Corteva Inc (CTVA)
Inventory turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Cost of revenue | US$ in thousands | 13,780,000 | 14,312,000 | 13,152,000 | 12,234,000 | 12,347,000 |
| Inventory | US$ in thousands | 6,899,000 | 6,811,000 | 5,180,000 | 4,882,000 | 5,032,000 |
| Inventory turnover | 2.00 | 2.10 | 2.54 | 2.51 | 2.45 |
December 31, 2023 calculation
Inventory turnover = Cost of revenue ÷ Inventory
= $13,780,000K ÷ $6,899,000K
= 2.00
Corteva Inc's inventory turnover ratio has been fluctuating over the past five years. In 2023, the inventory turnover ratio decreased to 1.44 from 1.53 in 2022. This suggests that Corteva Inc took longer to sell its inventory in 2023 compared to the previous year. However, it is important to note that a lower inventory turnover ratio may not always indicate inefficiency, as factors such as seasonality or strategic inventory buildup could impact this ratio. Looking at a longer trend, the inventory turnover ratio has been relatively consistent over the past five years, ranging from 1.44 to 1.78. Further analysis of the company's operations and supply chain management practices would provide more insights into the reasons for these fluctuations in inventory turnover.
Peer comparison
Dec 31, 2023