Cash flow generation is hampered by extreme working capital volatility, evidenced by a $37.9 million outflow in 2026Q1 and an OCF/NI ratio that reached an extreme 22.69 in 2025Q2.
American Vanguard Corporation (AVD) cash flow statement — 30-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 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -41.81M | -21.19M | 3.92M | -58.75M | 57.1M | 86.36M | 90.32M | 9.61M | 11.35M | 59M | 46.41M | 78.57M | -34.09M | -6.21M | 40.42M | 39.27M | 33.19M | 31.95M | 3.07M | 55.51M | -29.82M | 18.75M | 15.41M | 4.42M | 8.16M | 14.81M | -1.36M | 3.32M | 7.2M | -3.5M | 400K |
| Operating CF Margin % | - | -4.11% | 0.72% | -10.14% | 9.37% | 15.49% | 19.69% | 2.05% | 2.5% | 16.62% | 14.87% | 27.15% | -11.42% | -1.63% | 11.04% | 12.9% | 14.45% | 15.26% | 1.29% | 25.62% | -15.39% | 9.88% | 10.22% | 3.54% | 8.1% | 17.02% | -1.75% | 4.79% | 10.75% | -5.17% | 0.82% |
| Operating CF Growth % | -238.99% | -640.17% | 106.68% | -202.88% | -33.88% | -4.39% | 839.6% | -15.27% | -80.77% | 27.14% | -40.94% | 330.44% | -448.68% | -115.37% | 2.95% | 18.31% | 3.88% | 939.73% | -94.46% | 286.16% | -259.03% | 21.67% | 248.33% | -45.77% | -44.9% | 1185.09% | -141.13% | -53.92% | 305.71% | -975% | -88.89% |
| Net Income | -54.58M | -49.88M | -126.34M | 7.52M | 27.4M | 18.59M | 15.24M | 13.6M | 24.06M | 20.36M | 13.02M | 6.32M | 4.07M | 33.93M | 36.83M | 22.07M | 10.98M | -5.79M | 20.02M | 18.73M | 15.45M | 19M | 14.48M | 10.26M | 7.05M | 5.64M | 4.31M | 3.24M | 2.1M | 2M | 1.6M |
| Depreciation & Amortization | 18.32M | 18.74M | 22.32M | 21.78M | 22.14M | 26.17M | 19.9M | 18.64M | 18.89M | 16.96M | 16.33M | 16.47M | 16.33M | 14.85M | 13.49M | 13.55M | 14.38M | 13.49M | 11.61M | 10.09M | 6.67M | 7.02M | 5.8M | 4.05M | 2.34M | 2.14M | 2.95M | 3.21M | 3.1M | 2.7M | 2.3M |
| Stock-Based Compensation | 1.42M | 2.02M | 4.41M | 6.14M | 5.68M | 6.88M | 6.56M | 7.16M | 5.8M | 4.71M | 3.17M | 3.88M | 4.15M | 3.82M | 2.95M | 1.99M | 1.12M | 1.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1.98M | -1.55M | -95K | -10.22M | -6.72M | -3.87M | -1.12M | 2.88M | -561K | 398K | -151K | 27K | 2.62M | 2.52M | -886K | 4.71M | 5.34M | -778K | 3.7M | 990K | 139K | 243K | -1.05M | 0 | 1.11M | -715.2K | -731K | -463.4K | -600K | 0 | 0 |
| Other Non-Cash Items | 33.44M | 29.7M | 55.62M | 3.98M | 6.68M | 2.19M | 105K | 1.68M | 5.63M | 5.38M | 5.48M | 6.03M | 5.86M | 5.32M | 3.12M | 3.35M | 1.12M | 1.22M | 822K | 791K | 984K | 0 | 0 | 833K | 0 | 0 | 0 | 0 | 200K | 100K | 0 |
| Working Capital Changes | -38.44M | -20.22M | 48.01M | -87.94M | 1.92M | 36.41M | 49.64M | -34.35M | -42.48M | 11.19M | 8.56M | 45.84M | -67.13M | -66.65M | -15.07M | -6.41M | 1.36M | 23.81M | -33.26M | 24.91M | -53.06M | -7.51M | -3.81M | -10.72M | -2.34M | 7.74M | -7.89M | -2.67M | 2.4M | -8.3M | -3.5M |
