 109 | 102 | 84 | 100 | 97 | 109 | 101 | 118 | 115 | — | — | — | ||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||
| Cash Conversion Cycle, Competitors2 | |||||||||||||||||||||||||||||||||
| lululemon athletica inc. | 118 | 103 | 128 | 103 | 102 | 93 | 129 | 134 | 132 | 135 | 166 | 147 | 127 | 97 | 110 | 95 | 96 | 95 | 129 | 121 | 121 | 95 | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Q1 2026 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 110 + 39 – 51 = 98
2 Click competitor name to see calculations.
- Average inventory processing period
- The inventory processing period demonstrates a fluctuating trend over the observed quarters. Starting from 127 days, it initially decreases to a low near 95 days but gradually increases again, peaking around 137 days before stabilizing around 100 to 110 days in the latest periods. This suggests variability in inventory turnover efficiency, with periods of both improved and reduced inventory handling speed.
- Average receivable collection period
- The receivable collection period shows moderate fluctuations with values generally oscillating between 27 and 40 days. After reaching lower levels near 27 days, it rises to the high 30s and low 40s before somewhat declining and remaining around the mid-30s. This indicates some variability in how quickly receivables are collected, with no clear trend towards sustained improvement or deterioration.
- Average payables payment period
- The payables payment period varies significantly, ranging from the low 30s up to the high 40s and 50 days. There are periods where payables extend notably, particularly toward the later quarters where values reach around 48 to 51 days, indicating a tendency to delay payments longer in some periods. This could reflect strategic management of cash flows or changes in supplier payment terms.
- Cash conversion cycle
- The cash conversion cycle generally maintains values between approximately 84 and 130 days, showing peaks and troughs without a definitive long-term decreasing or increasing trend. Initial decreases in the cycle are followed by increases, and then more recent stabilization occurs near 90 to 100 days. This pattern reflects fluctuations in the combined effects of inventory, receivables, and payables management on the overall liquidity cycle.
- Overall summary
- Overall, the data indicate that key operational liquidity metrics have experienced variability but no sustained directional trends. Inventory processing times and cash conversion cycle show notable cyclicality with occasional peaks, while receivable collection periods exhibit moderate oscillations primarily within a mid-range band. Payables payment periods exhibit more pronounced extensions over time, potentially signaling cash management adjustments. These patterns suggest ongoing balancing efforts between inventory management, credit sales collection, and supplier payments to optimize working capital and liquidity.