An analysis of performance, improvement, and value contribution of 528 manufacturing and retail companies for the period of 2013-2022.
Supply Chains to Admire RESEARCH 2023
Supply Chain Insights LLC Copyright © 2024
2
Introduction
1. A study of Supply Chain Excellence.
2. 521 Publicly-Traded Companies in 28 Industry Sectors.
3. A study of 2013-2022.
4. Thirty-four companies
outperform their peer groups.
Supply Chain Insights LLC Copyright © 2024
3
INTRODUCTION
Methodology Overview
Now in its 10 th year, the Supply Chains to Admire award analyzes public reporting for manufacturing and retail companies for the period of 2013-2022. The methodology evaluates companies against a peer group for improvement, value, and performance using the scorecard metrics of growth, operating margin, inventory turns, and Return on Invested Capital (ROIC).
Supply Chain Insights LLC Copyright © 2024
4
The Winners
Supply Chain Insights LLC. Copyright © 2024
2023 Award Winners
Retail (4)
Process (8)
Discrete (22)
Understanding Performance
Supply Chain Insights LLC. Copyright © 2024
Number of Companies
Number of Winners
Percentage
Retail
78
4 8
5.1% 4.9% 7.8%
Process Discrete
162 281
22
Total
521
34
6.5%
Retail
Average Revenue (M$)
Return on Invested Capital
Year-over- Year Growth
Inventory Turns
Operating Margin
Fundamental Score
Price to Book Value
Number of Companies
Retail Apparel
Average for 2013-2022
Industry Summary
19 16
$
9,771 4.7%
4.52 5.19 7.20 4.99
8.8% 6.4% 6.7% 7.0% 3.5%
14.1% 14.4% 14.3% 12.4%
7.90 8.31 8.48 7.82 7.07 6.42
4.63 4.04 4.18 4.90 2.78 6.23
Broadline
70,482 $ 71,437 $ 41,969
5.2% 6.3% 7.5%
Drug
7 6
Home Improvement
$ $
Grocery
16 19
47,091 2.5%
12.77 81.94
9.7%
Restaurants
$
6,348
7.2%
14.3%
18.9%
8% winners
Number of Companies
Improvement Score Cut off
Number of Winners
Retail
Winners by Name
Apparel Retail Broadline Retail
19 16
13 11
3 Ross Stores, TJX, and Urban Outfitters
0 0
Drug Retail Food Retail
7
5 7 4
Analysis Summary
11
1 Koninklijke Ahold Delhaize NV
Home Improvement Retail
6
0 0
Resturants
19
13
Retail Winners By Year
Company
Years
Total
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
TJX
X X
X X X
X
X X
X X X
X
6 5 5 4 4 2 2 2 2
Dollar General
X
Ross Stores Dollar Tree
X
X
X
X
X
X
X X
Koninklijke Ahold
X
X
X
CVS
X X X
X X X
Walmart
Whole Foods
Urban Outfitters
X
X
11
Apparel Retail
The Apparel Retail sector has three Supply Chain to Admire Award winners for 2023: Ross Stores for the fifth year, TJX for the sixth year, and Urban Outfitters for the second year. Business process innovation defined the winners as the industry rebounded from the pandemic in 2022. When 2022 is compared to 2013, operating margins are down 1% and inventory turns declined 13%.
INDUSTRY: Retail-Apparel
IMPROVEMENT
COMPANY INFORMATION
VALUE
PERFORMANCE
2022 REVENUE (M$)
GROWTH (Year Over Year Revenue)
RETURN ON INVESTED CAPITAL
FUNDAMENTAL AVERAGE SCORE
SUPPLY CHAIN INDEX
INVENTORY TURNS
OPERATING MARGIN
PRICE TO BOOK
MARKET CAPITALIZATION
NAME
2013-2022
1,531
-0.5%
4.0%
1.38
3,713
9
3.21
3.8%
7
Abercrombie & Fitch Co
$
8
5.5%
8.0%
2.50
3,067
13.3%
American Eagle Outfitters
$
5,011
5
6.52
NA
4,559
38.4%
3.9%
11.72
5,122
19
2.83
16.0%
ASOS PLC
$
3.4%
11.7%
5.17
4,275
16.0%
9
Carter`s, Inc
$
3,200
13
3.33
2.01
1,257
-0.3%
2.4%
$
1,810
14
5.74
-0.6%
7
Chico`s FAS
6.4%
4.6%
2.24
1,809
Designer Brands Inc
$
3,197
12
3.86
5.2%
7
2.97
5,866
9.2%
7.8%
$
12,293
1
3.35
20.6%
9
Dick's Sporting Goods Inc
5.0%
10.0%
2.29
6,027
18.6%
10
Foot Locker
$
8,958
6
4.21
10,210
1.7%
7.5%
3.54
16,670
14
4.82
16.3%
9
Gap Inc
$
0.9%
6.0%
2.10
1,568
9
3.96
6.7%
8
Guess?
