CVR Energy Inc (CVI)
Payables turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Cost of revenue | US$ in thousands | 7,974,000 | 9,766,000 | 7,024,000 | 4,119,000 | 5,662,000 |
| Payables | US$ in thousands | 530,000 | 497,000 | 409,000 | 282,000 | 412,000 |
| Payables turnover | 15.05 | 19.65 | 17.17 | 14.61 | 13.74 |
December 31, 2023 calculation
Payables turnover = Cost of revenue ÷ Payables
= $7,974,000K ÷ $530,000K
= 15.05
The payables turnover ratio for CVR Energy Inc has fluctuated over the past five years. In 2023, the payables turnover ratio decreased to 13.23 from 17.64 in 2022. This decline suggests that CVR Energy Inc took longer to pay off its trade payables in 2023 compared to the previous year. However, the ratio remains relatively high, indicating that the company is managing its accounts payable effectively.
When comparing the payables turnover ratio to earlier years, CVR Energy Inc had a higher ratio in 2022 and 2021 compared to 2020 and 2019. This indicates that the company improved its ability to pay off its trade payables more efficiently in those years. Overall, the payables turnover ratio for CVR Energy Inc has shown variability over the years, suggesting fluctuations in the company's payment practices and efficiency in managing its accounts payable.
Peer comparison
Dec 31, 2023