Carpenter Technology Corporation (CRS)

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	2,108,600	2,171,400	2,178,900	2,182,900	2,169,400	2,204,000	2,266,900	2,272,600	2,212,900	2,065,600	1,918,500	1,792,300	1,686,600	1,637,700	1,527,300	1,487,200	1,474,600	1,445,100	1,581,900	1,699,500
Inventory	US$ in thousands	793,800	825,000	812,000	749,400	735,400	796,100	797,800	706,700	639,700	710,400	722,700	616,100	496,100	526,500	534,700	491,400	425,700	535,500	565,100	633,900
Inventory turnover		2.66	2.63	2.68	2.91	2.95	2.77	2.84	3.22	3.46	2.91	2.65	2.91	3.40	3.11	2.86	3.03	3.46	2.70	2.80	2.68

June 30, 2025 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $2,108,600K ÷ $793,800K
= 2.66

The inventory turnover ratio of Carpenter Technology Corporation demonstrates notable fluctuations over the analyzed period from September 30, 2020, through June 30, 2025. Initially, the ratio increased from 2.68 in September 2020 to a peak of 3.46 in June 2021, indicating an improvement in the company's efficiency in managing and selling its inventory during that period. Subsequently, the ratio experienced some volatility, decreasing to 2.86 by December 2021 and rising again to a maximum of 3.46 in June 2023.

This pattern reflects periods of both inventory accumulation and efficient turnover. The ratio declined to 2.65 by December 2022 but regained strength, reaching 3.22 in September 2023. Throughout the latter half of the period, the ratio remained relatively stable within a range of approximately 2.63 to 3.46, with slight fluctuations attributable to operational or market dynamics.

Overall, the trends indicate that Carpenter Technology has periodically improved its inventory management efficiency, especially notable during mid-2021 and mid-2023, with the ratio generally oscillating around an average of approximately 2.9–3.0. These ratios suggest a consistent ability to turn over inventory multiple times per year, aligning with expectations for a manufacturing or metal-based company seeking to balance inventory levels with sales demands.