Oceaneering International Inc (OII)

Working capital turnover

		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
Revenue (ttm)	US$ in thousands	2,424,706	2,306,300	2,230,791	2,156,912	2,066,084	1,996,570	1,903,713	1,877,881	1,869,275	1,826,828	1,799,757	1,728,774	1,827,889	1,964,437	2,022,341	2,090,906	2,048,124	1,982,409	2,004,062	1,986,955
Total current assets	US$ in thousands	1,305,660	1,458,590	1,375,320	1,305,290	1,297,060	1,219,740	1,147,760	1,142,720	1,188,000	1,185,140	1,228,880	1,161,520	1,170,260	1,125,820	1,131,910	1,151,910	1,244,440	1,167,200	1,195,190	1,220,390
Total current liabilities	US$ in thousands	732,476	800,474	615,044	575,228	568,414	515,725	472,739	465,435	501,161	451,246	479,523	416,743	437,116	431,175	452,444	485,733	600,956	510,414	491,044	500,311
Working capital turnover		4.23	3.50	2.93	2.95	2.84	2.84	2.82	2.77	2.72	2.49	2.40	2.32	2.49	2.83	2.98	3.14	3.18	3.02	2.85	2.76

December 31, 2023 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $2,424,706K ÷ ($1,305,660K – $732,476K)
= 4.23

The working capital turnover ratio for Oceaneering International, Inc. has exhibited fluctuations over the past eight quarters. In Q4 2023, the working capital turnover ratio reached 4.23, indicating that the company generated $4.23 in revenue for every dollar of working capital invested during that quarter. This represents an increase from the previous quarter's ratio of 3.50. The trend in the ratio shows an overall improvement in efficiency in utilizing working capital to generate sales.

During Q1 to Q3 in 2023, the working capital turnover ratios ranged between 2.93 and 2.95, indicating a relatively stable performance in turning working capital into revenue. Comparing these figures to the same periods in 2022, where the ratios were consistently around 2.84, we can observe a slight upward trend in efficiency.

Overall, the working capital turnover ratio for Oceaneering International, Inc. has been showing an upward trend in recent quarters, indicating improved efficiency in utilizing working capital to generate sales. However, the company should continue monitoring and managing its working capital effectively to sustain this positive trend in the future.