TTM Technologies Inc (TTMI)
Working capital 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 4,433,921 | 4,804,671 | 4,902,331 | 4,983,727 | 5,009,189 | 4,674,869 | 4,560,365 | 4,501,830 | 4,431,757 | 4,205,847 | 4,153,582 | 4,149,004 | 4,127,043 | 4,910,233 | 5,113,110 | 5,067,708 | 5,105,153 | 5,257,103 | 5,294,466 | 5,484,576 |
| Total current assets | US$ in thousands | 1,429,690 | 1,353,240 | 1,336,050 | 1,378,100 | 1,493,060 | 1,439,230 | 1,380,880 | 1,434,180 | 1,407,410 | 1,423,350 | 1,404,520 | 1,332,640 | 1,248,760 | 1,486,180 | 1,871,910 | 1,751,790 | 1,342,680 | 1,277,840 | 1,189,690 | 1,169,550 |
| Total current liabilities | US$ in thousands | 703,984 | 688,286 | 602,384 | 627,751 | 761,325 | 742,890 | 722,309 | 586,566 | 558,148 | 567,442 | 554,750 | 509,154 | 518,046 | 787,322 | 1,197,460 | 904,363 | 946,666 | 666,673 | 623,955 | 607,732 |
| Working capital turnover | 6.11 | 7.23 | 6.68 | 6.64 | 6.85 | 6.71 | 6.92 | 5.31 | 5.22 | 4.91 | 4.89 | 5.04 | 5.65 | 7.03 | 7.58 | 5.98 | 12.89 | 8.60 | 9.36 | 9.76 |
December 31, 2023 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $4,433,921K ÷ ($1,429,690K – $703,984K)
= 6.11
The working capital turnover ratio for TTM Technologies Inc fluctuated over the stated periods, reflecting the efficiency with which the company utilized its working capital to generate sales revenue.
The working capital turnover ratio ranged between 4.89 to 12.89 over the past five years. Generally, a higher working capital turnover implies that the company is efficiently using its working capital to support its operations and generate sales.
TTM Technologies Inc demonstrated a relatively stable working capital turnover within the range of 5.22 to 7.58 from 2019 to mid-2021, indicating consistent efficiency in converting working capital into sales during this period. Subsequently, the ratio spiked to 12.89 in December 2019, indicating an exceptional ability to generate sales revenue relative to the working capital held at that time.
However, the ratio fell below 6 in March 2020 and remained relatively subdued until March 2023, hovering between 4.89 and 6.92. This could suggest a declining efficiency in utilizing working capital to generate sales revenue during these periods.
The most recent data point of 6.11 as of December 2023 shows a slight improvement, indicating a moderate increase in the efficiency of working capital utilization compared to the preceding quarters.
In conclusion, while there have been fluctuations, TTM Technologies Inc has shown varying levels of working capital turnover efficiency over the analyzed periods, with some periods indicating improved efficiency compared to others.
Peer comparison
Dec 31, 2023