Cash flow generation remains highly erratic, evidenced by an OCF/NI ratio that swung to 11.07 in 2025Q2, while capital expenditures consistently consume 2% to 4% of revenue.
| 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 | 4.76M | 3.78M | 3.37M | 2.35M | 2.26M | 2.36M | 2.57M | 3.15M | 3.06M | 1.25M | 2.59M | 1.89M | 54K | 1.26M | 1.99M | 2.8M | 91K | 3.02M | 511K | 2.63M | 1.28M | 2.45M | 1.04M | 3.08M | -1.41M | 3.15M | 740K | 2M | 1.6M |
| Operating CF Margin % | - | 4.53% | 4.03% | 2.92% | 2.78% | 3.36% | 4.38% | 4.61% | 4.91% | 2.23% | 4.22% | 3.56% | 0.1% | 2.12% | 4.07% | 5.18% | 0.21% | 8.18% | 1.04% | 5.78% | 3.26% | 7.17% | 3.47% | 5.75% | -2.11% | 4.1% | 0.88% | 2.47% | 2.15% |
| Operating CF Growth % | 567.71% | 12.16% | 43.23% | 4.25% | -4.4% | -8.09% | -18.36% | 3.01% | 144.95% | -51.76% | 36.81% | 3401.85% | -95.71% | -36.72% | -28.95% | 2974.73% | -96.99% | 490.8% | -80.56% | 104.83% | -47.63% | 135.12% | -66.15% | 319.07% | -144.55% | 326.22% | -63% | 25% | - |
| Net Income | 585K | 321K | 952K | -1.77M | -980K | 1.65M | -46K | -535K | -3.26M | -816K | -409K | -1.22M | -1.26M | 438K | -326K | 776K | -543K | -774K | 738K | 1.34M | 870K | 541K | -845K | -1.9M | -4.89M | -3.33M | -2.43M | 1.2M | -600K |
| Depreciation & Amortization | 3.78M | 3.8M | 3.91M | 3.83M | 3.48M | 3.11M | 2.91M | 2.52M | 2.88M | 3M | 2.82M | 2.56M | 2.15M | 1.64M | 1.64M | 1.66M | 1.68M | 1.69M | 1.55M | 1.1M | 1.03M | 985K | 895K | 2.07M | 2.56M | 3.13M | 3.27M | 3M | 2.6M |
| Stock-Based Compensation | 245K | 0 | 0 | 1K | 4K | 5K | 6K | 6K | 6K | 12K | 29K | 56K | 80K | 118K | 233K | 197K | 120K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | -19K | 0 | 0 | -1.94M | -799K | -12K | 3.29M | 6K | 115K | 85K | 0 | -123K | -190K | -857K | -24K | 17K | -6K | -19K | 0 | 0 | 0 | 0 | 142K | -1.2M | -276K | 100K | -600K |
| Other Non-Cash Items | 978K | -190K | 117K | -153K | 82K | 42K | 42K | 31K | 27K | -28K | -71K | -88K | -13K | 118K | 233K | 776K | 14K | 93K | 116K | -58K | 123K | 1.17M | 2.35M | 874K | 4.03M | 3.73M | 2.64M | 200K | 100K |
| Working Capital Changes | -757K | -151K | -1.58M | 456K | -330K | -505K | 459K | 1.14M | 116K | -922K | 107K | 500K | -964K | -929K | 403K | 243K | -1.16M | 2M | -1.88M | 149K | -745K | -242K | -1.35M | 2.03M | -2.29M | 824K | -2.45M | -2.5M | -1.2M |
| Change in Receivables | 1.56M | -1.36M | 825K | 1.6M | -1.25M | -1.22M | 3.24M | 155K | -2.33M | 857K | -1.89M | -914K | 1.4M | -975K | 3.59M | -4.71M | -1.12M | 2.12M | -1.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 291K | 3K | 104K | -201K | -356K | -195K | -97K | 7K | 30K | -77K | 57K | 117K | -132K | -125K | -297K | 426K | -121K | -6.12M | -4.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -2.22M | 834K | -2.75M | -1.36M | 663K | 796K | -2.77M | 675K | 1.97M | -1.56M | 1.24M | 1.32M | -2.57M | 86K | -2.97M | 4.47M | 54K | 288K | -182K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.34M | -1.73M | -2.25M | -3.9M | -6.39M | -4.42M | -4.51M | -7.2M | -4.38M | -1.71M | -3M | -8.52M | -9.9M | -2.35M | -1.42M | -1.04M | -387K | -217K | -2.54M | -10.78M | 4.22M | -2.55M | 3.6M | -351K | -807K | -9.08M | -8.44M | -5.6M | -2.2M |
