Waters Corporation (WAT)

Receivables turnover

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Revenue (ttm)	US$ in thousands	2,909,141	2,825,198	2,766,143	2,798,644	2,857,555	2,913,395	2,928,280	2,913,876	2,923,159	2,904,113	2,856,130	2,822,850	2,740,936	2,690,971	2,625,688	2,463,034	2,316,295	2,242,766	2,225,719	2,306,467
Receivables	US$ in thousands	733,365	669,534	610,088	626,329	702,168	631,284	693,436	-14,855	722,892	-13,235	-13,347	-13,143	612,648	-13,662	-14,798	-13,595	573,316	494,432	496,276	522,209
Receivables turnover		3.97	4.22	4.53	4.47	4.07	4.62	4.22	—	4.04	—	—	—	4.47	—	—	—	4.04	4.54	4.48	4.42

December 31, 2024 calculation

Receivables turnover = Revenue (ttm) ÷ Receivables
= $2,909,141K ÷ $733,365K
= 3.97

The receivables turnover ratio for Waters Corporation fluctuated over the period under review. It was 4.42 as of March 31, 2020, and increased slightly to 4.48 by June 30, 2020. The turnover ratio continued to rise, reaching 4.54 on September 30, 2020. However, there was a slight drop to 4.04 by December 31, 2020.

For the subsequent periods, there was a lack of data reported until December 31, 2021, where the receivables turnover ratio rebounded to 4.47. The ratio remained stable across the next few reported periods, with values of 4.47, 4.22, and 4.62 on March 31, 2022, June 30, 2023, and September 30, 2023, respectively.

As of December 31, 2023, the ratio decreased to 4.07 before picking up again to 4.47 on March 31, 2024. The trend continued with ratios of 4.53, 4.22, and 3.97 reported on June 30, 2024, September 30, 2024, and December 31, 2024, respectively.

The variation in the receivables turnover ratio indicates changes in how efficiently Waters Corporation is collecting on its outstanding receivables over time. Overall, a consistent analysis of this ratio can provide insights into the effectiveness of the company's credit and collection policies.