Cash conversion efficiency has deteriorated significantly, with a $13.6 million working capital outflow in 2026Q1 driving a negative operating cash flow of $9.2 million.
| 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 | 3.86M | 19.18M | 35.15M | 34.84M | 18.98M | 12.55M | 28.16M | 16.7M | -6.53M | 6.91M | 26.07M | 18.61M | 10.83M | 6.92M | 14.8M | 11.47M | 7.37M | 8.23M | 7.16M | 11.95M | 16.91M | 8.56M | 8.47M | 3.84M | 5.99M | 3.36M | 3.57M | 1.65M | 2.1M | 5.7M |
| Operating CF Margin % | - | 7.01% | 11.62% | 9.74% | 5.03% | 4.08% | 12.67% | 5.87% | -2.42% | 4.28% | 14.91% | 9.35% | 6.18% | 4.8% | 9.11% | 8% | 7.35% | 9.88% | 6.14% | 9.74% | 10.42% | 6.56% | 7.58% | 4.14% | 6.36% | 4.91% | 4.27% | 1.82% | 2.7% | 8.78% |
| Operating CF Growth % | -379.1% | -45.42% | 0.89% | 83.55% | 51.3% | -55.45% | 68.64% | 355.84% | -194.44% | -73.49% | 40.04% | 71.93% | 56.53% | -53.26% | 28.96% | 55.76% | -10.53% | 15.05% | -40.1% | -29.34% | 97.48% | 1.06% | 120.41% | -35.81% | 78.28% | -5.85% | 116.72% | -21.61% | -63.16% | - |
| Net Income | 9.62M | 3.08M | 13.3M | 20.32M | 12.2M | 4.67M | 8.16M | -15.22M | -4.78M | 5.46M | 7.41M | 12.05M | 9.63M | 6.87M | 8.19M | 10.53M | 2.43M | 1.02M | 5.64M | 3.73M | 10.41M | 6.29M | 5.13M | 1.67M | 2.01M | -1.86M | 715.35K | 71.34K | 3.7M | 2.7M |
| Depreciation & Amortization | 12.17M | 12.35M | 13.4M | 12.91M | 11.88M | 11.62M | 11.66M | 10.38M | 9.38M | 6.24M | 6.28M | 6.04M | 5.02M | 4.88M | 4.52M | 3.94M | 3.95M | 3.86M | 3.54M | 3.41M | 2.07M | 1.8M | 1.65M | 1.71M | 1.64M | 1.6M | 1.67M | 1.45M | 1.5M | 2M |
| Stock-Based Compensation | 636K | 1.79M | 2.5M | 2.92M | 2.33M | 1.89M | 1.35M | 1.56M | 1.74M | 1.33M | 1M | 785K | 744K | 413K | 410K | 382K | 351.7K | 334.06K | 287.5K | 268.27M | 338.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -830K | -830K | 473K | 2.47M | -3.47M | -475K | 1.1M | -873K | -1.74M | -597K | 426K | 1.23M | 2.52M | 279K | -782K | 570K | 1.22M | 1.13M | -9.7K | 127.33K | 1.64M | 2.76M | -30.9K | 571.64K | 1.01M | 28K | 284.58K | 68.71K | 1.6M | 1.5M |
| Other Non-Cash Items | 1.02M | 8.13M | 1.42M | 22K | 1.63M | 743K | 237K | 4.2M | 2.57M | 8K | -107K | -68K | 63K | -41K | -60K | 167K | 441.04K | -314.4K | 242.06K | -267.97M | -338.48M | 516.76K | 17.57K | 209.26K | -25.83K | 1K | -11.38K | 14.99K | -100K | 100K |
| Working Capital Changes | -18.76M | -5.33M | 4.06M | -3.81M | -5.59M | -5.89M | 5.65M | 16.66M | -13.7M | -5.53M | 11.05M | -1.42M | -7.16M | -5.48M | 2.52M | -4.11M | -1.03M | 2.22M | -2.55M | 4.38M | 2.37M | -2.8M | 1.7M | -310.54K | 1.36M | 3.55M | 911.49K | 45.37K | -4.3M | -700K |
| Change in Receivables | -16.75M | -713K | 11.59M | 2.55M | -9M | -8.95M | 4.84M | 13.04M | -17.95M | -295K | 17.34M | -911K | -12.29M | -7.45M | 7.42M | -7.3M | -2.81M | 3.5M | -2.97M | 9.99B | -176.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -3.14M | -1.37M | 3.72M | 1.81M | 1.26M | -6.77M | 3.32M | 4.08M | -5.78M | -2.55M | 2.79M | -1.39M | -808K | -862K | 1.44M | -3M | -1.4M | 2.72M | -1.39M | -951.43K | -97.95K | -81.66K | -1.55M | -726.33K | -531.62K | 135K | 1.8M | -1.22M | -900K | 0 |
| Change in Payables | -9.63M | -2.45M | -8.11M | -4.92M | 6M | 5.35M | -3.14M | -4.85M | 7.82M | 5.35M | -4.69M | 2.1M | -275K | 2.26M | -2.1M | 2.16M | 1.77M | -1.75M | -1.68M | -2.44B | 169.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -19.28M | -17.27M | -11.53M | -9.1M | -16.59M | -11.41M | -3.68M | -7.46M | -68.81M | -4.26M | -2.86M | -20.2M | -10.68M | -9.24M | -7.48M | -8.81M | -2.21M | -10.05M | -12.1M | -2.74M | -9.22M | -3.58M | -1.86M | -1.36M | 148.58K | -2.55M | -1.68M | -3.35M | 500K | 1.7M |
