Corning Incorporated (GLW)
Payables 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 |
| Payables | US$ in thousands | 1,466,000 | 1,804,000 | 1,612,000 | 1,174,000 | 1,587,000 |
| Payables turnover | 5.91 | 5.37 | 5.59 | 6.62 | 4.71 |
December 31, 2023 calculation
Payables turnover = Cost of revenue ÷ Payables
= $8,657,000K ÷ $1,466,000K
= 5.91
The payables turnover ratio for Corning, Inc. has displayed fluctuations over the past five years. In 2023, the company's payables turnover ratio stood at 5.91, indicating that Corning, Inc. paid off its accounts payable nearly 5.91 times during the year. This represents an improvement from the prior year's ratio of 5.37.
The trend in payables turnover suggests that the company is managing its accounts payable more efficiently in 2023 compared to the previous years. A higher payables turnover ratio typically indicates that a company is paying off its suppliers more quickly, which may reflect strong liquidity and efficient working capital management.
However, it is important to note that the payables turnover ratio should be analyzed in conjunction with other financial metrics to gain a comprehensive understanding of Corning, Inc.'s financial performance and operational efficiency. Further analysis of the company's financial statements and industry benchmarks would provide additional insights into its payables management and overall financial health.
Peer comparison
Dec 31, 2023