Free cash flow turned negative at -6.7% in 2026Q3, exacerbated by a $42.4 million outflow from working capital that highlights significant liquidity pressure.
| Metric | TTM | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 | Apr'96 |
|---|
| Cash from Operations | 75.88M | 108.45M | 230.75M | 196.73M | 24.45M | 151.76M | 177.54M | 190.84M | 86.78M | 77.08M | 71.78M | 58.74M | 40.53M | 24.53M | 16.05M | 13.2M | 1.29M | 46.81M | 47.64M | 91.01M | 66.63M | 65.67M | 57.04M | 39.18M | 53.45M | 21.49M | 21.25M | 12.47M | 16.34M | 17.4M | 11.7M |
| Operating CF Margin % | - | 6.34% | 12.49% | 9.52% | 1.32% | 8.7% | 10.76% | 11.6% | 6.94% | 7.48% | 7.58% | 7.12% | 5.58% | 3.89% | 3.11% | 2.92% | 0.32% | 8.57% | 7.91% | 11.96% | 7.95% | 8.45% | 8.54% | 6.95% | 10.71% | 5.16% | 5.49% | 3.81% | 6.76% | 7.93% | 5.96% |
| Operating CF Growth % | -241.75% | -53% | 17.29% | 704.77% | -83.89% | -14.52% | -6.97% | 119.93% | 12.58% | 7.39% | 22.2% | 44.9% | 65.27% | 52.79% | 21.65% | 921.36% | -97.24% | -1.74% | -47.65% | 36.59% | 1.45% | 15.14% | 45.57% | -26.7% | 148.71% | 1.12% | 70.37% | -23.68% | -6.09% | 48.75% | 7.34% |
| Net Income | 17.54M | 99.46M | 116.22M | 93.72M | -29.72M | 58.76M | 74.86M | 83.69M | 63.14M | 71.2M | 58.72M | 35.5M | 20.46M | 9.76M | -20.79M | -20.02M | -22.34M | -3.23M | 4.27M | 32.56M | 33.21M | 35.59M | 31.71M | 32.7M | 32.16M | 17.42M | 14.47M | 17.51M | 13.03M | 10.55M | 3.8M |
| Depreciation & Amortization | 13.7M | 55.91M | 78.78M | 93.74M | 96.61M | 100.29M | 98.51M | 94.45M | 45M | 18.68M | 16.46M | 14.53M | 14.54M | 14.43M | 23.39M | 26.7M | 30.88M | 35.1M | 35.2M | 35.91M | 37.01M | 33.41M | 27.7M | 27.72M | 23.79M | 19.64M | 14.71M | 9.69M | 7.76M | 7.81M | 7.8M |
| Stock-Based Compensation | 43K | 7.99M | 10.68M | 7.4M | 4.71M | 4.6M | 3.99M | 3.04M | 3.1M | 3.47M | 3.61M | 3.5M | 3.29M | 3.51M | 3.41M | 4M | 4.39M | 4.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -9.06M | -9.56M | -24.15M | -25.72M | -13.67M | -11.5M | -7.8M | 21.4M | 9.9M | 6.66M | 2.45M | 7.12M | 5.77M | -12.29M | -8.27M | -5.8M | -5.71M | -5.63M | 1.23M | -1.35M | 1.79M | 697K | 3.83M | -337K | 2.19M | 121K | 79K | -208K | -645K | -300K |
| Other Non-Cash Items | 80.92M | 51.81M | 41.05M | 103M | 101.78M | 46.4M | 35.05M | -4.49M | -16.49M | -24.15M | -4.88M | 305K | -1.12M | -4.31M | 13.6M | 5.16M | 4.03M | 2.8M | 6.95M | 9.4M | 3.38M | 6.05M | 602K | 1.2M | 1.67M | 3.92M | 4.12M | 1.44M | 568K | 1.43M | 800K |
| Working Capital Changes | -44.34M | -97.67M | -6.41M | -76.99M | -123.21M | -44.62M | -23.38M | 21.96M | -29.38M | -2.02M | -8.79M | 2.46M | -3.77M | -4.63M | 8.73M | 5.62M | -9.87M | 12.98M | 6.33M | 11.73M | -5.68M | -9.06M | -3.67M | -26.27M | -3.97M | -21.67M | -12.17M | -16.22M | -4.93M | -1.96M | -500K |
| Change in Receivables | 11.18M | 3.86M | 1.78M | 35.01M | -11.37M | -42.83M | 21.02M | 9.72M | -18.79M | -7.78M | -9.94M | 288K | -7.55M | -6.83M | -1.53M | -68.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -4.31M | -22.74M | 28.46M | 30.94M | -70.39M | -31.2M | -4.49M | -4.85M | 2.8M | -4.92M | -4.28M | -5.61M | -2.88M | -7.07M | 115K | 331K | 7.3M | 9.98M | 7.96M | 11.57M | -3.96M | -11.35M | -10.18M | -10.63M | -5.07M | -4.18M | -5.57M | -5.53M | -1.65M | -384K | 200K |
| Change in Payables | -14.49M | -18.56M | 227K | -50.19M | 16.39M | 32.75M | -6.24M | -4.78M | -858K | 6.3M | 723K | 5.11M | 5.87M | 3.81M | 923K | 4.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -39.44M | -42.66M | -92.19M | -43.23M | -51.57M | -42.43M | -38.92M | -37.92M | -44.32M | -53.74M | -40.77M | -56.61M | -9.58M | -6.12M | -9.92M | -5.47M | -11.47M | -13.77M | -19.03M | -28.15M | -26.62M | -73.76M | -22.75M | -28.88M | -39.8M | -17.42M | -40.77M | -21.65M | -7.24M | -4.45M | -4.8M |
