Davies remained with Cardiff until 1931, one year after finishing as the club's top scorer for the fifth time in the Football League. He missed the majority of his final season after undergoing surgery for appendicitis, before being released alongside Keenor. The pair both made their final appearance for the club in a goalless draw with Tottenham Hotspur on 6 April 1931. The club had suffered relegation to the Third Division South by the time of his departure. He remains the club's highest scorer with 179 goals in all competitions and also holds the club record for the most hat-tricks, scoring eight during his time in Cardiff.