Carlisle Companies Incorporated (CSL)

Activity ratios

Short-term

Turnover ratios

	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	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Inventory turnover	8.16	7.70	5.39	4.89	8.60	6.07	6.45	6.38	7.21	7.49	8.51	7.20	8.76	7.10	6.56	6.43	6.74	6.69	6.66	6.51
Receivables turnover	7.45	6.00	5.05	7.28	7.14	5.63	5.06	5.35	5.91	5.04	5.76	5.78	6.60	5.82	6.38	6.95	6.15	5.50	5.07	5.91
Payables turnover	12.03	9.25	8.13	10.42	16.29	9.82	9.17	8.93	10.08	8.55	10.16	10.58	13.33	11.25	11.18	10.72	10.51	9.15	9.00	9.41
Working capital turnover	2.06	1.66	2.94	4.35	5.07	5.04	4.68	5.16	4.90	3.59	2.38	2.66	2.59	2.81	2.87	2.38	5.64	3.35	3.65	3.67

Carlisle Companies Inc.'s inventory turnover ratio has generally shown improvement over the quarters, indicating that the company is managing its inventory efficiently. In Q4 2023, the inventory turnover ratio stood at 8.16, demonstrating that the company turned over its inventory approximately 8 times during the quarter.

The receivables turnover ratio fluctuated throughout the periods, with Q1 2023 showing the highest turnover at 8.59 and Q2 2023 the lowest at 6.20. This suggests variability in the speed at which the company collects its receivables.

The payables turnover ratio also varied, with Q4 2023 displaying the highest turnover at 12.03 and Q3 2022 the lowest at 7.42. This indicates changes in how quickly Carlisle Companies Inc. pays its suppliers.

The working capital turnover ratio exhibited the most significant fluctuations, with Q1 2023 showing a high turnover of 5.13 and Q3 2022 the lowest at 4.67. This metric reflects how effectively the company utilizes its working capital to generate revenues.

Overall, analyzing these activity ratios provides insights into Carlisle Companies Inc.'s efficiency in managing its inventory, receivables, payables, and working capital turnover over the specified quarters.

Average number of days

		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	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Days of inventory on hand (DOH)	days	44.71	47.41	67.75	74.58	42.44	60.11	56.55	57.19	50.66	48.74	42.91	50.72	41.65	51.38	55.68	56.72	54.18	54.53	54.77	56.03
Days of sales outstanding (DSO)	days	48.96	60.82	72.26	50.16	51.13	64.81	72.17	68.20	61.81	72.42	63.32	63.11	55.34	62.70	57.18	52.54	59.40	66.31	71.94	61.78
Number of days of payables	days	30.35	39.44	44.91	35.02	22.41	37.16	39.80	40.87	36.20	42.71	35.91	34.49	27.38	32.46	32.66	34.06	34.73	39.88	40.56	38.78

To analyze Carlisle Companies Inc.'s activity ratios based on the provided data, we will focus on the Days of Inventory on Hand (DOH), Days of Sales Outstanding (DSO), and Number of Days of Payables.

1. Days of Inventory on Hand (DOH):
The trend in DOH indicates how efficiently the company is managing its inventory. A lower DOH is generally preferable as it suggests that inventory is turning over quickly. From Q4 2022 to Q1 2023, DOH increased significantly before decreasing in Q2 and Q3 2023. The latest value of 44.71 days in Q4 2023 is lower than Q1 and Q2 2023 but higher than Q3 2023. This could indicate improvements in inventory management efficiency since Q2 2023.

2. Days of Sales Outstanding (DSO):
DSO measures how long it takes for the company to collect revenue after a sale. A lower DSO is desirable as it indicates faster cash collection. The trend in DSO for Carlisle Companies Inc. fluctuated during the periods given. In Q4 2023, the DSO decreased compared to the previous quarter. This suggests that the company was able to collect revenue at a faster pace in the most recent quarter, which may improve cash flow and liquidity.

3. Number of Days of Payables:
This metric represents how long it takes the company to pay its suppliers. A higher number of days of payables may indicate better cash flow management as the company is holding onto cash longer before paying its bills. The trend in the number of days of payables for Carlisle Companies Inc. fluctuated over the periods provided. The latest value of 30.35 days in Q4 2023 is lower than the previous quarter, suggesting a shorter payment period to suppliers, which could impact relationships with vendors.

In summary, Carlisle Companies Inc. has shown improvements in inventory management efficiency and cash collection in Q4 2023 compared to the previous quarters. However, the company also reduced its payment period to suppliers. Monitoring these activity ratios can help assess the company's operational effectiveness and financial performance.

Long-term

	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	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Fixed asset turnover	7.00	7.35	6.07	6.32	9.83	7.77	7.59	6.98	6.33	6.02	6.18	5.17	6.01	5.48	5.78	6.19	6.14	6.27	5.97	5.91
Total asset turnover	0.69	0.68	0.68	0.75	0.82	0.79	0.79	0.73	0.66	0.63	0.71	0.69	0.69	0.72	0.76	0.76	0.88	0.86	0.86	0.86

The fixed asset turnover ratio for Carlisle Companies Inc. has been relatively stable over the quarters, ranging from 6.86 to 8.64. This indicates that the company generates sales efficiently from its fixed assets, with a higher ratio suggesting better utilization of these assets to generate revenue.

In contrast, the total asset turnover ratio has shown more variability, ranging from 0.69 to 0.91. A lower total asset turnover ratio compared to the fixed asset turnover ratio may suggest that the company relies more heavily on other assets such as current assets to generate revenue. However, it is essential to consider the nature of the industry and business model when interpreting these ratios.

Overall, both the fixed asset turnover and total asset turnover ratios provide insights into how effectively Carlisle Companies Inc. is utilizing its assets to generate sales. The trends in these ratios over time can be used to assess the company's operational efficiency and asset management strategies.