Korn Ferry (KFY)
Working capital turnover
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 2,761,086 | 2,741,182 | 2,741,517 | 2,772,004 | 2,795,505 | 2,833,706 | 2,843,678 | 2,866,950 | 2,863,836 | 2,852,715 | 2,850,826 | 2,758,505 | 2,643,455 | 2,473,846 | 2,266,770 | 2,061,161 | 1,819,946 | 1,711,528 | 1,761,627 | 1,828,015 |
| Total current assets | US$ in thousands | 1,750,140 | 1,557,320 | 1,482,450 | 1,415,480 | 1,674,160 | 1,544,710 | 1,421,540 | -551,002 | 1,638,670 | 1,613,430 | 1,480,360 | 1,497,290 | 1,759,970 | 1,667,750 | 1,549,240 | 1,366,930 | 1,487,130 | 1,315,590 | 1,170,890 | 1,093,280 |
| Total current liabilities | US$ in thousands | 955,598 | 817,757 | 717,783 | 658,018 | 934,519 | 842,641 | 764,119 | 655,791 | 976,260 | 856,347 | 755,175 | 686,054 | 984,225 | 851,151 | 697,069 | 583,538 | 750,070 | 635,410 | 558,911 | 491,331 |
| Working capital turnover | 3.48 | 3.71 | 3.59 | 3.66 | 3.78 | 4.04 | 4.33 | — | 4.32 | 3.77 | 3.93 | 3.40 | 3.41 | 3.03 | 2.66 | 2.63 | 2.47 | 2.52 | 2.88 | 3.04 |
April 30, 2025 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $2,761,086K ÷ ($1,750,140K – $955,598K)
= 3.48
The expenditure of Korn Ferry’s working capital turnover over the analyzed period demonstrates notable fluctuations with an overall progressive trend from mid-2020 through late 2024. Initially, the ratio stood at 3.04 as of July 31, 2020, reflecting the efficiency with which the company utilized its working capital to generate revenue. A subsequent decline was observed by October 31, 2020, reaching 2.88, indicating a decrease in turnover efficiency during this interval.
Throughout 2021, the ratio exhibited a downward trajectory, reaching its lowest point at 2.47 by April 30, 2021, suggesting a temporary reduction in operational efficiency or potential changes in working capital management. The ratio then demonstrated modest recovery, reaching 2.66 by October 31, 2021, and further improving to 3.03 by January 31, 2022. A consistent upward trend was observed in 2022, culminating at 3.41 on April 30, and then slightly increasing again to 3.93 by October 31, 2022, indicating an enhanced ability to generate revenue relative to working capital.
This improving pattern persisted into early 2023, with the ratio reaching 4.32 as of April 30, before a slight decline to 4.33 in October 2023. Although data for July 31, 2023, is unavailable, the overall trajectory from October 2022 through October 2023 suggests operational improvements or better working capital management.
Following the peak in October 2023, the ratio exhibited a gradual decline through 2024, decreasing to 3.78 by April 30, 2024, and further to 3.66 by July 31, 2024. The ratio then stabilized slightly, recorded at 3.59 in October 2024, with minor fluctuations continuing into early 2025, ending at 3.48 on April 30, 2025, and slightly rising again to 3.71 in January 2025.
Overall, the trend indicates periods of relative efficiency improvement post-2021, with the highest working capital turnover ratios observed in late 2022 and early 2023. The fluctuations suggest responsive adjustments in working capital management, potentially aligned with broader operational strategies or market conditions. The gradual decline thereafter may reflect changing business circumstances or shifts in revenue generation efficiency relative to working capital levels.
Peer comparison
Apr 30, 2025