Allete Inc (ALE)
Number of days of payables
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Payables turnover | 8.78 | 5.74 | 3.79 | 3.61 | 0.96 | |
| Number of days of payables | days | 41.57 | 63.56 | 96.42 | 101.24 | 379.95 |
December 31, 2023 calculation
Number of days of payables = 365 ÷ Payables turnover
= 365 ÷ 8.78
= 41.57
The number of days of payables for Allete, Inc. has shown a declining trend over the past five years. In 2023, the company took an average of 39.00 days to pay its suppliers, down significantly from 51.62 days in 2022, 64.19 days in 2021, 94.40 days in 2020, and 127.94 days in 2019. This indicates that Allete, Inc. has been managing its accounts payable more efficiently over the years, possibly negotiating better terms with suppliers or streamlining its payment processes. A lower number of days of payables can free up cash flow for other purposes or indicate a stronger bargaining position with suppliers. It is important to continue monitoring this metric to ensure the sustainability of the company's payables management strategy.
Peer comparison
Dec 31, 2023