| Rank | Company | Sector | Revenue | Days Inventory | Days Receivable | Days Payable | CCC (Days) |
|---|---|---|---|---|---|---|---|
| 1 | Corpay, Inc.CPAY | Technology | $4.5B | 0 | 298.5 | 688.9 | -390.4 |
| 2 | AT&T Inc.T | Communication Services | $125.6B | 18.4 | 26 | 238.6 | -194.2 |
| 3 | The Coca-Cola CompanyKO | Consumer Defensive | $47.9B | 96.3 | 29 | 282.1 | -156.8 |
| 4 | Global Payments Inc.GPN | Industrials | $8.3B | 0 | 40 | 193.1 | -153.2 |
| 5 | Eversource EnergyES | Utilities | $13.5B | 95.6 | 47.7 | 279.2 | -135.8 |
| 6 | The Clorox CompanyCLX | Consumer Defensive | $6.8B | 56.7 | 37.5 | 163 | -68.8 |
| 7 | IQVIA Holdings Inc.IQV | Healthcare | $16.3B | 0 | 33.5 | 94.7 | -61.2 |
| 8 | FirstEnergy Corp.FE | Utilities | $15.1B | 40.4 | 22.7 | 121.7 | -58.6 |
| 9 | EQT CorporationEQT | Energy | $8.4B | 0 | 46.8 | 97.7 | -50.9 |
| 10 | HP Inc.HPQ | Technology | $56.2B | 68.7 | 33.2 | 139.3 | -37.3 |
| 11 | Air Products and Chemicals, Inc.APD | Basic Materials | $12.2B | 34.2 | 56.7 | 123.1 | -32.2 |
| 12 | AutoZone, Inc.AZO | Consumer Cyclical | $19.3B | 272.7 | 11.8 | 316 | -31.5 |
| 13 | EOG Resources, Inc.EOG | Energy | $22.6B | 41.8 | 42.4 | 115.5 | -31.3 |
| 14 | Edison InternationalEIX | Utilities | $19.3B | 19.3 | 35.5 | 80.1 | -25.3 |
| 15 | Ball CorporationBALL | Consumer Cyclical | $13.2B | 62.5 | 44.3 | 126.7 | -20 |
| 16 | General Mills, Inc.GIS | Consumer Defensive | $18.8B | 57.4 | 35.4 | 112.8 | -20 |
| 17 | The AES CorporationAES | Utilities | $12.1B | 22.4 | 53 | 92.3 | -16.9 |
| 18 | Cencora, Inc.COR | Healthcare | $325.8B | 24.3 | 27.9 | 61.6 | -9.4 |
| 19 | Cardinal Health, Inc.CAH | Healthcare | $244.7B | 27.4 | 19.9 | 55.5 | -8.3 |
| 20 | Carnival Corporation & plcCCL | Consumer Cyclical | $26.6B | 11.3 | 8.4 | 26.9 | -7.3 |
| 21 | GoDaddy Inc.GDDY | Technology | $5.0B | 0 | 7.5 | 14.5 | -7 |
| 22 | Delta Air Lines, Inc.DAL | Industrials | $63.4B | 11.7 | 20 | 38.2 | -6.5 |
| 23 | American Water Works Company, Inc.AWK | Utilities | $5.1B | 19.8 | 29.4 | 55.4 | -6.2 |
| 24 | Chipotle Mexican Grill, Inc.CMG | Consumer Cyclical | $11.9B | 1.8 | 3.5 | 9.3 | -4 |
| 25 | Jacobs Solutions Inc.J | Industrials | $12.4B | 0 | 42.2 | 45.2 | -3.1 |
| 26 | Huntington Ingalls Industries, Inc.HII | Industrials | $12.5B | 7.3 | 10.8 | 20.8 | -2.8 |
| 27 | ConocoPhillipsCOP | Energy | $58.9B | 15.2 | 36.6 | 54.4 | -2.6 |
| 28 | Darden Restaurants, Inc.DRI | Consumer Cyclical | $12.6B | 12 | 2.4 | 16.5 | -2.1 |
