The company exhibits chronic cash conversion issues, evidenced by a $7.4 million free cash flow burn in 2025Q3 and frequent working capital outflows exceeding $100 million.
| Metric | TTM | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 | Apr'96 |
|---|
| Cash from Operations | 16.44M | -48.76M | -73.9M | -137.97M | -114.28M | -53.81M | 20.92M | 24.9M | 9.99M | 7.33M | 14.29M | 12.39M | 21.88M | -1.34M | 11.7M | 16.86M | 8.12M | 14.28M | 3.08M | 8.31M | -7.76M | -1.51M | 4.24M | 5.34M | 741.01K | 93.96M | 60.16M | 28.7M | -12.5M | -1.3M | -3.2M |
| Operating CF Margin % | - | -3.51% | -5.3% | -9.82% | -9.43% | -5.86% | 2.81% | 3.72% | 1.63% | 1.25% | 2.52% | 2.34% | 4.47% | -0.29% | 3.02% | 4.93% | 2.39% | 4.78% | 1.12% | 3.46% | -3.31% | -0.74% | 2.41% | 3.45% | 0.62% | 33.26% | 30.8% | 31.06% | -81.17% | -1300% | -3200% |
| Operating CF Growth % | 561.16% | 34.01% | 46.44% | -20.73% | -112.38% | -357.26% | -16% | 149.17% | 36.27% | -48.66% | 15.33% | -43.37% | 1737.35% | -111.42% | -30.65% | 107.76% | -43.15% | 364.33% | -62.99% | 207.06% | -412.56% | -135.71% | -20.64% | 621.01% | -99.21% | 56.19% | 109.61% | 329.6% | -861.54% | 59.38% | 78.08% |
| Net Income | -94.31M | 17.93M | -31.39M | 20.43M | 93.31M | 104.14M | 51.34M | 47.63M | 36.51M | 20.2M | 11.6M | 29.49M | 21.13M | 32.16M | 32.99M | 28.21M | 26.84M | 17.91M | 15.03M | 4.23M | 16.7M | 17.98M | 15.64M | 13.57M | -1.14M | 5.96M | 14.84M | 17.5M | 300K | 8.9M | 12.3M |
| Depreciation & Amortization | 14.5M | 7.65M | 6.87M | 5.6M | 4.03M | 3.72M | 3.84M | 3.97M | 4.25M | 4.27M | 4.21M | 3.83M | 3.29M | 2.83M | 2.33M | 1.93M | 1.69M | 1.4M | 1.15M | 994K | 708.66K | 425.62K | 321.05K | 299.2K | 283.64K | 4.07M | 2.13M | 1.2M | 500K | 200K | 500K |
| Stock-Based Compensation | 4.24M | 4.71M | 4.17M | 5.31M | 5.5M | 5.96M | 4.73M | 3.7M | 1.6M | 1.29M | 1.52M | 780K | 1.39M | 1.85M | 2.17M | 2.88M | 2.73M | 2.11M | 1.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 28.16M | -10.66M | -21.51M | 8.87M | 8.23M | 7.03M | -1.28M | 1.7M | -6.36M | 638K | -898K | 3.93M | -2.92M | 1.45M | 3.32M | 4.21M | 816K | 4.91M | 3.13M | -754K | -898.05K | 369.8K | 454.19K | 1.28M | 5.28M | -1.02M | -3.56M | 900K | -1M | -2.3M | 3.5M |
| Other Non-Cash Items | 467.57M | 409.08M | 463.75M | 363.79M | 265.25M | 182.97M | 180.37M | 163.54M | 166.16M | 165M | 158.26M | 131.08M | 129.12M | 103.85M | 87.96M | 75.96M | 66.93M | 64.38M | 57.12M | 63.61M | 45.81M | 38.09M | 85K | -3.03M | 48.11M | 54.2M | 19.97M | 200K | -400K | -100K | -19M |
| Working Capital Changes | -402.2M | -483.43M | -495.8M | -541.98M | -490.6M | -357.63M | -218.09M | -195.64M | -192.17M | -184.07M | -160.4M | -156.73M | -130.13M | -143.47M | -117.07M | -96.34M | -90.89M | -76.43M | -74.96M | -59.69M | -70.1M | -58.38M | -12.42M | -7.29M | -38.63M | 30.75M | 26.78M | 24.6M | -11.9M | 34.1M | -500K |
