Heartland Express Inc (HTLD)

Working capital turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	1,207,460	967,996	607,284	645,262	596,815
Total current assets	US$ in thousands	169,272	229,782	233,223	193,012	151,814
Total current liabilities	US$ in thousands	123,476	156,757	71,594	71,042	63,407
Working capital turnover		26.37	13.26	3.76	5.29	6.75

December 31, 2023 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $1,207,460K ÷ ($169,272K – $123,476K)
= 26.37

The working capital turnover ratio for Heartland Express, Inc. has shown a significant improvement over the years, indicating the company's ability to efficiently utilize its working capital to generate sales. The ratio has experienced a substantial increase from 6.75 in 2019 to 26.37 in 2023, reflecting a strong upward trend. This improvement suggests that the company has been able to effectively manage its current assets and liabilities to support its operations and sales growth. The notable increase in the working capital turnover ratio demonstrates improved liquidity and operating efficiency for Heartland Express, Inc. over the past five years.