Cash flow efficiency is currently inconsistent, evidenced by an operating cash flow to net income ratio that swung from a 5.31x peak in 2025Q4 to a negative 0.45x in 2025Q3.
| 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 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 156M | 152.47M | 218.44M | 148.06M | 128.21M | 217.47M | 140.25M | 200.35M | 132.49M | 61.72M | 79.52M | 95.94M | 84.2M | 62.63M | 34.51M | 105.27M | 99.57M | 13.97M | 84.04M | 81.3M | 52.02M | 122.37M | 101.83M | 131.52M | 118.83M | 214.28M | 130.58M | 98.09M | 86.85M | 86.56M | 82.89M |
| Operating CF Margin % | - | 12.89% | 17.75% | 12.9% | 12.39% | 23.4% | 15.57% | 19.01% | 13.48% | 7.15% | 10.2% | 13.51% | 11.3% | 8.27% | 4.53% | 12.92% | 10.89% | 1.6% | 7.73% | 7.44% | 5.14% | 12.5% | 11.07% | 15.14% | 14.56% | 25.61% | 15.31% | 12.6% | 12.02% | 12.19% | 11.97% |
| Operating CF Growth % | 92.97% | -30.2% | 47.54% | 15.48% | -41.04% | 55.06% | -30% | 51.23% | 114.67% | -22.39% | -17.11% | 13.94% | 34.43% | 81.5% | -67.22% | 5.72% | 612.5% | -83.37% | 3.37% | 56.28% | -57.49% | 20.18% | -22.58% | 10.69% | -44.55% | 64.09% | 33.12% | 12.94% | 0.33% | 4.42% | 22.89% |
| Net Income | -59.42M | -56.96M | 88.06M | 111.12M | 96.51M | 118.77M | 98.59M | 132.4M | 83.02M | 30.43M | 52.81M | 57.27M | 41.75M | 17.66M | 30.98M | 34.94M | 37.64M | -22.38M | -75.75M | 17.78M | 58.04M | 71.85M | 10.38M | 54.05M | 48.94M | 32.2M | 38.09M | 30.22M | 31.77M | 49.06M | 47.38M |
| Depreciation & Amortization | 80.55M | 82.71M | 89.29M | 76.73M | 69.05M | 74.25M | 72.7M | 70.8M | 79.04M | 71.96M | 67.46M | 60.11M | 64.29M | 63.79M | 63.23M | 66.39M | 63M | 68.83M | 66.16M | 62.52M | 59.45M | 55.45M | 55.22M | 56.09M | 52.86M | 57.55M | 62.22M | 55.87M | 48.83M | 44.99M | 45.19M |
| Stock-Based Compensation | 8.87M | 10.06M | 4.71M | 17.1M | 4.53M | 3.15M | 10.6M | 12.3M | 2.2M | 2.13M | 2.43M | 1.71M | 1.38M | -766K | 2.79M | 2.81M | 4.9M | 5.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -15.08M | 0 | 0 | 0 | -8.5M | 12.18M | 0 | 0 | 8.97M | -1.18M | 5.89M | -27.36M | -10.72M | -12.26M | -123.89M | -3.51M | 13.13M | -19.52M | -22.58M | -10.9M | -8.1M | 10.79M | -16.65M | -6.91M | -21.09M | -18.63M | 6.11M | -1.13M | 11.46M | -3.83M | 755K |
| Other Non-Cash Items | 117.32M | 109.37M | -12.39M | -21.43M | 42.05M | -2.55M | 8.29M | 21.1M | 5.66M | 7.68M | 3.24M | 2.5M | 8.92M | -4.28M | 27.31M | 1.58M | -4.53M | -45.92M | 88.44M | 6.56M | 7.38M | -4.49M | -552K | 1.78M | 4.64M | 1.27M | 2.2M | -292K | 3.24M | -1.7M | -884K |
| Working Capital Changes | 23.19M | 7.29M | 48.77M | -35.47M | -75.42M | 11.67M | -49.94M | -36.24M | -46.41M | -49.3M | -52.32M | 1.71M | -21.42M | -1.51M | 34.09M | 3.06M | -14.55M | 27.57M | 35.54M | 4.54M | -64.5M | -15.68M | 20.1M | 14.84M | 33.48M | 141.89M | 21.98M | 13.41M | -9.72M | -8.92M | -14.67M |
