Cash conversion efficiency is inconsistent, as demonstrated by an OCF/NI ratio that swung from -0.20 in 2026Q1 to 2.57 in 2025Q4, reflecting significant working capital volatility and a focus on shareholder returns.
| 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 |
|---|
| Cash from Operations | 21.85M | 22.87M | 22.94M | 25.81M | 16.89M | 10.47M | 15.5M | 18.46M | 17.16M | 12.58M | 13.86M | 13.48M | 12.17M | -4.13M | 13.82M | 15.97M | 13.02M | 15.27M | 15.72M | 11.89M | 27.45M | 20.04M | 30.21M | 24.45M | 16.94M | 27.66M | 28.43M | 28.4M | 24.3M | 23M |
| Operating CF Margin % | - | 14.45% | 15.72% | 16% | 10.14% | 7.44% | 13.53% | 14.86% | 14.52% | 11.23% | 12.73% | 12.36% | 11.72% | -4.49% | 16.61% | 11.5% | 9.62% | 13.15% | 9.5% | 6.69% | 14.44% | 10.75% | 16.54% | 11.78% | 8.64% | 13.08% | 11.22% | 12.57% | 15.98% | 21.16% |
| Operating CF Growth % | -680.2% | -0.3% | -11.13% | 52.81% | 61.27% | -32.43% | -16.05% | 7.59% | 36.4% | -9.24% | 2.88% | 10.73% | 394.67% | -129.88% | -13.45% | 22.68% | -14.72% | -2.87% | 32.16% | -56.67% | 36.96% | -33.68% | 23.6% | 44.32% | -38.77% | -2.7% | 0.11% | 16.87% | 5.65% | - |
| Net Income | 20.2M | 0 | 16.59M | 22.59M | 20.87M | 16.57M | 10.32M | 16M | 15.32M | 13.2M | 10.46M | 9.12M | 8.66M | 6.01M | 34.96M | 7.67M | 3.05M | -1.99M | -3.1M | 8.98M | 11.66M | 405K | -3.01M | 1.27M | 638K | 7.12M | 22.06M | 25.1M | 20.7M | 16.7M |
| Depreciation & Amortization | -77K | 0 | 3.69M | 3.97M | 3.98M | 3.84M | 3.83M | 3.68M | 3.45M | 3.67M | 3.7M | 3.54M | 3.53M | 3.27M | 5.77M | 6.78M | 7.68M | 8.21M | 9.23M | 11.01M | 11.8M | 10.92M | 14.2M | 14.78M | 13M | 14.77M | 12.42M | 9.4M | 4.5M | 2.8M |
| 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 |
| Deferred Taxes | -99K | 0 | -440K | -720K | -688K | -321K | -48K | 89K | 86K | -1.77M | -114K | 125K | 468K | 916K | -7.71M | 1.98M | -756K | -2.09M | -45K | -6.55M | 1.54M | 9.93M | -394K | -444K | -750K | 1.35M | 2.31M | 1.4M | -800K | -700K |
| Other Non-Cash Items | 15.1M | 22.86M | -257K | -1.48M | 213K | 269K | 346K | 458K | 289K | 116K | 169K | 125K | 133K | 21K | -739K | 1.49M | 1.23M | 2.2M | 522K | 1.08M | 1.38M | 1.85M | 15.26M | 1.07M | 604K | -1.78M | -76K | 100K | -100K | 500K |
| Working Capital Changes | 6.2M | 10K | 3.36M | 1.45M | -7.48M | -9.88M | 1.05M | -1.76M | -1.99M | -2.7M | -507K | 339K | -649K | -14.58M | 9.48M | -2.21M | 1.82M | 8.95M | -771K | -2.63M | 1.08M | -3.07M | 4.16M | 7.77M | 3.44M | 6.2M | -8.28M | -7.3M | -3.1M | 3.4M |
| Change in Receivables | -942K | 330K | 2.91M | 764K | -2.31M | -4.81M | 1.12M | 250K | -1.71M | -115K | -1.6M | -46K | -251K | -12K | -640K | -321K | -149K | 5.3M | 910K | 633K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -1.2M | -2.33M | 2.13M | 333K | -5.83M | -7.48M | -193K | -1.44M | -1.85M | -473K | -37K | 1.53M | -3.65M | -2.24M | 174K | -439K | -2.48M | 5.88M | 389K | -1.81M | 2.26M | -936K | -1.3M | 5.1M | 3.05M | 4.08M | -7.42M | -2M | -400K | -200K |
| Change in Payables | -815K | 774K | -1.21M | 104K | 943K | 2.55M | 95K | -399K | 1.77M | -962K | 153K | -1.04M | 3.12M | -1.25M | 948K | -1.81M | 1.7M | -356K | -2.81M | -619K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.43M | -2.45M | 35.87M | 1.15M | -31.1M | 6.71M | -3.14M | 2.86M | 1.08M | -13.6M | -30.57M | -4.22M | -2.87M | 995K | 51.73M | 7.24M | -17.12M | -2.06M | -5.11M | -12.44M | -19.25M | -3.72M | -3.21M | -8.24M | -12.67M | -2.68M | -32.36M | -84.6M | -53.7M | -5.5M |
| Capital Expenditures | 822K | 0 | -1.43M | -1.13M | -3.69M | -4.09M | -1.74M | -3.17M | -3.12M | -2.8M | -3.17M | -4.22M | -2.83M | -3.5M | -4.48M | -3.19M | -2.12M | -2.32M | -6.79M | -13.82M | -12.04M | -10.49M | -5.35M | -8.91M | -12.7M | -13.28M | -32.47M | -84.7M | -54.6M | -5.5M |
