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Friedman Industries cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$2.4M in Q2 FY27

Operating cash flow$6.1M
Capital spending−$3.7M
Free cash flow+$2.4M
Cash / net income0.4×
Cash conversion cycle71 days

Analysis

In Q2 FY27, Friedman Industries generated $6.1M of operating cash flow and spent $3.7M on capital projects, leaving free cash flow of $2.4M. That is $4.4M more than in Q2 FY26 (−$2.0M).

Operating cash flow was $6.1M against net income of $15.6M — 0.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$26.2M, payables +$13.2M, inventory −$11.3M.

Its cash conversion cycle was 71 days (receivables 33 + inventory 72 − payables 35).

Free cash flow

Friedman Industries: free cash flow by quarterFriedman Industries: free cash flow by quarter$9.9MQ2 FY25$1.6MQ3 FY25−$12.8MQ4 FY25$13.7MQ1 FY26−$2.0MQ2 FY26−$6.3MQ3 FY26$5.1MQ1 FY27$2.4MQ2 FY27
Operating cash flow less capital spending.
Friedman Industries: operating cash flow against capital spendingFriedman Industries: operating cash flow against capital spendingOperating cash flowCapital spending$10.8M$846KQ2 FY25$2.7M$1.1MQ3 FY25−$11.8M$957KQ4 FY25$15.5M$1.8MQ1 FY26$433K$2.5MQ2 FY26−$4.7M$1.6MQ3 FY26$7.3M$2.2MQ1 FY27$6.1M$3.7MQ2 FY27
Latest (Q2 FY27): Operating cash flow $6.1M, Capital spending $3.7M.

Capital allocation, year by year

Friedman Industries: where the cash came from (up) and went (down), by fiscal yearFriedman Industries: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksDividendsFY21: Operating cash flow $8.4MFY21: Net borrowing $1.6MFY21: Asset sales $31KFY21: Capital spending −$4.6MFY21: Buybacks −$1.7MFY21: Dividends −$564K$10.0MFY21FY22: Operating cash flow −$13.4MFY22: Net borrowing $18.3MFY22: Asset sales $161KFY22: Capital spending −$8.1MFY22: Buybacks −$538KFY22: Dividends −$551K$18.5MFY22FY23: Operating cash flow $63.9MFY23: Net borrowing $14.6MFY23: Capital spending −$16.5MFY23: Buybacks −$37KFY23: Dividends −$589K$78.5MFY23FY24: Operating cash flow $5.0MFY24: Net borrowing $7.1MFY24: Capital spending −$5.8MFY24: Buybacks −$5.2MFY24: Dividends −$581K$12.0MFY24FY25: Operating cash flow −$4.4MFY25: Net borrowing $7.4MFY25: Asset sales $1.6MFY25: Capital spending −$4.0MFY25: Buybacks −$171KFY25: Dividends −$1.1M$9.0MFY25
Over these 5 years operating cash flow totalled $59.5M; the largest uses were capital spending ($38.9M) and operating cash flow ($17.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.7M
Debtnone
Net cash$3.7M

Friedman Industries funds itself: free cash flow was — over the last twelve months, with $3.7M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Friedman Industries: sources (+) and uses (−) of cash, Q2 FY27Friedman Industries: sources (+) and uses (−) of cash, Q2 FY27Cash drawn (+) / kept (−)−$12.3MNet borrowing (+) / repaid (−)$10.2MOperating cash flow$6.1MCapital spending−$3.7MDividends−$289K

From profit to cash

Friedman Industries: net income to operating cash flow, Q2 FY27Friedman Industries: net income to operating cash flow, Q2 FY27Net income$15.6MDepreciation & amortization$1.1MDeferred taxes−$127KReceivables−$26.2MInventory−$11.3MPayables$13.2MEmployee-related liabilities$5.1MPrepaid and other assets−$829KIncome taxes payable−$854KOperating cash flow$6.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2733723571
Q1 FY2732763276
Q3 FY2632933689
Q2 FY2634823284
Q1 FY2633772585
Q4 FY2528583419453916
Q3 FY2535457015703035
Q2 FY25339730100

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27$6.1M−$3.7M—−$289K$10.2M−$12.3M$2.4M
Q1 FY27$7.3M−$2.2M−$82K−$284K−$1.1M−$4.8M$5.1M
Q3 FY26−$4.7M−$1.6M−$1K−$281K$5.1M$1.6M−$6.3M
Q2 FY26$433K−$2.5M$1K−$283K$50.5M−$2.2M−$2.0M
Q1 FY26$15.5M−$1.8M−$10K−$282K−$14.7M$1.3M$13.7M
Q4 FY25−$11.8M−$957K—−$279K$15.2M−$2.9M−$12.8M
Q3 FY25$2.7M−$1.1M−$37K−$279K−$3.3M$1.3M$1.6M
Q2 FY25$10.8M−$846K−$11K−$278K−$10.3M$1.6M$9.9M

Friedman Industries: income statement and cash flow

Friedman Industries, Q2 FY27: revenue $287M (+88% year over year), operating margin 12.8%. The chart follows the revenue to costs, profit and cash.

Friedman Industries: 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.