CACI International Inc (CACI)

Short-term

Turnover ratios

The activity ratios of CACI International Inc over the analyzed period reflect evolving operational efficiency and asset management practices.

Inventory Turnover:
The inventory turnover ratio consistently declined from 69.16 times as of September 30, 2020, to a low of 45.25 times on September 30, 2023. Despite this downward trend, there is a recent uptick to 47.32 times at the end of 2023 and further progress to 60.90 times by June 2025. Overall, the initial decrease suggests that inventory was being held longer in the earlier periods, potentially indicating slower movement or accumulation of inventory. The subsequent increase signals an improvement in inventory management efficiency, possibly due to better inventory control or changes in sales activity.

Receivables Turnover:
Receivables turnover ratios have fluctuated within a relatively narrow range, from a low of 6.14 times in June 2025 to a high of 7.95 times on September 30, 2022. The data shows stability in collection efficiency, with periods of slight decline but no extreme deviations. This stability suggests that accounts receivable collections were generally managed consistently over time, though minor fluctuations could reflect changes in client payment behavior or credit policies.

Payables Turnover:
The payables turnover ratio exhibits variability, ranging from a high of 88.43 times at December 31, 2020, to lows near 17.32 times at March 31, 2024. The high ratio in late 2020 indicates rapid settlement of payables, whereas the notable declines in subsequent periods imply extended payment cycles or delayed disbursements to suppliers. The recent increase back towards mid-20s ratios suggests some normalization but remains below the initial peaks, possibly reflecting adjustments in payment terms or cash management strategies.

Working Capital Turnover:
This ratio experienced significant fluctuations, starting at 16.74 times in September 2020, rising to a peak of 39.45 times in September 2022, implying improved utilization of working capital in generating sales. However, from that peak, it declined substantially to 10.55 times by September 2024, indicating a reduction in operational efficiency or changes in working capital management. The modest recovery to around 15.09 times by June 2025 suggests some stabilization but still at levels lower than the earlier peak, possibly reflecting shifts in operational focus or external economic influences.

In summary, CACI’s activity ratios demonstrate a trend of decreasing inventory holding periods, stable receivables collection efficiency, variable payables payment cycles, and fluctuating working capital utilization. These patterns may reflect strategic adjustments in operational procedures, shifts in sales volume, or broader macroeconomic factors impacting operational liquidity and efficiency.

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Average number of days

Based on the provided data, CACI International Inc's activity ratios exhibit notable trends and variability over the analyzed period.

Days of Inventory on Hand (DOH): The inventory turnover period has shown a gradual increase from approximately 5.28 days at the end of September 2020 to a peak of around 8.07 days in September 2023. After this peak, there is a slight decrease to 7.71 days by December 2023, followed by marginal fluctuations (7.69 days in March 2024, increasing again to 7.77 days in June 2024, then decreasing slightly to 7.41 days in September 2024). The data for December 2024 is unavailable. The downward or stabilization trend in recent periods suggests a potential improvement or stabilization in inventory management, though inventory days remain above initial levels.

Days of Sales Outstanding (DSO): The receivables collection period has experienced fluctuations, with the DSO generally staying within a range of approximately 45 to 55 days. Notably, the DSO was around 51.47 days in September 2020, decreasing to 45.92 days by September 2022, indicating improved receivables collection efficiency during that period. However, from March 2023 onward, DSO increased again, reaching approximately 53.79 days in March 2025, with a significant rise to 59.46 days in June 2025, indicating a slowdown in collection periods and potential concerns regarding receivables management or delays in client payments.

Number of Days of Payables: The accounts payable period shows variability, with the shortest span observed at approximately 4.13 days at the end of December 2020, and the longest at 21.08 days in March 2024. The trend indicates fluctuating credit terms with suppliers, with a general increase from the earlier period to around 20 days in certain quarters. The most recent data points suggest a moderate approach to delaying payables, with periods ranging roughly between 13.7 to 21.08 days, which could signal strategic or operational factors affecting payment timing.

Overall assessment: The activity ratios reflect a company that has experienced periods of efficiency and slower activity management. The increase in inventory days suggests a slight buildup or longer holding periods, whereas the fluctuations in DSO point to inconsistent receivables collection efficiency over time. The variability in payables days indicates dynamic management of supplier credit terms, possibly influenced by cash flow strategies or negotiating conditions. Together, these patterns provide insights into CACI's operational agility, working capital management, and potential shifts in operational strategy over the analyzed timeframe.

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Long-term

An analysis of CACI International Inc’s long-term activity ratios, based on the provided data, reveals several key insights into its asset utilization efficiency over the specified periods:

Fixed Asset Turnover Ratio:
- This ratio indicates how effectively the company utilizes its fixed assets—primarily property, plant, and equipment—to generate sales.
- The ratio was relatively high and stable from September 2020 through March 2022, fluctuating between approximately 32.41 and 34.39, reflecting efficient deployment of fixed assets during this period.
- A notable decline occurred in June 2021 to 11.04 and September 2021 to 11.18, suggesting a possible strategic shift, asset impairment, or reduced utilization of fixed assets.
- Starting from December 2021, the ratio rebounded sharply to over 32, maintaining values around 32-33 through March 2023, indicating a return to prior efficiency levels.
- A slight decline appears near September 2023, dropping to 13.61 before data availability ceases, which could imply a temporary dip in fixed asset utilization or adjustments in asset base.
- The absence of data beyond September 2023 limits further trend analysis.

Total Asset Turnover:
- This ratio provides insight into overall asset utilization efficiency, encompassing total assets employed in generating sales.
- From September 2020 to March 2022, the ratio remained fairly steady around 0.90 to 1.00, indicating consistent usage of total assets.
- From March 2022 onward, there is an upward trend: increasing from 1.00 in March 2023 to approximately 1.08 in June 2024.
- The ratio peaks at about 1.13 in June 2024, reflecting enhanced overall asset efficiency.
- Some fluctuation is observed with a dip to 0.95 in December 2024 but then recovering to 1.00 by June 2025.
- These trends suggest that CACI has been improving its efficiency in deploying total assets to generate revenue, especially in the period from late 2022 through mid-2024.

Overall Impression:
- The initial stability in both fixed asset and total asset turnover ratios indicates consistent asset utilization in the early period.
- The significant drop in fixed asset turnover in mid-2021 may indicate asset restructuring, impairment, or decreased fixed asset utilization.
- The subsequent recovery and sustained improvement in both ratios from late 2021 onward signify operational enhancements and increased efficiency.
- The upward trend in total asset turnover suggests effective management of overall assets to support sales growth, while the fluctuations in fixed asset turnover highlight periods of asset base adjustments or changing investment strategies.
- Further data beyond September 2023 is required for ongoing assessment, but the available information indicates a positive trajectory in asset efficiency over the analyzed periods.