| Change in Receivables | -543.58M | -605.7M | -624.91M | -726.67M | -592.06M | -392.46M | -282.32M | -246.77M | -234.54M | -229.84M | -212.33M | -206.56M | -181.38M | -180.18M | -153.43M | -124.79M | -113.77M | -99.93M | -98.82M | -75.72M | -231.22M | -1.34B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 163.04M | 114.57M | 139.19M | 130.91M | 50.88M | 5.02M | 53.83M | 47.64M | 38.79M | 42.49M | 48.15M | 40.69M | 50.01M | 34.07M | 33.49M | 26.41M | 18.74M | 20.02M | 20.25M | 16.81M | 10.69M | 7.95M | -1.92M | -515.49K | 4.86M | 32.25M | 20.94M | 8.8M | 900K | 0 | 0 |
| Change in Payables | -10.6M | 17.62M | -9.34M | 8.62M | 5.17M | 14.77M | 1.01M | 2.23M | 4.71M | 676K | 1.11M | 3.86M | -905K | 2.85M | 1.3M | 1.3M | 3.4M | 1.21M | 3.69M | -692K | 3.02M | 1.15B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -2.15M | -11.38M | -10.64M | -25.33M | -22.24M | -8.26M | -9.89M | -3.89M | -1.7M | -655K | -4.52M | -3.9M | -7.09M | -5.52M | -4.43M | -4.79M | -5.45M | -2.6M | -2.1M | -2.82M | -6.05M | -6.17M | -1.4M | 6.71M | -1.53M | -118.68M | -75.19M | -64.1M | -11.1M | 26M | -3.1M |
| Capital Expenditures | -1.04M | -3.89M | -6.15M | -22.23M | -20.9M | -8.95M | -5.42M | -4.03M | -2.26M | -1.59M | -4.53M | -4.01M | -7.09M | -5.73M | -4.45M | -4.8M | -6.46M | -2.66M | -2.56M | -2.72M | -5.01M | -6.17M | -1.4M | -2.17M | -1.35M | -3.89M | -7.78M | -50.8M | -19.5M | -1.1M | -4.5M |
| CapEx % of Revenue | 0.09% | 0.28% | 0.44% | 1.58% | 1.72% | 0.97% | 0.73% | 0.6% | 0.37% | 0.27% | 0.8% | 0.76% | 1.45% | 1.23% | 1.15% | 1.4% | 1.91% | 0.89% | 0.93% | 1.13% | 2.14% | 3.01% | 0.79% | 1.4% | 1.13% | 1.38% | 3.98% | 54.98% | 126.62% | 1100% | 4500% |
| Acquisitions | 37K | 0 | 0 | 84K | 20K | 694K | 184K | 142K | 554K | 932K | 7K | 0 | 0 | 0 | 0 | 0 | -70K | 0 | 0 | -460K | -1.2M | 0 | 0 | 0 | 0 | 0 | -866.74K | 2M | 17.7M | 300K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.13M | -3.85M | 316K | -5.46M | -1.55M | 694K | 184K | 142K | 554K | 932K | 7K | 112K | 2K | 208K | 17K | 8K | 1.09M | 62K | 455K | 357K | 156.99K | 0 | 0 | 8.87M | -106.31K | -113.82M | -81.5M | -41.8M | -7.5M | 19.2M | 1.4M |
| Cash from Financing | 96.33M | 90.23M | 110.96M | 188.75M | 176.22M | 5.4M | 46.78M | -20.29M | -7.7M | -6.85M | -9.96M | -7.99M | -14.77M | 6.85M | -7.21M | -12.12M | -2.57M | -11.66M | -1.07M | -5.49M | 13.61M | 7.02M | -2.5M | -15.02M | 2.35M | 17.06M | 11.96M | 41.7M | 8.9M | -4.3M | 5.3M |
| Debt Issued (Net) | -211.41M | 16.6M | 117.43M | 194.74M | 218.26M | 12.05M | 61.61M | 1.44M | 32.99M | 10.91M | 3.33M | 6.41M | -2.98M | 23.13M | 30.8M | 8.69M | 7.88M | -11.4M | 2.06M | -2.76M | 14.44M | 6.61M | -3.43M | -13.82M | 2.2M | 2.27M | 17.81M | 42.7M | 11.9M | -1M | 800K |
| Equity Issued (Net) | 311.57M | 73.67M | -83K | -4.91M | -34.41M | -10.36M | -15.82M | -26.43M | -42.19M | -20.34M | -14.03M | -19.87M | -12.6M | -17.16M | -39.25M | -20.24M | -10.75M | -1.02M | -3.22M | -373K | -832.22K | 408K | 937.16K | -1.19M | -899.25K | -5.06M | -5.84M | -2M | -3M | -3.3M | -300K |
