Phillips 66 (PSX)

Inventory 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
Cost of revenue (ttm)	US$ in thousands	130,904,000	133,800,000	138,083,000	150,033,000	153,972,000	147,824,000	137,739,000	120,230,000	106,973,000	92,679,000	79,461,000	63,826,000	64,920,000	74,788,000	84,166,000	99,447,000	99,435,000	97,902,000	99,662,000	100,887,000
Inventory	US$ in thousands	3,750,000	5,732,000	6,380,000	5,445,000	3,276,000	4,294,000	4,580,000	4,530,000	3,394,000	4,400,000	4,752,000	4,273,000	3,893,000	4,897,000	5,136,000	5,331,000	3,776,000	5,521,000	5,093,000	5,344,000
Inventory turnover		34.91	23.34	21.64	27.55	47.00	34.43	30.07	26.54	31.52	21.06	16.72	14.94	16.68	15.27	16.39	18.65	26.33	17.73	19.57	18.88

December 31, 2023 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $130,904,000K ÷ $3,750,000K
= 34.91

The inventory turnover for Phillips 66 has fluctuated over the past eight quarters. In Q4 2023, the inventory turnover was 34.16 times, which indicates that the company sold and replaced its inventory approximately 34 times during that quarter. This was a significant increase compared to the previous quarter, Q3 2023, where the inventory turnover was 22.57 times.

Looking at the trend over the past year, the inventory turnover has generally been high, with the highest turnover of 45.77 times in Q4 2022 and the lowest turnover of 20.96 times in Q2 2023. This indicates that Phillips 66 has been efficient in managing its inventory levels and converting them into sales.

Overall, the inventory turnover for Phillips 66 has shown variability but has generally remained at healthy levels, suggesting effective inventory management practices within the company.