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Covista cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$76.4M in Q1 FY27 · $355M over twelve months

Operating cash flow$114M
Capital spending−$37.6M
Free cash flow+$76.4M
Cash / net income1.7×
Cash conversion cycle-10 days

Analysis

In Q1 FY27, Covista generated $114M of operating cash flow and spent $37.6M on capital projects, leaving free cash flow of $76.4M. That is $38.1M less than in Q1 FY26 ($115M).

Over the twelve months to Sep 30, 2026, operating cash flow was $454M; the largest uses were net borrowing (+) / repaid (−) ($1.1B), buybacks ($313M), capital spending ($99.3M); besides operations, cash came from other financing ($999M), shares issued ($1.9M); the cash balance fell by $41.6M.

Operating cash flow was $114M against net income of $67.4M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: deferred revenue +$108M, receivables −$94.2M, employee-related liabilities −$20.9M.

Its cash conversion cycle was -10 days (receivables 36 + inventory 0 − payables 46): suppliers fund its working capital.

Free cash flow

Covista: free cash flow by quarterCovista: free cash flow by quarter−$29.7MQ2 FY25$198MQ3 FY25$40.7MQ4 FY25$115MQ1 FY26$15.1MQ2 FY26$166MQ3 FY26$97.1MQ4 FY26$76.4MQ1 FY27
Operating cash flow less capital spending.
Covista: operating cash flow against capital spendingCovista: operating cash flow against capital spendingOperating cash flowCapital spending−$19.0M$10.7MQ2 FY25$208M$10.2MQ3 FY25$59.7M$19.0MQ4 FY25$131M$16.0MQ1 FY26$29.7M$14.6MQ2 FY26$186M$20.2MQ3 FY26$124M$26.8MQ4 FY26$114M$37.6MQ1 FY27
Latest (Q1 FY27): Operating cash flow $114M, Capital spending $37.6M.

Capital allocation, year by year

Covista: where the cash came from (up) and went (down), by fiscal yearCovista: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $10.6MFY22: Net borrowing −$230MFY22: Shares issued $8.9MFY22: Capital spending −$31.1MFY22: Acquisitions −$1.5BFY22: Buybacks −$120M$19.5MFY22FY23: Operating cash flow $192MFY23: Net borrowing −$151MFY23: Shares issued $2.6MFY23: Capital spending −$26.0MFY23: Buybacks −$123M$195MFY23FY24: Operating cash flow $296MFY24: Net borrowing −$50.0MFY24: Shares issued $17.1MFY24: Capital spending −$48.9MFY24: Buybacks −$262M$313MFY24FY25: Operating cash flow $338MFY25: Net borrowing −$100MFY25: Shares issued $10.0MFY25: Capital spending −$50.3MFY25: Buybacks −$213M$348MFY25FY26: Operating cash flow $470MFY26: Net borrowing $112MFY26: Shares issued $131KFY26: Capital spending −$77.7MFY26: Buybacks −$240M$583MFY26
Over these 5 years operating cash flow totalled $1.3B; the largest uses were acquisitions ($1.5B) and buybacks ($958M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$222M
Debt$500M
Net debt$278M
Due within a year$5.1M

Covista funds itself: free cash flow was $355M over the last twelve months, and $222M of cash and investments stands against $500M of debt ($5.1M due within a year, 43.6× covered by cash).

Covista: debt maturities by year (FY26)Covista: debt maturities by year (FY26)$5.1MYear 1$5.1MYear 2$5.1MYear 3$5.1MYear 4$168MYear 5$484MAfter year 5
Principal due in each year as disclosed in the annual report, against $222M of cash and investments now.

Where the cash came from and went

Covista: sources (+) and uses (−) of cash, Q1 FY27Covista: sources (+) and uses (−) of cash, Q1 FY27Cash drawn (+) / kept (−)$183MNet borrowing (+) / repaid (−)−$163MOperating cash flow$114MBuybacks−$81.0MCapital spending−$37.6MTaxes on employees’ shares−$16.2MShares issued$564K
Covista: sources (+) and uses (−) of cash, TTM to Q1 FY27Covista: sources (+) and uses (−) of cash, TTM to Q1 FY27Net borrowing (+) / repaid (−)−$1.1BOther financing$999MOperating cash flow$454MBuybacks−$313MCapital spending−$99.3MCash drawn (+) / kept (−)$41.6MTaxes on employees’ shares−$19.5MOther investing−$6.0MShares issued$1.9M

From profit to cash

Covista: net income to operating cash flow, Q1 FY27Covista: net income to operating cash flow, Q1 FY27Net income$67.4MDepreciation & amortization$12.3MStock-based pay$8.2MDeferred taxes$8.8MGains on investments$218KReceivables−$94.2MPayables−$13.5MAccrued liabilities$13.0MEmployee-related liabilities−$20.9MDeferred revenue$108MPrepaid and other assets−$10.8MOperating cash flow$114M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY2736—46-10
Q4 FY2631—47-16
Q3 FY2631—43-12
Q2 FY2632—47-14
Q1 FY2633—48-15
Q4 FY2530—47-16
Q3 FY2529—37-8
Q2 FY2532—39-7

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$114M−$37.6M−$81.0M−$163M$564K$183M$76.4M
Q4 FY26$124M−$26.8M—$163M—−$259M$97.1M
Q3 FY26$186M−$20.2M−$67.5M−$833K—−$90.2M$166M
Q2 FY26$29.7M−$14.6M−$165M−$277M—$208M$15.1M
Q1 FY26$131M−$16.0M−$7.6M—$131K−$65.0M$115M
Q4 FY25$59.7M−$19.0M−$66.7M—$19K$20.0M$40.7M
Q3 FY25$208M−$10.2M−$72.4M−$100M$175K−$25.8M$198M
Q2 FY25−$19.0M−$10.7M−$40.9M—$335K$71.5M−$29.7M

Covista: income statement and cash flow

Covista, Q1 FY27: revenue $512M (+11% year over year), operating margin 19.2%. The chart follows the revenue to costs, profit and cash.

Covista: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.