| 29 | International Business Machines CorporationIBM | Technology | $67.5B | 17.1 | 34.4 | 52.3 | -0.7 |
| 30 | Entergy CorporationETR | Utilities | $12.9B | 96.4 | 22.8 | 117.2 | 2 |
| 31 | Consolidated Edison, Inc.ED | Utilities | $16.9B | 23.1 | 54.3 | 75.4 | 2.1 |
| 32 | Exxon Mobil CorporationXOM | Energy | $323.9B | 37.3 | 47.6 | 81.3 | 3.7 |
| 33 | CenterPoint Energy, Inc.CNP | Utilities | $9.4B | 50 | 31.8 | 74.8 | 7 |
| 34 | Chevron CorporationCVX | Energy | $184.4B | 27.1 | 36.2 | 55.3 | 8 |
| 35 | Jabil Inc.JBL | Technology | $31.1B | 59.8 | 47.4 | 98.6 | 8.7 |
| 36 | Centene CorporationCNC | Healthcare | $194.8B | 0 | 39.9 | 29.2 | 10.7 |
| 37 | Best Buy Co., Inc.BBY | Consumer Cyclical | $41.8B | 67.8 | 8.1 | 63.8 | 12.2 |
| 38 | CF Industries Holdings, Inc.CF | Basic Materials | $7.1B | 29.7 | 28.5 | 44.6 | 13.6 |
| 39 | CMS Energy CorporationCMS | Utilities | $8.5B | 55 | 44.5 | 84.4 | 15.2 |
| 40 | Domino's Pizza, Inc.DPZ | Consumer Cyclical | $4.9B | 9 | 21.8 | 15.5 | 15.4 |
| 41 | Ameren CorporationAEE | Utilities | $8.8B | 58.9 | 27.9 | 71 | 15.8 |
| 42 | CVS Health CorporationCVS | Healthcare | $402.1B | 19.2 | 14.8 | 18.2 | 15.9 |
| 43 | Hewlett Packard Enterprise CompanyHPE | Technology | $34.3B | 115.2 | 44.9 | 139.1 | 21 |
| 44 | Church & Dwight Co., Inc.CHD | Consumer Defensive | $6.2B | 64.8 | 35.4 | 77.4 | 22.8 |
| 45 | Devon Energy CorporationDVN | Energy | $17.2B | 9.7 | 39.9 | 25.2 | 24.4 |
| 46 | The Campbell's CompanyCPB | Consumer Defensive | $10.2B | 70.7 | 24.1 | 69.9 | 24.9 |
| 47 | FedEx CorporationFDX | Industrials | $90.1B | 3.2 | 45.9 | 21 | 28 |
| 48 | HCA Healthcare, Inc.HCA | Healthcare | $75.6B | 14.4 | 51.7 | 37 | 29.1 |
| 49 | Bristol-Myers Squibb CompanyBMY | Healthcare | $48.2B | 71 | 71.9 | 113.2 | 29.8 |
| 50 | Altria Group, Inc.MO | Consumer Defensive | $20.1B | 68.7 | 4.6 | 41.3 | 32 |
| 51 | Dollar General CorporationDG | Consumer Defensive | $42.1B | 82.7 | 0 | 49.6 | 33.1 |
| 52 | Genuine Parts CompanyGPC | Consumer Cyclical | $24.3B | 138.7 | 38 | 143.5 | 33.2 |
| 53 | Fortive CorporationFTV | Technology | $5.1B | 80.9 | 56 | 101.5 | 35.5 |
| 54 | Equifax Inc.EFX | Industrials | $6.1B | 0 | 61.4 | 24.4 | 37 |
| 55 | Coterra Energy Inc.CTRA | Energy | $7.6B | 4.6 | 41.8 | 9.1 | 37.3 |
| 56 | Builders FirstSource, Inc.BLDR | Industrials | $15.2B | 42.5 | 29.4 | 32 | 40 |
| 57 | Broadridge Financial Solutions, Inc.BR | Technology | $7.2B | 0 | 54.5 | 14.3 | 40.2 |
| 58 | DTE Energy CompanyDTE | Utilities | $15.8B | 45.1 | 42.6 | 47.6 | 40.2 |
