Worthington Industries Inc (WOR)
Receivables turnover
| May 31, 2025 | Feb 28, 2025 | Nov 30, 2024 | Aug 31, 2024 | May 31, 2024 | Feb 29, 2024 | Nov 30, 2023 | Aug 31, 2023 | May 31, 2023 | Feb 28, 2023 | Nov 30, 2022 | Aug 31, 2022 | May 31, 2022 | Feb 28, 2022 | Nov 30, 2021 | Aug 31, 2021 | May 31, 2021 | Feb 28, 2021 | Nov 30, 2020 | Aug 31, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 1,153,762 | 1,154,679 | 1,166,910 | 1,979,784 | 2,915,736 | 3,825,795 | 3,855,355 | 3,943,975 | 4,159,375 | 4,450,815 | 5,482,740 | 5,540,060 | 5,242,220 | 4,700,239 | 4,081,108 | 3,579,340 | 3,171,429 | 2,804,737 | 2,809,624 | 2,906,169 |
| Receivables | US$ in thousands | — | 206,391 | 194,342 | 173,208 | 217,117 | 221,787 | 646,337 | 700,880 | 224,549 | 731,518 | 714,502 | 820,663 | 878,049 | 859,411 | 738,312 | 718,368 | 641,922 | 529,119 | 445,183 | 425,425 |
| Receivables turnover | — | 5.59 | 6.00 | 11.43 | 13.43 | 17.25 | 5.96 | 5.63 | 18.52 | 6.08 | 7.67 | 6.75 | 5.97 | 5.47 | 5.53 | 4.98 | 4.94 | 5.30 | 6.31 | 6.83 |
May 31, 2025 calculation
Receivables turnover = Revenue (ttm) ÷ Receivables
= $1,153,762K ÷ $—K
= —
The receivables turnover ratios for Worthington Industries Inc. over the analyzed periods exhibit notable fluctuations with an overall indicative pattern of variable liquidity management concerning accounts receivable collections.
Beginning with an initial ratio of approximately 6.83 as of August 31, 2020, the ratio declined progressively through the subsequent quarters, reaching a low of around 4.94 by May 31, 2021. This downward trend suggests that during this period, the company’s efficiency in collecting receivables was diminishing, potentially indicating extended credit terms or increased collection challenges.
From mid-2021 to early 2022, the receivables turnover stabilized somewhat, fluctuating in the narrow range of approximately 4.98 to 5.97, suggesting a period of relative consistency in receivables management. However, a significant increase is observed in the ratios towards the latter part of 2022, with a notable rise to 7.67 as of November 30, 2022, indicating improved collection efficiency.
The most remarkable change occurs between May 2023 and February 2024, where the ratio jumps sharply from 18.52 to 17.25, then slightly declines but remains at elevated levels (e.g., 13.43 as of May 2024). Such elevated ratios imply a substantial acceleration in the collection process or possibly a change in the company's credit policies, leading to much quicker turnover of receivables.
The recent data points reflect a reversion toward earlier levels, with the ratio decreasing to approximately 11.43 by August 31, 2024, and settling around 6.00 in November 2024, closer to historical averages prior to the spike. This oscillation indicates ongoing adjustments in receivables management strategies or changes in customer payment behaviors.
Overall, the receivables turnover ratio demonstrates considerable volatility over the analyzed period. The periods of heightened ratios suggest periods of improved collection efficiency, while declines indicate times of extended receivable collection cycles. The pronounced peaks and troughs highlight the importance of monitoring receivables management practices and their impact on working capital liquidity.
Peer comparison
May 31, 2025