IDEX Corporation (IEX)
Working capital turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 3,273,900 | 3,181,900 | 2,764,800 | 2,351,600 | 2,494,600 |
| Total current assets | US$ in thousands | 1,446,300 | 1,399,300 | 1,678,000 | 1,657,200 | 1,261,440 |
| Total current liabilities | US$ in thousands | 500,300 | 543,600 | 480,000 | 399,000 | 357,877 |
| Working capital turnover | 3.46 | 3.72 | 2.31 | 1.87 | 2.76 |
December 31, 2023 calculation
Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $3,273,900K ÷ ($1,446,300K – $500,300K)
= 3.46
The working capital turnover for Idex Corporation has fluctuated over the past five years. In 2023, the ratio decreased to 3.46 from 3.72 in 2022, indicating that the company generated $3.46 in revenue for every dollar of working capital. This may suggest a slight decrease in efficiency in utilizing its working capital to generate sales. However, compared to 2021 and 2020 where the ratios were 2.31 and 1.87 respectively, the company has shown significant improvement in managing its working capital more effectively in recent years. Despite the decrease from 2022, the 2023 ratio is still higher than in 2019, where it was 2.76, indicating overall improvement in working capital management efficiency over the five-year period.
Peer comparison
Dec 31, 2023