Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.

Short-term Activity Ratios (Summary)
Inventory Turnover
Receivables Turnover
Payables Turnover
Working Capital Turnover
Average Inventory Processing Period
Average Receivable Collection Period
Operating Cycle
Average Payables Payment Period
Cash Conversion Cycle

Stryker Corp., short-term (operating) activity ratios (quarterly data)

		Jun 30, 2020	Mar 31, 2020		Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018		Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017		Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016		Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
	Turnover Ratios
	Inventory turnover
	Receivables turnover
	Payables turnover
	Working capital turnover
	Average No. Days
	Average inventory processing period
	Add: Average receivable collection period
	Operating cycle
	Less: Average payables payment period
	Cash conversion cycle

Short-term activity ratio	Description	The company
Inventory turnover	An activity ratio calculated as cost of goods sold divided by inventory.	Stryker Corp.’s inventory turnover ratio deteriorated from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.
Receivables turnover	An activity ratio equal to revenue divided by receivables.	Stryker Corp.’s receivables turnover ratio improved from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.
Payables turnover	An activity ratio calculated as cost of goods sold divided by payables.	Stryker Corp.’s payables turnover ratio decreased from Q4 2019 to Q1 2020 but then increased from Q1 2020 to Q2 2020 exceeding Q4 2019 level.
Working capital turnover	An activity ratio calculated as revenue divided by working capital.	Stryker Corp.’s working capital turnover ratio improved from Q4 2019 to Q1 2020 but then deteriorated significantly from Q1 2020 to Q2 2020.

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.	Stryker Corp.’s number of days of inventory outstanding deteriorated from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.
Average receivable collection period	An activity ratio equal to the number of days in the period divided by receivables turnover.	Stryker Corp.’s number of days of receivables outstanding improved from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.
Operating cycle	Equal to average inventory processing period plus average receivables collection period.
Average payables payment period	An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period.	Stryker Corp.’s number of days of payables outstanding increased from Q4 2019 to Q1 2020 but then decreased significantly from Q1 2020 to Q2 2020.
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.	Stryker Corp.’s cash conversion cycle improved from Q4 2019 to Q1 2020 but then deteriorated significantly from Q1 2020 to Q2 2020.

Stryker Corp., inventory turnover calculation (quarterly data)

		Jun 30, 2020	Mar 31, 2020		Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018		Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017		Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016		Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
	Selected Financial Data (US$ in millions)
	Cost of sales
	Inventories
	Short-term Activity Ratio
	Inventory turnover¹
	Benchmarks
	Inventory Turnover, Competitors²
	Becton, Dickinson & Co.
	Boston Scientific Corp.
	Danaher Corp.
	Intuitive Surgical Inc.
	Medtronic PLC
	Thermo Fisher Scientific Inc.

¹ Q2 2020 Calculation
Inventory turnover = (Cost of sales_{Q2 2020} + Cost of sales_{Q1 2020} + Cost of sales_{Q4 2019} + Cost of sales_{Q3 2019}) ÷ Inventories
= ( + + + ) ÷ =

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.	Stryker Corp.’s inventory turnover ratio deteriorated from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.

Stryker Corp., receivables turnover calculation (quarterly data)

		Jun 30, 2020	Mar 31, 2020		Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018		Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017		Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016		Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
	Selected Financial Data (US$ in millions)
	Net sales
	Accounts receivable, less allowance
	Short-term Activity Ratio
	Receivables turnover¹
	Benchmarks
	Receivables Turnover, Competitors²
	Becton, Dickinson & Co.
	Boston Scientific Corp.
	Danaher Corp.
	Intuitive Surgical Inc.
	Medtronic PLC
	Thermo Fisher Scientific Inc.
	UnitedHealth Group Inc.

¹ Q2 2020 Calculation
Receivables turnover = (Net sales_{Q2 2020} + Net sales_{Q1 2020} + Net sales_{Q4 2019} + Net sales_{Q3 2019}) ÷ Accounts receivable, less allowance
= ( + + + ) ÷ =

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.	Stryker Corp.’s receivables turnover ratio improved from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.

Stryker Corp., payables turnover calculation (quarterly data)

		Jun 30, 2020	Mar 31, 2020		Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018		Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017		Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016		Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
	Selected Financial Data (US$ in millions)
	Cost of sales
	Accounts payable
	Short-term Activity Ratio
	Payables turnover¹
	Benchmarks
	Payables Turnover, Competitors²
	Boston Scientific Corp.
	Danaher Corp.
	Intuitive Surgical Inc.
	Medtronic PLC
	Thermo Fisher Scientific Inc.
	UnitedHealth Group Inc.

¹ Q2 2020 Calculation
Payables turnover = (Cost of sales_{Q2 2020} + Cost of sales_{Q1 2020} + Cost of sales_{Q4 2019} + Cost of sales_{Q3 2019}) ÷ Accounts payable
= ( + + + ) ÷ =

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.	Stryker Corp.’s payables turnover ratio decreased from Q4 2019 to Q1 2020 but then increased from Q1 2020 to Q2 2020 exceeding Q4 2019 level.

