Fox Corp Class A (FOXA)

Cash conversion cycle

		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
Cash conversion cycle	days	28.77	89.31	127.47	72.58	59.53	61.43	77.19	55.70	44.54	54.39	89.80	69.78	59.63	62.48	94.41	79.32	60.49	66.04	49.93	95.33

June 30, 2025 calculation

Cash conversion cycle = DOH + DSO – Number of days of payables
= 18.00 + 55.35 – 44.59
= 28.77

The cash conversion cycle (CCC) for Fox Corp Class A exhibits notable fluctuations over the analyzed period. Initially, on September 30, 2020, the CCC was approximately 95.33 days, indicating the company took nearly three months to convert its investments in inventory and receivables into cash. This figure significantly declined to 49.93 days by December 31, 2020, representing a substantial improvement in operational efficiency.

Throughout 2021, the CCC displayed variability, reaching a high of approximately 94.41 days on December 31, 2021, and decreasing to a low of 62.48 days by March 31, 2022. The trend continued with the data from 2022, where the CCC hovered around 69.78 days in September and then decreased to 54.39 days by March 2023. This suggests a period of operational efficiencies and shorter cash cycles, aligning with improved management of receivables and inventories.

In 2023, the CCC again fluctuated, reaching 77.19 days at year's end before decreasing to 55.70 days in September 2023. The subsequent data for December 2023 shows an increase to 127.47 days, indicating a significant elongation in the cycle, which could reflect changes such as extended receivable collection periods or inventory management adjustments. The first half of 2024 saw the CCC decline again, reaching 61.43 days in March and 59.53 days in June, yet by September 2024, it rose to 72.58 days.

The most recent data points for the end of 2024 and the first half of 2025 suggest a marked increase in the cash conversion cycle to 127.47 days in December 2024 and then a reduction to 89.31 days in March 2025. Notably, the cycle further decreased sharply to 28.77 days by June 2025, indicating a significant enhancement in cash flow management and operational efficiencies during this period.

In summary, the cash conversion cycle for Fox Corp Class A has experienced considerable volatility, reflecting periods of operational improvement and challenges. The recent sharp reduction in the cycle indicates ongoing efforts towards optimizing receivables, inventory, and payables management, although the fluctuations imply that the company’s operational efficiency is subject to cyclical influences or strategic adjustments within the analyzed timeframe.