Garmin Ltd (GRMN)

Days of inventory on hand (DOH)

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Inventory turnover		2.29	1.89	2.27	3.03	2.75
DOH	days	159.05	193.35	160.72	120.40	132.87

December 31, 2023 calculation

DOH = 365 ÷ Inventory turnover
= 365 ÷ 2.29
= 159.05

Garmin Ltd's days of inventory on hand (DOH) has shown some fluctuations over the past five years. In 2023, the company had 159.05 days of inventory on hand, representing a decrease from 193.35 days in 2022. This indicates that the company was able to manage its inventory more efficiently in 2023 compared to the previous year. The DOH in 2021 was 160.72 days, which was lower than in 2020 (120.40 days) but slightly higher than in 2019 (132.87 days). Overall, Garmin Ltd's DOH has shown variability over the years, with improvements in certain periods and slight increases in others. Monitoring trends in DOH can provide insights into the company's inventory management efficiency and operational performance.