Cash conversion remains highly erratic, as demonstrated by an OCF/NI ratio that swung to 1.78 in 2026Q3, complicating the company's ability to fund its $825,000 quarterly dividend payout.
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Cash from Operations | 9.93M | 8.27M | 9.82M | 7.08M | 7.74M | 8.26M | 8.74M | 8.53M | 8.97M | 2.45M | 10.39M | 11.02M | 4.77M | 3.64M | 9.12M | 8.27M | 2.01M | 10.49M | 8.39M | 2.68M | 11.42M | 7.76M | 6.17M | 3.21M | 6.03M | 5.39M | 25.05M | 3.24M | -3.73M | -3.4M | 11.28M |
| Operating CF Margin % | - | 10.06% | 11.26% | 8.08% | 10.31% | 9.46% | 11.04% | 11.62% | 11.75% | 3.49% | 15.75% | 13.06% | 5.54% | 4.48% | 11.63% | 9.69% | 2.23% | 12.19% | 9.6% | 3.58% | 15.87% | 10.69% | 7.36% | 3.72% | 6.36% | 4.58% | 10.12% | 1.01% | -1.03% | -1.07% | 4.4% |
| Operating CF Growth % | 7560.45% | -15.77% | 38.64% | -8.45% | -6.37% | -5.42% | 2.41% | -4.93% | 265.84% | -76.39% | -5.69% | 131.14% | 30.97% | -60.11% | 10.34% | 311.55% | -80.85% | 25% | 213.41% | -76.55% | 47.1% | 25.77% | 92.61% | -46.84% | 11.92% | -78.49% | 673.74% | 186.81% | -9.61% | -130.17% | 53.6% |
| Net Income | -9.22M | 1.84M | -9.36M | 4.89M | 5.65M | 9.92M | 6.08M | 6.56M | 5.02M | 3.02M | 5.57M | 6.83M | 5.72M | 5.77M | 5.11M | 5.04M | 4.31M | 4.78M | -17.09M | 4.35M | 7.6M | 7.97M | 2.44M | 3.1M | 2.49M | 27M | -70.83M | -29.15M | -11.77M | 7.81M | 3.63M |
| Depreciation & Amortization | 6.21M | 1.53M | 6.09M | 5.78M | 3.29M | 2.92M | 3.42M | 3.16M | 1.37M | 1.1M | 932K | 1.06M | 1.05M | 1.06M | 998K | 1.32M | 1.48M | 1.83M | 2.03M | 1.13M | 469K | 479K | 457K | 532K | 724K | 2.02M | 10.47M | 13.33M | 12.65M | 11.19M | 10.42M |
| Stock-Based Compensation | 758K | 767K | 752K | 763K | 1.1M | 834K | 394K | 297K | 377K | 539K | 604K | 906K | 862K | 604K | 652K | 545K | 732K | 760K | 707K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -2.87M | 851K | -4.23M | -1.02M | -4.04M | 1.83M | -358K | -388K | -1.36M | 1.04M | 896K | 376K | -193K | -743K | 572K | 397K | 169K | 273K | -2.07M | 1.23M | 2.68M | -4.27M | 0 | 0 | 0 | 0 | -56K | 0 | 0 | 0 | 59K |
| Other Non-Cash Items | 13.9M | 3.85M | 13.79M | -58K | -1.2M | -3.04M | 2.24M | -15K | 2.58M | -653K | -1.76M | -411K | -157K | -385K | 2.28M | 16K | 289K | 414K | 23.16M | 815K | 739K | 787K | 687K | 603K | 1.77M | -24.97M | 28.24M | -4.36M | 724K | 680K | 11K |
| Working Capital Changes | 1.33M | -561K | 2.77M | -3.27M | 2.94M | -4.21M | -3.04M | -1.09M | 980K | -2.59M | 4.15M | 2.26M | -2.52M | -2.67M | -492K | 947K | -4.97M | 2.43M | 1.66M | -4.86M | 4.14M | 2.8M | 2.59M | -1.03M | 1.04M | 1.33M | 57.22M | 23.41M | -5.33M | -23.08M | -2.84M |
| Change in Receivables | 7.64M | 5.65M | 1.66M | 453K | 3.53M | -3.89M | -1.53M | -31K | 726K | -2.88M | 5.18M | 1.57M | -658K | 12K | -1.4M | -1.67M | -632K | 1.77M | -618K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 547K | -565K | 3.9M | 4.02M | -593K | -318K | -2.6M | 1.8M | 254K | 297K | -1.04M | 683K | -1.86M | -2.68M | 909K | 1.72M | -2.81M | 1.85M | 2.03M | -2.55M | 2.6M | 2.8M | 1.85M | 1.15M | 300K | 3.11M | 53.7M | 14.02M | 2.72M | -18.47M | -9.48M |
| Change in Payables | -1.57M | -323K | 55K | -3.14M | -854K | 793K | 2.52M | -1.33M | 402K | -1.7M | 509K | 168K | -594K | -2.31M | 1.28M | 860K | -616K | -1.09M | 504K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -770K | -864K | -17.17M | -193K | -16.91M | -490K | -733K | -678K | -751K | -15.47M | -191K | -324K | -256K | -161K | -1.05M | -561K | -1.77M | -5.1M | -286K | -525K | -819K | -449K | -215K | -134K | -359K | 17.98M | 24.23M | -6.51M | -28.77M | -27.71M | -5.79M |
