M/I Homes Inc (MHO)

Working capital turnover

		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	Jun 30, 2020	Mar 31, 2020
Revenue (ttm)	US$ in thousands	4,501,490	4,272,008	4,175,468	4,080,238	4,036,708	4,277,910	4,244,470	4,271,110	4,131,391	3,966,141	3,857,530	3,777,920	3,745,885	3,600,562	3,544,164	3,297,318	3,046,145	2,881,868	2,687,292	2,596,784
Total current assets	US$ in thousands	4,196,970	4,095,430	4,003,180	3,879,370	3,706,280	3,683,960	3,546,150	3,426,600	3,382,680	3,267,820	3,199,470	3,001,610	2,964,460	2,790,160	2,621,040	2,470,960	2,411,710	2,185,970	2,088,370	1,999,920
Total current liabilities	US$ in thousands	198,579	256,708	596,444	556,417	482,549	250,937	264,656	208,426	228,597	296,326	329,384	281,387	244,505	227,311	221,909	198,216	185,669	176,581	169,088	150,256
Working capital turnover		1.13	1.11	1.23	1.23	1.25	1.25	1.29	1.33	1.31	1.33	1.34	1.39	1.38	1.40	1.48	1.45	1.37	1.43	1.40	1.40

December 31, 2024 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $4,501,490K ÷ ($4,196,970K – $198,579K)
= 1.13

M/I Homes Inc's working capital turnover has shown a generally decreasing trend from 1.40 in March 2020 to 1.13 in December 2024. This ratio indicates how efficiently the company is using its working capital to generate sales revenue. A higher turnover ratio is generally desired as it suggests that the company is effectively utilizing its resources to generate sales. The decline in the working capital turnover over the years may indicate potential inefficiencies in managing working capital or a slowdown in sales relative to the working capital invested. Further analysis of the company's working capital management practices and sales performance is recommended to understand the factors contributing to the decreasing trend in working capital turnover.