Otter Tail Corporation (OTTR)
Number of days of payables
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Payables turnover | 5.49 | 5.21 | 3.65 | 0.04 | 0.05 | |
| Number of days of payables | days | 66.48 | 70.05 | 100.13 | 8,543.68 | 7,447.69 |
December 31, 2023 calculation
Number of days of payables = 365 ÷ Payables turnover
= 365 ÷ 5.49
= 66.48
The number of days of payables for Otter Tail Corporation has shown a fluctuating trend over the past five years. In 2023, the number of days of payables was 58.15 days, indicating that on average, the company takes approximately 58 days to pay its suppliers. This represents an increase from the previous year when the number of days of payables was 53.80 days.
Comparing to two years prior, in 2021, the number of days of payables was significantly lower at 80.42 days, suggesting that the company took longer to pay its suppliers during that period. However, there was a notable improvement from 2020 when the number of days of payables was 109.19 days, indicating a significant reduction in the time taken to pay suppliers.
Looking further back to 2019, the number of days of payables was 90.62 days, higher than in 2023 but lower than in 2020 and 2021. This indicates that the company has made progress in managing its payables turnover efficiency over the years.
Overall, the decreasing trend in the number of days of payables from 2020 to 2023 suggests that Otter Tail Corporation has been more efficient in managing its payables and paying suppliers promptly in recent years. Efforts to optimize cash flow and strengthen supplier relationships may have contributed to this improvement.
Peer comparison
Dec 31, 2023