| 59 | Colgate-Palmolive CompanyCL | Consumer Defensive | $20.4B | 94.1 | 31.2 | 84.7 | 40.7 |
| 60 | DaVita Inc.DVA | Healthcare | $13.6B | 5.9 | 63.6 | 25.1 | 44.4 |
| 61 | Carrier Global CorporationCARR | Industrials | $21.7B | 62.4 | 50.9 | 67.3 | 45.9 |
| 62 | Deckers Outdoor CorporationDECK | Consumer Cyclical | $5.4B | 112.5 | 27 | 93.6 | 46 |
| 63 | Hilton Worldwide Holdings Inc.HLT | Consumer Cyclical | $12.0B | 0 | 50 | 4 | 46 |
| 64 | Duke Energy CorporationDUK | Utilities | $32.2B | 103.9 | 47.9 | 105.7 | 46.1 |
| 65 | Archer-Daniels-Midland CompanyADM | Consumer Defensive | $80.3B | 48.9 | 21.5 | 24 | 46.4 |
| 66 | Atmos Energy CorporationATO | Utilities | $4.9B | 26.1 | 37.6 | 16.9 | 46.8 |
| 67 | Carvana Co.CVNA | Consumer Cyclical | $20.3B | 46.7 | 5.8 | 5.6 | 46.9 |
| 68 | Accenture plcACN | Technology | $70.7B | 0 | 67.8 | 20.8 | 47 |
| 69 | Avery Dennison CorporationAVY | Consumer Cyclical | $8.9B | 58.7 | 64.7 | 74.4 | 48.9 |
| 70 | Bunge Global SABG | Consumer Defensive | $70.3B | 57.7 | 15.5 | 22.3 | 50.9 |
| 71 | Conagra Brands, Inc.CAG | Consumer Defensive | $11.2B | 91 | 25.4 | 65.3 | 51.2 |
| 72 | Evergy, Inc.EVRG | Utilities | $6.0B | 107.7 | 0.6 | 56.3 | 52.1 |
| 73 | Aptiv PLCAPTV | Consumer Cyclical | $20.4B | 55.6 | 64.7 | 67.6 | 52.8 |
| 74 | Fidelity National Information Services, Inc.FIS | Technology | $10.7B | 0 | 66.9 | 12.1 | 54.8 |
| 75 | Ecolab Inc.ECL | Basic Materials | $16.1B | 62.8 | 69.7 | 77.5 | 54.9 |
| 76 | Block, Inc.XYZ | Technology | $24.2B | 3.8 | 55.4 | 3 | 56.2 |
| 77 | A. O. Smith CorporationAOS | Industrials | $3.8B | 79.4 | 58.4 | 81.3 | 56.5 |
| 78 | Fair Isaac CorporationFICO | Technology | $2.1B | 0 | 87.2 | 29 | 58.2 |
| 79 | Comfort Systems USA, Inc.FIX | Industrials | $9.1B | 3.9 | 88.1 | 33 | 59 |
| 80 | Hormel Foods CorporationHRL | Consumer Defensive | $12.1B | 61.8 | 22.5 | 25.1 | 59.1 |
| 81 | Amcor plcAMCR | Consumer Cyclical | $19.6B | 72.1 | 55.8 | 68.2 | 59.7 |
| 82 | EMCOR Group, Inc.EME | Industrials | $17.0B | 2.9 | 87.4 | 29.5 | 60.8 |
| 83 | Constellation Brands, Inc.STZ | Consumer Defensive | $9.4B | 114.7 | 28.5 | 79.3 | 63.9 |
| 84 | The Hershey CompanyHSY | Consumer Defensive | $11.7B | 75.7 | 26.5 | 37 | 65.3 |
| 85 | Dow Inc.DOW | Basic Materials | $40.0B | 65.2 | 46 | 45.2 | 65.9 |
| 86 | Charles River Laboratories International, Inc.CRL | Healthcare | $4.0B | 39.7 | 49.5 | 20.8 | 68.4 |
| 87 | EPAM Systems, Inc.EPAM | Technology | $5.5B | 0 | 75 | 4.4 | 70.6 |
| 88 | General Dynamics CorporationGD | Industrials | $52.5B | 79.3 | 21.9 | 25.7 | 75.5 |
