Patterson-UTI Energy Inc (PTEN)
Working capital 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 4,096,384 | 3,310,459 | 3,031,160 | 2,893,593 | 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 | 2,430,209 | 2,733,849 | 3,011,238 | 3,190,522 |
| Total current assets | US$ in thousands | 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 | 631,815 | 677,560 | 897,744 | 927,731 |
| Total current liabilities | US$ in thousands | 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 | 400,602 | 438,858 | 470,044 | 511,158 |
| Working capital turnover | 9.41 | 8.55 | 8.74 | 9.86 | 9.37 | 9.01 | 11.06 | 11.56 | 8.88 | 5.28 | 4.33 | 4.12 | 5.35 | 5.07 | 7.11 | 9.41 | 10.51 | 11.45 | 7.04 | 7.66 |
December 31, 2023 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $4,096,384K ÷ ($1,485,700K – $1,050,440K)
= 9.41
Patterson-UTI Energy Inc's working capital turnover has shown some variability over the past eight quarters. The company's working capital turnover ratio decreased from 9.51 in Q4 2022 to 8.65 in Q3 2023, indicating that the company may be less efficient in managing its working capital during that period. However, the ratio increased to 9.53 in Q4 2023, suggesting an improvement in how efficiently the company is utilizing its working capital to generate sales.
Overall, Patterson-UTI Energy Inc's working capital turnover has been relatively stable, ranging between 8.65 and 11.89 over the past eight quarters. A higher working capital turnover ratio generally indicates that the company is effectively using its working capital to support its operations and generate revenue. This trend suggests that the company has been able to maintain a good level of efficiency in managing its working capital throughout the periods analyzed.
Peer comparison
Dec 31, 2023