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”
TECHNOLOGY, HARDWARE & EQUIPMENT | ||||||||||||
Over- all Rank | Company Name | Prior Year Sales | Cash Conver. Effic. | Days Working Cap. | Days Sales Outst. | Inven. Turns | Days Payable Outst. | |||||
CCE | Rk. | DWC | Rk. | DSO | Rk. | Ts. | Rk. | DPO | Rk. | |||
6 | LINEAR TECH- NOLOGY CORP | $706 | 58% | 3 | 49 | 443 | 44 | 438 | 9 | 364 | 7 | 984 |
17 | ALTERA CORP | $1,377 | 43% | 8 | 70 | 630 | 38 | 360 | 3 | 836 | 15 | 898 |
25 | INTEL CORP | $33,726 | 35% | 18 | 48 | 436 | 47 | 475 | 7 | 447 | 20 | 781 |
27 | CISCO SYSTEMS INC | $18,928 | 34% | 20 | 54 | 486 | 46 | 464 | 7 | 473 | 12 | 940 |
28 | XILINX INC | $1,021 | 35% | 17 | 62 | 551 | 40 | 394 | 4 | 763 | 15 | 897 |
43 | ADAPTEC INC | $811 | 30% | 27 | 51 | 464 | 41 | 408 | 5 | 616 | 18 | 842 |
67 | CYPRESS SEMI- CONDUCTOR CORP | $1,288 | 27% | 37 | 53 | 479 | 50 | 521 | 5 | 580 | 36 | 295 |
80 | INTEGRATED DEVICE TECH. INC | $702 | 25% | 49 | 53 | 478 | 41 | 407 | 6 | 520 | 25 | 607 |
98 | DELL COMPUTER CORP | $25,265 | 14% | 229 | (2) | 38 | 41 | 405 | 48 | 67 | 49 | 138 |
113 | TEXAS INSTRU- MENTS | $11,875 | 19% | 108 | 34 | 291 | 65 | 742 | 7 | 480 | 63 | 73 |
121 | APPLIED MATERIALS INC | $9,564 | 20% | 106 | 41 | 368 | 82 | 882 | 4 | 800 | 93 | 17 |
125 | MICRON TECH- NOLOGY INC | $7,336 | 19% | 123 | 38 | 324 | 68 | 784 | 8 | 411 | 66 | 66 |
126 | ATMEL CORP | $2,013 | 22% | 68 | 59 | 529 | 77 | 853 | 3 | 840 | 87 | 25 |
131 | APPLE COMPUTER INC | $7,983 | 12% | 287 | 2 | 51 | 48 | 490 | 152 | 15 | 48 | 146 |
141 | 3COM CORP | $4,334 | 21% | 89 | 55 | 500 | 49 | 519 | 7 | 435 | 25 | 593 |
159 | AMKOR TECH- NOLOGY INC | $2,387 | 15% | 193 | 30 | 255 | 34 | 303 | 16 | 187 | 22 | 698 |
161 | SUN MICRO- SYSTEMS INC | $15,721 | 20% | 99 | 58 | 521 | 67 | 773 | 15 | 197 | 21 | 741 |
196 | LSI LOGIC CORP | $2,738 | 19% | 117 | 62 | 563 | 59 | 665 | 5 | 605 | 39 | 260 |
201 | ANALOG DEVICES INC | $2,578 | 26% | 43 | 103 | 853 | 64 | 735 | 3 | 882 | 25 | 617 |
203 | NATIONAL SEMI- CONDUCTOR CORP | $2,140 | 14% | 233 | 35 | 293 | 35 | 321 | 8 | 418 | 34 | 347 |
206 | COMVERSE TECH. INC | $872 | 13% | 253 | 31 | 262 | 90 | 923 | 4 | 734 | 96 | 16 |
211 | GATEWAY INC | $9,601 | 8% | 535 | 0 | 48 | 25 | 192 | 33 | 96 | 33 | 365 |
212 | MAXTOR CORP | $2,705 | 7% | 573 | (3) | 37 | 40 | 389 | 19 | 152 | 60 | 84 |
219 | MICRON ELEC- TRONICS INC | $1,556 | 5% | 706 | (14) | 13 | 40 | 388 | 52 | 62 | 60 | 86 |
234 | ADVANCED MICRO DEVICES INC | $4,644 | 12% | 285 | 33 | 281 | 53 | 569 | 9 | 341 | 45 | 186 |
292 | IOMEGA CORP | $1,300 | 11% | 336 | 41 | 366 | 44 | 443 | 9 | 344 | 33 | 376 |
313 | CORNING INC | $7,127 | 18% | 139 | 84 | 745 | 70 | 805 | 4 | 692 | 36 | 312 |
314 | KEMET CORP | $822 | 13% | 261 | 57 | 510 | 38 | 348 | 4 | 768 | 48 | 149 |
