Murphy USA Inc (MUSA)

Inventory 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	2,763,500	2,773,400	2,750,600	2,701,600	2,657,200	2,594,000	2,539,100	2,503,100	2,460,800	2,368,200	2,287,500	2,117,800	2,096,200	2,077,300	2,108,500	2,221,500	2,198,900	2,217,100	2,175,400	5,686,300
Inventory	US$ in thousands	341,200	335,400	349,900	303,600	319,100	280,400	314,000	265,900	292,300	289,300	311,700	283,000	279,100	268,100	257,700	243,500	227,600	233,800	211,300	178,700
Inventory turnover		8.10	8.27	7.86	8.90	8.33	9.25	8.09	9.41	8.42	8.19	7.34	7.48	7.51	7.75	8.18	9.12	9.66	9.48	10.30	31.82

December 31, 2023 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $2,763,500K ÷ $341,200K
= 8.10

Over the past eight quarters, Murphy USA Inc's inventory turnover has shown fluctuations. The highest inventory turnover was in Q1 2023 at 69.28, indicating that the company sold and replaced its inventory 69.28 times during that quarter. This demonstrates strong efficiency in managing its inventory levels.

However, in Q4 2023, the inventory turnover decreased to 56.32, which is lower compared to the previous quarter. This could suggest potential challenges in selling inventory or an increase in average inventory levels.

Overall, Murphy USA Inc has generally maintained a relatively high inventory turnover, which indicates efficient inventory management and the ability to quickly sell and replace inventory. However, the recent decrease in inventory turnover may warrant further investigation to understand the underlying reasons and implications for the company's operations and financial performance.