Veeco Instruments Inc (VECO)
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 | 654,666 | 634,722 | 629,160 | 631,722 | 634,627 | 624,980 | 599,092 | 577,465 | 550,886 | 548,564 | 511,078 | 461,104 | 432,985 | 407,241 | 404,993 | 407,770 | 402,860 | 388,630 | 406,380 | 466,568 |
| Total current assets | US$ in thousands | 706,278 | 720,800 | 709,154 | 643,270 | 668,901 | 649,703 | 569,284 | 569,950 | 549,387 | 653,504 | 638,624 | 618,167 | 586,931 | 572,485 | 538,375 | 500,490 | 475,878 | 486,281 | 491,517 | 498,764 |
| Total current liabilities | US$ in thousands | 218,033 | 267,786 | 282,298 | 267,175 | 257,904 | 260,185 | 200,270 | 220,696 | 189,204 | 187,222 | 179,413 | 163,695 | 146,681 | 146,934 | 127,483 | 128,509 | 118,224 | 142,037 | 149,200 | 150,028 |
| Working capital turnover | 1.34 | 1.40 | 1.47 | 1.68 | 1.54 | 1.60 | 1.62 | 1.65 | 1.53 | 1.18 | 1.11 | 1.01 | 0.98 | 0.96 | 0.99 | 1.10 | 1.13 | 1.13 | 1.19 | 1.34 |
December 31, 2023 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $654,666K ÷ ($706,278K – $218,033K)
= 1.34
Veeco Instruments Inc's working capital turnover has shown a declining trend over the past few quarters. The ratio has decreased from 1.74 in Q1 2022 to 1.36 in Q4 2023. This indicates that the company is generating less revenue from its working capital during the recent quarters compared to earlier periods. A lower working capital turnover may imply inefficiency in managing the company's working capital, including inventory, accounts receivable, and accounts payable. It is essential for Veeco Instruments Inc to address this trend and improve its working capital management to enhance operational efficiency and financial performance.
Peer comparison
Dec 31, 2023