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”
ELECTRIC UTILITIES | ||||||||||||
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. | |||
23 | CALPINE CORP | $2,283 | 30% | 26 | 13 | 130 | 70 | 807 | 29 | 105 | 65 | 69 |
31 | DQE | $1,341 | 28% | 33 | 21 | 179 | 30 | 254 | 5 | 684 | 29 | 459 |
33 | CLEVELAND ELECTRIC ILLUMI- NATING CO | $1,865 | 32% | 24 | 51 | 461 | 84 | 898 | 5 | 578 | 78 | 34 |
36 | ARIZONA PUBLIC SERVICE CO | $2,293 | 27% | 35 | 28 | 236 | 37 | 346 | 7 | 453 | 25 | 605 |
37 | IPALCO ENTERPR. INC | $835 | 28% | 32 | 32 | 273 | 21 | 167 | 3 | 867 | 29 | 467 |
41 | FLORIDA POWER & LIGHT CO | $6,438 | 25% | 47 | 24 | 206 | 28 | 238 | 8 | 392 | 20 | 764 |
47 | IDACORP INC | $1,019 | 22% | 71 | 9 | 88 | 55 | 596 | 10 | 303 | 61 | 81 |
48 | PINNACLE WEST CAPITAL CORP | $3,690 | 25% | 51 | 24 | 209 | 43 | 422 | 12 | 251 | 31 | 417 |
50 | AMEREN CORP | $3,856 | 24% | 54 | 23 | 198 | 35 | 318 | 6 | 532 | 37 | 283 |
51 | ENTERGY ARKANSAS INC | $1,542 | 24% | 57 | 21 | 176 | 16 | 129 | 6 | 490 | 20 | 794 |
52 | SEMPRA ENERGY | $7,037 | 20% | 93 | 2 | 54 | 41 | 406 | 14 | 224 | 48 | 148 |
53 | XCEL ENERGY INC | $2,869 | 25% | 50 | 29 | 248 | 39 | 362 | 6 | 538 | 36 | 291 |
56 | FIRST- ENERGY CORP | $7,029 | 22% | 76 | 13 | 125 | 18 | 150 | 3 | 832 | 20 | 767 |
57 | POTOMAC EDISON CO | $753 | 27% | 36 | 46 | 416 | 41 | 398 | 8 | 383 | 16 | 884 |
60 | SOUTH CAROLINA ELECTRIC & GAS CO | $1,467 | 26% | 38 | 46 | 419 | 46 | 469 | 7 | 439 | 19 | 797 |
61 | VIRGINIA ELECTRIC & POWER CO | $4,591 | 24% | 52 | 35 | 296 | 59 | 663 | 12 | 257 | 43 | 204 |
62 | KANSAS CITY POWER & LIGHT CO | $1,116 | 22% | 73 | 21 | 182 | 31 | 266 | 5 | 608 | 34 | 352 |
66 | SOUTHERN CO | $10,066 | 26% | 42 | 47 | 428 | 51 | 550 | 6 | 548 | 32 | 385 |
68 | ALLIANT ENERGY CORP | $2,405 | 20% | 102 | 12 | 115 | 30 | 255 | 8 | 412 | 37 | 275 |
70 | FPL GROUP INC | $7,082 | 21% | 79 | 25 | 213 | 30 | 256 | 8 | 423 | 24 | 656 |
71 | ENTERGY CORP DE | $10,016 | 17% | 148 | (0) | 45 | 15 | 124 | 14 | 221 | 30 | 438 |
73 | CLECO CORP NEW | $820 | 16% | 185 | (6) | 28 | 23 | 181 | 11 | 272 | 42 | 219 |
74 | DAYTON POWER & LIGHT CO | $1,273 | 26% | 41 | 54 | 492 | 60 | 681 | 4 | 758 | 34 | 348 |
79 | PUBLIC SERVICE CO OF OKLAHOMA | $749 | 19% | 118 | 17 | 147 | 17 | 136 | 8 | 409 | 25 | 604 |
