Analysts usually strip out cash and debt to get operating working capital: accounts-receivable plus inventory minus accounts-payable. That version tells you how much cash the business locks up per dollar of revenue, which is the input to cash-conversion-cycle.
Growth consumes working capital. A company growing 30% a year has to fund 30% more inventory and receivables, which is why fast growers can be profitable and still run out of cash.
Example: Northwind Tools has $570M of current assets and $310M of current liabilities, so working capital is $260M. Excluding cash and current debt, operating working capital is $212M, about 25% of revenue.
Related: change-in-working-capital, cash-conversion-cycle, current-ratio, accounts-receivable, inventory