Patrick Industries Inc (PATK)
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 | 3,467,453 | 3,638,773 | 3,884,790 | 4,439,795 | 4,886,925 | 5,082,490 | 5,030,580 | 4,574,840 | 4,076,324 | 3,701,457 | 3,341,984 | 2,746,079 | 2,484,874 | 2,261,721 | 2,127,200 | 2,316,373 | 2,335,411 | 2,317,162 | 2,326,115 | 2,317,776 |
| Total current assets | US$ in thousands | 734,631 | 811,253 | 833,863 | 954,478 | 909,904 | 1,107,420 | 1,223,370 | 1,174,400 | 974,075 | 862,785 | 763,624 | 591,835 | 528,063 | 531,834 | 537,453 | 548,914 | 516,834 | 528,004 | 411,684 | 428,523 |
| Total current liabilities | US$ in thousands | 308,496 | 335,814 | 307,130 | 332,680 | 367,240 | 435,904 | 473,411 | 496,315 | 432,777 | 409,473 | 328,792 | 299,849 | 227,389 | 252,949 | 218,537 | 236,203 | 186,935 | 202,275 | 205,098 | 217,806 |
| Working capital turnover | 8.14 | 7.65 | 7.38 | 7.14 | 9.01 | 7.57 | 6.71 | 6.75 | 7.53 | 8.17 | 7.69 | 9.40 | 8.26 | 8.11 | 6.67 | 7.41 | 7.08 | 7.11 | 11.26 | 11.00 |
December 31, 2023 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $3,467,453K ÷ ($734,631K – $308,496K)
= 8.14
The working capital turnover of Patrick Industries, Inc. has been relatively stable over the past eight quarters, ranging from a low of 6.70 in Q2 2022 to a high of 9.00 in Q4 2022. This ratio indicates how efficiently the company is utilizing its working capital to generate sales revenue. A higher working capital turnover ratio signifies that the company is efficiently utilizing its current assets to support sales.
In the most recent quarter, Q4 2023, the working capital turnover ratio was 8.14, which indicates that the company generated $8.14 in sales for every dollar of working capital invested. This reflects a strong efficiency in managing its working capital to drive revenue growth.
Overall, the upward trend in the working capital turnover ratio from Q2 2022 to Q4 2022 suggests that Patrick Industries has improved its efficiency in utilizing working capital to support its operations and generate sales. However, analysts should continue to monitor this ratio to ensure that the company maintains its efficiency in managing working capital effectively.
Peer comparison
Dec 31, 2023