Api Group Corp (APG)
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 | 7,136,000 | 7,018,000 | 6,916,000 | 6,874,000 | 6,915,000 | 6,928,000 | 6,872,000 | 6,823,000 | 6,701,000 | 6,558,000 | 5,967,000 | 5,279,000 | 4,608,000 | 3,940,000 | 3,710,000 | 3,621,000 | 3,532,000 | 3,587,000 | 3,690,000 | 3,845,470 |
| Total current assets | US$ in thousands | 2,586,000 | 2,658,000 | 2,691,000 | 2,454,000 | 2,232,000 | 2,582,000 | 2,652,000 | 2,532,000 | 2,364,000 | 2,652,000 | 2,472,000 | 2,361,000 | 2,227,000 | 2,626,000 | 2,239,000 | 1,685,000 | 1,633,000 | 1,437,000 | 1,504,000 | 1,394,000 |
| Total current liabilities | US$ in thousands | 1,762,000 | 1,885,000 | 1,781,000 | 1,662,000 | 1,654,000 | 1,807,000 | 1,899,000 | 1,651,000 | 1,549,000 | 1,921,000 | 1,523,000 | 1,453,000 | 1,367,000 | 867,000 | 792,000 | 730,000 | 781,000 | 841,000 | 834,000 | 821,000 |
| Working capital turnover | 8.66 | 9.08 | 7.60 | 8.68 | 11.96 | 8.94 | 9.13 | 7.74 | 8.22 | 8.97 | 6.29 | 5.81 | 5.36 | 2.24 | 2.56 | 3.79 | 4.15 | 6.02 | 5.51 | 6.71 |
March 31, 2025 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $7,136,000K ÷ ($2,586,000K – $1,762,000K)
= 8.66
The working capital turnover ratio of Api Group Corp exhibits notable fluctuations over the period from June 2020 to March 2025. Initially, the ratio was relatively high at 6.71 as of June 2020, indicating efficient utilization of working capital in generating sales. During the latter part of 2020, the ratio experienced a decline, reaching a low of 2.56 in September 2021, which suggests a period of reduced efficiency or increased working capital relative to sales.
From September 2021 onwards, the ratio demonstrated considerable variability. There was a notable rise to 8.97 by the end of 2022, followed by slight fluctuations around the 8.2 to 9.1 range in subsequent quarters, peaking at 11.96 in March 2024. This upward trend indicates improved efficiency in managing working capital relative to sales, potentially driven by operational efficiencies, better receivables and inventory management, or increased sales productivity.
Post-2024, the ratio showed some decline, with figures around 7.6 to 9.08 in the latest reported periods, suggesting a possible normalization or stabilization at a higher level compared to the earlier years. Overall, the trend indicates periods of both efficiency and inefficiency, with a general movement toward higher working capital turnover ratios in recent quarters, reflecting more effective working capital management in relation to revenue generation.
Peer comparison
Mar 31, 2025