Penumbra Inc (PEN)

Activity ratios

Short-term

Turnover ratios

	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
Inventory turnover	0.97	0.96	0.96	0.95	0.93	0.96	1.01	1.06	1.03	1.03	1.00	0.94	1.01	1.03	0.98	1.08	1.15	1.21	1.23	1.32
Receivables turnover	5.25	4.82	4.49	4.27	4.17	4.39	4.30	5.45	5.58	5.92	—	4.69	4.89	4.78	5.40	5.35	5.17	5.14	5.00	4.97
Payables turnover	13.84	12.89	13.41	11.55	11.69	12.13	12.97	20.57	20.28	19.46	—	15.00	15.75	13.53	12.48	11.38	11.61	14.24	18.72	20.90
Working capital turnover	1.39	1.38	1.37	1.38	1.39	1.42	1.41	1.40	1.34	1.29	2.46	1.13	1.10	1.12	1.06	1.52	1.47	1.43	1.36	1.33

Penumbra Inc's inventory turnover has been relatively stable over the past eight quarters, ranging between 0.93 and 0.97. This indicates that the company is efficient in managing its inventory and converting it into sales.

In terms of receivables turnover, Penumbra Inc has shown variability, with the ratio fluctuating between 4.17 and 5.45. A higher receivables turnover suggests that the company is collecting its accounts receivables more quickly, which is generally a positive sign.

The payables turnover for Penumbra Inc has also been inconsistent, with values ranging from 11.55 to 20.57. A higher payables turnover ratio indicates that the company is taking longer to pay its suppliers, which may impact its relationships with vendors.

The working capital turnover for Penumbra Inc has remained relatively stable, hovering around 1.38 to 1.42 over the past eight quarters. This ratio indicates how efficiently the company is using its working capital to generate sales revenue.

Overall, Penumbra Inc's activity ratios show varying levels of efficiency in inventory management, accounts receivable collection, payables management, and working capital utilization over the analyzed periods.

Average number of days

		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
Days of inventory on hand (DOH)	days	376.79	378.41	378.36	385.47	390.84	379.95	360.53	344.33	353.33	354.15	363.29	387.99	360.55	355.28	371.69	336.49	318.30	300.67	296.00	276.24
Days of sales outstanding (DSO)	days	69.57	75.79	81.33	85.56	87.63	83.12	84.82	66.92	65.39	61.69	—	77.90	74.64	76.43	67.57	68.21	70.61	71.07	72.97	73.42
Number of days of payables	days	26.37	28.31	27.23	31.59	31.22	30.09	28.14	17.74	18.00	18.75	—	24.34	23.17	26.98	29.24	32.08	31.44	25.62	19.50	17.46

Penumbra Inc's activity ratios indicate the efficiency of the company in managing its inventory, collecting receivables, and paying its payables.

1. Days of Inventory on Hand (DOH): Penumbra Inc's average days of inventory on hand have shown a slight increase over the past year, fluctuating between 344.33 days to 390.84 days. This indicates that the company is taking longer to sell its inventory, which may suggest potential issues with inventory management or demand forecasting.

2. Days Sales Outstanding (DSO): The days sales outstanding for Penumbra Inc have fluctuated between 66.92 days to 87.63 days over the past year. A lower DSO is generally preferable as it indicates faster collection of receivables. The fluctuation in DSO may suggest variability in the company's collection process or the credit terms offered to customers.

3. Number of Days of Payables: Penumbra Inc's number of days of payables has also fluctuated over the past year, ranging from 17.74 days to 31.59 days. A higher number of days of payables may indicate that the company is taking longer to pay its suppliers, which could be a strategic decision to manage cash flow efficiently.

In conclusion, Penumbra Inc's activity ratios show variability in the efficiency of managing inventory, collecting receivables, and paying payables. Further analysis and comparison with industry benchmarks would provide more insights into the company's operational performance and financial health.

Long-term

	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
Fixed asset turnover	14.56	15.16	14.22	13.56	13.03	12.95	12.71	12.97	12.70	12.55	3.72	11.77	11.63	8.30	8.48	9.48	10.57	11.46	13.05	13.30
Total asset turnover	0.68	0.68	0.65	0.63	0.62	0.63	0.61	0.60	0.60	0.73	1.40	0.70	0.68	0.66	0.68	0.84	0.82	0.85	0.85	0.83

Penumbra Inc's long-term activity ratios provide insight into the efficiency of the company in utilizing its fixed assets and total assets to generate revenue. The fixed asset turnover ratio has been consistently high, ranging from 12.71 to 15.16 over the past eight quarters. This indicates that Penumbra Inc is effectively generating sales from its investment in fixed assets such as property, plant, and equipment. The increasing trend in the fixed asset turnover ratio suggests improving efficiency in utilizing fixed assets to generate revenue.

On the other hand, the total asset turnover ratio has been relatively stable, ranging from 0.60 to 0.68 over the same period. This ratio measures the company's ability to generate sales from all its assets, both fixed and current. A total asset turnover ratio below 1 indicates that Penumbra Inc is not generating as much revenue relative to its total assets. However, the consistent performance of this ratio suggests that the company has been maintaining a steady level of efficiency in utilizing its total assets to generate revenue.

Overall, the high fixed asset turnover ratio and stable total asset turnover ratio of Penumbra Inc indicate that the company is efficiently utilizing its assets to drive sales and generate revenue. This efficiency in asset utilization is crucial for long-term sustainability and profitability of the company.