Free cash flow remains highly erratic, swinging from a peak of $21.2 million in 2025Q3 to a low of -$18.8 million in 2025Q1, reflecting significant exposure to working capital volatility.
Alto Ingredients, Inc. (ALTO) cash flow statement — 28-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 65.01M | 13.24M | -3.52M | 22.02M | 6.05M | 26.82M | 71.68M | -31.23M | 1.57M | 36.51M | 40.4M | -26.84M | 88.33M | 14.19M | -20.85M | -3.95M | -36.92M | -6.3M | -55.17M | 16.72M | -8.14M | 4.01M | -961.94K | -1.75M | -2.23M | 706.96K | 625.74K | -899.34K | -1.55M |
| Operating CF Margin % | - | 1.44% | -0.36% | 1.8% | 0.45% | 2.22% | 7.99% | -2.19% | 0.1% | 2.24% | 2.49% | -2.25% | 7.98% | 1.56% | -2.55% | -0.44% | -11.24% | -1.99% | -7.84% | 3.62% | -3.6% | 4.57% | -116.65% | -266.45% | -55.44% | 41.66% | 4.33% | -7.41% | -10.68% |
| Operating CF Growth % | 3801.61% | 476.17% | -115.99% | 264.11% | -77.45% | -62.58% | 329.55% | -2094.06% | -95.71% | -9.62% | 250.5% | -130.39% | 522.63% | 168.06% | -427.75% | 89.3% | -485.86% | 88.58% | -430.03% | 305.28% | -303.24% | 516.55% | 45.1% | 21.35% | -415.11% | 12.98% | 169.58% | 42.14% | - |
| Net Income | 51.67M | 13.34M | -58.98M | -28M | -41.6M | 46.08M | -17.28M | -101.28M | -67.94M | -38.07M | 1.53M | -18.87M | 26M | -1.16M | -43.35M | -4.02M | 69.48M | -308.7M | -146.55M | -14.4M | -142K | -9.92M | -1.49M | -1.63M | 1.25M | 1.17M | 247.75K | -965.63K | -2M |
| Depreciation & Amortization | 25.4M | 25.22M | 24.41M | 23.08M | 25.09M | 23.29M | 30.27M | 47.91M | 40.85M | 38.65M | 35.44M | 23.63M | 13.19M | 12.14M | 12.21M | 12.65M | 9.11M | 34.88M | 26.64M | 22.24M | 5.07M | 786.52K | 295.37K | 318.84K | 488.93K | 408.75K | 282.05K | 201.29K | 143.31K |
| Stock-Based Compensation | 3.07M | 3.02M | 4.36M | 3.9M | 3.33M | 2.88M | 2.68M | 2.81M | 3.44M | 3.83M | 2.62M | 2.02M | 1.84M | 1.72M | 806K | 2.28M | 2.47M | 1.92M | 3.02M | 2.07M | 4.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 27K | 169K | -1.12M | -2.02M | 5.13M | 5.03M | -1M | -1.94M | -107.62M | 247.99M | 128.06M | -1.99M | -306K | 0 | 0 | 0 | 1.9M | -1.9M | 0 | 0 | 0 |
| Other Non-Cash Items | -31.38M | -11.89M | 16.73M | 19.34M | -12.34M | -32.24M | 19.24M | 37.66M | 8.03M | 5.43M | 14.76M | 2.01M | 42.83M | 8.37M | 3.14M | -2.16M | 12.89M | -6.85M | -41.05M | 18.58M | 6.49M | 4.25M | 131.68K | 13.87K | -6.16M | 517.51K | 60.94K | 62.16K | 72.34K |
| Working Capital Changes | 15.94M | -16.44M | 9.96M | 3.71M | 31.55M | -13.19M | 36.78M | -18.33M | 17.16M | 26.51M | -12.82M | -33.61M | -653K | -11.91M | 7.36M | -10.75M | -23.26M | 24.47M | -25.29M | -9.78M | -23.72M | 8.89M | 96.83K | -458.72K | 298.61K | 511.42K | 34.99K | -197.16K | 233.85K |
| Change in Receivables | -9.95M | 3.31M | 562K | 9.5M | 23.97M | -43.55M | 30.57M | -6.7M | 12.66M | 17.56M | -25.23M | -15.95M | 726K | -9.41M | 2.1M | -2.07M | -13.79M | 12.02M | 2.02M | 1.23M | -20.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 2.9M | -12.62M | 4.48M | 11.82M | -15.48M | -16.45M | 19.09M | -2.78M | 4.08M | 5.07M | 750K | -13.3M | 3.87M | -2.15M | -929K | 1.13M | -7.46M | 5.4M | -1.6M | -10.95M | -4.38M | 218.59K | 0 | 0 | 0 | 0 | 0 | 0 | 61.64K |
| Change in Payables | 17.81M | -2.83M | 9.95M | -12.55M | 28.11B | 0 | 0 | 0 | 63.47M | 3.86M | 9.28M | -10.04M | 1.85M | 8.89M | 129K | -2.36M | -1.97M | -3.14M | -20.58M | 10.33M | 2.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -8.38M | -7.43M | -13.47M | -33.03M | -37.66M | 27.12M | 23.32M | -3.28M | -15.15M | -50.44M | -14.6M | -6.33M | -19.26M | -6.33M | -12.27M | -11.48M | -13.42M | 3.38M | -140.86M | -166.21M | -174.82M | -17.25M | 1.07M | 880.3K | 1.97M | -1.33M | -160.46K | -1.27M | -287.42K |