331 | EMC CORP | $8,873 | 21% | 88 | 106 | 870 | 87 | 915 | 5 | 677 | 20 | 762 |
339 | QUANTUM CORP | $4,727 | 8% | 485 | 35 | 295 | 47 | 483 | 16 | 193 | 32 | 400 |
340 | PITNEY BOWES INC | $3,881 | 23% | 59 | 123 | 922 | 192 | 995 | 6 | 487 | 92 | 19 |
369 | NOKIA CORP | $19,821 | 16% | 184 | 82 | 726 | 90 | 924 | 7 | 454 | 41 | 238 |
380 | LEXMARK INTER- NATIONAL GROUP INC | $3,807 | 12% | 297 | 61 | 546 | 56 | 620 | 6 | 534 | 35 | 329 |
396 | EMACHINES INC | $814 | 1% | 894 | 2 | 53 | 163 | 992 | 8 | 372 | 214 | 4 |
398 | MINNESOTA MINING & MANUFACT- URING CO | $16,724 | 17% | 162 | 92 | 805 | 64 | 730 | 4 | 771 | 23 | 685 |
406 | FAIRCHILD SEMI- CONDUCTOR INTL INC | $1,783 | 14% | 225 | 78 | 698 | 59 | 655 | 4 | 708 | 44 | 191 |
407 | TRW INC | $17,231 | 7% | 578 | 37 | 320 | 52 | 560 | 15 | 195 | 34 | 346 |
412 | CONEXANT SYSTEMS INC | $2,104 | 12% | 277 | 69 | 622 | 61 | 695 | 4 | 783 | 51 | 125 |
415 | TERADYNE INC | $3,044 | 17% | 146 | 98 | 836 | 55 | 600 | 4 | 809 | 17 | 866 |
436 | UNISYS CORP | $6,885 | 7% | 563 | 43 | 388 | 66 | 751 | 11 | 269 | 44 | 190 |
468 | LORAL SPACE & COMMUNI- CATIONS LTD | $1,458 | -3% | 983 | (12) | 15 | 7 | 66 | 10 | 311 | 55 | 104 |
471 | QUALCOMM INC | $3,197 | 10% | 397 | 62 | 559 | 75 | 839 | 11 | 279 | 38 | 271 |
482 | TELLABS INC | $2,319 | 17% | 150 | 106 | 873 | 94 | 940 | 6 | 565 | 15 | 894 |
493 | SANMINA CORP | $3,912 | 7% | 570 | 50 | 452 | 45 | 457 | 9 | 332 | 35 | 322 |
543 | HEWLETT PACKARD CO | $48,782 | 9% | 455 | 67 | 609 | 52 | 566 | 6 | 560 | 33 | 382 |
555 | HARRIS CORP FLA | $1,807 | 14% | 235 | 98 | 830 | 82 | 885 | 7 | 478 | 26 | 576 |
558 | ROCKWELL INTER- NATIONAL CORP NEW | $7,151 | 12% | 280 | 90 | 796 | 66 | 746 | 4 | 756 | 41 | 222 |
574 | EATON CORP | $8,309 | 8% | 479 | 69 | 619 | 52 | 567 | 7 | 474 | 23 | 676 |
609 | UNITED TECH- NOLOGIES CORP | $26,583 | 10% | 404 | 82 | 731 | 60 | 680 | 5 | 606 | 30 | 433 |
632 | BRIGHT- POINT INC | $1,977 | 3% | 827 | 44 | 390 | 50 | 531 | 10 | 317 | 42 | 216 |
643 | AMPHENOL CORP | $1,360 | 8% | 521 | 76 | 686 | 40 | 378 | 4 | 789 | 29 | 492 |
657 | IBM CORP | $88,396 | 11% | 332 | 96 | 826 | 105 | 962 | 11 | 283 | 29 | 458 |
659 | SILICON GRAPHICS INC | $2,331 | 8% | 538 | 76 | 687 | 70 | 804 | 8 | 424 | 25 | 611 |
661 | DIEBOLD INC | $1,744 | 13% | 265 | 107 | 876 | 89 | 921 | 6 | 568 | 26 | 557 |
667 | MANUFACT- URERS SVCS LTD | $921 | 0% | 948 | 31 | 264 | 52 | 561 | 8 | 395 | 64 | 70 |
675 | ECHOSTAR COMMUNI- CATIONS CORP NEW | $1,603 | -2% | 973 | 24 | 200 | 42 | 419 | 9 | 338 | 43 | 196 |
687 | COMPAQ COMPUTER CORP | $42,383 | 3% | 828 | 50 | 458 | 73 | 826 | 14 | 219 | 43 | 206 |
693 | WESTERN DIGITAL CORP | $1,958 | -5% | 991 | 9 | 90 | 34 | 307 | 20 | 145 | 43 | 203 |
696 | KONINK- LIJKE PHILIPS ELEC- TRONICS NV | $31,537 | 6% | 638 | 73 | 653 | 62 | 703 | 5 | 583 | 42 | 215 |
