Cash flow generation is currently strained, as evidenced by a -30.1% free cash flow margin in 2026Q1 and a $3.9M capital outflow for share repurchases that appears disconnected from the company's negative operating cash flow of -$5.4M.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Jan'00 | Jan'99 | Jan'98 | Dec'96 |
|---|
| Cash from Operations | -5.25M | -519K | 14.68M | 23.08M | 5.58M | 19.05M | 17.98M | 28.64M | -21.22M | 2.24M | 1.46M | 16.46M | 28.89M | -5.54M | 1.63M | -3.86M | -6.05M | 20.19M | 5.94M | 12.33M | -7.84M | 15.43M | 503.52K | -3.82M | 3.27M | 10.1M | 1.94M | 6.05M | 10.1M | 13.2M | 18.9M |
| Operating CF Margin % | - | -0.69% | 8.25% | 11.95% | 2.13% | 5.69% | 7.02% | 9.38% | -7.56% | 1.11% | 1.05% | 9.38% | 14.48% | -2.82% | 0.83% | -2.26% | -4% | 19.48% | 3.55% | 6.92% | -5.16% | 11.96% | 0.5% | -4.75% | 4.4% | 11.08% | 1.71% | 5.18% | 9.41% | 10.42% | 14.91% |
| Operating CF Growth % | -998.59% | -103.54% | -36.39% | 313.81% | -70.73% | 5.99% | -37.23% | 234.96% | -1049.32% | 53.36% | -91.15% | -43.02% | 621.29% | -438.98% | 142.38% | 36.21% | -129.96% | 239.88% | -51.84% | 257.26% | -150.84% | 2963.47% | 113.18% | -216.73% | -67.58% | 419.07% | -67.87% | -40.07% | -23.48% | -30.16% | 278% |
| Net Income | 1.21M | -5.58M | -11.22M | -15.69M | 17.58M | 20.25M | -27.27M | -3.04M | 13.1M | 1.34M | -6.99M | -10.27M | 12.62M | 1.76M | 4.23M | 5.8M | 4.03M | 218.63K | 5.98M | 10.12M | 7.61M | 5.15M | 2.27M | -1.42M | -4.84M | -318.13K | -1.08M | 2.95M | 100K | 5.8M | 1.4M |
| Depreciation & Amortization | 3.73M | 3.57M | 7.42M | 7.67M | 8.27M | 10.34M | 10.6M | 11.06M | 8.44M | 7.4M | 6.61M | 6.75M | 5.19M | 5.11M | 3.4M | 2.63M | 2.63M | 2.33M | 2.75M | 2.63M | 2.67M | 2.86M | 3.07M | 3.07M | 3.38M | 3.38M | 4.07M | 3.73M | 3.5M | 3.5M | 2.7M |
| Stock-Based Compensation | 1.18M | 1.3M | 767K | 1.02M | 1.35M | 799K | 1.79M | 2.09M | 827K | 638.42K | 459.47K | 521.7K | 364.16K | 331.36K | 827.75K | 276.55K | 179.81K | 209.47K | 216.58K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 78K | 22K | 6.16M | 0 | -5.57M | -2.07M | 1.17M | -773K | -382.92K | -1.04M | -1.41M | 150.46K | 796.92K | -1.47M | 53.7K | 120.52K | -116K | -100K | 832.05K | -581K | 14K | 111K | 573K | -270.69K | -290K | 509.41K | -770K | 22K | -300K | 400K | 500K |
| Other Non-Cash Items | 6.79M | 6.52M | -1.62M | 2.84M | 14.42M | 3.26M | 24.13M | -789K | 6.69M | 2.45M | -240.99K | 12.59M | 403.1K | -1.92M | 47.42K | -60.72K | 1.24M | -1.01M | 266.53K | 450.29K | -110.79K | 5.07M | 5.21M | 464.58K | 3.58M | -1M | 3.45M | 444.41K | 1.2M | -300K | 400K |
| Working Capital Changes | -10.47M | -6.36M | 13.18M | 27.23M | -30.48M | -13.52M | 7.55M | 20.08M | -49.9M | -8.56M | 3.03M | 6.72M | 9.51M | -9.36M | -6.93M | -12.62M | -14.02M | 18.54M | -4.1M | -294.83K | -18.03M | 2.24M | -10.62M | -5.67M | 1.44M | 7.53M | -3.72M | -1.09M | 5.6M | 3.8M | 13.9M |
