Cash conversion efficiency remains poor, highlighted by a significant $1.7M working capital outflow in 2025Q3 and a persistent inability to generate consistent free cash flow.
| Metric | TTM | Nov'25 | Nov'24 | Nov'23 | Nov'22 | Nov'21 | Nov'20 | Nov'19 | Nov'18 | Nov'17 | Nov'16 | Nov'15 | Nov'14 | Nov'13 | Nov'12 | Nov'11 | Nov'10 | Nov'09 | Nov'08 | Nov'07 | Nov'06 | Nov'05 | Nov'04 | Nov'03 | Nov'02 | Nov'01 | Nov'00 | Nov'99 | Nov'98 | Nov'97 | May'96 |
|---|
| Cash from Operations | -653.94K | -904.14K | 2.63M | -55.19K | 951.72K | -985.85K | -856.31K | 807.75K | -1.12M | 747.4K | 2.38M | 285.04K | 1.94M | -2.34K | 5M | 2.37M | 3.59M | 1.55M | -1.77M | 143.61K | 1.63M | 2.5M | -805.98K | 510.3K | 1.52M | 944.71K | 1.18M | 1.7M | -1.3M | -200K | 1.2M |
| Operating CF Margin % | - | -3.94% | 10.72% | -0.18% | 3.71% | -3.95% | -3.82% | 3.53% | -5.67% | 3.61% | 11.05% | 1.08% | 5.37% | -0.01% | 13.73% | 8.57% | 12.41% | 5.89% | -5.54% | 0.56% | 8.19% | 17.08% | -6.3% | 4.47% | 13.99% | 8.67% | 8.28% | 9.88% | -5.51% | -1.8% | 8.7% |
| Operating CF Growth % | -468.78% | -134.42% | 4859.03% | -105.8% | 196.54% | -15.13% | -206.01% | 172.21% | -249.67% | -68.62% | 735.61% | -85.32% | 82941.51% | -100.05% | 111.32% | -34.1% | 132.18% | 187.25% | -1335.18% | -91.17% | -34.84% | 409.78% | -257.94% | -66.53% | 61.38% | -19.79% | -30.72% | 230.77% | -550% | -116.67% | - |
| Net Income | 1.29M | 1.03M | -94.47K | 762.79K | 374.12K | 212.63K | -2.1M | -1.42M | -3.34M | -1.37M | -426.18K | -557.84K | 935.25K | 1.55M | 2.67M | 1.25M | 1.05M | 762.25K | 1.83M | 2.23M | 933.54K | 977.32K | 1.4M | 1.66M | 569.1K | -2.38M | -2.17M | -600K | -300K | 500K | -800K |
| Depreciation & Amortization | 819.09K | 805.89K | 989.82K | 804.82K | 661.02K | 613.41K | 818.23K | 1M | 960.61K | 702.35K | 671.97K | 929.18K | 906.7K | 704.46K | 852.91K | 780.17K | 715.88K | 656.12K | 594.67K | 445.57K | 303.75K | 268.62K | 311.31K | 278.96K | 251.91K | 453.6K | 517.46K | 600K | 500K | 300K | 600K |
| Stock-Based Compensation | 177.81K | 179.08K | 182.85K | 292.19K | 287.72K | 265.54K | 247.65K | 195.42K | 197.24K | 113.04K | 79.98K | 28.48K | 14.5K | 29.81K | 34.52K | 58.31K | 28.32K | 118.54K | 198.45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 518.83K | 379.36K | 62.92K | 102.18K | 16.49K | 45.8K | -881.64K | -353.63K | -531.03K | -572.17K | -29.94K | -180.92K | 157.09K | -111.14K | -41.72K | -1.25M | 16K | 21K | 277.56K | 204.44K | 92K | 461K | -507K | -818K | 0 | 62.9K | 550.56K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -267.4K | 10.35K | -25.18K | 440.42K | -620.58K | -652.57K | -625.62K | -12.17K | 744.15K | 138.5K | 41.23K | 737.53K | -1.73K | -594.16K | 86.99K | 1.36M | 40.29K | 134.54K | -418.27K | -465.1K | -66.4K | -2.69K | 7.13K | -29.52K | 0 | 545.22K | -6.62K | 100K | -200K | 100K | 0 |
