Werner Enterprises Inc (WERN)

Working capital turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	3,283,500	3,289,980	2,734,370	2,372,180	2,463,700
Total current assets	US$ in thousands	634,628	762,615	631,213	456,916	466,334
Total current liabilities	US$ in thousands	330,585	309,520	268,683	274,014	308,840
Working capital turnover		10.80	7.26	7.54	12.97	15.64

December 31, 2023 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $3,283,500K ÷ ($634,628K – $330,585K)
= 10.80

Werner Enterprises, Inc.'s working capital turnover has displayed fluctuations over the past five years. The company's working capital turnover ratio stood at 10.80 in 2023, indicating that for every dollar of working capital invested, the company generated $10.80 of revenue. This represents an improvement compared to the previous year, where the ratio was 7.26 in 2022.

In 2021, the working capital turnover ratio was 7.54, showing a slight decline from the previous year. However, there was a significant increase in 2020, where the ratio reached 12.97, signaling a more efficient utilization of working capital. The highest working capital turnover ratio was recorded in 2019 at 15.64, showcasing the company's strong ability to generate revenue relative to its working capital.

Overall, fluctuations in Werner Enterprises, Inc.'s working capital turnover ratio suggest varying efficiency levels in utilizing its working capital to generate sales revenue over the past five years. Investors and stakeholders may analyze these trends to assess the company's operational efficiency and financial performance.