ORIGINAL DATA STUDY

Cash Conversion Cycle (CCC) by Industry Sector

Institutional working capital benchmark study analyzing Days Sales Outstanding (DSO), Days Inventory Outstanding (DIO), Days Payable Outstanding (DPO), and total Cash Conversion Cycle (CCC) across 90 US industry sectors.

Source Dataset: NYU Stern School of Business (Prof. Aswath Damodaran) Data Vintage: 2026 Sample Size: 5,096 US Public Companies

Download Full Raw Industry Dataset (.CSV)

Open, ungated dataset containing full working capital ratios and day metrics for all 90 industries.

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Methodology & Sales-Based Ratio Definitions

The underlying corporate balance sheet and income statement metrics are sourced directly from Prof. Aswath Damodaran's working capital research at NYU Stern.

🔴 Methodological Accuracy Note: Damodaran's published dataset reports balance sheet working capital accounts as ratios relative to Sales Revenue (AR / Sales, Inventory / Sales, AP / Sales). In textbook financial accounting, DIO and DPO are conventionally calculated using Cost of Goods Sold (COGS). In this study, days are expressed relative to revenue derived from Damodaran's sales-based ratios:

  • Sales-based DSO: (AR / Sales) × 365
  • Sales-based DIO: (Inventory / Sales) × 365 (expresses inventory days relative to sales velocity)
  • Sales-based DPO: (AP / Sales) × 365 (expresses payables days relative to sales velocity)
  • Net Cash Conversion Cycle (CCC): DIO + DSO − DPO

Executive Findings & Industry Extremes

⚡ Fastest Cash Conversion (Lowest CCC)
  • Insurance (Prop/Cas.): -256.5 Days (DSO 67.9, DIO 0.0, DPO 324.4)
  • Beverage (Soft): -22.0 Days (DSO 43.4, DIO 29.4, DPO 94.8)
  • Telecom. Services: -22.0 Days (DSO 46.8, DIO 7.4, DPO 76.2)
  • Healthcare Support Services: -13.5 Days (DSO 25.4, DIO 12.6, DPO 51.5)
  • Reinsurance: -9.8 Days (DSO 66.0, DIO 0.0, DPO 75.8)
⏳ Longest Working Capital Cycle (Highest CCC)
  • Financial Svcs. (Non-bank & Insurance): 4243.1 Days (DSO 4862.6, DIO 1.3, DPO 620.8)
  • Real Estate (General/Diversified): 953.9 Days (DSO 73.6, DIO 914.9, DPO 34.6)
  • R.E.I.T.: 454.1 Days (DSO 484.6, DIO 16.4, DPO 46.9)
  • Homebuilding: 217.0 Days (DSO 7.2, DIO 226.4, DPO 16.6)
  • Aerospace/Defense: 152.3 Days (DSO 87.3, DIO 105.6, DPO 40.6)

Model your company's Cash Conversion Cycle

Compare your firm's AR, Inventory, and AP metrics against these industry benchmarks.

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Full Industry Working Capital Ranking Table (90 Sectors)

Use the search box below to filter by industry name.

