Corning Incorporated (GLW)
Inventory turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Cost of revenue | US$ in thousands | 8,657,000 | 9,683,000 | 9,019,000 | 7,772,000 | 7,468,000 |
| Inventory | US$ in thousands | 2,666,000 | 2,904,000 | 2,481,000 | 2,481,000 | 2,320,000 |
| Inventory turnover | 3.25 | 3.33 | 3.64 | 3.13 | 3.22 |
December 31, 2023 calculation
Inventory turnover = Cost of revenue ÷ Inventory
= $8,657,000K ÷ $2,666,000K
= 3.25
Corning, Inc.'s inventory turnover has shown some fluctuations over the past five years. The inventory turnover ratio measures how efficiently a company manages its inventory by indicating how many times inventory is sold and replaced during a specific period.
Corning's inventory turnover ratio decreased slightly from 3.22 in 2019 to 3.19 in 2020, possibly indicating a slower rate of inventory turnover that year. However, the ratio improved in 2021 to 3.64, suggesting a more efficient management of inventory. In 2022, the ratio decreased to 3.33, but remained relatively stable. The latest reported inventory turnover for 2023 is 3.25, showing a further minor decline.
Overall, Corning's inventory turnover has been relatively consistent over the period analyzed, demonstrating a continual effort to efficiently manage inventory levels. Further analysis could help identify the reasons behind these fluctuations and assess the effectiveness of the company's inventory management strategies.
Peer comparison
Dec 31, 2023