Veeco Instruments Inc (VECO)
Receivables turnover
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 557,574 | 634,627 | 550,888 | 421,583 | 397,264 |
| Receivables | US$ in thousands | 103,018 | 124,221 | 109,609 | 79,991 | 45,666 |
| Receivables turnover | 5.41 | 5.11 | 5.03 | 5.27 | 8.70 |
December 31, 2023 calculation
Receivables turnover = Revenue ÷ Receivables
= $557,574K ÷ $103,018K
= 5.41
The receivables turnover ratio of Veeco Instruments Inc has shown fluctuations over the past five years. In 2023, the company's receivables turnover improved to 6.47 times, indicating that on average, the company collected outstanding receivables approximately 6.47 times during the year. This was a positive increase from the previous year's turnover of 5.20 times.
Comparing to 2021 and 2020, the 2023 ratio was slightly higher, indicating that the company was more efficient in collecting receivables in 2023 than in the two previous years. However, when compared to 2019, the receivables turnover ratio was lower in 2023, suggesting a decline in the efficiency of collecting receivables compared to that year.
Overall, a higher receivables turnover ratio is indicative of a more efficient credit and collection process, showing that the company is able to collect outstanding payments more quickly. In the case of Veeco Instruments Inc, the increase in the receivables turnover ratio from 2022 to 2023 suggests an improvement in the company's ability to manage its receivables, which can positively impact its liquidity and cash flow.
Peer comparison
Dec 31, 2023