Progyny Inc (PGNY)
Working capital turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 1,091,910 | 787,727 | 501,082 | 344,979 | 229,624 |
| Total current assets | US$ in thousands | 640,407 | 433,856 | 258,539 | 190,222 | 132,444 |
| Total current liabilities | US$ in thousands | 185,950 | 159,536 | 98,824 | 77,786 | 36,163 |
| Working capital turnover | 2.40 | 2.87 | 3.14 | 3.07 | 2.38 |
December 31, 2023 calculation
Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $1,091,910K ÷ ($640,407K – $185,950K)
= 2.40
Progyny Inc's working capital turnover has exhibited fluctuations over the past five years. The company's working capital turnover ratio decreased from 3.13 in 2021 to 2.87 in 2022, before experiencing a further decline to 2.40 in 2023. This downward trend indicates that Progyny is generating less revenue relative to its working capital base in recent years. However, compared to 2019 and 2020, the working capital turnover has remained at a relatively higher level, suggesting that the company has been more efficient in utilizing its working capital to generate sales during the last three years. Further analysis is needed to assess the underlying reasons for these fluctuations and determine the overall implications for Progyny's operational efficiency and financial performance.
Peer comparison
Dec 31, 2023