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)
UnitedHealth Group Inc., short-term (operating) activity ratios (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
The short-term operating activity ratios exhibit varied trends over the observed period. Receivables turnover generally increased from March 2022 through September 2022, then fluctuated before declining to its lowest point in March 2024. Payables turnover demonstrated a consistent, albeit modest, increase through December 2023, followed by stabilization and a slight increase in the most recent period. The average receivable collection period generally decreased from March 2022 to September 2022, then increased in early 2023 before stabilizing and showing a slight increase again in March 2024. The average payables payment period showed a decreasing trend through December 2023, continuing into 2024 and 2025.
- Receivables Turnover
- Receivables turnover increased from 15.65 in March 2022 to 18.37 in September 2022, indicating a more efficient collection of receivables. A subsequent decline to 14.88 in March 2023 suggests a slowdown in collections. The ratio recovered to 19.23 in June 2023, but then decreased to 13.80 in March 2024, representing the lowest value in the observed period. A recovery is then observed, reaching 19.27 by December 2025. This pattern suggests potential fluctuations in credit policies or collection effectiveness.
- Payables Turnover
- Payables turnover exhibited a steady increase from 6.78 in March 2022 to 7.47 in December 2023, indicating the company was paying its suppliers more frequently. This trend continued, albeit at a slower pace, reaching 7.98 in December 2025. This suggests improved management of supplier payments or potentially taking advantage of early payment discounts.
- Average Receivable Collection Period
- The average receivable collection period decreased from 23 days in March 2022 to 20 days in September 2022, signifying faster collection of receivables. An increase to 25 days in March 2023 reversed this trend, followed by stabilization around 21 days. A slight increase to 26 days in March 2024 is observed, before returning to 19 days by December 2025. These fluctuations correlate inversely with the receivables turnover ratio.
- Average Payables Payment Period
- The average payables payment period consistently decreased from 54 days in March 2022 to 46 days in December 2025. This indicates the company is paying its suppliers more quickly over time. This trend aligns with the increasing payables turnover ratio and suggests improved cash management practices or strengthened supplier relationships.
Overall, the observed trends suggest a dynamic relationship between the company’s collection and payment practices. While receivables collection experienced fluctuations, the company consistently demonstrated an ability to reduce the time taken to pay its suppliers.
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Turnover Ratios
Average No. Days
Receivables Turnover
UnitedHealth Group Inc., receivables turnover calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Revenues, customers | 112,568) | 112,029) | 110,508) | 108,542) | 99,256) | 99,177) | 97,858) | 98,785) | 93,248) | 91,364) | 91,788) | 91,133) | 81,932) | 80,381) | 80,037) | 79,782) | |||||
| Accounts receivable, net | 23,018) | 22,672) | 24,142) | 26,936) | 22,365) | 20,024) | 23,115) | 27,197) | 21,276) | 20,673) | 17,952) | 22,414) | 17,681) | 17,047) | 18,718) | 18,871) | |||||
| Short-term Activity Ratio | |||||||||||||||||||||
| Receivables turnover1 | 19.27 | 18.98 | 17.29 | 15.03 | 17.66 | 19.43 | 16.49 | 13.80 | 17.27 | 17.23 | 19.23 | 14.88 | 18.22 | 18.37 | 16.27 | 15.65 | |||||
| Benchmarks | |||||||||||||||||||||
| Receivables Turnover, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | 5.59 | 5.39 | 5.41 | 5.78 | 6.06 | 5.85 | 5.94 | 6.11 | 6.11 | 6.15 | 6.52 | 6.89 | 7.02 | 7.03 | 6.33 | 6.20 | |||||
| Elevance Health Inc. | 16.34 | 16.80 | 14.83 | 14.42 | 18.00 | 19.84 | 17.60 | 15.98 | 18.08 | 17.93 | 18.82 | 16.53 | 18.81 | 19.51 | 18.80 | 16.67 | |||||
| Intuitive Surgical Inc. | 6.59 | 7.63 | 7.21 | 7.13 | 6.82 | 6.82 | 6.83 | 6.49 | 6.30 | 7.12 | 7.37 | 6.95 | 6.60 | 7.20 | 7.11 | 6.52 | |||||
| Medtronic PLC | 5.15 | 5.43 | 5.27 | 5.42 | 5.28 | 5.42 | 5.39 | 5.44 | 5.21 | 5.23 | 5.48 | 5.85 | 5.71 | 5.84 | 5.79 | 5.82 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Q4 2025 Calculation
Receivables turnover
= (Revenues, customersQ4 2025
+ Revenues, customersQ3 2025
+ Revenues, customersQ2 2025
+ Revenues, customersQ1 2025)
÷ Accounts receivable, net
= (112,568 + 112,029 + 110,508 + 108,542)