| Change in Receivables | -2.73M | -2.58M | 2.84M | 6.78M | -264K | -16.18M | 5.55M | 9.7M | -10.41M | -10.88M | -37.68K | 11.38M | 3.45M | -2.06M | 246.9K | -7.4M | -5.99M | 4.31M | -1.38M | 2.31M | -881.27K | -7.83M | -3.24M | 0 | 0 | 2.9M | 3.11M | -4.47M | 3.4M | 2M | 2.3M |
| Change in Inventory | -552K | -3.02M | 11.34M | 15.56M | -13.69M | -18.87M | 9.12M | 19.96M | -41.16M | -7.09M | 2.03M | 4.17M | -3.3M | -5.63M | -1.91M | -8.11M | -10.2M | 17.39M | 5.89M | -7.26M | -17.06M | 1.87M | -7.84M | -5.14M | 3.12M | 5.01M | -41.36K | -2.72M | 2.4M | 2.4M | 9.9M |
| Change in Payables | -4.25M | -1.56M | -3.61M | 1.65M | -6.27M | 10.84M | -1.42M | -5.32M | -234.35K | 7.57M | 4.42M | -9.12M | 7.82M | 1.54M | -4.15M | 2.37M | 4.09M | -2.05M | -3.74M | 1.25M | 583.84K | 3.11M | 398.62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 51.13M | 50.98M | 905K | 50.5M | -4.97M | -32.66M | 994K | -25.7M | -22.7M | -17.4M | 17.67M | -8.94M | -35.95M | -9.45M | -30.36M | -3.15M | -5.03M | 4.87M | -4.04M | -4.48M | -1.85M | -3.21M | -2.73M | -1.12M | 93.66K | -8.15M | -4.03M | -4.13M | -7.4M | -2.8M | -7M |
| Capital Expenditures | -1.64M | -1.54M | -1.89M | -2.88M | -3.39M | -1.5M | -3.75M | -4.54M | -17.73M | -5.28M | -3.04M | -10.91M | -8.07M | -5.77M | -4.74M | -3.19M | -5.1M | -1.89M | -4.04M | -4.49M | -3.09M | -3.25M | -2.31M | -2.01M | -2.15M | -6.44M | -3.38M | -4.21M | -7.1M | -2.9M | -3.8M |
| CapEx % of Revenue | 2.15% | 2.06% | 1.06% | 1.49% | 1.3% | 0.45% | 1.46% | 1.49% | 6.31% | 2.62% | 2.2% | 6.22% | 4.04% | 2.93% | 2.4% | 1.87% | 3.37% | 1.83% | 2.41% | 2.52% | 2.03% | 2.52% | 2.32% | 2.5% | 2.89% | 7.07% | 2.97% | 3.61% | 6.62% | 2.29% | 3% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -32.56M | 312K | -21.89M | 0 | -11.95M | 22.22M | 21.5K | -31.48M | -4.53M | -26.51M | 31.49K | 63.03K | -5.71M | 0 | 1.3K | 0 | 0 | 0 | -200K | 0 | -2.82M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 52.77M | 52.52M | 2.8M | 53.39M | -1.58M | 1.4M | 312K | 189K | 0 | 72.79K | 1.5M | 1.94M | 3.6M | 844.98K | 153.85K | 0 | 0 | 12.47M | 1.2K | 0 | 1.25M | 32.65K | -417.11K | 346.69K | 1.31M | 26.05K | -267.21K | 87.57K | -300K | 100K | -4M |
| Cash from Financing | -12.33M | -8.96M | -1.33M | -73.17M | -1.18M | 15.39M | -19.36M | -4.54M | 46.13M | 15.12M | -19.46M | -7.15M | 5.76M | 15.68M | 29.7M | 7.01M | -2.91M | -11.06M | -1.83M | -7.84M | 9.71M | -16.5M | 2.52M | 4.9M | -3.32M | -1.94M | 1.96M | -1.92M | -4.2M | -8.9M | -12M |
| Debt Issued (Net) | 47K | -223K | -292K | -71.88M | 1.28M | 8.93M | -14.5M | -957K | 50.16M | 16.98M | -19.21M | -3.72M | 8.35M | -16.43M | 31.15M | 8.43M | 219.28K | -10.43M | -287.03K | -7.49M | 9.64M | -8.65M | 2.44M | 898.33K | -3.32M | -1.04M | 5.15M | 2.22M | 500K | -4.9M | -4.2M |