| Capital Expenditures | -1.34M | -1.73M | -2.25M | -3.9M | -6.39M | -4.42M | -4.55M | -7.25M | -4.41M | -1.79M | -3M | -8.52M | -6.79M | -2.37M | -1.47M | -1.41M | -411K | -219K | -2.54M | -10.78M | -2.13M | -1.01M | -5.15M | -310K | -3.29M | -1.61M | -8.14M | -5.9M | -2.3M |
| CapEx % of Revenue | 1.57% | 2.07% | 2.69% | 4.84% | 7.88% | 6.29% | 7.75% | 10.6% | 7.08% | 3.2% | 4.89% | 16.05% | 13.19% | 3.99% | 3% | 2.62% | 0.95% | 0.59% | 5.19% | 23.73% | 5.41% | 2.97% | 17.18% | 0.58% | 4.93% | 2.09% | 9.66% | 7.29% | 3.09% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 3K | 38K | -45K | -1.27M | 0 | 0 | 0 | -3.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 303K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 7K | 0 | 0 | 0 | 0 | 90K | 1.3M | 79K | 0 | 0 | 14K | 25K | 43K | 376K | 24K | 2K | 6K | 1K | 1.88M | 1M | 4.35M | -5.88M | 578K | 407K | 448K | 200K | 100K |
| Cash from Financing | -790K | -973K | -818K | 944K | 11.23M | -1.09M | 1.4M | 10.78M | -622K | -812K | 896K | 4.12M | 4.38M | 3M | -2K | -1K | -1K | -1K | -1K | -11K | -7K | -1K | -3K | 0 | 0 | 0 | 0 | 0 | 21.1M |
| Debt Issued (Net) | -790K | -973K | -818K | 944K | 11.37M | -1.45M | 1.36M | 11.07M | -788K | -770K | 3.96M | 4.12M | 3.75M | -60K | -2K | -1K | -1K | -1K | -1K | -11K | -7K | -1K | -3K | 0 | 0 | 0 | 0 | 0 | -1.2M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 142K | 358K | 43K | 0 | 0 | 0 | 0 | 0 | 700K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 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 | -100K |
| Share Repurchases | 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 |
| Other Financing | 0 | 0 | 0 | 0 | -277K | 0 | 0 | -290K | 166K | -42K | -3.06M | 0 | -70K | 3.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.4M |
| Net Change in Cash | 871K | 1.31M | 309K | -598K | 7.1M | -3.15M | -536K | 6.72M | -1.94M | -1.27M | 485K | -2.52M | -5.47M | 1.91M | 564K | 1.76M | -297K | 2.8M | -2.02M | -8.16M | 5.49M | -102K | 4.64M | 2.73M | -2.21M | -5.93M | -7.7M | -3.6M | 20.5M |
| Free Cash Flow | 3.43M | 2.06M | 1.12M | -1.54M | -4.13M | -2.06M | -1.98M | -4.1M | -1.35M | -541K | -411K | -6.63M | -6.74M | -1.11M | 523K | 1.38M | -320K | 2.8M | -2.03M | -8.15M | -845K | 1.44M | -4.11M | 2.77M | -4.69M | 1.54M | -7.4M | -3.9M | -700K |
| FCF Margin % | 4.03% | 2.46% | 1.34% | -1.92% | -5.09% | -2.93% | -3.37% | -6% | -2.17% | -0.97% | -0.67% | -12.49% | -13.09% | -1.87% | 1.07% | 2.56% | -0.74% | 7.58% | -4.14% | -17.95% | -2.15% | 4.2% | -13.71% | 5.17% | -7.04% | 2.01% | -8.78% | -4.82% | -0.94% |
| FCF Growth % | 1212.99% | 83.57% | 172.63% | 62.7% | -100.58% | -4.2% | 51.76% | -203.93% | -149.35% | -31.63% | 93.8% | 1.54% | -505.76% | -312.62% | -62.21% | 532.5% | -111.43% | 237.93% | 75.11% | -865.09% | -158.89% | 134.9% | -248.55% | 159.02% | -403.56% | 120.87% | -89.85% | -457.14% | - |
| FCF per Share | 0.88 | 0.53 | 0.29 | -0.40 | -1.06 | -0.53 | -0.51 | -1.06 | -0.35 | -0.14 | -0.11 | -1.74 | -1.77 | -0.27 | 0.14 | 0.36 | -0.08 | 0.74 | -0.53 | -2.14 | -0.22 | 0.38 | -1.08 | 0.73 | -1.24 | 0.41 | -1.95 | -1.03 | -0.18 |
