PBF Energy Inc (PBF)

Inventory turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cost of revenue	US$ in thousands	35,926,200	42,151,700	26,366,200	16,745,600	23,595,100
Inventory	US$ in thousands	3,183,100	2,763,600	2,505,100	1,686,200	2,122,200
Inventory turnover		11.29	15.25	10.53	9.93	11.12

December 31, 2023 calculation

Inventory turnover = Cost of revenue ÷ Inventory
= $35,926,200K ÷ $3,183,100K
= 11.29

The inventory turnover for PBF Energy Inc has fluctuated over the past five years. In 2023, the inventory turnover was 10.26, which indicates that the company generated sales 10.26 times during the year from its average inventory balance. This represents a decrease from the previous year's turnover of 14.13.

The highest inventory turnover was observed in 2022 at 14.13, suggesting that the company managed its inventory more efficiently that year compared to other years. It then decreased to 9.51 in 2021 before slightly increasing to 10.08 in 2019.

Overall, the trend in inventory turnover indicates some variability in how effectively PBF Energy is managing its inventory levels to support its sales activity. Further analysis is needed to understand the reasons behind these fluctuations and assess the implications for the company's operational performance and financial health.