Allegheny Technologies Incorporated (ATI)

Working capital turnover

		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	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	4,174,000	4,019,000	4,025,400	3,938,900	3,710,300	3,397,000	3,104,400	2,761,100	2,645,000	2,707,600	2,566,200	2,698,800	2,963,100	3,301,800	3,790,600	4,143,700	4,190,500	4,231,400	4,164,800	4,072,400
Total current assets	US$ in thousands	2,737,700	2,599,700	2,458,600	2,316,300	2,476,400	2,369,400	2,311,700	2,285,700	2,306,700	2,689,100	1,996,500	2,093,400	2,066,000	2,086,300	2,201,600	2,508,000	2,303,000	2,422,400	2,261,400	2,177,900
Total current liabilities	US$ in thousands	977,100	829,300	897,500	824,000	963,900	822,800	799,900	877,200	856,400	1,207,300	599,100	689,200	653,300	563,700	614,400	1,059,200	849,200	763,300	759,200	760,000
Working capital turnover		2.37	2.27	2.58	2.64	2.45	2.20	2.05	1.96	1.82	1.83	1.84	1.92	2.10	2.17	2.39	2.86	2.88	2.55	2.77	2.87

December 31, 2023 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $4,174,000K ÷ ($2,737,700K – $977,100K)
= 2.37

The working capital turnover of ATI Inc has shown some variability over the past eight quarters, ranging from a low of 2.09 in Q1 2022 to a high of 2.71 in Q1 2023. Overall, the company has maintained a healthy working capital turnover ratio, indicating efficient utilization of its working capital to generate sales revenue. It is noteworthy that the ratios have generally been above 2.0, which suggests that ATI Inc is effectively utilizing its working capital resources to support its sales activities. However, the fluctuations in the working capital turnover ratio over time may warrant further investigation into the company's working capital management practices and overall operational efficiency.