Titan International Inc (TWI)

Payables 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	1,663,468	1,762,912	1,869,070	1,937,942	1,966,833	1,958,791	1,906,106	1,817,630	1,685,279	1,573,505	1,457,733	1,331,393	1,293,652	1,262,371	1,309,243	1,413,631	1,468,453	1,512,714	1,533,826	1,553,268
Payables	US$ in thousands	201,201	194,501	231,884	276,072	263,376	256,715	284,802	302,382	278,099	253,819	239,001	221,613	167,210	150,879	136,802	179,933	158,647	182,337	209,422	250,918
Payables turnover		8.27	9.06	8.06	7.02	7.47	7.63	6.69	6.01	6.06	6.20	6.10	6.01	7.74	8.37	9.57	7.86	9.26	8.30	7.32	6.19

December 31, 2023 calculation

Payables turnover = Cost of revenue (ttm) ÷ Payables
= $1,663,468K ÷ $201,201K
= 8.27

Titan International, Inc.'s payables turnover ratio has been fluctuating over the past eight quarters. The payables turnover ratio measures how efficiently the company pays its suppliers. A higher turnover ratio indicates that the company is paying its creditors more quickly.

In Q4 2023, the payables turnover ratio was 7.53, showing an improvement from the previous quarter's ratio of 8.31. This indicates that the company took longer to pay its suppliers compared to the previous quarter.

Overall, Titan International, Inc.'s payables turnover ratio has shown some variability, with the ratio ranging from 5.50 to 8.31 over the past eight quarters. It would be important to further investigate the reasons behind these fluctuations to assess the company's liquidity management and supplier relationships.