Api Group Corp (APG)
Inventory 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue (ttm) | US$ in thousands | 4,963,000 | 4,945,000 | 4,960,000 | 4,974,000 | 5,008,000 | 5,038,000 | 4,977,000 | 4,999,000 | 4,938,000 | 4,844,000 | 4,442,000 | 3,942,000 | 3,474,000 | 3,001,000 | 2,847,000 | 2,788,000 | 2,757,000 | 2,831,000 | 2,934,000 | 3,077,424 |
| Inventory | US$ in thousands | 150,000 | 143,000 | 155,000 | 155,000 | 148,000 | 150,000 | 155,000 | 170,000 | 163,000 | 163,000 | 150,000 | 149,000 | 142,000 | 69,000 | 71,000 | 69,000 | 66,000 | 64,000 | 57,000 | 60,000 |
| Inventory turnover | 33.09 | 34.58 | 32.00 | 32.09 | 33.84 | 33.59 | 32.11 | 29.41 | 30.29 | 29.72 | 29.61 | 26.46 | 24.46 | 43.49 | 40.10 | 40.41 | 41.77 | 44.23 | 51.47 | 51.29 |
March 31, 2025 calculation
Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $4,963,000K ÷ $150,000K
= 33.09
The inventory turnover ratio for Api Group Corp demonstrates notable fluctuations over the analyzed period from June 2020 through March 2025.
In the first half of 2020, the ratio remained relatively high, with values close to 51.3 and 51.5, indicating a highly efficient inventory management system characterized by rapid inventory replenishment and sales. This high turnover persisted into the end of 2020, although there was a slight decline from 44.23 in December 2020 to 41.77 in the first quarter of 2021, reflecting a marginal slowdown, yet still maintaining a relatively robust turnover rate.
Throughout 2021, the ratio exhibited minor fluctuations, ending the year at 43.49. The data suggests stability in inventory management during this period, although a slight downward trend was observable from the initial high levels.
A significant change emerged during the first quarter of 2022, where the inventory turnover ratio sharply declined to 24.46. This marked decrease indicates a notable slowdown in inventory movement, potentially reflecting issues such as excess inventory accumulation, decreased sales velocity, or changes in inventory management strategies. For the subsequent quarters of 2022 and into early 2023, the ratio showed a modest recovery to values around 26.46 and 29.61, but remained substantially lower compared to pre-2022 levels.
From mid-2023 onwards, the ratio stabilized within a narrower range, fluctuating modestly around 29 to 34.58. The ratio reaching 34.58 at the end of 2024 suggests some improvement in inventory efficiency, approaching the earlier, higher turnover levels but still below the peaks observed in 2020.
Overall, the pattern indicates that Api Group Corp experienced a period of high inventory turnover in 2020, followed by a pronounced decline starting in early 2022. The subsequent trend reflects efforts towards stabilization and gradual improvement, though the company's inventory management efficiency has not returned to its initial peak levels within this period.
Peer comparison
Mar 31, 2025
Mar 31, 2025