710 | MOTOROLA INC | $30,931 | 6% | 631 | 76 | 683 | 61 | 686 | 5 | 639 | 31 | 414 |
722 | CABLETRON SYSTEMS INC | $1,460 | 8% | 544 | 86 | 760 | 59 | 662 | 5 | 611 | 27 | 531 |
730 | SCIENTIFIC ATLANTA INC | $1,715 | 8% | 522 | 89 | 792 | 78 | 862 | 5 | 596 | 39 | 253 |
733 | INFOCUS CORP | $887 | 5% | 725 | 70 | 631 | 72 | 822 | 9 | 345 | 34 | 343 |
746 | ADC TELECOMM- UNICATIONS INC | $3,288 | 10% | 373 | 106 | 868 | 80 | 875 | 4 | 725 | 20 | 779 |
762 | TELEFLEX INC | $1,764 | 9% | 426 | 104 | 855 | 73 | 828 | 5 | 648 | 24 | 634 |
766 | PERKINELMER INC | $1,695 | 8% | 478 | 98 | 833 | 81 | 880 | 4 | 710 | 35 | 326 |
791 | IMATION CORP | $1,235 | 7% | 581 | 94 | 817 | 69 | 787 | 5 | 636 | 29 | 477 |
802 | VIASYSTEMS GROUP INC | $1,605 | 1% | 906 | 60 | 539 | 67 | 770 | 6 | 514 | 53 | 111 |
819 | TEKTRONIX INC | $1,121 | -2% | 971 | 48 | 433 | 61 | 684 | 5 | 635 | 55 | 102 |
841 | CABLE DESIGN TECH- NOLOGIES CORP | $798 | 9% | 451 | 116 | 901 | 67 | 774 | 4 | 806 | 23 | 683 |
859 | AVAYA INC | $7,680 | 4% | 729 | 94 | 818 | 82 | 884 | 6 | 558 | 24 | 644 |
882 | STANDARD REGISTER CO | $1,266 | 5% | 696 | 102 | 849 | 75 | 840 | 6 | 530 | 10 | 968 |
893 | STORAGE TECH. CORP | $2,060 | 9% | 471 | 127 | 929 | 106 | 963 | 5 | 598 | 19 | 811 |
896 | MCSI INC | $896 | -1% | 958 | 74 | 667 | 69 | 791 | 7 | 437 | 35 | 333 |
905 | ANDREW CORP | $1,019 | 11% | 355 | 143 | 950 | 88 | 917 | 3 | 846 | 18 | 831 |
909 | NCR CORP | $5,959 | 0% | 944 | 82 | 735 | 80 | 872 | 9 | 321 | 25 | 595 |
910 | GENERAL BINDING CORP | $902 | 5% | 711 | 111 | 887 | 72 | 824 | 3 | 822 | 22 | 694 |
914 | LM ERICSSON TELEPHONE CO | $25,214 | 6% | 623 | 123 | 919 | 108 | 966 | 4 | 720 | 35 | 327 |
916 | PIONEER STANDARD ELEC- TRONICS INC | $2,551 | -1% | 956 | 83 | 743 | 59 | 660 | 5 | 576 | 34 | 351 |
917 | LANIER WORLDWIDE INC | $1,326 | 8% | 502 | 135 | 943 | 112 | 973 | 5 | 579 | 19 | 817 |
923 | MEMC ELEC- TRONIC MATERIALS INC | $872 | -4% | 989 | 65 | 587 | 56 | 619 | 7 | 481 | 45 | 178 |
935 | KLA TENCOR CORP | $1,499 | 13% | 272 | 173 | 981 | 111 | 972 | 2 | 939 | 14 | 913 |
944 | ALCATEL SA | $23,080 | 5% | 718 | 132 | 939 | 134 | 987 | 4 | 740 | 65 | 68 |
955 | ANTEC CORP | $999 | -2% | 972 | 105 | 864 | 60 | 674 | 3 | 873 | 52 | 121 |
965 | LUCENT TECH- NOLOGIES INC | $33,813 | 1% | 887 | 129 | 935 | 106 | 964 | 4 | 797 | 31 | 409 |
967 | ON SEMI- CONDUCTOR CORP | $799 | 5% | 688 | 152 | 963 | 114 | 977 | 3 | 897 | 56 | 100 |
969 | LAM RESEARCH CORP | $1,231 | 3% | 805 | 142 | 948 | 84 | 901 | 3 | 893 | 25 | 599 |
977 | SUPERIOR TELECOM INC | $2,049 | 5% | 719 | 162 | 972 | 88 | 916 | 4 | 722 | 47 | 165 |
990 | XEROX CORP | $19,228 | 1% | 907 | 184 | 985 | 144 | 991 | 3 | 848 | 18 | 853 |
992 | ASM LITHO- GRAPHY HOLD. NV | $1,200 | 3% | 792 | 210 | 993 | 139 | 990 | 2 | 961 | 44 | 194 |
524 | Industry Average | $8,096 | 11% | 74 | 69 | 9 | 39 |