Standex International Corporation (SXI)
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 | 98.95 | 96.26 | 86.57 | 77.07 | 72.50 | 78.51 | 80.50 | 78.72 | 78.88 | 83.03 | 82.63 | 85.44 | 82.62 | 82.86 | 83.57 | 85.39 | 80.80 | 83.59 | 84.84 | 80.85 |
| Days of sales outstanding (DSO) | days | 79.78 | 111.36 | 106.17 | 87.22 | 84.46 | 60.35 | 62.29 | 62.28 | 76.55 | 59.97 | 58.95 | 55.99 | 58.11 | 57.95 | 55.06 | 56.55 | 61.12 | 63.64 | 60.94 | 59.06 |
| Number of days of payables | days | 66.99 | 61.37 | 61.10 | 56.87 | 52.74 | 48.21 | 52.16 | 49.71 | 54.92 | 53.64 | 51.85 | 51.66 | 58.44 | 60.01 | 61.52 | 67.81 | 65.76 | 61.28 | 51.93 | 44.18 |
| Cash conversion cycle | days | 111.75 | 146.25 | 131.64 | 107.42 | 104.22 | 90.64 | 90.63 | 91.29 | 100.51 | 89.37 | 89.73 | 89.77 | 82.28 | 80.79 | 77.11 | 74.13 | 76.17 | 85.95 | 93.85 | 95.74 |
June 30, 2025 calculation
Cash conversion cycle = DOH + DSO – Number of days of payables
= 98.95 + 79.78 – 66.99
= 111.75
The data indicates that the cash conversion cycle (CCC) for Standex International Corporation has experienced notable fluctuations from September 2020 through June 2025. Throughout this period, the CCC demonstrated an overall upward trend, especially pronounced from mid-2023 onward.
Initially, in September 2020, the CCC was approximately 95.74 days, suggesting that the company took nearly 96 days to convert its investments in inventory and receivables into cash, after deducting the period the company took to delay payments to suppliers. Over the subsequent year, there was a gradual reduction in the CCC, reaching approximately 74.13 days by September 2021, indicating an improvement in cash flow efficiency, likely stemming from shortened receivables collection periods or quicker inventory turnover.
However, starting from late 2021, the cycle began to lengthen again, returning towards previous levels, with the CCC rising to around 89.77 days by September 2022. This indicates a shift toward a slightly less efficient cash conversion process, potentially due to extended receivables, increased inventory holding periods, or extended payables.
The trend of rising CCC continued significantly in 2023 and beyond, with the cycle reaching approximately 131.64 days by December 2024. The subsequent quarters saw a further increase, culminating in an estimated peak of 146.25 days in March 2025. This substantial lengthening suggests significant delays in converting investments into cash, possibly due to extended receivables, inventory build-ups, or changes in supplier payment terms.
Overall, this progression reflects a marked decline in the company's cash flow efficiency over the analyzed period. The increasing CCC indicates potential challenges in managing working capital, with longer durations to realize cash from sales relative to the durations for paying suppliers. Such trends may imply operational shifts, market conditions affecting receivables or inventories, or strategic changes influencing the overall cash cycle.
Peer comparison
Jun 30, 2025