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 EQUIPMENT | ||||||||||||
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. | |||
8 | MAXIM INTEGRATED PRODUCTS INC | $865 | 53% | 5 | 62 | 565 | 59 | 658 | 4 | 729 | 23 | 664 |
210 | ACTUANT CORP | $672 | 20% | 96 | 74 | 665 | 54 | 592 | 4 | 696 | 41 | 225 |
216 | MANITOWOC CO INC | $873 | 9% | 433 | 12 | 114 | 34 | 299 | 7 | 485 | 63 | 76 |
300 | MOLEX INC | $2,217 | 18% | 135 | 83 | 741 | 80 | 871 | 5 | 570 | 37 | 282 |
414 | CTS CORP | $867 | 12% | 298 | 66 | 598 | 58 | 652 | 6 | 486 | 32 | 389 |
490 | AMERICAN STANDARD COS INC | $7,598 | 7% | 609 | 46 | 418 | 50 | 527 | 10 | 292 | 30 | 432 |
495 | JABIL CIRCUIT INC | $3,558 | 4% | 736 | 33 | 278 | 42 | 420 | 9 | 352 | 47 | 158 |
503 | BELDEN INC | $1,135 | 9% | 441 | 63 | 567 | 54 | 593 | 5 | 594 | 45 | 181 |
530 | COMMSCOPE INC | $950 | 10% | 385 | 72 | 644 | 66 | 748 | 13 | 237 | 15 | 901 |
540 | EMERSON ELECTRIC CO | $15,545 | 12% | 281 | 87 | 771 | 64 | 737 | 5 | 662 | 28 | 511 |
571 | STONERIDGE INC | $667 | 8% | 519 | 66 | 592 | 55 | 606 | 7 | 441 | 27 | 548 |
598 | YORK INTER- NATIONAL CORP | $3,897 | 4% | 748 | 48 | 432 | 67 | 768 | 5 | 632 | 78 | 32 |
625 | NACCO INDUSTRIES INC | $2,871 | 5% | 690 | 58 | 514 | 40 | 385 | 6 | 557 | 35 | 324 |
644 | GERBER SCIENTIFIC INC | $611 | 10% | 408 | 87 | 770 | 68 | 775 | 4 | 716 | 30 | 435 |
676 | JLG INDUSTRIES INC | $1,056 | 8% | 500 | 82 | 723 | 69 | 789 | 6 | 513 | 37 | 286 |
702 | LINCOLN ELECTRIC HOLDINGS INC | $1,059 | 10% | 403 | 95 | 820 | 54 | 585 | 4 | 770 | 21 | 757 |
705 | BENCHMARK ELECTR. INC | $1,705 | 5% | 683 | 70 | 626 | 60 | 678 | 6 | 549 | 58 | 95 |
708 | TECUMSEH PRODUCTS CO | $1,650 | 8% | 493 | 87 | 772 | 55 | 614 | 5 | 577 | 26 | 584 |
716 | W W GRAINGER INC | $4,534 | 6% | 627 | 77 | 693 | 41 | 409 | 4 | 739 | 21 | 756 |
723 | METTLER TOLEDO INTER- NATIONAL INC | $1,096 | 8% | 509 | 89 | 789 | 70 | 806 | 5 | 685 | 26 | 573 |
728 | HUBBELL INC | $1,424 | 11% | 315 | 110 | 884 | 53 | 580 | 4 | 819 | 18 | 832 |
732 | VISHAY INTERTECH- NOLOGY INC | $2,465 | 15% | 189 | 134 | 941 | 66 | 749 | 3 | 881 | 20 | 778 |
748 | AVX CORP | $1,630 | 12% | 283 | 118 | 903 | 47 | 486 | 3 | 821 | 15 | 910 |
765 | THOMAS INDUSTRIES INC | $1,008 | 14% | 240 | 128 | 932 | 91 | 927 | 4 | 816 | 50 | 132 |
771 | AMERICAN POWER CONVERSION CORP | $1,484 | 9% | 434 | 104 | 861 | 64 | 724 | 3 | 843 | 24 | 643 |
