ResMed Inc (RMD)
Inventory turnover
Mar 31, 2025 | 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 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cost of revenue (ttm) | US$ in thousands | 2,082,362 | 2,072,437 | 2,057,490 | 1,913,177 | 1,898,918 | 1,882,661 | 1,820,823 | 1,867,330 | 1,754,890 | 1,629,047 | 1,565,574 | 1,553,816 | 1,546,992 | 1,495,198 | 1,442,170 | 1,357,727 | 1,293,291 | 1,291,575 | 1,263,074 | 1,225,792 |
Inventory | US$ in thousands | 862,641 | 882,103 | 917,982 | 822,250 | 829,458 | 933,214 | 958,233 | 998,012 | 1,011,270 | 988,955 | 864,852 | 743,910 | 664,943 | 592,146 | 506,644 | 457,033 | 484,061 | 474,821 | 478,006 | 416,915 |
Inventory turnover | 2.41 | 2.35 | 2.24 | 2.33 | 2.29 | 2.02 | 1.90 | 1.87 | 1.74 | 1.65 | 1.81 | 2.09 | 2.33 | 2.53 | 2.85 | 2.97 | 2.67 | 2.72 | 2.64 | 2.94 |
March 31, 2025 calculation
Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $2,082,362K ÷ $862,641K
= 2.41
The inventory turnover ratio of ResMed Inc. demonstrates notable fluctuations over the observed period from June 2020 to March 2025. Initially, during the fiscal year ending June 30, 2020, the ratio stood at 2.94, indicative of a solid efficiency in inventory management. However, this ratio experienced a decline through subsequent quarters, reaching a low of 1.65 by December 2022. This trend suggests a gradual reduction in inventory turnover efficiency over this period, potentially reflecting increased inventory holdings relative to sales or challenges in inventory liquidation.
Between the end of 2022 and March 2023, there was a modest improvement, with the ratio ascending to 1.74, continuing upward trajectory into the subsequent quarters. By the end of September 2024, the inventory turnover had recovered slightly to 2.24, nearing the higher levels observed in 2020. The most recent data point for March 2025 indicates a ratio of 2.41, suggesting a further stabilization or modest improvement in inventory management efficiency.
Overall, the trend indicates a decline in inventory turnover ratio from mid-2020 to late 2022, followed by a gradual recovery in subsequent periods. The fluctuations could be associated with strategic adjustments in inventory policies, supply chain dynamics, or changes in demand. The current ratio around 2.41 is suggestive of a relatively steady but moderate inventory turnover rate in the recent fiscal periods, aligning with a potentially optimized inventory management approach compared to the lower levels observed during 2022.
Peer comparison
Mar 31, 2025
Mar 31, 2025