American Woodmark Corporation (AMWD)
Inventory turnover
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue (ttm) | US$ in thousands | 1,403,035 | 1,440,028 | 1,443,374 | 1,447,311 | 1,469,695 | 1,484,908 | 1,549,119 | 1,641,176 | 1,708,676 | 1,756,261 | 1,758,804 | 1,697,508 | 1,630,500 | 1,598,107 | 1,546,325 | 1,503,928 | 1,424,739 | 1,349,083 | 1,316,356 | 1,298,250 |
| Inventory | US$ in thousands | 178,111 | 179,138 | 183,978 | 177,119 | 159,101 | 163,382 | 162,062 | 167,539 | 190,699 | 224,763 | 252,961 | 247,021 | 228,259 | 204,234 | 190,998 | 181,794 | 140,282 | 144,592 | 127,715 | 126,700 |
| Inventory turnover | 7.88 | 8.04 | 7.85 | 8.17 | 9.24 | 9.09 | 9.56 | 9.80 | 8.96 | 7.81 | 6.95 | 6.87 | 7.14 | 7.82 | 8.10 | 8.27 | 10.16 | 9.33 | 10.31 | 10.25 |
April 30, 2025 calculation
Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $1,403,035K ÷ $178,111K
= 7.88
The inventory turnover ratios of American Woodmark Corporation over the indicated period reveal a pattern of fluctuation with an overall trend of variability in inventory efficiency. At the beginning of the observed timeframe on July 31, 2020, the ratio stood at 10.25, indicating relatively high inventory turnover. This level increased slightly to 10.31 by October 31, 2020, suggesting a marginal improvement in inventory management efficiency.
Subsequently, a decline is observed, with the ratio decreasing to 9.33 on January 31, 2021, and further diminishing to 8.27 by July 31, 2021, and 8.10 on October 31, 2021. This downward trend persisted into early 2022, reaching a low of 7.14 on April 30, 2022, and continuing down to 6.87 by July 31, 2022, indicating a slowdown in inventory turnover or possible accumulation of inventory relative to sales.
From late 2022 onward, a recovery trend becomes apparent. The ratio increases to 7.81 on January 31, 2023, and further to 8.96 by April 30, 2023, implying improved inventory management or faster inventory movement. This upward trajectory continues through mid-2023, peaking at 9.80 on July 31, 2023, and slightly declining to 9.56 on October 31, 2023.
In the subsequent periods, the ratio hovers around the mid-8 to low-9 range, with slight fluctuations—recording 9.09 on January 31, 2024, and 9.24 on April 30, 2024. The ratios then exhibit a mild decline to 8.17 on July 31, 2024, and 7.85 on October 31, 2024. As of early 2025, the ratio stabilizes approximately around 8.04 to 8.88, with the latest figure of 7.88 on April 30, 2025.
Overall, the data indicate periods of decreased inventory turnover from late 2021 to mid-2022, followed by a significant recovery and stabilization in subsequent periods. The fluctuations suggest shifts in inventory management efficiency, sales patterns, or supply chain dynamics. The recent ratios, remaining near the low to mid-8 range, point to a moderate turnover rate that can be interpreted as consistent but with room for improvement relative to industry benchmarks or historical levels.