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L.6 · BEGINNER · 2 MIN

Efficiency Ratios: How Well Does Management Run the Business?

Efficiency ratios measure how well a company converts assets into revenue and cash. Two companies with identical margins can have vastly different returns because one uses its assets better.

Quiz · 5 questions ↓

Live data

MSFT — ROE, Operating Margin. Open MSFT on the Ledge to see current values.

Compare

RatioFormulaInterpretation
Asset TurnoverRevenue / Total AssetsHow many dollars of sales per dollar of assets
Inventory TurnoverCOGS / Average InventoryHow quickly inventory sells (higher = faster)
Days Sales OutstandingReceivables / (Revenue / 365)Average days to collect payment
Cash Conversion CycleDSI + DSO - DPODays between paying suppliers and collecting from customers

Key point

A shorter cash conversion cycle means the company gets paid faster than it pays suppliers. That is free financing from the business model itself.

Try it

Compare two companies in the same sector using the **Compare** feature. Look at asset turnover and inventory metrics. Better efficiency often predicts outperformance.

Check-in

Company A turns over inventory 12 times per year. Company B turns it over 4 times. Which manages inventory better?

Key insight

Efficiency is the hidden edge. Walmart does not win on margins (they are thin). It wins on turnover: selling enormous volumes quickly with minimal waste.

Check your understanding

Sit with the ideas.

Walmart has asset turnover of 2.5x and inventory turnover of 8.5x. A luxury retailer has asset turnover of 0.8x and inventory turnover of 2.0x. Why the difference?

Why:
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