Cash conversion remains erratic, evidenced by an OCF/NI ratio that swung from 140.02 in 2025Q1 to a negative 0.73 in 2025Q2, complicating the assessment of true earnings quality.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | 11.87M | 10.51M | 6.63M | 8.49M | 10.5M | 14.05M | 8.79M | 9.63M | 9.96M | 8.25M | 8.77M | 11.14M | 8.25M | 6.74M | 6.21M | 4.35M | 7.12M | 5.22M | 3.75M | 2.14M | 2.08M | 2.66M | 3.75M | 4.42M | 943K | 1.31M | 558K | 2.7M | 1.1M | 2.1M | 500K |
| Operating CF Margin % | - | 5.12% | 3.52% | 4.87% | 6.65% | 10.25% | 7.78% | 8.3% | 8.79% | 7.73% | 8.46% | 11.24% | 9.19% | 8.15% | 8.03% | 6.02% | 10.18% | 7.78% | 5.84% | 3.5% | 3.78% | 5.43% | 8.17% | 10.98% | 3.33% | 4.91% | 2.22% | 12.11% | 5.05% | 10.34% | 2.53% |
| Operating CF Growth % | 256.95% | 58.52% | -21.9% | -19.17% | -25.25% | 59.92% | -8.75% | -3.33% | 20.66% | -5.85% | -21.3% | 35.01% | 22.35% | 8.56% | 42.74% | -38.89% | 36.52% | 39.23% | 75.26% | 2.79% | -21.92% | -29% | -15.07% | 368.5% | -28.07% | 134.95% | -79.33% | 145.45% | -47.62% | 320% | 0% |
| Net Income | 5.97M | 5.03M | 5.3M | 5.42M | 9.05M | 11.78M | 1.11M | 5.38M | 5.39M | 4.39M | 4.97M | 5.24M | 4.6M | 2.93M | 2.07M | 2.28M | 2.48M | 1.39M | 1.06M | 1.27M | 1.25M | 1.11M | 440K | 888K | 1.38M | 1.53M | 1.36M | 2.4M | 1.4M | 1.1M | 800K |
| Depreciation & Amortization | 59K | 7.32M | 6.82M | 6.11M | 5.4M | 5.61M | 6.29M | 3.04M | 2.8M | 2.54M | 2.56M | 2.54M | 2.46M | 2.45M | 2.38M | 2.36M | 2.24M | 2.26M | 2.36M | 2.15M | 1.82M | 1.54M | 1.54M | 1.19M | 717K | 758K | 681K | 600K | 700K | 600K | 700K |
| 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 | 0 | 0 |
| Deferred Taxes | 0 | -20K | -265K | 62K | 199K | 758K | -103K | 363K | 686K | -55K | 35K | 90K | 70K | -106K | -70K | -42K | -52K | -196K | -272K | -116K | -120K | 18K | -162K | 167K | 169K | 6K | -32K | -600K | 0 | 0 | 0 |
| Other Non-Cash Items | 6.69M | 3.1M | 78K | 94K | -3.45M | -5.08M | 1.15M | 205K | 26K | 153K | 376K | 108K | 66K | 204K | 155K | -3K | 229K | 903K | -18K | -197K | -428K | 498K | 662K | 574K | -718K | -1.05M | -472K | -100K | 100K | -100K | -100K |
| Working Capital Changes | 6.91M | -4.92M | -5.3M | -3.2M | -696K | 985K | 335K | 642K | 1.02M | 1.22M | 823K | 3.16M | 1.06M | 1.26M | 1.68M | -242K | 2.23M | 862K | 617K | -971K | -439K | -502K | 1.27M | 1.6M | -608K | 64K | -983K | 400K | -1M | 500K | -900K |
| Change in Receivables | -580K | 142K | -199K | -2.44M | -6K | 43K | -228K | 1.71M | 1.12M | 1.11M | 498K | 1.58M | 1.1M | 503K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 6K | 100K | 178K | -709K | -1.43M | -659K | -332K | -222K | -381K | -209K | -223K | 544K | -253K | -185K | -331K | -200K | -33K | 235K | -3K | 50K | -225K | -340K | -288K | 60K | -50K | 45K | 46K | -200K | 0 | -200K | -100K |
| Change in Payables | 2.83M | -1.97M | -2.07M | -55K | 898K | 190K | 590K | -964K | 262K | 276K | 498K | 609K | 699K | 720K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -6.07M | -6.12M | -5.14M | -18.56M | -9.54M | -11.59M | -3.27M | -4.61M | -5.21M | -7.05M | -3.37M | -4.28M | -2.54M | -3.27M | -2.03M | -4.17M | -2.95M | -1.6M | -3.97M | -2.76M | -3.59M | -2.05M | -1.63M | -3.11M | -588K | -583K | -1.41M | -1M | -800K | -1.3M | -300K |
| Capital Expenditures | -193K | -5.83M | -3.44M | -18.67M | -9.55M | -11.32M | -3.08M | -5.75M | -5.33M | -7.15M | -3.07M | -3.96M | -2.53M | -3.46M | -2.08M | -4.47M | -3M | -1.68M | -4.01M | -4.19M | -3.71M | -2.1M | -1.87M | -3.03M | -558K | -1.09M | -1.86M | -900K | -800K | -1M | -600K |
