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OSI Systems cash flow, quarter by quarter

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

Free cash flow$29.4M in Q1 FY27 · $265M over twelve months

Operating cash flow$37.1M
Capital spending−$7.7M
Free cash flow+$29.4M
Cash / net income1.5×
Cash conversion cycle258 days

Analysis

In Q1 FY27, OSI Systems generated $37.1M of operating cash flow and spent $7.7M on capital projects, leaving free cash flow of $29.4M. That is $19.3M more than in Q1 FY26 ($10.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $296M; the largest uses were other investing ($105M), capital spending ($31.2M), other financing ($24.6M); besides operations, cash came from shares issued ($7.5M); the cash balance rose by $112M.

Operating cash flow was $37.1M against net income of $24.6M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: inventory −$48.5M, payables +$21.5M, receivables +$10.3M.

Its cash conversion cycle was 258 days (receivables 172 + inventory 145 − payables 59).

Free cash flow

OSI Systems: free cash flow by quarterOSI Systems: free cash flow by quarter$47.1MQ2 FY25$77.1MQ3 FY25−$5.6MQ4 FY25$10.1MQ1 FY26$55.5MQ2 FY26$6.9MQ3 FY26$173MQ4 FY26$29.4MQ1 FY27
Operating cash flow less capital spending.
OSI Systems: operating cash flow against capital spendingOSI Systems: operating cash flow against capital spendingOperating cash flowCapital spending$52.5M$5.5MQ2 FY25$81.6M$4.5MQ3 FY25$562K$6.1MQ4 FY25$17.1M$7.0MQ1 FY26$62.2M$6.7MQ2 FY26$14.5M$7.6MQ3 FY26$182M$9.3MQ4 FY26$37.1M$7.7MQ1 FY27
Latest (Q1 FY27): Operating cash flow $37.1M, Capital spending $7.7M.

Capital allocation, year by year

OSI Systems: where the cash came from (up) and went (down), by fiscal yearOSI Systems: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $63.8MFY22: Net borrowing $64.3MFY22: Shares issued $4.8MFY22: Asset sales $34.1MFY22: Capital spending −$14.9MFY22: Acquisitions −$14.1MFY22: Buybacks −$112M$167MFY22FY23: Operating cash flow $94.8MFY23: Net borrowing $5.9MFY23: Shares issued $7.7MFY23: Asset sales $347KFY23: Capital spending −$15.8MFY23: Acquisitions −$7.1MFY23: Buybacks −$34.7M$109MFY23FY24: Operating cash flow −$87.5MFY24: Net borrowing $162MFY24: Shares issued $6.2MFY24: Asset sales $510KFY24: Capital spending −$22.1MFY24: Acquisitions −$9.0M$169MFY24FY25: Operating cash flow $97.6MFY25: Net borrowing $126MFY25: Shares issued $8.0MFY25: Asset sales $275KFY25: Capital spending −$23.8MFY25: Acquisitions −$76.7MFY25: Buybacks −$80.4M$232MFY25FY26: Operating cash flow $276MFY26: Net borrowing $348MFY26: Shares issued $7.3MFY26: Asset sales $6.5MFY26: Capital spending −$30.6MFY26: Acquisitions −$26.3MFY26: Buybacks −$272M$638MFY26
Over these 5 years operating cash flow totalled $445M; the largest uses were buybacks ($499M) and acquisitions ($133M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$302M
Debt$1.0B
Net debt$698M
Due within a year$2.5M

OSI Systems funds itself: free cash flow was $265M over the last twelve months, and $302M of cash and investments stands against $1.0B of debt ($2.5M due within a year, 119.3× covered by cash).

OSI Systems: debt maturities by year (FY26)OSI Systems: debt maturities by year (FY26)$2.5MYear 1$5.0MYear 2$5.0MYear 3$355MYear 4$650MYear 5
Principal due in each year as disclosed in the annual report, against $302M of cash and investments now.

Where the cash came from and went

OSI Systems: sources (+) and uses (−) of cash, Q1 FY27OSI Systems: sources (+) and uses (−) of cash, Q1 FY27Cash drawn (+) / kept (−)$124MOther investing−$71.4MBuybacks−$62.8MOperating cash flow$37.1MTaxes on employees’ shares−$18.4MCapital spending−$7.7MShares issued$3.1MNet borrowing (+) / repaid (−)−$2.5MOther financing−$774KExchange rates−$58K
OSI Systems: sources (+) and uses (−) of cash, TTM to Q1 FY27OSI Systems: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$296MCash drawn (+) / kept (−)−$112MOther investing−$105MCapital spending−$31.2MOther financing−$24.6MTaxes on employees’ shares−$20.4MNet borrowing (+) / repaid (−)−$9.4MShares issued$7.5MExchange rates−$554K

From profit to cash

OSI Systems: net income to operating cash flow, Q1 FY27OSI Systems: net income to operating cash flow, Q1 FY27Net income$24.6MDepreciation & amortization$9.0MStock-based pay$6.0MDeferred taxes$79KOther non-cash−$33KReceivables$10.3MInventory−$48.5MPayables$21.5MAccrued liabilities−$987KEmployee-related liabilities−$3.9MDeferred revenue−$503KPrepaid and other assets−$3.8MOperating cash flow$37.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY2717214559258
Q4 FY2615412253223
Q3 FY2616913261240
Q2 FY2616513363235
Q1 FY2619915274276
Q4 FY2513611451199
Q3 FY2513913555220
Q2 FY2515215163241

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$37.1M−$7.7M—−$62.8M−$2.5M$3.1M$124M$29.4M
Q4 FY26$182M−$9.3M−$26.2M−$125M−$2.5M$7K−$14.6M$173M
Q3 FY26$14.5M−$7.6M——−$2.4M$4.0M−$8.5M$6.9M
Q2 FY26$62.2M−$6.7M——$309M$392K−$212M$55.5M
Q1 FY26$17.1M−$7.0M−$92K—$44.2M$2.9M−$18.0M$10.1M
Q4 FY25$562K−$6.1M−$1.2M—$20.0M$500K−$10.6M−$5.6M
Q3 FY25$81.6M−$4.5M——−$82.0M$3.4M$5.8M$77.1M
Q2 FY25$52.5M−$5.5M——−$25.0M$1.7M−$16.6M$47.1M

OSI Systems: income statement and cash flow

OSI Systems, Q1 FY27: revenue $403M (+5% year over year), operating margin 8.3%. The chart follows the revenue to costs, profit and cash.

OSI Systems: 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.