Flowers Foods Inc (FLO)

Working capital turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	5,090,830	4,805,820	4,330,770	4,387,990	4,123,970
Total current assets	US$ in thousands	687,713	804,940	746,118	838,203	553,918
Total current liabilities	US$ in thousands	659,152	564,425	519,917	504,105	528,143
Working capital turnover		178.24	19.98	19.15	13.13	160.00

December 31, 2023 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $5,090,830K ÷ ($687,713K – $659,152K)
= 178.24

The working capital turnover ratio for Flowers Foods Inc has shown significant fluctuations over the past five years. In 2023, the ratio surged to 178.24, indicating an exceptionally efficient utilization of working capital to generate sales. This represents a remarkable improvement compared to the previous years, where the ratios were relatively stable but considerably lower. The sudden increase in 2023 suggests that Flowers Foods Inc has managed to streamline its operations and optimize its working capital management effectively. However, further analysis and comparison with industry benchmarks would be necessary to evaluate the sustainability and competitiveness of this performance.