Liquidity remains supported by a current ratio of 5.59, though cash flow generation remains erratic, evidenced by a $4.9 million free cash flow deficit in 2025Q3.
BGSF, Inc. (BGSF) cash flow statement — 14-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 |
|---|
| Cash from Operations | 1.15M | 113K | 24.38M | 20.39M | -7.12M | 6.66M | 22.26M | 17.95M | 18.43M | 18.06M | 9.53M | 11.79M | 5.68M | 2.28M | 3.02M |
| Operating CF Margin % | - | 0.12% | 8.95% | 6.51% | -2.39% | 2.79% | 10.75% | 8.17% | 6.42% | 6.63% | 3.76% | 5.42% | 3.29% | 1.5% | 3.93% |
| Operating CF Growth % | -161.25% | -99.54% | 19.59% | 386.24% | -206.89% | -70.06% | 23.97% | -2.56% | 2.01% | 89.47% | -19.15% | 107.56% | 148.96% | -24.41% | - |
| Net Income | -3.04M | -11.53M | -3.34M | -10.22M | 24.13M | 14.11M | -3.33M | 9.64M | 17.55M | 5.85M | 6.88M | 5.35M | -428.86K | 8.3M | -1.75M |
| Depreciation & Amortization | 139K | 1.55M | 7.77M | 7.77M | 4.05M | 3.77M | 4.86M | 4.72M | 5.04M | 6.29M | 6.73M | 5.54M | 4.64M | 4.89M | 4.47M |
| Stock-Based Compensation | 0 | 0 | 989K | 1.03M | 1.08M | 1.06M | 785.72K | 849.66K | 1.07M | 447.3K | 313.99K | 352.88K | 1.19M | 0 | 0 |
| Deferred Taxes | -197K | -1.65M | -1.19M | -5.08M | 2.35M | 0 | -2.41M | 799.15K | 1.53M | 3.11M | -1.1M | -717.37K | -129.45K | -7.68M | -23.38K |
| Other Non-Cash Items | -498K | 3.73M | 1.1M | 24.3M | -20.88M | -2.68M | 10.36M | 5.69M | -2.64M | 2.01M | 2.62M | 2.71M | 2.42M | 597.68K | 90.34K |
| Working Capital Changes | 2.97M | 8.01M | 19.05M | 2.58M | -17.86M | -9.6M | 11.99M | -3.75M | -4.13M | 354.35K | -5.92M | -1.44M | -2.02M | -4.54M | 156.25K |
| Change in Receivables | 5.63M | -1.56M | 14.52M | 12.16M | -14.79M | -15.18M | 5.03M | -2.77M | -939.45K | 1.43M | -1.39M | -4.19M | 266.29K | -8.03M | 308.35K |
| Change in Inventory | 0 | -66K | 0 | 0 | 0 | 0 | 0 | 0 | -1.61M | 22.63K | -3.87M | 3.13M | -1.67M | 3.7M | 1.09M |
| Change in Payables | -1.45M | 423K | -14K | -492K | -228K | 0 | -279.33K | 333.17K | -1.76M | -555.97K | -620.52K | 185.33K | -818.62K | -313.15K | -1.56M |
| Cash from Investing | -7.41M | 91.2M | -1.64M | -9.51M | -8.92M | -7.02M | -24.15M | -9.73M | -923.99K | -25.64M | -931.36K | -19.34M | -322.93K | -10.84M | -11.11M |
| Capital Expenditures | -16K | -138K | -1.64M | -2.6M | -5.68M | -3.2M | -2.08M | -2.08M | -923.99K | -1.15M | -938.94K | -563.17K | -327.93K | -221.63K | -121.45K |
| CapEx % of Revenue | 0.02% | 0.15% | 0.6% | 0.83% | 1.9% | 1.34% | 1% | 0.95% | 0.32% | 0.42% | 0.37% | 0.26% | 0.19% | 0.15% | 0.16% |
| Acquisitions | 138K | 91.67M | 0 | -6.92M | -3.22M | -3.79M | -22M | -7.5M | 0 | -24.5M | 7.59K | -18.78M | 0 | -10.62M | -10.99M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -7.53M | -331K | 0 | 0 | -26K | -29K | -68.73K | -152.19K | 0 | 2.35K | 7.59K | 1.26K | 5K | -1.07M | 8.1K |
| Cash from Financing | -25.81M | -72.49M | -22.39M | -10.87M | 15.93M | 473K | 1.89M | -8.22M | -17.5M | 7.58M | -8.6M | 7.55M | -5.36M | 7.49M | 8.09M |
| Debt Issued (Net) | -1.74M | -48.7M | -15.93M | -3.76M | 22.92M | 4.74M | 7.06M | 7.07M | -24.48M | 21.37M | -7.62M | 9.13M | -11.78M | 10.2M | 4.13M |
| Equity Issued (Net) | -2.86M | -1.39M | 262K | 502K | 0 | -49K | 0 | 0 | 0 | 86.25K | 15.25M | 7.05M | 8.49M | 200 | 4.08M |
| Dividends Paid | -22.4M | -22.4M | -1.64M | -6.51M | -6.29M | -4.57M | -5.16M | -12.28M | -10.92M | -8.74M | -8.03M | -6.49M | -6.75K | -1.32M | -4.37K |
| Share Repurchases | -1.52M | -1.52M | 0 | -10K | 0 | -49K | 0 | 0 | -24.03K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.19M | 0 | -5.08M | -1.11M | -694K | 348K | -12.13K | -3.02M | 17.9M | -5.14M | -8.21M | -2.13M | -2.07M | -1.39M | -126.69K |
| Net Change in Cash | -31.87M | 18.66M | 353K | 0 | -112K | 112K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.07M | 0 |
| Free Cash Flow | 1.67M | -25K | 22.74M | 17.79M | -12.8M | 3.46M | 20.18M | 15.88M | 17.5M | 16.92M | 8.59M | 11.23M | 5.35M | 2.06M | 2.9M |
| FCF Margin % | 1.85% | -0.03% | 8.34% | 5.68% | -4.29% | 1.45% | 9.74% | 7.22% | 6.1% | 6.21% | 3.39% | 5.16% | 3.1% | 1.36% | 3.77% |
