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 Sep 30, 2019 Jun 30, 2019 Mar 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 14,117,000 14,445,000 24,061,000
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 8,993,000 8,614,000 14,078,000
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

Company name
Symbol
Working capital turnover
Corteva Inc
CTVA
2.94
Fresh Del Monte Produce Inc
FDP
7.16