MSA Safety (MSA)

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	1,808,140	1,803,802	1,817,851	1,802,687	1,787,647	1,735,543	1,670,509	1,595,523	1,527,953	1,494,967	1,453,470	1,422,446	1,400,182	1,378,162	1,342,357	1,315,506	1,348,223	1,335,230	1,381,852	1,417,089
Total current assets	US$ in thousands	803,030	842,669	861,445	792,945	786,270	851,819	850,380	831,297	880,126	862,100	844,479	826,154	792,804	725,379	769,982	764,578	756,429	744,089	721,550	703,780
Total current liabilities	US$ in thousands	288,093	314,478	351,751	316,526	332,818	325,401	299,950	292,531	345,865	349,138	336,258	333,937	330,606	336,821	317,841	306,727	310,545	284,658	293,358	264,218
Working capital turnover		3.51	3.42	3.57	3.78	3.94	3.30	3.03	2.96	2.86	2.91	2.86	2.89	3.03	3.55	2.97	2.87	3.02	2.91	3.23	3.22

December 31, 2024 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $1,808,140K ÷ ($803,030K – $288,093K)
= 3.51

The working capital turnover ratio for MSA Safety has shown some fluctuations over the reported periods. The ratio indicates how efficiently the company is utilizing its working capital to generate sales revenue.

From March 31, 2020, to December 31, 2020, the working capital turnover ratio ranged between 2.91 and 3.23. It peaked at 3.55 on September 30, 2021, indicating that during that period, MSA Safety was generating $3.55 in net sales revenue for every dollar of working capital invested.

Subsequently, the ratio experienced a slight decline in the following quarters but remained within a relatively stable range. By December 31, 2024, the ratio had increased to 3.51, suggesting an improvement in the company's efficiency in utilizing its working capital.

Overall, the working capital turnover ratio for MSA Safety has shown a generally positive trend, indicating sound working capital management and effectiveness in generating sales revenue relative to its level of working capital investment.