Behind the Rankings
The management of working capital combines two measures, weighted equally:
1. Days of Working Capital (DWC) = (Receivables + Inventory Payables) ÷ (Sales ÷ 365 Days). If payables exceed the sum of receivables and inventory, DWC is negative.
2. Cash Conversion Efficiency (CCE) = Cash Flow from Operations ÷ Sales.
The overall ranking: (Highest Overall CCE Company CCE) ÷ (Highest Overall CCE Lowest Overall CCE) + (Lowest Overall DWC Company DWC) ÷ (Lowest Overall DWC Highest Overall DWC). Days of Sales Outstanding (DSO), Inventory Turns, and Days of Payables Outstanding (DPO) are not part of the overall ranking criteria. Industry averages consider all companies in an industry, not just the top five.
Sources: REL Consultancy Group, Piranha Web
Back to “Forget the Float? — The 2001 Working Capital Survey”
| GENERAL INDUSTRIAL SERVICES | ||||||||||||
| Over- all Rank | Company Name | Prior Year Sales | Cash Conver. Effic. | Days Working Capital | Days Sales Outst. | Inven. Turns | Days Payable Outst. | |||||
| CCE | Rk. | DWC | Rk. | DSO | Rk. | Ts. | Rk. | DPO | Rk. | |||
| 1 | COMDISCO INC | $3,867 | 83% | 1 | 60 | 535 | 71 | 818 | 21 | 139 | 25 | 602 |
| 10 | VIAD CORP | $1,727 | 42% | 9 | 14 | 131 | 18 | 149 | 20 | 144 | 20 | 784 |
| 81 | DELUXE CORP | $1,263 | 18% | 134 | 13 | 126 | 21 | 165 | 51 | 66 | 11 | 959 |
| 92 | CRESCENT OPERATING INC | $718 | 12% | 302 | (18) | 9 | 31 | 265 | 15 | 205 | 73 | 43 |
| 135 | RYDER SYSTEM INC | $5,337 | 15% | 208 | 20 | 166 | 42 | 412 | 47 | 69 | 27 | 529 |
| 166 | WASTE MANAGE- MENT INC NEW | $12,492 | 14% | 230 | 24 | 207 | 50 | 522 | 78 | 36 | 28 | 499 |
| 236 | JOHN H HARLAND CO | $703 | 12% | 294 | 33 | 279 | 36 | 336 | 18 | 172 | 17 | 874 |
| 259 | NATIONAL DATA CORP | $686 | 11% | 312 | 36 | 302 | 73 | 829 | 43 | 77 | 41 | 226 |
| 264 | ADVANCE- PCS | $1,968 | 3% | 817 | (15) | 12 | 46 | 463 | 221 | 7 | 62 | 80 |
| 266 | R R DONN- ELLEY & SONS | $5,183 | 14% | 226 | 52 | 468 | 61 | 688 | 21 | 141 | 23 | 674 |
| 337 | NOVA CORP GA | $1,578 | 6% | 616 | 24 | 202 | 28 | 232 | 210 | 10 | 7 | 986 |
| 349 | ADVO INC | $1,129 | 6% | 677 | 20 | 164 | 32 | 286 | 220 | 8 | 14 | 916 |
| 353 | SODEXHO MARRIOTT SERVICES INC | $4,734 | 6% | 652 | 22 | 191 | 40 | 384 | 62 | 47 | 24 | 647 |
| 365 | CONSOLI- DATED GRAPHICS INC TX | $625 | 13% | 270 | 63 | 571 | 75 | 841 | 12 | 252 | 33 | 375 |
| 366 | SERVICE- MASTER CO | $5,971 | 7% | 603 | 28 | 242 | 33 | 291 | 60 | 49 | 9 | 971 |
| 370 | C H ROBINSON WORLD- WIDE | $2,882 | 3% | 809 | 7 | 79 | 43 | 424 | 980 | 3 | 36 | 301 |
| 397 | WESCO INTER- NATIONAL INC | $3,881 | 4% | 746 | 19 | 161 | 22 | 174 | 7 | 434 | 44 | 189 |
| 402 | CINTAS CORP | $1,902 | 12% | 304 | 64 | 575 | 44 | 435 | 7 | 446 | 11 | 952 |
| 445 | ARAMARK CORP | $7,263 | 5% | 715 | 29 | 249 | 30 | 252 | 16 | 186 | 21 | 740 |
| 514 | IMCO RECYCLING INC | $765 | 7% | 587 | 52 | 474 | 57 | 628 | 9 | 334 | 40 | 248 |
| 515 | LABOR- ATORY CORP OF AMERICA HLDGS | $1,919 | 10% | 365 | 73 | 652 | 77 | 849 | 36 | 87 | 10 | 964 |
| 539 | SED INTER- NATIONAL HLDGS INC | $609 | 2% | 844 | 28 | 239 | 32 | 273 | 10 | 296 | 41 | 234 |