| Dividends Paid | -40K | -40K | -40K | -40K | -40K | -40K | -40K | -40K | -40K | -40K | -40K | -40K | -40K | -40K | -40K | -40K | -40K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -45K | -434K | -365K | -5.2M | -34.7M | -10.62M | -16.01M | -26.58M | -42.3M | -20.49M | -14.21M | -20.02M | -12.75M | -17.3M | -39.37M | -20.35M | -10.86M | -1.18M | -3.54M | -454K | -1.31M | -531K | -1.65M | -2.69M | -1.01M | -5.12M | -5.84M | -2M | -3.1M | -3.3M | -300K |
| Other Financing | -7.54M | -9.01M | -6.35M | -1.05M | -7.6M | 3.75M | 1.03M | 4.75M | 1.54M | 2.63M | 784K | 5.51M | 861K | 924K | 1.29M | -525K | 334K | 794K | 77K | -2.36M | 0 | 509 | 0 | 0 | 1.05M | 19.86M | 0 | 1M | 0 | 0 | 4.8M |
| Net Change in Cash | 110.62M | 30.09M | 26.41M | -17.14M | 39.69M | -56.67M | 57.81M | 730K | 588K | -168K | -188K | 501K | 17K | -4K | 53K | -45K | 100K | 15K | -104K | 2K | -204.35K | -669.17K | 344.56K | -2.97M | 1.56M | -7.65M | -3.07M | 6.4M | 8.9M | -4.3M | 5.3M |
| Free Cash Flow | 14.16M | -52.61M | -80.04M | -160.21M | -135.19M | -62.76M | 15.49M | 20.87M | 7.74M | 5.75M | 9.76M | 8.38M | 14.78M | -7.06M | 7.24M | 12.06M | 1.65M | 11.61M | 516K | 5.59M | -12.77M | -7.69M | 2.84M | 3.18M | -604.72K | 90.08M | 52.38M | -22.1M | -32M | -2.4M | -7.7M |
| FCF Margin % | 1.28% | -3.78% | -5.74% | -11.4% | -11.15% | -6.83% | 2.08% | 3.12% | 1.26% | 0.98% | 1.72% | 1.58% | 3.02% | -1.52% | 1.87% | 3.53% | 0.49% | 3.88% | 0.19% | 2.33% | -5.45% | -3.75% | 1.61% | 2.05% | -0.51% | 31.88% | 26.82% | -23.92% | -207.79% | -2400% | -7700% |
| FCF Growth % | 117.11% | 34.27% | 50.04% | -18.51% | -115.39% | -505.06% | -25.77% | 169.82% | 34.61% | -41.12% | 16.5% | -43.32% | 309.29% | -197.49% | -39.95% | 630.21% | -85.78% | 2150.78% | -90.77% | 143.79% | -66.14% | -370.55% | -10.51% | 625.05% | -100.67% | 71.98% | 337% | 30.94% | -1233.33% | 68.83% | 77.01% |
| FCF per Share | 1.71 | -6.85 | -12.53 | -24.40 | -19.81 | -9.02 | 2.23 | 2.95 | 1.04 | 0.71 | 1.13 | 0.93 | 1.57 | -0.74 | 0.71 | 1.09 | 0.14 | 0.98 | 0.04 | 0.47 | -1.06 | -0.64 | 0.24 | 0.27 | -0.06 | 7.49 | 3.52 | -1.46 | -2.13 | -0.24 | -0.81 |
| FCF Conversion (FCF/Net Income) | -0.15x | -2.73x | 2.35x | -6.75x | -1.20x | -0.51x | 0.41x | 0.52x | 0.27x | 0.36x | 1.23x | 0.42x | 1.04x | -0.04x | 0.35x | 0.60x | 0.30x | 0.80x | 0.20x | 1.96x | -0.46x | -0.08x | 0.27x | 0.38x | -0.05x | 15.76x | 4.05x | 1.64x | -41.67x | -0.15x | -0.26x |
| Interest Paid | 35.26M | 70.65M | 65.65M | 36.6M | 10.42M | 7.03M | 8.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.86M | 11.13M | 6.46M | 5.48M | 19.24M | 26.96M | 8.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Subprime credit portfolio deterioration
As reported in recent financial statements, CRMT exhibits a chronic inability to convert net income into operating cash flow, with the OCF/NI ratio fluctuating wildly and frequently turning negative, most notably reaching a -9.73 multiple during the 2024Q3 period of significant operational stress.