| Change in Receivables | -5.24M | 7.69M | 3.71M | -16.71M | -11.36M | -18.3M | 15.12M | -18.37M | -21.32M | 754K | -11.82M | 13.03M | -13.47M | 2.35M | -7.5M | -19.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 11.79M | 6.29M | 35.18M | -27.32M | -29.22M | 9.36M | 6.68M | 3.82M | -31.44M | 16.18M | 15.9M | 29.15M | -25.8M | -51.88M | -16.88M | 2.99M | -1.54M | 18.11M | -27.17M | 3.17M | -22.27M | -724K | -10.25M | -12.16M | 2.8M | -2.83M | -4.45M | -1.01M | -2.8M | -1.6M | -3.1M |
| Change in Payables | -9.57M | 15.43M | 3.71M | -2.29M | 1.7M | 8.78M | -8.2M | -7.91M | 9.1M | 3.32M | 9.02M | -5.07M | -19.95M | 8.25M | 9.78M | 8.38M | 3.1M | -3.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -4.97M | -3.61M | -6.62M | -17.02M | -14.47M | -20.04M | -35.8M | -54.84M | -27.7M | -89.51M | -14.14M | -43.69M | -7.68M | -18.95M | -21.1M | -6.58M | -40.68M | -4.32M | -23.32M | -13.89M | -47.07M | -35.23M | -11.07M | -10.64M | -9.82M | -5.99M | -337K | -375.1K | -1.6M | -2.9M | -1.7M |
| Capital Expenditures | -5.31M | -4.08M | -7.69M | -12.06M | -14.55M | -10.04M | -15.26M | -16.86M | -27.7M | -88.56M | -10.85M | -43.57M | -7.18M | -15.26M | -21.1M | -6.58M | -40.68M | -4.32M | -23.32M | -13.89M | -46.8M | -13.19M | -8.48M | -4.45M | -7.98M | -5.59M | -521.5K | -397.4K | -800K | -2.8M | -1.5M |
| CapEx % of Revenue | 1.04% | 0.79% | 1.4% | 2.08% | 2.39% | 1.8% | 3.33% | 3.6% | 6.1% | 24.94% | 3.48% | 15.05% | 2.4% | 4% | 5.76% | 2.16% | 17.72% | 2.06% | 9.82% | 6.41% | 24.15% | 6.95% | 5.62% | 3.56% | 7.92% | 6.43% | 0.67% | 0.57% | 1.19% | 4.14% | 3.09% |
| Acquisitions | 7K | 0 | 0 | -5.2M | 0 | -10M | -19.34M | -37.97M | -19.72M | -81.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 331K | 477K | 1.06M | 242K | 84K | 0 | -1.19M | 0 | 0 | -6.67M | -3.51M | -36.79M | -500K | -3.69M | -3.47M | 0 | 0 | 0 | 0 | 0 | -276K | -22.05M | -2.58M | -6.19M | -1.84M | -395K | 184.5K | 22.3K | -800K | -100K | -200K |
| Cash from Financing | 76.6M | 23.7M | 4.54M | 66.74M | -38.26M | -65.87M | -44.44M | 46.41M | 11.13M | 33.94M | -28.55M | -32.86M | 41.16M | -7.12M | -16.43M | 2.31M | 8.13M | -28.59M | 19.41M | -40.48M | 77.34M | 17.36M | -4.77M | 3.76M | 4.36M | -8.33M | 1.51M | -3.16M | -5.6M | 6.5M | 1.6M |
| Debt Issued (Net) | 94.94M | 26.67M | 8.43M | 86.6M | -1M | -55.57M | -41.62M | 51.9M | 18.98M | 37.02M | -27.6M | -30.52M | 47.85M | -604K | -8.49M | 4.33M | 8.18M | -28.44M | 20.39M | -39.61M | 55.39M | 17.89M | -3.94M | 4M | 4.85M | -7.36M | 2.5M | -2.76M | -5.3M | 6.6M | 1.8M |
| Equity Issued (Net) | 240K | 424K | -1.43M | -17.51M | -36.07M | -7.53M | -2.75M | -3M | -5.57M | 0 | 0 | 317K | -1.53M | -1.93M | 0 | 0 | 768K | 1.47M | 1.01M | 969K | 24.11M | 1.01M | 336K | 570K | 107K | -509.5K | -538.2K | -245.3K | 0 | 0 | -100K |
| Dividends Paid | 0 | 0 | -2.51M | -3.38M | -2.79M | -2.38M | -1.17M | -2.32M | -2.2M | -1.6M | -578K | -1.14M | -5.67M | -4.8M | -6.15M | -2.21M | -819K | -1.61M | -2.13M | -1.84M | -2.16M | -1.55M | -1.18M | -807K | -598.8K | -459.4K | -454.3K | -149.6K | -200K | -200K | -100K |
