Tennant Company (TNC)
Inventory turnover
| 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 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue (ttm) | US$ in thousands | 1,086,100 | 1,066,300 | 1,039,200 | 1,022,300 | 997,500 | 1,008,600 | 1,015,800 | 1,014,100 | 997,900 | 992,800 | 906,600 | 775,700 | 700,100 | 608,300 | 616,700 | 671,100 | 676,100 | 672,900 | 673,000 | 669,100 |
| Inventory | US$ in thousands | 175,900 | 184,600 | 198,400 | 203,600 | 206,600 | 199,600 | 188,600 | 184,400 | 160,600 | 158,300 | 148,200 | 160,600 | 127,700 | 133,500 | 149,900 | 155,200 | 150,100 | 160,900 | 159,500 | 158,200 |
| Inventory turnover | 6.17 | 5.78 | 5.24 | 5.02 | 4.83 | 5.05 | 5.39 | 5.50 | 6.21 | 6.27 | 6.12 | 4.83 | 5.48 | 4.56 | 4.11 | 4.32 | 4.50 | 4.18 | 4.22 | 4.23 |
December 31, 2023 calculation
Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $1,086,100K ÷ $175,900K
= 6.17
Tennant Co.'s inventory turnover has shown a gradual improvement over the last two years, with the ratio increasing from 3.25 in Q4 2022 to 4.07 in Q4 2023. This indicates that the company has been able to sell its inventory more efficiently during the most recent quarter. Overall, the trend in inventory turnover suggests that Tennant Co. has been managing its inventory effectively, turning over its inventory 4.07 times in Q4 2023 and consistently maintaining a turnover ratio above 3.0 in the past few quarters. This indicates that the company is effectively managing its inventory levels and sales operations.
Peer comparison
Dec 31, 2023
Dec 31, 2023