| Capital Expenditures | -15.07M | -4.6M | -11.07M | -29.53M | -37.74M | -16.38M | -6.58M | -3.28M | -15.15M | -20.87M | -19.17M | -20.51M | -13.26M | -3.99M | -2.27M | -2.37M | -643K | -4.3M | -152.63M | -210.48M | -82.45M | -17.27M | -3.87K | -39.79K | -433.85K | -216.38K | -413.36K | -224.28K | -287.42K |
| CapEx % of Revenue | 1.6% | 0.5% | 1.15% | 2.41% | 2.83% | 1.36% | 0.73% | 0.23% | 1% | 1.28% | 1.18% | 1.72% | 1.2% | 0.44% | 0.28% | 0.26% | 0.2% | 1.36% | 21.68% | 45.61% | 36.43% | 19.72% | 0.47% | 6.05% | 10.8% | 12.75% | 2.86% | 1.85% | 1.97% |
| Acquisitions | -16.8M | 0 | 0 | -3.5M | -14.69M | 43.5M | 19.9M | 0 | 0 | -29.57M | 30M | 18.76M | -6M | -2.34M | -10M | 0 | 0 | 0 | 0 | 0 | -29.51M | 3.33M | 0 | 0 | 6.17M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 23.48M | -2.83M | -2.4M | 0 | 14.77M | 0 | 10M | 0 | -10M | -28.13M | 4.57M | -4.57M | -6M | -2.34M | -10M | -9.12M | -1.3M | 0 | 206K | 24.85M | -33.89M | -554.91K | 0 | 10K | -300K | 15.6K | -47.09K | 2.5K | 0 |
| Cash from Financing | -63.16M | -16.36M | 7.72M | 6.96M | 19.01M | -40M | -66.42M | 19.01M | -9.27M | -839K | -9.92M | 23.8M | -12.14M | -10.29M | 31.79M | 15.61M | 41.54M | 9.01M | 201.79M | 111.15M | 222.5M | 17.77M | -12.89K | 58.67K | 897.45K | -14.64K | 32.23K | -75.25K | 1.17M |
| Debt Issued (Net) | -59.67M | -15.09M | 8.99M | 12.61M | 26.77M | -37.61M | -147.75M | 9.53M | -11.69M | -6.39M | -41.91M | 24.69M | -77.99M | -9.53M | 13.3M | 8.25M | 44.45M | 9.01M | 134.72M | 118.79M | -2.65M | -2.12M | -20K | -32K | -9.85K | -14.64K | -35.87K | -46.09K | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | -3.67M | -1.32M | 462K | 75.83M | 3.67M | 0 | 0 | 0 | 0 | 69.75M | 0 | 20.92M | 7.36M | 0 | 0 | 72.29M | 2.26M | 230.14M | 19.88M | 8K | 90.67K | 907.3K | 0 | 9K | -29.16K | 1.07M |
| Dividends Paid | -1.26M | -1.26M | -1.27M | -1.26M | -1.26M | -2.85M | 0 | -946K | -1.26M | -1.26M | -1.27M | -1.26M | -3.46M | -1.26M | -1.27M | -1.26M | -2.85M | 0 | -4.1M | -4.2M | -1.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -3.67M | -1.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 41.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -92.7K | 0 | 0 | -29.16K | 0 |
| Other Financing | -2.23M | 0 | 0 | -714K | -5.17M | 0 | 5.5M | 6.76M | 3.69M | 6.82M | 33.26M | 368K | -438K | 504K | -1.17M | 0 | -2.91M | 0 | -1.11M | -5.69M | -3.04M | 16 | -886 | 0 | 0 | 0 | 59.09K | 0 | 100K |
| Net Change in Cash | -6.53M | -10.54M | -9.27M | -4.04M | -12.6M | 13.94M | 28.57M | -15.49M | -22.86M | -14.77M | 15.88M | -9.37M | 56.93M | -2.44M | -1.33M | 178K | -8.81M | 6.08M | 5.76M | -38.35M | 39.53M | 4.52M | 92.87K | -813.08K | 643.25K | -636.97K | 497.51K | -2.24M | -671.68K |
| Free Cash Flow | 49.94M | 8.65M | -14.59M | -7.51M | -31.7M | 10.44M | 65.1M | -34.51M | -13.59M | 15.64M | 21.23M | -47.35M | 75.07M | 10.19M | -23.12M | -6.32M | -37.56M | -10.61M | -207.81M | -193.76M | -90.6M | -13.27M | -965.81K | -1.79M | -2.66M | 490.58K | 212.38K | -1.12M | -1.84M |
| FCF Margin % | 5.29% | 0.94% | -1.51% | -0.61% | -2.37% | 0.86% | 7.26% | -2.42% | -0.9% | 0.96% | 1.31% | -3.98% | 6.78% | 1.12% | -2.83% | -0.7% | -11.44% | -3.35% | -29.52% | -41.98% | -40.02% | -15.14% | -117.12% | -272.51% | -66.23% | 28.91% | 1.47% | -9.26% | -12.65% |
| FCF Growth % | 481.66% | 159.29% | -94.34% | 76.32% | -403.68% | -83.97% | 288.65% | -153.96% | -186.86% | -26.3% | 144.83% | -163.07% | 636.44% | 144.09% | -266.1% | 83.19% | -254.18% | 94.9% | -7.25% | -113.87% | -582.94% | -1273.56% | 46.1% | 32.68% | -642.53% | 131% | 118.9% | 38.99% | - |
| FCF per Share | 0.65 | 0.11 | -0.20 | -0.10 | -0.44 | 0.14 | 1.11 | -0.73 | -0.31 | 0.37 | 0.50 | -1.43 | 3.31 | 0.83 | -3.20 | -2.79 | -42.12 | -19.51 | -435.12 | -509.97 | -272.92 | -55.57 | -8.18 | -80.18 | -128.07 | 23.18 | 11.20 | -70.86 | -117.95 |
