CSW Industrials, Inc. (CSW)
Payables 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 | 514,437 | 484,989 | 473,546 | 460,989 | 449,658 | 442,095 | 435,214 | 439,523 | 437,374 | 439,690 | 430,306 | 411,255 | 393,244 | 372,403 | 350,842 | 315,192 | 278,862 | 234,406 | 208,788 | 204,219 |
| Payables | US$ in thousands | 64,560 | 54,767 | 52,842 | 63,191 | 55,025 | 48,387 | 43,421 | 47,114 | 46,252 | 40,651 | 42,031 | 50,261 | 51,826 | 47,836 | 39,530 | 37,785 | 43,227 | 32,444 | 25,667 | 20,736 |
| Payables turnover | 7.97 | 8.86 | 8.96 | 7.30 | 8.17 | 9.14 | 10.02 | 9.33 | 9.46 | 10.82 | 10.24 | 8.18 | 7.59 | 7.78 | 8.88 | 8.34 | 6.45 | 7.22 | 8.13 | 9.85 |
June 30, 2025 calculation
Payables turnover = Cost of revenue (ttm) ÷ Payables
= $514,437K ÷ $64,560K
= 7.97
The payables turnover ratio for CSW Industrials, Inc. exhibited notable fluctuations over the specified periods. In the fiscal quarter ending September 30, 2020, the ratio was relatively high at 9.85, indicating a prompt payment cycle to suppliers during that time. This declining trend persisted into December 31, 2020, when the ratio decreased to 8.13, and further diminished to 7.22 by the end of March 2021, suggesting a gradual lengthening of the average payables period.
Throughout 2021, the ratio showed some volatility, with a slight rise to 8.34 in September and subsequent increases to 8.88 in December. However, in the following quarters of 2022, the ratio experienced a downward trend, reaching a low of 7.59 at the end of June 2022, before climbing back above 8.0, notably reaching 10.24 in December 2022. The early 2023 quarters continued this upward momentum, with ratios of 10.82 in March and 9.46 in June, indicating a shorter payables cycle during this period.
In the second half of 2023 and into early 2024, the ratio experienced moderate fluctuations, settling around 9.33 in September 2023, peaking at 10.02 in December 2023. It subsequently declined to 9.14 in March 2024, with further decreases observed in mid-2024. The ratio reached a low of 7.30 in September 2024 but recovered somewhat by the end of the year to 8.96 in December 2024.
Looking into 2025, the payables turnover ratio hovered around mid-8s, with 8.86 in March, dipping slightly to 8.86 in June, and then decreasing further to 7.97 by June 2025. Overall, the ratio's pattern suggests periods of both extension and acceleration in the payables cycle, reflecting potential strategic adjustments in supplier payment policies or changes in operating cash flow management.
The observed fluctuations imply that CSW Industrials, Inc. has experienced periods of tightening and loosening of its accounts payable management, possibly influenced by liquidity considerations, supply chain dynamics, or vendor relationships. The ratios oscillating around 8 to 10 over time suggest a balanced approach, with occasional elongation of payables potentially used as a cash management tool during certain fiscal quarters.
Peer comparison
Jun 30, 2025