$
2,592
0.40
110
4.5%
3.2%
1.62
-8.9%
3
J.Jill Inc
$
585
2
0.3%
16.6%
0.00
12,803
5.09
17.1%
6
L Brands Inc
$
7,882
2
20.5%
21.3%
12.05
22,643
17
3.63
28.7%
8
Lululemon Athletica inc
$
6,257
1.86
7,442
-2.9%
5.7%
Marks and Spencer Group PLC
$
14,875
4
7.81
4.0%
NA
8.58
7,767
4.4%
5.6%
4.84
9.1%
8
Nordstrom
$
14,789
16
9.4%
12.3%
10.36
31,081
18,916
7
6.07
35.9%
10
Ross Stores Inc
$
3.0%
15.6%
3.75
10,495
6,685
18
2.71
16.1%
9
Tapestry Fashion Co
$
54,774
5.4%
11.2%
11.10
TJX Companies Inc
$
48,550
8
5.76
34.3%
10
9.1%
3.86
12,351
8.7%
$
4,549
11
6.52
15.9%
8
Urban Outfitters
7.9
4.63
10,507
MEAN WITH OUTLIERS
$
9,771
6.5%
4.52
8.8%
14.1%
4.7%
4.52
8.8%
14.1%
7.9
4.63
8,048
MEAN WITHOUT OUTLIERS
Retail Apparel Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
5.0
2015
2016
2018
2020
2017
2013
4.5
2014
Apparel Retail 0.09, 4.51
2019
4.0
2021
2022
3.5
0.00
0.01
0.02
0.03
0.04
0.05
0.06
0.07
0.08
0.09
0.10
0.11
0.12
0.13
Operating Margin Retail - Apparel
Fundamental Average Scores Industry Average = 8
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
Ross Stores Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
6.8
2021
2020
6.3
2019
2018
2022
2016
2017
2014
ROST 0.12, 6.07
5.8
2015
2013
5.3
0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.09 0.10 0.11 0.12 0.13 0.14 0.15 Operating Margin Ross Stores
Fundamental Average Score Ross Stores = 8
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
Ross Stores Compared to Peer Group Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
7.0
2021
6.5
2020
2019
2018
2022
6.0
2015
ROST 0.12, 6.07
2017
2014
2016
2013
5.5
Apparel Retail 0.09, 4.51
5.0
2015 2016
2020
2018
2014
2013
2017
4.5
2021
2019
4.0
2022
3.5
0.00 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.09 0.10 0.11 0.12 0.13 0.14 0.15 0.16 0.17 0.18 0.19 0.20
Operating Margin
Ross Stores
Retail - Apparel
Fundamental Average Scores Ross Stores = 8 Industry Average = 8
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
TJX Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
6.8
2014
2017
2015
TJX 0.10, 6.14
6.3
2020
2013
2018
2019
2016
2022
5.8
2021
5.3
0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.09 0.10 0.11 0.12 0.13 0.14 0.15 Operating Margin TJX Companies Inc
Fundamental Average Score TJX Companies = 10
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
TJX Compared to Peer Group Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
7.0
2015
2014
TJX 0.10, 6.14
6.5
2016
2019
2017
2020
6.0
2018
2013
2022
2021
5.5
Apparel Retail 0.09, 4.51
5.0
2015 2016
2020
2018
2014
2013
2017
4.5
2021
2019
4.0
2022
3.5
0.00 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.09 0.10 0.11 0.12 0.13 0.14 0.15 0.16 0.17 0.18 0.19 0.20
Operating Margin
Fundamental Average Scores TJX Companies = 10 Industry Average = 8
TJX Companies Inc
Retail - Apparel
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
Urban Outfitters Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
7.5
2019
2018
7.0
2017
2020
2016
2021
6.5
2013
URBN 0.09, 6.47
2014
6.0
2015
5.5
2022
5.0
0.00 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.09 0.10 0.11 0.12 0.13 0.14 0.15 Operating Margin Urban Outfitters
Fundamental Average Score Urban Outfitters = 8
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
Urban Outfitters Compared to Peer Group Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
7.5
2019
2016
7.0
2018
2021
2017
2020
6.5
2013
2014
URBN 0.09, 6.47
6.0
2015
5.5
2022
5.0
2018 2017
2015
2020
2014
2013
2016
4.5
Apparel Retail 0.09, 4.51
2019
2022
4.0
2021
3.5
0.00 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.09 0.10 0.11 0.12 0.13 0.14 0.15 0.16 0.17 0.18 0.19 0.20
Operating Margin
Fundamental Average Scores Urban Outfitters = 8 Industry Average = 8
Urban Outfitters
Retail - Apparel
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
21
Broadline Retail
While Dollar General placed for five years and Dollar General for four years in the Winners Circle, there is no Supply Chains to Admire winner for 2023 in the Broadline Retail Sector. Of note, Walmart and Target, winners in 2016 and 2015, no longer lead this peer groups. Each fails due to the focus on singular metrics. When comparing 2022 to 2013, we see that margins declined 1% while inventory turns decreased by 10%.
