Oceaneering International Inc (OII)

Working capital turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	2,424,710	2,066,080	1,869,280	1,827,890	2,048,120
Total current assets	US$ in thousands	1,305,660	1,297,060	1,188,000	1,170,260	1,244,440
Total current liabilities	US$ in thousands	732,476	568,414	501,161	437,116	600,956
Working capital turnover		4.23	2.84	2.72	2.49	3.18

December 31, 2023 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $2,424,710K ÷ ($1,305,660K – $732,476K)
= 4.23

Oceaneering International, Inc.'s working capital turnover has shown a fluctuating trend over the past five years. The ratio increased from 2.49 in 2020 to 4.23 in 2023, indicating that the company's ability to generate revenue from its working capital improved significantly during this period. This suggests that Oceaneering International became more efficient in utilizing its working capital to support its operations and generate sales.

However, it is worth noting that the working capital turnover ratio decreased in 2022 compared to 2023, but still remained higher than the ratios in 2020 and 2021. This could imply that the company's working capital management was not as efficient in 2022 as it was in 2023.

Overall, the upward trend in the working capital turnover ratio from 2020 to 2023 indicates an overall improvement in Oceaneering International's ability to convert its working capital investment into sales revenue. This suggests that the company has been effectively managing its working capital to support its operations and drive business growth during these years.