Analysis of Short-term (Operating) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Short-term Activity Ratios (Summary)
Toyota Motor Corp., short-term (operating) activity ratios
Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Toyota Motor Corp. inventory turnover ratio improved from 2013 to 2014 but then deteriorated significantly from 2014 to 2015. |
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Toyota Motor Corp. receivables turnover ratio improved from 2013 to 2014 and from 2014 to 2015. |
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Toyota Motor Corp. payables turnover ratio increased from 2013 to 2014 but then slightly decreased from 2014 to 2015 not reaching 2013 level. |
| Working capital turnover | An activity ratio calculated as revenue divided by working capital. | Toyota Motor Corp. working capital turnover ratio deteriorated from 2013 to 2014 and from 2014 to 2015. |
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average inventory processing period | An activity ratio equal to the number of days in the period divided by inventory turnover over the period. | |
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. | Toyota Motor Corp. number of days of receivables outstanding improved from 2013 to 2014 and from 2014 to 2015. |
| Operating cycle | Equal to average inventory processing period plus average receivables collection period. | Toyota Motor Corp. operating cycle improved from 2013 to 2014 but then slightly deteriorated from 2014 to 2015. |
| 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. | Toyota Motor Corp. number of days of payables outstanding decreased from 2013 to 2014 but then increased from 2014 to 2015 not reaching 2013 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. |
Inventory Turnover
Toyota Motor Corp., inventory turnover calculation, comparison to benchmarks
| Mar 31, 2015 | Mar 31, 2014 | Mar 31, 2013 | Mar 31, 2012 | Mar 31, 2011 | Mar 31, 2010 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions, translated from JPY ￥) | |||||||
| Cost of products sold | 174,361) | 194,098) | 191,276) | 192,188) | 192,252) | 171,663) | |
| Inventories | 17,819) | 18,399) | 18,222) | 19,738) | 15,685) | 15,288) | |
| Short-term Activity Ratio | |||||||
| Inventory turnover1 | 9.78 | 10.55 | 10.50 | 9.74 | 12.26 | 11.23 | |
| Benchmarks | |||||||
| Inventory Turnover, Competitors2 | |||||||
| Ford Motor Co. | — | — | — | — | — | — | |
| General Motors Co. | — | — | — | — | — | — | |
| Tesla Inc. | — | — | — | — | — | — | |
Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).
1 2015 Calculation
Inventory turnover = Cost of products sold ÷ Inventories
= 174,361 ÷ 17,819 = 9.78
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. | Toyota Motor Corp. inventory turnover ratio improved from 2013 to 2014 but then deteriorated significantly from 2014 to 2015. |
Receivables Turnover
Toyota Motor Corp., receivables turnover calculation, comparison to benchmarks
| Mar 31, 2015 | Mar 31, 2014 | Mar 31, 2013 | Mar 31, 2012 | Mar 31, 2011 | Mar 31, 2010 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions, translated from JPY ￥) | |||||||
| Sales of products | 213,511) | 236,091) | 222,113) | 213,066) | 214,318) | 190,507) | |
| Trade accounts and notes receivable, less allowance for doubtful accounts | 17,578) | 19,773) | 20,939) | 24,332) | 17,428) | 20,274) | |
| Short-term Activity Ratio | |||||||
| Receivables turnover1 | 12.15 | 11.94 | 10.61 | 8.76 | 12.30 | 9.40 | |
| Benchmarks | |||||||
| Receivables Turnover, Competitors2 | |||||||
| Ford Motor Co. | — | — | — | — | — | — | |
| General Motors Co. | — | — | — | — | — | — | |
| Tesla Inc. | — | — | — | — | — | — | |
Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).
