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”
INDUSTRIAL DIVERSIFIED | ||||||||||||
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. | |||
247 | INGERSOLL RAND CO | $7,667 | 11% | 335 | 31 | 265 | 57 | 623 | 6 | 489 | 67 | 55 |
260 | DOVER CORP | $4,446 | 21% | 85 | 91 | 798 | 59 | 657 | 5 | 678 | 19 | 808 |
288 | GRAPHIC PACKAGING INTNL. | $831 | 19% | 112 | 88 | 778 | 42 | 417 | 5 | 595 | 27 | 552 |
343 | PPG INDUS. INC | $8,629 | 11% | 326 | 52 | 472 | 68 | 777 | 5 | 634 | 61 | 82 |
350 | FMC CORP | $3,926 | 10% | 409 | 44 | 395 | 62 | 704 | 7 | 482 | 59 | 92 |
374 | TYCO INTNL LTD BERMUDA | $28,932 | 15% | 195 | 80 | 717 | 71 | 811 | 5 | 641 | 39 | 261 |
385 | PAXAR CORP | $645 | 11% | 339 | 58 | 520 | 63 | 713 | 5 | 674 | 54 | 109 |
473 | HARSCO CORP | $2,003 | 12% | 292 | 75 | 675 | 70 | 797 | 8 | 403 | 31 | 415 |
480 | DANAHER CORP | $3,778 | 13% | 266 | 80 | 720 | 63 | 718 | 6 | 562 | 23 | 677 |
481 | IDEX CORP | $704 | 14% | 220 | 88 | 786 | 53 | 577 | 4 | 785 | 23 | 669 |
483 | BARNES GROUP INC | $740 | 10% | 417 | 62 | 564 | 51 | 549 | 6 | 508 | 28 | 500 |
504 | BRIGGS & STRATTON CORP | $1,591 | 8% | 537 | 54 | 491 | 39 | 369 | 8 | 401 | 26 | 586 |
528 | AEP INDUS. INC | $701 | 6% | 633 | 50 | 449 | 56 | 616 | 7 | 449 | 47 | 159 |
565 | CRANE CO | $1,491 | 13% | 274 | 92 | 808 | 52 | 559 | 4 | 767 | 21 | 734 |
596 | COOPER INDUS. INC | $4,460 | 10% | 368 | 84 | 746 | 67 | 762 | 4 | 695 | 38 | 272 |
599 | ILLINOIS TOOL WORKS INC | $9,984 | 11% | 341 | 88 | 787 | 63 | 716 | 5 | 572 | 18 | 844 |
614 | TENNECO AUTO. INC | $3,549 | 5% | 689 | 56 | 506 | 52 | 568 | 6 | 526 | 41 | 221 |
618 | TIMKEN CO | $2,643 | 9% | 436 | 81 | 722 | 49 | 509 | 4 | 694 | 33 | 380 |
638 | PITT DES MOINES INC | $629 | 3% | 816 | 46 | 417 | 62 | 706 | 16 | 189 | 36 | 309 |
660 | HONEYWELL INTNL INC | $25,023 | 9% | 458 | 83 | 742 | 63 | 712 | 5 | 603 | 33 | 378 |
677 | SPS TECH- NOLOGIES INC | $873 | 10% | 400 | 91 | 802 | 55 | 605 | 4 | 711 | 29 | 461 |
679 | COOPER CAMERON CORP | $1,387 | 8% | 523 | 80 | 716 | 70 | 796 | 3 | 911 | 90 | 21 |
751 | GRIFFON CORP | $1,118 | 2% | 849 | 59 | 530 | 45 | 458 | 8 | 404 | 22 | 705 |
752 | NATIONAL SERVICE INDUS. INC | $2,566 | 5% | 700 | 76 | 685 | 59 | 668 | 6 | 519 | 19 | 798 |
761 | SPX CORP | $2,679 | 6% | 656 | 82 | 736 | 77 | 850 | 6 | 551 | 39 | 255 |
764 | PARKER HANNIFIN CORP | $5,355 | 9% | 460 | 100 | 841 | 56 | 615 | 4 | 744 | 25 | 597 |
768 | ALPINE GROUP INC | $1,370 | 8% | 506 | 96 | 825 | 61 | 683 | 5 | 591 | 38 | 265 |
803 | WOLVERINE TUBE INC | $700 | 5% | 720 | 82 | 732 | 47 | 485 | 6 | 561 | 23 | 675 |
815 | STANLEY WORKS | $2,749 | 6% | 625 | 94 | 816 | 71 | 813 | 5 | 671 | 28 | 501 |
831 | KENNAMETAL INC | $1,854 | 10% | 382 | 119 | 905 | 54 | 588 | 3 | 906 | 22 | 707 |
850 | UNOVA INC | $1,838 | 3% | 821 | 82 | 730 | 113 | 975 | 5 | 655 | 89 | 22 |
869 | STANDEX INTER- NATIONAL CORP | $637 | 6% | 644 | 105 | 866 | 58 | 644 | 4 | 807 | 21 | 733 |
871 | METALS USA INC | $2,022 | 2% | 870 | 80 | 712 | 32 | 277 | 4 | 804 | 28 | 497 |
884 | BLOUNT INTNL. INC | $828 | 6% | 673 | 106 | 869 | 67 | 767 | 5 | 691 | 19 | 823 |
908 | U S INDUS. INC NEW | $3,088 | 3% | 777 | 103 | 852 | 68 | 776 | 4 | 752 | 27 | 539 |
933 | FLOWSERVE CORP | $1,538 | 5% | 717 | 125 | 924 | 89 | 922 | 4 | 803 | 31 | 423 |
949 | ALBANY INTNL. CORP | $853 | 13% | 246 | 185 | 987 | 102 | 953 | 2 | 958 | 18 | 848 |
960 | SGL CARBON AG | $982 | 8% | 518 | 163 | 975 | 79 | 869 | 2 | 941 | 25 | 610 |
976 | PARK OHIO HOLDINGS CORP | $717 | -1% | 954 | 129 | 937 | 64 | 732 | 3 | 870 | 36 | 296 |
997 | SPECIAL METALS CORP | $602 | 7% | 565 | 281 | 997 | 110 | 968 | 2 | 973 | 46 | 174 |
657 | Industry Average | $3,653 | 9% | 91 | 63 | 5 | 35 |