One Gas Inc (OGS)

Days of inventory on hand (DOH)

		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	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Inventory turnover		6.30	6.82	10.02	15.23	5.49	1.46	2.20	4.32	0.08	0.92	1.57	2.31	0.12	3.11	4.01	6.45	4.30	6.57	10.47	20.17
DOH	days	57.98	53.49	36.43	23.96	66.44	249.41	165.93	84.48	4,786.19	395.20	232.49	157.93	2,956.06	117.29	91.00	56.62	84.84	55.56	34.86	18.09

December 31, 2023 calculation

DOH = 365 ÷ Inventory turnover
= 365 ÷ 6.30
= 57.98

The Days of Inventory on Hand (DOH) for ONE Gas Inc has shown fluctuations over the past eight quarters. In Q4 2023, the DOH stood at 85.18 days, reflecting an increase from the previous quarter's 74.33 days. This indicates that the company held inventory for a longer period in Q4 2023 compared to Q3 2023.

Looking back, the trend reveals a significant spike in Q3 2022 with 118.66 days, which then decreased to 79.73 days in Q2 2022. Since then, the DOH has shown a mix of increases and decreases, culminating in the recent uptick in Q4 2023.

The highest level of inventory holding was observed in Q3 2022, while the lowest was in Q1 2023 with 42.28 days. The company seems to manage inventory levels more efficiently in some quarters compared to others, likely impacted by factors such as demand fluctuations or operational adjustments.

Overall, further analysis into the reasons behind these fluctuations and comparisons with industry benchmarks could provide additional insights into the company's inventory management efficiency.