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Matthews International cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow−$6.1M in Q3 FY26 · −$82.0M over twelve months

Operating cash flow−$2.1M
Capital spending−$4.0M
Free cash flow−$6.1M
Cash conversion cycle97 days

Analysis

In Q3 FY26, Matthews International generated −$2.1M of operating cash flow and spent $4.0M on capital projects, leaving free cash flow of −$6.1M. That is $17.2M more than in Q3 FY25 (−$23.3M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$59.2M; the largest uses were net borrowing (+) / repaid (−) ($143M), operating cash flow ($59.2M), dividends ($33.6M); besides operations, cash came from other investing ($279M), asset & business sales ($16.4M); the cash balance rose by $17.2M.

Operating cash flow was −$2.1M against net income of −$23.7M. The largest differences: depreciation & amortization +$11.7M, other operating capital −$8.2M, other liabilities −$5.1M.

Its cash conversion cycle was 97 days (receivables 38 + inventory 115 − payables 56).

Free cash flow

Matthews International: free cash flow by quarterMatthews International: free cash flow by quarter$23.9MQ4 FY24−$34.5MQ1 FY25−$2.4MQ2 FY25−$23.3MQ3 FY25$903KQ4 FY25−$57.2MQ1 FY26−$19.5MQ2 FY26−$6.1MQ3 FY26
Operating cash flow less capital spending.
Matthews International: operating cash flow against capital spendingMatthews International: operating cash flow against capital spendingOperating cash flowCapital spending$35.9M$12.0MQ4 FY24−$25.0M$9.5MQ1 FY25$6.3M$8.7MQ2 FY25−$15.2M$8.1MQ3 FY25$10.3M$9.4MQ4 FY25−$52.0M$5.3MQ1 FY26−$15.4M$4.0MQ2 FY26−$2.1M$4.0MQ3 FY26
Latest (Q3 FY26): Operating cash flow −$2.1M, Capital spending $4.0M.

Capital allocation, year by year

Matthews International: where the cash came from (up) and went (down), by fiscal yearMatthews International: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $163MFY21: Net borrowing −$76.8MFY21: Asset sales $2.8MFY21: Capital spending −$34.3MFY21: Acquisitions −$15.6MFY21: Buybacks −$11.9MFY21: Dividends −$27.7M$166MFY21FY22: Operating cash flow $127MFY22: Net borrowing $35.7MFY22: Asset sales $5.3MFY22: Capital spending −$61.3MFY22: Acquisitions −$44.5MFY22: Buybacks −$41.7MFY22: Dividends −$27.7M$168MFY22FY23: Operating cash flow $79.5MFY23: Net borrowing −$18.2MFY23: Asset sales $8.8MFY23: Capital spending −$50.6MFY23: Acquisitions −$15.3MFY23: Buybacks −$2.9MFY23: Dividends −$28.2M$88.3MFY23FY24: Operating cash flow $79.3MFY24: Net borrowing −$36.4MFY24: Asset sales $4.7MFY24: Capital spending −$45.2MFY24: Acquisitions −$5.8MFY24: Buybacks −$20.6MFY24: Dividends −$31.4M$84.0MFY24FY25: Operating cash flow −$23.6MFY25: Net borrowing −$74.0MFY25: Asset sales $21.2MFY25: Capital spending −$35.8MFY25: Acquisitions −$55.8MFY25: Buybacks −$12.2MFY25: Dividends −$32.8M$21.2MFY25
Over these 5 years operating cash flow totalled $425M; the largest uses were capital spending ($227M) and net borrowing ($205M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$37.6M
Debt$567M
Net debt$530M
Due within a year$7.8M
Cash runway6 months

Matthews International is burning cash: its operations consume cash, a free cash flow of −$82.0M a year at the current rate against $37.6M of cash and investments: a runway of about 6 months; $7.8M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Matthews International: debt maturities by year (FY25)Matthews International: debt maturities by year (FY25)$3.0MYear 2$296MYear 3$384MYear 4$4.9MAfter year 5
Principal due in each year as disclosed in the annual report, against $37.6M of cash and investments now.

Where the cash came from and went

Matthews International: sources (+) and uses (−) of cash, Q3 FY26Matthews International: sources (+) and uses (−) of cash, Q3 FY26Other investing$25.0MNet borrowing (+) / repaid (−)−$16.0MDividends−$8.0MAsset & business sales$6.8MCapital spending−$4.0MOperating cash flow−$2.1MCash drawn (+) / kept (−)−$1.5MBuybacks−$79KExchange rates−$47K
Matthews International: sources (+) and uses (−) of cash, TTM to Q3 FY26Matthews International: sources (+) and uses (−) of cash, TTM to Q3 FY26Other investing$279MNet borrowing (+) / repaid (−)−$143MOperating cash flow−$59.2MDividends−$33.6MCapital spending−$22.8MCash drawn (+) / kept (−)−$17.2MAsset & business sales$16.4MOther financing−$14.7MBuybacks−$5.9MAcquisitions$1.5MNot reconciled−$14K

From profit to cash

Matthews International: net income to operating cash flow, Q3 FY26Matthews International: net income to operating cash flow, Q3 FY26Net income−$23.7MDepreciation & amortization$11.7MStock-based pay$5.1MGains on investments$4.7MOther liabilities−$5.1MIncome taxes payable$1.8MOther operating capital−$8.2MOperating cash flow−$2.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY26381155697
Q2 FY26381125793
Q1 FY2640984890
Q4 FY2542944591
Q3 FY2540834182
Q2 FY2536713374
Q1 FY2546803591
Q4 FY2441683178

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26−$2.1M−$4.0M—−$79K−$8.0M−$16.0M−$1.5M−$6.1M
Q2 FY26−$15.4M−$4.0M—−$535K−$8.1M$41.6M−$4.7M−$19.5M
Q1 FY26−$52.0M−$5.3M−$524K−$5.2M−$9.5M−$172M$1.1M−$57.2M
Q4 FY25$10.3M−$9.4M$2.0M−$106K−$8.0M$3.3M−$12.1M$903K
Q3 FY25−$15.2M−$8.1M−$55.6M−$7.7M−$7.7M−$121M$29.9M−$23.3M
Q2 FY25$6.3M−$8.7M—−$151K−$7.8M$18.3M−$16.7M−$2.4M
Q1 FY25−$25.0M−$9.5M−$2.2M−$4.3M−$9.2M$31.9M$7.3M−$34.5M
Q4 FY24$35.9M−$12.0M—−$49K−$7.3M−$59.1M$1.9M$23.9M

Matthews International: income statement and cash flow

Matthews International, Q3 FY26: revenue $246M (-30% year over year), operating margin -5.4%. The chart follows the revenue to costs, profit and cash.

Matthews International: 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.