Teledyne Technologies Incorporated (TDY)

Payables turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cost of revenue	US$ in thousands	4,720,400	4,605,700	4,201,300	2,692,200	2,775,800
Payables	US$ in thousands	384,700	505,700	469,500	229,100	271,100
Payables turnover		12.27	9.11	8.95	11.75	10.24

December 31, 2023 calculation

Payables turnover = Cost of revenue ÷ Payables
= $4,720,400K ÷ $384,700K
= 12.27

The payables turnover ratio for Teledyne Technologies Inc has fluctuated over the past five years. In 2023, the payables turnover ratio improved to 8.31 compared to the previous year's ratio of 6.19. This indicates that Teledyne Technologies Inc is paying off its accounts payable more frequently in 2023, which could suggest efficient management of its liabilities.

Comparing with the ratios from previous years, we observe variations. In 2022, the payables turnover ratio was 5.91, which was lower than both 2023 and 2021. However, in 2021, the ratio increased to 8.32, indicating a similar trend to the latest year. In 2019, the payables turnover ratio was 7.08, showing a relatively consistent performance compared to the recent years.

Overall, the increasing trend in payables turnover from 2022 to 2023 suggests that Teledyne Technologies Inc has been more effective in managing its accounts payable and meeting its payment obligations in a timely manner, which could be a positive signal for the company's financial health and management of working capital.