ProPetro Holding Corp (PUMP)
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 | 1,632,321 | 1,680,827 | 1,590,769 | 1,471,214 | 1,336,820 | 1,159,290 | 1,079,169 | 981,483 | 863,284 | 771,558 | 652,875 | 541,465 | 767,169 | 1,047,619 | 1,454,144 | 1,876,294 | 2,027,408 | 2,018,028 | 1,910,491 | 1,840,680 |
Total current assets | US$ in thousands | 310,809 | 349,999 | 347,124 | 368,693 | 328,785 | 300,241 | 259,001 | 250,828 | 251,064 | 242,939 | 217,134 | 176,441 | 167,726 | 157,073 | 111,829 | 377,962 | 375,591 | 392,728 | 417,967 | 449,655 |
Total current liabilities | US$ in thousands | 271,149 | 273,821 | 276,294 | 304,479 | 284,180 | 253,817 | 193,658 | 172,091 | 173,785 | 192,042 | 156,777 | 128,459 | 104,163 | 96,267 | 59,269 | 225,925 | 232,966 | 284,160 | 324,969 | 302,657 |
Working capital turnover | 41.16 | 22.06 | 22.46 | 22.91 | 29.97 | 24.97 | 16.52 | 12.47 | 11.17 | 15.16 | 10.82 | 11.28 | 12.07 | 17.23 | 27.67 | 12.34 | 14.21 | 18.59 | 20.54 | 12.52 |
December 31, 2023 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $1,632,321K ÷ ($310,809K – $271,149K)
= 41.16
Working capital turnover is a financial ratio that measures how efficiently a company is able to generate revenue from its working capital. A higher working capital turnover ratio indicates that the company is effectively utilizing its current assets to support its operations and generate sales.
Based on the data provided for ProPetro Holding Corp, the working capital turnover ratio has shown fluctuations over the past few years. The ratio has ranged from a low of 10.82 to a high of 41.16. A peak ratio of 41.16 at Dec 31, 2023, suggests that the company was able to generate significant revenue relative to its working capital during that period.
However, the ratio has experienced variability throughout the periods, indicating fluctuations in the company's working capital efficiency. It is important for investors and analysts to further investigate the reasons behind these fluctuations to determine the underlying factors affecting the company's ability to efficiently utilize its working capital.
Overall, the trend of the working capital turnover ratio for ProPetro Holding Corp shows varying levels of efficiency in managing its current assets to generate revenue over the reported periods.
Peer comparison
Dec 31, 2023