Coty Inc (COTY)

Inventory turnover

		Jun 30, 2025	Mar 31, 2025	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
Cost of revenue (ttm)	US$ in thousands	2,072,000	2,135,100	2,156,200	2,204,000	2,226,600	2,192,900	2,183,200	2,105,000	2,006,800	1,950,900	1,895,900	1,931,700	1,935,200	1,910,100	1,878,700	1,901,600	1,861,700	1,776,800	2,002,200	2,277,500
Inventory	US$ in thousands	794,500	717,300	705,800	782,500	764,100	759,700	775,500	845,400	853,400	798,100	718,200	676,400	661,500	643,100	589,000	660,700	650,800	604,700	626,100	727,700
Inventory turnover		2.61	2.98	3.05	2.82	2.91	2.89	2.82	2.49	2.35	2.44	2.64	2.86	2.93	2.97	3.19	2.88	2.86	2.94	3.20	3.13

June 30, 2025 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $2,072,000K ÷ $794,500K
= 2.61

The inventory turnover ratio for Coty Inc. over the period examined demonstrates fluctuations within a relatively narrow range, indicating periods of both efficiency and relative inventory holding periods.

Starting from September 30, 2020, the ratio was 3.13, which increased slightly to 3.20 by December 31, 2020. However, a notable decline occurred during the subsequent quarters, reaching a low of 2.44 on March 31, 2023. This decline suggests an increase in average inventory levels relative to sales, potentially reflecting slower inventory turnover or increased stockpiling during this period.

Post-March 2023, there was a gradual improvement, with the ratio increasing to 2.89 by March 31, 2024. The trend continued upward through June 30, 2024, reaching 2.91, and further sustained at 2.82 by September 30, 2024. The ratio then saw a slight rise to 3.05 at the end of 2024, and maintenance of an intermediate level with 2.98 in March 2025 and 2.61 in June 2025.

Overall, the data depicts a pattern of initial stabilization, followed by a mid-period decline in inventory turnover, and subsequently a modest recovery towards the latter half of the analyzed period. This trend suggests fluctuations in inventory management efficiency, possibly influenced by shifts in demand, supply chain conditions, or strategic inventory holdings. The ratios generally remained below 3, indicating relatively slower inventory turnover compared to more rapid turnover industries.