COMPANY INFORMATION
IMPROVEMENT
PERFORMANCE
VALUE
2022 REVENUE (M$)
GROWTH (Year Over Year Revenue)
RETURN ON INVESTED CAPITAL
FUNDAMENTAL AVERAGE SCORE
SUPPLY CHAIN INDEX
INVENTORY TURNS
OPERATING MARGIN
PRICE TO BOOK
MARKET CAPITALIZATION
NAME
Time Period of 2013 - 2022
-1.4%
7%
2.09
5,597
Bed Bath & Beyond Inc
$
7,867.8
15
2.96
6.7%
7
1.6%
4%
4.69
17,631
Best Buy Co
$
51,761.0
5
6.05
22.1%
8
1.9%
5%
2.31
1,621
Big Lots
$
6,150.6
61
3.50
21.0%
9
10.6%
5%
20.36
9,960
Burlinton Stores Inc
$
9,322.3
1
3.66
15.1%
6
8.7%
3%
7.88
117,862
Costco Wholesale
$ 226,954.0
7
11.53
16.1%
10
1.9%
6%
1.82
3,074
Dillard's Inc
$
6,624.3
2
3.05
11.2%
9
8.8%
9%
5.55
33,675
Dollar General Corp
$
34,220.4
13
4.48
16.8%
9
16.6%
9%
5.17
22,007
Dollar Tree Stores
$
26,321.2
13
4.73
13.8%
8
0.8%
7%
1.62
8,636
Kohl's
$
19,433.0
6
3.39
8.8%
9
0.7%
6%
2.36
10,333
Macy's
$
25,292.0
10
3.06
5.2%
8
-2.0%
3%
1.33
2,335
Office Depot Inc
$
8,491.0
4
6.90
0.6%
5
7.2%
5%
3.60
2,485
Pricesmart Inc
$
4,066.1
9
8.41
11.4%
10
4.5%
7%
4.53
57,647
Target
$ 106,005.0
7
5.99
11.6%
9
11.9%
10%
8.72
14,179
Tractor Supply Co
$
14,204.7
12
3.43
29.4%
9
2.5%
5%
3.97
303,203
WalMart
$ 572,754.0
10
8.37
10.5%
9
9.3%
11%
4.88
7,066
Williams-Sonoma Inc
$
8,245.9
3
3.47
29.6%
10
MEAN WITH OUTLIERS
$
70,482.1
5.2%
5.19
6%
14.4%
8.3
5.06
38,582
MEAN WITHOUT OUTLIERS
5.2%
5.19
6%
14.4%
8.3
4.04
14,017
Broadline Retail Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
6.0
Broadline Retail 0.06, 5.19
2021
2020
5.5
2018
2022
2017
2015
2019
5.0
2016
2014
2013
4.5
0.03
0.04
0.05
0.06
0.07
0.08
0.09
Operating Margin Retail - Broadline
Fundamental Average Score Industry Average = 8
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
25
Drug Retail
By 2022, there are no Drug Retail Supply Chains to Admire Winners. Prior award winners included CVS and Sun Drug. Companies subconsciously traded margin for cash. Over the last decade, the overall industry performance declined. When 2013 is compared to 2022, the operating margins are flat while inventory turns declined 20%.
INDUSTRY: Retail-Drug
COMPANY INFORMATION
IMPROVEMENT
PERFORMANCE
VALUE
2022 REVENUE (M$)
GROWTH (Year Over Year Revenue)
RETURN ON INVESTED CAPITAL
FUNDAMENTAL AVERAGE SCORE
SUPPLY CHAIN INDEX
INVENTORY TURNS
OPERATING MARGIN
PRICE TO BOOK
MARKET CAPITALIZATION
NAME
Time Period of 2013 - 2022
322,467
9 8 8
10.4%
5.5%
2.03
98,937
CVS Pharmacy
1
10.96
6.5%
273
1.6%
13.0%
4.60
489
PetMed Express
3
6.99
25.0%
5,637
5.7%
5.1%
5.55
5,071
Raia Drogasil
1
3.76
11.2%
24,568
NA
-0.2%
1.4%
3.69
3,474
Rite-Aid Pharmacy
5
8.18
4.2%
5,779 8,631
9 8 9
1.9%
6.1%
1.99
2,812
Sundrug Company Ltd
7
6.65
14.9%
18.0%
12.3%
8.97
14,707
Ulta Beauty Inc
4
3.58
29.5%
132,703
6.9%
3.6%
2.48
60,813
Walgreens Boots Alliance
5
10.29
9.0%
MEAN WITH OUTLIERS
71,437
6.3%
7.20
6.7%
14.3%
8.6
4.18
26,615
MEAN WITHOUT OUTLIERS
6.3%
7.20
6.7%
14.3%
8.5
4.18
26,615
Drug Channel Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
14.0
2015
13.5
2016
2022
2013
2017
13.0
2020
Food Retail 0.04, 12.89
2014
12.5
2019
2018
2021
12.0
0.02
0.03
0.04
0.05
Operating Margin Retail - Food
Fundamental Average Scores Industry Average = 4
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
29
Grocery Retail
For 2023, Ahold places in the Winner’s Circle for the fourth year. In Grocery Retail, companies subconsciously traded margin for cash. When 2013 is compared to 2022, margins were flat and inventory turns improved by 1%.