| 554 | HUTTIG BUILDING PRODUCTS INC | $800 | 4% | 762 | 39 | 346 | 40 | 380 | 12 | 262 | 27 | 547 |
| 561 | BOWNE & CO INC | $1,114 | 9% | 453 | 70 | 632 | 77 | 852 | 19 | 153 | 19 | 825 |
| 566 | WORLD FUEL SERVICES CORP | $1,200 | 1% | 900 | 26 | 227 | 43 | 427 | 123 | 20 | 20 | 776 |
| 587 | WACKENHUT CORP | $2,505 | 1% | 886 | 29 | 244 | 33 | 290 | 126 | 18 | 6 | 987 |
| 589 | SAFE- GUARD SCIEN- TIFICS | $2,770 | 2% | 861 | 32 | 266 | 37 | 345 | 22 | 137 | 21 | 725 |
| 593 | U S XPRESS ENTERPR. INC | $708 | 5% | 691 | 52 | 471 | 58 | 648 | 66 | 43 | 10 | 969 |
| 597 | AFFIL- IATED COMPUTER SERVICES INC | $1,963 | 7% | 561 | 67 | 607 | 73 | 827 | 144 | 16 | 9 | 973 |
| 611 | WALLACE COMPUTER SERVICES INC | $1,565 | 9% | 470 | 76 | 682 | 69 | 794 | 9 | 335 | 21 | 722 |
| 635 | QUANTA SERVICES INC | $1,793 | 3% | 782 | 49 | 445 | 94 | 938 | 84 | 34 | 49 | 144 |
| 673 | GTSI CORP | $668 | 1% | 913 | 39 | 343 | 67 | 764 | 15 | 211 | 51 | 126 |
| 678 | DONALDSON CO INC | $1,092 | 8% | 543 | 79 | 702 | 66 | 758 | 7 | 448 | 25 | 600 |
| 689 | KEVCO INC | $840 | 1% | 877 | 45 | 402 | 25 | 201 | 8 | 405 | 29 | 462 |
| 694 | U S OFFICE PRODUCTS CO | $2,499 | 2% | 872 | 46 | 414 | 41 | 400 | 10 | 313 | 23 | 678 |
| 727 | SAFETY KLEEN CORP DE | $1,686 | 6% | 665 | 76 | 688 | 99 | 949 | 31 | 101 | 34 | 344 |
| 745 | CONCORD EFS INC | $1,229 | 24% | 55 | 188 | 989 | 71 | 809 | 1 | 987 | 66 | 62 |
| 757 | ENCOMPASS SERVICES CORP | $4,099 | 2% | 859 | 58 | 524 | 85 | 903 | 93 | 28 | 31 | 418 |
| 774 | INTE- GRATED ELEC- TRICAL SERVICES | $1,672 | 1% | 874 | 59 | 531 | 105 | 960 | 64 | 45 | 50 | 133 |
| 782 | SCHOOL SPECIALTY INC | $639 | 4% | 763 | 74 | 663 | 47 | 481 | 4 | 709 | 27 | 535 |
| 804 | VOLT INFOR- MATION SCIENCES INC | $2,201 | 0% | 945 | 54 | 493 | 66 | 752 | 33 | 95 | 22 | 702 |
| 809 | CELLSTAR CORP | $2,476 | -2% | 970 | 46 | 420 | 54 | 591 | 9 | 347 | 48 | 155 |
| 812 | MASTEC INC | $1,330 | 3% | 798 | 75 | 674 | 97 | 943 | 65 | 44 | 26 | 563 |
| 828 | IKON OFFICE SOLUTIONS INC | $5,447 | 8% | 546 | 104 | 854 | 94 | 936 | 10 | 315 | 14 | 914 |
| 861 | U S A FLORAL PRODUCTS INC | $925 | -1% | 955 | 65 | 588 | 94 | 937 | 19 | 155 | 52 | 120 |
| 877 | AHL SERVICES INC | $814 | -1% | 953 | 69 | 618 | 71 | 819 | 62 | 48 | 7 | 981 |
| 912 | BELL MICRO- PRODUCTS INC | $1,804 | -2% | 979 | 71 | 639 | 62 | 705 | 6 | 536 | 47 | 160 |
| 920 | REYNOLDS & REYNOLDS CO | $924 | 15% | 205 | 177 | 984 | 185 | 994 | 17 | 177 | 23 | 686 |
| 924 | NCS HEALTH- CARE | $695 | -2% | 966 | 83 | 740 | 82 | 886 | 12 | 268 | 25 | 620 |
| 927 | SENSOR- MATIC ELEC. CORP | $1,100 | 10% | 387 | 152 | 962 | 115 | 978 | 3 | 828 | 24 | 639 |
| 936 | ARROW ELECTR. INC | $12,959 | -1% | 959 | 95 | 821 | 66 | 750 | 5 | 638 | 37 | 284 |
| 946 | VALLEY MEDIA INC | $892 | -6% | 995 | 69 | 620 | 70 | 798 | 4 | 701 | 76 | 38 |
| 973 | MSC INDUSTRIAL DIRECT CO INC | $793 | 3% | 787 | 148 | 958 | 47 | 484 | 2 | 974 | 15 | 902 |
| 995 | USEC INC | $1,489 | 13% | 269 | 283 | 998 | 85 | 902 | 1 | 991 | 51 | 129 |
| 999 | AVIATION SALES CO | $672 | -15% | 999 | 236 | 995 | 89 | 920 | 2 | 984 | 38 | 266 |
| 578 | Industry Average | $2,374 | 8% | 63 | 61 | 59 | 30 | |||||
Back to the 2001 Working Capital Survey