| Capital Expenditures | -20.77M | 0 | -91.05M | -42.6M | -44.12M | -35.73M | -31.67M | -32.13M | -47.59M | -21.81M | -28.68M | -20.02M | -7.9M | -8.86M | -6.68M | -4.95M | -2.86M | -4.82M | -8.25M | -14.68M | -13.24M | -61.05M | -22.75M | -28.92M | -39.83M | -17.45M | -40.79M | -21.69M | -7.3M | -4.54M | -5M |
| CapEx % of Revenue | 1.36% | 2.5% | 4.93% | 2.06% | 2.38% | 2.05% | 1.92% | 1.95% | 3.81% | 2.12% | 3.03% | 2.42% | 1.09% | 1.41% | 1.29% | 1.09% | 0.7% | 0.88% | 1.37% | 1.93% | 1.58% | 7.86% | 3.41% | 5.13% | 7.98% | 4.19% | 10.53% | 6.63% | 3.02% | 2.07% | 2.55% |
| Acquisitions | 108K | 0 | 0 | 43K | 10K | 3.89M | 323K | -7.18M | -57.2M | 37K | 846K | 0 | 0 | 0 | 0 | 5.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -18.78M | -42.66M | -1.14M | -670K | -7.46M | -10.58M | -8.75M | -6.61M | -2.28M | -3.72M | -4.43M | -1.09M | -1.68M | 2.74M | 71K | -5.47M | 131K | 64K | -10.78M | -13.46M | -13.38M | -12.71M | 5K | 39K | 27K | 26K | 16K | 39K | 67K | 85K | 200K |
| Cash from Financing | -51.67M | -104.99M | -92.89M | -134.09M | -41.62M | -115.32M | -99.22M | -173.68M | -141.03M | -20.82M | -8.91M | 11.71M | 7.78M | 11.94M | 5.07M | -5.54M | -19.41M | -7.16M | -29.8M | -52.69M | -16.46M | 3.06M | -4.31M | -7.87M | -2.28M | -6.54M | 9.54M | -582K | -2.52M | -2.81M | -2.6M |
| Debt Issued (Net) | -2.44M | -5.32M | -2.75M | -132.89M | -15.46M | -109.81M | -98.47M | -122.2M | -95.84M | -8.25M | 1.65M | 191K | -4.52M | -1.02M | -1.02M | -892K | -859K | 426K | -855K | -1.46M | -1.05M | 9.76M | -932K | 2.78M | -1.77M | -4.95M | 10.73M | 100K | -2.23M | -2.72M | -2.8M |
| Equity Issued (Net) | 31.88M | -27.6M | -87.65M | -1.2M | -25M | -20M | 295K | -49.5M | -27.71M | -11.04M | -8.48M | 9.21M | 12.19M | 5.88M | 18K | 399K | 743K | -2.31M | -23.68M | -49.66M | -13.45M | -9.06M | -1.76M | -9.02M | 1.13M | 19K | 324K | 500K | 562K | 366K | 200K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.29M | -5.13M | -5.09M | -5.06M | -4.77M | -3.3M | -1.96M | -1.9M | -1.62M | -1.64M | -1.64M | -1.61M | -1.51M | -1.18M | -853K | -461K | 0 |
| Share Repurchases | 44.28M | -27.6M | -87.65M | -1.2M | -25M | -20M | 0 | -50M | -29M | -13.41M | -16.59M | -5.05M | -3.14M | 0 | 0 | 0 | 0 | -2.46M | -24.78M | -62.9M | -15.27M | -11.52M | -2.23M | -9.84M | -3.54M | -493K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -81.11M | -72.07M | -2.49M | 0 | -1.16M | 14.49M | -1.05M | -1.97M | -17.48M | -1.53M | -2.08M | 2.3M | 104K | 7.08M | 7.36M | 80K | -14.21M | -219K | -492K | 1.72M | 0 | 4.25M | 0 | 0 | 0 | 0 | 0 | -2K | 0 | 0 | 0 |
| Net Change in Cash | -15.22M | -39.2M | 45.67M | 19.41M | -68.75M | -5.99M | 39.4M | -20.75M | -98.57M | 2.52M | 24.92M | 13.84M | 38.73M | 30.35M | 11.2M | 2.19M | -29.59M | 25.89M | -1.19M | 10.17M | 23.55M | -5.03M | 13.92M | 2.43M | 11.37M | -2.47M | -9.98M | -9.76M | 6.59M | 10.14M | 4.3M |
| Free Cash Flow | 55.12M | 65.68M | 139.7M | 154.13M | -19.68M | 116.03M | 145.87M | 158.72M | 39.19M | 55.27M | 43.09M | 38.72M | 32.63M | 15.67M | 9.37M | 8.24M | -1.57M | 41.99M | 39.39M | 76.33M | 53.39M | 4.62M | 18.22M | 10.26M | 13.62M | 4.05M | -19.54M | -9.22M | 9.04M | 12.87M | 6.7M |
| FCF Margin % | 3.62% | 3.84% | 7.56% | 7.46% | -1.06% | 6.65% | 8.84% | 9.65% | 3.13% | 5.36% | 4.55% | 4.69% | 4.49% | 2.49% | 1.82% | 1.82% | -0.39% | 7.69% | 6.54% | 10.03% | 6.37% | 0.59% | 2.73% | 1.82% | 2.73% | 0.97% | -5.04% | -2.82% | 3.74% | 5.86% | 3.41% |
| FCF Growth % | 38.68% | -52.98% | -9.36% | 883.29% | -116.96% | -20.46% | -8.09% | 305.05% | -29.1% | 28.26% | 11.29% | 18.66% | 108.28% | 67.13% | 13.71% | 625.43% | -103.74% | 6.6% | -48.4% | 42.97% | 1055.54% | -74.65% | 77.56% | -24.65% | 236.65% | 120.71% | -111.95% | -201.96% | -29.74% | 92.04% | -4.29% |
