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

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

Thermo Fisher Scientific Inc., short-term (operating) activity ratios (quarterly data)

		Mar 30, 2019	Dec 31, 2018	Sep 29, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jul 1, 2017	Apr 1, 2017	Dec 31, 2016	Oct 1, 2016	Jul 2, 2016	Apr 2, 2016	Dec 31, 2015	Sep 26, 2015	Jun 27, 2015	Mar 28, 2015	Dec 31, 2014	Sep 27, 2014	Jun 28, 2014	Mar 29, 2014
	Turnover Ratios
	Inventory turnover
	Receivables turnover
	Payables turnover
	Working capital turnover
	Average No. of Days
	Average inventory processing period
	Add: Average receivable collection period
	Operating cycle
	Less: Average payables payment period
	Cash conversion cycle

Ratio	Description	The company
Inventory turnover	An activity ratio calculated as cost of goods sold divided by inventory.	Thermo Fisher Scientific Inc.’s inventory turnover improved from Q3 2018 to Q4 2018 but then deteriorated significantly from Q4 2018 to Q1 2019.
Receivables turnover	An activity ratio equal to revenue divided by receivables.	Thermo Fisher Scientific Inc.’s receivables turnover deteriorated from Q3 2018 to Q4 2018 but then slightly improved from Q4 2018 to Q1 2019.
Payables turnover	An activity ratio calculated as cost of goods sold divided by payables.	Thermo Fisher Scientific Inc.’s payables turnover declined from Q3 2018 to Q4 2018 but then increased from Q4 2018 to Q1 2019 not reaching Q3 2018 level.
Working capital turnover	An activity ratio calculated as revenue divided by working capital.	Thermo Fisher Scientific Inc.’s working capital turnover deteriorated from Q3 2018 to Q4 2018 but then improved from Q4 2018 to Q1 2019 exceeding Q3 2018 level.

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.	Thermo Fisher Scientific Inc.’s average inventory processing period improved from Q3 2018 to Q4 2018 but then deteriorated significantly from Q4 2018 to Q1 2019.
Average receivable collection period	An activity ratio equal to the number of days in the period divided by receivables turnover.
Operating cycle	Equal to average inventory processing period plus average receivables collection period.	Thermo Fisher Scientific Inc.’s operating cycle deteriorated from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.
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.	Thermo Fisher Scientific Inc.’s average payables payment period increased from Q3 2018 to Q4 2018 but then slightly declined from Q4 2018 to Q1 2019 not reaching Q3 2018 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.	Thermo Fisher Scientific Inc.’s cash conversion cycle improved from Q3 2018 to Q4 2018 but then deteriorated significantly from Q4 2018 to Q1 2019.

Thermo Fisher Scientific Inc., inventory turnover calculation (quarterly data)

		Mar 30, 2019	Dec 31, 2018	Sep 29, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jul 1, 2017	Apr 1, 2017	Dec 31, 2016	Oct 1, 2016	Jul 2, 2016	Apr 2, 2016	Dec 31, 2015	Sep 26, 2015	Jun 27, 2015	Mar 28, 2015	Dec 31, 2014	Sep 27, 2014	Jun 28, 2014	Mar 29, 2014
	Selected Financial Data (USD $ in millions)
	Cost of revenues
	Inventories
	Ratio
	Inventory turnover¹

Q1 2019 Calculations

¹ Inventory turnover = (Cost of revenues_{Q1 2019} + Cost of revenues_{Q4 2018} + Cost of revenues_{Q3 2018} + Cost of revenues_{Q2 2018}) ÷ Inventories
= ( hidden + hidden + hidden + hidden ) ÷ hidden = hidden

Ratio	Description	The company
Inventory turnover	An activity ratio calculated as cost of goods sold divided by inventory.	Thermo Fisher Scientific Inc.’s inventory turnover improved from Q3 2018 to Q4 2018 but then deteriorated significantly from Q4 2018 to Q1 2019.

