Working capital per revenue is a financial metric used in fundamental analysis to evaluate a company's financial health and efficiency. It measures the amount of working capital available to cover a company's short-term operating expenses, relative to its revenue. Working capital is defined as the difference between a company's current assets and current liabilities. It is a measure of a company's liquidity and its ability to meet its short-term financial obligations.

The formula for working capital per revenue is as follows:

Working capital per revenue = working capital / revenue

A higher working capital per revenue ratio indicates that a company has more working capital available to cover its short-term operating expenses, relative to its revenue. This means that it has a stronger financial position and greater flexibility to invest in growth opportunities. On the other hand, a lower working capital per revenue ratio indicates that a company may be struggling to cover its short-term expenses, which can lead to financial difficulties if not managed properly.

Investors and analysts use this metric to identify companies that have a high level of liquidity and are able to meet their short-term obligations. It can also help to identify companies that may have financial difficulties if they have a low working capital per revenue ratio. By using working capital per revenue as part of their fundamental analysis, investors can make more informed investment decisions.