| Working Capital Changes | -3.19M | -3.31M | 1.51M | -2.46M | 232.95K | -1.47M | 1.69M | 1.39M | 846.46K | 1.74M | 2.04M | -671.4K | -70.01K | -1.58M | 1.41M | 170.3K | 1.74M | -144.75K | -4.26M | -2.27M | 364.07K | 792.5K | -2.02M | -584.99K | 703.55K | 2.26M | 2.28M | 1.6M | -1.3M | -1.1M | 1.4M |
| Change in Receivables | -1.95M | 219.03K | 982.84K | -964.27K | -83.67K | -259.44K | -738.88K | -140.69K | 380.38K | -499.8K | 458.54K | 908.7K | 33.53K | -229.41K | -739.98K | 483.25K | -185.96K | 768.83K | -163.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -1.11M | -1.44M | 550.55K | -1.3M | -1.08M | -809.07K | 459.8K | 1.48M | 900.85K | 1.56M | 1.66M | -609.8K | -166.75K | 769.64K | -130.62K | 546.71K | 127.42K | 3.24M | -6.54M | -1.26M | 1.12M | 204.74K | -2.83M | 327.42K | 682.79K | 2.49M | 1.89M | 300K | -600K | -300K | 1.2M |
| Change in Payables | 733.79K | -42.12K | -1.31M | -253.96K | 934.16K | -218.31K | 750.09K | 403.25K | 128.41K | 203.79K | -26.39K | -352.25K | 68.45K | 151.88K | 312.58K | -666.95K | 569.56K | -2.99M | 2.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -670.06K | -580.48K | 961.07K | -453.51K | -1.34M | -599.48K | -501.65K | 452.69K | 707.05K | -429.2K | 916.55K | -253.64K | -617.21K | -3.34M | -3.8M | -1.09M | -3.95M | -379.74K | -1.23M | -4.07M | -1.99M | -1.2M | -560.7K | -739.24K | -142.23K | -49.38K | 10.05K | -300K | -500K | -100K | 0 |
| Capital Expenditures | -721.3K | -627.62K | -724.68K | -841.78K | -1.67M | -620.28K | -693.41K | -447.02K | -434.5K | -513.61K | -274.09K | -238.92K | -633.08K | -842.12K | -799.6K | -859.32K | -2.04M | -379.74K | -1.89M | -2.98M | -974.72K | -378.42K | -563.12K | -217.51K | -142.23K | -58.53K | 0 | -300K | -500K | -200K | 0 |
| CapEx % of Revenue | 2.95% | 2.73% | 2.96% | 2.78% | 6.51% | 2.48% | 3.09% | 1.95% | 2.2% | 2.48% | 1.27% | 0.91% | 1.75% | 2.46% | 2.19% | 3.11% | 7.06% | 1.44% | 5.91% | 11.69% | 4.91% | 2.59% | 4.4% | 1.91% | 1.3% | 0.54% | - | 1.74% | 2.12% | 1.8% | - |
| Acquisitions | 47.14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.48M | 0 | 0 | -1.16M | 0 | 0 | -2.34M | -1.14M | -844.28K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 4.1K | 47.14K | 1.69M | 388.27K | 325.63K | 20.81K | 191.76K | 899.71K | 1.14M | 84.42K | 1.19M | -14.71K | 15.87K | 982.44K | -3M | -232.86K | -746.29K | 0 | 667.14K | 1.25M | 126.49K | 22.6K | 2.42K | -521.72K | 0 | 9.15K | 10.05K | 0 | 0 | 100K | 0 |
| Cash from Financing | 1.32M | 1.49M | -3.59M | 507.67K | 394.52K | 1.59M | 1.36M | -1.26M | 202.68K | -1.17M | -2.68M | -95.78K | -1.02M | 2.01M | 226.57K | -1.47M | 284.81K | -884.19K | 2.49M | 2.47M | 1.23M | -214.41K | 682.63K | 953.63K | -1.31M | -895.33K | -1.46M | -1.1M | 1.8M | 300K | -1.2M |
| Debt Issued (Net) | 1.32M | 1.49M | -3.39M | 602.54K | 17.35K | 1.62M | 1.39M | -1.24M | 823.57K | -1.05M | -2.59M | 229.77K | -1.03M | 2.36M | 621.05K | -1.31M | 443.59K | -386.17K | 2.38M | 2.64M | 1.29M | -50.77K | 682.63K | 953.63K | -2.11M | -987.03K | -1.46M | -1.2M | 1.7M | 300K | -1.2M |
