Gentex Corporation (GNTX)

Inventory turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cost of revenue	US$ in thousands	1,668,820	1,437,340	1,225,820	1,195,100	1,278,070
Inventory	US$ in thousands	402,473	404,360	316,267	226,292	248,942
Inventory turnover		4.15	3.55	3.88	5.28	5.13

December 31, 2023 calculation

Inventory turnover = Cost of revenue ÷ Inventory
= $1,668,820K ÷ $402,473K
= 4.15

The inventory turnover ratio of Gentex Corp. has fluctuated over the past five years. In 2023, the inventory turnover ratio improved to 3.82 compared to the previous year, indicating that the company sold its inventory around 3.82 times during the year. However, it is still lower than the ratios in 2020 and 2019, suggesting a slower inventory turnover rate in the most recent year. Overall, Gentex Corp. may need to focus on managing its inventory levels more effectively to optimize its turnover rate and improve operational efficiency.