Ryder System Inc (R)
Inventory turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Cost of revenue | US$ in thousands | 1,507,000 | 1,485,000 | 1,084,620 | 942,868 | 928,087 |
| Inventory | US$ in thousands | -1,714,000 | 78,000 | 69,000 | 61,191 | 80,822 |
| Inventory turnover | — | 19.04 | 15.72 | 15.41 | 11.48 |
December 31, 2023 calculation
Inventory turnover = Cost of revenue ÷ Inventory
= $1,507,000K ÷ $-1,714,000K
= —
Ryder System, Inc.'s inventory turnover has shown a consistent and positive trend over the past five years. The inventory turnover ratio measures how efficiently the company manages its inventory by indicating how many times the inventory is sold and replaced within a specific period.
From 2019 to 2023, Ryder's inventory turnover ratio has increased steadily, indicating an improvement in the company's inventory management efficiency. In 2019, the ratio stood at 93.48, which then increased to 116.76 in 2020, demonstrating a significant improvement in inventory turnover. This positive trend continued with the ratio reaching its peak at 123.35 in 2022.
A high inventory turnover ratio suggests that Ryder is effectively selling through its inventory or managing its production levels well in line with demand, which is a positive indicator of operational efficiency. However, the absence of the 2023 inventory turnover figure limits a detailed analysis of the most recent performance.
Overall, based on the available data, it can be inferred that Ryder System, Inc. has shown a favorable trend in its inventory turnover ratio, reflecting improved efficiency in managing its inventory levels in recent years.
Peer comparison
Dec 31, 2023