UFP Technologies Inc (UFPT)

Inventory turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cost of revenue	US$ in thousands	345,736	317,855	192,216	169,182	180,573
Inventory	US$ in thousands	70,191	53,536	33,436	18,642	18,276
Inventory turnover		4.93	5.94	5.75	9.08	9.88

December 31, 2023 calculation

Inventory turnover = Cost of revenue ÷ Inventory
= $345,736K ÷ $70,191K
= 4.93

ever, the inventory turnover ratio has been decreasing over the past three years, which may indicate inefficiencies in managing inventory levels or potential slowing sales. It is essential for the company to closely monitor and address these trends to ensure optimal inventory management and operational performance in the future.