Industry Sector Firms Sales-Based DSO Sales-Based DIO Sales-Based DPO Net CCC (Days)
Advertising 52 172.9 20.3 168.3 24.9 Days
Aerospace/Defense 79 87.3 105.6 40.6 152.3 Days
Air Transport 23 14.6 11.2 24.2 1.6 Days
Apparel 35 45.7 70.3 33.7 82.3 Days
Auto & Truck 33 23.0 36.2 50.9 8.3 Days
Auto Parts 35 62.2 45.5 50.5 57.2 Days
Beverage (Alcoholic) 14 36.6 72.1 64.8 43.9 Days
Beverage (Soft) 27 43.4 29.4 94.8 -22.0 Days
Broadcasting 24 71.9 9.1 12.3 68.7 Days
Building Materials 41 50.3 49.8 34.3 65.8 Days
Business & Consumer Services 155 67.3 5.1 24.4 48.0 Days
Cable TV 9 31.4 0.7 25.4 6.7 Days
Chemical (Basic) 29 40.7 57.1 40.5 57.3 Days
Chemical (Diversified) 4 48.8 72.9 53.3 68.4 Days
Chemical (Specialty) 59 66.7 64.2 48.7 82.2 Days
Coal & Related Energy 16 30.0 62.5 50.7 41.8 Days
Computer Services 64 77.7 29.6 63.0 44.3 Days
Computers/Peripherals 36 39.0 21.6 68.5 -7.9 Days
Construction Supplies 40 54.1 76.5 43.5 87.1 Days
Diversified 20 44.6 32.8 54.8 22.6 Days
Drugs (Biotechnology) 496 78.0 43.8 72.0 49.8 Days
Drugs (Pharmaceutical) 228 79.6 57.0 31.0 105.6 Days
Education 32 44.2 6.2 14.7 35.7 Days
Electrical Equipment 112 94.3 73.9 52.6 115.6 Days
Electronics (Consumer & Office) 8 33.8 49.7 48.8 34.7 Days
Electronics (General) 114 69.8 66.0 59.4 76.4 Days
Engineering/Construction 48 100.4 5.6 36.0 70.0 Days
Entertainment 92 36.2 6.4 31.5 11.1 Days
Environmental & Waste Services 53 56.9 6.4 25.5 37.8 Days
Farming/Agriculture 35 29.6 60.8 26.1 64.3 Days
Financial Svcs. (Non-bank & Insurance) 176 4862.6 1.3 620.8 4243.1 Days
Food Processing 78 28.3 48.9 44.3 32.9 Days
Food Wholesalers 13 20.4 24.2 24.7 19.9 Days
Furn/Home Furnishings 27 48.9 66.8 50.6 65.1 Days
Green & Renewable Energy 15 217.1 9.5 127.9 98.7 Days
Healthcare Products 204 60.3 64.2 26.1 98.4 Days
Healthcare Support Services 104 25.4 12.6 51.5 -13.5 Days
Heathcare Information and Technology 115 72.3 38.2 28.7 81.8 Days
Homebuilding 30 7.2 226.4 16.6 217.0 Days
Hospitals/Healthcare Facilities 31 51.9 6.2 23.3 34.8 Days
Hotel/Gaming 63 37.8 9.6 27.3 20.1 Days
Household Products 110 35.6 42.2 54.2 23.6 Days
Information Services 15 67.0 0.3 11.2 56.1 Days
Insurance (General) 21 110.5 0.0 38.5 72.0 Days
Insurance (Life) 20 95.2 0.0 91.2 4.0 Days
Insurance (Prop/Cas.) 57 67.9 0.0 324.4 -256.5 Days
Machinery 105 69.5 60.7 36.2 94.0 Days
Metals & Mining 73 28.5 74.8 44.6 58.7 Days
Office Equipment & Services 14 43.6 49.0 43.5 49.1 Days
Oil/Gas (Integrated) 4 44.6 26.8 59.3 12.1 Days
Oil/Gas (Production and Exploration) 142 41.1 7.3 33.7 14.7 Days
Oil/Gas Distribution 23 30.6 9.8 29.5 10.9 Days
Oilfield Svcs/Equip. 97 37.1 29.9 35.7 31.3 Days
Packaging & Container 19 58.2 49.6 58.7 49.1 Days
Paper/Forest Products 6 39.3 51.3 33.5 57.1 Days
Power 46 47.5 24.9 47.3 25.1 Days
Precious Metals 56 17.6 46.9 22.1 42.4 Days
Publishing & Newspapers 19 52.4 17.5 22.3 47.6 Days
R.E.I.T. 190 484.6 16.4 46.9 454.1 Days
Real Estate (Development) 14 12.4 52.7 12.3 52.8 Days
Real Estate (General/Diversified) 12 73.6 914.9 34.6 953.9 Days
Real Estate (Operations & Services) 54 45.8 4.0 24.1 25.7 Days
Recreation 49 36.5 50.0 26.4 60.1 Days
Reinsurance 1 66.0 0.0 75.8 -9.8 Days
Restaurant/Dining 64 19.4 7.9 17.3 10.0 Days
Retail (Automotive) 34 9.6 60.7 32.3 38.0 Days
Retail (Building Supply) 14 10.2 61.4 34.2 37.4 Days
Retail (Distributors) 62 46.8 60.8 38.4 69.2 Days
Retail (General) 23 12.8 31.6 43.4 1.0 Days
Retail (Grocery and Food) 15 6.4 20.0 21.6 4.8 Days
Retail (REITs) 26 79.2 2.0 60.2 21.0 Days
Retail (Special Lines) 94 5.9 68.5 38.7 35.7 Days
Rubber& Tires 3 62.9 78.8 78.6 63.1 Days
Semiconductor 66 58.0 54.6 25.4 87.2 Days
Semiconductor Equip 31 68.5 75.7 26.2 118.0 Days
Shipbuilding & Marine 8 41.3 24.5 26.1 39.7 Days
Shoe 11 44.2 60.0 30.0 74.2 Days
Software (Entertainment) 77 47.9 0.0 12.0 35.9 Days
Software (Internet) 29 59.5 0.0 24.7 34.8 Days
Software (System & Application) 309 61.5 1.7 30.5 32.7 Days
Steel 19 40.1 65.6 26.2 79.5 Days
Telecom (Wireless) 12 40.8 9.4 17.8 32.4 Days
Telecom. Equipment 57 70.5 36.9 24.1 83.3 Days
Telecom. Services 39 46.8 7.4 76.2 -22.0 Days
Tobacco 10 32.5 78.4 27.4 83.5 Days
Transportation 19 43.9 0.8 20.1 24.6 Days
Transportation (Railroads) 4 29.4 10.6 28.7 11.3 Days
Trucking 26 45.3 1.3 18.1 28.5 Days
Utility (General) 14 48.6 30.5 34.7 44.4 Days
Utility (Water) 14 58.4 10.5 31.3 37.6 Days

