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Graham cash flow, quarter by quarter

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

Free cash flow$44.5M in Q2 FY27 · $28.9M over twelve months

Operating cash flow$46.7M
Capital spending−$2.2M
Free cash flow+$44.5M
Cash / net income10.1×
Cash conversion cycle115 days

Analysis

In Q2 FY27, Graham generated $46.7M of operating cash flow and spent $2.2M on capital projects, leaving free cash flow of $44.5M. That is $35.0M more than in Q2 FY26 ($9.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was $38.7M; the largest uses were acquisitions ($26.2M), capital spending ($9.8M), taxes on employees’ shares ($2.7M); besides operations, cash came from shares issued ($50.9M), other investing ($274K); the cash balance rose by $50.8M.

Operating cash flow was $46.7M against net income of $4.6M — 10.1× profit, cash ran ahead of reported earnings. The largest differences: contract assets +$21.4M, deferred revenue +$16.5M, inventory −$5.9M.

Its cash conversion cycle was 115 days (receivables 63 + inventory 96 − payables 45).

Free cash flow

Graham: free cash flow by quarterGraham: free cash flow by quarter−$2.1MQ3 FY25−$8.7MQ4 FY25−$9.3MQ1 FY26$9.4MQ2 FY26$2.4MQ3 FY26−$2.7MQ4 FY26−$15.3MQ1 FY27$44.5MQ2 FY27
Operating cash flow less capital spending.
Graham: operating cash flow against capital spendingGraham: operating cash flow against capital spendingOperating cash flowCapital spending$5.2M$7.3MQ3 FY25−$3.6M$5.2MQ4 FY25−$2.3M$7.0MQ1 FY26$13.6M$4.1MQ2 FY26$4.8M$2.3MQ3 FY26−$151K$2.6MQ4 FY26−$12.7M$2.6MQ1 FY27$46.7M$2.2MQ2 FY27
Latest (Q2 FY27): Operating cash flow $46.7M, Capital spending $2.2M.

Capital allocation, year by year

Graham: where the cash came from (up) and went (down), by fiscal yearGraham: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow −$2.2MFY22: Net borrowing $18.5MFY22: Capital spending −$2.3MFY22: Buybacks −$41KFY22: Dividends −$3.5M$18.5MFY22FY23: Operating cash flow $13.9MFY23: Net borrowing −$6.0MFY23: Capital spending −$3.7MFY23: Buybacks −$21K$13.9MFY23FY24: Operating cash flow $28.1MFY24: Net borrowing −$12.5MFY24: Shares issued $476KFY24: Asset sales $44KFY24: Capital spending −$9.2MFY24: Acquisitions −$6.8MFY24: Buybacks −$58K$28.6MFY24FY25: Operating cash flow $24.3MFY25: Shares issued $653KFY25: Capital spending −$19.0MFY25: Acquisitions −$170KFY25: Buybacks −$854K$25.0MFY25FY26: Operating cash flow $15.9MFY26: Net borrowing $13.0MFY26: Shares issued $832KFY26: Asset sales $274KFY26: Capital spending −$16.1MFY26: Acquisitions −$27.3M$30.0MFY26
Over these 5 years operating cash flow totalled $80.1M; the largest uses were capital spending ($50.3M) and acquisitions ($34.3M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$71.4M
Debtnone
Net cash$71.4M

Graham funds itself: free cash flow was $28.9M over the last twelve months, with $71.4M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Graham: sources (+) and uses (−) of cash, Q2 FY27Graham: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$46.7MCash drawn (+) / kept (−)−$44.5MCapital spending−$2.2MShares issued$517KAcquisitions−$509KOther financing−$88KExchange rates$80K
Graham: sources (+) and uses (−) of cash, TTM to Q2 FY27Graham: sources (+) and uses (−) of cash, TTM to Q2 FY27Shares issued$50.9MCash drawn (+) / kept (−)−$50.8MOperating cash flow$38.7MAcquisitions−$26.2MCapital spending−$9.8MTaxes on employees’ shares−$2.7MOther financing−$483KOther investing$274KExchange rates$215K

From profit to cash

Graham: net income to operating cash flow, Q2 FY27Graham: net income to operating cash flow, Q2 FY27Net income$4.6MDepreciation & amortization$2.7MStock-based pay$782KDeferred taxes−$256KGains on disposals−$33KReceivables$4.0MInventory−$5.9MPayables−$1.0MDeferred revenue$16.5MContract assets$21.4MPrepaid and other assets$562KOperating cash flow$46.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY27639645115
Q1 FY2753854396
Q4 FY2644863893
Q3 FY26609747109
Q2 FY2654714282
Q1 FY2658865490
Q4 FY2553825581
Q3 FY2563926293

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 FY27$46.7M−$2.2M−$509K—$517K−$44.5M$44.5M
Q1 FY27−$12.7M−$2.6M$1.6M−$13.0M$50.0M−$20.4M−$15.3M
Q4 FY26−$151K−$2.6M−$26.4M$13.0M$374K$15.7M−$2.7M
Q3 FY26$4.8M−$2.3M−$895K——−$1.7M$2.4M
Q2 FY26$13.6M−$4.1M——$458K−$9.8M$9.4M
Q1 FY26−$2.3M−$7.0M———$10.8M−$9.3M
Q4 FY25−$3.6M−$5.2M——$319K$8.5M−$8.7M
Q3 FY25$5.2M−$7.3M———$2.3M−$2.1M

Graham: income statement and cash flow

Graham, Q2 FY27: revenue $69.8M (+6% year over year), operating margin 8.4%. The chart follows the revenue to costs, profit and cash.

Graham: 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.