| Change in Receivables | -15.53M | -23.91M | 43.27M | -43.19M | -46.82M | 22.07M | -27.6M | -9.92M | -19.14M | -21.86M | -12.7M | -404K | -6.56M | -8.88M | -4.99M | -12.08M | -9.51M | 43.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -23.22M | -17.63M | 14.63M | 15.09M | -24.54M | -9.94M | -13.69M | -8.92M | -968K | 3.09M | -12.52M | -8.28M | -744K | 5.74M | 11.56M | 7.11M | 16.64M | 42.07M | 6.75M | -8.61M | -19.03M | -17.16M | 642K | 3.17M | 17.69M | 42.8M | 18.81M | 13.3M | -12.69M | -557K | -7.16M |
| Change in Payables | 2.58M | 9.17M | -3.08M | 0 | 8.57M | 9.49M | 0 | 0 | 9.34M | 2.91M | 2.11M | -6M | 640K | 955K | 3.3M | -1.68M | -7.7M | -23.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -61.95M | -68.26M | -80.18M | -217.9M | -96.35M | -53.7M | -42.39M | -98.75M | -82.89M | -85.14M | -253.55M | -47.8M | -57.75M | -41.39M | 113.45M | -25.82M | 28.07M | -43.65M | -87.59M | -164.23M | -110.21M | -41.78M | -52.82M | -51.39M | -53.86M | -11.97M | -31.1M | -288.69M | -67.15M | -57.82M | -55.05M |
| Capital Expenditures | -63.52M | -69.83M | -80.25M | -83.56M | -93.67M | -52.79M | -41.46M | -67.36M | -82.89M | -85.14M | -73.49M | -50.59M | -58.87M | -64.46M | -37.21M | -28.68M | -31.59M | -42.5M | -141M | -165.24M | -93.27M | -43.29M | -57.13M | -51.85M | -31.68M | -28.24M | -36.87M | -34.95M | -38.83M | -50.8M | -53.47M |
| CapEx % of Revenue | 5.27% | 5.9% | 6.52% | 7.28% | 9.05% | 5.68% | 4.6% | 6.39% | 8.44% | 9.86% | 9.42% | 7.13% | 7.9% | 8.51% | 4.89% | 3.52% | 3.45% | 4.88% | 12.98% | 15.12% | 9.22% | 4.42% | 6.21% | 5.97% | 3.88% | 3.37% | 4.32% | 4.49% | 5.37% | 7.15% | 7.72% |
| Acquisitions | 0 | 0 | 0 | -133.47M | 0 | 0 | 0 | -30.79M | 0 | 0 | -187M | 2.8M | 0 | 16.8M | 150.65M | 0 | -1.9M | 1.99M | -2.27M | -9.59M | -15.92M | 0 | 0 | 0 | 0 | 0 | -1.04M | -247.24M | -24.03M | 0 | -25.59M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.57M | 1.57M | 69K | -869K | -2.67M | -906K | -927K | -597K | -1.31M | -2.13M | 6.94M | 2.8M | 1.13M | 6.27M | 150.49M | 2.86M | 16.51M | -4.45M | 55.67M | 10.6M | -1.02M | 1.51M | 4.31M | 463K | -22.18M | 16.27M | 6.8M | -6.5M | -4.3M | -7.01M | 24.01M |
| Cash from Financing | -97.37M | -96.05M | -183.83M | -52.64M | -23.65M | -99.64M | -60.67M | -100.31M | -27.26M | 12.87M | 173.46M | -27.33M | -50.48M | 3.87M | -76.06M | -65.92M | -93.52M | 22.09M | 51.81M | 91.04M | 46.28M | -56.63M | -76.69M | -4.01M | -37.68M | -192.85M | -83.13M | 209.83M | -11.05M | -12.71M | -23.87M |
| Debt Issued (Net) | 53.97M | 124.96M | -134.24M | -14.23M | 88.35M | -49.45M | -33.23M | -76.2M | -3.88M | 31.29M | 201.55M | -8.76M | -31.73M | -15.24M | -56.1M | -51.19M | -79.21M | 36.66M | 61.66M | 100.07M | 205.8M | -59.02M | 7.28M | -13.88M | -46.24M | -197.76M | -83.13M | 214.56M | 40M | 200K | -9.6M |
| Equity Issued (Net) | -170.96M | -186.01M | -14.18M | -3.14M | -84.78M | -23.45M | -490K | -971K | -1.65M | 0 | -1.27M | -1.45M | 0 | 0 | 0 | 0 | 0 | 0 | 2.92M | 3.3M | -143M | 12.88M | -72.85M | 17.56M | 14.95M | 0 | 0 | 173K | -45M | -1.3M | -2.2M |
