# Working Capital Has Lost Its Strategic Edge

> Middle-market firms now prioritize cash flow over growth as receivables hit due dates.
- Title: Working Capital Has Lost Its Strategic Edge · Pymnts
- Summary: Middle-market firms now prioritize cash flow over growth as receivables hit due dates. Middle-market firms shifted from growth to cash flow management after…
- Keywords: working capital, middle-market, cash flow, receivables, cfo, treasurers, pymnts, working capital index, cash cycle, ai treasury, business, finance
- Source: Pymnts — https://pymnts.com/loans/working-capital/2026/2026-working-capital-index-shows-middle-market-cfo-shift-from-growth-to-cash-flow
- Author: PYMNTS
- Published: 2026-09-28T08:00:30+00:00
- Read time: 1 min
- Topics: working capital, middle-market, cash flow, receivables, cfo, treasurers, pymnts, working capital index, cash cycle, ai treasury, business, finance
## Receivables Hit Due Dates
Two-thirds of receivables now land exactly on the due date, and seven in 10 firms say they no longer know which week their money will arrive.
## Cash Flow Shift
Middle-market firms pay the way they’re paid, so when early money stopped coming in, it stopped going out.
## Borrowing Trends
Use of external working capital reached 83%, and 61% of firms now stack two or more solutions.
## Predictability Edge
Every top performer uses AI in treasury, so do 97% of bottom performers, with 70% reporting constant financing needs.
## Cash Cycle Difference
Top performers run cash cycles 39 days versus 63 days at the bottom, with clear ai returns.
## Key takeaway

Middle-market firms shifted from growth to cash flow management after customers stopped paying early.