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This research analyzes working capital management based on the Fleuriet (MF) model or dynamic model, which classifies companies into 6 types according to 3 variables (NCG, CDG and ST). We analyzed data obtained from the Balance Sheet of 5 Brazilian companies that operate in retail trade and are in the Ranking of the 50 companies with the highest sales in 2018, being selected one of each type of marketed product. The financial statements were obtained on the website of the companies themselves analyzed and on the CVM website, covering the years 2014 to 2018. The research is descriptive in nature, longitudinal in character and data analysis has a qualitative and quantitative approach. It was possible to verify that Lojas Americanas was the company that presented the most unfavorable situation of the period under study, in the periods of 2016 and 2017, obtained type 6 classification, which represents a high risk financial situation, in both years. presented negative NCG and CDG. And the companies that presented a more favorable financial situation were Magazine Luiza and Pão de Açúcar, as they had a type 1 or 2 classification in all the years of the study period, they have a great financial situation and excellent liquidity. Looking at the years, it was observed that the most critical year was 2016, as 40% of the companies present very high risk financial situation, as they were classified in type 4 and 6. While the year with the most favorable financial situation was the year 100% of the companies obtained a rating of 1 or 2, presenting low risk, excellent financial situation and excellent liquidity. As final considerations, we can highlight the contribution of the Fleuriet model in the balance sheet analysis, allowing the financial manager to foresee future problems that the traditional analysis model, focusing on the present financial situation, would not allow.

ANÁLISE DINÂMICA DO CAPITAL DE GIRO APLICADO AO VAREJO/DYNAMIC ANALYSIS OF WORKING CAPITAL APPLIED TO RETAIL