Range Resources Corp (RRC)

Inventory turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cost of revenue	US$ in thousands	546,516	762,527	571,426	1,000,950	2,897,140
Inventory	US$ in thousands	359,489	0	-35,238	0	17,508
Inventory turnover		1.52	—	—	—	165.48

December 31, 2023 calculation

Inventory turnover = Cost of revenue ÷ Inventory
= $546,516K ÷ $359,489K
= 1.52

To calculate Range Resources Corp's inventory turnover, we need the values for cost of goods sold and average inventory for each year. Without this information, we are unable to provide a specific analysis of the inventory turnover ratio for the years provided. Inventory turnover measures how efficiently a company is managing its inventory by indicating how many times a company sells and replaces its inventory within a specific period.

However, based on the concept of inventory turnover, a higher ratio generally indicates that a company is effectively managing its inventory levels and turning over inventory more frequently. On the other hand, a low ratio may suggest overstocking or slow-moving inventory, which can tie up working capital and lead to higher carrying costs.

Therefore, it is essential for Range Resources Corp to calculate its inventory turnover ratio for each year using the relevant financial data to assess its inventory management efficiency accurately and identify any potential areas for improvement.