Ormat Technologies Inc (ORA)

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	1,330,609	1,267,824	1,230,814	1,203,225	1,203,635	1,199,629	1,177,737	1,145,542	1,097,638	959,486	850,275	775,709	705,342	718,402	729,954	739,119	746,044	744,067	740,048	734,282
Total current assets	US$ in thousands	646,003	515,657	685,981	810,987	456,717	474,975	585,608	507,989	601,932	635,439	587,989	724,935	779,154	532,591	517,069	584,286	415,664	432,310	412,351	421,621
Total current liabilities	US$ in thousands	537,012	540,034	383,209	390,960	343,910	372,028	353,113	583,991	544,156	534,272	246,229	254,234	248,647	236,303	404,646	567,319	376,476	352,723	276,594	268,090
Working capital turnover		12.21	—	4.07	2.86	10.67	11.65	5.07	—	19.00	9.48	2.49	1.65	1.33	2.42	6.49	43.56	19.04	9.35	5.45	4.78

December 31, 2023 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $1,330,609K ÷ ($646,003K – $537,012K)
= 12.21

Ormat Technologies Inc's working capital turnover has displayed variability over the past eight quarters. In Q4 2023, the working capital turnover was 7.61, indicating that the company generated $7.61 in revenue for each dollar of working capital invested. This is a significant increase compared to the previous quarters.

In Q1 2023, the working capital turnover was 1.75, suggesting a decrease in efficiency in utilizing working capital to generate revenue compared to Q4 2022, when it was 6.51. The lack of data for Q3 2023 and Q1 2022 makes it challenging to assess the trend accurately.

Overall, the significant fluctuations in working capital turnover indicate varying efficiencies in managing working capital to generate revenue. Further analysis of the company's operational and financial strategies may provide insights into the reasons behind these fluctuations.