AeroVironment Inc (AVAV)
Working capital turnover
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Jan 27, 2024 | Oct 31, 2023 | Oct 28, 2023 | Jul 31, 2023 | Jul 29, 2023 | Apr 30, 2023 | Jan 31, 2023 | Jan 28, 2023 | Oct 31, 2022 | Oct 29, 2022 | Jul 31, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 31, 2022 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 787,811 | 742,556 | 761,498 | 759,618 | 750,951 | 734,788 | 700,557 | 665,864 | 671,089 | 624,668 | 606,716 | 566,415 | 491,958 | 466,079 | 439,548 | 460,586 | 439,095 | 430,215 | 444,359 | 444,087 |
| Total current assets | US$ in thousands | 606,516 | 543,886 | 514,845 | 500,346 | 515,581 | 500,691 | 500,691 | 524,045 | 524,045 | 481,688 | 481,688 | 477,002 | 390,881 | 390,881 | 357,532 | 357,532 | 357,268 | 357,268 | 368,909 | 354,522 |
| Total current liabilities | US$ in thousands | 172,161 | 128,908 | 111,611 | 117,358 | 144,879 | 107,531 | 107,531 | 109,304 | 109,304 | 107,189 | 107,189 | 121,334 | 116,397 | 116,397 | 103,854 | 103,854 | 95,876 | 95,876 | 101,391 | 87,483 |
| Working capital turnover | 1.81 | 1.79 | 1.89 | 1.98 | 2.03 | 1.87 | 1.78 | 1.61 | 1.62 | 1.67 | 1.62 | 1.59 | 1.79 | 1.70 | 1.73 | 1.82 | 1.68 | 1.65 | 1.66 | 1.66 |
April 30, 2025 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $787,811K ÷ ($606,516K – $172,161K)
= 1.81
The analysis of AeroVironment Inc's working capital turnover ratio reveals a generally stable trend over the period from January 2022 to April 2025. Throughout this timeframe, the ratio fluctuated within a relatively narrow range, indicating consistency in the company's ability to generate sales relative to its working capital.
Initially, the ratio remained steady at approximately 1.66 from January 2022 through July 2022, suggesting a stable operational efficiency in utilizing working capital to support sales. A modest increase was observed toward October 2022, reaching approximately 1.82, which may indicate improved efficiency or changes in operational management, such as optimized inventory levels or receivables collection.
Following this peak, the ratio experienced slight fluctuations, oscillating between roughly 1.61 and 1.79 through early 2023. The lowest observed values during this period align with possible periods of operational normalization, whereas the higher readings reflect periods of enhanced working capital efficiency.
From mid-2023 onward, the ratio showcased a gradual upward trend, attaining a significant peak of approximately 2.03 in April 2024. This increase suggests that the company was able to generate higher sales per unit of working capital, indicative of improved operational leverage or effective management strategies. Subsequently, the ratio declined slightly but remained elevated compared to earlier years, around 1.81 to 1.89, signaling sustained efficiency gains.
Overall, the data indicates that AeroVironment Inc's working capital turnover has demonstrated resilience and incremental improvement over time. The upward trajectory observed in early 2024 points towards enhanced operational effectiveness, while the maintenance of ratios above 1.6 underscores consistent utilization of working capital to support sales activities.
Peer comparison
Apr 30, 2025