Stock Analysis on Net

Union Pacific Corp. (NYSE:UNP)

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

Microsoft Excel

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Short-term Activity Ratios (Summary)

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

Microsoft Excel
Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Turnover Ratios
Inventory turnover
Receivables turnover
Working capital turnover
Average No. Days
Average inventory processing period
Add: Average receivable collection period
Operating cycle

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).


The analysis of the financial ratios and periods reveals distinct trends in the company's operational efficiency and liquidity management over the observed quarters.

Inventory Turnover
The inventory turnover ratio shows a generally strong performance, rising from 30.62 in March 2020 to a peak of 35.11 in March 2022, indicating an improved efficiency in inventory management. Subsequently, the ratio declines somewhat, fluctuating around the low 30s, suggesting a stabilization but with slight volatility in how quickly inventory is sold and replaced.
Receivables Turnover
This ratio exhibits a downward trend from a high of 12.98 in March 2020 to lower values near 11.42 in September 2022, indicating a slower collection of receivables. However, it slightly recovers in the later periods, reaching 13.56 in September 2023 before settling around 12.34 in the most recent quarter, which suggests a modest improvement in receivables management in recent times.
Working Capital Turnover
Data for working capital turnover is largely missing, with sporadic values that do not form a clear trend. The available figure of 476.41 appears as an outlier and lacks context for meaningful analysis.
Average Inventory Processing Period
The average number of days inventory remains before sale remains relatively stable around 11 to 12 days throughout the periods analyzed, reflecting consistent inventory management practices without significant delay or acceleration in processing times.
Average Receivable Collection Period
The average collection period shows some fluctuation, initially increasing from 28 days in early 2020 to peak at about 33 days in mid-2024, suggesting some challenges in collecting receivables promptly. Towards the end of the period, the collection period slightly decreases, indicating a mild recent improvement in the speed of receivables turnover.
Operating Cycle
The operating cycle, which combines inventory processing and receivable collection periods, follows a similar pattern to the receivables collection period. It increases from 40 days in early 2020 to a peak of 45 days in mid-2024, implying a lengthening time to convert resources into cash. Recent data shows a minor reduction towards 41 days at the end of the period, consistent with the slight improvements in receivables collection.

Turnover Ratios


Average No. Days


Inventory Turnover

Union Pacific Corp., inventory turnover calculation (quarterly data)

Microsoft Excel
Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Operating revenues
Materials and supplies
Short-term Activity Ratio
Inventory turnover1
Benchmarks
Inventory Turnover, Competitors2
FedEx Corp.
United Airlines Holdings Inc.

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Inventory turnover = (Operating revenuesQ1 2025 + Operating revenuesQ4 2024 + Operating revenuesQ3 2024 + Operating revenuesQ2 2024) ÷ Materials and supplies
= ( + + + ) ÷ =

2 Click competitor name to see calculations.


Operating Revenues
Operating revenues experienced fluctuations over the observed periods, starting at 5,229 million US$ in March 2020 and declining to a low of 4,244 million US$ in June 2020, potentially impacted by external factors during that time. Subsequently, revenues showed a recovery trend, reaching 5,733 million US$ by December 2021. The following years demonstrated continued variability with peaks around mid-2022, such as 6,566 million US$ in September 2022, before experiencing slight declines and stabilization in the latter periods, ending at 6,027 million US$ by March 2025. Overall, operating revenues reflected an upward trend with intermittent seasonal or cyclical fluctuations.
Materials and Supplies
The cost associated with materials and supplies fluctuated throughout the periods. Initial values near 692 million US$ in March 2020 decreased marginally to 621 million US$ by December 2021, followed by a noticeable increase reaching a peak of approximately 807 million US$ in June 2024. The data suggests periods of rising input costs or greater material usage, with a subsequent decline to 747 million US$ by March 2025. This pattern may indicate varying procurement strategies or changes in operational intensity aligned with revenue changes.
Inventory Turnover Ratio
Inventory turnover ratio data is available beginning in September 2020, showing a relatively high and stable metric, ranging from 29.29 to 35.11 over the timeline. A peak turnover of 35.11 occurred in March 2022, indicating efficient inventory management during that period. The ratio generally remained above 30, demonstrating consistent turnover speeds and potentially reflecting strong inventory control mechanisms relative to inventory levels and sales activity throughout the years.

Receivables Turnover

Union Pacific Corp., receivables turnover calculation (quarterly data)

Microsoft Excel
Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Operating revenues
Accounts receivable, net
Short-term Activity Ratio
Receivables turnover1
Benchmarks
Receivables Turnover, Competitors2
FedEx Corp.
Uber Technologies Inc.
United Airlines Holdings Inc.
United Parcel Service Inc.

