Efficient working capital management (WCM) is critical for the liquidity, profitability, and sustainability of public enterprises, which play a pivotal role in Tanzania’s socio-economic development. Despite their significance, many Tanzanian public business enterprises (PBEs) face operational inefficiencies and liquidity challenges due to suboptimal WCM practices. This study investigates the efficiency of WCM in two major Tanzanian PBEs which are NMB Bank PLC (financial sector) and Tanzania Breweries Limited (TBL) (manufacturing sector) over a five-year period (2020–2024). Using audited financial statements, seven key financial ratios were computed to assess three dimensions of WCM: liquidity (current, quick, and cash ratios), asset management (receivables and inventory turnover), and debt management (debt-to-equity and debt-to-assets ratios). The findings reveal significant sectoral differences: TBL demonstrates strong liquidity, efficient asset turnover, and conservative leverage, while NMB exhibits lower liquidity due to the structural nature of banking operations, though debt management remains stable. Trend analysis shows gradual improvement in WCM efficiency for both enterprises, highlighting the importance of sector specific strategies in optimizing working capital. The study provides practical insights for managers, auditors, and policymakers seeking to enhance financial performance and enterprise sustainability. It contributes to the literature by offering a comparative, cross-sectoral analysis and recommending tailored WCM policies that reflect operational and structural characteristics of Tanzanian PBEs.