2024年营运资本综述：释放资本效率

Working Capital Roundup 2024Unlocking capital efficiency:Unveiling 2024 working capital trends Glossary of terms AIArtificial intelligenceAPAccounts payableARAccounts receivableCCCCash conversion cycleDIODays inventory outstandingDPODays payable outstandingDSODays sales outstandingEBITDAEarnings before interest, taxes, depreciation, and amortizationER&IEnergy, resources, and industrialsFCFFree cash flowGDPGross domestic productGenAIGenerative artificial intelligenceLSHCLife sciences and health careM&AMergers and acquisitionsPPPercentage pointQQuarterQoQQuarter over quarterRCPRetail and consumer productsSCFSupply chain financeTTrillion THSTransportation, hospitality, and servicesTMETelecom, media, and entertainmentTMTTechnology, media, and telecommunicationsWCWorking capitalYoYYear over year Basis of preparation and assumptions •We analyzed the financial and working capital performance of publiclylisted companies in the United States1with data publicly available as ofMarch 16, 2025.•Our analysis included 2,416 companies, looking at their WC performanceand related key indicators.•We also analyzed shifts in performance on a quarterly andannual basis.•Due to the varying WC trends and profiles, we excluded the followingindustries from our analysis: financial services, government & publicservices, and diversified real estate activities. Executive summary Key statistics (YoY Q4 2023 to Q4 2024)2 Change in EBITDA Free cash flow Change in revenue Change in DSO Change in DIO Change in DPO Executive summary (cont.) Overview In this year’s edition of the annualWorking Capital Roundup, Deloitteanalyzed the WC performance ofmore than 2,400 companies acrossfour primary industries. The studyaimed to obtain an understandingof the trends and shifts in AR,inventory, and AP. Additionalmetrics, including FCF and cashfrom operations, were included toprovide in-depth insight into theoverall financial health andstability of such companies. Theanalysis was conducted againstthe economic backdrop ofhigh interest rates, politicaluncertainty, and challengingmacroeconomic conditions. In 2024, the economy was relatively strong,withGDP growth rates stabilizing andconsumer spending rebounding.3However,persistent inflationary pressures, driven bysupply chain constraints and risingcommodity prices, posed significant challenges.Tighter monetary policies implemented by theFederal Reserve furthercomplicated themanagement of working capital. Fluctuatinginterest rates and increased costs of goods soldaffected liquidity and operational efficiency. Data from 2024 indicates thatrevenueexperienced stronger growth than the prioryear, increasing from 1.6% in 2023 to4.4% in2024. Net income saw similar growth, reaching3.8% YoY. Additionally,FCF as a percentage ofrevenue remained relatively stableat 7.8% in2024, compared to 8.0% in 2023. Looking ahead, 2025 may bring more volatilemacroeconomic conditions than seen in 2024.This environment underscores the need forcompanies to seek risk protection and implementbroad working capital management policies. Companies faced several primary risks, includingongoing supply chain disruptionsthat resultedin delays and increased inventory costs.Laborshortages and wage inflationpressuredprofit margins,necessitating more strategiccash flow management. Geopolitical tensionsand trade uncertainties further complicated thelandscape, requiring companies to adapt to shift-ing tariffs and regulatory changes. These riskshighlighted the importance ofagile financialstrategies and broad risk managementpracticesto maintain high-quality workingcapital levels and business continuity. Executive summary (cont.) Overview (cont.) Looking further ahead, the overall macroeconomic outlook for the United States hascooled for 2025. GDP growth is anticipated to bearound 1.7%, down from 2.4% in 2024, and theFederal Reserve aims to bring inflation closer tothe 2% target. Labor markets remain solid, withlow unemployment.4However, factors such asdwindling consumer confidence anduncertainty around trade policiesareexpected to continue challenging companiesthroughout 2025. Companies with limited cash reserves and lessaccess to credit are particularly susceptible toeconomic instability in 2025. Changes in tradepolicies may exert significant pressure on globalsupply chains, potentially causing considerablehardship for companies with limitedfinancial flexibility. Impact on key financial metrics Following the robust FCF growth of 13.8% in2023, 2024 saw a modest increase of only 1.6%.Additionally,FCF as a percentage of revenuedipped slightly from 7.9%in 2023 to 7.7% in2024. FCF as a percentage of revenue continuesto lag the 8.7% and 8.5% levels seen in 2020 and2021, respectively. Conversely, ER&I saw a decline, falling 1.8% YoY.TMT also led in net income growth, increasing by18.4% compared to 2023. The consumer sectorsaw more modest growth, at 5.9%. Both ER&Iand LSHC experienced declines in net income to15.2% and 19.9%, respecti