What do you all think about Operating Stock?

I’ve been diving into some financials lately and the whole concept of operating stock is really interesting to me. I get that it’s basically what a company needs on hand to keep the business running day-to-day, but I’m curious about how it affects stock performance and overall valuation. Do you think having a high amount of operating stock is a red flag or a sign of stability? I’ve seen some companies with a lot of inventory sitting around and it makes me wonder if they’re just overstocked or if they have a strategy in place. I’d love to hear your thoughts and experiences with how operating stock has impacted any trades you've made.