Free cash flow remains volatile, ranging from a negative 6.5% margin in 2025Q1 to a peak of 47.2% in 2023Q4, reflecting significant working capital fluctuations.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Cash from Operations | 70M | 55.13M | 48.19M | 34.46M | 28.48M | 28.41M | 10.57M | 7.24M | 6.87M | 3.43M | 7.22M | -2.19M | 73K | -10.71M | -21.7M | 14.78M | 103.92M | -85.98M | -157.34M | 38.56M | 48.8M | 93.52M | -16.48M | 63.6M | 209.84M | 180K | 31.51M | 35.22M | -71.62M | -27.64M |
| Operating CF Margin % | 21.92% | 20% | 20.29% | 17.4% | 17.51% | 20.71% | 6.58% | 5.14% | 5.4% | 2.69% | 6% | -2.11% | 0.07% | -4.53% | -10.39% | 2.19% | 16.23% | -11.77% | -20.41% | 8.13% | 2.8% | 5.76% | -1.17% | 5.43% | 9.03% | 0.01% | 1.24% | 1.56% | -4.25% | -1.83% |
| Operating CF Growth % | 26.97% | 14.41% | 39.82% | 21.03% | 0.24% | 168.62% | 46.04% | 5.34% | 100.23% | -52.44% | 430.19% | -3094.52% | 100.68% | 50.66% | -246.78% | -85.78% | 220.86% | 45.35% | -508.03% | -20.98% | -47.82% | 667.45% | -125.91% | -69.69% | 116477.22% | -99.43% | -10.55% | 149.18% | -159.06% | -468.01% |
| Net Income | 38.79M | 23.23M | 86.19M | 14.58M | 6.48M | -21M | -34.07M | -13.16M | -8.35M | -11.72M | -3.77M | -11.5M | -3.42M | -1.3M | -34.24M | -55.48M | 3.58M | -282.19M | 681K | 232.85M | 28.64M | 20.36M | 11.52M | -26.06M | -7.05M | 34.58M | 40.15M | 30.81M | 30.5M | 23.25M |
| Depreciation & Amortization | 9.59M | 8M | 5.26M | 3.51M | 3.86M | 4.79M | 17.68M | 17.67M | 14.53M | 11.81M | 4.46M | 6.98M | 8.8M | 6.88M | 10.51M | 14.14M | 16.31M | 27.68M | 23.92M | 7.88M | 8.8M | 11.6M | 9.95M | 16.82M | 28.97M | 27.04M | 26.34M | 22.99M | 14.98M | 14.57M |
| Stock-Based Compensation | 0 | 17.78M | 14.11M | 12.96M | 14.55M | 40.09M | 5.21M | 4.38M | 4.69M | 2.43M | 3.4M | 3.14M | 2.12M | 2.06M | 2.9M | 3.61M | 2.43M | 457K | 6.04M | 4.23M | 591K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 6.92M | 0 | -66.35M | -181K | -925K | -959K | -356K | 309K | -3.08M | 142K | 23K | -371K | -178K | -170K | 62K | 4.13M | 6.6M | -7.04M | -4.57M | 1.48M | 753K | 5.16M | 284K | -5.54M | -8.71M | 3.01M | 1.23M | 5.66M | 5.12M | 4.27M |
| Other Non-Cash Items | 22.49M | 459K | -1.15M | 66K | 195K | 44K | 23.73M | -139K | 457K | -272K | -151K | 387K | -1.48M | -3.47M | -7.63M | 35.21M | -5.33M | 241.61M | -992K | -357.59M | 4.34M | 732K | 13.05M | 17.76M | 3.54M | -3.7M | -1.84M | 1K | 0 | -1.32M |
| Working Capital Changes | -7.79M | 5.67M | 10.12M | 3.53M | 4.31M | 5.44M | -1.62M | -1.81M | -1.36M | 1.04M | 3.24M | -825K | -5.77M | -14.7M | 6.7M | 13.16M | 80.34M | -66.51M | -182.42M | 149.71M | 5.68M | 55.67M | -51.28M | 60.62M | 193.09M | -60.75M | -34.37M | -24.23M | -122.22M | -68.42M |
| Change in Receivables | -11.31M | -2.79M | -7M | 2.54M | 2.55M | 10.36M | -8.97M | -7.54M | -719K | 6.37M | 3.24M | -1.94M | -7.85M | -13.25M | -621K | -17.91M | 49.48M | 14.91M | 24.79M | -3.94M | -2.91M | 0 | -93.89M | 37.04M | 94.85M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -2.35M | -556K | 5.19M | -2.9M | -5.76M | 2.75M | -1.83M | -50K | 229K | 476K | -2.05M | -171K | 380K | 3.46M | -4.79M | -6.19M | 12.84M | -1.76M | -5.71M | 122K | -5.2M | 4.93M | 2.76M | 25.86M | 136.06M | -52.98M | -33.5M | 34.74M | -78.45M | -5.71M |
| Change in Payables | 74K | 2.19M | 973K | -1.58M | 3.42M | -7.02M | 8.59M | -3.51M | 130K | 554K | -7.9M | 5.53M | 1.07M | 4.33M | 5.99M | 22.77M | 41.89M | -74.48M | -53.14M | 30.14M | 6.81M | 0 | 44.53M | 1.94M | -35.03M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.85M | -148.57M | -7.6M | -6.87M | -25.68M | -1.39M | -3.45M | -5.53M | -15.09M | -13.87M | -21.01M | -21.63M | 17.57M | -3.05M | 60.34M | -5.71M | 2.27M | -5.44M | -240.65M | 469.63M | -37.25M | -1.85M | -52.12M | 219.63M | -12.41M | -49.35M | -47.23M | -29.57M | -174.07M | -18.71M |