| Dividends Paid | -31.97M | -32.48M | -32.48M | -31.16M | -26.46M | -25.89M | -24.57M | -23.25M | -21.93M | -21.87M | -21.81M | -21.09M | -19.73M | -13.93M | -21.32M | -15.62M | -14.88M | -14.59M | -13.68M | -12.34M | -11.45M | -10.49M | -9.57M | -7.69M | -6.39M | 0 | 0 | 0 | -6.39M | -12.72M | -12.14M |
| Share Repurchases | -170.96M | -186.01M | -14.18M | -3.14M | -84.78M | -23.45M | -490K | -971K | -1.65M | -1.36M | -1.27M | -1.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -179.19M | -1.58M | -81.14M | 0 | 0 | 0 | 0 | 0 | -47.1M | -8.3M | -2.6M |
| Other Financing | 51.6M | -2.52M | -2.93M | -4.11M | -753K | -845K | -2.38M | 112K | 202K | 3.45M | -6.43M | 3.97M | 974K | 33.03M | 1.35M | 882K | 575K | 24K | 904K | 0 | -5.07M | 0 | -1.55M | 0 | 0 | 4.91M | 0 | -4.91M | 400K | 1.09M | 31K |
| Net Change in Cash | 3.2M | -2.93M | -58.14M | -118.36M | -10.26M | 60.72M | 45.78M | -2.21M | 14.03M | 1.99M | -3.37M | 5.31M | -42.86M | 31.95M | 71.81M | 10.15M | 24.84M | -9.11M | 33.27M | 5.07M | -4.53M | 13.79M | -19.84M | 60.02M | 12.65M | 794K | -1.67M | 1.16M | 3.32M | -5.49M | 425K |
| Free Cash Flow | 92.23M | 82.64M | 138.19M | 64.5M | 31.87M | 163.78M | 98.79M | 132.99M | 49.6M | -23.42M | 6.03M | 45.34M | 25.32M | -1.83M | -2.7M | 76.59M | 67.98M | -28.52M | -56.96M | -83.94M | -41.25M | 79.08M | 44.7M | 79.67M | 87.15M | 186.04M | 93.72M | 63.14M | 48.02M | 35.76M | 29.42M |
| FCF Margin % | 7.65% | 6.99% | 11.23% | 5.62% | 3.08% | 17.62% | 10.97% | 12.62% | 5.05% | -2.71% | 0.77% | 6.39% | 3.4% | -0.24% | -0.35% | 9.4% | 7.43% | -3.27% | -5.24% | -7.68% | -4.08% | 8.08% | 4.86% | 9.17% | 10.68% | 22.24% | 10.99% | 8.11% | 6.65% | 5.04% | 4.25% |
| FCF Growth % | -34.63% | -40.2% | 114.26% | 102.4% | -80.54% | 65.78% | -25.72% | 168.14% | 311.77% | -488.67% | -86.71% | 79.05% | 1486.8% | 32.37% | -103.53% | 12.66% | 338.35% | 49.93% | 32.14% | -103.48% | -152.16% | 76.93% | -43.9% | -8.57% | -53.16% | 98.51% | 48.43% | 31.47% | 34.31% | 21.53% | 15.24% |
| FCF per Share | 3.23 | 2.80 | 4.41 | 2.06 | 1.01 | 5.05 | 3.05 | 4.11 | 1.54 | -0.73 | 0.19 | 1.41 | 0.79 | -0.06 | -0.09 | 2.43 | 2.18 | -0.93 | -1.91 | -2.81 | -1.36 | 2.44 | 1.33 | 2.80 | 2.67 | 5.95 | 3.05 | 2.07 | 1.53 | 1.09 | 0.91 |
| FCF Conversion (FCF/Net Income) | -1.55x | -2.66x | 2.49x | 1.33x | 1.34x | 1.84x | 1.42x | 1.51x | 1.60x | 1.99x | 1.51x | 1.67x | 2.03x | 3.58x | 1.11x | 3.01x | 2.65x | -0.43x | -1.11x | 4.57x | 0.90x | 1.70x | 9.81x | 2.43x | 2.43x | 6.65x | 3.43x | 3.25x | 2.73x | 1.76x | 1.75x |
| Interest Paid | 0 | 0 | 0 | 18.7M | 0 | 0 | 15.1M | 17.4M | 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 | 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 | 0 | 0 | 0 |
Aerospace supply chain volatility
According to quarterly financial data, AIN's operating cash flow to net income ratio has exhibited extreme volatility, swinging from a 5.31x peak in 2025Q4 to a negative 0.45x in 2025Q3, which suggests that reported earnings are currently poor proxies for the company's actual cash-generating capacity.
