Vistra Energy Corp (VST)

Cash conversion cycle

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Days of inventory on hand (DOH)	days	181.40	149.35	178.69	122.86	161.80
Days of sales outstanding (DSO)	days	56.66	71.60	55.55	55.72	57.46
Number of days of payables	days	281.17	407.71	443.80	209.93	326.71
Cash conversion cycle	days	-43.11	-186.75	-209.56	-31.35	-107.45

December 31, 2023 calculation

Cash conversion cycle = DOH + DSO – Number of days of payables
= 181.40 + 56.66 – 281.17
= -43.11

The cash conversion cycle of Vistra Corp has fluctuated over the past five years. In Dec 2023, it increased to 21.83 days from 20.86 days in Dec 2022. This indicates that the company took slightly longer to convert its resources into cash during this period. Comparing to Dec 2021 and Dec 2020, where the cash conversion cycle was 6.65 days and 15.05 days respectively, the cycle was longer in Dec 2023. However, it was still lower than Dec 2019 when it stood at 11.81 days. Overall, the trend suggests a varying efficiency in managing the company's cash conversion cycle over the years.