PwC’s Working Capital Study 2024/25 is a wake-up call. The €1.56 trillion in excess working capital trapped on corporate balance sheets is more than a number – it’s a mirror of how many organizations are still treating liquidity as a by-product of operations rather than as a strategic lever.
The surface stability in working capital metrics hides a deeper truth: companies that remain reactive are at risk of drift, while those who deliberately embed working capital discipline into culture, technology, and partnerships are setting the pace for tomorrow.
The winners will not be those who cut harder or collect faster, but those who rewire how they collaborate across supply chains, break down internal silos, and equip teams with the mindset and tools to make every euro of working capital serve a purpose.
The opportunity is not simply to unlock cash – it’s to transform how organizations fuel growth, resilience, and reinvention. Working capital has become a frontline driver of competitive advantage. Those who seize it will shape the markets of the next decade.
Want the full picture?
Read PWC’s Working Capital Study and explore all the findings
Access the report on PWC’s website below:
PwC’s Working Capital Study 24/25, covering 19,000 listed companies worldwide, reveals €1.56 trillion trapped in excess working capital.
With receivables pressure rising, SMEs losing ground on payables, and capital-intensive sectors facing longer cash tie-ups, the study highlights both the risks of inaction and the opportunities for companies that embrace working capital discipline.
1. €1.56 Trillion in Trapped Capital
2. Receivables Pressure Rising (DSO +6.6%)
3. Small Firms Losing Ground (DPO -4.4%)
4. Working Capital Drag in Key Sectors (+9.1 Days)
Turn Receivables Data into Insights!
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1. Benchmark Key Metrics
Compare your DSO, DPO, and NWC days with peers in your sector and of similar size.
This helps identify gaps and opportunities to align with best-in-class performance.
2. Optimize Receivables
With DSO climbing across markets, strengthening collections processes and credit management is essential.
Faster inflows reduce risk and unlock liquidity without external funding.
3. Support SMEs in the Value Chain
Smaller companies face tighter supplier terms and weaker leverage.
Collaborating on fair payment practices and financing solutions strengthens your supply base and reduces systemic risk.
4. Improve Asset-Heavy Operations
Capital-intensive sectors see the largest working capital drag.
Use inventory-trimming tools, better forecasting, and governance to free up cash tied in operations.
Explore all our Hub Insights to discover fresh ideas, practical tips, and in-depth perspectives that help you stay ahead.
