TechTarget, Inc. Common Stock (TTGT)
Cash conversion cycle
| Jun 30, 2025 | Mar 31, 2025 | 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Days of inventory on hand (DOH) | days | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Days of sales outstanding (DSO) | days | 82.17 | 105.71 | 65.22 | 69.40 | 59.96 | 62.28 | 64.39 | 69.97 | 65.47 | 74.06 | 0.07 | 74.76 | 66.82 | 70.80 | 71.52 | 72.91 | 80.74 | 98.85 | 64.32 | 68.66 |
| Number of days of payables | days | 23.97 | 33.54 | 25.47 | 24.16 | 18.72 | 24.45 | 23.68 | 15.87 | 14.30 | 15.34 | 0.03 | 36.68 | 10.94 | 19.39 | 17.24 | 25.02 | 20.89 | 42.06 | 16.94 | 19.93 |
| Cash conversion cycle | days | 58.20 | 72.17 | 39.75 | 45.24 | 41.24 | 37.83 | 40.70 | 54.10 | 51.17 | 58.72 | 0.04 | 38.08 | 55.89 | 51.41 | 54.28 | 47.88 | 59.85 | 56.79 | 47.38 | 48.74 |
June 30, 2025 calculation
Cash conversion cycle = DOH + DSO – Number of days of payables
= — + 82.17 – 23.97
= 58.20
The data indicates that TechTarget, Inc.'s cash conversion cycle (CCC) has experienced considerable fluctuations over the analyzed period from June 30, 2020, to June 30, 2025. Initially, the CCC hovered around mid-40s days, with a slight decrease from 48.74 days on June 30, 2020, to 47.38 days by September 30, 2020. The cycle then increased significantly to approximately 56.79 days by the end of 2020 and further to 59.85 days in March 2021, suggesting a period of less efficient working capital management or changes in operational activities.
During 2021, the CCC showed some stabilization, ranging from roughly 47.88 days to 54.28 days, before rising again to approximately 51.41 days at the end of December 2021. The first quarter of 2022 saw a slight increase to 55.89 days, with a notable decline in the subsequent quarter to 38.08 days, indicating improved efficiency or better cash flow management during that period. However, a sharp and anomalous decrease to only 0.04 days occurred in September 2022, which is likely a data anomaly or error.
Following this anomaly, the CCC increased again to 58.72 days at the end of 2022 and remained relatively stable through 2023, averaging around 50 to 55 days. A decline to approximately 37.83 days occurred at the end of 2023, signaling improved operational efficiency or receivables management, with further fluctuations in 2024. Notably, the CCC rose sharply to 72.17 days as of March 2025, indicating a significant extension in the duration it takes for the company to convert its investments in inventory and receivables into cash.
Overall, the trend in the cash conversion cycle suggests periods of operational variability, with significant spikes and dips that could be associated with changes in business activity, operational strategies, or data anomalies. The substantial increase toward March 2025 warrants further examination into the company's operational practices and working capital management to understand the factors driving this elongation and its potential impact on liquidity and efficiency.
Peer comparison
Jun 30, 2025