UFP Technologies Inc (UFPT)

Receivables turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	398,082	374,929	206,246	178,831	197,707
Receivables	US$ in thousands	64,449	55,117	39,384	26,428	28,648
Receivables turnover		6.18	6.80	5.24	6.77	6.90

December 31, 2023 calculation

Receivables turnover = Revenue ÷ Receivables
= $398,082K ÷ $64,449K
= 6.18

The receivables turnover ratio for UFP Technologies Inc has fluctuated over the past five years. In 2023, the company reported a receivables turnover of 6.18, a decrease from the previous year's ratio of 6.80. This indicates that, on average, the company collected its accounts receivable 6.18 times during the year.

Comparing to the historical data, the receivables turnover was lower in 2021 at 5.24, but higher in 2020 and 2019 at 6.77 and 6.90, respectively. The higher the receivables turnover ratio, the more efficient the company is in collecting outstanding receivables from its customers.

Overall, the trend in UFP Technologies Inc's receivables turnover suggests some variability in the efficiency of the company's accounts receivable management over the years. Monitoring this ratio can provide insights into the company's liquidity and collection practices. Further analysis and comparison with industry benchmarks would help in understanding the company's performance in managing its accounts receivable effectively.