| 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 Company KO | 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 Energy ES | Utilities | $13.5B | 95.6 | 47.7 | 279.2 | -135.8 |
| 6 | The Clorox Company CLX | 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 Corporation EQT | 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 International EIX | Utilities | $19.3B | 19.3 | 35.5 | 80.1 | -25.3 |
| 15 | Ball Corporation BALL | 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 Corporation AES | 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 & plc CCL | 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 | ConocoPhillips COP | 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 Corporation IBM | Technology | $67.5B | 17.1 | 34.4 | 52.3 | -0.7 |
| 30 | Entergy Corporation ETR | 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 Corporation XOM | 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 Corporation CVX | 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 Corporation CNC | 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 Corporation CMS | 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 Corporation AEE | Utilities | $8.8B | 58.9 | 27.9 | 71 | 15.8 |
| 42 | CVS Health Corporation CVS | Healthcare | $402.1B | 19.2 | 14.8 | 18.2 | 15.9 |
| 43 | Hewlett Packard Enterprise Company HPE | 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 Corporation DVN | Energy | $17.2B | 9.7 | 39.9 | 25.2 | 24.4 |
| 46 | The Campbell's Company CPB | Consumer Defensive | $10.2B | 70.7 | 24.1 | 69.9 | 24.9 |
| 47 | FedEx Corporation FDX | 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 Company BMY | 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 Corporation DG | Consumer Defensive | $42.1B | 82.7 | 0 | 49.6 | 33.1 |
| 52 | Genuine Parts Company GPC | Consumer Cyclical | $24.3B | 138.7 | 38 | 143.5 | 33.2 |
| 53 | Fortive Corporation FTV | 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 Company DTE | Utilities | $15.8B | 45.1 | 42.6 | 47.6 | 40.2 |
| 59 | Colgate-Palmolive Company CL | 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 Corporation CARR | Industrials | $21.7B | 62.4 | 50.9 | 67.3 | 45.9 |
| 62 | Deckers Outdoor Corporation DECK | 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 Corporation DUK | Utilities | $32.2B | 103.9 | 47.9 | 105.7 | 46.1 |
| 65 | Archer-Daniels-Midland Company ADM | Consumer Defensive | $80.3B | 48.9 | 21.5 | 24 | 46.4 |
| 66 | Atmos Energy Corporation ATO | 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 plc ACN | Technology | $70.7B | 0 | 67.8 | 20.8 | 47 |
| 69 | Avery Dennison Corporation AVY | Consumer Cyclical | $8.9B | 58.7 | 64.7 | 74.4 | 48.9 |
| 70 | Bunge Global SA BG | 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 PLC APTV | 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 Corporation AOS | Industrials | $3.8B | 79.4 | 58.4 | 81.3 | 56.5 |
| 78 | Fair Isaac Corporation FICO | 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 Corporation HRL | Consumer Defensive | $12.1B | 61.8 | 22.5 | 25.1 | 59.1 |
| 81 | Amcor plc AMCR | 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 Company HSY | 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 Corporation GD | 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 plc CRH | Basic Materials | $37.4B | 77.4 | 47.5 | 47.7 | 77.1 |
| 92 | 3M Company MMM | Industrials | $24.9B | 94.3 | 53.3 | 67.2 | 80.5 |
| 93 | Allegion plc ALLE | Industrials | $4.1B | 80.5 | 42.3 | 42 | 80.8 |
| 94 | Halliburton Company HAL | 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 Corporation DHR | Healthcare | $24.6B | 94.3 | 54.7 | 63.5 | 85.6 |
| 97 | Amphenol Corporation APH | 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 Corporation DOV | Industrials | $8.1B | 95.7 | 64.1 | 64.6 | 95.1 |
| 101 | General Motors Company GM | 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 Incorporated GLW | Technology | $15.6B | 110.9 | 56.2 | 70 | 97.1 |
| 104 | Albemarle Corporation ALB | 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 Incorporated HUBB | Industrials | $5.8B | 97.2 | 56.1 | 52.8 | 100.4 |
| 108 | IDEX Corporation IEX | 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 Company F | 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 & Company DE | Industrials | $45.7B | 96.7 | 48.3 | 35.4 | 109.7 |
| 113 | Abbott Laboratories ABT | 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 Aerospace GE | Industrials | $45.9B | 142.8 | 66.8 | 85.8 | 123.8 |
| 118 | Ciena Corporation CIEN | 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 Company BDX | 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 Corporation BSX | 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 Corporation EW | Healthcare | $6.1B | 309.3 | 40.9 | 49.7 | 300.5 |
| 129 | The Boeing Company BA | 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.