Stride Inc (LRN)

Inventory turnover

		Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Cost of revenue (ttm)	US$ in thousands	1,461,398	1,392,641	1,348,063	1,304,404	1,276,466	1,241,903	1,217,427	1,202,080	1,190,288	1,166,414	1,138,265	1,111,868	1,090,191	1,063,566	1,049,811	1,034,615	1,001,860	928,087	853,927	774,643
Inventory	US$ in thousands	37,570	22,375	20,707	22,319	36,748	21,038	19,506	21,752	36,716	22,884	23,960	27,919	36,003	23,986	23,941	24,873	39,690	28,814	28,618	24,009
Inventory turnover		38.90	62.24	65.10	58.44	34.74	59.03	62.41	55.26	32.42	50.97	47.51	39.82	30.28	44.34	43.85	41.60	25.24	32.21	29.84	32.26

June 30, 2025 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $1,461,398K ÷ $37,570K
= 38.90

The inventory turnover ratio of Stride Inc. exhibits considerable variability over the analyzed period, indicative of fluctuations in inventory management efficiency and possibly changes in sales dynamics.

Initially, the ratio showed a decline from 32.26 times as of September 30, 2020, to 29.84 times at the end of 2020, suggesting a slight decrease in the frequency with which inventory was sold and replaced. This downward trend continued into the first quarter of 2021, where the ratio slightly increased to 32.21 times, but then dropped notably to 25.24 times as of June 30, 2021, reflecting a period of less efficient inventory utilization.

The ratio surged significantly by September 30, 2021, reaching 41.60 times, and maintained an upward trend through the end of 2021 and into 2022, reaching 43.85 times at the close of December 2021 and 44.34 times at the end of March 2022. This upward movement indicates improved inventory management and more frequent inventory turnover. The ratio experienced a decline in mid-2022, falling to 30.28 times as of June 30, 2022, but rebounded thereafter, reaching 39.82 times by September 2022 and exceeding previous levels to 47.51 times at year-end 2022. It continued to rise in early 2023, reaching 50.97 times by March 31, 2023.

Subsequently, the ratio declined sharply to 32.42 times as of June 30, 2023, but increased again to 55.26 times by September 30, 2023. The trend persisted upward, with the ratio reaching 62.41 times at the close of 2023, and remaining relatively high in early 2024 at 59.03 times (March 31, 2024). During the second quarter of 2024, the ratio decreased to 34.74 times, but then recovered to 58.44 times as of September 30, 2024. The pattern continued with an increase to 65.10 times in December 2024, followed by a slight decline to 62.24 times in March 2025, and a further decrease to 38.90 times as of June 30, 2025.

Overall, the inventory turnover ratio for Stride Inc. demonstrates periods of both rapid and slower inventory movement, with significant peaks and troughs. The high ratios in late 2023 and early 2024 suggest periods of more efficient inventory management or higher sales relative to inventory levels, while the declines in mid-2021, mid-2022, and mid-2025 point to periods of slower inventory turnover. The fluctuating nature of this ratio underscores dynamic changes in sales performance, inventory control strategies, or product mix over the analyzed timeframe.