Liquidity has improved significantly with cash reserves surging to $275.9M in 2026Q2, though free cash flow remains sensitive to working capital swings, which saw a $33.4M inflow in 2024Q4.
| 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 |
|---|
| Cash from Operations | 206.37M | 176.21M | 111.11M | 119.93M | -24.44M | -54.24M | 3.46M | 55.71M | 48.35M | 47.64M | 25.11M | 23.37M | -1.03M | 35.32M | 14.82M |
| Operating CF Margin % | - | 11.91% | 8.25% | 10.59% | -3.05% | -7.93% | 0.39% | 5.47% | 4.72% | 4.81% | 2.69% | 2.54% | -0.12% | 4.55% | 2.48% |
| Operating CF Growth % | 5783.04% | 58.59% | -7.35% | 590.76% | 54.95% | -1668.11% | -93.79% | 15.21% | 1.49% | 89.77% | 7.44% | 2370.75% | -102.91% | 138.29% | - |
| Net Income | 133.01M | 127.72M | 105.55M | 23.81M | -45.76M | -289K | 12.19M | 24.3M | 30.82M | 28.8M | 6.9M | 15.06M | -5.65M | 54.21M | -3M |
| Depreciation & Amortization | 15.92M | 15.59M | 14.82M | 15.98M | 14.05M | 13.45M | 14.4M | 10.38M | 9.04M | 8.18M | 8.05M | 8.79M | 0 | 11.81M | 13.19M |
| Stock-Based Compensation | 7.2M | 14.79M | 8.61M | 4.17M | 3.69M | 5.94M | 4.14M | 4.27M | 2.63M | 1.27M | 12.72M | 1.64M | 0 | 0 | 0 |
| Deferred Taxes | 12.29M | 2.94M | -1.67M | 8.06M | -11.07M | -925K | 29K | 6.63M | 5.66M | -1.2M | 8.96M | -8.63M | 0 | 0 | 0 |
| Other Non-Cash Items | -61K | -1.15M | -3.67M | -3.69M | 22.08M | 4.04M | 2.08M | 6.71M | 4.8M | 18.83M | 7.3M | 4.36M | -33K | -17.18M | 4.63M |
| Working Capital Changes | 38.02M | 16.33M | -12.52M | 71.59M | -7.43M | -76.45M | -29.38M | 3.41M | -4.59M | -8.23M | -18.82M | 2.15M | 4.65M | -13.52M | -4.67M |
| Change in Receivables | 2.85M | 38.45M | -46.52M | -40K | -2.57M | -2.35M | 2.91M | 13.53M | -13.92M | 10.17M | -6.56M | 7.43M | 0 | -4.18M | 83K |
| Change in Inventory | 19.07M | -11.67M | 7.49M | 7.69M | -26.52M | -68.68M | 22.31M | -21.5M | 17.79M | -22.35M | -4.63M | 22.12M | 0 | -7.24M | -4.75M |
| Change in Payables | -27.02M | 8.02M | 6.67M | 28.71M | 35.08M | 14.08M | -40.26M | 6.32M | 3.1M | 8.4M | -330K | -12.9M | 0 | 0 | 0 |
| Cash from Investing | -23.27M | -23.87M | -15.81M | -8.52M | -6.45M | -11.31M | -18.8M | -35.47M | -32.1M | -9.2M | -9.58M | -5.19M | -115M | -4.38M | -719K |
| Capital Expenditures | -22.57M | -22.87M | -15.26M | -8.52M | -6.45M | -12.21M | -18.97M | -35.51M | -32.12M | -9.25M | -9.58M | -5.19M | 0 | -4.95M | -3.66M |
| CapEx % of Revenue | 1.51% | 1.55% | 1.13% | 0.75% | 0.81% | 1.79% | 2.16% | 3.49% | 3.13% | 0.93% | 1.03% | 0.56% | - | 0.64% | 0.61% |
| Acquisitions | -690K | -1M | -552K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 903K | 165K | 47K | 14K | 48K | 0 | 0 | -115M | 563K | 2.94M |
| Cash from Financing | -37.97M | -50.72M | -46.6M | -42.9M | 29.66M | 32.75M | -11.11M | -9.54M | -18.61M | -28.13M | -16.07M | -26.45M | 116.15M | -23.52M | -6.89M |
| Debt Issued (Net) | -5.38M | -5.98M | -39.27M | -43.64M | -40.98M | 33.81M | -10.85M | 39.97M | -8.01M | -11.28M | -36.97M | -36.89M | -111K | -22.85M | 0 |
| Equity Issued (Net) | -32.59M | -44.73M | -7.33M | 743K | 73.59M | -517K | 0 | -50.37M | -26.59M | -34.33M | 0 | 0 | 115M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.9M | -4.26M | -2.88M | 0 | 0 | 0 | 0 |
| Share Repurchases | -37.47M | -49.42M | -11.12M | -376K | -1.71M | -517K | 0 | -50.37M | -26.59M | -34.33M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | -2.95M | -537K | -263K | 863K | 17.89M | 21.73M | 23.78M | 10.44M | 1.26M | -674K | -6.89M |
| Net Change in Cash | 145.14M | 101.63M | 48.7M | 68.51M | -1.23M | -32.8M | -26.45M | 10.7M | -2.36M | 10.31M | -552K | -8.28M | 117K | 7.42M | 7.21M |
| Free Cash Flow | 183.8M | 153.34M | 95.85M | 111.41M | -30.89M | -66.45M | -15.51M | 20.19M | 16.23M | 38.39M | 15.52M | 18.18M | -1.03M | 30.38M | 11.16M |