| Capital Expenditures | -19.28M | -17.27M | -11.53M | -9.1M | -16.59M | -11.57M | -3.68M | -7.46M | -5.8M | -4.26M | -2.86M | -5.68M | -10.68M | -9.33M | -8.26M | -8.81M | -2.23M | -10.07M | -12.1M | -2.74M | -9.23M | -3.04M | -1.32M | -1.37M | -680.87K | -1.3M | -1.98M | -7.38M | -7M | -10.3M |
| CapEx % of Revenue | 7.12% | 6.31% | 3.81% | 2.54% | 4.4% | 3.76% | 1.66% | 2.62% | 2.15% | 2.63% | 1.64% | 2.85% | 6.1% | 6.47% | 5.08% | 6.14% | 2.22% | 12.08% | 10.37% | 2.24% | 5.68% | 2.33% | 1.18% | 1.48% | 0.72% | 1.9% | 2.37% | 8.15% | 9.01% | 15.87% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -63.01M | 0 | 0 | -14.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -688.08K | -544.15K | 0 | 0 | -1.95M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 154K | 0 | 0 | -63.01M | 0 | 0 | -14.51B | 0 | 92K | 777K | 0 | 22.1K | 18K | 3.12M | 3.12K | 10.56K | 65K | 0 | 0 | 0 | 2K | 0 | 3.38M | 6.9M | 11.9M |
| Cash from Financing | -5.54M | -5.66M | -5.93M | -5.82M | -4.36M | 884K | -22.21M | -9.28M | 50.45M | -4.16M | -3.86M | 8.21M | -102K | -3.25M | -4.11M | -3.69M | -3.65M | 5.95M | 4.94M | -25.3M | -1.01M | -927.36K | -1.6M | -11.11M | -355K | -330K | -305K | -285K | 400K | -7.9M |
| Debt Issued (Net) | -1.88M | -1.89M | -1.55M | -3.15M | -3.47M | 982K | -22.19M | -8.74M | 52.25M | -3M | -3.71M | 8.27M | -547K | -3.73M | -4.1M | -4.15M | -3.67M | 5.95M | 5.2M | 436.15K | -1.78M | -1.74M | -1.6M | -11.11M | -355K | -330K | -305K | -285K | 400K | -8.1M |
| Equity Issued (Net) | 459K | -3.17M | -2.94M | -2.67M | 0 | -96K | -20K | -98K | -250K | -372K | -134K | -287K | 50K | 76K | -172K | 137K | 28K | 0 | 100.13K | -25.86M | 485.02K | 808.36K | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 100K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -792K | -786K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 459K | -3.17M | -2.94M | -2.67M | 0 | -96K | -20K | -98K | -250K | -372K | -134K | -287K | -278K | -334K | -253K | -241K | -75K | 0 | 0 | -26.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -4.13M | -601K | -1.44M | 0 | -884K | -2K | 0 | -435K | -763K | 0 | -16K | 230K | 395K | 409K | 163K | 322K | 744 | 0 | -357.39K | 116.14K | 279.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 100K |
| Net Change in Cash | -20.97M | -3.75M | 17.7M | 19.92M | -1.96M | 2.02M | 2.27M | -35K | -24.89M | -1.5M | 19.34M | 6.63M | 46K | -5.57M | 3.2M | -1.02M | 1.52M | 4.14B | 0 | -16.1B | 6.68M | 4.06M | 5.01M | -8.63M | 5.78M | 482K | 1.58M | -1.99M | 3M | -500K |
| Free Cash Flow | -15.42M | 1.92M | 23.63M | 25.74M | 2.39M | 977K | 24.48M | 9.24M | -12.33M | 2.65M | 23.21M | 12.93M | 148K | -2.42M | 6.54M | 2.67M | 5.14M | -1.83M | -4.94M | 9.21M | 7.68M | 5.52M | 7.15M | 2.48M | 5.31M | 2.06M | 1.59M | -5.74M | -4.9M | -4.6M |
| FCF Margin % | -5.69% | 0.7% | 7.81% | 7.2% | 0.63% | 0.32% | 11.01% | 3.25% | -4.58% | 1.64% | 13.27% | 6.5% | 0.08% | -1.68% | 4.03% | 1.86% | 5.13% | -2.2% | -4.24% | 7.5% | 4.73% | 4.23% | 6.4% | 2.67% | 5.64% | 3.01% | 1.9% | -6.33% | -6.31% | -7.09% |
| FCF Growth % | -162.25% | -91.89% | -8.22% | 975.27% | 145.04% | -96.01% | 164.92% | 174.95% | -564.72% | -88.57% | 79.45% | 8637.84% | 106.13% | -136.93% | 145.04% | -48.07% | 380.7% | 62.94% | -153.67% | 19.81% | 39.23% | -22.86% | 188.97% | -53.36% | 157.89% | 29.43% | 127.71% | -17.11% | -6.52% | - |
| FCF per Share | -1.78 | 0.22 | 2.69 | 2.93 | 0.28 | 0.12 | 3.08 | 1.18 | -1.59 | 0.34 | 3.03 | 1.70 | 0.02 | -0.32 | 0.89 | 0.37 | 0.73 | -0.27 | -0.71 | 1.02 | 0.74 | 0.53 | 0.73 | 0.25 | 0.54 | 0.21 | 0.16 | -0.58 | -0.49 | -0.48 |
| FCF Conversion (FCF/Net Income) | -1.60x | 1.71x | 2.64x | 1.71x | 1.56x | 2.69x | 3.45x | -1.10x | 1.37x | 1.27x | 3.52x | 1.54x | 1.12x | 1.01x | 1.81x | 1.09x | 3.03x | 8.09x | 1.27x | 3.21x | 1.62x | 1.36x | 1.65x | 2.31x | 2.98x | -1.81x | 4.99x | 23.08x | 0.57x | 2.11x |