Thermo Fisher Scientific Inc., receivables turnover calculation (quarterly data)

		Mar 30, 2019	Dec 31, 2018	Sep 29, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jul 1, 2017	Apr 1, 2017	Dec 31, 2016	Oct 1, 2016	Jul 2, 2016	Apr 2, 2016	Dec 31, 2015	Sep 26, 2015	Jun 27, 2015	Mar 28, 2015	Dec 31, 2014	Sep 27, 2014	Jun 28, 2014	Mar 29, 2014
	Selected Financial Data (USD $ in millions)
	Revenues
	Accounts receivable, less allowances
	Ratio
	Receivables turnover¹

Q1 2019 Calculations

¹ Receivables turnover = (Revenues_{Q1 2019} + Revenues_{Q4 2018} + Revenues_{Q3 2018} + Revenues_{Q2 2018}) ÷ Accounts receivable, less allowances
= ( hidden + hidden + hidden + hidden ) ÷ hidden = hidden

Ratio	Description	The company
Receivables turnover	An activity ratio equal to revenue divided by receivables.	Thermo Fisher Scientific Inc.’s receivables turnover deteriorated from Q3 2018 to Q4 2018 but then slightly improved from Q4 2018 to Q1 2019.

Thermo Fisher Scientific Inc., payables turnover calculation (quarterly data)

		Mar 30, 2019	Dec 31, 2018	Sep 29, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jul 1, 2017	Apr 1, 2017	Dec 31, 2016	Oct 1, 2016	Jul 2, 2016	Apr 2, 2016	Dec 31, 2015	Sep 26, 2015	Jun 27, 2015	Mar 28, 2015	Dec 31, 2014	Sep 27, 2014	Jun 28, 2014	Mar 29, 2014
	Selected Financial Data (USD $ in millions)
	Cost of revenues
	Accounts payable
	Ratio
	Payables turnover¹

Q1 2019 Calculations

¹ Payables turnover = (Cost of revenues_{Q1 2019} + Cost of revenues_{Q4 2018} + Cost of revenues_{Q3 2018} + Cost of revenues_{Q2 2018}) ÷ Accounts payable
= ( hidden + hidden + hidden + hidden ) ÷ hidden = hidden

Ratio	Description	The company
Payables turnover	An activity ratio calculated as cost of goods sold divided by payables.	Thermo Fisher Scientific Inc.’s payables turnover declined from Q3 2018 to Q4 2018 but then increased from Q4 2018 to Q1 2019 not reaching Q3 2018 level.

Thermo Fisher Scientific Inc., working capital turnover calculation (quarterly data)

		Mar 30, 2019	Dec 31, 2018	Sep 29, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jul 1, 2017	Apr 1, 2017	Dec 31, 2016	Oct 1, 2016	Jul 2, 2016	Apr 2, 2016	Dec 31, 2015	Sep 26, 2015	Jun 27, 2015	Mar 28, 2015	Dec 31, 2014	Sep 27, 2014	Jun 28, 2014	Mar 29, 2014
	Selected Financial Data (USD $ in millions)
	Current assets
	Less: Current liabilities
	Working capital
	Revenues
	Ratio
	Working capital turnover¹

Q1 2019 Calculations

¹ Working capital turnover = (Revenues_{Q1 2019} + Revenues_{Q4 2018} + Revenues_{Q3 2018} + Revenues_{Q2 2018}) ÷ Working capital
= ( hidden + hidden + hidden + hidden ) ÷ hidden = hidden

Ratio	Description	The company
Working capital turnover	An activity ratio calculated as revenue divided by working capital.	Thermo Fisher Scientific Inc.’s working capital turnover deteriorated from Q3 2018 to Q4 2018 but then improved from Q4 2018 to Q1 2019 exceeding Q3 2018 level.

Thermo Fisher Scientific Inc., average inventory processing period calculation (quarterly data)

		Mar 30, 2019	Dec 31, 2018	Sep 29, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jul 1, 2017	Apr 1, 2017	Dec 31, 2016	Oct 1, 2016	Jul 2, 2016	Apr 2, 2016	Dec 31, 2015	Sep 26, 2015	Jun 27, 2015	Mar 28, 2015	Dec 31, 2014	Sep 27, 2014	Jun 28, 2014	Mar 29, 2014
	Selected Financial Data
	Inventory turnover
	Ratio (no. of days)
	Average inventory processing period¹

Q1 2019 Calculations

¹ Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ hidden = hidden

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.	Thermo Fisher Scientific Inc.’s average inventory processing period improved from Q3 2018 to Q4 2018 but then deteriorated significantly from Q4 2018 to Q1 2019.

