Free cash flow generation remains highly erratic, swinging from a peak of $65.9 million in 2023Q4 to a low of -$31.2 million in 2025Q1, reflecting significant volatility in working capital management.
| Cash from Operations | 98.4M | 33M | 57M | 58.4M | 18.5M | 30.7M | -35M | -455.45K | -342 | 53.23M | 0 |
| Operating CF Margin % | - | 1.8% | 3.04% | 3.11% | 1.18% | 2.53% | -4.01% | -0.08% | -0% | 15.41% | - |
| Operating CF Growth % | 431.22% | -42.11% | -2.4% | 215.68% | -39.74% | 187.71% | -7584.76% | -133071.64% | -100% | - | - |
| Net Income | -78.9M | -80.3M | -62.1M | 8.9M | 9.3M | -20.8M | -24M | 8.85K | -1.14K | -800 | -800 |
| Depreciation & Amortization | 125M | 133.6M | 144.5M | 132.6M | 112M | 95.8M | 75M | 50.1M | 37.1M | 31.52M | 0 |
| Stock-Based Compensation | 3M | 3.8M | 4.8M | 4.3M | 2.7M | 1.2M | 6.7M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 22M | 20.8M | -8.6M | -10.1M | -1.2M | 3.6M | -6.6M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 48.4M | -76M | -22.9M | 99.6M | 103.8M | 127.4M | 79.1M | -52.35M | 2.6M | 14.51M | 0 |
| Working Capital Changes | -21.1M | 31.1M | 1.3M | -176.9M | -208.1M | -176.5M | -165.2M | 1.78M | 800 | 800 | 800 |
| Change in Receivables | 13.8M | 11.2M | 42.7M | -16.6M | -34.7M | -40.7M | -1.5M | -23.2M | -14M | -11.26M | 0 |
| Change in Inventory | -46.1M | -48.9M | -145.3M | -286.3M | -272.6M | -154.1M | -136.5M | -72.2M | -64.2M | -31.87M | 0 |
| Change in Payables | -20.1M | -18.4M | -26.9M | 7.3M | 26.7M | 30.2M | 15.8M | 1.56M | 0 | 0 | 0 |
| Cash from Investing | -11.9M | -22.7M | -56.2M | -117.4M | -155.1M | -113.4M | -227.9M | -143.75M | -39.4M | -30.21M | 0 |
| Capital Expenditures | -29.6M | 0 | -58.6M | -74.6M | -76.7M | -50.4M | -45.9M | -22.3M | -34.6M | -23.06M | 0 |
| CapEx % of Revenue | 1.62% | 2.78% | 3.12% | 3.97% | 4.88% | 4.16% | 5.25% | 4% | 8.38% | 6.68% | - |
| Acquisitions | 21.1M | -2.7M | 3M | -45.6M | -86.7M | -63.4M | -180M | -65.5M | -4.7M | -7.45M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -3.4M | -20M | -600K | 2.8M | 8.3M | 400K | -2M | -55.95M | -100K | 307K | 0 |
| Cash from Financing | -73.8M | -5.3M | -17.9M | 87.3M | 136.9M | 83.8M | 264.1M | 144.81M | 50K | -23.09M | 0 |
| Debt Issued (Net) | -36.8M | -43.4M | 2.1M | 100M | 142.9M | 89.1M | 92.8M | 75.3M | 50K | 37.91M | 0 |
| Equity Issued (Net) | -1M | -7.5M | -5.8M | 0 | 0 | 0 | 26.3M | 148.38M | 0 | 0 | 0 |
| Dividends Paid | -5M | -3M | -10.8M | -10.6M | -6.7M | -2.6M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1M | -7.5M | -5.8M | 0 | 0 | 0 | -5.9M | 0 | 0 | -20M | 0 |
| Other Financing | -31M | 48.6M | -3.4M | -2.1M | 700K | -2.7M | 145M | -78.86M | 0 | -61M | 0 |
| Net Change in Cash | 12.8M | 5.2M | -17.6M | 28.3M | 400K | 1.1M | 1.2M | 604.83K | -114.34K | -71K | 0 |
| Free Cash Flow | 51.8M | -18M | -13.5M | -16.2M | -58.2M | -19.7M | -80.9M | -22.76M | -34.6M | 30.17M | 0 |
| FCF Margin % | 2.84% | -0.98% | -0.72% | -0.86% | -3.7% | -1.62% | -9.26% | -4.08% | -8.38% | 8.73% | - |
| FCF Growth % | 402.92% | -33.33% | 16.67% | 72.16% | -195.43% | 75.65% | -255.52% | 34.23% | -214.69% | - | - |
| FCF per Share | 1.59 | -0.55 | -0.41 | -0.49 | -1.80 | -0.62 | -3.04 | -3.12 | -1.88 | 1.64 | - |
| FCF Conversion (FCF/Net Income) | -0.66x | -0.41x | -0.92x | 6.56x | 1.99x | -1.48x | 1.46x | -51.45x | 0.30x | -66538.75x | - |
