Fox Corp Class B (FOX)

Activity ratios

Short-term

Turnover ratios

	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Inventory turnover	20.28	23.39	8.39	12.00	15.14	14.36	9.79	13.72	18.60	20.60	7.27	9.40	11.98	11.94	7.92	7.65	11.25	11.19	7.61	5.91
Receivables turnover	6.59	4.95	4.35	5.34	5.91	5.61	4.85	6.17	6.85	5.44	4.76	6.23	6.57	5.92	4.60	6.04	6.36	5.78	4.56	6.19
Payables turnover	8.19	—	—	13.90	13.88	12.57	10.33	12.14	12.87	12.00	9.83	13.18	13.82	12.26	11.80	12.65	12.44	12.26	4.68	14.33
Working capital turnover	2.95	3.11	3.07	2.99	3.07	2.81	3.04	4.09	4.27	4.49	2.37	2.30	2.33	2.39	2.41	2.20	2.25	2.18	2.03	1.91

The activity ratios for Fox Corp Class B, as reflected in the provided data, demonstrate various trends across different periods.

Inventory turnover exhibits considerable fluctuation over time, with values generally increasing from 5.91 as of September 30, 2020, reaching peaks such as 20.60 on March 31, 2023, and 23.39 on March 31, 2025. These increases suggest an improving efficiency in inventory management, with the company turning over its inventory more frequently in the latter periods. Conversely, the ratio declined from its peak in June 2023 (18.60) and September 2023 (13.72), indicating some temporary slowdown, but still remains significantly higher compared to early periods.

Receivables turnover illustrates a somewhat stable pattern with an overall upward trend after initial fluctuations. Starting at 6.19 on September 30, 2020, the ratio fluctuates but generally advances to around 6.85 as of June 30, 2023, and 6.59 on June 30, 2025, indicating improved collection efficiency, albeit with some periods of decline. This suggests the company has managed to shorten the collection cycle over time, enhancing cash flow management.

Payables turnover displays variability across periods. Initially high at 14.33 in September 2020, it dropped sharply to 4.68 by December 2020, then recovered to values exceeding 12 in subsequent periods, reaching 13.90 by September 2024. The fluctuations reflect shifts in the company's payment policies or vendor terms, with a notable decline to 8.19 in June 2025. Overall, higher payables turnover indicates the company is settling its obligations more rapidly in certain periods, while the decline towards mid-2025 may suggest extended payment terms or delays.

Working capital turnover shows a relatively stable pattern with slight variation, generally hovering between approximately 1.91 and 2.41 in earlier periods. Significant increases occur notably in March 2023 (4.49) and June 2023 (4.27), implying more efficient utilization of working capital during these periods. However, the ratio declines back to around 2.95–3.07 in periods following, indicating a possible reduction in operational efficiency or changes in working capital management strategies.

Overall, the activity ratios of Fox Corp Class B demonstrate improvements in inventory and receivables management over the analyzed periods, with fluctuations in payables and working capital efficiency reflecting adjustments in operational and financial strategies. The general trend indicates enhanced operational efficiency, but some variability suggests ongoing adjustments to market conditions or internal policies.

Average number of days

		Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Days of inventory on hand (DOH)	days	18.00	15.61	43.51	30.42	24.11	25.42	37.28	26.61	19.62	17.72	50.18	38.84	30.46	30.56	46.07	47.72	32.45	32.62	47.96	61.80
Days of sales outstanding (DSO)	days	55.35	73.70	83.96	68.41	61.72	65.05	75.25	59.17	53.28	67.08	76.76	58.62	55.58	61.70	79.28	60.44	57.37	63.19	80.02	59.01
Number of days of payables	days	44.59	—	—	26.25	26.30	29.04	35.34	30.08	28.37	30.41	37.13	27.68	26.41	29.78	30.94	28.84	29.34	29.77	78.06	25.48

The activity ratios for Fox Corp Class B, including days of inventory on hand (DOH), days of sales outstanding (DSO), and days of payables, exhibit notable fluctuations across the analyzed periods from September 2020 through June 2025.

