Onto Innovation Inc (ONTO)
Working capital turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 815,868 | 1,005,180 | 788,899 | 556,496 | 305,896 |
| Total current assets | US$ in thousands | 1,283,270 | 1,134,870 | 948,089 | 731,661 | 641,664 |
| Total current liabilities | US$ in thousands | 147,726 | 160,558 | 154,526 | 120,091 | 85,743 |
| Working capital turnover | 0.72 | 1.03 | 0.99 | 0.91 | 0.55 |
December 31, 2023 calculation
Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $815,868K ÷ ($1,283,270K – $147,726K)
= 0.72
Onto Innovation Inc's working capital turnover has shown fluctuating trends over the past five years. The ratio decreased from 0.72 in 2019 to 0.55 in 2020, indicating a decrease in the company's efficiency in utilizing its working capital to generate revenue during that period. However, there was a significant improvement in 2022 with a ratio of 1.03, suggesting a more effective management of working capital.
In 2023, the working capital turnover decreased to 0.99, which is slightly lower compared to the previous year but still higher than the ratios observed in 2020 and 2019. This indicates that Onto Innovation Inc was able to generate revenue more efficiently using its working capital in 2023 compared to the two earlier years.
Overall, the varying working capital turnovers of Onto Innovation Inc suggest that the company's efficiency in utilizing its working capital to generate sales has shown some improvement over the years, with fluctuations in performance. Further analysis of the company's operational strategies and financial management practices could provide additional insights into the factors influencing these fluctuations.
Peer comparison
Dec 31, 2023