CVR Energy Inc (CVI)
Working capital turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 9,247,000 | 10,896,000 | 7,242,000 | 3,930,000 | 6,364,000 |
| Total current assets | US$ in thousands | 2,179,000 | 1,593,000 | 1,369,000 | 1,402,000 | 1,274,000 |
| Total current liabilities | US$ in thousands | 1,682,000 | 1,439,000 | 1,156,000 | 659,000 | 596,000 |
| Working capital turnover | 18.61 | 70.75 | 34.00 | 5.29 | 9.39 |
December 31, 2023 calculation
Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $9,247,000K ÷ ($2,179,000K – $1,682,000K)
= 18.61
The working capital turnover ratio for CVR Energy Inc has fluctuated over the past five years, indicating variations in the efficiency of the company in utilizing its working capital to generate revenue.
In 2023, the working capital turnover ratio was 18.61, suggesting a decrease from the previous year's exceptionally high ratio of 70.75. This decline may indicate potential inefficiencies in the management of working capital during the year.
The significant jump in the ratio from 2020 (5.29) to 2021 (34.00) indicates a substantial improvement in the company's ability to generate revenue from its working capital, reflecting better management practices or operational performance.
Overall, a higher working capital turnover ratio implies that the company is effectively utilizing its current assets to support sales or revenue generation. However, it is essential to consider other financial metrics and qualitative factors to gain a comprehensive understanding of CVR Energy Inc's financial performance and operational efficiency.
Peer comparison
Dec 31, 2023