82 | PUBLIC SERVICE CO OF NEW MEXICO | $1,611 | 18% | 140 | 11 | 110 | 48 | 502 | 23 | 132 | 48 | 151 |
83 | DOMINION RESOURCES INC VA | $9,260 | 19% | 115 | 21 | 183 | 55 | 598 | 8 | 420 | 52 | 117 |
84 | CONSUMERS ENERGY CO | $3,874 | 19% | 116 | 21 | 180 | 9 | 91 | 6 | 504 | 19 | 819 |
86 | ALABAMA POWER CO | $3,385 | 23% | 61 | 45 | 406 | 36 | 334 | 6 | 547 | 18 | 839 |
88 | WEST PENN POWER CO | $1,354 | 21% | 84 | 32 | 274 | 38 | 355 | 19 | 151 | 22 | 706 |
89 | DTE ENERGY CO | $5,597 | 21% | 87 | 33 | 284 | 30 | 258 | 5 | 680 | 23 | 684 |
90 | LOUISVILLE GAS & ELECTRIC CO | $968 | 22% | 66 | 43 | 381 | 53 | 571 | 5 | 675 | 48 | 156 |
95 | RGS ENERGY GROUP INC | $1,448 | 19% | 124 | 24 | 205 | 31 | 267 | 10 | 299 | 21 | 752 |
96 | MONON- GAHELA POWER CO | $673 | 23% | 62 | 50 | 450 | 40 | 376 | 8 | 375 | 11 | 957 |
97 | TECO ENERGY INC | $2,295 | 20% | 94 | 35 | 299 | 49 | 518 | 1 | 997 | 41 | 233 |
104 | PUBLIC SERVICE ENTERPRISE GROUP INC | $6,848 | 20% | 98 | 36 | 304 | 53 | 573 | 4 | 727 | 46 | 173 |
106 | MINNESOTA POWER INC | $1,332 | 17% | 160 | 17 | 149 | 62 | 697 | 9 | 366 | 52 | 118 |
107 | DPL INC | $1,437 | 22% | 67 | 50 | 451 | 61 | 685 | 7 | 476 | 34 | 363 |
110 | EDISON INTER- NATIONAL | $9,670 | 20% | 92 | 40 | 351 | 50 | 524 | 17 | 175 | 20 | 766 |
114 | ALLEGHENY ENERGY INC | $4,012 | 19% | 107 | 36 | 300 | 46 | 471 | 11 | 284 | 29 | 473 |
115 | CONSOL- IDATED EDISON INC | $9,431 | 15% | 198 | 13 | 129 | 31 | 270 | 15 | 196 | 30 | 456 |
118 | UNISOURCE ENERGY CORP | $1,034 | 19% | 125 | 35 | 294 | 35 | 317 | 9 | 350 | 18 | 849 |
127 | NORTHEAST UTILITIES | $5,877 | 14% | 236 | 9 | 89 | 26 | 208 | 15 | 208 | 32 | 399 |
145 | PPL CORP | $5,683 | 15% | 194 | 27 | 231 | 38 | 356 | 11 | 276 | 28 | 515 |
154 | COLUMBUS SOUTHERN POWER CO | $1,230 | 18% | 141 | 41 | 372 | 35 | 320 | 9 | 356 | 11 | 949 |
164 | WISCON- SIN ENERGY CORP | $3,355 | 16% | 164 | 38 | 337 | 44 | 433 | 5 | 581 | 36 | 303 |
168 | PUGET ENERGY INC | $2,067 | 13% | 255 | 21 | 174 | 38 | 357 | 19 | 154 | 29 | 468 |
177 | MISSIS- SIPPI POWER CO | $633 | 16% | 168 | 42 | 378 | 26 | 214 | 7 | 430 | 7 | 982 |
180 | GPU INC | $5,196 | 11% | 342 | 11 | 112 | 36 | 324 | 17 | 174 | 35 | 338 |