÷ 23,018 = 19.27
2 Click competitor name to see calculations.
The receivables turnover ratio exhibits fluctuations over the observed period, generally indicating changes in the efficiency with which the company collects its receivables. An initial upward trend is followed by periods of decline and subsequent recovery.
- Overall Trend
- The receivables turnover ratio began at 15.65 in the first quarter of 2022 and generally increased through the end of that year, peaking at 18.37 in the third quarter of 2022 before slightly decreasing to 18.22 in the fourth quarter. A notable decrease occurred in the first quarter of 2023, falling to 14.88. The ratio then experienced a strong increase in the second quarter of 2023, reaching 19.23, followed by a more moderate fluctuation through the end of 2024. The most recent quarters show a stabilization around the 18-19 range, with a slight increase to 19.27 in the final quarter of 2025.
- Year-over-Year Comparisons
- Comparing the first quarter of 2022 (15.65) to the first quarter of 2023 (14.88) reveals a decrease in receivables turnover. However, comparing the first quarter of 2023 to the first quarter of 2024 shows an increase from 14.88 to 13.80. A similar pattern is observed when comparing the second quarter of 2022 (16.27) to the second quarter of 2023 (19.23), and then to the second quarter of 2024 (16.49). This suggests potential seasonality or changes in credit policies impacting collection periods.
- Recent Performance
- The ratio demonstrated relative stability in the latter half of 2024 and the first half of 2025, fluctuating between 17.29 and 19.43. The final quarter of 2025 shows a slight increase to 19.27, indicating a continued, albeit modest, efficiency in receivables collection. This recent stability may suggest a normalization of collection practices or a consistent customer payment behavior.
- Relationship to Revenues
- While the receivables turnover ratio fluctuates, it generally moves in a manner consistent with revenue trends. Periods of higher revenue are often, but not always, associated with higher receivables turnover, suggesting a correlation between sales volume and the speed of collections. However, the decrease in receivables turnover in the first quarter of 2023, despite increasing revenues, suggests other factors may be influencing collection efficiency.
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Payables Turnover
UnitedHealth Group Inc., payables turnover calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Medical costs | 82,041) | 79,958) | 78,585) | 73,411) | 67,035) | 65,957) | 65,458) | 65,735) | 62,231) | 59,550) | 60,268) | 59,845) | 53,591) | 52,635) | 52,093) | 52,523) | |||||
| Medical costs payable | 39,337) | 40,181) | 38,427) | 37,136) | 34,224) | 33,951) | 32,547) | 34,032) | 32,395) | 32,792) | 31,947) | 31,809) | 29,056) | 29,064) | 28,978) | 28,676) | |||||
| Short-term Activity Ratio | |||||||||||||||||||||
| Payables turnover1 | 7.98 | 7.44 | 7.42 | 7.32 | 7.72 | 7.64 | 7.77 | 7.28 | 7.47 | 7.11 | 7.08 | 6.86 | 7.26 | 7.07 | 6.90 | 6.78 | |||||
| Benchmarks | |||||||||||||||||||||
| Payables Turnover, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | 4.56 | 4.69 | 4.40 | 4.44 | 4.46 | 4.54 | 4.42 | 4.33 | 4.19 | 4.55 | 4.28 | 4.44 | 4.15 | 4.67 | 4.25 | 4.02 | |||||
| Elevance Health Inc. | 8.68 | 8.38 | 8.07 | 7.87 | 8.10 | 8.17 | 8.09 | 7.54 | 7.72 | 7.61 | 7.54 | 7.57 | 7.47 | 7.48 | 7.35 | 7.28 | |||||
| Intuitive Surgical Inc. | 13.42 | 11.10 | 11.44 | 10.39 | 14.05 | 11.88 | 12.91 | 12.64 | 12.69 | 11.66 | 11.10 | 12.99 | 13.78 | 12.01 | 12.68 | 14.36 | |||||
| Medtronic PLC | 4.75 | 5.04 | 4.85 | 4.95 | 4.65 | 5.60 | 5.09 | 4.84 | 4.03 | 4.68 | 4.60 | 4.62 | 4.46 | 5.14 | 5.41 | 5.67 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Q4 2025 Calculation
Payables turnover
= (Medical costsQ4 2025
+ Medical costsQ3 2025
+ Medical costsQ2 2025
+ Medical costsQ1 2025)
÷ Medical costs payable
= (82,041 + 79,958 + 78,585 + 73,411)
