Corning Incorporated (GLW)
Working capital turnover
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 12,588,000 | 13,000,000 | 13,315,000 | 13,687,000 | 14,189,000 | 14,459,000 | 14,586,000 | 14,472,000 | 14,082,000 | 13,756,000 | 13,142,000 | 12,202,000 | 11,303,000 | 10,770,000 | 10,703,000 | 11,082,000 | 11,503,000 | 11,721,000 | 11,795,000 | 11,602,000 |
| Total current assets | US$ in thousands | 7,212,000 | 7,298,000 | 7,293,000 | 6,877,000 | 7,453,000 | 7,804,000 | 7,883,000 | 7,861,000 | 7,659,000 | 7,679,000 | 7,648,000 | 8,103,000 | 8,004,000 | 8,058,000 | 6,846,000 | 6,946,000 | 7,463,000 | 6,156,000 | 6,311,000 | 6,349,000 |
| Total current liabilities | US$ in thousands | 4,319,000 | 4,285,000 | 4,411,000 | 4,773,000 | 5,175,000 | 5,167,000 | 5,530,000 | 5,061,000 | 4,806,000 | 4,337,000 | 4,624,000 | 3,513,000 | 3,767,000 | 3,849,000 | 3,020,000 | 3,191,000 | 3,521,000 | 3,600,000 | 3,416,000 | 3,059,000 |
| Working capital turnover | 4.35 | 4.31 | 4.62 | 6.51 | 6.23 | 5.48 | 6.20 | 5.17 | 4.94 | 4.12 | 4.35 | 2.66 | 2.67 | 2.56 | 2.80 | 2.95 | 2.92 | 4.59 | 4.07 | 3.53 |
December 31, 2023 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $12,588,000K ÷ ($7,212,000K – $4,319,000K)
= 4.35
The working capital turnover of Corning, Inc. has shown fluctuations over the past eight quarters. The highest working capital turnover ratio was observed in Q1 2023 at 6.51, indicating that Corning generated $6.51 in net sales revenue for every dollar of working capital invested during that quarter. This suggests that the company efficiently utilized its working capital to generate sales revenue.
However, the working capital turnover ratio decreased in Q2 2023 to 4.62 before rebounding slightly in Q3 2023 to 4.31. Despite these fluctuations, the ratios remained above 4, indicating that Corning generally effectively managed its working capital throughout these quarters.
It is important to note that a high working capital turnover ratio does not necessarily equate to financial success on its own. Further analysis should be conducted to assess the overall financial health and performance of Corning, Inc.
Peer comparison
Dec 31, 2023
See also:
Corning Incorporated Working Capital Turnover (Quarterly Data)