| Equity Issued (Net) | -12.45M | -8.72M | -1.04M | -1.29M | -1.34M | 10.01M | -635K | 45K | 983K | 0 | -253.89K | -812.16K | 42.02K | 34.23M | 123.89K | 161.9K | 39.07K | 0 | 4.65K | 550.47K | 65.81K | 145.55K | 74.4K | 0 | 0 | -358 | -1.95M | -2.83M | -2M | -1.5M | -5.4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.22M | -1.15M | 0 | -2.62M | -2.63M | -2.26M | -1.6M | -1.58M | -3.17M | -631.11K | -1.57M | -927.19K | 0 | 0 | 0 | 0 | 0 | -894.65K | -1.23M | -1.31M | -2.7M | -2.6M | -2.4M |
| Share Repurchases | -12.85M | -9.14M | -1.04M | -1.29M | -1.34M | 0 | -635K | 0 | 0 | 0 | -253.89K | -820.46K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -358 | -1.95M | -2.83M | -2M | -1.6M | -5.6M |
| Other Financing | 70K | -19K | 0 | 0 | -1.12M | -3.55M | -4.23M | -3.63M | -2.79M | -718.47K | 0 | 0 | 0 | 138.03K | 20K | 0 | 0 | 0 | 13.72K | 20.34K | 0 | -8M | 0 | 4M | 0 | 0 | 0 | 0 | 0 | 100K | 0 |
| Net Change in Cash | 33.55M | 41.51M | 14.26M | 410K | -580K | 1.78M | -390K | -1.59M | 2.21M | -48.17K | -328.55K | 364.8K | -1.75M | 691.5K | 975.12K | 1.24K | -13.99M | 14M | 68.95K | 6.86K | 19.03K | -289.97K | 291.24K | -46.55K | 43.67K | 4.52K | -120.08K | 2.89K | -4.2M | -8.9M | -12M |
| Free Cash Flow | -6.89M | -2.06M | 12.79M | 20.19M | 2.18M | 17.56M | 14.23M | 24.1M | -38.95M | -3.04M | -1.59M | 5.56M | 20.82M | -11.31M | -3.1M | -7.04M | -11.14M | 18.3M | 1.9M | 7.85M | -10.93M | 12.18M | -1.81M | -5.83M | 1.12M | 3.66M | -1.44M | 1.84M | 3M | 10.3M | 15.1M |
| FCF Margin % | -9.01% | -2.75% | 7.19% | 10.45% | 0.83% | 5.25% | 5.56% | 7.9% | -13.87% | -1.51% | -1.15% | 3.17% | 10.44% | -5.75% | -1.57% | -4.13% | -7.37% | 17.65% | 1.14% | 4.4% | -7.19% | 9.45% | -1.81% | -7.25% | 1.51% | 4.02% | -1.26% | 1.57% | 2.8% | 8.13% | 11.91% |
| FCF Growth % | -159.94% | -116.13% | -36.67% | 825.01% | -87.57% | 23.39% | -40.96% | 161.87% | -1180.07% | -91.79% | -128.56% | -73.32% | 284.15% | -264.2% | 55.92% | 36.8% | -160.9% | 861.6% | -75.75% | 171.77% | -189.78% | 773.02% | 68.95% | -620.05% | -69.36% | 354.45% | -178.18% | -38.7% | -70.87% | -31.79% | 1106.67% |
| FCF per Share | -0.73 | -0.21 | 1.27 | 1.99 | 0.21 | 1.86 | 1.56 | 2.68 | -4.39 | -0.35 | -0.18 | 0.64 | 2.40 | -1.63 | -0.49 | -1.11 | -1.77 | 2.92 | 0.30 | 1.25 | -1.75 | 1.98 | -0.30 | -0.98 | 0.19 | 0.57 | -0.24 | 0.28 | 0.43 | 1.47 | 2.14 |
| FCF Conversion (FCF/Net Income) | -5.69x | 0.09x | -1.08x | -0.87x | 0.25x | 0.94x | -0.66x | -9.43x | -1.62x | 1.67x | -0.21x | -1.60x | 5.29x | -3.15x | 0.39x | -0.67x | -1.50x | 94.11x | 0.99x | 1.22x | -1.03x | 3.03x | 0.43x | 2.69x | -0.68x | -31.73x | -1.80x | 2.05x | 101.00x | 2.28x | 2.45x |
| Interest Paid | 85K | 0 | 277K | 4.17M | 2.6M | 1.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 864K | 7.86M | 1.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating leverage
According to the provided quarterly data, the relationship between net income and operating cash flow remains highly erratic, with the 2026Q1 OCF/NI ratio of 2.74 highlighting a significant disconnect between accounting losses and the actual cash burn required to sustain current operations.
