PBF Energy Inc (PBF)

Working capital turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	38,256,600	46,517,300	27,018,800	15,313,300	24,508,200
Total current assets	US$ in thousands	6,596,600	6,546,300	5,199,200	3,867,400	3,823,700
Total current liabilities	US$ in thousands	4,217,300	5,200,700	3,759,700	2,451,500	2,509,200
Working capital turnover		16.08	34.57	18.77	10.82	18.64

December 31, 2023 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $38,256,600K ÷ ($6,596,600K – $4,217,300K)
= 16.08

The working capital turnover ratio for PBF Energy Inc has fluctuated over the last five years. The company's ability to efficiently manage its working capital has varied, with a significant decrease from 2022 to 2023.

In 2023, the working capital turnover ratio was 16.11, indicating that the company generated $16.11 in revenue for every $1 of working capital invested. This represents a decrease from the previous year's ratio of 34.80, suggesting a decline in the company's efficiency in utilizing its working capital to generate revenue.

Looking back at the trend over the five-year period, we observe some volatility in the working capital turnover ratio, with fluctuations between 10.68 and 34.80. These fluctuations may indicate changes in the company's operating efficiency and effectiveness in managing its working capital resources.

Overall, a low working capital turnover ratio may suggest inefficiencies in inventory management or a high level of excess working capital. On the other hand, a high ratio could point to potentially aggressive management of working capital that may carry some level of risk. Further analysis and comparison with industry benchmarks would be necessary to better understand PBF Energy Inc's performance in this area.