Retail Food Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
14.0
2015
13.5
2016
2022
2013
2017
13.0
2020
Food Retail 0.04, 12.89
2014
12.5
2019
2018
2021
12.0
0.02
0.03
0.04
0.05
Operating Margin Retail - Food
Fundamental Average Scores Industry Average = 4
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
COMPANY INFORMATION
IMPROVEMENT
PERFORMANCE
VALUE
2022 REVENUE (M$)
GROWTH (Year Over Year Revenue)
RETURN ON INVESTED CAPITAL
FUNDAMENTAL AVERAGE SCORE
SUPPLY CHAIN INDEX
INVENTORY TURNS
OPERATING MARGIN
PRICE TO BOOK
MARKET CAPITALIZATION
NAME
Time Period of 2013 - 2022
NA NA
-1.1%
2.7%
1.57
17,311
Carrefour
$
87,624
7
9.11
2.7%
-0.1%
4.0%
6.63
8,659
Dairy Farm International
$
9,174
10
8.11
15.3%
7 9 9
4.2%
2.4%
1.60
5,506
Empire Co Ltd
$
24,039
4
14.05
3.6%
8.7%
3.8%
2.05
25,668
Koninklijke Ahold Delhaize NV
$
91,733
5
14.86
12.1%
5.0%
6.1%
2.70
11,485
Kroger Co
$
137,888
9
11.75
13.8%
NA NA
-0.9%
4.2%
3.64
643
Metro AG
$
18,889
8
11.84
18.1%
1.4%
2.4%
0.81
7,580
Pick N Pay
$
6,590
2
18.34
3.6%
1
1.6%
5.3%
4.42
6,935
Sainsbury
$
41,031
11
6.66
15.9%
NA
-1.6%
2.3%
1.71
26,815
Shoprite Supermarkets
$
12,088
2
21.73
3.2%
8 9
4.4%
2.5%
3.99
28,382
Tesco PLC
$
84,248
6
14.35
10.3%
5.8%
3.1%
1.44
1,445
Weis Markets Inc
$
4,696
1
9.62
8.4%
MEAN WITH OUTLIERS
$
47,091
2.5%
12.77
3.5%
9.7%
7.1
2.78
12,766
MEAN WITHOUT OUTLIERS
2.5%
12.77
3.5%
9.7%
7.1
2.78
12,766
Ahold Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
2015
17.0
2014
AHODF 0.04, 14.86
16.0
2013
2021
2020
2018
15.0
2019
14.0
2017
2022
13.0
12.0
2016
11.0
0.03
0.04
0.05
Operating Margin Koninklijke Ahold Delhaize N.V.
Fundamental Average Score Koninklijke Ahold = 9
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
Ahold Comparison to Peer Group Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
17.5
2015
2014
17.0
16.5
AHODF 0.04, 14.86
16.0
2013
2021
2020
15.5
2018
15.0
14.5
2017
2019
14.0
2015
2016
2022
2022
13.5
2017
2013
13.0
2014
2019 2020 2021
12.5
Food Retail 0.04, 12.89
2018
12.0
11.5
2016
11.0
0.02
0.03
0.04
0.05
Operating Margin Koninklijke Ahold Delhaize N.V.
Retail - Food
Fundamental Average Scores Koninklijke Ahold= 9 Industry Average = 4
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
35
Home Improvement Retail
For 2020, there are no Home Improvement Retail Supply Chains to Admire Winners. The closest is Home Depot that fails to make the cut on inventory management. When 2013 is compared to 2022, margins fell by 1% while inventory turns decreased by 31%.
INDUSTRY: Retail-Home Improvement PERFORMANCE
COMPANY INFORMATION
IMPROVEMENT
VALUE
2022 REVENUE (M$)
GROWTH (Year Over Year Revenue)
RETURN ON INVESTED CAPITAL
FUNDAMENTAL AVERAGE SCORE
SUPPLY CHAIN INDEX
INVENTORY TURNS
OPERATING MARGIN
PRICE TO BOOK
MARKET CAPITALIZATION
NAME
Time Period of 2013 - 2022
12.9%
6.5%
3.00
1,154
American Woodmark Corp
$
1,857
4
14.02
9.1%
7
6.0%
1.76
494
Haverty
$
1,047
4
5.1%
3.62
15.1%
9
8.8%
12.14
90,552
Lowe's Companies Inc
$
96,250
2
6.9%
3.90
17.0%
9
0.6%
3.28
853
Lumber Liquidators Holdings
$
1,111
6
3.4%
2.41
0.1%
7
13.5%
116.00
228,017
The Home Depot Inc
$
151,157
3
8.0%
4.92
30.3%
8
6.8%
4.34
490
Tile Shop Holdings Inc
$
395
1
8.4%
1.08
2.6%
7
MEAN WITH OUTLIERS
$
41,969
7.5%
4.99
7.0%
12.4%
7.6
23.42
53,593
MEAN WITHOUT OUTLIERS
7.5%
4.99
7.0%
12.4%
7.8
4.90
53,593
Home Improvement Retail Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
14.0
2015
2016
2022
2017
2013
Home Improvement 0.04, 12.89
13.0
2020
2014
2019
2018
2021
12.0
0.02
0.03
0.04
0.05
Operating Margin Retail - Home Improvement
Fundamental Average Scores Industry Average = 8
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
39
Restaurants
By 2020, there are no Supply Chains to Admire Winner in the Restaurant Industry. The industry is recovering from significant revenue loss in the pandemic. Over the decade, through digitalization and consolidation/maturity of franchises, the industry matured but failed to achieve economies of scale.
