Fox Corp Class B (FOX)

Working capital turnover

		Jun 30, 2025	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021
Revenue	US$ in thousands	16,300,000	13,980,000	14,913,000	13,974,000	12,909,000
Total current assets	US$ in thousands	8,429,000	7,501,000	7,257,000	8,281,000	8,749,000
Total current liabilities	US$ in thousands	2,897,000	2,952,000	3,763,000	2,296,000	3,002,000
Working capital turnover		2.95	3.07	4.27	2.33	2.25

June 30, 2025 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $16,300,000K ÷ ($8,429,000K – $2,897,000K)
= 2.95

The working capital turnover ratio for Fox Corp Class B has demonstrated notable fluctuations over the specified period from June 30, 2021, to June 30, 2025. At the end of fiscal year 2021, the ratio stood at 2.25, indicating that working capital was effectively utilized to generate sales approximately 2.25 times during that year. By the end of 2022, this ratio experienced a slight increase to 2.33, suggesting a marginal improvement in the efficiency with which working capital was employed to support sales activities.

A significant rise occurred in 2023, with the ratio reaching 4.27. This marked increase indicates a pronounced enhancement in working capital efficiency, implying that the company was able to generate sales more effectively relative to its working capital base during that period. Such a marked improvement could reflect operational efficiencies, better management of receivables and payables, or increased sales productivity relative to working capital.

Subsequently, in 2024, the ratio declined to 3.07, implying a reduction in working capital efficiency compared to the previous year. Although still higher than the 2021 and 2022 levels, this decrease suggests some challenges or changes in operational dynamics that impacted the utilization of working capital for sales generation.

In the most recent year, 2025, the ratio further decreased slightly to 2.95. This readjustment brings the ratio close to the levels observed in 2022, indicating a stabilization phase with respect to working capital management and sales efficiency.

Overall, the trend reflects a period of increasing efficiency culminating in a peak in 2023, followed by a partial reversion towards earlier levels. The fluctuations may correspond to shifts in operational strategy, market conditions, or internal management practices affecting the company’s ability to generate sales relative to its working capital.