Free cash flow remains highly unstable, ranging from a positive $17.2M in 2024Q4 to a negative $22.9M in 2024Q2, reflecting inconsistent capital allocation and working capital management.
| Metric | 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 |
|---|
| Cash from Operations | -7.75M | 24.3M | -6.09M | 6.57M | -41.61M | 16.38M | 15.14M | 40.65M | -16.9M | 9.01M | 9.2M | 8.14M | 20.61M | 11.65M | 22.62M | -2.64M | 18.41M | 60.05M | 1.91M | -42.93M | 20.23M | -18.14M | 23.85M | 19.35M | 7.92M | -14.01M | 4.52M | 21M | 5.9M |
| Operating CF Margin % | -1.58% | 5.14% | -1.43% | 1.51% | -8.73% | 5.22% | 4.48% | 9.54% | -3.97% | 2.34% | 2.36% | 1.8% | 4.47% | 2.52% | 4.79% | -0.56% | 5.08% | 11.99% | 0.37% | -9.17% | 6% | -6.16% | 11.28% | 8.02% | 4.64% | -8.47% | 3.64% | 19.41% | 4.13% |
| Operating CF Growth % | -131.91% | 499.01% | -192.75% | 115.78% | -354.12% | 8.16% | -62.75% | 340.54% | -287.48% | -2.06% | 13.04% | -60.5% | 76.96% | -48.51% | 958.27% | -114.32% | -69.35% | 3050.42% | 104.44% | -312.23% | 211.54% | -176.05% | 23.24% | 144.21% | 156.56% | -409.84% | -78.47% | 255.93% | - |
| Net Income | 6.72M | 9.38M | 464K | 7.57M | -9.86M | 7.72M | 1.11M | 11.33M | 18.67M | 6.54M | -8.94M | 5.04M | 16.78M | 18.91M | -3.08M | 14.14M | 10.09M | -13.65M | 4.83M | 12.97M | -4.96M | -2.52M | 10M | 4.79M | -1.28M | -5.14M | -6.17M | 4.1M | -6M |
| Depreciation & Amortization | 6.92M | 6.09M | 6.21M | 5.83M | 5.49M | 5.4M | 5.32M | 5.02M | 5.02M | 5.5M | 5.63M | 6.05M | 5.66M | 4.97M | 6.46M | 6.86M | 8.94M | 7.65M | 9.08M | 8.99M | 9.43M | 8.29M | 9.22M | 9.8M | 10M | 10.2M | 10.46M | 5.5M | 4.7M |
| Stock-Based Compensation | 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 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.26M | -2.27M | -213K | 1.2M | -145K | -1.97M | -423K | -324K | 126K | -2.11M | 1.87M | -2.25M | 5.79M | -666K | 4.8M | -2.4M |
| Other Non-Cash Items | -4.24M | -1.18M | -8.35M | -4.9M | 11.98M | -1.59M | -3.22M | -2.85M | -7.31M | -4.55M | 1.4M | 1.94M | -6.11M | -519K | 10.56M | -3.27M | -24.81M | 16.61M | 95K | 282K | 3.22M | 134K | 2.73M | 13.97M | 4.3M | -19.34M | 3.36M | 100K | 20.7M |
| Working Capital Changes | -17.15M | 10.02M | -4.42M | -1.94M | -49.23M | 4.84M | 11.93M | 27.15M | -33.28M | 1.53M | 11.11M | -4.87M | 4.28M | -7.56M | 13.31M | -31.38M | 18.68M | 46.55M | -3.6M | -74.85M | 3.02M | -34.02M | 4.01M | -11.09M | -2.85M | -5.51M | -2.47M | 6.9M | -11.1M |
| Change in Receivables | -744K | 11.45M | -21M | 16.72M | -25.74M | -1.9M | 16.03M | 27.99M | -14.71M | -9.95M | 15.66M | 7.59M | 3M | -23.1M | 34.05M | -31.78M | -552K | 36.19M | -35.81M | -3.36M | 0 | -22.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -12.61M | -2.35M | 13.92M | -4.39M | -53.86M | -8.83M | 3.17M | 10.34M | -11.52M | 7.71M | 16.02M | -15.52M | -5.35M | -12.02M | -5.54M | -8.6M | 30.07M | 7.72M | 4.85M | -52.02M | 3.04M | -18.14M | -6.25M | -7.75M | 3.41M | -728K | 3.76M | -1.9M | -9M |
| Change in Payables | 0 | -2.27M | 6.66M | -14.04M | 26.45M | 12.79M | -8.44M | -9.76M | -6.78M | 4.04M | -12.86M | -1.61M | 4.58M | -7.93M | 13.37M | -6.75M | 6.51M | 4.39M | 15.89M | 6K | 0 | 11.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -4.27M | -3.37M | -4.86M | -2.65M | -6.15M | -20.3M | -6.4M | -4.82M | 3.86M | -152K | -7.32M | -6.25M | -5.46M | -15.76M | -13.9M | -6.57M | 7.88M | -5.16M | -4.05M | 3.27M | -18.67M | -5.23M | 2.48M | -14.58M | -4.34M | 466K | -5.43M | 16.3M | -34.2M |
