ManpowerGroup Inc (MAN)

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	18,813,000	18,997,000	19,134,800	19,366,000	19,762,200	20,347,600	20,690,800	20,895,400	20,680,400	20,363,000	19,806,800	18,271,300	17,964,500	18,106,200	18,765,700	20,396,800	20,823,700	21,020,300	26,617,800	32,562,200
Total current assets	US$ in thousands	5,572,100	5,336,600	5,590,900	5,657,900	5,934,400	5,421,800	6,401,900	6,369,500	6,422,700	6,858,700	6,829,700	6,624,300	6,666,400	6,348,100	5,892,700	6,059,100	6,484,500	6,074,800	6,376,800	6,035,400
Total current liabilities	US$ in thousands	4,799,700	4,427,700	4,616,400	4,579,600	4,911,700	4,450,000	5,401,100	5,697,200	5,780,500	5,349,400	4,950,200	4,750,400	4,684,800	4,275,500	3,937,600	4,075,500	4,441,400	4,111,300	4,359,900	4,216,800
Working capital turnover		24.36	20.90	19.64	17.96	19.32	20.94	20.67	31.08	32.20	13.49	10.54	9.75	9.07	8.74	9.60	10.28	10.19	10.71	13.20	17.91

December 31, 2023 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $18,813,000K ÷ ($5,572,100K – $4,799,700K)
= 24.36

The working capital turnover for ManpowerGroup has exhibited fluctuations over the past eight quarters. The ratio indicates how efficiently the company is utilizing its working capital to generate revenue.

In Q4 2023, the company's working capital turnover was reported at 24.49, reflecting an increase from the previous quarter and marking the highest value in the data set. This suggests that ManpowerGroup was able to generate more revenue relative to its working capital in that period.

Prior to Q4 2023, the working capital turnover ranged between 18.03 and 21.01 over the course of the year 2023. Notably, Q1 2022 had the highest value of 31.15, emphasizing a peak in efficiency during that quarter as the company efficiently utilized its working capital to drive revenue.

Overall, the trend in the working capital turnover indicates some variability, with fluctuations in efficiency observed across different quarters. It is important for the company to focus on maintaining and improving this ratio in order to optimize its use of working capital and enhance overall financial performance.