INDUSTRY: Restaurants
IMPROVEMENT
COMPANY INFORMATION
VALUE
PERFORMANCE
2022 REVENUE (M$)
GROWTH (Year Over Year Revenue)
RETURN ON INVESTED CAPITAL
FUNDAMENTAL AVERAGE SCORE
SUPPLY CHAIN INDEX
INVENTORY TURNS
OPERATING MARGIN
PRICE TO BOOK
MARKET CAPITALIZATION
NAME
Time Period of 2013 - 2022
902
7.6%
2.6%
2.85
1,284
16
84.32
5.4%
7
BJ's Restaurants Inc
3.2%
8.0%
77.56
2,266
17.7%
5
Brinker International Inc
3,804
8
48.24
2,139
7.3%
5.1%
4.49
3,303
14
34.06
12.5%
7
Cheesecake Factory Inc
12.8%
10.4%
12.09
23,311
20.9%
8
Chipotle's Mexican Grill Inc
8,635
12
191.41
5.86
3,264
2.8%
7.6%
3,268
16
12.26
16.8%
9
Cracker Barrel Old Country Store Inc
6.7%
8.3%
5.47
11,913
Darden Restaurants Inc
9,630
3
28.50
14.7%
8
62.78
863
1.9%
11.7%
456
13
128.94
34.6%
4
Denny's Corp
10.6%
17.7%
0.00
10,062
65.2%
6
Domino's Pizza Enterprises Ltd
4,537
16
41.08
2,352
0.8%
18.1%
18.65
1,468
5
223.22
16.7%
4
Jack in the Box Inc
-1.4%
36.4%
2.81
136,806
8
187.70
19.8%
7
McDonald's Corp
23,183
1.20
271
7.4%
24.6%
99.50
17.4%
6
Nathan's Famous Inc
115
1
4.8%
6.4%
12.68
2,693
48.18
30.4%
6
Papa John's International
2,102
14
26.3%
9.4%
1.20
3,483
5,851
6
6.71
0.7%
5
Post Holdings inc
0.7%
2.19
585
4.0%
Red Robin Gourmet Burgers Inc
1,267
19
30.06
-8.9%
6
38.6%
6.53
13,166
25.3%
25.58
3.4%
5
Restaurant Brands International
6,505
2
9.6%
15.1%
13.37
93,240
32,250
8
11.28
32.4%
8
Starbucks Corp
13.0%
7.5%
4.69
3,988
8
4,015
11
98.40
15.4%
Texas Roadhouse Inc
4,057
-0.6%
15.7%
6.84
Wendy's Co
2,096
3
233.11
5.7%
7
27.2%
5.00
28,675
-4.8%
6,842
7
24.26
39.1%
6
Yum Brands Inc
6.4
12.96
18,107
MEAN WITH OUTLIERS
6,348
7.2%
81.94
14.3%
18.9%
7.2%
81.94
14.3%
18.9%
6.4
6.23
6,705
MEAN WITHOUT OUTLIERS
Restaurant Industry Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
105
2019
100
95
2020
Restaurant 0.14, 81.94
2018
90
2016
85
2015
80
2021
2017
75
2022
2014
70
2013
65
0.09
0.10
0.11
0.12
0.13
0.14
0.15
0.16
0.17
Operating Margin
Restaurant Industry
Fundamental Average Score Industry = 7
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
Ahold Operating Margin vs. Inventory Turns (2012 - 2021)
Best Scenario
17.5
17.0
2015
2014
16.5
AHODF 0.09, 15.07
2012
16.0
2013
2021
15.5
2020
2018
15.0
14.5
2017
2016
2019
14.0
2015
13.5
2021
2013
13.0
2012
2014
2018
12.5
Food Retail 0.03, 12.88
2020
2019
2017
12.0
11.5
2016
11.0
0.02
0.03
0.04
0.05
Operating Margin
Koninklijke Ahold Delhaize N.V.