1 2015 Calculation
Receivables turnover = Sales of products ÷ Trade accounts and notes receivable, less allowance for doubtful accounts
= 213,511 ÷ 17,578 = 12.15
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. | Toyota Motor Corp. receivables turnover ratio improved from 2013 to 2014 and from 2014 to 2015. |
Payables Turnover
Toyota Motor Corp., payables turnover calculation, comparison to benchmarks
| Mar 31, 2015 | Mar 31, 2014 | Mar 31, 2013 | Mar 31, 2012 | Mar 31, 2011 | Mar 31, 2010 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions, translated from JPY ￥) | |||||||
| Cost of products sold | 174,361) | 194,098) | 191,276) | 192,188) | 192,252) | 171,663) | |
| Accounts payable | 20,095) | 21,492) | 22,449) | 27,285) | 18,077) | 21,029) | |
| Short-term Activity Ratio | |||||||
| Payables turnover1 | 8.68 | 9.03 | 8.52 | 7.04 | 10.64 | 8.16 | |
| Benchmarks | |||||||
| Payables Turnover, Competitors2 | |||||||
| Ford Motor Co. | — | — | — | — | — | — | |
| General Motors Co. | — | — | — | — | — | — | |
| Tesla Inc. | — | — | — | — | — | — | |
Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).
1 2015 Calculation
Payables turnover = Cost of products sold ÷ Accounts payable
= 174,361 ÷ 20,095 = 8.68
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. | Toyota Motor Corp. payables turnover ratio increased from 2013 to 2014 but then slightly decreased from 2014 to 2015 not reaching 2013 level. |
Working Capital Turnover
Toyota Motor Corp., working capital turnover calculation, comparison to benchmarks
| Mar 31, 2015 | Mar 31, 2014 | Mar 31, 2013 | Mar 31, 2012 | Mar 31, 2011 | Mar 31, 2010 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions, translated from JPY ￥) | |||||||
| Current assets | 149,520) | 152,629) | 146,399) | 149,911) | 142,270) | 140,516) | |
| Less: Current liabilities | 136,975) | 142,559) | 137,134) | 143,346) | 129,777) | 114,856) | |
| Working capital | 12,545) | 10,070) | 9,265) | 6,565) | 12,493) | 25,660) | |
| Sales of products | 213,511) | 236,091) | 222,113) | 213,066) | 214,318) | 190,507) | |
| Short-term Activity Ratio | |||||||
| Working capital turnover1 | 17.02 | 23.44 | 23.97 | 32.45 | 17.16 | 7.42 | |
| Benchmarks | |||||||
| Working Capital Turnover, Competitors2 | |||||||
| Ford Motor Co. | — | — | — | — | — | — | |
| General Motors Co. | — | — | — | — | — | — | |
| Tesla Inc. | — | — | — | — | — | — | |
Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).
1 2015 Calculation
Working capital turnover = Sales of products ÷ Working capital
= 213,511 ÷ 12,545 = 17.02
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. | Toyota Motor Corp. working capital turnover ratio deteriorated from 2013 to 2014 and from 2014 to 2015. |
Average Inventory Processing Period
Toyota Motor Corp., average inventory processing period calculation, comparison to benchmarks
| Mar 31, 2015 | Mar 31, 2014 | Mar 31, 2013 | Mar 31, 2012 | Mar 31, 2011 | Mar 31, 2010 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Inventory turnover | 9.78 | 10.55 | 10.50 | 9.74 | 12.26 | 11.23 | |
| Short-term Activity Ratio (no. days) | |||||||
| Average inventory processing period1 | 37 | 35 | 35 | 37 | 30 | 33 | |
| Benchmarks (no. days) | |||||||
| Average Inventory Processing Period, Competitors2 | |||||||
| Ford Motor Co. | — | — | — | — | — | — | |
| General Motors Co. | — | — | — | — | — | — | |
| Tesla Inc. | — | — | — | — | — | — | |
Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).
1 2015 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 9.78 = 37
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average inventory processing period | An activity ratio equal to the number of days in the period divided by inventory turnover over the period. |
Average Receivable Collection Period
Toyota Motor Corp., average receivable collection period calculation, comparison to benchmarks
| Mar 31, 2015 | Mar 31, 2014 | Mar 31, 2013 | Mar 31, 2012 | Mar 31, 2011 | Mar 31, 2010 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Receivables turnover | 12.15 | 11.94 | 10.61 | 8.76 | 12.30 | 9.40 | |
| Short-term Activity Ratio (no. days) | |||||||
| Average receivable collection period1 | 30 | 31 | 34 | 42 | 30 | 39 | |
| Benchmarks (no. days) | |||||||
| Average Receivable Collection Period, Competitors2 | |||||||
| Ford Motor Co. | — | — | — | — | — | — | |
| General Motors Co. | — | — | — | — | — | — | |
| Tesla Inc. | — | — | — | — | — | — | |
Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).
