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”
FOOD & BEVERAGE | ||||||||||||
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. | |||
40 | COCA COLA CO | $20,458 | 18% | 127 | (15) | 11 | 32 | 284 | 6 | 537 | 66 | 63 |
59 | PEPSICO INC | $20,438 | 16% | 173 | (14) | 14 | 34 | 311 | 9 | 339 | 64 | 72 |
72 | ANHEUSER BUSCH COS INC | $12,262 | 19% | 121 | 10 | 92 | 19 | 155 | 12 | 258 | 29 | 483 |
87 | RALSTON PURINA CO | $2,763 | 20% | 103 | 26 | 224 | 53 | 578 | 7 | 465 | 67 | 56 |
149 | COCA COLA ENTERPRISES INC | $14,750 | 9% | 452 | (10) | 17 | 34 | 309 | 15 | 209 | 60 | 88 |
158 | GENERAL MILLS INC | $6,700 | 11% | 317 | 6 | 76 | 27 | 216 | 6 | 531 | 46 | 169 |
162 | CAMPBELL SOUP CO | $6,267 | 16% | 178 | 33 | 277 | 31 | 264 | 5 | 597 | 29 | 463 |
198 | PEPSI BOTTLING GROUP INC | $7,982 | 10% | 415 | 9 | 87 | 40 | 375 | 15 | 204 | 45 | 185 |
208 | ADOLPH COORS CO | $2,414 | 10% | 390 | 13 | 121 | 18 | 151 | 12 | 264 | 26 | 585 |
214 | WM WRIGLEY JR CO | $2,146 | 18% | 131 | 62 | 558 | 32 | 281 | 4 | 818 | 15 | 896 |
220 | DEAN FOODS CO | $4,066 | 8% | 474 | 7 | 81 | 29 | 242 | 17 | 183 | 39 | 258 |
238 | COCA COLA BOTTLING CO CONSOLI- DATED | $995 | 8% | 481 | 13 | 128 | 28 | 223 | 13 | 245 | 31 | 421 |
269 | PEPSI- AMERICAS INC NEW | $2,528 | 10% | 398 | 27 | 234 | 38 | 350 | 11 | 287 | 31 | 416 |
274 | KEEBLER FOODS CO | $2,757 | 8% | 542 | 16 | 142 | 13 | 105 | 6 | 501 | 21 | 745 |
286 | KELLOGG CO | $6,955 | 12% | 306 | 42 | 375 | 36 | 332 | 7 | 445 | 19 | 807 |
297 | SUIZA FOODS CORP | $5,756 | 6% | 650 | 13 | 122 | 38 | 351 | 18 | 166 | 42 | 210 |
341 | AGRIBRANDS INTER- NATIONAL INC | $1,193 | 5% | 707 | 15 | 135 | 24 | 188 | 12 | 259 | 35 | 317 |
355 | EARTHGRAINS CO | $2,039 | 6% | 613 | 26 | 222 | 38 | 358 | 14 | 228 | 28 | 512 |
371 | DREYER S GRAND ICE CREAM INC | $1,194 | 5% | 724 | 17 | 152 | 27 | 215 | 15 | 200 | 28 | 496 |
428 | PILGRIM S PRIDE CORP | $1,499 | 7% | 580 | 40 | 352 | 19 | 156 | 8 | 419 | 22 | 696 |
440 | SARA LEE CORP | $17,511 | 9% | 456 | 53 | 476 | 34 | 301 | 4 | 741 | 35 | 319 |
449 | IBP INC | $16,950 | 2% | 843 | 15 | 136 | 17 | 141 | 24 | 125 | 17 | 872 |
462 | CBR BREWING CO INC | $986 | 8% | 527 | 49 | 444 | 35 | 314 | 12 | 263 | 11 | 947 |