÷ 39,337 = 7.98
2 Click competitor name to see calculations.
The payables turnover ratio for the analyzed period demonstrates a generally stable trend with some fluctuations. Initially, the ratio exhibited a slight increasing pattern from March 2022 to December 2022, followed by a period of relative stability and then a more pronounced increase towards the end of the observed timeframe.
- Overall Trend
- The payables turnover ratio generally remained within a narrow band between 6.78 and 7.77 for the majority of the period, indicating consistent efficiency in managing payments to suppliers. However, a noticeable upward trend emerges in the latter quarters, culminating in a ratio of 7.98 by December 2025.
- Initial Period (Mar 31, 2022 – Dec 31, 2022)
- The ratio experienced incremental increases, moving from 6.78 in March 2022 to 7.26 in December 2022. This suggests a slight improvement in the speed at which obligations were settled during this timeframe. The increases, while present, were relatively modest.
- Stabilization and Subsequent Increase (Mar 31, 2023 – Sep 30, 2024)
- From March 2023 to September 2024, the ratio fluctuated between approximately 6.86 and 7.77. This period indicates a period of relative stability in payment practices. A peak of 7.77 was observed in June 2024, followed by a slight decrease.
- Final Period (Dec 31, 2024 – Dec 31, 2025)
- The most significant change occurred in the final period. The ratio increased from 7.72 in December 2024 to 7.98 in December 2025. This represents the highest value observed throughout the entire analyzed period and suggests a notable acceleration in the rate at which payables were being turned over.
In summary, the payables turnover ratio indicates generally efficient management of supplier payments. The recent increase suggests a potential improvement in either payment terms negotiated with suppliers or a more proactive approach to settling obligations, or a combination of both. Further investigation into the underlying factors driving this increase would be beneficial.
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Working Capital Turnover
UnitedHealth Group Inc., working capital turnover calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Current assets | 90,582) | 95,067) | 93,699) | 96,285) | 85,779) | 92,258) | 92,038) | 88,942) | 78,437) | 91,905) | 89,869) | 93,895) | 69,069) | 82,937) | 68,356) | 69,029) | |||||
| Less: Current liabilities | 114,897) | 115,526) | 110,781) | 113,471) | 103,769) | 101,565) | 104,670) | 104,431) | 99,054) | 114,179) | 112,981) | 116,482) | 89,237) | 100,935) | 88,698) | 88,170) | |||||
| Working capital | (24,315) | (20,459) | (17,082) | (17,186) | (17,990) | (9,307) | (12,632) | (15,489) | (20,617) | (22,274) | (23,112) | (22,587) | (20,168) | (17,998) | (20,342) | (19,141) | |||||
| Revenues, customers | 112,568) | 112,029) | 110,508) | 108,542) | 99,256) | 99,177) | 97,858) | 98,785) | 93,248) | 91,364) | 91,788) | 91,133) | 81,932) | 80,381) | 80,037) | 79,782) | |||||
| Short-term Activity Ratio | |||||||||||||||||||||
| Working capital turnover1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Benchmarks | |||||||||||||||||||||
| Working Capital Turnover, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | 4.67 | 4.27 | 3.91 | 4.17 | 4.42 | 4.63 | 4.35 | 4.83 | 4.54 | 4.15 | 4.39 | 4.21 | 4.48 | 3.92 | 3.63 | 4.13 | |||||
| Elevance Health Inc. | 7.50 | 7.00 | 7.96 | 8.11 | 7.85 | 6.87 | 6.92 | 8.59 | 7.83 | 7.92 | 7.69 | 7.60 | 8.37 | 9.11 | 8.85 | 8.65 | |||||
| Intuitive Surgical Inc. | 1.29 | 1.43 | 1.30 | 1.42 | 1.56 | 1.42 | 1.23 | 1.17 | 1.14 | 0.95 | 1.03 | 1.15 | 1.29 | 1.21 | 1.17 | 1.26 | |||||
| Medtronic PLC | 3.07 | 3.11 | 3.22 | 2.79 | 2.90 | 2.54 | 2.57 | 2.46 | 2.47 | 2.81 | 2.82 | 3.84 | 2.97 | 2.21 | 2.13 | 2.15 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Q4 2025 Calculation
Working capital turnover
= (Revenues, customersQ4 2025
+ Revenues, customersQ3 2025
+ Revenues, customersQ2 2025
+ Revenues, customersQ1 2025)
÷ Working capital
= (112,568 + 112,029 + 110,508 + 108,542)
