Patterson-UTI Energy Inc (PTEN)
Working capital turnover
| Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 5,377,910 | 5,800,090 | 5,454,320 | 4,865,015 | 4,146,457 | 3,344,072 | 3,049,150 | 2,901,845 | 2,609,966 | 2,279,773 | 1,910,447 | 1,579,937 | 1,311,774 | 1,080,833 | 929,484 | 887,810 | 1,091,992 | 1,363,488 | 1,745,348 | 2,168,419 |
| Total current assets | US$ in thousands | 1,295,320 | 1,302,250 | 1,279,380 | 1,354,700 | 1,485,700 | 1,424,270 | 801,327 | 780,268 | 829,419 | 712,949 | 621,218 | 532,909 | 583,653 | 543,532 | 508,100 | 487,602 | 477,956 | 532,110 | 517,535 | 584,707 |
| Total current liabilities | US$ in thousands | 841,993 | 858,402 | 851,197 | 916,901 | 1,050,440 | 1,037,130 | 454,321 | 486,824 | 550,966 | 459,996 | 448,421 | 396,180 | 435,853 | 338,849 | 293,482 | 272,260 | 273,722 | 263,397 | 272,139 | 354,282 |
| Working capital turnover | 11.86 | 13.07 | 12.74 | 11.11 | 9.53 | 8.64 | 8.79 | 9.89 | 9.37 | 9.01 | 11.06 | 11.56 | 8.88 | 5.28 | 4.33 | 4.12 | 5.35 | 5.07 | 7.11 | 9.41 |
December 31, 2024 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $5,377,910K ÷ ($1,295,320K – $841,993K)
= 11.86
The working capital turnover for Patterson-UTI Energy Inc has exhibited fluctuations over the past few years, ranging from a low of 4.12 on March 31, 2021, to a high of 13.07 on September 30, 2024. Generally, a higher working capital turnover indicates that the company is efficiently utilizing its working capital to generate revenue.
The trend in the working capital turnover ratio shows a decrease from 9.41 on March 31, 2020, to 5.07 on September 30, 2020, which indicates a reduction in the efficiency of working capital management during this period. However, the ratio started to increase again and peaked at 13.07 on September 30, 2024, reflecting improved efficiency in utilizing working capital to generate sales.
It is important to note that a very high working capital turnover ratio may suggest that the company is not maintaining enough working capital to support its operations, while a very low ratio may indicate inefficient use of working capital.
Overall, the trend in Patterson-UTI Energy Inc's working capital turnover indicates fluctuations but generally demonstrates an effort to improve efficiency in managing working capital to support the company's operational needs and generate revenue.
Peer comparison
Dec 31, 2024