| Capital Expenditures | -1.85M | -2.78M | -8.13M | -7.24M | -1.2M | -1.39M | -3.42M | -5.51M | -15.06M | -16.05M | -20.95M | -20.46M | -16.22M | -7.29M | -4.92M | -6.99M | -13.31M | -7.06M | -8.78M | -6.25M | -3.25M | -1.95M | -1.55M | -8.4M | -7.39M | -22.15M | -36.03M | -22.14M | -44.28M | -20.18M |
| CapEx % of Revenue | 0.58% | 1.01% | 3.42% | 3.65% | 0.74% | 1.01% | 2.13% | 3.91% | 11.82% | 12.57% | 17.4% | 19.77% | 16.02% | 3.09% | 2.36% | 1.03% | 2.08% | 0.97% | 1.14% | 1.32% | 0.19% | 0.12% | 0.11% | 0.72% | 0.32% | 0.76% | 1.41% | 0.98% | 2.63% | 1.34% |
| Acquisitions | 0 | -145.76M | 0 | 395K | -24.45M | 0 | 0 | 0 | 0 | -197K | 0 | -2.94M | 34.03M | 0 | 55.84M | 0 | 0 | -2.38M | -236.21M | 474.39M | -27.96M | 0 | -66.65M | 0 | -4.07M | -8.67M | 0 | 0 | -123.25M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -27K | 525K | -27K | -27K | 0 | -27K | -27K | -27K | 2.38M | 0 | 1.91M | -87K | -108K | 347K | 15.98M | 12.5M | -5.52M | -439K | 423K | 0 | 105K | 13.52M | 228.04M | -951K | -18.52M | -11.2M | -7.43M | 0 | 1.47M |
| Cash from Financing | -24.47M | 21.93M | -8.56M | -11.09M | -4.9M | 25.32M | -1.12M | -767K | -1.29M | -847K | -578K | -401K | -963K | -877K | -15.41M | -657K | -77.52M | 56.82M | -137.39M | -51.28M | -105.99M | 302K | -100.04M | -51.07M | -215.68M | 39.6M | 21.64M | -7.36M | 249.53M | 50.01M |
| Debt Issued (Net) | -24M | 23.64M | 0 | 0 | 0 | 0 | -24K | -120K | -124K | -117K | -142K | -144K | -177K | 0 | -1M | -419K | -76.26M | 59.54M | 14.36M | -59.57M | -286K | 0 | -79.8M | -49.59M | -212.79M | 41.84M | 23.32M | -13.49M | 123.48M | 9.64M |
| Equity Issued (Net) | -467K | -2.74M | -6.89M | -9.25M | -3.05M | 26.46M | -1.09M | -647K | -1.17M | -533K | -435K | -373K | -912K | -278K | -14.62M | -238K | 89K | 0 | -148.55M | 10.1M | -102.09M | 4.01M | 389K | 2.15M | 575K | 2.52M | 1.25M | 38K | 890K | 43.08M |
| Dividends Paid | 0 | 0 | -1.66M | -1.84M | -1.84M | -1.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.36M | -2.72M | -3.41M | -3.67M | -3.61M | -3.33M | -3.52M | -3.35M | -3.32M | -3.3M | -3.23M | -3.16M | -3.14M | -2.71M |
| Share Repurchases | -1.94M | -2.74M | -6.89M | -9.25M | -3.05M | -7.51M | -1.09M | -647K | -1.17M | -533K | -435K | -373K | -912K | -278K | -14.62M | -238K | 0 | 0 | -150M | 0 | 0 | 0 | -480K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 1.03M | -2K | -4K | -19K | -24K | 0 | 0 | 0 | -197K | -1K | 116K | 126K | -599K | 210K | 0 | 9K | 0 | 214K | 1.86M | -3K | -374K | -17.11M | -276K | -137K | -1.46M | 296K | 9.26M | 128.31M | 0 |
| Net Change in Cash | 43.85M | -71.85M | 32.05M | 15.87M | -2.21M | 52.53M | 5.88M | 828K | -9.31M | -11.35M | -14.46M | -24.5M | 16.64M | -14.66M | 23.23M | 8.82M | 29.29M | -33.69M | -534.07M | 456.82M | -94.03M | 91.98M | -168.64M | 297.14M | -18.36M | 7.56M | 5.36M | -3.1M | 3.88M | 3.68M |
| Free Cash Flow | 68.15M | 52.34M | 40.06M | 27.23M | 27.28M | 27.02M | 7.16M | 1.73M | -8.18M | -12.61M | -13.73M | -22.65M | -16.15M | -18M | -26.62M | 7.79M | 90.62M | -93.04M | -166.12M | 32.31M | 45.59M | 91.57M | -18.04M | 120.17M | 202.45M | -4.54M | -4.52M | 13.09M | -115.88M | -47.82M |
| FCF Margin % | 21.34% | 18.99% | 16.87% | 13.75% | 16.77% | 19.7% | 4.45% | 1.23% | -6.43% | -9.88% | -11.41% | -21.88% | -15.95% | -7.62% | -12.74% | 1.15% | 14.15% | -12.73% | -21.55% | 6.81% | 2.62% | 5.64% | -1.29% | 10.26% | 8.71% | -0.16% | -0.18% | 0.58% | -6.88% | -3.17% |
| FCF Growth % | 30.19% | 30.67% | 47.14% | -0.19% | 0.96% | 277.61% | 312.63% | 121.19% | 35.11% | 8.14% | 39.38% | -40.24% | 10.26% | 32.39% | -441.61% | -91.4% | 197.4% | 43.99% | -614.12% | -29.13% | -50.21% | 607.71% | -115.01% | -40.64% | 4555.33% | -0.46% | -134.57% | 111.29% | -142.31% | -84.86% |
| FCF per Share | 2.40 | 1.85 | 1.49 | 1.05 | 1.07 | 1.15 | 0.31 | 0.08 | -0.36 | -0.56 | -0.61 | -1.01 | -0.73 | -0.82 | -1.19 | 0.34 | 3.92 | -4.12 | -5.77 | 1.05 | 1.52 | 3.26 | -0.65 | 4.34 | 7.49 | -0.17 | -0.12 | 0.37 | -4.30 | -1.54 |
