CVR Energy Inc (CVI)
Payables 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue (ttm) | US$ in thousands | 7,974,000 | 8,323,000 | 8,845,000 | 9,569,000 | 9,766,000 | 9,409,000 | 8,525,000 | 7,567,000 | 7,023,000 | 6,206,000 | 5,560,000 | 4,449,000 | 4,120,000 | 4,368,000 | 4,768,000 | 5,609,000 | 5,662,000 | 5,778,000 | 6,087,000 | 6,380,000 |
| Payables | US$ in thousands | 530,000 | 566,000 | 466,000 | 512,000 | 497,000 | 557,000 | 666,000 | 709,000 | 409,000 | 409,000 | 432,000 | 417,000 | 282,000 | 242,000 | 236,000 | 344,000 | 412,000 | 390,000 | 323,000 | 359,000 |
| Payables turnover | 15.05 | 14.70 | 18.98 | 18.69 | 19.65 | 16.89 | 12.80 | 10.67 | 17.17 | 15.17 | 12.87 | 10.67 | 14.61 | 18.05 | 20.20 | 16.31 | 13.74 | 14.82 | 18.85 | 17.77 |
December 31, 2023 calculation
Payables turnover = Cost of revenue (ttm) ÷ Payables
= $7,974,000K ÷ $530,000K
= 15.05
The payables turnover ratio measures how efficiently a company manages its accounts payable by evaluating how quickly it pays off its suppliers. A higher payables turnover ratio indicates more efficient management of payables.
Analyzing the payables turnover of CVR Energy Inc over the past eight quarters reveals fluctuations in the efficiency of their payables management. In Q4 2023, the payables turnover ratio was 13.23, which increased compared to the previous quarter. This implies that the company was able to pay off its suppliers more frequently during this period.
Moreover, the payables turnover ratio has generally shown an increasing trend over the past two years, indicating a potential improvement in CVR Energy Inc's accounts payable management efficiency. The highest ratio was recorded in Q4 2022 at 17.64, suggesting the company was most effective in managing its payables during that quarter.
Overall, the analysis suggests that CVR Energy Inc has been gradually improving its efficiency in managing its accounts payable over the past two years, as evidenced by the increasing trend in the payables turnover ratio. However, it is essential to monitor future trends to ensure continuous improvement in payables management.
Peer comparison
Dec 31, 2023