National Beverage Corp (FIZZ)
Cash conversion cycle
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Apr 27, 2024 | Jan 31, 2024 | Jan 27, 2024 | Oct 31, 2023 | Oct 28, 2023 | Jul 31, 2023 | Jul 29, 2023 | Apr 30, 2023 | Apr 29, 2023 | Jan 31, 2023 | Jan 28, 2023 | Oct 31, 2022 | Oct 29, 2022 | Jul 31, 2022 | Jul 30, 2022 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Days of inventory on hand (DOH) | days | 41.01 | 41.65 | 43.42 | 43.85 | 42.86 | 42.63 | 44.43 | 42.18 | 42.12 | 42.54 | 43.08 | 45.15 | 47.73 | 46.73 | 45.77 | 43.16 | 38.57 | 39.18 | 41.80 | 44.84 |
| Days of sales outstanding (DSO) | days | 31.65 | 28.00 | 29.91 | 35.46 | 33.08 | 33.00 | 32.56 | 31.09 | 29.30 | 29.61 | 32.17 | 33.70 | 34.49 | 34.09 | 31.19 | 29.89 | 29.67 | 30.05 | 31.03 | 32.67 |
| Number of days of payables | days | 39.73 | 30.68 | 33.21 | 35.75 | 39.66 | 39.44 | 36.74 | 34.88 | 36.32 | 36.69 | 40.45 | 42.40 | 43.41 | 42.50 | 33.74 | 31.81 | 36.81 | 37.40 | 35.23 | 37.79 |
| Cash conversion cycle | days | 32.93 | 38.97 | 40.12 | 43.56 | 36.28 | 36.18 | 40.26 | 38.39 | 35.10 | 35.47 | 34.80 | 36.46 | 38.81 | 38.32 | 43.22 | 41.23 | 31.43 | 31.84 | 37.60 | 39.72 |
April 30, 2025 calculation
Cash conversion cycle = DOH + DSO – Number of days of payables
= 41.01 + 31.65 – 39.73
= 32.93
The analysis of National Beverage Corp’s cash conversion cycle (CCC) over the specified periods indicates a pattern of fluctuations within a relatively narrow range, reflecting the company's management of liquidity, inventories, and receivables.
Starting from July 2022, the CCC was approximately 39.72 days, which slightly decreased to around 31.43 days by the end of October 2022. This decline suggests an improvement in the company's operational efficiency during this period, possibly due to faster inventory turnover or more efficient receivables collection.
However, in the first quarter of 2023, the CCC increased again, reaching over 43 days in January 2023, indicating a slowdown in cash conversion efficiency, potentially due to longer receivables collection periods or increased inventory holding times.
Subsequent quarters show some variability, with the cycle decreasing to around 36-38 days during mid-2023, before rising again to approximately 43.56 days in July 2024. This increase suggests a period of compression in cash flow management challenges, possibly due to strategic changes, inventory buildup, or receivables extension.
In late 2024 and early 2025, the CCC demonstrates a moderate decline, reaching approximately 33 to 40 days, indicating a partial recovery in the efficiency of converting investments in working capital back into cash.
Overall, the data reflects a cyclical pattern with periods of efficiency improvement and compression, influenced by operational decisions and market conditions, yet remaining within a general range of approximately 31 to 44 days. The fluctuations highlight the company's ongoing efforts to optimize cash flow management, with periods of shorter cycle times aligning with better liquidity positioning, while longer cycles may signal operational or strategic adjustments impacting the working capital cycle.
Peer comparison
Apr 30, 2025