Nextracker Inc. Class A Common Stock (NXT)

Working capital turnover

		Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021
Revenue (ttm)	US$ in thousands	2,959,197	2,771,370	2,802,433	2,740,219	2,499,841	2,281,721	2,084,665	1,978,450	1,902,137	1,823,555	1,647,792	1,519,349	1,457,592	1,322,607	1,289,828	1,240,884	1,195,617
Total current assets	US$ in thousands	2,157,990	1,994,520	1,784,730	1,697,410	1,768,240	1,418,960	1,338,780	1,116,810	872,265	954,337	985,466	821,325	714,062	714,062	651,731	682,448	583,253
Total current liabilities	US$ in thousands	1,033,510	904,645	806,278	802,957	891,486	759,437	772,210	676,138	507,426	604,612	651,766	560,843	473,371	473,371	438,235	427,866	391,351
Working capital turnover		2.63	2.54	2.86	3.06	2.85	3.46	3.68	4.49	5.21	5.21	4.94	5.83	6.06	5.50	6.04	4.87	6.23

March 31, 2025 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $2,959,197K ÷ ($2,157,990K – $1,033,510K)
= 2.63

The working capital turnover ratio for Nextracker Inc. Class A Common Stock has been fluctuating over the quarters from March 31, 2021, to March 31, 2025. The ratio indicates how efficiently the company is using its working capital to generate revenue.

The ratio started at 6.23 on March 31, 2021, signifying that the company generated $6.23 in revenue for each dollar of working capital invested. Subsequently, the ratio decreased to 4.87 on June 30, 2021, before rebounding to 6.04 on September 30, 2021. The ratio then declined to 5.50 on December 31, 2021, and fluctuated between 5.21 and 6.06 over the next few quarters.

However, from June 30, 2023, to December 31, 2024, the working capital turnover ratio steadily declined from 4.49 to 2.54. This decreasing trend may indicate inefficiencies in utilizing working capital to generate sales revenue during this period.

For the latest data on March 31, 2025, the ratio improved slightly to 2.63. Overall, the trend in the working capital turnover ratio suggests fluctuations in the company's efficiency in utilizing its working capital to generate revenue over the analyzed period.