Key finding: Aerospace Products and Parts had trade working capital equal to 45.9% of trailing 12-month sales in Q1 2026. Motor Vehicles and Parts was 5.5%. The aerospace ratio was 8.3 times as high.
RecurSave calculated these figures from U.S. Census Quarterly Financial Report data.
Census reports sales, trade receivables, inventory and trade payables for both groups. RecurSave used those figures to put both groups on the same sales base.
Trade Working Capital Relative to Sales
| Industry | NAICS | Trailing 12-month sales ($m) | Trade receivables ($m) | Inventory ($m) | Trade payables ($m) | Trade working capital ($m) | Working capital / sales |
|---|---|---|---|---|---|---|---|
| Aerospace Products and Parts | 3364 | 359,421 | 67,944 | 142,965 | 45,869 | 165,040 | 45.9% |
| Motor Vehicles and Parts | 3361–3363 | 890,565 | 72,153 | 92,646 | 115,776 | 49,023 | 5.5% |
Source: U.S. Census Bureau, Quarterly Financial Report, 2026 Quarter 1, Tables 30.0, 30.1, 31.0 and 31.1. Dollar values are millions. RecurSave calculated the trade working capital figures and ratios.
The Main Finding
Aerospace Products and Parts had $165.0 billion in trade working capital at the end of Q1 2026.
Its sales were $359.4 billion over the four quarters ending Q1 2026.
That put trade working capital at 45.9% of trailing sales.
Motor Vehicles and Parts had $49.0 billion in trade working capital. Its trailing sales were $890.6 billion.
That put its ratio at 5.5%.
The aerospace ratio was 8.3 times as high. The gap was 40.4 percentage points.
What the Data Show
For this study, trade working capital means:
trade receivables + inventory − trade payables
A higher ratio means more net trade working capital for each dollar of sales.
It does not mean the money is excess. It does not mean the money can be recovered.
The ratio also does not explain why the two industries differ.
This measure is not the broader net working capital figure shown in the Census QFR.
The QFR uses a sample of U.S. corporations. For manufacturing, it covers corporations with total assets of $5 million or more.
Method
RecurSave used the U.S. Census Bureau's Quarterly Financial Report, 2026 Quarter 1.
Motor Vehicles and Parts covers NAICS 3361 to 3363.
Aerospace Products and Parts covers NAICS 3364.
Trade working capital was:
trade receivables + inventory − trade payables
The ratio was:
Q1 2026 trade working capital ÷ sales from Q2 2025 to Q1 2026 × 100
RecurSave used the same method for both industries.
Limitations
The QFR is a sample survey. It does not cover every U.S. manufacturer.
This study uses working capital at the end of Q1 2026. It compares that balance with sales from the four quarters ending Q1 2026.
A ratio based on average working capital would be different.
Census changes some QFR cells to help protect source data. The size of those changes can vary.
Census may also revise recent QFR data.
This comparison only describes the data. It does not show which industry is better run.
It does not show recoverable value. It does not explain what caused the gap.
Why the Finding Is Useful
Census gives the parts of the calculation in separate tables.
The ratio puts them on one sales base.
This makes the two industry groups easier to compare.