| 89 | Gartner, Inc.IT | Technology | $6.5B | 0 | 78.3 | 2.2 | 76 |
| 90 | Freeport-McMoRan Inc.FCX | Basic Materials | $25.9B | 139.8 | 12.6 | 75.5 | 76.8 |
| 91 | CRH plcCRH | Basic Materials | $37.4B | 77.4 | 47.5 | 47.7 | 77.1 |
| 92 | 3M CompanyMMM | Industrials | $24.9B | 94.3 | 53.3 | 67.2 | 80.5 |
| 93 | Allegion plcALLE | Industrials | $4.1B | 80.5 | 42.3 | 42 | 80.8 |
| 94 | Halliburton CompanyHAL | Energy | $22.2B | 59.5 | 83.4 | 62 | 80.8 |
| 95 | Dominion Energy, Inc.D | Utilities | $16.5B | 80.7 | 50.6 | 47.2 | 84.1 |
| 96 | Danaher CorporationDHR | Healthcare | $24.6B | 94.3 | 54.7 | 63.5 | 85.6 |
| 97 | Amphenol CorporationAPH | Technology | $23.1B | 79.9 | 69 | 60.3 | 88.5 |
| 98 | Cummins Inc.CMI | Industrials | $33.7B | 88.8 | 62.4 | 58.3 | 92.9 |
| 99 | AMETEK, Inc.AME | Industrials | $7.4B | 85.6 | 52.7 | 44 | 94.2 |
| 100 | Dover CorporationDOV | Industrials | $8.1B | 95.7 | 64.1 | 64.6 | 95.1 |
| 101 | General Motors CompanyGM | Consumer Cyclical | $185.0B | 31.8 | 118.7 | 55.4 | 95.1 |
| 102 | Ingersoll Rand Inc.IR | Industrials | $7.7B | 100.9 | 67.8 | 72.8 | 95.9 |
| 103 | Corning IncorporatedGLW | Technology | $15.6B | 110.9 | 56.2 | 70 | 97.1 |
| 104 | Albemarle CorporationALB | Basic Materials | $5.1B | 122.6 | 49 | 73.3 | 98.3 |
| 105 | Emerson Electric Co.EMR | Industrials | $18.2B | 96.3 | 59.6 | 56.7 | 99.3 |
| 106 | GE Vernova Inc.GEV | Industrials | $38.1B | 108.8 | 58.3 | 67.4 | 99.6 |
| 107 | Hubbell IncorporatedHUBB | Industrials | $5.8B | 97.2 | 56.1 | 52.8 | 100.4 |
| 108 | IDEX CorporationIEX | Industrials | $3.5B | 91.7 | 50.4 | 40.2 | 101.9 |
| 109 | Howmet Aerospace Inc.HWM | Industrials | $8.3B | 129.2 | 38 | 64.2 | 103 |
| 110 | Ford Motor CompanyF | Consumer Cyclical | $187.3B | 32.9 | 128.9 | 53 | 108.8 |
| 111 | The Estée Lauder Companies Inc.EL | Consumer Defensive | $14.7B | 193.6 | 42.7 | 127.5 | 108.9 |
| 112 | Deere & CompanyDE | Industrials | $45.7B | 96.7 | 48.3 | 35.4 | 109.7 |
| 113 | Abbott LaboratoriesABT | Healthcare | $44.3B | 126.5 | 64.6 | 79.7 | 111.4 |
| 114 | Agilent Technologies, Inc.A | Healthcare | $7.1B | 110.6 | 66.8 | 60 | 117.4 |
| 115 | Illinois Tool Works Inc.ITW | Industrials | $16.0B | 68.7 | 73.7 | 23.8 | 118.7 |
| 116 | Baxter International Inc.BAX | Healthcare | $11.2B | 107.3 | 57.3 | 45.4 | 119.2 |
| 117 | GE AerospaceGE | Industrials | $45.9B | 142.8 | 66.8 | 85.8 | 123.8 |
| 118 | Ciena CorporationCIEN | Technology | $4.8B | 112.4 | 74 | 60.2 | 126.3 |