186 | TXU CORP | $22,009 | 11% | 318 | 15 | 134 | 42 | 414 | 19 | 157 | 40 | 250 |
197 | PG&E CORP | $20,820 | 13% | 250 | 29 | 252 | 36 | 328 | 20 | 149 | 18 | 830 |
209 | APPALA- CHIAN POWER CO | $1,651 | 15% | 213 | 41 | 361 | 29 | 241 | 8 | 415 | 13 | 937 |
215 | RELIANT ENERGY INC | $29,339 | 8% | 494 | 4 | 65 | 27 | 220 | 41 | 80 | 30 | 448 |
217 | SCANA CORP | $3,433 | 15% | 206 | 44 | 392 | 59 | 667 | 9 | 342 | 38 | 273 |
227 | DUKE ENERGY CORP | $47,730 | 11% | 356 | 21 | 184 | 57 | 631 | 33 | 92 | 45 | 183 |
228 | CINERGY CORP | $8,422 | 9% | 468 | 10 | 99 | 50 | 533 | 24 | 126 | 50 | 130 |
248 | POTOMAC ELECTRIC POWER CO | $3,048 | 12% | 295 | 37 | 311 | 49 | 515 | 15 | 199 | 30 | 436 |
254 | BLACK HILLS CORP NEW | $1,624 | 7% | 559 | 11 | 101 | 50 | 534 | 64 | 46 | 44 | 188 |
263 | MDU RESOURCES GROUP INC | $1,874 | 13% | 260 | 45 | 399 | 55 | 610 | 7 | 442 | 27 | 545 |
270 | ATLANTIC CITY ELECTRIC CO | $1,077 | 12% | 291 | 41 | 365 | 44 | 439 | 12 | 254 | 18 | 851 |
271 | WPS RESOURCES CORP | $1,952 | 9% | 432 | 25 | 217 | 48 | 492 | 11 | 285 | 46 | 175 |
273 | WESTERN RESOURCES INC KS | $2,036 | 11% | 311 | 38 | 336 | 45 | 453 | 9 | 365 | 24 | 636 |
279 | OGE ENERGY CORP | $3,299 | 12% | 305 | 40 | 358 | 44 | 446 | 9 | 363 | 29 | 493 |
299 | CONECTIV INC | $5,029 | 10% | 386 | 36 | 305 | 55 | 602 | 20 | 142 | 31 | 403 |
304 | CMS ENERGY CORP | $8,998 | 10% | 380 | 38 | 327 | 56 | 617 | 9 | 326 | 41 | 228 |
309 | ENERGY EAST CORP | $2,960 | 7% | 597 | 20 | 163 | 38 | 349 | 28 | 110 | 27 | 540 |
323 | UTILICORP UNITED INC | $28,975 | 3% | 812 | 0 | 47 | 41 | 395 | 85 | 33 | 45 | 184 |
329 | AVISTA CORP | $7,911 | 3% | 789 | 4 | 59 | 37 | 337 | 216 | 9 | 35 | 320 |
332 | INDIANA MICHIGAN POWER CO | $1,394 | 11% | 334 | 50 | 456 | 38 | 352 | 6 | 553 | 15 | 903 |
443 | AES CORP | $6,691 | 12% | 303 | 69 | 621 | 81 | 879 | 10 | 300 | 38 | 268 |
450 | NORTH- WESTERN CORP | $7,132 | 3% | 795 | 20 | 171 | 34 | 305 | 26 | 114 | 28 | 517 |
600 | TXU GAS CO | $6,530 | -1% | 963 | 17 | 148 | 51 | 544 | 45 | 74 | 42 | 208 |
639 | SCOTTISH POWER PLC | $6,632 | 17% | 155 | 129 | 936 | 136 | 988 | 14 | 214 | 18 | 827 |
952 | NIAGARA MOHAWK HOLDINGS INC | $4,539 | -15% | 998 | 23 | 199 | 37 | 341 | 11 | 271 | 28 | 525 |
170 | Industry Average | $5,559 | 17% | 29 | 43 | 16 | 32 |