Retail - Food
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2012-2021 from YCharts
Process
Average Revenue (M$)
Return on Invested Capital
Year-over- Year Growth
Inventory Turns
Operating Margin
Fundamental Score
Price to Book Value
Number of Companies
Process
Average for 2013-2022
Beverages Chemical
20 $ 37 13,078 $ 12 21,052 $
16,500 4.3%
5.34
16.7%
10% 9.6%
6.43 7.41 7.80 6.90 7.51 7.50 6.77
4.9
2.0% 1.4% 7.5%
11.53
4.1%
2.81 6.00 4.58 3.48 6.16 4.58
Industry Summary
Consumer Nondurables Containers and Packaging
4.78 6.87 6.19 2.32 2.52
16.1% 12.0%
13.4%
19
9,919 $
7.8% 6.9%
Food Manufacturing Pharmaceuticals Personal Products
31 $ 31 $ 12 $
19,377 4.5%
9.7%
37,139
6.3% 2.4%
21.8% 10.9%
13.0%
8,706
9.9%
Number of Companies
Improvement Cut-off
Number of Winners
5% winners
Process Industry
Name of Winners
Beverages
20
13
1 Monster Beverages
3 Celanese, Lyondell Bassel, and CF Industries
Chemical
37
25
Analysis Summary
Consumer Non-Durable
12
8
0
CCL, Packaging Corporation of America
Containers and Packaging
19
13
2
Food
31
21
0
Pharmaceuticals
31
21
1 Gilead Sciences
Personal Products
12
8
1 L'Oreal
Summary
162
8
Process Winners By Year
Company
Total 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Years
L'Oreal Abbvie
X
X
X
X
X X X
X X
X
7 4 4 4 4 4 4 3 3 3
X
X
Eastman
X
X
X
Abbvie
X
X X
X X X
Celanese Monster
X X X
X X X
X
PCA
X
X X
Ecolab
X
X
The Clorox Company
X X
X
X X
CCL
X
Beverages
Supply Chain Insights LLC. Copyright © 2024
Beverage companies compete intensely for a
Beverages
"share of the throat." For this period, Monster
Beverages returns to the Winners Circle for the
fifth consecutive year. Prior winners include
Boston Beer and Coca-Cola. In general, smaller
regional companies outperform larger and more
global multinationals.
Overall profitability of the beverage industry was
15%, falling from 18% in 2019. When compared
to 2013, margins fell 1% and inventory turns
declined 24%. The companies struggle to
manage a balanced scorecard.
INDUSTRY: Beverages
COMPANY INFORMATION
IMPROVEMENT
PERFORMANCE
VALUE
2022 REVENUE (M$)
GROWTH (Year Over Year Revenue)
RETURN ON INVESTED CAPITAL
FUNDAMENTAL AVERAGE SCORE
SUPPLY CHAIN INDEX
INVENTORY TURNS
OPERATING MARGIN
PRICE TO BOOK
MARKET CAPITALIZATION
NAME
Time Period of 2013 - 2022
4.3%
29.2%
3.03
163,833
Anheuser-Busch InBev
$
57,786
18
5.10
5.1%
8
14.5%
12.0%
18.4%
6.96
4,350
Boston Beer Co
$
2,090
13
7.62
2
3.8%
32.4%
21.8%
Brown-Forman
$
3,933
13
0.87
10
12.95
25,184
-1.2%
14.4%
4.6%
2.60
17,812
Carlsberg
$
9,961
3
7.28
2
-0.7%
25.7%
10.9%
9.43
213,234
Coca-Cola
$
43,004
13
5.02
8
5.6%
19.5%
7.0%
4.74
10,796
Davide Campari-Milano
$
2,845
12
0.99
9
2.5%
27.7%
12.5%
8.19
88,600
Diageo
$
20,577
9
0.94
0
6.3%
12.6%
5.9%
3.18
52,528
Heineken International
$
30,287
7
7.94
0
9.6%
20.3%
9.2%
4.37
29,975
Keurig Dr Pepper
$
14,057
1
9.27
8
-5.1%
6.7%
5.2%
2.07
15,832
Kirin Holdings
$
16,602
19
5.17
7
8.0%
7.1%
7.5%
2.05
1,164
Lassonde Industries Inc
$
2,151
6
4.39
10
15.2%
12.0%
3.4%
1.31
13,488
Molson Coors Brewing
$
10,701
9
9.63
8
11.9%
31.4%
26.4%
8.72
33,427
Monster Beverage
$
6,311
7
5.31
8
2.9%
14.9%
14.5%
11.72
177,237
PepsiCo
$
86,392
4
9.21
9
2.7%
4.5%
0.9%
1.76
1,805
Primo Water Co
$
2,215
5
7.76
6
1.4%
20.2%
7.6%
3.50
5,673
Remy Cointreau
$
1,526
13
0.33
0
5.8%
13.9%
10.5%
3.52
13,290
Thai Beverage
$
7,947
13
3.75
7
1.9%
7.9%
10.5%
3.29
9,414
Tsingtao Brewery
$
4,790
2
6.25
9
6.5%
12.2%
10.6%
2.22
3,754
