Tidewater Inc (TDW)

Working capital turnover

		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	Mar 31, 2020	Dec 31, 2019
Revenue (ttm)	US$ in thousands	1,276,199	1,228,246	1,101,938	971,068	881,665	771,718	719,441	628,700	536,653	440,428	369,602	342,682	328,155	322,185	334,670	376,625	428,080	462,011	485,942	486,549
Total current assets	US$ in thousands	625,971	646,945	615,509	591,135	575,366	410,492	396,436	377,908	346,713	329,783	309,191	342,672	350,093	355,163	363,742	388,649	440,815	473,767	518,193	537,296
Total current liabilities	US$ in thousands	273,573	340,224	339,137	328,731	332,484	206,443	215,343	194,787	184,403	187,621	125,499	157,942	299,880	162,660	172,648	183,179	163,294	162,159	189,635	185,677
Working capital turnover		3.62	4.00	3.99	3.70	3.63	3.78	3.97	3.43	3.31	3.10	2.01	1.86	6.54	1.67	1.75	1.83	1.54	1.48	1.48	1.38

September 30, 2024 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $1,276,199K ÷ ($625,971K – $273,573K)
= 3.62

The working capital turnover of Tidewater Inc has shown fluctuations over the past few years, indicating variations in the efficiency of the company in managing its working capital.

In the latest quarter, the working capital turnover ratio was 3.62, showing a positive trend compared to the previous quarter's ratio of 4.00. This suggests that Tidewater Inc was able to efficiently utilize its working capital to generate revenue.

Looking further back, the company's working capital turnover has generally improved since the end of 2020, where it reached a low of 1.38. This indicates that Tidewater Inc has been increasingly efficient in its management of working capital over time.

However, it's important to note that there have been some fluctuations in the ratio, particularly in the first half of 2022, where the ratio dropped significantly to around 2.01 and 1.86. This could indicate potential inefficiencies or challenges in managing working capital during that period.

Overall, the improving trend in the working capital turnover ratio for Tidewater Inc suggests that the company has been able to enhance its operational efficiency and optimize the utilization of its working capital. However, continued monitoring of this ratio is recommended to ensure sustained efficiency in working capital management.