Marten Transport Ltd (MRTN)

Working capital turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	1,131,460	1,263,880	973,644	874,374	843,271
Total current assets	US$ in thousands	196,582	235,840	186,949	175,658	154,166
Total current liabilities	US$ in thousands	110,242	124,310	93,559	89,794	76,326
Working capital turnover		13.10	11.33	10.43	10.18	10.83

December 31, 2023 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $1,131,460K ÷ ($196,582K – $110,242K)
= 13.10

Marten Transport, Ltd. has shown a positive trend in its working capital turnover ratio over the past five years. The ratio has been increasing steadily from 10.83 in 2019 to 13.10 in 2023. This indicates that the company is efficiently utilizing its working capital to generate revenue. A higher working capital turnover ratio suggests that the company efficiently manages its current assets and liabilities to support its operations. Marten Transport's consistent improvement in its working capital turnover reflects its ability to effectively manage its working capital resources.