| Capital Expenditures | -829K | -11K | -67K | -786K | -813K | -531K | -733K | -705K | -751K | -221K | -191K | -232K | -256K | -147K | -455K | -566K | -2.28M | -165K | -372K | -188K | -381K | -450K | -225K | -422K | -397K | -309K | -1.36M | -7.26M | -21.05M | -8.3M | -5.7M |
| CapEx % of Revenue | 1% | 0.01% | 0.08% | 0.9% | 1.08% | 0.61% | 0.93% | 0.96% | 0.98% | 0.31% | 0.29% | 0.28% | 0.3% | 0.18% | 0.58% | 0.66% | 2.53% | 0.19% | 0.43% | 0.25% | 0.53% | 0.62% | 0.27% | 0.49% | 0.42% | 0.26% | 0.55% | 2.27% | 5.81% | 2.6% | 2.22% |
| Acquisitions | 59K | 0 | -16.3M | 105K | -16.14M | 41K | 0 | 27K | 0 | -15.24M | 0 | 31K | 0 | 0 | 0 | 0 | -710K | -4.43M | 0 | -356K | -600K | 0 | 0 | 0 | 0 | 0 | 0 | -700K | -10.07M | -19.61M | -459K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -853K | -805K | 488K | 36K | 0 | 0 | 0 | 0 | 0 | 0 | -92K | 0 | -14K | -595K | 5K | 207K | -167K | 86K | 19K | 162K | 1K | 10K | 288K | 38K | 18.29M | 25.59M | 1.46M | 2.36M | 200K | 372K |
| Cash from Financing | -7.81M | -7.73M | 7.04M | -7.8M | 9.32M | -6.79M | -7.67M | -7.71M | -8.29M | 5.34M | -9.88M | -4.92M | -3.26M | -3.26M | -7.95M | -7.7M | -109K | -20.56M | -788K | 5.74M | -14.36M | -4.48M | -5.01M | -3.26M | -5.86M | -23.57M | -49.64M | 3.98M | 32.43M | 31.32M | -5.4M |
| Debt Issued (Net) | -4.45M | -4.39M | 10.38M | -4.56M | 12.67M | 0 | -614K | -1.91M | -4.97M | 8.61M | 0 | 0 | 0 | 0 | 0 | -6.34M | 914K | -20.31M | 177K | 7.78M | -14.37M | -4.48M | -5.01M | -3.32M | -5.86M | -24M | -579K | -10.66M | 31.2M | 19.5M | -6.45M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | -109K | -68K | -2.05M | -82K | -95K | -56K | -161K | -2.84M | -127K | -150K | -492K | -129K | -422K | -359K | -965K | -2.03M | 80K | 0 | 0 | 61K | 0 | 127K | 0 | 0 | 2.28M | 3.79M | 0 |
| Dividends Paid | -3.33M | -3.33M | -3.29M | -3.24M | -3.25M | -6.72M | -5.01M | -5.79M | -3.23M | -3.22M | -9.72M | -3.21M | -3.21M | -3.15M | -7.65M | -1.25M | -752K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -774K | -1.03M | -973K | -953K |
| Share Repurchases | 0 | 0 | 0 | 0 | -207K | -412K | -2.79M | -82K | -95K | -56K | -947K | -2.84M | -243K | -457K | -2.3M | -1.03M | -778K | -524K | -985K | -2.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -29K | -9K | -59K | 0 | 0 | 0 | 0 | 63K | 0 | 0 | 0 | 1.12M | 69K | 42K | 195K | 19K | 151K | 102K | 0 | 0 | -70K | 0 | 0 | 0 | 0 | 299K | -49.06M | 15.41M | -19K | 9M | 2M |
| Net Change in Cash | 1.35M | -321K | -308K | -913K | 144K | 985K | 331K | 139K | -72K | -7.68M | 318K | 5.77M | 1.25M | 220K | 126K | 9K | 130K | -15.17M | 7.32M | 7.9M | -3.76M | 2.83M | 948K | -187K | -194K | -200K | -357K | 709K | -65K | 207K | 85K |
| Free Cash Flow | 9.1M | 8.26M | 9.75M | 6.3M | 6.92M | 7.73M | 8.01M | 7.83M | 8.22M | 2.23M | 10.2M | 10.78M | 4.51M | 3.49M | 8.67M | 7.7M | -268K | 10.33M | 8.02M | 2.49M | 11.04M | 7.31M | 5.95M | 2.78M | 5.63M | 5.08M | 23.69M | -4.03M | -24.78M | -11.7M | 5.58M |
| FCF Margin % | 10.94% | 10.04% | 11.18% | 7.19% | 9.23% | 8.85% | 10.11% | 10.66% | 10.77% | 3.18% | 15.46% | 12.79% | 5.25% | 4.3% | 11.05% | 9.03% | -0.3% | 12% | 9.18% | 3.33% | 15.34% | 10.07% | 7.09% | 3.23% | 5.95% | 4.32% | 9.57% | -1.26% | -6.84% | -3.67% | 2.17% |
| FCF Growth % | 1.64% | -15.31% | 54.87% | -9.05% | -10.45% | -3.4% | 2.27% | -4.82% | 268.41% | -78.11% | -5.43% | 139.11% | 29.15% | -59.71% | 12.54% | 2973.88% | -102.6% | 28.74% | 222.13% | -77.45% | 50.94% | 22.97% | 113.73% | -50.59% | 10.91% | -78.56% | 688.43% | 83.75% | -111.77% | -309.9% | 134.19% |
| FCF per Share | 0.85 | 0.77 | 0.94 | 0.62 | 0.68 | 0.77 | 0.79 | 0.77 | 0.81 | 0.22 | 1.02 | 1.07 | 0.45 | 0.35 | 0.89 | 0.79 | -0.03 | 1.11 | 0.86 | 0.24 | 1.10 | 0.34 | 0.27 | 0.12 | 0.26 | 0.26 | 2.75 | -0.47 | -2.88 | -1.38 | 0.69 |