| FCF Margin % | 12.31% | 10.36% | 7.11% | 9.83% | -3.86% | -9.72% | -1.76% | 1.98% | 1.58% | 3.88% | 1.67% | 1.98% | -0.12% | 3.91% | 1.87% |
| FCF Growth % | 110.57% | 59.98% | -13.97% | 460.66% | 53.52% | -328.48% | -176.81% | 24.37% | -57.71% | 147.32% | -14.6% | 1866.38% | -103.39% | 172.1% | - |
| FCF per Share | 5.65 | 4.66 | 2.87 | 3.45 | -1.00 | -2.45 | -0.57 | 0.75 | 0.57 | 1.54 | 0.73 | 0.71 | -0.30 | 10.57 | 3.88 |
| FCF Conversion (FCF/Net Income) | 1.38x | 1.38x | 1.05x | 5.04x | 0.53x | 187.69x | 0.28x | 2.29x | 1.57x | 1.65x | 3.64x | 1.56x | 0.27x | 0.65x | -5.55x |
| Interest Paid | 4.81M | 7.37M | 9.93M | 16.05M | 15.18M | 11.57M | 7.59M | 10.41M | 5.78M | 6.08M | 13.31M | 20.01M | 0 | 0 | 0 |
| Taxes Paid | 28.07M | 58.76M | 29.4M | 0 | 0 | 31K | 0 | 4.59M | 3.67M | 8.42M | 159K | 7.14M | 0 | 0 | 0 |
Federal subsidy funding cliff
According to the provided quarterly data, Blue Bird's operating cash flow to net income ratio has fluctuated wildly, ranging from a low of 0.01 in 2024Q1 to a high of 2.24 in 2024Q4, indicating that reported earnings are frequently decoupled from actual cash generation.
The significant variance in the OCF/NI ratio suggests that accounting accruals and timing differences in revenue recognition play a dominant role in quarterly results. Investors should monitor whether this volatility reflects genuine operational efficiency or merely the lumpy nature of municipal contract billing cycles.
As reported in financial statements, Blue Bird's free cash flow trajectory remains highly inconsistent, with margins swinging from a negative 1.1% in 2024Q3 to a robust 14.8% in 2025Q4, highlighting the sensitivity of cash generation to the timing of large-scale fleet deliveries.
The inability to maintain consistent positive free cash flow suggests that the company's cash generation is highly susceptible to production bottlenecks and delivery delays. This pattern warrants further investigation into whether the business can achieve sustainable cash conversion as it scales its electric vehicle production.
Based on the reported figures, working capital changes have been a primary driver of cash flow volatility, with quarterly swings ranging from a $33.4M inflow in 2024Q4 to a $35.6M outflow in 2024Q1, illustrating the significant impact of inventory and receivables management on liquidity.
These dramatic shifts in working capital suggest that the company's cash position is heavily dependent on the timing of customer payments and inventory build-ups. Such fluctuations may indicate that the company is acting as a financing vehicle for its customers, which could strain liquidity during periods of slower demand.
As indicated by the cash flow statements, Blue Bird has prioritized share repurchases, allocating as much as $23.0M in 2025Q2, even during periods where operating cash flow was relatively constrained, suggesting a management preference for returning capital over maintaining a larger cash buffer.
The decision to aggressively repurchase shares while cash flow remains volatile may indicate management's confidence in the long-term earnings power of the business. However, investors should monitor whether this capital allocation strategy limits the company's ability to fund necessary R&D for the transition to electric powertrains.
Quick answers to the most common questions about buying BLBD stock.
Blue Bird Corporation (BLBD) generated $176.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Blue Bird Corporation (BLBD) generated $153.3M 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.
Blue Bird Corporation (BLBD) spent $22.9M 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, Blue Bird Corporation (BLBD) spent $49.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.