| Equity Issued (Net) | 0 | -1.54K | -37.65K | -68.54K | 453.1K | -30.47K | -31K | -19.32K | -21.31K | -6.42K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.43K | 40.7K | 79.28K | 0 | 0 | 800K | 91.7K | 0 | 0 | 0 | 100K | 100K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -202.43K | 0 | -404.65K | -403.58K | -241.55K | -240.02K | -239.42K | -239.18K | -197.81K | -98.66K | -98.16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -1.54K | -37.65K | -68.54K | -92.43K | -30.47K | -31K | -19.32K | -21.31K | -6.42K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -160.6K | -26.34K | -75.93K | 0 | 0 | 0 | -599.58K | -116.36K | -94.79K | -123.12K | 7.76K | 46.39K | 9.11K | 74.43K | 81.24K | -258.6K | 352.54K | 0 | 0 | -144.77K | 0 | 0 | 0 | 0 | 0 | 100K | 100K | -100K | -100K |
| Net Change in Cash | -1.2K | 2.99K | -2.15K | -1.04K | 2.4K | -26 | -461 | -367 | -208.89K | -851.32K | 616.49K | -64.38K | 303.77K | -1.34M | 1.43M | -198.18K | -70.11K | 283.77K | -508.75K | -1.46M | 873.88K | 1.08M | -684.05K | 724.69K | 70.98K | 0 | -268.93K | 300K | 0 | 0 | 0 |
| Free Cash Flow | -1.38M | -1.53M | 1.9M | -896.98K | -717.76K | -1.61M | -1.55M | 360.73K | -1.55M | 233.78K | 2.11M | 46.01K | 1.31M | -844.47K | 4.2M | 1.51M | 1.55M | 1.17M | -3.67M | -2.84M | 652.25K | 2.12M | -1.37M | 292.78K | 1.38M | 886.17K | 1.18M | 1.4M | -1.8M | -400K | 1.2M |
| FCF Margin % | -5.62% | -6.67% | 7.76% | -2.96% | -2.8% | -6.43% | -6.92% | 1.58% | -7.87% | 1.13% | 9.78% | 0.17% | 3.62% | -2.47% | 11.53% | 5.46% | 5.35% | 4.44% | -11.44% | -11.13% | 3.29% | 14.49% | -10.71% | 2.57% | 12.68% | 8.14% | 8.28% | 8.14% | -7.63% | -3.6% | 8.7% |
| FCF Growth % | -165.55% | -180.53% | 312.05% | -24.97% | 55.31% | -3.64% | -529.61% | 123.23% | -764.34% | -88.91% | 4481.13% | -96.48% | 254.98% | -120.08% | 178.68% | -2.67% | 32.73% | 131.86% | -29.14% | -535.27% | -69.21% | 254.72% | -567.62% | -78.82% | 55.99% | -24.76% | -15.87% | 177.78% | -350% | -133.33% | 700% |
| FCF per Share | -0.27 | -0.30 | 0.38 | -0.18 | -0.15 | -0.36 | -0.35 | 0.08 | -0.37 | 0.06 | 0.51 | 0.01 | 0.32 | -0.21 | 1.04 | 0.37 | 0.39 | 0.29 | -0.92 | -0.72 | 0.16 | 0.54 | -0.35 | 0.07 | 0.38 | 0.35 | 0.47 | 0.56 | -0.72 | -0.16 | 0.54 |
| FCF Conversion (FCF/Net Income) | -1.07x | -0.87x | 8.55x | -0.21x | 9.73x | -4.64x | 0.41x | -0.57x | 0.34x | -0.55x | -5.59x | -0.51x | 2.08x | -0.00x | 1.88x | 1.90x | 3.41x | 2.03x | -0.97x | 0.06x | 1.74x | 2.55x | -0.57x | 0.31x | 2.68x | -0.40x | -0.54x | -2.83x | 4.33x | -0.40x | -1.50x |
| Interest Paid | 380.36K | 0 | 601.68K | 606.75K | 421.24K | 270.62K | 263.6K | 329.36K | 286.07K | 319.32K | 274.84K | 328.53K | 356.47K | 296.64K | -411.74K | 432.13K | 415.27K | 512.31K | 504.19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 2.12K | 0 | 6.31K | 3.65K | 2.37K | 1.68K | 28.51K | 3.85K | 5.24K | 5.63K | 4.87K | -282.61K | -299.99K | -1.64M | -1.05M | 485.14K | 315.06K | 95.07K | 877.38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and working capital