| FCF Conversion (FCF/Net Income) | 5.86x | 11.79x | 2.56x | -1.33x | -3.87x | 1.20x | 183.64x | -6.92x | -2.67x | -4.07x | -37.49x | -2.66x | -0.05x | 2.87x | -6.10x | 3.61x | -0.17x | -3.90x | 0.69x | 1.80x | 0.97x | 6.28x | -0.39x | -0.84x | 0.24x | -0.95x | -0.30x | 1.67x | -2.67x |
| Interest Paid | 1.05M | 0 | 2.18M | 2.01M | 1.31M | 1.13M | 1.16M | 790K | 648K | 677K | 362K | 244K | 58K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 2K | 0 | 34K | 162K | 58K | 65K | 148K | 151K | 109K | 144K | 54K | 94K | 68K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regional Industrial Cyclicality
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 11.07 in 2025Q2 to negative figures in other periods, suggesting that reported earnings are frequently disconnected from the company's actual ability to generate cash.
The extreme volatility in the OCF/NI ratio indicates that accruals and non-cash items are significantly distorting the perceived profitability of the business. Investors should monitor whether this divergence stems from aggressive revenue recognition in the brokerage segment or timing mismatches in the hospitality operations.
Based on the provided quarterly data, AWX's free cash flow trajectory is characterized by sharp, inconsistent swings, with FCF margins oscillating between 13.5% and -8.5%, reflecting a business model that struggles to maintain a consistent cash-generative baseline across its disparate waste and resort segments.
The inability to sustain positive FCF suggests that the company's capital requirements often outpace its operational inflows. This inconsistency may indicate that the business is perpetually reinvesting to maintain aging assets rather than scaling its core waste management operations.
According to recent SEC filings, AWX maintains a consistent capital expenditure profile relative to revenue, with CapEx/Rev ratios frequently exceeding 2% to 4%, which appears to be necessary for maintaining the physical infrastructure of its resort assets and specialized waste management facilities.
The persistent level of capital spending relative to revenue suggests that the company is in a maintenance-heavy cycle. This capital intensity likely limits the company's ability to pivot toward higher-growth opportunities or reduce its reliance on external financing for operational upgrades.
As evidenced by the quarterly cash flow data, working capital changes are a primary driver of cash flow volatility, with swings as large as $2.4M in a single quarter, suggesting that the company's collection and payment cycles are highly sensitive to regional industrial activity.
The significant fluctuations in working capital indicate that the company may be struggling to manage its receivables effectively during periods of industrial slowdown. This volatility complicates cash forecasting and may force the company to rely on its limited cash reserves to bridge operational gaps.
Quick answers to the most common questions about buying AWX stock.
Avalon Holdings Corporation (AWX) generated $3.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Avalon Holdings Corporation (AWX) generated $2.1M 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.
Avalon Holdings Corporation (AWX) spent $1.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.