Energizer Holdings Inc (ENR)
Cash conversion cycle
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Days of inventory on hand (DOH) | days | 96.42 | 97.35 | 95.79 | 93.03 | 93.32 | 93.24 | 130.03 | 123.00 | 110.26 | 107.16 | 139.71 | 124.99 | 113.12 | 115.62 | 116.69 | 104.66 | 89.81 | 103.93 | 115.25 | 124.07 |
| Days of sales outstanding (DSO) | days | 55.77 | 71.00 | 54.44 | 50.06 | 51.99 | 57.50 | 48.52 | 47.79 | 55.41 | 44.62 | 49.07 | 47.03 | 51.94 | 48.41 | 54.13 | 54.56 | 61.33 | 58.48 | 67.56 | 74.04 |
| Number of days of payables | days | 56.39 | 55.56 | 47.70 | 41.04 | 43.61 | 39.80 | 53.76 | 55.18 | 61.26 | 66.92 | 82.46 | 76.70 | 84.48 | 85.50 | 72.38 | 62.39 | 59.54 | 66.21 | 67.79 | 73.57 |
| Cash conversion cycle | days | 95.80 | 112.79 | 102.54 | 102.05 | 101.70 | 110.93 | 124.80 | 115.62 | 104.40 | 84.86 | 106.31 | 95.32 | 80.58 | 78.53 | 98.43 | 96.83 | 91.60 | 96.20 | 115.02 | 124.54 |
December 31, 2023 calculation
Cash conversion cycle = DOH + DSO – Number of days of payables
= 96.42 + 55.77 – 56.39
= 95.80
The cash conversion cycle of Energizer Holdings Inc has been fluctuating over the past eight quarters. From Q2 2022 to Q2 2023, there was a general increasing trend in the cash conversion cycle, peaking at 129.40 days in Q2 2023. However, in Q3 2023, there was a sharp increase to 127.56 days which was followed by a decrease in Q4 2023 to 121.11 days.
Q1 2024 saw a further decrease to 103.54 days, indicating an improvement in the efficiency of the company's cash management compared to the previous quarters. Overall, the company has shown fluctuations in its cash conversion cycle, with varying levels of efficiency in managing its cash flows and working capital over the past two years. Further analysis and monitoring are recommended to understand and potentially address the underlying factors driving these fluctuations.
Peer comparison
Dec 31, 2023