Bellring Brands LLC (BRBR)

Working capital turnover

		Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020
Revenue	US$ in thousands	1,666,800	1,371,500	1,247,100	988,300
Total current assets	US$ in thousands	424,200	421,300	388,100	290,200
Total current liabilities	US$ in thousands	150,200	143,500	251,300	153,100
Working capital turnover		6.08	4.94	9.12	7.21

September 30, 2023 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $1,666,800K ÷ ($424,200K – $150,200K)
= 6.08

The working capital turnover of Bellring Brands Inc has exhibited fluctuations over the past five years. In 2023, the working capital turnover ratio stood at 6.08, indicating that the company generated $6.08 in net sales for every $1 of working capital. This represented an increase from the previous year's ratio of 4.94. The 2023 ratio suggests that the company efficiently utilized its working capital to generate sales.

Comparing this with the ratios from the previous years, the working capital turnover ratio was 9.12 in 2021, 7.21 in 2020, and 6.74 in 2019. This implies that the company's working capital efficiency was highest in 2021 and has shown some variability in the subsequent years.

The fluctuation in the working capital turnover ratio may indicate changes in the company's sales and working capital management. Therefore, it would be essential to further analyze the components of working capital and sales to understand the reasons behind the changes in the working capital turnover ratio over the years.