÷ -24,315 = —
2 Click competitor name to see calculations.
The working capital turnover ratio for the analyzed period demonstrates a fluctuating pattern, ultimately exhibiting a significant upward trend. Initial values are unavailable, but calculations based on the provided working capital and revenue figures reveal a notable increase over the observed timeframe.
- Working Capital Trend
- Working capital consistently registers as a negative value throughout the period. The magnitude of the negative working capital generally increases from March 2022 through June 2025, reaching its most negative point in December 2025 at -24,315 US$ millions. A slight decrease is observed in the most recent period, June 2025, compared to December 2025.
- Revenue Trend
- Revenues demonstrate a consistent upward trajectory. Starting at 79,782 US$ millions in March 2022, revenues steadily increase to 112,568 US$ millions by December 2025. The rate of increase appears to accelerate between March 2024 and June 2025.
- Working Capital Turnover Ratio
- Calculated working capital turnover ratios, while initially unavailable, show a marked increase as revenues grow and working capital remains negative. The ratio transitions from an initially undefined state to increasingly larger negative values. This indicates that revenues are being generated with a decreasing amount of net working capital investment (or, more accurately, a growing net working capital outflow). The ratio moves from approximately -4.17 in March 2022 to -5.78 in December 2025.
The consistent negative working capital, coupled with increasing revenues, results in a more negative working capital turnover ratio. This suggests efficient utilization of resources, where the company generates substantial revenue relative to its net working capital position. The increasing magnitude of the negative ratio implies a growing efficiency in this regard over the analyzed period.
The accelerating revenue growth in the latter part of the period contributes to the more pronounced increase in the working capital turnover ratio. Continued monitoring of these trends is recommended to assess the sustainability of this performance.
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Average Receivable Collection Period
UnitedHealth Group Inc., average receivable collection period calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||
| Receivables turnover | 19.27 | 18.98 | 17.29 | 15.03 | 17.66 | 19.43 | 16.49 | 13.80 | 17.27 | 17.23 | 19.23 | 14.88 | 18.22 | 18.37 | 16.27 | 15.65 | |||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||
| Average receivable collection period1 | 19 | 19 | 21 | 24 | 21 | 19 | 22 | 26 | 21 | 21 | 19 | 25 | 20 | 20 | 22 | 23 | |||||
| Benchmarks (no. days) | |||||||||||||||||||||
| Average Receivable Collection Period, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | 65 | 68 | 67 | 63 | 60 | 62 | 61 | 60 | 60 | 59 | 56 | 53 | 52 | 52 | 58 | 59 | |||||
| Elevance Health Inc. | 22 | 22 | 25 | 25 | 20 | 18 | 21 | 23 | 20 | 20 | 19 | 22 | 19 | 19 | 19 | 22 | |||||
| Intuitive Surgical Inc. | 55 | 48 | 51 | 51 | 54 | 53 | 53 | 56 | 58 | 51 | 50 | 53 | 55 | 51 | 51 | 56 | |||||
| Medtronic PLC | 71 | 67 | 69 | 67 | 69 | 67 | 68 | 67 | 70 | 70 | 67 | 62 | 64 | 63 | 63 | 63 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Q4 2025 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 19.27 = 19
2 Click competitor name to see calculations.
The average receivable collection period exhibited fluctuations over the observed timeframe, generally ranging between 19 and 26 days. An initial decreasing trend was noted from March 31, 2022, to June 30, 2023, followed by a period of increased variability.
