Free cash flow generation remains inconsistent, with a TTM FCF margin of just 1.2% in 2026Q2, as working capital swings of up to $46.2M in a single quarter obscure the true cash cost of the merger integration.
Aebi Schmidt Holding AG (AEBI) cash flow statement — 3-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Cash from Operations | 16.74M | 8.97M | 68.77M | 30.09M |
| Operating CF Margin % | - | 0.59% | 6.33% | 2.96% |
| Operating CF Growth % | 98.25% | -86.95% | 128.55% | - |
| Net Income | 21.37M | 9.71M | 30.74M | 11.2M |
| Depreciation & Amortization | 59.1M | 44.2M | 26.41M | 27.16M |
| Stock-Based Compensation | 4.48M | 7.19M | 3.45M | 2.56M |
| Deferred Taxes | 1.65M | -690K | -4.88M | 690K |
| Other Non-Cash Items | 11.05M | -3.16M | -11.89M | -4.16M |
| Working Capital Changes | -80.66M | -48.28M | 24.94M | -7.37M |
| Change in Receivables | -24.35M | -53.08M | 8.32M | -29.35M |
| Change in Inventory | -13.09M | -4.92M | 14.02M | -11.12M |
| Change in Payables | -5.46M | 55.36M | -3.56M | 10.03M |
| Cash from Investing | 5.95M | 5.82M | -9.11M | -21.63M |
| Capital Expenditures | -13.61M | -14.21M | -13.6M | -11.73M |
| CapEx % of Revenue | 0.66% | 0.93% | 1.25% | 1.15% |
| Acquisitions | -539K | 19.37M | 4.44M | -10.05M |
| Investments | - | - | - | - |
| Other Investing | 20.09M | 663K | 46K | 153K |
| Cash from Financing | 26.85M | 16.35M | -35.43M | -22.35M |
| Debt Issued (Net) | 36.97M | 37.49M | -24.81M | -20.5M |
| Equity Issued (Net) | -3.59M | -2.01M | -257K | 224K |
| Dividends Paid | -8.86M | -13.44M | -3.23M | -2.07M |
| Share Repurchases | 0 | 0 | -257K | 224K |
| Other Financing | 2.33M | -5.69M | -7.14M | 0 |
| Net Change in Cash | 46.63M | 33.34M | 22.48M | -13.77M |
| Free Cash Flow | 1.9M | -5.23M | 55.16M | 18.18M |
| FCF Margin % | 0.09% | -0.34% | 5.08% | 1.79% |
| FCF Growth % | - | -109.49% | 203.46% | - |
| FCF per Share | 0.02 | -0.09 | 0.71 | 0.23 |
| FCF Conversion (FCF/Net Income) | 0.09x | 0.92x | 2.24x | 2.69x |
| Interest Paid | 35.1M | 40.32M | 33.8M | 37.79M |
| Taxes Paid | 7.26M | 16.72M | 13.4M | 6.06M |
Quick answers to the most common questions about buying AEBI stock.
Aebi Schmidt Holding AG (AEBI) generated $9.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aebi Schmidt Holding AG (AEBI) reported negative free cash flow of $5.2M in 2025, indicating capital requirements exceeded cash from operations.
Aebi Schmidt Holding AG (AEBI) spent $14.2M 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, Aebi Schmidt Holding AG (AEBI) returned $13.4M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Merger integration destroying cash value
Metrics are mathematically derived from official filings.
Earnings Quality Deteriorates Post-Merger
The conversion of net income to operating cash flow has become highly erratic, with the OCF/NI ratio swinging from a healthy 5.70 in 2024Q4 to a deeply negative -25.52 in 2026Q1, suggesting significant non-cash charges or working capital distortions are obscuring underlying profitability.
The volatile relationship between net income and operating cash flow indicates that reported earnings are not a reliable indicator of cash generation. The massive negative OCF/NI ratio in 2026Q1, where a small profit was accompanied by a $22.6M cash outflow, points to substantial accruals or one-time integration costs that are not reflected in the income statement. This pattern warrants close scrutiny of the quality of earnings, as the merger appears to have introduced significant noise into the cash conversion cycle.
FCF Volatility Undermines Growth Narrative
Free cash flow has been highly inconsistent, ranging from a robust $45.0M in 2024Q4 to a significant burn of -$29.7M in 2025Q1, with the TTM FCF margin of 1.2% in 2026Q2 indicating that the reported 40.6% revenue growth is not translating into sustainable cash generation.
The FCF trajectory reveals a business struggling to generate cash from its expanded operations. The sharp deterioration from a 16.6% FCF margin in 2024Q4 to a negative margin in early 2025 suggests that the pre-merger cash generation profile has been disrupted. The recent return to positive FCF in 2025Q4 and 2026Q2 is encouraging, but the magnitude is modest relative to the revenue base, implying that the merger's promised synergies have not yet materialized in the cash flow statement.
Working Capital Swings Drive Cash Flow
Working capital changes have been the primary driver of operating cash flow volatility, with a massive $37.2M inflow in 2024Q4 followed by a $46.2M outflow in 2026Q1, indicating that the integration of two large-scale operations is creating significant and unpredictable cash flow timing issues.
The extreme swings in working capital suggest that the combined entity is experiencing significant challenges in managing its cash conversion cycle. The large inflow in 2024Q4 may represent a one-time collection event or inventory liquidation, while the subsequent outflows indicate a build-up of receivables or inventory to support the expanded operations. This pattern is typical of complex mergers where systems integration and operational harmonization lag behind financial consolidation, creating a persistent drag on cash flow.
Minimal Returns to Shareholders Amid Integration
Capital deployment has been conservative, with modest dividend payments and no share repurchases, while the $539K acquisition outflow in 2025Q4 suggests the company is focused on integrating the Shyft merger rather than pursuing further inorganic growth or returning capital.
The lack of share repurchases and the minimal dividend payments indicate that management is prioritizing balance sheet preservation over shareholder returns. This conservative approach is understandable given the thin 0.64% net margin and the significant integration risks, but it also suggests that the company's capital allocation strategy is currently defensive. The small acquisition outflow in 2025Q4 may represent a tuck-in purchase, but the absence of larger deals indicates that the company is likely in a consolidation phase.
Cash Flow Obscures Integration Costs
The cash flow statement likely obscures the true cost of the Shyft merger through non-cash adjustments and working capital timing, as evidenced by the $10.3M in depreciation and amortization in 2026Q2 that may be masking significant integration-related cash expenses.
The significant gap between depreciation and amortization ($10.3M) and capital expenditures ($2.1M) in 2026Q2 suggests that the company is not replacing assets at the rate they are being consumed, which could indicate deferred maintenance or integration-related asset rationalization. Furthermore, the $2.6M in stock-based compensation in 2026Q2 represents a non-cash expense that inflates operating cash flow relative to net income, potentially overstating the quality of earnings. These factors suggest that the reported operating cash flow may not fully reflect the cash costs of integrating two large-scale specialty vehicle operations.