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Marzetti cash flow, quarter by quarter

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

Free cash flow$33.1M in Q1 FY27 · $185M over twelve months

Operating cash flow$51.0M
Capital spending−$17.8M
Free cash flow+$33.1M
Cash / net income1.7×
Cash conversion cycle31 days

Analysis

In Q1 FY27, Marzetti generated $51.0M of operating cash flow and spent $17.8M on capital projects, leaving free cash flow of $33.1M. That is $20.8M less than in Q1 FY26 ($53.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $265M; the largest uses were other investing ($393M), dividends ($110M), capital spending ($79.9M); besides operations, cash came from net borrowing (+) / repaid (−) ($194M); the cash balance fell by $165M.

Operating cash flow was $51.0M against net income of $29.3M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$20.5M, payables +$13.8M, prepaid and other assets −$12.1M.

Its cash conversion cycle was 31 days (receivables 21 + inventory 52 − payables 42).

Free cash flow

Marzetti: free cash flow by quarterMarzetti: free cash flow by quarter$96.6MQ2 FY25$30.8MQ3 FY25$73.9MQ4 FY25$53.9MQ1 FY26$70.9MQ2 FY26$49.3MQ3 FY26$32.1MQ4 FY26$33.1MQ1 FY27
Operating cash flow less capital spending.
Marzetti: operating cash flow against capital spendingMarzetti: operating cash flow against capital spendingOperating cash flowCapital spending$108M$11.0MQ2 FY25$45.8M$15.1MQ3 FY25$88.2M$14.3MQ4 FY25$69.5M$15.6MQ1 FY26$88.6M$17.7MQ2 FY26$70.5M$21.3MQ3 FY26$55.2M$23.1MQ4 FY26$51.0M$17.8MQ1 FY27
Latest (Q1 FY27): Operating cash flow $51.0M, Capital spending $17.8M.

Capital allocation, year by year

Marzetti: where the cash came from (up) and went (down), by fiscal yearMarzetti: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $102MFY22: Asset sales $368KFY22: Capital spending −$132MFY22: Buybacks −$7.6MFY22: Dividends −$86.8M$102MFY22FY23: Operating cash flow $226MFY23: Net borrowing −$2.3MFY23: Asset sales $1.2MFY23: Capital spending −$90.2MFY23: Buybacks −$9.2MFY23: Dividends −$92.4M$227MFY23FY24: Operating cash flow $252MFY24: Net borrowing −$2.0MFY24: Asset sales $7.0MFY24: Capital spending −$67.6MFY24: Buybacks −$7.6MFY24: Dividends −$97.9M$259MFY24FY25: Operating cash flow $261MFY25: Net borrowing −$2.1MFY25: Capital spending −$58.0MFY25: Acquisitions −$78.8MFY25: Buybacks −$8.0MFY25: Dividends −$104M$261MFY25FY26: Operating cash flow $284MFY26: Net borrowing $197MFY26: Asset sales $20.3MFY26: Capital spending −$77.7MFY26: Acquisitions −$399MFY26: Buybacks −$36.3MFY26: Dividends −$109M$501MFY26
Over these 5 years operating cash flow totalled $1.1B; the largest uses were dividends ($489M) and acquisitions ($478M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$17.5M
Debt$197M
Net debt$179M
Due within a year$10.0M

Marzetti funds itself: free cash flow was $185M over the last twelve months, and $17.5M of cash and investments stands against $197M of debt ($10.0M due within a year, 1.8× covered by cash).

Marzetti: debt maturities by year (FY26)Marzetti: debt maturities by year (FY26)$10.0MYear 1$10.0MYear 2$10.0MYear 3$10.0MYear 4$160MYear 5
Principal due in each year as disclosed in the annual report, against $17.5M of cash and investments now.

Where the cash came from and went

Marzetti: sources (+) and uses (−) of cash, Q1 FY27Marzetti: sources (+) and uses (−) of cash, Q1 FY27Operating cash flow$51.0MDividends−$27.4MCapital spending−$17.8MCash drawn (+) / kept (−)$7.6MBuybacks−$5.8MOther investing−$4.0MNet borrowing (+) / repaid (−)−$3.0MTaxes on employees’ shares−$414K
Marzetti: sources (+) and uses (−) of cash, TTM to Q1 FY27Marzetti: sources (+) and uses (−) of cash, TTM to Q1 FY27Other investing−$393MOperating cash flow$265MNet borrowing (+) / repaid (−)$194MCash drawn (+) / kept (−)$165MDividends−$110MCapital spending−$79.9MBuybacks−$41.0MTaxes on employees’ shares−$421K

From profit to cash

Marzetti: net income to operating cash flow, Q1 FY27Marzetti: net income to operating cash flow, Q1 FY27Net income$29.3MDepreciation & amortization$20.5MStock-based pay$2.8MReceivables−$4.9MInventory−$10.7MPayables$13.8MPrepaid and other assets−$12.1MOperating cash flow$51.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY2721524231
Q4 FY2620493831
Q3 FY2620443430
Q2 FY2618413128
Q1 FY2618423129
Q4 FY2519442934
Q3 FY2520462937
Q2 FY2518442636

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 FY27$51.0M−$17.8M—−$5.8M−$27.4M−$3.0M$7.6M$33.1M
Q4 FY26$55.2M−$23.1M−$399M−$15.1M−$27.4M−$554K$193M$32.1M
Q3 FY26$70.5M−$21.3M—−$16K−$27.5M−$548K−$16.9M$49.3M
Q2 FY26$88.6M−$17.7M—−$20.1M−$27.6M−$541K−$19.4M$70.9M
Q1 FY26$69.5M−$15.6M—−$1.1M−$26.3M−$485K−$20.7M$53.9M
Q4 FY25$88.2M−$14.3M—−$6.5M−$26.2M−$529K−$36.9M$73.9M
Q3 FY25$45.8M−$15.1M—−$76K−$26.2M−$514K$78.5M$30.8M
Q2 FY25$108M−$11.0M—−$3K−$26.3M−$506K−$68.0M$96.6M

Marzetti: income statement and cash flow

Marzetti, Q1 FY27: revenue $482M (-2% year over year), operating margin 8.6%. The chart follows the revenue to costs, profit and cash.

Marzetti: 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.