Citation & Academic Reference

To cite this study or dataset in corporate reports, academic papers, or media publications:

BusinessCalc Research (2026). "Cash Conversion Cycle (CCC) by Industry Sector: Benchmark Data Study." Derived from Aswath Damodaran Working Capital Ratios (NYU Stern School of Business). Available at: https://businesscalc.org/research/cash-conversion-cycle-by-industry/
RESEARCH METHODOLOGY FAQ

Cash Conversion Cycle Study FAQ (6 Q&As)

1. What is the Cash Conversion Cycle (CCC) formula?

CCC = Days Sales Outstanding (DSO) + Days Inventory Outstanding (DIO) - Days Payable Outstanding (DPO). It measures net days required to convert working capital investments back into cash.

2. Why do software and SaaS companies have negative Cash Conversion Cycles?

SaaS businesses collect upfront annual subscription payments (low DSO and zero inventory DIO) while extending vendor terms (DPO), generating negative working capital requirements.

3. Which industry sector has the longest Cash Conversion Cycle?

Heavy industrial manufacturing, aerospace, and construction equipment sectors experience the longest CCC (often 90 to 150+ days) due to long raw material holding times and production cycles.

4. How does inflation impact Cash Conversion Cycle benchmarks?

Inflation raises raw material acquisition costs (DIO value increase) and leads suppliers to shorten credit terms (reducing DPO), widening the cash gap.

5. How can corporate treasurers improve a company's CCC?

Treasurers improve CCC by accelerating AR collection velocity (reducing DSO), implementing JIT inventory controls (reducing DIO), and negotiating early payment discounts (optimizing DPO).

6. Where does Damodaran's industry dataset originate?

Dataset compiled from Professor Aswath Damodaran's NYU Stern Corporate Finance & Valuation Datasets, aggregating SEC Form 10-K filings across 90+ US industry sectors.

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