| CapEx % of Revenue | 0.52% | 2.37% | 0.98% | 0.7% | 2.22% | 2.91% | 1.52% | 2.55% | 2.64% | 2.5% | 2.92% | 3.87% | 2.72% | 3.8% | 5.38% | 2.3% | 1.57% | 2% | 4.1% | 7.78% | 6.33% | 5.63% | 2.93% | 4.29% | 6.48% | 6.28% | 12.82% | 37.49% | 35.9% | 5.06% |
| Acquisitions | 0 | 0 | 0 | 0 | 133K | 2K | 0 | 125K | 0 | 0 | 0 | 0 | 0 | 0 | -5.43M | -4.75M | 0 | 0 | 0 | 0 | -9.83M | -7.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.25M | -2.45M | 1.3M | 2.6M | 5.63M | 10.8M | -1.4M | 5.9M | 4.2M | -10.8M | -27.4M | 0 | -48K | 1.46M | 3.56M | 15.18M | -15M | 261K | 1.68M | 1.38M | 2.62M | 14.12M | 2.14M | 671K | 32K | 10.61M | 111K | 100K | 900K | 0 |
| Cash from Financing | -23.41M | -27.11M | -39.42M | -12.31M | -35.62M | -11.24M | -4.98M | -3.48M | -2.49M | -2.48M | -2.48M | -2.48M | -2.48M | -21.89M | -12.03M | -26.73M | -3.21M | -7.07M | -14.24M | -11.73M | -8.84M | -7.16M | -27.15M | -7.32M | -25.48M | -1.79M | 2.12M | 17M | 58.7M | -5.9M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -18.48M | -5.76M | -20.6M | 3M | -750K | -7M | 0 | -1.56M | -75K | -25.84M | -5.01M | -18.05M | 8.41M | 17.82M | 19M | -49.9M | 200K |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | -1.74M | -1.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.01M | -1.91M | 347K | 639K | 617K | 0 | 120K | -2.65M | -7.64M | 0 | 110.4M | 0 |
| Dividends Paid | -27.11M | -27.11M | -39.42M | -12.31M | -33.88M | -9.93M | -4.98M | -3.48M | -2.49M | -2.48M | -2.48M | -2.48M | -2.48M | -3.41M | -6.2M | -6.19M | -6.19M | -6.18M | -6.18M | -7.29M | -7.62M | -7.61M | -1.9M | -1.89M | -7.55M | -7.55M | -8.08M | -2M | -1.8M | -6.1M |
| Share Repurchases | 0 | 0 | 0 | 0 | -1.74M | -1.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.01M | -3.31M | 0 | 0 | 0 | 0 | 0 | -2.65M | -8.66M | 0 | 0 | 0 |
| Other Financing | 3.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -79K | 62K | -28K | -133K | -56K | -2.53M | 1K | -5.83M | -28K | -426K | 0 | 0 | 13K | 0 | 0 | 0 |
| Net Change in Cash | -2.03M | -6.69M | 19.39M | 14.64M | -49.83M | 5.94M | 7.38M | 17.84M | 15.76M | -3.5M | -19.19M | 6.78M | 6.82M | -25.02M | 53.7M | -3.84M | -6.87M | 6.38M | -3.99M | -11.29M | -904K | 9.55M | -689K | 9.32M | -20.9M | 23.49M | -2.35M | -40M | 28.3M | 10.7M |
| Free Cash Flow | 22.07M | 19.12M | 21.51M | 24.68M | 13.2M | 6.38M | 13.76M | 15.3M | 14.05M | 9.79M | 10.69M | 9.26M | 9.35M | -7.63M | 9.35M | 12.78M | 10.9M | 12.95M | 8.93M | -1.93M | 15.4M | 9.55M | 24.86M | 15.54M | 4.24M | 14.38M | -4.04M | -56.3M | -30.3M | 17.5M |
| FCF Margin % | 13.92% | 12.08% | 14.74% | 15.3% | 7.92% | 4.53% | 12.02% | 12.31% | 11.88% | 8.74% | 9.82% | 8.49% | 9% | -8.29% | 11.23% | 9.2% | 8.06% | 11.15% | 5.39% | -1.09% | 8.1% | 5.12% | 13.61% | 7.49% | 2.16% | 6.8% | -1.6% | -24.92% | -19.92% | 16.1% |
| FCF Growth % | 15.08% | -11.08% | -12.86% | 87.03% | 106.83% | -53.64% | -10.05% | 8.92% | 43.52% | -8.44% | 15.46% | -0.93% | 222.46% | -181.65% | -26.85% | 17.23% | -15.81% | 45.03% | 562.97% | -112.52% | 61.3% | -61.6% | 60.04% | 266.87% | -70.55% | 455.59% | 92.82% | -85.81% | -273.14% | - |
| FCF per Share | 1.79 | 1.55 | 1.75 | 2.00 | 1.07 | 0.51 | 1.11 | 1.23 | 1.13 | 0.79 | 0.86 | 0.74 | 0.75 | -0.62 | 0.75 | 1.03 | 0.88 | 1.04 | 0.72 | -0.13 | 1.01 | 0.63 | 1.64 | 1.03 | 0.28 | 0.95 | -0.25 | -3.49 | -2.01 | 1.75 |