Stryker Corp., working capital turnover calculation (quarterly data)

		Jun 30, 2020	Mar 31, 2020		Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018		Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017		Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016		Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
	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
	Becton, Dickinson & Co.
	Boston Scientific Corp.
	Danaher Corp.
	Intuitive Surgical Inc.
	Medtronic PLC
	Thermo Fisher Scientific Inc.
	UnitedHealth Group Inc.

¹ Q2 2020 Calculation
Working capital turnover = (Net sales_{Q2 2020} + Net sales_{Q1 2020} + Net sales_{Q4 2019} + Net sales_{Q3 2019}) ÷ Working capital
= ( + + + ) ÷ =

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.	Stryker Corp.’s working capital turnover ratio improved from Q4 2019 to Q1 2020 but then deteriorated significantly from Q1 2020 to Q2 2020.

Stryker Corp., average inventory processing period calculation (quarterly data)

		Jun 30, 2020	Mar 31, 2020		Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018		Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017		Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016		Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
	Selected Financial Data
	Inventory turnover
	Short-term Activity Ratio (no. days)
	Average inventory processing period¹
	Benchmarks (no. days)
	Average Inventory Processing Period, Competitors²
	Becton, Dickinson & Co.
	Boston Scientific Corp.
	Danaher Corp.
	Intuitive Surgical Inc.
	Medtronic PLC
	Thermo Fisher Scientific Inc.

¹ Q2 2020 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ =

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.	Stryker Corp.’s number of days of inventory outstanding deteriorated from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.

Stryker Corp., average receivable collection period calculation (quarterly data)

		Jun 30, 2020	Mar 31, 2020		Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018		Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017		Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016		Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
	Selected Financial Data
	Receivables turnover
	Short-term Activity Ratio (no. days)
	Average receivable collection period¹
	Benchmarks (no. days)
	Average Receivable Collection Period, Competitors²
	Becton, Dickinson & Co.
	Boston Scientific Corp.
	Danaher Corp.
	Intuitive Surgical Inc.
	Medtronic PLC
	Thermo Fisher Scientific Inc.
	UnitedHealth Group Inc.

¹ Q2 2020 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =

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.	Stryker Corp.’s number of days of receivables outstanding improved from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.

Stryker Corp., operating cycle calculation (quarterly data)

No. days

		Jun 30, 2020	Mar 31, 2020		Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018		Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017		Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016		Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
	Selected Financial Data
	Average inventory processing period
	Average receivable collection period
	Short-term Activity Ratio
	Operating cycle¹
	Benchmarks
	Operating Cycle, Competitors²
	Becton, Dickinson & Co.
	Boston Scientific Corp.
	Danaher Corp.
	Intuitive Surgical Inc.
	Medtronic PLC
	Thermo Fisher Scientific Inc.

¹ Q2 2020 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= + =

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.

Stryker Corp., average payables payment period calculation (quarterly data)

		Jun 30, 2020	Mar 31, 2020		Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018		Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017		Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016		Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
	Selected Financial Data
	Payables turnover
	Short-term Activity Ratio (no. days)
	Average payables payment period¹
	Benchmarks (no. days)
	Average Payables Payment Period, Competitors²
	Boston Scientific Corp.
	Danaher Corp.
	Intuitive Surgical Inc.
	Medtronic PLC
	Thermo Fisher Scientific Inc.
	UnitedHealth Group Inc.

¹ Q2 2020 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ =

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.	Stryker Corp.’s number of days of payables outstanding increased from Q4 2019 to Q1 2020 but then decreased significantly from Q1 2020 to Q2 2020.

Stryker Corp., cash conversion cycle calculation (quarterly data)

No. days

		Jun 30, 2020	Mar 31, 2020		Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019		Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018		Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017		Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016		Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015
	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
	Boston Scientific Corp.
	Danaher Corp.
	Intuitive Surgical Inc.
	Medtronic PLC
	Thermo Fisher Scientific Inc.

¹ Q2 2020 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= + – =

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.	Stryker Corp.’s cash conversion cycle improved from Q4 2019 to Q1 2020 but then deteriorated significantly from Q1 2020 to Q2 2020.

	Stryker Corp.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Analysis of Financial Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis of Components of Financial Statements
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Financial Statements
Common-Size Financial Statements
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Long-term Trends
Analysis of Components of Financial Statements
Financial Reporting Quality

Stryker Corp. (NYSE:SYK)

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

Short-term Activity Ratios (Summary)

Inventory Turnover

Receivables Turnover

Payables Turnover

Working Capital Turnover

Average Inventory Processing Period

Average Receivable Collection Period

Operating Cycle

Average Payables Payment Period

Cash Conversion Cycle

Stryker Corp. (NYSE:SYK)

Analysis of Short-term (Operating) Activity RatiosQuarterly Data

Short-term Activity Ratios (Summary)

Inventory Turnover

Receivables Turnover

Payables Turnover

Working Capital Turnover

Average Inventory Processing Period

Average Receivable Collection Period

Operating Cycle

Average Payables Payment Period

Cash Conversion Cycle

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