Corteva Inc (CTVA)
Payables 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 |
| Payables | US$ in thousands | 4,280,000 | 4,895,000 | 4,126,000 | 3,615,000 | 3,702,000 |
| Payables turnover | 3.22 | 2.92 | 3.19 | 3.38 | 3.34 |
December 31, 2023 calculation
Payables turnover = Cost of revenue ÷ Payables
= $13,780,000K ÷ $4,280,000K
= 3.22
The payables turnover ratio for Corteva Inc has fluctuated over the past five years. In 2023, the company's payables turnover ratio increased to 2.32 from 2.13 in 2022, indicating that Corteva Inc took approximately 2.32 times to pay off its accounts payable during the year. This suggests that the company was managing its accounts payable more efficiently compared to the previous year.
However, when compared to 2021 and 2019 where the payables turnover ratio was 2.23 and 2.32 respectively, it seems that Corteva Inc's efficiency in paying off its accounts payable in 2023 was relatively similar. The payables turnover ratio was the highest in 2020 at 2.35, indicating that the company was quicker in paying its suppliers during that year.
Overall, the fluctuation in Corteva Inc's payables turnover ratio over the years suggests that the company has been actively managing its accounts payable turnover, although there have been slight variations in efficiency in different years. Further analysis and comparison with industry benchmarks may provide additional insights into Corteva Inc's performance in managing its accounts payable effectively.
Peer comparison
Dec 31, 2023