United Breweries
$
3,122
20
4.03
9
-0.6%
10.3%
6.7%
1.62
5,227
Yakult Honsha Co
$
3,698
11
5.85
10
MEAN WITH OUTLIERS
$
16,500
4.8%
5.34
16.7%
10.0%
6
4.86
44,331
MEAN WITHOUT OUTLIERS
4.3%
5.34
16.7%
10.0%
6
4.86
19,548
Beverage Industry Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
6.5
2014
6.0
Beverage Industry 0.17, 5.34
2015
2013
2017
5.5
2016
2019
5.0
2018
2020
2021
4.5
2022
4.0
0.15
0.16
0.17
0.18
0.19
Operating Margin Beverage Industry
Fundamental Average Scores Industry Average = 6
◆ Average (Operating Margin, Inventory Turns) Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
Supply Chain Insights LLC Copyright © 2022, p. 50
Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
5.0
2015
2016
2018
2020
2017
2013
4.5
2014
Apparel Retail 0.09, 4.51
2019
4.0
2021
2022
3.5
0.00
0.01
0.02
0.03
0.04
0.05
0.06
0.07
0.08
0.09
0.10
0.11
0.12
0.13
Operating Margin Retail - Apparel
Fundamental Average Scores Industry Average = 8
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
Supply Chain Insights LLC Copyright © 2022, p. 51
Monster Beverage Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
7.5
2015
2016
7.0
6.5
2014
6.0
2020
2018
MNST 0.31, 5.31
5.5
5.0
2013
2019
4.5
2017
2021
4.0
3.5
2022
3.0
0.24
0.25
0.26
0.27
0.28
0.29
0.30
0.31
0.32
0.33
0.34
0.35
0.36
0.37
Operating Margin Monster Beverage
Fundamental Average Score Monster Beverage = 8
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
Monster Beverages Comparison to Peer Group Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
7.5
2016
7.0
2015
6.5
2014
Beverage Industry 0.17, 5.34
2014
6.0
2015
2020
2013
2018
2017
5.5
2016
2018
2019
2020
5.0
2019
2021
2013
2017
MNST 0.31, 5.31
4.5
2022
4.0
2021
3.5
2022
3.0
0.14
0.16
0.18
0.20
0.22
0.24
0.26
0.28
0.30
0.32
0.34
0.36
0.38
Operating Margin
Fundamental Average Scores Monster Beverage = 8 Industry Average = 6
Monster Beverage
Beverage Industry
◆ Average (Operating Margin, Inventory Turns) Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
Supply Chain Insights LLC Copyright © 2023, p. 53
Chemical Industry
Supply Chain Insights LLC. Copyright © 2024
Chemical Industry
Supply chain management is essential to a
chemical company's success when sitting three
and four levels back in the value chain. Celanese
reclaims the spot for the fourth year. CF Industries
and Lyondell Basil join Celanese as winners.
Post-pandemic, chemical companies grew 2.3%
after many years of negative sector growth.
Operating margin improved by 2% while inventory
turns declined by 11%.
Chemical Industry Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
6.0
2014
2013
5.5
2016 2017
2015
5.0
2020
2018
2019
4.5
Chemical 0.11, 4.92
2022
2021
4.0
3.5
0.06
0.08
0.10
0.12
0.14
0.16
Operating Margin Chemical Industry
Fundamental Average Scores Industry Average = 7
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
INDUSTRY: Chemical
COMPANY INFORMATION
IMPROVEMENT
VALUE
PERFORMANCE
2022 REVENUE (M$)
GROWTH (Year Over Year Revenue)
RETURN ON INVESTED CAPITAL
FUNDAMENTAL AVERAGE SCORE
SUPPLY CHAIN INDEX
INVENTORY TURNS
OPERATING MARGIN
PRICE TO BOOK
MARKET CAPITALIZATION
NAME
Time Period of 2013 - 2022
1.9%
20.8%
4.09
41,991
Air Products and Chemicals Inc
$
12,699
2
14.55
10.6%
9
4.8%
9.0%
12.3%
2.51
18,297
Akzo Nobel
$
11,438
19
4.68
1
15.2%
19.9%
9.0%
Albemarle Corp
$
7,320
31
3.37
9
3.16
12,427
4.4%
9.8%
7.5%
1.44
7,494
Arkema SA
$
12,181
37
0.00
8
1.2%
8.2%
7.1%
1.17
13,050