The extreme volatility in the relationship between net income and operating cash flow suggests that accounting earnings are heavily influenced by non-cash provisions for credit losses rather than actual cash generation. Investors should monitor this divergence closely, as it indicates that the company's reported profitability may not reflect the underlying cash-generating capacity of its subprime loan portfolio.
Based on the provided quarterly data, CRMT's free cash flow trajectory has remained consistently negative over the last ten quarters, with the company burning cash in eight of those periods, including a $7.4 million outflow in 2025Q3 as reported in recent regulatory filings.
The persistent inability to generate positive free cash flow suggests that the company's business model is currently consuming capital rather than producing it. This trend appears to be driven by the combination of declining net income and the ongoing requirement to fund the growth of its subprime loan portfolio.
According to recent SEC filings, CRMT has experienced massive working capital outflows, with quarterly changes frequently exceeding $100 million, such as the $116.9 million outflow in 2025Q1, which underscores the capital-intensive nature of financing subprime vehicle purchases in the current environment.
These substantial working capital outflows indicate that the company is effectively locking up its liquidity in long-term, high-risk consumer loans. The recurring nature of these outflows suggests that the company must continuously source external financing to maintain its dealership operations and loan origination volume.
As indicated by the financial data, CRMT maintains a low capital intensity, with CapEx/Revenue ratios consistently below 1% over the last ten quarters, suggesting that the company's primary capital requirements are driven by loan portfolio growth rather than physical dealership infrastructure investment.
While the low capital intensity might appear favorable, it highlights that the company's primary risk is not the depreciation of physical assets but the credit risk embedded in its loan book. The minimal investment in property and equipment suggests that the company is prioritizing the expansion of its lending footprint over the modernization of its physical retail network.
Quick answers to the most common questions about buying CRMT stock.
America's Car-Mart, Inc. (CRMT) generated $-48.8M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
America's Car-Mart, Inc. (CRMT) reported negative free cash flow of $52.6M in 2024, indicating capital requirements exceeded cash from operations.
America's Car-Mart, Inc. (CRMT) spent $3.9M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, America's Car-Mart, Inc. (CRMT) returned $0.0M to shareholders via cash dividends and spent $0.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.