| Interest Paid | 42M | 83.4M | 76.4M | 53.6M | 28M | 0 | 29.3M | 0 | 0 | 0 | 0 |
| Taxes Paid | 4.5M | 4.3M | 3.7M | 5.7M | 1M | 0 | 0 | 800 | 800 | 800 | 0 |
Persistent negative net income
As reported in financial statements, ALTG consistently generates positive operating cash flow despite persistent net losses, with OCF/NI ratios frequently showing extreme divergence, such as the -43.79x figure in 2023Q4, highlighting a heavy reliance on non-cash depreciation charges to bridge the gap between accounting and cash reality.
The persistent gap between net income and operating cash flow suggests that the company's reported losses are significantly mitigated by substantial non-cash depreciation and amortization expenses. Investors should monitor whether this cash generation is sustainable or if it merely reflects the high capital intensity required to maintain the rental fleet.
Based on recent SEC filings, ALTG's free cash flow trajectory remains highly erratic, swinging from a peak of $65.9M in 2023Q4 to a low of -$31.2M in 2025Q1, indicating that the company struggles to maintain consistent cash conversion during periods of fluctuating equipment demand and operational overhead.
The lack of a stable FCF trend suggests that the business model is highly sensitive to cyclical shifts in the construction and material handling sectors. This volatility may indicate that management faces challenges in aligning capital expenditures with the timing of equipment sales and rental revenue inflows.
According to quarterly data, working capital changes are the primary driver of cash flow volatility, with a significant $55.0M inflow in 2025Q4 contrasting sharply with a $68.4M outflow in 2024Q2, suggesting that inventory management and collection cycles are currently the most material factors impacting short-term liquidity.
The dramatic swings in working capital suggest that the company's cash position is heavily influenced by the timing of large equipment deliveries and the subsequent collection of receivables. This pattern warrants further investigation into whether these fluctuations are driven by seasonal demand or potential inefficiencies in inventory turnover.
As indicated by historical data, ALTG maintains a consistent capital intensity, with CapEx/Revenue ratios averaging between 1.5% and 4.2% over the last ten quarters, reflecting the ongoing necessity to refresh the rental fleet to remain competitive within its exclusive OEM dealership territories.
The sustained level of capital expenditure suggests that the company must continuously reinvest in its fleet to support its service-heavy business model. This ongoing requirement for capital may limit the company's ability to deleverage or return cash to shareholders until organic profitability improves significantly.
Quick answers to the most common questions about buying ALTG stock.
Alta Equipment Group Inc. (ALTG) generated $33.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Alta Equipment Group Inc. (ALTG) reported negative free cash flow of $18.0M in 2025, indicating capital requirements exceeded cash from operations.
Alta Equipment Group Inc. (ALTG) spent $0.0M 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, Alta Equipment Group Inc. (ALTG) returned $3.0M to shareholders via cash dividends and spent $7.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.