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Receivables turnover = (Operating revenuesQ1 2025 + Operating revenuesQ4 2024 + Operating revenuesQ3 2024 + Operating revenuesQ2 2024) ÷ Accounts receivable, net
= ( + + + ) ÷ =

2 Click competitor name to see calculations.


The operating revenues exhibit notable fluctuations throughout the observed periods. In early 2020, revenues started at 5,229 million USD, followed by a decline in the second quarter coinciding with the onset of the COVID-19 pandemic, reaching a low of 4,244 million USD. Subsequently, they showed a recovery trend towards the end of 2020 and sustained growth into 2021, peaking around mid-2022 at 6,566 million USD. However, from late 2022 onward, revenues display slight variability with a mild downward trend, ending at 6,027 million USD in the first quarter of 2025.

Accounts receivable, net, reveal a progressive increase across the timeline, starting at 1,669 million USD in the first quarter of 2020 and peaking in mid-2024 at 2,162 million USD. A few periods within late 2022 to early 2023 demonstrate minor reductions, but overall, the trend is upward, reflecting potentially extended credit terms or higher sales on credit. This rise may also suggest growing customer account balances over the years.

The receivables turnover ratio appears from the third quarter of 2020 and demonstrates moderate fluctuations between periods. It starts near 13 and generally trends downward to a low around 11.14 by mid-2024, indicating a gradual slowing in the collection efficiency of receivables. A slight recovery occurs towards the first quarter of 2025, reaching approximately 12.34, yet it remains below initial levels. This suggests a less efficient turnover of receivables in recent years compared to the earlier periods post-2020.

Operating Revenues
Initial decline in early 2020 followed by recovery and growth through mid-2022; subsequent mild volatility and slight decrease noted through early 2025.
Accounts Receivable, Net
General upward trend with some minor declines, indicating increased outstanding credit balances over time.
Receivables Turnover Ratio
Fluctuating but generally declining trend, pointing to slower collection cycles and reduced efficiency in receivables management in recent periods.

Working Capital Turnover

Union Pacific Corp., working capital turnover calculation (quarterly data)

Microsoft Excel
Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data (US$ in millions)
Current assets
Less: Current liabilities
Working capital
 
Operating revenues
Short-term Activity Ratio
Working capital turnover1
Benchmarks
Working Capital Turnover, Competitors2
FedEx Corp.
Uber Technologies Inc.
United Airlines Holdings Inc.
United Parcel Service Inc.

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Working capital turnover = (Operating revenuesQ1 2025 + Operating revenuesQ4 2024 + Operating revenuesQ3 2024 + Operating revenuesQ2 2024) ÷ Working capital
= ( + + + ) ÷ =

2 Click competitor name to see calculations.


Working Capital
The working capital shows significant volatility and predominantly negative values throughout the observed periods. Initially, it improved from -837 million USD in March 2020 to a positive 289 million USD by September 2020, indicating a brief enhancement in liquidity during that time. However, the working capital then deteriorated sharply, reaching a low of -2,193 million USD in December 2021. From 2022 onwards, it fluctuated but remained substantially negative, demonstrating ongoing challenges in short-term asset and liability management. Notably, there was a temporary recovery to a positive 211 million USD in June 2024, but the subsequent periods again showed a decline back into negative territory, ending at -1,683 million USD in March 2025. Overall, this pattern suggests persistent working capital constraints with occasional short-lived improvements.
Operating Revenues
The operating revenues display a general upward trend from March 2020 to September 2022, rising steadily from 5,229 million USD to a peak of 6,566 million USD. This represents growth in revenue despite some fluctuations in interim quarters. From late 2022 through March 2025, revenues largely stabilized around the 6,000 million USD level with slight quarterly variations, indicating a plateau in revenue generation after the initial growth phase. This stability may suggest a mature revenue base or stabilization in the business environment during this latter period.
Working Capital Turnover
The working capital turnover ratio is sparsely reported but indicates an extremely high value of 476.41 at one point and a lower value of 114.4 at a later stage. Such high turnover ratios often reflect very efficient use of working capital relative to sales, but without consistent data across other periods, it is difficult to discern a definitive trend or to reconcile these values with the persistent negative working capital observed. The ratio’s limited data points suggest irregular reporting or calculation challenges.
Overall Financial Trends
The company experienced strengthening operating revenues with growth until late 2022, followed by a period of stabilization. In sharp contrast, working capital consistently remained negative with substantial fluctuations, implying ongoing liquidity management issues or seasonal working capital demands possibly driven by operational or investment activities. The disparity between increasing revenues and negative working capital may indicate reliance on short-term liabilities or other operational factors affecting cash flow and liquidity positions. The incomplete working capital turnover data limits a thorough assessment of operational efficiency from that perspective.

