Phibro Animal Health Corporation (PAHC)

Working capital turnover

		Jun 30, 2024	Mar 31, 2024	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
Revenue (ttm)	US$ in thousands	993,816	966,848	952,851	955,955	960,113	955,995	953,390	945,191	935,602	907,274	879,384	852,821	833,350	798,955	797,965	805,828	800,354	818,354	813,351	817,562
Total current assets	US$ in thousands	600,997	597,180	586,586	584,424	585,723	585,483	581,689	570,080	566,232	546,477	508,610	498,630	498,909	471,718	477,167	464,282	451,837	438,155	445,487	455,512
Total current liabilities	US$ in thousands	204,148	189,072	187,735	172,355	176,000	165,308	167,569	172,499	190,832	187,102	166,628	152,586	164,116	168,891	166,903	160,952	157,238	161,232	147,059	141,973
Working capital turnover		2.50	2.37	2.39	2.32	2.34	2.28	2.30	2.38	2.49	2.52	2.57	2.46	2.49	2.64	2.57	2.66	2.72	2.96	2.73	2.61

June 30, 2024 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $993,816K ÷ ($600,997K – $204,148K)
= 2.50

The working capital turnover ratio for Phibro Animal Health Corporation has shown variations over the past several quarters. The ratio indicates how efficiently the company is utilizing its working capital to generate sales revenue.

From December 2019 to September 2020, the working capital turnover ratio increased steadily from 2.61 to 2.96, suggesting an improvement in the company's ability to generate sales relative to its working capital. However, from September 2020 to December 2020, there was a slight decrease to 2.72 before increasing again in the following quarters.

The ratio fluctuated between 2.30 and 2.57 from March 2021 to December 2021. There was a peak at 2.66 in September 2021, followed by a subsequent decrease to 2.49 in December 2021.

From March 2022 to September 2023, the working capital turnover ratio ranged between 2.38 and 2.52, showing a relatively stable performance during this period. However, in the most recent quarters, the ratio has shown slight fluctuations, ranging from 2.32 to 2.50 as of June 2024.

Overall, the working capital turnover ratio for Phibro Animal Health Corporation has shown variability but has generally remained within a relatively narrow range, indicating consistent efficiency in utilizing its working capital to generate sales revenue over the analyzed period.