GMS Inc (GMS)
Payables turnover
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue (ttm) | US$ in thousands | 3,791,715 | 3,871,597 | 3,880,409 | 3,833,060 | 3,795,213 | 3,677,405 | 3,633,343 | 3,637,521 | 3,603,307 | 3,599,534 | 3,552,987 | 3,365,189 | 3,146,600 | 2,909,100 | 2,631,144 | 2,400,248 | 2,236,120 | 2,117,023 | 2,117,035 | 2,146,686 |
| Payables | US$ in thousands | 431,494 | 330,125 | 417,799 | 420,288 | 420,237 | 323,263 | 367,405 | 351,951 | 377,003 | 314,349 | 366,143 | 363,287 | 367,315 | 293,485 | 351,226 | 329,452 | 322,965 | 157,892 | 163,927 | 180,558 |
| Payables turnover | 8.79 | 11.73 | 9.29 | 9.12 | 9.03 | 11.38 | 9.89 | 10.34 | 9.56 | 11.45 | 9.70 | 9.26 | 8.57 | 9.91 | 7.49 | 7.29 | 6.92 | 13.41 | 12.91 | 11.89 |
April 30, 2025 calculation
Payables turnover = Cost of revenue (ttm) ÷ Payables
= $3,791,715K ÷ $431,494K
= 8.79
The payables turnover ratio for GMS Inc. exhibits notable fluctuations over the analyzed period from July 2020 to April 2025. Initially, in July 2020, the ratio stood at 11.89, indicating the company’s ability to settle its payables approximately 12 times within the fiscal year. This ratio increased steadily through October 2020 (12.91) and January 2021 (13.41), suggesting an improvement in paying suppliers more frequently or effectively managing accounts payable.
A significant decline occurred by April 2021, where the ratio dropped sharply to 6.92, signaling a substantial slowdown in payables turnover. This downward trend persisted, reaching a low of 7.29 in July 2021 and 7.49 in October 2021, reflecting either prolonged payment periods or deliberate extension of payable terms during this interval.
In late 2021 and early 2022, the ratio rebounded, reaching 9.91 by January 2022, indicating a partial recovery in payables management. Throughout 2022, the ratio hovered around the 8.5 to 9.7 range, with slight fluctuations, suggesting relative stability but not returning to pre-2021 levels.
The ratio again increased in late 2022 and early 2023, exceeding 11.0 in January 2023 (11.45), which indicates an accelerated settlement rate or potentially tighter credit terms with suppliers. This higher ratio persisted into July 2023 (10.34), and October 2023 (9.89), before experiencing a slight decline toward April 2024 (9.03).
In the most recent period, from January 2024 to October 2025, the payable turnover ratio ranged between approximately 8.79 and 11.73. The highest value observed was 11.73 in January 2025, signaling a notably faster payables turnover, while the lowest was 8.79 in April 2025, indicating a moderate slowdown compared to the peak.
Overall, the trend reflects variability in GMS Inc.'s payables management, with periods of expedited payments and intervals where payment cycles were extended. The observed fluctuations could be influenced by changes in supplier terms, cash flow considerations, strategic payment practices, or operational adjustments.
Peer comparison
Apr 30, 2025