Myers Industries Inc (MYE)

Receivables turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	812,949	899,773	762,817	505,469	510,807
Receivables	US$ in thousands	113,907	133,716	100,691	83,701	62,279
Receivables turnover		7.14	6.73	7.58	6.04	8.20

December 31, 2023 calculation

Receivables turnover = Revenue ÷ Receivables
= $812,949K ÷ $113,907K
= 7.14

The receivables turnover ratio for Myers Industries Inc. has varied over the past five years, with values of 6.32, 6.73, 7.38, 6.02, and 8.26 for the years ending December 31 of 2023, 2022, 2021, 2020, and 2019, respectively.

A higher receivables turnover ratio indicates that the company is able to collect its accounts receivable more efficiently. In this case, we observe that the receivables turnover ratio was highest in 2019 at 8.26, indicating that the company was collecting its receivables more frequently during that period.

However, the ratio decreased in the subsequent years, with the lowest value of 6.02 in 2020. This suggests that in 2020, the company took longer to collect its outstanding receivables compared to the previous years.

Overall, the trend in the receivables turnover ratio for Myers Industries Inc. shows some fluctuations over the years, indicating potential changes in the company's collection efficiency and credit policies. It would be beneficial for stakeholders to further investigate the reasons behind these fluctuations to assess the company's financial health and management of receivables.