| Interest Paid | 123K | 1.02M | 1.07M | 1.23M | 1.68M | 1.84M | 3.85M | 3.87M | 2.26M | 247K | 289K | 279K | 110K | 204K | 284K | 557K | 1.05M | 1.15M | 659.52K | 627.87K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 2.41M | 3.67M | 2.16M | 5.25M | 6.65M | 5.07M | 570K | 1.28M | 1.03M | 2.41M | 1.88M | 4.22M | 3.57M | 1.3M | 4.73M | 4.73M | 571K | 300.96K | 2.33M | 19.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical heavy-truck demand exposure
According to the latest quarterly data, CMT reported a net income of $605,000 while simultaneously suffering an operating cash flow deficit of $9.2 million, highlighting a significant divergence between accounting profitability and actual cash generation that warrants close scrutiny from investors regarding the sustainability of current earnings.
The stark negative OCF/NI ratio of -15.25 in 2026Q1 suggests that reported earnings are currently decoupled from the company's ability to collect cash from operations. This disconnect appears driven by aggressive working capital absorption, implying that the quality of recent earnings is low and potentially masking underlying operational stress.
As reported in financial statements, CMT's free cash flow margin plummeted to -22.2% in 2026Q1, marking a sharp reversal from the positive trajectories observed in previous periods and indicating that the company's core manufacturing activities are currently failing to fund their own capital requirements during this cyclical downturn.
The transition from positive FCF in 2024 to deep deficits in early 2026 suggests that the company's high fixed-cost structure is struggling to absorb the impact of declining volumes. Investors should monitor whether this trend represents a temporary trough or a more permanent erosion of the company's ability to generate surplus cash.
Based on CMT's reported figures, capital expenditures reached 6.5% of revenue in 2026Q1, a notable increase from the 2.4% observed in 2024Q1, which suggests that the company is maintaining investment levels despite a contracting top-line environment, potentially pressuring liquidity during this period of reduced operational cash flow.
The rising CapEx-to-revenue ratio indicates that the company is either committed to long-term capacity expansion or is forced into higher maintenance spending to keep aging equipment operational. This capital intensity appears to be exacerbating the current cash burn, as the company continues to deploy resources while revenue growth remains negative.
Data from recent filings reveals a substantial $13.6 million outflow related to working capital changes in 2026Q1, which serves as the primary driver for the quarter's negative cash flow and suggests that inventory or receivables management has become a significant drag on the company's immediate liquidity position.
The volatility in working capital suggests that the company may be struggling to align its inventory levels with the current softening demand in the heavy-truck segment. This buildup of working capital appears to be consuming cash that would otherwise be available to buffer the company against cyclical revenue declines.
Quick answers to the most common questions about buying CMT stock.
Core Molding Technologies, Inc. (CMT) generated $19.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Core Molding Technologies, Inc. (CMT) generated $1.9M 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.
Core Molding Technologies, Inc. (CMT) spent $17.3M 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, Core Molding Technologies, Inc. (CMT) spent $3.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.