CDW Corp (CDW)
Working capital turnover
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 20,998,700 | 20,831,200 | 20,942,900 | 21,145,600 | 21,376,000 | 21,795,800 | 22,383,000 | 22,902,700 | 23,748,700 | 23,847,300 | 22,931,800 | 21,932,400 | 20,820,800 | 20,240,100 | 19,696,500 | 18,915,800 | 18,467,500 | 18,048,200 | 18,199,500 | 18,463,700 |
| Total current assets | US$ in thousands | 7,373,100 | 7,661,600 | 7,043,600 | 6,633,800 | 6,705,000 | 6,458,400 | 6,488,000 | 6,279,900 | 6,564,000 | 6,895,200 | 7,039,800 | 6,870,800 | 6,478,100 | 5,292,200 | 5,421,600 | 5,469,800 | 5,953,500 | 5,759,600 | 5,235,800 | 4,665,800 |
| Total current liabilities | US$ in thousands | 5,474,400 | 5,458,600 | 6,208,100 | 5,261,000 | 5,442,000 | 4,782,100 | 4,997,300 | 4,777,900 | 4,947,100 | 5,358,800 | 5,415,600 | 5,464,600 | 5,096,000 | 3,833,200 | 3,770,100 | 3,709,300 | 3,898,300 | 3,836,600 | 3,561,500 | 3,647,200 |
| Working capital turnover | 11.06 | 9.46 | 25.07 | 15.40 | 16.92 | 13.00 | 15.02 | 15.25 | 14.69 | 15.52 | 14.12 | 15.60 | 15.06 | 13.87 | 11.93 | 10.74 | 8.99 | 9.39 | 10.87 | 18.13 |
December 31, 2024 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $20,998,700K ÷ ($7,373,100K – $5,474,400K)
= 11.06
The working capital turnover of CDW Corp has shown some fluctuations over the analyzed period. The ratio measures how efficiently the company is utilizing its working capital to generate sales revenue.
CDW Corp's working capital turnover decreased from 18.13 at March 31, 2020, to 8.99 at December 31, 2020. This significant decrease indicates a possible inefficiency in utilizing working capital during this period.
Subsequently, the ratio increased gradually, reaching 15.60 at March 31, 2022, indicating an improvement in the efficiency of working capital management. The company maintained relatively consistent working capital turnover values around this level for the following quarters.
A notable peak was observed at June 30, 2024, with a working capital turnover of 25.07, suggesting a very efficient utilization of working capital to generate sales revenue during that quarter.
In the last quarter analyzed, at December 31, 2024, the ratio dropped to 11.06, signaling a decrease in working capital efficiency compared to the peak value observed in the previous quarter.
Overall, CDW Corp's working capital turnover ratio fluctuated throughout the analyzed period, reflecting varying levels of efficiency in converting working capital into sales revenue.
Peer comparison
Dec 31, 2024