The frequent divergence between net income and operating cash flow suggests that non-cash charges and working capital volatility are obscuring the underlying cash-generating capability of the business. Investors should monitor whether this persistent gap indicates an inability to convert operational activity into sustainable liquidity as the company pivots its business model.
As reported in financial statements, ACNT's free cash flow trajectory has deteriorated significantly, culminating in a -30.1% FCF margin in 2026Q1, which underscores the difficulty of maintaining positive cash generation amidst a shrinking revenue base and ongoing operational overhead requirements.
The transition from positive FCF in 2024 to consistent negative prints in recent quarters suggests that the company's current cost structure is not aligned with its reduced scale. This trend warrants further investigation into whether the company can reach a cash-flow-neutral state without further asset divestitures or structural cost reductions.
Based on ACNT's reported figures, working capital swings have become a primary driver of cash flow volatility, evidenced by the -$4.7M working capital outflow in 2026Q1, which significantly exacerbated the period's overall cash burn and strained the company's immediate liquidity position.
The erratic nature of these working capital changes suggests that inventory management and collection cycles are currently unstable, likely reflecting the company's ongoing strategic transition. Such fluctuations make it difficult to forecast future cash requirements and suggest that operational efficiency remains a significant hurdle for management.
Data from recent filings indicates that ACNT has continued to prioritize share repurchases, including a $3.9M outflow in 2026Q1, despite the company's inability to generate consistent positive operating cash flow, which may indicate a disconnect between capital return strategies and core business performance.
The decision to return capital to shareholders while the business is burning cash appears aggressive and may indicate a lack of immediate, high-return internal investment opportunities. Investors should monitor whether this deployment strategy is sustainable given the persistent negative operating margins and the potential need to preserve cash for future operational pivots.
Quick answers to the most common questions about buying ACNT stock.
Ascent Industries Co. (ACNT) generated $-0.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ascent Industries Co. (ACNT) reported negative free cash flow of $2.1M in 2025, indicating capital requirements exceeded cash from operations.
Ascent Industries Co. (ACNT) spent $1.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ascent Industries Co. (ACNT) spent $9.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.