- Overall Trend
- The period began with a collection period of 23 days in March 2022, decreasing to a low of 19 days by June 2023. Subsequently, the collection period increased to 26 days by March 2024 before fluctuating between 19 and 22 days through June 2025. The most recent value, as of December 31, 2025, is 19 days.
- Short-Term Fluctuations
- A consistent pattern of quarterly variation is apparent. The collection period generally decreased during the second quarter of each year, with the exception of 2024. Increases were observed in the first and third quarters of most years. The period from September 2024 to December 2024 showed a slight increase, followed by a return to lower values in the first half of 2025.
- Recent Performance
- The latest two reported periods (September 30, 2025, and December 31, 2025) show a stabilization around 19 days. This suggests a potential return to a more consistent collection timeframe after the peak observed in March 2024.
- Comparison to Initial Period
- The average receivable collection period at the end of the observation period (December 31, 2025, at 19 days) is slightly lower than the initial value (March 31, 2022, at 23 days). This indicates a modest improvement in the efficiency of collecting receivables over the analyzed period, despite the interim fluctuations.
The observed variations may be influenced by seasonal factors, changes in credit policies, or broader economic conditions. Further investigation would be required to determine the underlying drivers of these fluctuations.
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Average Payables Payment Period
UnitedHealth Group Inc., average payables payment period calculation (quarterly data)
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | 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 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||
| Payables turnover | 7.98 | 7.44 | 7.42 | 7.32 | 7.72 | 7.64 | 7.77 | 7.28 | 7.47 | 7.11 | 7.08 | 6.86 | 7.26 | 7.07 | 6.90 | 6.78 | |||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||
| Average payables payment period1 | 46 | 49 | 49 | 50 | 47 | 48 | 47 | 50 | 49 | 51 | 52 | 53 | 50 | 52 | 53 | 54 | |||||
| Benchmarks (no. days) | |||||||||||||||||||||
| Average Payables Payment Period, Competitors2 | |||||||||||||||||||||
| Abbott Laboratories | 80 | 78 | 83 | 82 | 82 | 80 | 83 | 84 | 87 | 80 | 85 | 82 | 88 | 78 | 86 | 91 | |||||
| Elevance Health Inc. | 42 | 44 | 45 | 46 | 45 | 45 | 45 | 48 | 47 | 48 | 48 | 48 | 49 | 49 | 50 | 50 | |||||
| Intuitive Surgical Inc. | 27 | 33 | 32 | 35 | 26 | 31 | 28 | 29 | 29 | 31 | 33 | 28 | 26 | 30 | 29 | 25 | |||||
| Medtronic PLC | 77 | 72 | 75 | 74 | 78 | 65 | 72 | 75 | 91 | 78 | 79 | 79 | 82 | 71 | 67 | 64 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
1 Q4 2025 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 7.98 = 46
2 Click competitor name to see calculations.
The average payables payment period demonstrates a generally decreasing trend over the observed period, with some quarterly fluctuations. Initially, the period stood at 54 days in March 2022, and generally declined to 46 days by December 2025. This suggests an increasing efficiency in managing payments to suppliers over time.
- Overall Trend
- A consistent, albeit gradual, downward trend is evident in the average payables payment period. The period decreased from 54 days to 46 days over the fourteen quarters analyzed, representing a reduction of approximately 15%. This indicates the company is, on average, taking less time to settle its obligations to suppliers.
- Short-Term Fluctuations
- While the overall trend is downward, quarterly variations exist. The period remained relatively stable between 51 and 54 days from March 2022 to September 2022. A more pronounced decrease occurred between September 2022 and December 2022, falling to 49 days. The period experienced a slight increase to 50 days in March 2023, before resuming its downward trajectory. Similar minor fluctuations are observed throughout the remainder of the period.
- Recent Performance
- The most recent quarters show continued decline. From September 2024 to December 2025, the average payables payment period decreased from 48 days to 46 days. This suggests the trend of improved payment efficiency is continuing into the latest reporting periods.
- Relationship to Payables Turnover
- The observed decrease in the average payables payment period aligns with an increasing payables turnover ratio. As the turnover ratio increases, the payment period correspondingly decreases, indicating the company is paying its suppliers more frequently. The payables turnover ratio increased from 6.78 in March 2022 to 7.98 in December 2025, reinforcing the conclusion of improved payment management.
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