ANGI Homeservices Inc (ANGI)
Working capital turnover
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 1,125,635 | 1,185,112 | 1,217,676 | 1,292,794 | 1,352,728 | 1,439,745 | 1,580,858 | 1,707,057 | 1,847,771 | 1,891,523 | 1,865,833 | 1,829,362 | 1,734,568 | 1,685,438 | 1,628,883 | 1,557,231 | 1,511,304 | 1,467,925 | 1,430,132 | 1,397,577 |
| Total current assets | US$ in thousands | 465,210 | 495,085 | 499,520 | 516,081 | 481,809 | 487,219 | 515,796 | 511,342 | 486,332 | 484,202 | 512,420 | 562,582 | 558,975 | 583,071 | 650,981 | 714,099 | 907,993 | 977,806 | 1,026,260 | 534,343 |
| Total current liabilities | US$ in thousands | 216,051 | 231,678 | 243,602 | 260,826 | 242,224 | 258,655 | 303,717 | 303,408 | 270,136 | 281,784 | 300,050 | 337,602 | 306,312 | 276,509 | 303,268 | 291,912 | 247,320 | 233,678 | 268,458 | 255,263 |
| Working capital turnover | 4.52 | 4.50 | 4.76 | 5.06 | 5.65 | 6.30 | 7.45 | 8.21 | 8.55 | 9.34 | 8.79 | 8.13 | 6.87 | 5.50 | 4.68 | 3.69 | 2.29 | 1.97 | 1.89 | 5.01 |
March 31, 2025 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $1,125,635K ÷ ($465,210K – $216,051K)
= 4.52
The working capital turnover ratio for ANGI Homeservices Inc exhibits notable fluctuations over the period analyzed. Initially, as of June 30, 2020, the ratio stood at 5.01, indicating that the company's sales generated approximately five times its working capital within that quarter. Throughout 2020, the ratio declined significantly, reaching 1.89 by September 30 and slightly increasing to 1.97 by the end of December, reflecting a period of reduced efficiency in utilizing working capital to generate sales.
From early 2021 onward, a clear upward trend emerges. The ratio advances steadily, reaching 2.29 by March 2021, then accelerating further to 3.69 in June and 4.68 in September 2021. This growth continues into 2022, with the ratio rising sharply to 5.50 in December 2021, and even more markedly to 6.87 in March 2022 and 8.13 by June 2022. The ratio peaks at 8.79 in September 2022, indicating an increased efficiency in leveraging working capital for sales generation.
Subsequently, a gradual decline is observed. The ratio decreases to 9.34 in December 2022, then to 8.55 in March 2023, and further diminishes to 8.21 in June 2023. By September 2023, the ratio has further decreased to 7.45, continuing down to 6.30 by December 2023. The trend persists into 2024, with ratios of 5.65 in March, 5.06 in June, and 4.76 in September. The most recent data for December 2024 and March 2025 show ratios of 4.50 and 4.52, respectively.
Overall, the pattern indicates a significant initial decline in working capital turnover ratios from mid-2020 through late 2021, followed by a period of substantial growth into late 2022, and thereafter a consistent downward trend extending into 2025. This suggests that the company's efficiency in using its working capital to generate sales experienced cyclical changes, with a peak around late 2022 that has since moderated, possibly reflecting shifts in operational efficiency, working capital management strategies, or sales dynamics over this period.
Peer comparison
Mar 31, 2025