Apple Inc (AAPL)
Inventory turnover
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue (ttm) | US$ in thousands | 230,945,000 | 232,868,000 | 236,137,000 | 237,866,000 | 245,918,000 | 248,640,000 | 243,951,000 | 242,456,000 | 238,363,000 | 234,954,000 | 226,097,000 | 216,342,000 | 200,418,000 | 189,475,000 | 188,835,000 | 185,007,000 | 184,764,000 | 180,027,000 | 174,538,000 | 169,374,000 |
| Inventory | US$ in thousands | 6,511,000 | 6,331,000 | 7,351,000 | 7,482,000 | 6,820,000 | 4,946,000 | 5,433,000 | 5,460,000 | 5,876,000 | 6,580,000 | 5,178,000 | 5,219,000 | 4,973,000 | 4,061,000 | 3,978,000 | 3,334,000 | 4,097,000 | 4,106,000 | 3,355,000 | 4,884,000 |
| Inventory turnover | 35.47 | 36.78 | 32.12 | 31.79 | 36.06 | 50.27 | 44.90 | 44.41 | 40.57 | 35.71 | 43.66 | 41.45 | 40.30 | 46.66 | 47.47 | 55.49 | 45.10 | 43.84 | 52.02 | 34.68 |
December 31, 2023 calculation
Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $230,945,000K ÷ $6,511,000K
= 35.47
Inventory turnover is a key financial ratio that measures how many times a company sells and replaces its inventory during a specific period. A higher inventory turnover indicates that a company is selling its products more quickly, which is generally seen as a positive signal. Apple Inc's inventory turnover has shown some variations over the past few quarters, ranging from a low of 31.79 to a high of 55.49.
In recent quarters, Apple's inventory turnover has generally been strong, with figures above 40. This suggests that Apple is effectively managing its inventory levels and efficiently converting inventory into sales. The peak in inventory turnover at 55.49 in March 2020 might be attributed to strong demand for Apple products during that period, possibly due to the initial impact of the COVID-19 pandemic and increased work-from-home trends.
However, the inventory turnover has fluctuated, and the downward trend seen in the most recent quarters could indicate that Apple may be experiencing some challenges in sales or changes in demand for its products. It is important for investors and analysts to monitor inventory turnover trends over time to assess the effectiveness of Apple's inventory management and sales strategies.
Peer comparison
Dec 31, 2023
Dec 31, 2023