| CapEx % of Revenue | 0.09% | 2.84% | 1.83% | 10.71% | 6.05% | 8.26% | 2.73% | 4.96% | 4.71% | 6.69% | 2.97% | 4% | 2.82% | 4.18% | 2.69% | 6.18% | 4.29% | 2.5% | 6.25% | 6.85% | 6.74% | 4.27% | 4.08% | 7.52% | 1.97% | 4.09% | 7.39% | 4.04% | 3.67% | 4.93% | 3.03% |
| Acquisitions | -362K | 0 | 0 | 60K | -75K | -404K | -405K | 31K | 89K | 73K | -10K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -601K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -5.03M | -287K | -1.7M | 51K | 87K | 139K | 218K | 1.11M | 126K | 93K | -298K | -316K | -10K | 183K | -42K | 309K | 54K | 81K | 45K | 1.04M | 717K | 41K | 387K | 79K | -30K | 508K | 448K | 0 | 0 | -300K | 300K |
| Cash from Financing | -5.94M | -5.7M | -5.62M | -6.54M | 8.5M | 294K | 10.74M | -4.76M | -1.22M | -1.49M | -4.49M | -5.69M | -4.67M | -3.63M | -1.23M | -2.36M | -2.31M | -2.28M | 1.24M | 1.15M | 538K | -872K | -773K | -866K | -880K | -71K | -159K | -1.3M | -200K | -300K | -100K |
| Debt Issued (Net) | -1.35M | -1.33M | -1.25M | -2.3M | 4.97M | 2.04M | 11.89M | -2.57M | 1M | 1.13M | -2.04M | -3.19M | -2.85M | -2.36M | -1.86M | -500K | -1.05M | -1.04M | 408K | 159K | 273K | -59K | -278K | -346K | -90K | 343K | 529K | -900K | -300K | 100K | -100K |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10K | -6K | -6K | -6K | -6K | -87K | -49K | 25K | -23K | -351K | -108K | 0 | -186K | 3K | -473K | -300K | 100K | 0 | -100K |
| Dividends Paid | -1.02M | -1.02M | -929K | -838K | -1.86M | 0 | 0 | -520K | -465K | -372K | -344K | -279K | 0 | 0 | 0 | -188K | 0 | 0 | 0 | 0 | -658K | -609K | -1.71M | -520K | -499K | -231K | -215K | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10K | -6K | -6K | -6K | -6K | -87K | -49K | -36K | -139K | -353K | -201K | 0 | -423K | -18K | -492K | -300K | 0 | 0 | -200K |
| Other Financing | -3.57M | -3.35M | -3.44M | -3.4M | 5.39M | -1.75M | -1.16M | -1.67M | -1.76M | -2.25M | -2.1M | -2.23M | -1.81M | -1.27M | 640K | -1.67M | -1.25M | -1.16M | 882K | 964K | 946K | 147K | 194K | 161K | -1.25M | -283K | 0 | -100K | 0 | -400K | 100K |
| Net Change in Cash | -142K | -1.31M | -4.13M | -16.61M | 9.46M | 2.75M | 16.25M | 258K | 3.53M | -289K | 907K | 1.17M | 1.04M | -163K | 2.96M | -2.18M | 1.87M | 1.34M | 1.02M | 525K | -976K | -262K | 1.35M | 444K | -525K | 657K | -1.01M | 300K | 100K | 500K | 100K |
| Free Cash Flow | 7.38M | 4.68M | 1.39M | -10.18M | 948K | 2.73M | 5.7M | 3.87M | 4.63M | 1.11M | 5.69M | 7.18M | 5.72M | 3.29M | 4.13M | -120K | 4.12M | 3.54M | -265K | -2.05M | -1.63M | 569K | 1.88M | 1.39M | 385K | 220K | -1.3M | 1.8M | 300K | 1.1M | -100K |
| FCF Margin % | 3.51% | 2.28% | 0.74% | -5.84% | 0.6% | 1.99% | 5.05% | 3.34% | 4.08% | 1.04% | 5.49% | 7.24% | 6.37% | 3.97% | 5.34% | -0.17% | 5.89% | 5.28% | -0.41% | -3.35% | -2.96% | 1.16% | 4.09% | 3.45% | 1.36% | 0.82% | -5.17% | 8.07% | 1.38% | 5.42% | -0.51% |
| FCF Growth % | 51.1% | 237.66% | 113.61% | -1173.95% | -65.21% | -52.2% | 47.16% | -16.27% | 317.6% | -80.54% | -20.69% | 25.49% | 74.07% | -20.47% | 3543.33% | -102.91% | 16.42% | 1435.47% | 87.06% | -25.64% | -386.47% | -69.72% | 35.18% | 261.04% | 75% | 116.9% | -172.33% | 500% | -72.73% | 1200% | -150% |
| FCF per Share | 3.97 | 2.52 | 0.75 | -5.48 | 0.51 | 1.47 | 3.07 | 2.08 | 2.49 | 0.60 | 3.06 | 3.86 | 3.08 | 1.77 | 2.22 | -0.06 | 2.21 | 1.89 | -0.14 | -1.07 | -0.85 | 0.30 | 0.97 | 0.71 | 0.19 | 0.11 | -0.67 | 0.86 | 0.15 | 0.55 | -0.05 |
| FCF Conversion (FCF/Net Income) | 1.24x | 2.09x | 1.98x | 2.12x | 1.66x | 1.19x | 7.91x | 1.79x | 2.71x | 2.73x | 2.88x | 3.22x | 2.98x | 3.41x | 4.40x | 3.00x | 4.24x | 3.76x | 3.54x | 1.69x | 1.66x | 2.41x | 8.53x | 4.98x | 0.68x | 0.86x | 0.41x | 1.13x | 0.79x | 1.91x | 0.63x |