According to the provided quarterly data, ARTW exhibits a highly erratic relationship between net income and operating cash flow, with OCF/NI ratios frequently swinging into negative territory, such as the -4.99 reading in 2025Q3, which suggests that reported earnings are not translating into actual cash generation.
The persistent divergence between net income and operating cash flow indicates that accruals and non-cash adjustments are masking the underlying cash-burning nature of the business. Investors should monitor whether this disconnect stems from aggressive revenue recognition or simply the inability to collect cash from customers in a timely manner.
As reported in financial statements, ARTW's free cash flow trajectory is characterized by frequent quarterly deficits, including a significant $1.5M outflow in 2025Q3, which highlights the company's struggle to maintain positive cash flow margins amidst its current operational scale and high fixed-cost manufacturing requirements.
The inability to consistently generate positive free cash flow suggests that the company's current business model may be structurally incapable of self-funding its operations. This trend warrants further investigation into whether the company's capital intensity is simply too high for its current revenue base.
Based on ARTW's reported figures, working capital changes have been a major source of cash flow volatility, with a massive $1.7M outflow in 2025Q3 alone, indicating that the company's cash position is highly sensitive to the timing of project-based modular building contracts and agricultural equipment inventory cycles.
The erratic nature of these working capital swings suggests that management may be struggling to optimize its inventory and receivables management. This volatility creates a precarious liquidity environment, especially given the company's minimal cash reserves.
Data from recent filings shows that ARTW continues to deploy capital toward maintenance and equipment, with CapEx/Revenue ratios reaching as high as 4.9% in 2024Q1, which appears to be a significant burden for a company already struggling with razor-thin operating margins and negative cash flow.
While these investments are likely necessary to maintain specialized manufacturing capabilities, they appear to be consuming the limited cash generated by the business. This capital intensity may be preventing the company from building the liquidity buffer required to navigate cyclical downturns in the agricultural sector.
Quick answers to the most common questions about buying ARTW stock.
Art's-Way Manufacturing Co., Inc. (ARTW) generated $-0.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Art's-Way Manufacturing Co., Inc. (ARTW) reported negative free cash flow of $1.5M in 2025, indicating capital requirements exceeded cash from operations.
Art's-Way Manufacturing Co., Inc. (ARTW) spent $0.6M 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, Art's-Way Manufacturing Co., Inc. (ARTW) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.