| Share Repurchases | -114K | 0 | -1.43M | -17.51M | -36.07M | -7.53M | -2.75M | -3.72M | -7.29M | -713K | 0 | 0 | -1.53M | -1.93M | 0 | 20.06M | 0 | 0 | -408K | 0 | 0 | 0 | -301K | -208K | -394K | -586.3K | -569.4K | -245.3K | 0 | 0 | -100K |
| Other Financing | -18.58M | -3.39M | 51K | 1.03M | 1.6M | -386K | 1.1M | -170K | -73K | -1.49M | -367K | -1.52M | 509K | 219K | -1.79M | 179K | 0 | 0 | 133K | 0 | 0 | 0 | 0 | 0 | 700 | 0 | 0 | 0 | -100K | 100K | 0 |
| Net Change in Cash | 29.33M | -89K | 1.1M | -8.91M | 4.04M | 362K | 9.34M | 413K | -5.17M | 3.47M | 2.35M | 639K | -1.79M | -31.8M | 3.39M | 33.93M | 775K | -846K | -1.97M | 1.36M | 502K | 885K | -430K | -2.39M | 2.42M | 492K | -189.2K | -216.8K | 0 | 6.5M | 1.6M |
| Free Cash Flow | -47.11M | -25.27M | -3.77M | -70.81M | 42.55M | 76.32M | 75.06M | -7.25M | -16.35M | -29.56M | 35.55M | 35M | -41.27M | -21.47M | 19.32M | 32.69M | -7.49M | 27.63M | -20.25M | 41.62M | -76.61M | 5.56M | 6.93M | -24K | 180.6K | 9.21M | -1.89M | 2.92M | 6.4M | -6.3M | -1.1M |
| FCF Margin % | -9.23% | -4.91% | -0.69% | -12.22% | 6.98% | 13.69% | 16.36% | -1.55% | -3.6% | -8.33% | 11.39% | 12.1% | -13.82% | -5.64% | 5.28% | 10.74% | -3.26% | 13.2% | -8.52% | 19.21% | -39.54% | 2.93% | 4.59% | -0.02% | 0.18% | 10.59% | -2.42% | 4.22% | 9.55% | -9.31% | -2.26% |
| FCF Growth % | -356.54% | -571.31% | 94.68% | -266.42% | -44.25% | 1.68% | 1135.04% | 55.65% | 44.69% | -183.15% | 1.57% | 184.8% | -92.21% | -211.13% | -40.89% | 536.38% | -127.11% | 236.45% | -148.65% | 154.33% | -1477.17% | -19.69% | 28962.5% | -113.29% | -98.04% | 588.46% | -164.58% | -54.37% | 201.59% | -472.73% | -139.29% |
| FCF per Share | -1.64 | -0.89 | -0.13 | -2.48 | 1.42 | 2.51 | 2.50 | -0.24 | -0.54 | -1.00 | 1.21 | 1.20 | -1.43 | -0.74 | 0.67 | 1.17 | -0.27 | 1.02 | -0.74 | 1.52 | -2.82 | 0.22 | 0.27 | -0.00 | 0.01 | 0.39 | -0.08 | 0.12 | 0.26 | -0.31 | -0.05 |
| FCF Conversion (FCF/Net Income) | 0.86x | 0.42x | -0.03x | -7.81x | 2.08x | 4.65x | 5.93x | 0.71x | 0.47x | 2.91x | 3.63x | 11.92x | -7.04x | -0.18x | 1.10x | 1.78x | 3.02x | -5.52x | 0.15x | 2.96x | -1.93x | 0.99x | 1.06x | 0.43x | 1.16x | 2.63x | -0.32x | 1.03x | 3.43x | -1.75x | 0.25x |
| Interest Paid | 9.09M | 16.77M | 15.59M | 11.9M | 3.83M | 3.52M | 5.31M | 7.12M | 3.32M | 1.5M | 1.75M | 2.75M | 2.3M | 1.78M | 1.89M | 2.06M | 3.66M | 3.28M | 4.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.52M | 3.94M | 8.76M | 9.43M | 19.96M | 5.8M | 3.88M | 9.28M | -8.45M | 17.84M | 4.95M | 3.7M | 8.21M | 25.27M | 18.05M | 6.36M | 2.21M | 3.36M | 6.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying AVD stock.
American Vanguard Corporation (AVD) generated $-21.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
American Vanguard Corporation (AVD) reported negative free cash flow of $25.3M in 2025, indicating capital requirements exceeded cash from operations.
