This study assesses liquidity, profitability, and working capital management (WCM) strategy in Polish manufacturing companies in the pressure-casting industry, drawing on evidence from the pre-COVID-19, COVID-19, and Russia–Ukraine war periods. Using panel data from 19 companies representing 90% of the Polish aluminum diecasting industry, we employ non-parametric tests (Mann–Whitney U and Kruskal–Wallis) to analyze the data. The period after the COVID-19 crisis coincides with the Russian–Ukrainian war. These countries are Poland’s neighbors. This period of uncertainty for Poland has led to supply chain disruptions and reduced investments. For manufacturing companies, this is dangerous because they have limited development opportunities. The results indicate the adoption of a conservative WCM strategy in Polish aluminum foundries during the pre-COVID-19, COVID-19, and Russia–Ukraine war periods, characterized by increased inventory levels, extended operating cycles in large firms. Additionally, the results showed reduced the level of receivables in large companies and visible decrease in the level of financial liquidity and profitability—however, these differences are not statistically significant. Polish aluminum foundries are adapting their WCM strategies toward an optimal, conservative approach that incorporates both safe and risky elements to ensure continued operations and profits. In addition, larger Polish aluminum foundries exhibit distinct liquidity patterns relative to smaller foundries, particularly in indicators of inventory, receivables, and fixed assets. In addition, the Russia–Ukraine war period exhibits distinct liquidity characteristics in Polish aluminum foundries compared with the COVID-19 and pre-COVID-19 periods, particularly in inventory turnover and operating cycle. The results of this study offer several novel contributions to the existing literature on financial security indicators by examining unexplored factors related to size and period. The results of this study have several practical implications for business leaders seeking to adopt an optimal liquidity, profitability, and WCM strategy.
Zimon et al. (Tue,) studied this question.