Corteva Inc (CTVA)
Working capital turnover
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 17,226,000 | 17,344,000 | 17,531,000 | 17,738,000 | 17,455,000 | 17,109,000 | 16,703,000 | 16,078,000 | 15,655,000 | 15,383,000 | 14,875,000 | 14,439,000 | 14,217,000 | 13,993,000 | 14,041,000 | 14,406,000 | 13,846,000 |
| Total current assets | US$ in thousands | 16,260,000 | 16,333,000 | 17,207,000 | 18,329,000 | 16,795,000 | 15,045,000 | 14,764,000 | 15,878,000 | 15,546,000 | 14,146,000 | 14,285,000 | 15,036,000 | 14,768,000 | 14,088,000 | 14,422,000 | 14,679,000 | 13,519,000 |
| Total current liabilities | US$ in thousands | 10,409,000 | 10,348,000 | 10,346,000 | 13,231,000 | 10,744,000 | 8,918,000 | 7,856,000 | 9,653,000 | 9,558,000 | 7,805,000 | 7,252,000 | 8,999,000 | 8,548,000 | 7,734,000 | 7,529,000 | 9,199,000 | 8,238,000 |
| Working capital turnover | 2.94 | 2.90 | 2.56 | 3.48 | 2.88 | 2.79 | 2.42 | 2.58 | 2.61 | 2.43 | 2.12 | 2.39 | 2.29 | 2.20 | 2.04 | 2.63 | 2.62 |
December 31, 2023 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $17,226,000K ÷ ($16,260,000K – $10,409,000K)
= 2.94
Corteva Inc's working capital turnover has shown some fluctuations over the past eight quarters. It indicates the company's efficiency in managing its working capital to generate sales revenue. A higher turnover ratio suggests that Corteva is effectively utilizing its working capital to support its sales activities.
In Q1 2023 and Q4 2022, the working capital turnover was at its highest, indicating that Corteva efficiently converted its working capital into sales during these periods. On the other hand, in Q2 2023, the ratio decreased to 2.56, the lowest point in the data, which may suggest a less efficient management of working capital during that quarter.
Overall, Corteva's working capital turnover has shown a generally positive trend with some fluctuations. The company should aim to maintain a consistent and efficient use of its working capital to support sustainable revenue generation.
Peer comparison
Dec 31, 2023