| Capital Expenditures | -3.34M | -4.22M | -4.25M | -3.81M | -8.55M | -14.6M | -5.46M | -4.51M | -4.91M | -5.17M | -7.44M | -5.99M | -9.51M | -10.94M | -8.89M | -3.65M | -3.26M | -3.38M | -2.89M | -5.2M | -4.62M | -4.27M | -4.88M | -11.13M | -8.37M | -11.44M | -5.05M | -5.9M | -4.6M |
| CapEx % of Revenue | 0.68% | 0.89% | 1% | 0.88% | 1.79% | 4.66% | 1.62% | 1.06% | 1.16% | 1.34% | 1.91% | 1.33% | 2.06% | 2.37% | 1.88% | 0.78% | 0.9% | 0.68% | 0.57% | 1.11% | 1.37% | 1.45% | 2.31% | 4.62% | 4.9% | 6.91% | 4.07% | 5.45% | 3.22% |
| Acquisitions | 0 | 0 | 168K | 445K | 4K | 297K | -127K | 100K | 510K | 113K | 70K | -327K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -477K | 0 | 0 | -1.09M | -2M | 4.05M | 16.63M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 213K | 908K | -447K | 301K | 395K | -1.47M | 171K | 100K | 8.44M | 323K | 123K | 65K | 157K | 173K | 165K | 147K | 153K | -1.8M | 1.41M | 764K | 743K | 761K | 5.69M | -4.47M | -4.19M | -3.79M | -373K | 22.2M | -29.6M |
| Cash from Financing | 9.07M | -24.26M | -5.5M | 9.63M | 42.41M | 2.06M | -17.95M | -19.58M | 7.04M | -10.41M | -14.63M | 7.66M | -19.37M | -62K | 5.62M | 26.41M | -21.71M | -44.45M | 3.95M | 41.8M | 1.14M | 24.37M | -16.51M | -4.88M | -13.12M | 17.66M | -3.66M | -27.9M | 37.7M |
| Debt Issued (Net) | 9.5M | -24.26M | -5.15M | 2.27M | 45.46M | -2.09M | -14.89M | -16.27M | 10.37M | -9.25M | -12.6M | 11.82M | -15.46M | 3.89M | 8.82M | 26.41M | -21.71M | -44.45M | 3.95M | 41.8M | 1.14M | 24.37M | -16.51M | -4.88M | -15.38M | 17.66M | -3.66M | -27.9M | 5.7M |
| Equity Issued (Net) | 0 | 0 | 0 | 7.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -32K | -6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33.3M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.11M | -1.38M | 0 | 0 | 0 | 0 | -3.19M | -3.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.3M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -32K | -6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -435K | -1K | -357K | -565K | -3.05M | 4.15M | -3.06M | -2.21M | -1.94M | -1.16M | -2.04M | -4.16M | -3.88M | -3.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -872K | -3.94M | -16.05M | 11.51M | -9.72M | -1.44M | -7.11M | 14.69M | -2.14M | -3.07M | -17.56M | 6.35M | -10.31M | -3.86M | 13.46M | 21.68M | 4.02M | 8.38M | 4.46M | 3.92M | 2.24M | 1.26M | 10.6M | 190K | -9.53M | 4.12M | -4.5M | 9.7M | -2.3M |
| Free Cash Flow | -11.1M | 20.03M | -10.38M | 2.76M | -50.16M | 1.77M | 9.68M | 36.14M | -21.81M | 3.84M | 1.76M | 2.15M | 11.1M | 711K | 13.74M | -6.29M | 15.15M | 56.66M | -983K | -48.13M | 15.61M | -22.4M | 18.97M | 8.21M | -446K | -25.44M | -533K | 15.1M | 1.3M |
| FCF Margin % | -2.27% | 4.24% | -2.44% | 0.64% | -10.52% | 0.56% | 2.86% | 8.48% | -5.13% | 1% | 0.45% | 0.48% | 2.41% | 0.15% | 2.91% | -1.34% | 4.18% | 11.31% | -0.19% | -10.28% | 4.63% | -7.61% | 8.97% | 3.41% | -0.26% | -15.38% | -0.43% | 13.96% | 0.91% |
| FCF Growth % | -155.42% | 292.88% | -476.5% | 105.5% | -2932.47% | -81.7% | -73.22% | 265.69% | -667.43% | 118.41% | -18.22% | -80.62% | 1461.6% | -94.82% | 318.41% | -141.52% | -73.27% | 5864.39% | 97.96% | -408.34% | 169.68% | -218.11% | 130.94% | 1941.7% | 98.25% | -4673.55% | -103.53% | 1061.54% | - |
| FCF per Share | -0.54 | 0.97 | -0.50 | 0.14 | -3.63 | 0.13 | 0.70 | 2.62 | -1.58 | 0.28 | 0.13 | 0.16 | 0.80 | 0.05 | 0.99 | -0.45 | 1.10 | 4.10 | -0.07 | -3.48 | 1.13 | -1.62 | 1.37 | 0.59 | -0.03 | -2.37 | -0.05 | 1.40 | 0.13 |
