Myers Industries Inc (MYE)
Days of inventory on hand (DOH)
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Inventory turnover | 8.24 | 8.81 | 7.69 | 7.21 | 11.01 | |
| DOH | days | 44.30 | 41.42 | 47.45 | 50.65 | 33.15 |
December 31, 2023 calculation
DOH = 365 ÷ Inventory turnover
= 365 ÷ 8.24
= 44.30
The days of inventory on hand (DOH) ratio for Myers Industries Inc. has fluctuated over the past five years. In 2023, the DOH was 59.85 days, slightly higher than the 55.30 days in 2022. This increase suggests that the company took longer to sell its inventory in 2023 compared to the previous year.
Looking further back, the DOH was 62.08 days in 2021 and 71.10 days in 2020, indicating a decreasing trend in inventory turnover efficiency during those years. However, there was a significant improvement in 2019 when the DOH was 46.91 days, indicating that the company was able to sell its inventory more quickly that year.
Overall, the analysis of Myers Industries Inc.'s DOH shows some variability in inventory management efficiency over the years, with improvements in certain periods and challenges in others. It is important for the company to monitor and manage its inventory effectively to optimize working capital and improve profitability.
Peer comparison
Dec 31, 2023