Myers Industries Inc (MYE)

Working capital 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
Total current assets	US$ in thousands	256,621	257,207	219,914	183,730	185,042
Total current liabilities	US$ in thousands	165,107	137,762	132,500	142,247	82,625
Working capital turnover		8.88	7.53	8.73	12.18	4.99

December 31, 2023 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $812,949K ÷ ($256,621K – $165,107K)
= 8.88

The working capital turnover ratio for Myers Industries Inc. has shown fluctuating trends over the past five years. The ratio was 8.88 in 2023, indicating that the company generated $8.88 in revenue for every $1 of working capital invested. This represents an increase from the previous year's ratio of 7.53 in 2022 and is higher than the 2021 ratio of 8.71.

In 2020, the working capital turnover ratio was notably high at 12.30, suggesting that the company efficiently utilized its working capital to generate revenue. However, this ratio declined in 2019 to 5.04, indicating a lower level of efficiency in working capital management compared to the subsequent years.

Overall, the upward trend in the working capital turnover ratio from 2019 to 2023 reflects improvements in the company's efficiency in generating revenue relative to its investments in working capital. Investors and stakeholders may view this trend positively as it signifies effective utilization of resources to drive revenue growth.