Thermo Fisher Scientific Inc., average receivable collection period calculation (quarterly data)

		Mar 30, 2019	Dec 31, 2018	Sep 29, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jul 1, 2017	Apr 1, 2017	Dec 31, 2016	Oct 1, 2016	Jul 2, 2016	Apr 2, 2016	Dec 31, 2015	Sep 26, 2015	Jun 27, 2015	Mar 28, 2015	Dec 31, 2014	Sep 27, 2014	Jun 28, 2014	Mar 29, 2014
	Selected Financial Data
	Receivables turnover
	Ratio (no. of days)
	Average receivable collection period¹

Q1 2019 Calculations

¹ Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ hidden = hidden

Ratio	Description	The company
Average receivable collection period	An activity ratio equal to the number of days in the period divided by receivables turnover.

Thermo Fisher Scientific Inc., operating cycle calculation (quarterly data)

No. of days

		Mar 30, 2019	Dec 31, 2018	Sep 29, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jul 1, 2017	Apr 1, 2017	Dec 31, 2016	Oct 1, 2016	Jul 2, 2016	Apr 2, 2016	Dec 31, 2015	Sep 26, 2015	Jun 27, 2015	Mar 28, 2015	Dec 31, 2014	Sep 27, 2014	Jun 28, 2014	Mar 29, 2014
	Selected Financial Data
	Average inventory processing period
	Average receivable collection period
	Ratio
	Operating cycle¹

Q1 2019 Calculations

¹ Operating cycle = Average inventory processing period + Average receivable collection period
= hidden + hidden = hidden

Ratio	Description	The company
Operating cycle	Equal to average inventory processing period plus average receivables collection period.	Thermo Fisher Scientific Inc.’s operating cycle deteriorated from Q3 2018 to Q4 2018 and from Q4 2018 to Q1 2019.

Thermo Fisher Scientific Inc., average payables payment period calculation (quarterly data)

		Mar 30, 2019	Dec 31, 2018	Sep 29, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jul 1, 2017	Apr 1, 2017	Dec 31, 2016	Oct 1, 2016	Jul 2, 2016	Apr 2, 2016	Dec 31, 2015	Sep 26, 2015	Jun 27, 2015	Mar 28, 2015	Dec 31, 2014	Sep 27, 2014	Jun 28, 2014	Mar 29, 2014
	Selected Financial Data
	Payables turnover
	Ratio (no. of days)
	Average payables payment period¹

Q1 2019 Calculations

¹ Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ hidden = hidden

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.	Thermo Fisher Scientific Inc.’s average payables payment period increased from Q3 2018 to Q4 2018 but then slightly declined from Q4 2018 to Q1 2019 not reaching Q3 2018 level.

Thermo Fisher Scientific Inc., cash conversion cycle calculation (quarterly data)

No. of days

		Mar 30, 2019	Dec 31, 2018	Sep 29, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jul 1, 2017	Apr 1, 2017	Dec 31, 2016	Oct 1, 2016	Jul 2, 2016	Apr 2, 2016	Dec 31, 2015	Sep 26, 2015	Jun 27, 2015	Mar 28, 2015	Dec 31, 2014	Sep 27, 2014	Jun 28, 2014	Mar 29, 2014
	Selected Financial Data
	Average inventory processing period
	Average receivable collection period
	Average payables payment period
	Ratio
	Cash conversion cycle¹

Q1 2019 Calculations

¹ Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= hidden + hidden – hidden = hidden

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.	Thermo Fisher Scientific Inc.’s cash conversion cycle improved from Q3 2018 to Q4 2018 but then deteriorated significantly from Q4 2018 to Q1 2019.

	Thermo Fisher Scientific Inc.	Other companies (not purchased previously)
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Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Long-term Trends
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Financial Statements
Common-Size Financial Statements
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Analysis
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Thermo Fisher Scientific Inc. (TMO)

Short-term (Operating) Activity Analysis
Quarterly Data

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

Thermo Fisher Scientific Inc. (TMO)

Short-term (Operating) Activity AnalysisQuarterly Data

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

Short-term (Operating) Activity Analysis
Quarterly Data