| FCF Conversion (FCF/Net Income) | -2.11x | 6.97x | -1.57x | 1.69x | 15.75x | -29.66x | -9.28x | 13.88x | -1.94x | 3.16x | -1.13x | 14.23x | 3.53x | 1.06x | -4.16x | -0.19x | 1.82x | -4.40x | 0.39x | -3.31x | -4.08x | 7.19x | 2.38x | 4.04x | -6.18x | 2.72x | -0.73x | 5.12x | -0.98x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.7M | 1.86M | 2.06M | 2.92M | 6.04M | 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 | 4.83M | 7.41M | 3.55M | 1.9M | 5.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Commodity price volatility exposure
As reported in quarterly financial statements, APWC exhibits a highly erratic relationship between net income and operating cash flow, with the OCF/NI ratio swinging from a negative 0.47 in 2025Q4 to an extreme 89.72 in 2024Q2, indicating significant disconnects between accounting profits and actual cash generation.
The extreme volatility in the OCF/NI ratio suggests that reported net income is a poor proxy for the company's underlying cash-generating capability. Investors should monitor whether this divergence stems from aggressive revenue recognition on long-term projects or timing mismatches in working capital cycles.
Based on the provided cash flow data, APWC's free cash flow trajectory is characterized by violent swings, ranging from a positive $17.2M in 2024Q4 to a negative $22.9M in 2024Q2, reflecting a business model that struggles to maintain consistent cash flow margins across different reporting periods.
The inability to sustain positive free cash flow suggests that the company's operational cash inflows are frequently overwhelmed by capital requirements or working capital outflows. This inconsistency warrants further investigation into whether the firm's project-based revenue model is inherently incompatible with stable cash flow generation.
According to recent SEC filings, APWC's capital expenditure is highly irregular, with periods of zero reported investment followed by significant outflows, such as the $21.3M spent in 2024Q4, which represents a substantial 15.7% of revenue and suggests a lack of disciplined, recurring maintenance investment strategy.
The absence of consistent capital expenditure may indicate that the company is deferring necessary maintenance or upgrades to its manufacturing facilities. Such a strategy appears to prioritize short-term cash preservation over the long-term operational efficiency required to compete in the regional cable market.
As indicated by the historical cash flow data, working capital changes are a primary source of liquidity volatility, exemplified by the $11.1M outflow in 2023Q4, which suggests that the company's cash position is highly sensitive to the timing of inventory procurement and customer collections.
The reliance on working capital management to bridge cash flow gaps implies that the company may be struggling to optimize its inventory turnover or collection cycles. This sensitivity to working capital fluctuations leaves the firm vulnerable to liquidity crunches during periods of rising commodity prices.
Quick answers to the most common questions about buying APWC stock.
Asia Pacific Wire & Cable Corporation Limited (APWC) generated $-7.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Asia Pacific Wire & Cable Corporation Limited (APWC) reported negative free cash flow of $11.1M in 2025, indicating capital requirements exceeded cash from operations.
Asia Pacific Wire & Cable Corporation Limited (APWC) spent $3.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.