| FCF Conversion (FCF/Net Income) | 1.09x | 1.17x | 1.38x | 1.14x | 0.81x | 0.63x | 1.50x | 1.15x | 1.12x | 0.95x | 1.32x | 1.48x | 1.40x | -0.69x | 0.40x | 2.08x | 4.27x | -7.63x | -5.07x | 1.32x | 2.35x | 49.48x | -10.02x | 19.20x | 26.55x | 3.88x | 1.29x | 1.13x | 1.17x | 1.38x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 222K | 439K | 1.61M | 278K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 4.85M | 6.12M | 6.25M | 7.31M | 7.82M | 4.7M | 3.26M | 5.03M | 4.37M | 6.71M | 4.65M | 4.74M | 4.45M | 14.17M | 3.97M | 5.82M | 1.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Marine Segment Exposure
As reported in quarterly filings, CompX International's OCF/NI ratio has fluctuated wildly, ranging from -0.20 in 2026Q1 to 2.57 in 2025Q4, suggesting that reported net income is frequently decoupled from actual cash generation due to significant volatility in working capital requirements and timing of operational cash flows.
The frequent divergence between net income and operating cash flow indicates that earnings quality is highly sensitive to short-term operational fluctuations rather than consistent cash conversion. Investors should monitor whether these swings represent structural inefficiencies in the cash collection cycle or merely the timing of payments within the specialized OEM supply chain.
Based on the provided financial data, CompX International's free cash flow trajectory remains inconsistent, with margins swinging from a negative 2.9% in 2026Q1 to a peak of 31.2% in 2023Q4, reflecting the inherent cyclicality of the company's marine and security product end-markets over the last ten quarters.
The inability to maintain a stable FCF margin suggests that the company's cash generation is heavily tethered to the production cycles of its OEM partners. This volatility may indicate that the business lacks the pricing power or operational flexibility to smooth out cash flow during periods of lower demand in the marine segment.
According to recent financial statements, CompX International experiences significant working capital swings, such as the $6.8M inflow in 2025Q4 followed by a $6.2M outflow in 2025Q1, which suggests that inventory management and accounts receivable cycles are highly reactive to the company's fluctuating production and shipping schedules.
These sharp reversals in working capital suggest that the company may be carrying significant inventory risk or facing irregular payment terms from its OEM customers. Such instability in working capital management warrants further investigation into whether the company is effectively managing its supply chain or merely absorbing the volatility of its customers' procurement patterns.
As indicated by historical cash flow statements, CompX International has prioritized significant dividend payments, including a notable $28.3M distribution in 2024Q3, despite the underlying volatility in free cash flow, which may suggest a capital allocation strategy focused on returning cash to shareholders rather than reinvestment.
The reliance on large, periodic dividend payments rather than consistent reinvestment or share repurchases may reflect the influence of the parent company's capital needs. Investors should monitor whether this dividend policy remains sustainable if the marine segment continues to face cyclical headwinds that pressure overall cash generation.
Quick answers to the most common questions about buying CIX stock.
CompX International Inc. (CIX) generated $22.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CompX International Inc. (CIX) generated $19.1M 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.
CompX International Inc. (CIX) spent $0.0M 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, CompX International Inc. (CIX) returned $27.1M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.