Average Inventory Processing Period

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

Microsoft Excel
Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data
Inventory turnover
Short-term Activity Ratio (no. days)
Average inventory processing period1
Benchmarks (no. days)
Average Inventory Processing Period, Competitors2
FedEx Corp.
United Airlines Holdings Inc.

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ =

2 Click competitor name to see calculations.


The data reveals consistent patterns in the inventory management efficiency over a five-year period, as reflected by the inventory turnover ratio and the average inventory processing period.

Inventory Turnover Ratio
The inventory turnover ratio demonstrated a generally stable yet somewhat fluctuating trend over the observed quarters. Starting at 30.62 in March 2020, it experienced minor declines and increases, reaching a peak of 35.11 in March 2022. Subsequently, the ratio showed a moderate decline and oscillation between the high twenties and low thirties, ultimately stabilizing near 32.46 by March 2025. This pattern indicates a relatively steady ability to manage and sell inventory efficiently, with occasional periods of increased turnover suggesting improved inventory management or higher sales activity.
Average Inventory Processing Period
The average inventory processing period remained consistently low and stable, fluctuating narrowly between 10 and 12 days throughout the timeline. The shortest processing period was 10 days in March 2022, coinciding with one of the highest turnover ratios, implying a strong inverse relationship between these two metrics. Generally, this metric reflects a prompt conversion of inventory, highlighting efficient inventory turnover and minimal holding times.

Overall, the trends suggest effective inventory control with consistent turnover rates and quick processing periods, potentially contributing positively to working capital management. Periodic variations do not reveal any significant deterioration or improvement but rather maintain a reliable operational rhythm in inventory handling.


Average Receivable Collection Period

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

Microsoft Excel
Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data
Receivables turnover
Short-term Activity Ratio (no. days)
Average receivable collection period1
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
FedEx Corp.
Uber Technologies Inc.
United Airlines Holdings Inc.
United Parcel Service Inc.

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =

2 Click competitor name to see calculations.


The data reveals trends in the receivables management efficiency over multiple quarters, focusing on receivables turnover and the average receivable collection period.

Receivables Turnover
The receivables turnover ratio shows fluctuations but generally remains within a moderate range between approximately 11.14 and 13.56. Initially, the ratio decreased from 12.98 to 11.42 over the first nine quarters, indicating a slight decline in the speed at which receivables are collected. However, a recovery is observed thereafter, peaking at 13.56, before tapering down to 12.34 by the end of the observed period. These variations suggest periodic changes in efficiency tied possibly to business cycles or changes in credit policy.
Average Receivable Collection Period
The average collection period, expressed in days, exhibits an inverse trend relative to receivables turnover. It starts around 28 days, rising to a peak of 33 days in mid-2024, indicating slower collection of receivables. Following the peak, the period slightly decreases again to around 30 days. This cycle reflects shifting working capital efficiency, with longer collection periods potentially impacting liquidity during periods of increase.
Overall Interpretation
The inverse relationship between the receivables turnover ratio and the average collection period is consistent with financial principles. Periods of lowered turnover align with increased days outstanding, implying slower collections. The observed fluctuations suggest that receivables management has experienced cycles of effectiveness, possibly influenced by broader market conditions or internal credit management strategies. Stabilization near the end of the data period indicates a potential return to more consistent collection practices.

Operating Cycle

Union Pacific Corp., operating cycle calculation (quarterly data)

No. days

Microsoft Excel
Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Selected Financial Data
Average inventory processing period
Average receivable collection period
Short-term Activity Ratio
Operating cycle1
Benchmarks
Operating Cycle, Competitors2
FedEx Corp.
United Airlines Holdings Inc.

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

1 Q1 2025 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= + =

2 Click competitor name to see calculations.


Average Inventory Processing Period
The average inventory processing period demonstrates relative stability with minor fluctuations over the observed quarters. Beginning around 12 days in early 2020, the metric remains between 10 and 12 days throughout the timeline. Notably, it decreases slightly to 10 days in the first quarter of 2022 before returning closer to 12 days in later quarters. The data suggests consistent inventory turnover efficiency with no significant trends of acceleration or delay.
Average Receivable Collection Period
The average receivable collection period exhibits some variability. Starting near 28 to 30 days in 2020 and 2021, the period fluctuates slightly, peaking around 33 days in the mid-2024 period. It then declines toward approximately 29 to 30 days by the end of the dataset. This pattern indicates periods of longer receivable collection interspersed with improvements, reflecting occasional challenges in receivables management but overall staying within the 27 to 33-day range.
Operating Cycle
The operating cycle, which combines inventory processing and receivable collection durations, mirrors movements seen in its components. It hovers between approximately 38 and 45 days. A peak near 45 days occurs mid-2024, likely influenced by the extended receivable collection periods during that time. Subsequently, the operating cycle decreases back toward 41 days by early 2025. This suggests overall operational efficiency remained fairly stable with moderate variability related mainly to receivable collection trends.