Benchmark Electronics Inc (BHE)

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	2,838,976	2,898,266	2,950,146	2,944,943	2,886,331	2,768,741	2,569,048	2,385,681	2,255,319	2,143,515	2,097,584	2,043,888	2,053,131	2,040,325	2,069,603	2,180,239	2,268,095	2,416,701	2,502,160	2,561,149
Total current assets	US$ in thousands	1,635,750	1,707,070	1,721,060	1,690,870	1,652,150	1,708,200	1,601,270	1,451,020	1,348,140	1,279,010	1,266,980	1,213,440	1,202,350	1,185,230	1,208,120	1,265,000	1,195,080	1,198,120	1,257,810	1,297,930
Total current liabilities	US$ in thousands	713,547	699,104	721,921	711,863	749,136	848,900	785,078	684,465	654,382	600,169	581,409	505,110	481,136	449,485	464,620	459,339	459,245	441,237	487,660	490,236
Working capital turnover		3.08	2.88	2.95	3.01	3.20	3.22	3.15	3.11	3.25	3.16	3.06	2.89	2.85	2.77	2.78	2.71	3.08	3.19	3.25	3.17

December 31, 2023 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $2,838,976K ÷ ($1,635,750K – $713,547K)
= 3.08

Benchmark Electronics Inc.'s working capital turnover has shown some fluctuations over the past eight quarters. The company's working capital turnover ratio ranged from a high of 3.22 in Q3 2022 to a low of 2.88 in Q3 2023.

On average, the working capital turnover ratio over the eight quarters was approximately 3.08, indicating that the company generated $3.08 in sales for every dollar of working capital invested.

A working capital turnover ratio of over 1 suggests that Benchmark Electronics Inc. efficiently utilizes its working capital to generate revenue. However, the fluctuations in the ratio may indicate changes in the company's efficiency in managing its working capital over the quarters.

Overall, Benchmark Electronics Inc. has demonstrated a reasonably consistent ability to convert its working capital into sales, but careful monitoring of working capital management practices may be necessary to maintain and potentially improve this efficiency in the future.