778 | VALMONT INDUSTRIES INC | $846 | 6% | 646 | 86 | 761 | 63 | 719 | 5 | 569 | 27 | 551 |
781 | SYMBOL TECH- NOLOGIES INC | $1,449 | 8% | 536 | 96 | 824 | 91 | 926 | 3 | 863 | 66 | 65 |
801 | MILLIPORE CORP | $954 | 10% | 361 | 116 | 897 | 87 | 914 | 3 | 844 | 26 | 577 |
805 | GENERAL CABLE CORP NEW | $2,088 | 5% | 682 | 87 | 766 | 63 | 715 | 5 | 661 | 40 | 245 |
808 | COMFORT SYSTEMS USA INC | $1,591 | 1% | 878 | 64 | 583 | 87 | 909 | 54 | 57 | 28 | 513 |
813 | CATERPILLAR INC | $19,702 | 11% | 345 | 121 | 910 | 126 | 985 | 5 | 587 | 55 | 106 |
816 | SOLECTRON CORP | $14,138 | 1% | 920 | 62 | 554 | 48 | 494 | 6 | 539 | 50 | 135 |
843 | AGILENT TECH- NOLOGIES INC | $10,773 | 8% | 539 | 109 | 881 | 67 | 772 | 3 | 872 | 24 | 649 |
846 | PALL CORP | $1,224 | 14% | 223 | 147 | 956 | 101 | 951 | 2 | 926 | 21 | 744 |
848 | COLUMBUS MCKINNON CORP | $736 | 7% | 589 | 106 | 871 | 73 | 834 | 4 | 707 | 30 | 434 |
852 | NORDSON CORP | $741 | 11% | 322 | 133 | 940 | 91 | 928 | 3 | 918 | 25 | 613 |
874 | GRAYBAR ELECTRIC CO INC | $4,300 | -2% | 974 | 61 | 543 | 46 | 473 | 6 | 525 | 38 | 269 |
879 | MILACRON INC | $1,584 | 6% | 664 | 106 | 872 | 50 | 528 | 3 | 860 | 32 | 391 |
883 | WATSCO INC | $1,307 | 3% | 825 | 89 | 788 | 48 | 498 | 4 | 704 | 24 | 648 |
903 | UCAR INTER- NATIONAL INC | $776 | 7% | 551 | 125 | 925 | 69 | 793 | 3 | 899 | 36 | 307 |
925 | INTERGRAPH CORP | $690 | 1% | 923 | 97 | 827 | 104 | 958 | 18 | 170 | 21 | 750 |
926 | SLI INC | $913 | 1% | 884 | 101 | 846 | 78 | 857 | 3 | 829 | 53 | 115 |
929 | KENT ELECTR. CORP | $994 | 1% | 916 | 100 | 840 | 62 | 699 | 4 | 721 | 31 | 406 |
939 | AVNET INC | $9,172 | -1% | 964 | 93 | 810 | 60 | 676 | 5 | 650 | 33 | 370 |
941 | AUDIOVOX CORP | $1,702 | -2% | 975 | 90 | 797 | 71 | 812 | 9 | 358 | 19 | 806 |
945 | ACT MANUFACT- URING INC | $1,371 | -3% | 985 | 86 | 764 | 79 | 866 | 5 | 610 | 72 | 47 |
968 | AGCO CORP DE | $2,336 | 6% | 657 | 157 | 968 | 111 | 969 | 4 | 799 | 37 | 285 |
971 | TEREX CORP | $2,069 | 2% | 831 | 139 | 947 | 74 | 836 | 2 | 930 | 60 | 87 |
978 | THOMAS & BETTS CORP | $1,756 | -3% | 982 | 123 | 918 | 83 | 891 | 3 | 825 | 48 | 147 |
985 | RECOTON CORP | $710 | -3% | 986 | 149 | 960 | 97 | 945 | 3 | 902 | 35 | 321 |
996 | DEERE & CO | $12,982 | 8% | 517 | 269 | 996 | 312 | 998 | 7 | 463 | 83 | 27 |
998 | HARNISCH- FEGER INDUSTRIES INC | $1,118 | -10% | 997 | 217 | 994 | 111 | 970 | 2 | 977 | 49 | 140 |
734 | Industry Average | $3,067 | 7% | 98 | 73 | 6 | 37 |