| FCF Growth % | 33.92% | -100.11% | 27.83% | 238.95% | -470.11% | -82.86% | 27.11% | -9.29% | 3.45% | 96.84% | -23.46% | 109.76% | 159.82% | -28.89% | - |
| FCF per Share | 0.16 | -0.00 | 2.09 | 1.65 | -1.22 | 0.33 | 1.95 | 1.53 | 1.78 | 1.87 | 0.99 | 1.52 | 0.95 | 0.37 | 0.52 |
| FCF Conversion (FCF/Net Income) | -0.55x | -0.01x | -7.30x | -1.99x | -0.28x | 0.47x | 15.44x | 1.36x | 1.05x | 3.09x | 1.39x | 2.21x | -13.25x | 0.27x | -1.73x |
| Interest Paid | 58K | 0 | 4.47M | 0 | 641K | 0 | 1.13M | 1.35M | 1.76M | 1.45M | 2.44M | 1.46M | 2.34M | 1.93M | 1.12M |
| Taxes Paid | 89K | 0 | 685K | 0 | 7.56M | 0 | 995.36K | 3.56M | 2.01M | 5.91M | 5.5M | 3.64M | 1.65M | 66K | 24.54K |
Quick answers to the most common questions about buying BGSF stock.
BGSF, Inc. (BGSF) generated $0.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BGSF, Inc. (BGSF) reported negative free cash flow of $0.0M in 2025, indicating capital requirements exceeded cash from operations.
BGSF, Inc. (BGSF) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, BGSF, Inc. (BGSF) returned $22.4M to shareholders via cash dividends and spent $1.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent operating cash divergence
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Accruals
As reported in recent financial statements, BGSF exhibits a persistent disconnect between net income and operating cash flow, with OCF/NI ratios frequently reaching extreme negative levels, such as the -9.64x observed in 2024Q2, suggesting that reported earnings are heavily influenced by non-cash accounting adjustments.
The consistent gap between net losses and positive operating cash flow indicates that the company's cash generation is largely decoupled from its GAAP profitability metrics. Investors should monitor whether this divergence is driven by aggressive working capital management or if it reflects structural accounting distortions that obscure the true underlying cash burn.
FCF Volatility Amid Structural Downsizing
Based on quarterly cash flow data, BGSF's free cash flow trajectory remains highly erratic, swinging from a peak of $7.0 million in 2024Q2 to a deficit of $4.9 million in 2025Q3, reflecting the instability inherent in a business undergoing significant portfolio optimization and divestiture.
The lack of a stable FCF trend suggests that the company has yet to reach a steady state of operational efficiency following its strategic pivot. The volatility in FCF margins warrants further investigation into whether the current cash flow profile is sustainable or merely a byproduct of temporary working capital fluctuations.
Working Capital as Cash Driver
According to recent SEC filings, BGSF has relied heavily on working capital shifts to support liquidity, with a notable $8.6 million inflow in 2025Q2, which appears to be the primary mechanism offsetting the company's inability to generate consistent cash from core operations.
The reliance on working capital changes to bolster cash flow suggests that the company is effectively liquidating assets or accelerating collections to manage its liquidity position. This strategy may provide short-term relief but does not address the fundamental need for sustainable, operationally-driven cash generation.
Capital Allocation Prioritizes Deleveraging
As indicated by historical cash flow statements, BGSF has shifted its capital deployment strategy toward debt reduction and share repurchases, including a $22.4 million dividend payment in 2025Q4, signaling a management focus on returning capital despite the absence of consistent GAAP profitability.
The decision to prioritize significant cash outflows for dividends and buybacks while the core business is in a state of contraction appears aggressive. This capital allocation strategy may indicate management's confidence in the long-term viability of the remaining business units, though it leaves little margin for error if operational cash flow fails to stabilize.