Seagate Technology PLC (STX)
Working capital turnover
| Jun 30, 2025 | 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 9,097,000 | 8,540,000 | 8,035,000 | 7,265,000 | 6,551,000 | 6,266,000 | 6,471,000 | 6,803,000 | 7,384,000 | 8,410,000 | 9,352,000 | 10,581,000 | 11,661,000 | 12,046,000 | 11,975,000 | 11,482,000 | 10,681,000 | 10,185,000 | 10,172,000 | 10,245,000 |
| Total current assets | US$ in thousands | 3,653,000 | 3,282,000 | 3,662,000 | 3,608,000 | 3,332,000 | 2,615,000 | 2,628,000 | 2,636,000 | 2,905,000 | 3,597,000 | 3,081,000 | 3,740,000 | 4,033,000 | 4,259,000 | 4,450,000 | 3,668,000 | 3,779,000 | 3,692,000 | 4,081,000 | 3,994,000 |
| Total current liabilities | US$ in thousands | 2,648,000 | 2,412,000 | 2,969,000 | 3,161,000 | 3,099,000 | 3,062,000 | 2,529,000 | 2,473,000 | 2,592,000 | 3,639,000 | 2,725,000 | 3,138,000 | 3,555,000 | 2,881,000 | 2,992,000 | 2,889,000 | 2,921,000 | 2,993,000 | 2,621,000 | 2,644,000 |
| Working capital turnover | 9.05 | 9.82 | 11.59 | 16.25 | 28.12 | — | 65.36 | 41.74 | 23.59 | — | 26.27 | 17.58 | 24.40 | 8.74 | 8.21 | 14.74 | 12.45 | 14.57 | 6.97 | 7.59 |
June 30, 2025 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $9,097,000K ÷ ($3,653,000K – $2,648,000K)
= 9.05
The working capital turnover ratios of Seagate Technology PLC over the specified periods exhibit notable fluctuations, reflecting changes in the company's operational efficiency and management of working capital assets.
From September 30, 2020, to December 31, 2020, the ratio decreased from 7.59 to 6.97, indicating a slight decline in the efficiency with which working capital was utilized to generate sales. Conversely, a significant increase is observed in the quarter ending March 31, 2021, where the ratio sharply rose to 14.57, nearly doubling its prior value, suggesting improved operational effectiveness or a reduction in working capital assets relative to sales.
This upward trend continues into June 30, 2021, with the ratio at 12.45, followed by a further increase to 14.74 by September 30, 2021, which signals a sustained improvement in working capital management. However, in the subsequent quarter ending December 31, 2021, the ratio declines to 8.21, indicating a possible shift in operational dynamics or an increase in working capital assets.
The ratio remains relatively stable into March 31, 2022, at 8.74, but then exhibits a substantial escalation during June 30, 2022, reaching 24.40. This sharp increase potentially reflects a period of enhanced efficiency or changes in sales and working capital balances. The subsequent quarters show a decrease to 17.58 in September 2022 and further to 26.27 at the end of 2022, depicting variability but maintaining generally high ratios.
Entering 2023, data points are incomplete, but the ratio in June 2023 stands at 23.59, and a significant surge occurs in September 2023, where the ratio peaks at 41.74. This represents a marked improvement in working capital utilization efficiency, possibly driven by operational optimization or changes in sales volume and working capital management.
By December 2023, the ratio reaches an all-time high of 65.36, indicating a substantial efficiency gain during that period. However, the subsequent quarter shows a considerable decline to 28.12, and in September 2024, the ratio further reduces to 16.25, suggesting a reversal or deterioration in working capital management. The ratios continue to decline in December 2024 to 11.59 and in March 2025 to 9.82, with the lowest observed so far, reflecting potential challenges in maintaining previous efficiency levels or changes in business operations.
Overall, the data reveals periods of pronounced volatility in Seagate’s working capital turnover, with rapid increases suggestive of improved operational efficiency, followed by declines that may point to operational challenges or shifts in working capital composition. The significant fluctuations highlight the need for continuous monitoring and analysis of working capital components to understand underlying operational drivers fully.
Peer comparison
Jun 30, 2025