Murphy USA Inc (MUSA)

Working capital 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
Revenue (ttm)	US$ in thousands	21,529,400	21,811,100	22,211,500	23,399,400	23,446,100	22,849,200	21,256,200	18,943,300	17,360,500	15,429,900	13,676,300	11,608,700	11,264,300	11,883,100	12,684,200	14,103,500	14,034,600	14,059,600	14,206,200	14,248,000
Total current assets	US$ in thousands	826,500	840,300	763,200	711,300	726,800	763,200	882,300	910,800	767,800	826,600	764,700	793,400	625,200	743,200	840,300	602,600	710,800	664,900	656,300	612,900
Total current liabilities	US$ in thousands	872,800	827,200	815,300	772,000	854,200	755,500	852,700	840,800	675,300	718,900	696,400	675,000	531,100	513,400	553,700	457,900	505,000	516,900	578,800	533,300
Working capital turnover		—	1,664.97	—	—	—	2,967.43	718.11	270.62	187.68	143.27	200.24	98.05	119.71	51.71	44.26	97.47	68.20	95.00	183.31	178.99

December 31, 2023 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $21,529,400K ÷ ($826,500K – $872,800K)
= —

The working capital turnover for Murphy USA Inc fluctuated over the past eight quarters. In Q1 2022, the company had a working capital turnover of 270.60, which increased significantly to 717.99 in Q2 2022. The ratio further increased to 2,967.12 in Q3 2022. However, in Q4 2023, the working capital turnover was 1,666.17, indicating a slight decrease compared to the previous quarter.

Overall, Murphy USA Inc has shown variability in its working capital turnover ratio, with notable peaks in Q2 and Q3 of 2022. The working capital turnover measures the efficiency of a company in utilizing its working capital to generate sales revenue. It is essential for the company to maintain a balance between its working capital and sales to ensure smooth operations and financial stability.