| FCF Conversion (FCF/Net Income) | 1.80x | 2.37x | 0.56x | 2.36x | 4.40x | -1.35x | -0.31x | -0.55x | -0.82x | -0.29x | -1.92x | 0.19x | 0.00x | 8.25x | 0.95x | -0.27x | 29.30x | 0.30x | -43.00x | 0.17x | 1.74x | 4.80x | -1.90x | -1.51x | -29.78x | 0.01x | 0.78x | 1.14x | -2.35x | -1.19x |
| Interest Paid | 0 | 1.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 707K | 410K | 74K | 618K | 3.13M | 7.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.7M | 2.71M | 339K | 140.45M | 22.98M | 10.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in recent financial statements, the relationship between net income and operating cash flow remains highly volatile, with the OCF/NI ratio swinging from a low of -0.89 in 2025Q1 to a peak of 10.07 in 2023Q4, indicating significant reliance on non-operating accruals.
The wide variance in cash conversion suggests that GAAP net income is a poor proxy for the company's immediate liquidity generation. Investors should monitor whether this divergence stems from lumpy milestone-based revenue recognition in professional services or timing differences in subscription billings.
Based on quarterly cash flow data, FCF margins have exhibited extreme fluctuations, ranging from a negative 6.5% in 2025Q1 to a robust 47.2% in 2023Q4, reflecting the inherent lumpiness of the company's transition toward a subscription-heavy revenue model within the hospitality technology sector.
The inconsistency in FCF generation implies that the business model is still sensitive to the timing of large-scale contract renewals and hardware deployments. While the trend appears to be stabilizing in recent quarters, the lack of a predictable FCF trajectory warrants caution regarding short-term liquidity planning.
According to historical cash flow filings, Agilysys maintains a lean capital expenditure profile, with CapEx/Revenue ratios consistently remaining below 1.5%, which suggests that the company's software-centric business model requires minimal ongoing investment to maintain its existing property management and point-of-sale infrastructure.
The low capital intensity is a positive indicator of the company's ability to scale without significant hardware reinvestment. This allows the firm to preserve cash for strategic acquisitions or R&D, provided that maintenance requirements do not escalate as the installed base ages.
As evidenced by recent cash flow statements, working capital changes are the primary driver of quarterly cash flow variance, with swings as large as $21 million in 2023Q4, suggesting that the company's cash position is heavily influenced by the timing of customer collections and deferred revenue.
The significant impact of working capital on operating cash flow highlights the importance of monitoring accounts receivable and deferred revenue balances. Investors should investigate whether these fluctuations are seasonal or indicative of changing payment terms with major hospitality clients.
Based on reported cash flow figures, the company has utilized its strong balance sheet to fund significant acquisitions, such as the $144.9 million outlay in 2024Q2, while maintaining minimal share repurchase activity, suggesting a management focus on inorganic growth over direct shareholder capital returns.
The preference for M&A over buybacks indicates that management views the current market environment as an opportunity to consolidate niche hospitality software modules. The success of this strategy depends entirely on the integration efficiency and the ability to cross-sell these new modules to the existing client base.
Quick answers to the most common questions about buying AGYS stock.
Agilysys, Inc. (AGYS) generated $70.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Agilysys, Inc. (AGYS) generated $68.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Agilysys, Inc. (AGYS) spent $1.8M 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, Agilysys, Inc. (AGYS) spent $1.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.