For three years in a row, Apple has been named the top cash conversion firm in the world even higher than WalMart. They even had a negative cash conversion cycle of 45 days. What does this mean? It means that Apple took less time to turn its inventory into cash than the company did to pay its vendors. But what does this mean if a company has a large excess of cash? Apple had in March of 20YY over $60 billion. Should they keep it, return it to shareholders or buy back stock?