| FCF Conversion (FCF/Net Income) | -0.99x | 4.49x | -1.05x | 1.45x | 1.37x | 0.83x | 1.44x | 1.30x | 1.79x | 0.81x | 1.86x | 1.61x | 0.83x | 0.63x | 1.78x | 1.64x | 0.47x | 2.19x | -0.49x | 0.62x | 1.50x | 0.97x | 2.53x | 1.03x | 2.42x | 0.20x | -0.34x | -0.11x | 0.32x | -0.44x | 3.11x |
| Interest Paid | 161K | 1.09M | 1.05M | 818K | 45K | 18K | 21K | 80K | 237K | 67K | 2K | 56K | 37K | 31K | 19K | 182K | 281K | 437K | 746K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -8K | 635K | 633K | 2.75M | 1.14M | 1.95M | 1.97M | 1.68M | 1.67M | 1.67M | 3.04M | 4.11M | 3.39M | 4.22M | 1.56M | 2.86M | 3.05M | 2.3M | 2.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and working capital
According to historical financial data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -24.89 in 2025Q1 to 1.78 in 2026Q3, suggesting that reported earnings are frequently decoupled from actual cash generation within the business.
The extreme volatility in the conversion ratio indicates that accruals and non-cash adjustments are dominating the bottom line, rather than consistent operational cash inflows. Investors should monitor this disconnect as it suggests that reported profitability may not be translating into the liquidity required to sustain operations.
As reported in recent quarterly filings, CRWS's free cash flow trajectory remains inconsistent, oscillating between a peak of $5.2M in 2026Q1 and a low of -$1.9M in 2024Q2, which underscores the difficulty in maintaining positive cash generation amidst a contracting revenue environment.
The inability to generate stable free cash flow suggests that the company's business model is highly sensitive to timing differences in working capital. This inconsistency warrants further investigation into whether the current cash flow profile can support the company's ongoing dividend commitments without further eroding the balance sheet.
Based on reported figures, working capital changes have been the primary driver of cash flow volatility, with quarterly fluctuations ranging from a $7.0M inflow in 2025Q1 to a $5.0M outflow in 2024Q2, reflecting the company's reliance on inventory and receivables management to fund operations.
These significant swings suggest that the company is struggling to align its inventory procurement with retailer demand cycles, leading to periodic cash crunches. The reliance on working capital shifts to bridge operational gaps appears to be a structural vulnerability that limits the company's financial flexibility.
As evidenced by the financial statements, the company has consistently paid out approximately $800,000 in dividends per quarter despite erratic cash flow, a practice that appears increasingly unsustainable given the recent decline in cash reserves to a nominal $200,000 level.
The commitment to dividend payments in the face of negative or volatile operating cash flow suggests a potential misalignment between capital allocation and the company's current liquidity reality. This strategy may be depleting the cash buffer necessary to navigate the ongoing retail destocking cycles.
Quick answers to the most common questions about buying CRWS stock.
Crown Crafts, Inc. (CRWS) generated $8.3M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Crown Crafts, Inc. (CRWS) generated $8.3M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Crown Crafts, Inc. (CRWS) spent $0.0M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Crown Crafts, Inc. (CRWS) returned $3.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.