Myers Industries Inc (MYE)
Days of sales outstanding (DSO)
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Receivables turnover | 7.14 | 6.73 | 7.58 | 6.04 | 8.20 | |
| DSO | days | 51.14 | 54.24 | 48.18 | 60.44 | 44.50 |
December 31, 2023 calculation
DSO = 365 ÷ Receivables turnover
= 365 ÷ 7.14
= 51.14
The days of sales outstanding (DSO) for Myers Industries Inc. have exhibited fluctuations over the past five years. In 2023, the DSO increased to 57.75 days from 54.26 days in 2022, indicating a higher average collection period for the company's accounts receivable. This increase might suggest potential challenges in collecting payments from customers in a timely manner compared to the previous year.
Looking back, the DSO was 49.47 days in 2021, showing an improvement in the collection period from the prior year. However, in 2020, the DSO was 60.61 days, indicating a longer average collection period, which may have been a concern for the company's cash flow and liquidity.
The most favorable performance in terms of DSO was seen in 2019 when it was 44.18 days, reflecting a shorter average collection period and implying more efficient management of accounts receivable during that period.
Overall, the fluctuations in DSO for Myers Industries Inc. indicate varying efficiencies in managing accounts receivable and collecting receivables from customers over the years. Monitoring and effectively managing DSO is crucial for maintaining healthy cash flows and working capital levels in the company's operations.
Peer comparison
Dec 31, 2023