Análise comparativa do capital de giro: modelos tradicionais e dinâmicos

Abstract

The present research aimed to compare the traditional and dynamic working capital models by applying them to Eternit S/A and Portobello S/A, both listed construction companies on B3, covering the period from 2014 to 2023. A quantitative and descriptive methodology was adopted, based on the analysis of quarterly financial statements. Data were assessed using liquidity indicators, average payment and collection periods, debt composition, and dynamic model indicators (Working Capital, Net Capital Invested, and Treasury Balance), complemented by the non-parametric Mann-Whitney test for differences in means. The results revealed significant differences between the companies in terms of liquidity and average terms. The dynamic model offered valuable insights but showed limitations in distinguishing the financial evolution stages of the companies. The main contributions of results include demonstrating that both models provide complementary views of short-term financial conditions, recommending their joint use. Academically, it deepens the discussion on the applicability of the models in different financial contexts. In practice, it supports managers, analysts, and investors in conducting more strategic and well-founded evaluations.