Onto Innovation Inc (ONTO)
Inventory turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Cost of revenue | US$ in thousands | 395,614 | 465,962 | 359,813 | 278,043 | 170,868 |
| Inventory | US$ in thousands | 327,773 | 324,282 | 243,108 | 191,217 | 176,134 |
| Inventory turnover | 1.21 | 1.44 | 1.48 | 1.45 | 0.97 |
December 31, 2023 calculation
Inventory turnover = Cost of revenue ÷ Inventory
= $395,614K ÷ $327,773K
= 1.21
The inventory turnover of Onto Innovation Inc has shown fluctuations over the past five years. In 2019, the inventory turnover was relatively low at 0.97, indicating that the company took nearly one year to sell its entire inventory. However, there has been an improvement in inventory management since then, with the turnover ratio increasing to 1.45 in 2020, further rising to 1.48 in 2021, and then slight decline to 1.44 in 2022.
The inventory turnover for 2023 was 1.21, which is lower than the previous years. This decrease could imply that Onto Innovation Inc took slightly longer to sell off its inventory in 2023 compared to the preceding years.
Overall, the trend in inventory turnover suggests that Onto Innovation Inc has been striving to optimize its inventory management efficiency, with fluctuations possibly influenced by changes in sales volume, production efficiencies, or industry dynamics. Further analysis of the company's operations and market conditions would be needed to fully understand the implications of these fluctuations in inventory turnover.
Peer comparison
Dec 31, 2023