1 2015 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 12.15 = 30
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. | Toyota Motor Corp. number of days of receivables outstanding improved from 2013 to 2014 and from 2014 to 2015. |
Operating Cycle
Toyota Motor Corp., operating cycle calculation, comparison to benchmarks
No. days
| Mar 31, 2015 | Mar 31, 2014 | Mar 31, 2013 | Mar 31, 2012 | Mar 31, 2011 | Mar 31, 2010 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Average inventory processing period | 37 | 35 | 35 | 37 | 30 | 33 | |
| Average receivable collection period | 30 | 31 | 34 | 42 | 30 | 39 | |
| Short-term Activity Ratio | |||||||
| Operating cycle1 | 67 | 66 | 69 | 79 | 60 | 72 | |
| Benchmarks | |||||||
| Operating Cycle, Competitors2 | |||||||
| Ford Motor Co. | — | — | — | — | — | — | |
| General Motors Co. | — | — | — | — | — | — | |
| Tesla Inc. | — | — | — | — | — | — | |
Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).
1 2015 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 37 + 30 = 67
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. | Toyota Motor Corp. operating cycle improved from 2013 to 2014 but then slightly deteriorated from 2014 to 2015. |
Average Payables Payment Period
Toyota Motor Corp., average payables payment period calculation, comparison to benchmarks
| Mar 31, 2015 | Mar 31, 2014 | Mar 31, 2013 | Mar 31, 2012 | Mar 31, 2011 | Mar 31, 2010 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Payables turnover | 8.68 | 9.03 | 8.52 | 7.04 | 10.64 | 8.16 | |
| Short-term Activity Ratio (no. days) | |||||||
| Average payables payment period1 | 42 | 40 | 43 | 52 | 34 | 45 | |
| Benchmarks (no. days) | |||||||
| Average Payables Payment Period, Competitors2 | |||||||
| Ford Motor Co. | — | — | — | — | — | — | |
| General Motors Co. | — | — | — | — | — | — | |
| Tesla Inc. | — | — | — | — | — | — | |
Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).
1 2015 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 8.68 = 42
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. | Toyota Motor Corp. number of days of payables outstanding decreased from 2013 to 2014 but then increased from 2014 to 2015 not reaching 2013 level. |
Cash Conversion Cycle
Toyota Motor Corp., cash conversion cycle calculation, comparison to benchmarks
No. days
| Mar 31, 2015 | Mar 31, 2014 | Mar 31, 2013 | Mar 31, 2012 | Mar 31, 2011 | Mar 31, 2010 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Average inventory processing period | 37 | 35 | 35 | 37 | 30 | 33 | |
| Average receivable collection period | 30 | 31 | 34 | 42 | 30 | 39 | |
| Average payables payment period | 42 | 40 | 43 | 52 | 34 | 45 | |
| Short-term Activity Ratio | |||||||
| Cash conversion cycle1 | 25 | 26 | 26 | 27 | 26 | 27 | |
| Benchmarks | |||||||
| Cash Conversion Cycle, Competitors2 | |||||||
| Ford Motor Co. | — | — | — | — | — | — | |
| General Motors Co. | — | — | — | — | — | — | |
| Tesla Inc. | — | — | — | — | — | — | |
Based on: 20-F (reporting date: 2015-03-31), 20-F (reporting date: 2014-03-31), 20-F (reporting date: 2013-03-31), 20-F (reporting date: 2012-03-31), 20-F (reporting date: 2011-03-31), 20-F (reporting date: 2010-03-31).
1 2015 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 37 + 30 – 42 = 25
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. |