Qorvo Inc (QRVO)

Working capital turnover

		Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
Revenue	US$ in thousands	3,769,510	3,569,400	4,645,710	4,015,310	3,239,140
Total current assets	US$ in thousands	2,446,030	2,029,790	2,449,860	2,483,800	1,690,500
Total current liabilities	US$ in thousands	1,230,090	555,763	675,127	681,581	539,003
Working capital turnover		3.10	2.42	2.62	2.23	2.81

March 31, 2024 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $3,769,510K ÷ ($2,446,030K – $1,230,090K)
= 3.10

The working capital turnover ratio for Qorvo Inc has fluctuated over the past five years. In the most recent fiscal year ending on March 31, 2024, the working capital turnover ratio was 3.10, indicating that the company generated $3.10 in net sales revenue for every dollar of working capital invested. This represents an improvement compared to the previous year when the ratio was 2.42.

In fiscal year 2022, the working capital turnover ratio was 2.62, which showed a slight decrease from the prior year but remained relatively stable. In fiscal year 2021, the ratio was lower at 2.23, indicating that the company was less efficient in utilizing its working capital to generate sales revenue.

The highest working capital turnover ratio of 2.81 was recorded in fiscal year 2020. Overall, an increasing trend in the working capital turnover ratio suggests that Qorvo Inc has been improving its efficiency in managing its working capital to generate sales revenue. However, it is important to further analyze the company's working capital components and operational activities to gain a more comprehensive understanding of its financial performance and efficiency.