Patrick Industries Inc (PATK)

Inventory 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
Cost of revenue (ttm)	US$ in thousands	2,961,759	3,118,744	3,340,741	3,789,282	4,222,676	4,389,991	4,341,679	3,973,931	3,586,770	3,255,438	2,942,034	2,445,892	2,219,024	2,026,922	1,871,158	2,019,147	2,042,277	1,552,521	1,601,311	1,592,693
Inventory	US$ in thousands	510,133	517,657	554,851	628,383	667,841	733,970	738,908	698,712	614,356	485,766	406,235	345,244	312,809	281,374	261,691	273,545	253,870	262,558	252,646	264,994
Inventory turnover		5.81	6.02	6.02	6.03	6.32	5.98	5.88	5.69	5.84	6.70	7.24	7.08	7.09	7.20	7.15	7.38	8.04	5.91	6.34	6.01

December 31, 2023 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $2,961,759K ÷ $510,133K
= 5.81

The inventory turnover ratio for Patrick Industries, Inc. has been relatively stable and consistent over the past eight quarters, ranging from 5.20 to 5.72. This indicates that the company is efficiently managing its inventory levels and converting them into sales. A higher inventory turnover ratio generally implies that the company is selling its inventory quickly and efficiently. However, it is important to consider industry norms and compare the company's inventory turnover ratio with its peers to get a better understanding of its performance in this aspect. Overall, the consistent and relatively high inventory turnover ratio of Patrick Industries, Inc. suggests effective inventory management practices.