The significant divergence between net income and operating cash flow indicates that non-cash charges and accrual accounting adjustments are heavily distorting the bottom line. Investors should monitor whether this disconnect stems from the long-term contract accounting inherent in the AEC segment or if it reflects underlying issues in cash collection efficiency.
As reported in recent financial statements, AIN's free cash flow trajectory remains highly erratic, with margins fluctuating from a negative 5.5% in 2024Q1 to a positive 20.7% in 2024Q4, highlighting the company's sensitivity to project-based milestones and the timing of large-scale aerospace production cycles.
The inability to maintain consistent positive free cash flow suggests that the company's capital-intensive operations are prone to sudden liquidity drains. This pattern warrants further investigation into whether the current cash flow profile is a temporary byproduct of growth investments or a structural limitation of the business model.
Based on the provided figures, working capital changes have been a primary driver of cash flow instability, ranging from a $57.7 million inflow in 2025Q4 to a $46.6 million outflow in 2025Q1, indicating significant friction in managing inventory and receivables across the company's dual-segment structure.
These sharp swings suggest that AIN may be struggling to synchronize its inventory procurement with the erratic delivery schedules of its aerospace customers. Such volatility in working capital management appears to be a major contributor to the company's inconsistent cash flow performance.
Data from recent filings shows that AIN has continued to prioritize share repurchases and dividends despite negative operating margins, with buybacks totaling $69.2 million in 2025Q1, a move that may indicate management's confidence in long-term recovery despite current operational headwinds and cash flow constraints.
While the commitment to returning capital to shareholders is evident, the sustainability of these payouts appears questionable given the recent volatility in free cash flow. Investors should monitor whether this capital allocation strategy will eventually necessitate a reduction in shareholder returns if the current margin compression persists.
Quick answers to the most common questions about buying AIN stock.
Albany International Corp. (AIN) generated $152.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Albany International Corp. (AIN) generated $82.6M 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.
Albany International Corp. (AIN) spent $69.8M 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, Albany International Corp. (AIN) returned $32.5M to shareholders via cash dividends and spent $186.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.