Marten Transport Ltd (MRTN)

Payables 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
Cost of revenue (ttm)	US$ in thousands	437,505	446,352	452,200	453,290	441,772	423,952	403,822	378,606	360,964	352,961	347,409	347,831	348,342	338,415	331,305	324,671	356,226	395,095	435,082	474,802
Payables	US$ in thousands	36,516	42,042	36,107	41,558	37,299	43,188	48,463	29,158	20,150	33,687	39,279	32,060	25,702	24,563	26,176	34,821	22,917	27,777	24,293	18,512
Payables turnover		11.98	10.62	12.52	10.91	11.84	9.82	8.33	12.98	17.91	10.48	8.84	10.85	13.55	13.78	12.66	9.32	15.54	14.22	17.91	25.65

December 31, 2023 calculation

Payables turnover = Cost of revenue (ttm) ÷ Payables
= $437,505K ÷ $36,516K
= 11.98

The payables turnover ratio for Marten Transport, Ltd. has consistently been reported as 0.00 across all quarters in the data provided. This implies that the company is not effectively utilizing its accounts payable to fund its operations or that it is not efficiently managing its payment terms with suppliers. A low or zero payables turnover ratio may indicate potential liquidity issues or inefficiencies in the company's working capital management. Further investigation and analysis of the company's payables, operational processes, and financial management practices are warranted to identify the underlying reasons for the consistently low payables turnover.