Fox Corp Class B (FOX)

Cash conversion cycle

		Jun 30, 2025	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021
Days of inventory on hand (DOH)	days	—	25.14	19.62	30.46	31.92
Days of sales outstanding (DSO)	days	55.35	61.72	53.28	55.58	57.37
Number of days of payables	days	—	27.43	28.37	26.41	28.85
Cash conversion cycle	days	55.35	59.43	44.54	59.63	60.43

June 30, 2025 calculation

Cash conversion cycle = DOH + DSO – Number of days of payables
= — + 55.35 – —
= 55.35

The cash conversion cycle (CCC) for Fox Corp Class B exhibits notable fluctuations over the specified period from June 30, 2021, to June 30, 2025. In 2021, the CCC stood at approximately 60.43 days, indicating that the company took around two months to convert its investments in inventory and receivables into cash, net of its accounts payable period. This measure slightly decreased in 2022 to approximately 59.63 days, suggesting a marginal improvement in operational efficiency or working capital management.

A significant reduction occurred by 2023, when the CCC declined to approximately 44.54 days. This decrease reflects a more efficient working capital cycle, possibly through faster receivables collection, improved inventory turnover, or extended payable periods. The improvement indicates that the company was able to free up cash more rapidly during this period.

However, the CCC increased again in 2024 to approximately 59.43 days, reverting close to its 2021 levels. This reversal suggests a deterioration in components of working capital management or operational performance, resulting in longer cash conversion times. The cycle then slightly declined to about 55.35 days in 2025, showing partial improvement but still remaining higher than the 2023 levels.

Overall, the trend reveals periods of operational efficiencies interspersed with less optimal cycles, with the most favorable figure recorded in 2023. The cyclical nature of the CCC indicates that Fox Corp B's working capital management has experienced fluctuations that could be associated with strategic, market, or operational factors influencing receivables, inventory, or payables during this period.