CNX Resources Corp (CNX)

Days of inventory on hand (DOH)

		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
Inventory turnover		9.76	10.63	9.56	9.23	6.72	6.74	5.40	5.06	5.43	7.83	9.79	20.91	21.01	32.82	30.83	23.95	66.69	84.84	83.48	85.12
DOH	days	37.39	34.33	38.19	39.52	54.32	54.16	67.64	72.08	67.19	46.64	37.30	17.46	17.37	11.12	11.84	15.24	5.47	4.30	4.37	4.29

December 31, 2024 calculation

DOH = 365 ÷ Inventory turnover
= 365 ÷ 9.76
= 37.39

The days of inventory on hand (DOH) for CNX Resources Corp have shown fluctuations over the period from March 31, 2020, to December 31, 2024. In March 2020, the company had 4.29 days of inventory on hand, indicating efficient management of inventory.

However, this metric increased gradually to 5.47 days by the end of December 2020. The trend changed significantly in the first quarter of 2021, with DOH spiking to 15.24 days, possibly suggesting issues with inventory management or changes in demand/supply dynamics. Subsequently, DOH decreased in the following quarters but remained elevated compared to earlier periods.

The second quarter of 2022 saw a sharp increase in DOH to 37.30 days, reaching a peak of 72.08 days in March 2023. This substantial jump could signify challenges in inventory turnover or potentially excess inventory levels.

Thereafter, the DOH decreased but remained relatively high, hovering around 30-50 days until the end of 2024. These extended periods indicate that CNX Resources Corp might be holding onto inventory for longer durations, which could tie up working capital and increase holding costs.

Overall, the increasing trend in DOH from 2020 to 2023 suggests potential inefficiencies in inventory management or shifts in market dynamics impacting inventory turnover. Monitoring and managing inventory levels effectively will be crucial for CNX Resources to optimize working capital and operational efficiency.