Novanta Inc (NOVT)
Days of inventory on hand (DOH)
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Inventory turnover | 4.74 | 4.16 | 4.77 | 5.39 | 4.63 | |
| DOH | days | 76.99 | 87.74 | 76.58 | 67.73 | 78.84 |
December 31, 2023 calculation
DOH = 365 ÷ Inventory turnover
= 365 ÷ 4.74
= 76.99
Novanta Inc's days of inventory on hand (DOH) has fluctuated over the past five years. In 2023, the company had 113.17 days worth of inventory on hand, which was an improvement from the previous year where it was 127.10 days. This indicates that Novanta managed its inventory more efficiently in 2023 compared to 2022.
However, when compared to 2021 and 2019, the DOH in 2023 was slightly higher at 112.84 days and 116.93 days respectively. This suggests that Novanta may have slightly increased its inventory levels in 2023 compared to these two years, potentially tying up more capital in inventory.
Overall, Novanta's DOH has shown some variability over the years, indicating potential changes in inventory management practices or market conditions influencing inventory levels. Further analysis of the company's operations and industry trends could provide insights into the factors driving these changes in days of inventory on hand.
Peer comparison
Dec 31, 2023