| Interest Paid | -239K | 895K | 967K | 1.07M | 757K | 938K | 836K | 708K | 753K | 600K | 559K | 610K | 736K | 818K | 806K | 615K | 483K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -1K | 546K | 501K | 571K | 660K | 371K | 61K | 322K | 875K | 1.15M | 1.66M | 1.27M | 1.09M | 845K | 577K | 1.13M | 206K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regional Economic Concentration Risk
As reported in quarterly financial statements, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from a massive 140.02 in 2025Q1 to a negative 0.73 in 2025Q2, suggesting that reported earnings are poor proxies for actual cash generation.
The extreme variance in the conversion ratio indicates that accruals and non-cash adjustments, likely related to the company's limited partnership structure, frequently decouple accounting profit from liquidity. Investors should monitor this divergence, as it implies that net income figures may not reliably reflect the underlying cash-generating capacity of the restaurant and retail segments.
Based on the provided cash flow data, BDL's free cash flow trajectory is characterized by significant quarterly swings, ranging from a peak margin of 13.8% in 2025Q1 to a trough of negative 7.8% in 2024Q2, highlighting the company's inability to maintain consistent cash conversion across fiscal periods.
The erratic FCF performance suggests that the business is highly sensitive to working capital fluctuations and irregular capital expenditures. This lack of predictability in cash flow generation may complicate long-term capital allocation strategies and warrants further investigation into the specific operational drivers behind these periodic cash outflows.
According to recent SEC filings, BDL experiences substantial volatility in working capital, with changes ranging from a $7.0 million inflow in 2025Q3 to a $7.0 million outflow in 2025Q2, indicating that the company's cash position is heavily influenced by timing differences in inventory and payables management.
These large, offsetting swings in working capital suggest that the company's cash flow is prone to significant quarter-to-quarter noise rather than steady operational efficiency. Such volatility may indicate challenges in managing inventory levels or vendor payment cycles within the dual-segment retail and restaurant model.
As reported in financial statements, BDL maintains a modest capital intensity, with CapEx as a percentage of revenue averaging roughly 2% over the last ten quarters, suggesting that the company is primarily focused on maintenance rather than aggressive expansion of its South Florida footprint.
The relatively low and stable capital expenditure levels imply that the company is not currently engaged in a heavy growth phase, which may be a prudent strategy given the competitive nature of the local market. However, investors should monitor whether this level of investment is sufficient to maintain the long-term quality of its aging restaurant and retail assets.
Quick answers to the most common questions about buying BDL stock.
Flanigan's Enterprises, Inc. (BDL) generated $10.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Flanigan's Enterprises, Inc. (BDL) generated $4.7M 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.
Flanigan's Enterprises, Inc. (BDL) spent $5.8M 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, Flanigan's Enterprises, Inc. (BDL) returned $1.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.