472 | HORMEL FOODS CORP | $3,675 | 6% | 637 | 41 | 364 | 28 | 233 | 9 | 325 | 15 | 888 |
477 | MCCORMICK & CO INC | $2,124 | 10% | 421 | 61 | 547 | 44 | 441 | 5 | 615 | 29 | 472 |
484 | INTER- NATIONAL MULTIFOODS CORP | $2,385 | 2% | 832 | 20 | 173 | 19 | 154 | 13 | 241 | 24 | 632 |
508 | H J HEINZ CO | $9,408 | 9% | 446 | 64 | 573 | 45 | 456 | 4 | 754 | 39 | 262 |
519 | FLOWERS INDUSTRIES INC | $4,236 | 4% | 726 | 38 | 335 | 32 | 287 | 6 | 541 | 26 | 578 |
548 | SENSIENT TECH- NOLOGIES CORP | $920 | 11% | 323 | 82 | 725 | 54 | 582 | 3 | 886 | 56 | 101 |
551 | TYSON FOODS INC | $7,158 | 7% | 550 | 60 | 538 | 29 | 246 | 6 | 507 | 18 | 847 |
560 | CORN PRODUCTS INTER- NATIONAL INC | $1,865 | 10% | 391 | 75 | 680 | 55 | 607 | 7 | 455 | 25 | 616 |
569 | HERSHEY FOODS CORP | $4,221 | 9% | 459 | 71 | 635 | 34 | 308 | 4 | 699 | 13 | 936 |
572 | RALCORP HOLDINGS INC NEW | $809 | 6% | 661 | 53 | 484 | 36 | 333 | 6 | 563 | 33 | 381 |
578 | CONAGRA FOODS INC | $25,386 | 5% | 714 | 48 | 431 | 24 | 185 | 6 | 554 | 30 | 447 |
580 | SMITHFIELD FOODS INC | $5,150 | 3% | 818 | 37 | 312 | 22 | 176 | 10 | 308 | 20 | 765 |
582 | IMPERIAL SUGAR CO TX | $1,821 | 3% | 807 | 38 | 323 | 18 | 148 | 8 | 402 | 23 | 663 |
665 | BROWN FORMAN CORP | $2,134 | 11% | 329 | 98 | 832 | 50 | 536 | 2 | 969 | 45 | 176 |
666 | J M SMUCKER CO | $632 | 8% | 526 | 78 | 701 | 33 | 292 | 3 | 823 | 23 | 665 |
684 | ARCHER DANIELS MIDLAND CO | $12,877 | 6% | 626 | 72 | 640 | 52 | 554 | 5 | 640 | 50 | 136 |
690 | DEL MONTE FOODS CO | $1,462 | 4% | 728 | 62 | 557 | 30 | 259 | 3 | 922 | 65 | 67 |
707 | AURORA FOODS INC DE | $1,000 | 2% | 845 | 52 | 470 | 37 | 347 | 4 | 749 | 29 | 484 |
718 | VLASIC FOODS INTER- NATIONAL INC | $902 | 1% | 875 | 50 | 453 | 28 | 237 | 5 | 629 | 29 | 491 |
755 | DOLE FOOD CO INC | $4,763 | 3% | 811 | 64 | 579 | 47 | 482 | 8 | 391 | 22 | 715 |
793 | CHIQUITA BRANDS INTER- NATIONAL INC | $2,254 | 1% | 905 | 59 | 532 | 29 | 249 | 5 | 627 | 31 | 419 |
901 | SEABOARD CORP | $1,584 | 0% | 933 | 83 | 737 | 50 | 530 | 7 | 469 | 16 | 883 |
904 | SENECA FOODS CORP | $605 | 6% | 671 | 114 | 894 | 24 | 191 | 3 | 869 | 26 | 583 |
954 | CONSTEL- LATION BRANDS INC | $2,340 | 5% | 685 | 144 | 951 | 51 | 541 | 2 | 947 | 22 | 718 |
451 | Industry Average | $5,539 | 8% | 43 | 33 | 8 | 32 |