| FCF Conversion (FCF/Net Income) | 0.97x | 0.99x | 0.06x | -0.79x | -0.15x | 0.58x | -4.74x | 0.35x | -0.03x | -1.04x | 28.47x | 1.43x | 4.15x | -18.17x | 1.09x | -1.28x | -0.50x | 0.02x | 0.38x | -1.16x | 57.35x | -0.40x | 0.65x | 1.08x | -1.79x | 0.60x | 2.53x | 0.93x | 0.78x |
| Interest Paid | 6.21M | 9.05M | 10.84M | 10.38M | 2.93M | 4.12M | 17.47M | 18.76M | 15.15M | 11.13M | 0 | 11.69M | 6.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 15K | 0 | 324K | 2.26M | 448K | 0 | 0 | 743K | 5.61M | 0 | 5.71M | 17.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying ALTO stock.
Alto Ingredients, Inc. (ALTO) generated $13.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Alto Ingredients, Inc. (ALTO) generated $8.6M 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.
Alto Ingredients, Inc. (ALTO) spent $4.6M 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, Alto Ingredients, Inc. (ALTO) returned $1.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Commodity crush spread volatility
Metrics are mathematically derived from official filings.
Earnings Quality Lacks Cash Alignment
As reported in recent financial statements, ALTO's operating cash flow frequently decouples from net income, with the OCF/NI ratio exhibiting extreme volatility, including a 1.60x reading in 2025Q3 and a -7.61x divergence in 2024Q3, suggesting that reported earnings are not reliable proxies for actual cash generation.
The significant variance between net income and operating cash flow suggests that non-cash items and working capital swings are heavily distorting the bottom line. Investors should monitor this disconnect, as it implies that the company's profitability is highly sensitive to accounting adjustments rather than consistent operational cash inflows.
Free Cash Flow Remains Erratic
Based on quarterly filings, ALTO's free cash flow trajectory is highly inconsistent, swinging from a peak of $21.2 million in 2025Q3 to a low of -$18.8 million in 2025Q1, indicating that the business lacks the structural stability required to generate reliable, recurring cash surpluses for shareholders.
The inability to maintain positive free cash flow across consecutive quarters highlights the company's vulnerability to commodity price cycles. This erratic performance suggests that capital allocation decisions are likely reactive to short-term liquidity needs rather than part of a long-term value creation strategy.
Capital Intensity Masks Maintenance Needs
According to historical data, ALTO's capital expenditure as a percentage of revenue has trended downward from 2.0% in 2024Q2 to 0.4% in 2026Q1, which may indicate a deferral of necessary facility upgrades to preserve cash during periods of margin compression in the specialty alcohol segment.
While lower capital intensity can temporarily boost free cash flow, it may also signal an underinvestment in the specialized distillation equipment required for high-purity alcohol production. Analysts should investigate whether this reduction in spending is a strategic choice or a forced response to limited liquidity.
Working Capital Swings Drive Volatility
As evidenced by the 2025Q4 data, where working capital changes reached -$16.4 million, ALTO's cash flow is heavily influenced by inventory and receivable management, which often offsets gains from core operations and complicates the assessment of the company's underlying cash-generating capability in any given quarter.
The reliance on working capital management to bridge cash flow gaps suggests that the company is highly exposed to the timing of grain procurement and product sales. This dynamic creates significant quarterly noise that obscures the true operational health of the Pekin production facility.