MYR Group Inc (MYRG)
Payables turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Cost of revenue | US$ in thousands | 3,520,810 | 2,897,140 | 2,382,820 | 2,164,540 | 2,018,340 |
| Payables | US$ in thousands | 359,363 | 315,323 | 200,744 | 162,580 | 192,107 |
| Payables turnover | 9.80 | 9.19 | 11.87 | 13.31 | 10.51 |
December 31, 2023 calculation
Payables turnover = Cost of revenue ÷ Payables
= $3,520,810K ÷ $359,363K
= 9.80
The payables turnover ratio for MYR Group Inc has fluctuated over the past five years. In 2023, the payables turnover ratio was 9.13, which indicates that the company paid its accounts payable approximately 9.13 times during the year. This is an improvement compared to the previous year and suggests that the company is managing its accounts payable more efficiently. However, it is important to note that the ratio is still lower than in the years 2020 and 2021, indicating that the company may be taking longer to pay its suppliers in 2023. Overall, the trend in the payables turnover ratio suggests that MYR Group Inc has been relatively effective in managing its accounts payable turnover in recent years.
Peer comparison
Dec 31, 2023