CorVel Corp (CRVL)
Payables turnover
| Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | ||
|---|---|---|---|---|---|---|
| Cost of revenue | US$ in thousands | 700,633 | 634,433 | 562,153 | 493,904 | 531,949 |
| Payables | US$ in thousands | 16,410 | 15,058 | 14,080 | 12,353 | 15,145 |
| Payables turnover | 42.70 | 42.13 | 39.93 | 39.98 | 35.12 |
March 31, 2024 calculation
Payables turnover = Cost of revenue ÷ Payables
= $700,633K ÷ $16,410K
= 42.70
CorVel Corp's payables turnover has shown a consistent upward trend over the past five years, indicating the company's efficiency in managing its accounts payable. The payables turnover ratio has increased from 35.12 in 2020 to 42.70 in 2024, reflecting an improvement in the company's ability to pay off its suppliers quickly. This trend suggests that CorVel Corp is effectively utilizing its accounts payable and maintaining good relationships with its suppliers, possibly negotiating favorable credit terms. Overall, the increasing payables turnover ratio signals efficient working capital management and financial health for CorVel Corp.