MarineMax Inc (HZO)
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 | 2,414,053 | 2,394,706 | 2,336,875 | 2,303,568 | 2,343,334 | 2,308,098 | 2,233,644 | 2,211,435 | 2,124,424 | 2,063,257 | 1,999,709 | 1,831,685 | 1,617,065 | 1,509,713 | 1,419,087 | 1,304,277 | 1,299,388 | 1,237,153 | 1,237,608 | 1,215,368 |
| Total current assets | US$ in thousands | 1,206,020 | 1,123,180 | 1,085,150 | 1,054,260 | 873,371 | 753,997 | 735,997 | 629,003 | 597,915 | 517,519 | 488,050 | 515,054 | 558,386 | 503,327 | 481,626 | 616,476 | 577,055 | 568,583 | 566,672 | 572,499 |
| Total current liabilities | US$ in thousands | 940,006 | 847,049 | 819,962 | 813,372 | 649,202 | 412,772 | 412,569 | 369,893 | 379,920 | 251,093 | 221,570 | 240,176 | 321,184 | 272,534 | 271,633 | 446,435 | 414,776 | 412,893 | 383,064 | 379,584 |
| Working capital turnover | 9.07 | 8.67 | 8.81 | 9.56 | 10.45 | 6.76 | 6.91 | 8.53 | 9.75 | 7.74 | 7.50 | 6.66 | 6.82 | 6.54 | 6.76 | 7.67 | 8.01 | 7.95 | 6.74 | 6.30 |
December 31, 2023 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $2,414,053K ÷ ($1,206,020K – $940,006K)
= 9.07
The working capital turnover ratio measures how efficiently a company is using its working capital to generate sales. A higher ratio implies that the company is generating more sales with less investment in working capital, which is generally favorable.
Looking at Marinemax, Inc.'s working capital turnover ratio over the past eight quarters, we can observe some fluctuations. The ratio ranged from a low of 6.76 in September 2022 to a high of 10.45 in December 2022. This variability suggests changes in the company's ability to efficiently generate sales using its working capital.
In the recent quarters, the working capital turnover has been consistently above 8, indicating a generally efficient use of working capital to drive sales. However, the decline from 10.45 in December 2022 to 8.81 in June 2023 and subsequent fluctuations may warrant further investigation into the company's working capital management and sales generation processes.
Overall, Marinemax, Inc.'s working capital turnover has shown some fluctuations but has generally remained at a level indicating efficient use of working capital to generate sales. Further analysis of the company's working capital management and sales strategies could provide insights into the reasons behind the fluctuations and help assess the company's overall operational efficiency.
Peer comparison
Dec 31, 2023