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Worthington Steel cash flow, quarter by quarter

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

Free cash flow−$69.0M in Q1 FY27

Operating cash flow−$6.0M
Capital spending−$63.0M
Free cash flow−$69.0M
Cash conversion cycle42 days

Analysis

In Q1 FY27, Worthington Steel generated −$6.0M of operating cash flow and spent $63.0M on capital projects, leaving free cash flow of −$69.0M. That is $33.3M less than in Q1 FY26 (−$35.7M).

Operating cash flow was −$6.0M against net income of −$5.0M. The largest differences: inventory −$42.9M, receivables −$42.4M, payables +$30.7M.

Its cash conversion cycle was 42 days (receivables 32 + inventory 40 − payables 30).

Free cash flow

Worthington Steel: free cash flow by quarterWorthington Steel: free cash flow by quarter$33.2MQ2 FY25$25.2MQ3 FY25$8.4MQ4 FY25−$35.7MQ1 FY26$74.6MQ2 FY26$33.3MQ3 FY26$7.8MQ4 FY26−$69.0MQ1 FY27
Operating cash flow less capital spending.
Worthington Steel: operating cash flow against capital spendingWorthington Steel: operating cash flow against capital spendingOperating cash flowCapital spending$68.0M$34.8MQ2 FY25$53.8M$28.6MQ3 FY25$53.9M$45.5MQ4 FY25−$6.3M$29.4MQ1 FY26$99.3M$24.7MQ2 FY26$63.3M$30.0MQ3 FY26$44.9M$37.1MQ4 FY26−$6.0M$63.0MQ1 FY27
Latest (Q1 FY27): Operating cash flow −$6.0M, Capital spending $63.0M.

Capital allocation, year by year

Worthington Steel: where the cash came from (up) and went (down), by fiscal yearWorthington Steel: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsDividendsFY22: Operating cash flow $39.5MFY22: Net borrowing $26.7MFY22: Capital spending −$36.4MFY22: Acquisitions −$377M$66.2MFY22FY23: Operating cash flow $315MFY23: Net borrowing −$60.2MFY23: Capital spending −$45.5M$315MFY23FY24: Operating cash flow $200MFY24: Net borrowing $127MFY24: Capital spending −$103MFY24: Acquisitions −$21.0MFY24: Dividends −$7.9M$327MFY24FY25: Operating cash flow $230MFY25: Capital spending −$130MFY25: Dividends −$31.9M$230MFY25FY26: Operating cash flow $201MFY26: Net borrowing $40.7MFY26: Capital spending −$121MFY26: Acquisitions −$2.9MFY26: Dividends −$32.6M$242MFY26
Over these 5 years operating cash flow totalled $986M; the largest uses were capital spending ($437M) and acquisitions ($401M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$248M
Debt$2.2B
Net debt$2.0B
Due within a year$27.0M

Worthington Steel funds itself: free cash flow was — over the last twelve months, and $248M of cash and investments stands against $2.2B of debt ($27.0M due within a year, 9.2× covered by cash).

Worthington Steel: debt maturities by year (FY26)Worthington Steel: debt maturities by year (FY26)$27.0MYear 1$4.7MYear 2$3.2MYear 3$3.3MYear 4$2.8MYear 5$30.4MAfter year 5
Principal due in each year as disclosed in the annual report, against $248M of cash and investments now.

Where the cash came from and went

Worthington Steel: sources (+) and uses (−) of cash, Q1 FY27Worthington Steel: sources (+) and uses (−) of cash, Q1 FY27Net borrowing (+) / repaid (−)$757MAcquisitions−$545MCash drawn (+) / kept (−)−$164MCapital spending−$63.0MPartners−$26.4MOther investing$21.4MNot reconciled$21.4MOther financing$13.6MDividends−$8.2MOperating cash flow−$6.0MExchange rates−$600K

From profit to cash

Worthington Steel: net income to operating cash flow, Q1 FY27Worthington Steel: net income to operating cash flow, Q1 FY27Net income−$5.0MDepreciation & amortization$27.8MStock-based pay$2.3MDeferred taxes−$4.4MGains on disposals−$4.7MReceivables−$42.4MInventory−$42.9MPayables$30.7MEmployee-related liabilities−$8.5MOther operating capital$2.8MOperating cash flow−$6.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY2732403042
Q4 FY2647484749
Q3 FY2653554860
Q2 FY2649524258
Q1 FY2649554856
Q4 FY2547504849
Q3 FY2552514656
Q2 FY2550514556

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 FY27−$6.0M−$63.0M−$545M−$8.2M$757M−$164M−$69.0M
Q4 FY26$44.9M−$37.1M−$1.3M−$8.0M$5.3M$5.4M$7.8M
Q3 FY26$63.3M−$30.0M—−$8.1M−$18.2M−$200K$33.3M
Q2 FY26$99.3M−$24.7M—−$8.4M−$1.3M−$11.5M$74.6M
Q1 FY26−$6.3M−$29.4M−$1.6M−$8.1M$34.9M$14.6M−$35.7M
Q4 FY25$53.9M−$45.5M—−$8.0M$35.1M−$29.6M$8.4M
Q3 FY25$53.8M−$28.6M—−$8.0M$7.2M−$11.3M$25.2M
Q2 FY25$68.0M−$34.8M—−$7.9M−$20.0M−$16.0M$33.2M

Worthington Steel: income statement and cash flow

Worthington Steel, Q1 FY27: revenue $2.7B (+212% year over year), operating margin 2.1%. The chart follows the revenue to costs, profit and cash.

Worthington Steel: 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.