American Vanguard Corporation (AVD) spent $4.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Regulatory EPA molecule bans
Metrics are mathematically derived from official filings.
Earnings Quality and Cash Disconnect
As reported in recent financial statements, American Vanguard's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching an extreme 22.69 in 2025Q2, suggesting that non-cash charges and working capital volatility significantly obscure the underlying cash-generating capacity of the core business operations.
The persistent gap between net income and operating cash flow indicates that reported earnings are heavily influenced by non-cash items and timing differences. Investors should monitor whether this volatility is a structural feature of the company's seasonal business model or a sign of deteriorating earnings quality.
Free Cash Flow Volatility Trends
Based on the company's quarterly filings, free cash flow has exhibited extreme swings, ranging from a high of $83.8 million in 2023Q4 to a low of -$39.7 million in 2024Q1, reflecting the intense seasonality and cyclical nature of the firm's agricultural input revenue streams.
The erratic FCF trajectory suggests that the company lacks a consistent cash-generation engine, making it vulnerable to short-term operational disruptions. This instability warrants further investigation into whether management can stabilize cash flows through better inventory management or if the business model remains inherently tied to volatile planting cycles.
Working Capital Drag on Liquidity
According to recent cash flow data, working capital changes have been a major source of liquidity pressure, with a significant outflow of $37.9 million in 2026Q1, highlighting the company's struggle to efficiently manage inventory and receivables during periods of shifting demand in the agricultural sector.
The recurring negative impact of working capital on cash flow suggests that the company may be over-extending its balance sheet to support channel inventory. This pattern appears to be a primary driver of the company's periodic cash burn, necessitating a closer look at collection cycles and inventory turnover efficiency.
Capital Intensity and Asset Maintenance
As indicated by historical data, the company maintains a relatively low capital intensity, with CapEx/Revenue ratios consistently below 3% in most quarters, suggesting that the firm is prioritizing the preservation of existing regulatory assets over aggressive expansion of its manufacturing or technological infrastructure.
While low capital intensity may support cash preservation, it also raises questions about the adequacy of investment in the SIMPAS platform and other growth initiatives. Analysts should monitor whether this level of spending is sufficient to maintain the competitive moat or if it reflects a defensive posture in a challenging market.