Integer Holdings Corp (ITGR)
Payables turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Cost of revenue | US$ in thousands | 1,420,460 | 1,238,880 | 1,074,240 | 942,859 | 1,083,430 |
| Payables | US$ in thousands | 120,293 | 110,780 | 76,859 | 51,570 | 64,975 |
| Payables turnover | 11.81 | 11.18 | 13.98 | 18.28 | 16.67 |
December 31, 2023 calculation
Payables turnover = Cost of revenue ÷ Payables
= $1,420,460K ÷ $120,293K
= 11.81
The payables turnover ratio for Integer Holdings Corp has exhibited fluctuations over the past five years. The ratio indicates how efficiently the company is managing its accounts payable by paying off its suppliers.
In 2023, the payables turnover ratio was 9.80, which represented an improvement from the previous year's ratio of 9.18 in 2022. This suggests that Integer Holdings Corp took approximately 9.80 days to pay off its suppliers during 2023, compared to 9.18 days in 2022.
Looking back further, the ratio was 11.50 in 2021, 15.28 in 2020, and 13.90 in 2019. The declining trend from 2020 to 2022 indicates that the company was taking longer to pay its suppliers during those years. However, the significant improvement in the payables turnover ratio in 2023 suggests that Integer Holdings Corp has been more efficient in managing its accounts payable during that year.
Overall, the payables turnover ratio of Integer Holdings Corp has varied over the past five years, with fluctuations reflecting changes in the company's payment practices and relationships with suppliers.
Peer comparison
Dec 31, 2023