4
Corporate IssuersModule 4 of 7

Working Capital and Liquidity

5

Concepts

6

Formulas

1

Decisions

3

Quiz Questions

Key Concepts

5 concepts covered in this module.

Working Capital

Current assets - Current liabilities. Measures short-term financial health and operational efficiency.

Cash Conversion Cycle (CCC)

DOH + DSO - DPO. Days to convert raw materials to cash. Lower CCC = more efficient working capital management.

Liquidity Sources

Primary: cash, receivables, inventory, credit lines. Secondary: liquidating assets, renegotiating debt, filing bankruptcy.

Drags on Liquidity

Delay cash inflows: uncollected receivables, obsolete inventory, tight credit markets.

Pulls on Liquidity

Accelerate cash outflows: early payments to suppliers, reduced credit terms from suppliers, unexpected expenses.

Formulas

6 essential formulas for this module.

Cash Conversion Cycle

CCC = DOH + DSO - DPO

Where: DOH = Days of Inventory on Hand, DSO = Days Sales Outstanding, DPO = Days Payable Outstanding

DOH

DOH = (Avg Inventory / COGS) × 365

Where: Days to sell inventory

DSO

DSO = (Avg Receivables / Revenue) × 365

Where: Days to collect receivables

DPO

DPO = (Avg Payables / COGS) × 365

Where: Days to pay suppliers

Current Ratio

Current Ratio = Current Assets / Current Liabilities

Where: Higher = more liquid, but too high may indicate inefficiency

Quick Ratio

Quick Ratio = (Cash + Receivables + ST Investments) / Current Liabilities

Where: Excludes inventory

Decision Frameworks

1 decision frameworks to guide your analysis.

How to improve CCC?

  • Reduce DOH: better inventory management, JIT
  • Reduce DSO: faster collection, stricter credit terms
  • Increase DPO: negotiate longer payment terms with suppliers

Mind Map

Visual overview of how concepts connect in this module.

Working Capital & Liquidity
Cash Conversion Cycle
CCC = DOH + DSO - DPO
Lower is better
Negative = pay after collecting
Liquidity Ratios
Current ratio
Quick ratio
Cash ratio
Drags (Delay Inflows)
Slow collections
Obsolete inventory
Credit tightening
Pulls (Accelerate Outflows)
Early payments
Reduced supplier credit
Unexpected expenses

Study Working Capital and Liquidity

This module has 12 flashcards and 3 quiz questions to test your knowledge.

Open the study dashboard to access interactive flashcards, timed quizzes, and track your progress.

Open Study Dashboard

No signup required. Create an account anytime to save progress.