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Mays J W cash flow, quarter by quarter

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

Free cash flow−$1.3M in Q3 FY26 · −$3.0M over twelve months

Operating cash flow$1.4M
Capital spending−$2.8M
Free cash flow−$1.3M

Analysis

In Q3 FY26, Mays J W generated $1.4M of operating cash flow and spent $2.8M on capital projects, leaving free cash flow of −$1.3M. That is $2.2M less than in Q3 FY25 ($868K).

Over the twelve months to Apr 30, 2026, operating cash flow was $1.8M; the largest uses were capital spending ($4.8M), net borrowing (+) / repaid (−) ($3.3M); besides operations, cash came from other financing ($6.1M); the cash balance fell by $154K.

Operating cash flow was $1.4M against net income of −$217K. The largest differences: prepaid and other assets +$1.2M, payables −$517K, depreciation & amortization +$472K.

Free cash flow

Mays J W: free cash flow by quarterMays J W: free cash flow by quarter−$1.8MQ4 FY24$1.3MQ1 FY25−$586KQ2 FY25$868KQ3 FY25−$1.5MQ4 FY25$1.5MQ1 FY26−$1.7MQ2 FY26−$1.3MQ3 FY26
Operating cash flow less capital spending.
Mays J W: operating cash flow against capital spendingMays J W: operating cash flow against capital spendingOperating cash flowCapital spending−$1.4M$421KQ4 FY24$1.8M$460KQ1 FY25−$383K$203KQ2 FY25$1.9M$1.1MQ3 FY25−$827K$669KQ4 FY25$1.9M$411KQ1 FY26−$730K$984KQ2 FY26$1.4M$2.8MQ3 FY26
Latest (Q3 FY26): Operating cash flow $1.4M, Capital spending $2.8M.

Capital allocation, year by year

Mays J W: where the cash came from (up) and went (down), by fiscal yearMays J W: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingFY21: Operating cash flow $1.1MFY21: Net borrowing −$1.1MFY21: Capital spending −$2.3M$1.1MFY21FY22: Operating cash flow $1.7MFY22: Net borrowing −$1.2MFY22: Capital spending −$1.7M$1.7MFY22FY23: Operating cash flow $2.2MFY23: Net borrowing −$1.3MFY23: Capital spending −$1.0M$2.2MFY23FY24: Operating cash flow $1.4MFY24: Net borrowing −$1.3MFY24: Capital spending −$2.5M$1.4MFY24FY25: Operating cash flow $2.5MFY25: Net borrowing −$655KFY25: Capital spending −$2.4M$2.5MFY25
Over these 5 years operating cash flow totalled $8.9M; the largest uses were capital spending ($9.9M) and net borrowing ($5.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.1M
Debt$6.2M
Net debt$4.1M
Due within a year$165K

Mays J W's operations bring cash in ($1.8M over twelve months), and it spends more than that on capital projects: a gap of $3.0M funded from its $2.1M of cash and investments and from borrowing ($6.2M of debt, $165K due within a year). That is a choice to invest, not a cash runway running down.

Mays J W: debt maturities by year (FY25)Mays J W: debt maturities by year (FY25)$165KYear 1$171KYear 2$178KYear 3$185KYear 4$193KYear 5$2.3MAfter year 5
Principal due in each year as disclosed in the annual report, against $2.1M of cash and investments now.

Where the cash came from and went

Mays J W: sources (+) and uses (−) of cash, Q3 FY26Mays J W: sources (+) and uses (−) of cash, Q3 FY26Other financing$6.1MNet borrowing (+) / repaid (−)−$3.2MCapital spending−$2.8MCash drawn (+) / kept (−)−$1.7MOperating cash flow$1.4M
Mays J W: sources (+) and uses (−) of cash, TTM to Q3 FY26Mays J W: sources (+) and uses (−) of cash, TTM to Q3 FY26Other financing$6.1MCapital spending−$4.8MNet borrowing (+) / repaid (−)−$3.3MOperating cash flow$1.8MCash drawn (+) / kept (−)$154K

From profit to cash

Mays J W: net income to operating cash flow, Q3 FY26Mays J W: net income to operating cash flow, Q3 FY26Net income−$217KDepreciation & amortization$472KGains on investments−$116KReceivables$368KPayables−$517KDeferred revenue$210KPrepaid and other assets$1.2MOperating cash flow$1.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$1.4M−$2.8M−$3.2M−$1.7M−$1.3M
Q2 FY26−$730K−$984K−$41K$1.8M−$1.7M
Q1 FY26$1.9M−$411K−$41K−$1.5M$1.5M
Q4 FY25−$827K−$669K−$40K$1.5M−$1.5M
Q3 FY25$1.9M−$1.1M−$40K−$829K$868K
Q2 FY25−$383K−$203K−$239K$825K−$586K
Q1 FY25$1.8M−$460K−$336K−$1.0M$1.3M
Q4 FY24−$1.4M−$421K−$332K−$74K−$1.8M

Mays J W: income statement and cash flow

Mays J W, Q3 FY26: revenue $5.3M (-6% year over year), operating margin -6.1%. The chart follows the revenue to costs, profit and cash.

Mays J W: 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.