Как посчитать working capital в SQL

Зачем working capital

Working capital = деньги, доступные для операционных нужд. Если она отрицательная, компания не может оплатить short-term обязательства, идёт к insolvency. Главный liquidity indicator. Для SaaS обычно работает с large deferred revenue → working capital может быть отрицательным «здоровым» способом.

Формула

working_capital = current_assets − current_liabilities

current = realizable within 12 months.

Includes:

• Cash + cash equivalents
• AR (accounts receivable)
• Inventory
• Prepaid expenses −
• AP (accounts payable)
• Accrued liabilities
• Current portion of long-term debt
• Deferred revenue (within 12 mo)

Working capital в SQL

WITH balance AS (
    SELECT
        SUM(CASE WHEN account_category = 'cash' THEN balance END) AS cash,
        SUM(CASE WHEN account_category = 'accounts_receivable' THEN balance END) AS ar,
        SUM(CASE WHEN account_category = 'inventory' THEN balance END) AS inventory,
        SUM(CASE WHEN account_category = 'prepaid' THEN balance END) AS prepaid,
        SUM(CASE WHEN account_category = 'accounts_payable' THEN balance END) AS ap,
        SUM(CASE WHEN account_category = 'accrued_liabilities' THEN balance END) AS accrued,
        SUM(CASE WHEN account_category = 'short_term_debt' THEN balance END) AS short_term_debt,
        SUM(CASE WHEN account_category = 'deferred_revenue_current' THEN balance END) AS deferred_rev
    FROM general_ledger
    WHERE as_of_date = CURRENT_DATE
)
SELECT
    COALESCE(cash, 0) + COALESCE(ar, 0) + COALESCE(inventory, 0) + COALESCE(prepaid, 0) AS current_assets,
    COALESCE(ap, 0) + COALESCE(accrued, 0) + COALESCE(short_term_debt, 0) + COALESCE(deferred_rev, 0) AS current_liabilities,
    (COALESCE(cash, 0) + COALESCE(ar, 0) + COALESCE(inventory, 0) + COALESCE(prepaid, 0))
    - (COALESCE(ap, 0) + COALESCE(accrued, 0) + COALESCE(short_term_debt, 0) + COALESCE(deferred_rev, 0)) AS working_capital
FROM balance;

Положительный — здоровая liquidity. Отрицательный — флаг (исключение SaaS с deferred rev).

Current ratio

current_ratio = current_assets / current_liabilities

SELECT
    current_assets / NULLIF(current_liabilities, 0) AS current_ratio,
    CASE
        WHEN current_assets / current_liabilities >= 2 THEN 'healthy'
        WHEN current_assets / current_liabilities >= 1.5 THEN 'ok'
        WHEN current_assets / current_liabilities >= 1 THEN 'tight'
        ELSE 'critical'
    END AS verdict
FROM working_capital_summary;

1.5-2 — здорово. Меньше 1 — short-term obligations превышают current assets.

Динамика

SELECT
    DATE_TRUNC('month', as_of_date)::DATE AS month,
    SUM(CASE WHEN account_category IN ('cash', 'accounts_receivable', 'inventory', 'prepaid') THEN balance ELSE 0 END) AS current_assets,
    SUM(CASE WHEN account_category IN ('accounts_payable', 'accrued_liabilities', 'short_term_debt', 'deferred_revenue_current') THEN balance ELSE 0 END) AS current_liabilities,
    SUM(CASE WHEN account_category IN ('cash', 'accounts_receivable', 'inventory', 'prepaid') THEN balance ELSE 0 END)
    - SUM(CASE WHEN account_category IN ('accounts_payable', 'accrued_liabilities', 'short_term_debt', 'deferred_revenue_current') THEN balance ELSE 0 END) AS working_capital
FROM general_ledger
WHERE as_of_date >= CURRENT_DATE - INTERVAL '12 months'
GROUP BY DATE_TRUNC('month', as_of_date)
ORDER BY month;

Частые ошибки

Ошибка 1. Включать non-current liabilities. Long-term debt не в working capital. Только current portion.

Ошибка 2. SaaS deferred revenue. Annual prepayment создаёт огромный deferred revenue. Working capital negative «здорово» для PLG SaaS — компания получила cash вперёд.

Ошибка 3. Inventory как realizable. Slow-moving inventory может не быть realizable в 12 мес. Discount или write-off.

Ошибка 4. AR без allowance. Bad debt allowance уменьшает realizable AR.

Ошибка 5. Snapshot vs average. End-of-period snapshot — easy, но не отражает intra-month volatility. Average daily для better picture.

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FAQ

Working capital negative — плохо?

Зависит. SaaS с annual prepay — норма. Manufacturing — flag.

Current ratio норма?

1.5-2 для большинства. SaaS часто меньше 1 (deferred rev), но cash & runway смотрят отдельно.

Quick ratio?

(Cash + AR) / Current liabilities. Без inventory. Stricter test.

Включать deferred revenue current?

Yes, технически current liability. Но business meaning — это «полученные деньги», не «долг». Многие SaaS company exclude.

Дневной snapshot?

Daily ledger snapshot — best. Иначе end-of-period — стандарт.