Patterson-UTI Energy Inc (PTEN)
Receivables turnover
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 5,377,910 | 4,146,460 | 2,619,410 | 1,316,530 | 1,090,150 |
| Receivables | US$ in thousands | 788,583 | 998,040 | 565,919 | 356,150 | 164,642 |
| Receivables turnover | 6.82 | 4.15 | 4.63 | 3.70 | 6.62 |
December 31, 2024 calculation
Receivables turnover = Revenue ÷ Receivables
= $5,377,910K ÷ $788,583K
= 6.82
Patterson-UTI Energy Inc's receivables turnover has experienced fluctuations over the past five years. In December 2020, the receivables turnover stood relatively high at 6.62, indicating that the company collected its accounts receivables approximately 6.62 times during that year. However, there was a notable decrease in this ratio by December 2021, dropping to 3.70, suggesting a slowing down in the collection of receivables.
Subsequently, by December 2022 and December 2023, the receivables turnover improved to 4.63 and 4.15, respectively, but remained lower than the initial value in 2020. This implies that the company might have taken steps to expedite its collection process but had not fully recovered to its previous efficiency.
Interestingly, by December 2024, Patterson-UTI Energy Inc's receivables turnover rebounded significantly to 6.82, surpassing the 2020 level. This increase indicates that the company was able to enhance its collection efficiency and manage its accounts receivables more effectively compared to the prior years.
Overall, the fluctuating trend in Patterson-UTI Energy Inc's receivables turnover suggests varying efficiencies in collecting accounts receivable over the analyzed period. Further analysis of operational changes and collection strategies could provide insights into the company's financial performance and management of receivables.
Peer comparison
Dec 31, 2024