Inventory Turnover (Days of Inventory on Hand):
Initially, the DOH was approximately 61.80 days at September 2020, reflecting a relatively longer inventory holding period. This metric decreased significantly over the subsequent quarters, reaching a low of around 17.72 days in March 2023, indicating a more efficient inventory management and faster turnover. The low point suggests that the company was able to clear inventory quickly during this period. After March 2023, the DOH slightly increased to approximately 25.42 days by March 2024 and fluctuated upward to about 43.51 days at the end of 2024 before decreasing again to 15.61 days in March 2025 and slightly rising to 18.00 days by June 2025. Overall, the pattern illustrates periods of improved inventory efficiency interrupted by short-term expansions.

Accounts Receivable Collection Period (Days of Sales Outstanding):
The DSO data reveals variability in the duration it takes for the company to collect receivables. The earliest figure recorded at September 2020 was about 59.01 days, which then increased to a high of approximately 83.96 days by December 2024. This trend suggests a lengthening in collection periods, potentially impacting liquidity and working capital management. The DSO shows a cyclical pattern of increases and decreases, with notable peaks towards the end of each calendar year, indicative of potential seasonal effects or credit policy adjustments.

Accounts Payable Payment Period (Number of Days of Payables):
The number of days the company takes to settle payables fluctuates considerably across the periods. Notably, the data indicates a very brief period of approximately 25.48 days in September 2020, which sharply increased to a peak of 78.06 days at December 2020. Subsequently, the payable period generally remained below 30 days in most quarters, with some periods nearing 37 days, indicating periods of delayed payments or extended credit from suppliers. After December 2022, the data is less consistent, with some periods unspecified, but the last available figure in June 2025 shows an extension to 44.59 days, suggestive of a potentially strategic delay in payments or supplier credit terms.

Overall Summary:
The activity ratios suggest a trend toward increased efficiency in inventory management over the period, with significant reductions in inventory days, especially evident by March 2023. Conversely, the collection period has generally lengthened, which may imply more extended credit terms or challenges in receivables collection. The payables activity exhibits variability, with periods of reduced payment durations followed by recent increases, possibly reflecting strategic management of working capital or changes in supplier relationships. The combination of these factors impacts the company's liquidity and operational cycle, indicating a nuanced balance between inventory turnover, receivable collection speed, and payable management over time.

Long-term

	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Fixed asset turnover	—	—	—	—	—	—	—	5.71	8.73	8.90	8.50	8.40	8.31	8.40	8.24	7.99	7.56	7.65	7.88	6.04
Total asset turnover	0.70	0.69	0.66	0.64	0.64	0.64	0.64	0.69	0.68	0.67	0.62	0.63	0.63	0.63	0.59	0.57	0.56	0.54	0.56	0.55

The analysis of Fox Corp Class B’s long-term activity ratios reveals important trends in the company's utilization of its fixed assets and overall asset portfolio over the specified periods.

Fixed Asset Turnover:
This ratio elucidates how efficiently the company deploys its fixed assets to generate revenue. From September 30, 2020, through September 30, 2023, the fixed asset turnover demonstrates a generally upward trajectory, rising from 6.04 to a peak of 8.90. This indicates an improving efficiency in utilizing fixed assets to produce revenue, likely reflecting operational enhancements or strategic asset management. However, a notable decline occurs by September 30, 2023, where the ratio drops to 5.71, signaling a potential decrease in asset utilization efficiency or changes in asset base utilization.

Total Asset Turnover:
This ratio measures how effectively the company uses its entire asset base to generate sales. From September 30, 2020, to March 31, 2023, the total asset turnover exhibits a steady increase from 0.55 to 0.67, indicating improved overall efficiency in asset utilization and rising sales relative to the asset base. Post-March 2023, the ratio stabilizes around 0.64 to 0.70, with the latest data on June 30, 2025, reflecting a consistent level of asset utilization efficiency.

Overall Observations:
The upward trends in both fixed asset and total asset turnover ratios during 2020-2023 suggest enhancements in Fox Corp’s operational efficiency and asset management during this period. The decline in fixed asset turnover in September 2023 warrants further investigation, as it could be attributable to increased fixed assets, reduced revenue, or strategic shifts in asset deployment. The stabilization of total asset turnover ratios indicates that, despite fluctuations in fixed asset efficiency, the company's overall asset utilization remains relatively steady in recent periods.

In summary, Fox Corp Class B demonstrated improving asset efficiency metrics throughout most of 2020-2023, with a recent decline in fixed asset-specific efficiency, possibly reflecting strategic or operational adjustments. The total asset turnover remains relatively stable, supporting the notion of consistent overall asset utilization.