Patrick Industries Inc (PATK)
Number of days of payables
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Payables turnover | 21.80 | 29.55 | 17.62 | 20.96 | 21.67 | |
| Number of days of payables | days | 16.74 | 12.35 | 20.71 | 17.42 | 16.84 |
December 31, 2023 calculation
Number of days of payables = 365 ÷ Payables turnover
= 365 ÷ 21.80
= 16.74
The number of days of payables for Patrick Industries, Inc. has shown fluctuations over the past five years. In 2023, the company took an average of 19.10 days to pay its accounts payable, an increase from 13.65 days in 2022. This indicates a potential shift towards a slower payment cycle for suppliers compared to the previous year. Despite the increase in 2023, the number of days of payables still remains lower compared to 2021 when it was 22.67 days. The trend suggests that Patrick Industries, Inc. has been managing its payables efficiently in recent years, although some volatility is observed. It would be important to monitor this ratio in future periods to assess the company's payment practices and financial health.
Peer comparison
Dec 31, 2023