| FCF per Share | 3.78 | 4.29 | 8.59 | 9.24 | -1.19 | 6.81 | 8.61 | 9.16 | 2.24 | 3.37 | 2.62 | 2.41 | 2.08 | 1.06 | 0.65 | 0.58 | -0.11 | 2.99 | 2.71 | 4.78 | 3.22 | 0.27 | 1.09 | 0.61 | 0.81 | 0.25 | -1.21 | -0.57 | 0.57 | 0.83 | 0.44 |
| FCF Conversion (FCF/Net Income) | 3.14x | 1.09x | 1.99x | 2.10x | -0.82x | 2.48x | 2.41x | 2.28x | 1.37x | 1.08x | 1.22x | 1.65x | 1.98x | 2.51x | -0.77x | -0.66x | -0.06x | -14.47x | 11.15x | 2.79x | 2.01x | 1.85x | 1.80x | 1.20x | 1.66x | 1.23x | 1.47x | 0.71x | 1.25x | 1.65x | 3.08x |
| Interest Paid | 10.6M | 14.81M | 14.87M | 17.35M | 9.9M | 22.98M | 27.65M | 35.91M | 5.92M | 596K | 776K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -30.49M | 43.71M | 62.95M | 49.59M | 18.76M | 33.05M | 36.15M | 22.04M | 18.22M | 27.3M | 24.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Housing market volume sensitivity
As reported in recent financial statements, the OCF/NI ratio plummeted to 0.46 in 2026Q3, signaling a significant breakdown in the company's ability to convert accounting profits into actual cash, a trend that warrants close scrutiny given the concurrent net loss of $28.7 million for the period.
The widening gap between net income and operating cash flow suggests that non-cash charges and working capital requirements are increasingly consuming liquidity. Investors should monitor whether this divergence is a temporary byproduct of inventory management or a structural issue regarding the quality of earnings during a cyclical downturn.
Based on the latest quarterly data, the free cash flow margin has deteriorated into negative territory at -6.7% in 2026Q3, marking a sharp reversal from the 7.9% margin observed in 2024Q2 as the company struggles to maintain positive cash generation amidst declining sales volumes.
The transition to negative free cash flow indicates that the company's current operational scale is insufficient to cover both its capital expenditure requirements and operating costs. This trajectory suggests that the firm may face liquidity pressure if the current housing market stagnation persists, forcing a potential reduction in discretionary spending.
According to recent SEC filings, the company experienced a substantial $42.4 million outflow from working capital in 2026Q3, which significantly exacerbated the cash burn and highlights the difficulty of managing inventory and receivables in a softening demand environment for residential cabinetry products.
The volatility in working capital changes suggests that the company is struggling to align its production levels with actual retail demand, leading to potential inventory build-ups. This inefficiency in cash conversion cycles appears to be a primary driver of the recent deterioration in the firm's overall cash position.
As indicated by the provided financial data, the company maintained a capital expenditure to revenue ratio of 2.7% in 2026Q3, which, despite being lower than historical peaks, remains a burden on cash flow given the current contraction in top-line revenue and negative operating margins.
The persistence of capital spending during a period of revenue contraction suggests that the company is prioritizing long-term asset maintenance or essential automation over immediate cash preservation. Analysts should evaluate whether these investments are truly necessary for competitive positioning or if they represent an inflexible cost structure.
Quick answers to the most common questions about buying AMWD stock.
American Woodmark Corporation (AMWD) generated $108.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
American Woodmark Corporation (AMWD) generated $65.7M 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.
American Woodmark Corporation (AMWD) 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, American Woodmark Corporation (AMWD) spent $27.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.