| 119 | DuPont de Nemours, Inc.DD | Basic Materials | $7.5B | 137.1 | 98.4 | 109.2 | 126.3 |
| 120 | Becton, Dickinson and CompanyBDX | Healthcare | $21.9B | 120.8 | 47.8 | 15.2 | 153.3 |
| 121 | Generac Holdings Inc.GNRC | Industrials | $4.2B | 173.1 | 54.7 | 73.5 | 154.2 |
| 122 | AbbVie Inc.ABBV | Healthcare | $61.2B | 97.1 | 75.3 | 18 | 154.4 |
| 123 | Boston Scientific CorporationBSX | Healthcare | $20.1B | 170 | 51.2 | 60.3 | 160.9 |
| 124 | Corteva, Inc.CTVA | Basic Materials | $17.4B | 203.2 | 136.7 | 163.8 | 176.1 |
| 125 | Caterpillar Inc.CAT | Industrials | $67.6B | 145.5 | 108.9 | 67.4 | 187 |
| 126 | Garmin Ltd.GRMN | Technology | $7.2B | 214.6 | 50.5 | 44.8 | 220.3 |
| 127 | Arista Networks, Inc.ANET | Technology | $9.0B | 237.3 | 65.2 | 58.2 | 244.3 |
| 128 | Edwards Lifesciences CorporationEW | Healthcare | $6.1B | 309.3 | 40.9 | 49.7 | 300.5 |
| 129 | The Boeing CompanyBA | Industrials | $89.5B | 368.6 | 12.7 | 50.5 | 330.8 |
| 130 | D.R. Horton, Inc.DHI | Consumer Cyclical | $33.5B | 369.3 | 0 | 17.8 | 351.5 |
The Cash Conversion Cycle (CCC) measures how long it takes a company to convert its investments in inventory and other resources into cash flows from sales. It is calculated as: Days Inventory Outstanding + Days Sales Outstanding - Days Payable Outstanding.
A negative CCC means a company is paid by its customers before it has to pay its suppliers. This is a highly efficient model, essentially using suppliers to finance operations. Companies like Amazon and Apple frequently maintain negative CCCs.
The Cash Conversion Cycle relies on inventory and cost of goods sold (COGS). Financial institutions and real estate firms have entirely different business models where "inventory" and "payables" do not translate to traditional working capital metrics.
Data was collected based on trailing twelve months (TTM) financials using the latest quarterly statements available as of 2026. We calculated average inventory, accounts receivable, and accounts payable across the last four quarters to smooth out seasonal fluctuations. Companies with fewer than four valid quarters or missing revenue/COGS data were excluded.
This study provides data and analysis for informational purposes only. Metrics like the Cash Conversion Cycle do not guarantee future performance and do not represent a complete fundamental analysis. Nothing here constitutes investment advice. Always conduct your own research.
Westmount Fundamentals. "Working Capital Efficiency Rankings 2026." westmountfundamentals.com/working-capital, 2026.