Asahi Kasei Corp
$
21,924
6
3.79
10
-7.8%
5.1%
4.2%
1.38
4,455
Ashland Global Holdings
$
2,391
28
3.55
7
1.9%
8.8%
1.7%
4.70
5,926
Axalta Coating Systems Ltd
$
4,884
19
4.77
6
1.0%
8.9%
8.2%
1.94
74,577
BASF
$
92,095
30
4.44
9
4.4%
10.3%
2.7%
2.65
3,035
Cabot
$
4,321
8
5.45
8
5.7%
15.5%
15.9%
4.06
12,385
Celanese Corporation
$
9,673
9
5.05
10
9.5%
26.3%
9.5%
3.11
11,266
CF Industries Holdings
$
11,186
12
10.99
8
0.0%
9.4%
8.8%
5.26
3,615
Chemours Co
$
6,794
25
4.21
6
4.1%
8.9%
13.9%
1.39
8,383
Covestro
$
18,949
26
4.47
6
-4.5%
10.0%
7.6%
1.44
52,212
Dow Inc
$
13,017
4
4.02
7
3.2%
14.7%
8.4%
2.45
11,790
Eastman Chemical
$
10,580
35
4.79
9
2.1%
14.0%
6.8%
6.07
43,817
Ecolab
$
14,188
10
5.35
9
1.9%
9.0%
10.2%
1.22
11,388
Evonik Industries
$
19,497
36
4.95
8
7.5%
15.9%
9.8%
4.30
10,315
FMC
$
5,802
27
2.44
9
5.2%
16.5%
11.6%
6.64
25,037
Givaudan
$
7,462
29
3.11
0
7.6%
7.9%
4.9%
2.36
2,744
H.B. Fuller
$
3,749
16
5.96
9
-2.2%
8.4%
8.7%
2.31
5,492
Huntsman Corp
$
8,023
11
5.52
8
20.0%
14.4%
8.0%
3.84
15,098
International Flavors & Fragrances
$
12,440
34
2.82
9
2.0%
4.1%
9.6%
2.65
7,589
Johnson Matthey PLC
$
21,900
16
11.53
0
4.9%
11.6%
8.5%
0.83
4,012
K+S
$
5,987
1
3.99
7
1.9%
8.8%
6.1%
0.54
1,194
Kansai Paint Co., Ltd
$
3,734
19
4.53
9
-2.6%
6.7%
4.1%
1.73
5,267
Lanxess
$
8,530
18
4.00
8
3.7%
13.5%
22.2%
4.13
35,024
LyondellBasell
$
50,451
14
7.08
8
-1.7%
5.0%
3.8%
0.48
2,440
Mitsui Chemicals Inc
$
14,365
22
4.09
6
-1.0%
12.3%
7.0%
0.16
307
Nippon Kayaku
$
1,646
23
2.21
9
0.1%
12.1%
10.6%
1.19
7,169
Nitto Denko
$
7,602
7
5.86
10
3.7%
11.7%
15.8%
5.52
29,878
PPG
$
17,652
31
4.78
10
6.0%
10.5%
8.8%
5.66
8,763
RPM International Inc
$
6,708
24
3.96
9
-0.1%
12.0%
7.4%
3.25
3,030
Sensient Technologies
$
1,437
15
2.10
9
2.8%
9.9%
4.0%
0.80
8,185
Solvay
$
16,948
13
5.19
8
4.8%
7.2%
9.6%
2.36
1,888
Stepan Company
$
2,773
5
7.16
10
8.2%
14.0%
8.0%
5.00
11,848
Symrise AG
$
4,871
33
2.48
4
4.7%
8.8%
8.3%
2.05
5,862
Wacker Chemie
$
8,657
3
4.68
5
MEAN WITH OUTLIERS
$
13,078
3.4%
4.92
11.3%
8.7%
7
2.81
14,250
Celanese Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
7.5
7.0
2014
6.5
2013
2015
6.0
5.5
2016
CE 0.15, 5.05
2017
5.0
2018
2019
4.5
2020
4.0
2021
3.5
3.0
2022
2.5
2.0
0.10 0.11 0.12 0.13 0.14 0.15 0.16 0.17 0.18 0.19 0.20 0.21 0.22 0.23 0.24 0.25 Operating Margin Celanese Corp
Fundamental Average Score Celanese = 10
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
Celanese Compared to the Chemical Industry Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
7.5
7.0
2013
2014
CE 0.15, 5.05
6.5
2015
6.0
2014
2013
5.5
2016
2017
2015
2017
5.0
2018
2016 2019
2019
2020
2018
4.5
2020
2022
2021
Chemical 0.11, 4.92
4.0
2021
3.5
3.0
2022
2.5
2.0
0.06
0.08
0.10
0.12
0.14
0.16
0.18
0.20
0.22
0.24
Operating Margin
Celanese Corp
Chemical Industry
Fundamental Average Scores Celanese = 10 Industry Average = 7
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
CF Industries Operating Margin vs. Inventory Turns (2013 - 2022)
Best Scenario
2014
15.0
14.0
2017
13.0
CF 0.26, 10.99
12.0
2020
2018
2022
11.0
2013
10.0
2021
2019
9.0
2015
8.0
2016
7.0
0.05 0.08 0.11 0.14 0.17 0.20 0.23 0.26 0.29 0.32 0.35 0.38 0.41 0.44 0.47 0.50 Operating Margin CF Industries Holdings
Fundamental Average Score CF Industries = 8
◆ Average (Operating Margin, Inventory Turns)
Source: Supply Chain Insights LLC, Corporate Annual Reports 2013-2022 from YCharts
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