Cash generation remains erratic, with a negative $9.4 million free cash flow in 2026Q1 and an OCF/NI ratio of -11.83, indicating a disconnect between reported earnings and actual liquidity.
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 |
|---|
| Cash from Operations | 17.31M | 21.54M | 24.42M | -14.47M | 50.23M | 13.57M | 28.88M | 72.1M | 48.43M | 62.14M | 61.97M | 37.28M | 21.34M | 13.72M | 21.72M | 7.87M | 18.2M | 22M | 5.3M | 4.63M | 7.82M | 5.57M | 4.46M | 15.22M | 8.13M | 1.16M | 2.96M |
| Operating CF Margin % | - | 3.32% | 3.69% | -2.43% | 4.22% | 1.29% | 2.73% | 6.03% | 4.45% | 5.78% | 6.62% | 4.35% | 2.73% | 1.98% | 3.94% | 1.51% | 4.57% | 6.38% | 1.47% | 1.53% | 2.85% | 2.15% | 1.63% | 6.17% | 3.35% | 0.53% | 1.34% |
| Operating CF Growth % | 445.49% | -11.78% | 268.8% | -128.8% | 270.12% | -53% | -59.95% | 48.88% | -22.07% | 0.28% | 66.21% | 74.67% | 55.56% | -36.84% | 176.16% | -56.78% | -17.27% | 315.35% | 14.41% | -40.8% | 40.43% | 24.84% | -70.7% | 87.12% | 600.69% | -60.75% | - |
| Net Income | 16.11M | 19.8M | -1.02M | -7.97M | -6.6M | -11.92M | -13.84M | 36.59M | 32.01M | 37.32M | 38.46M | 27.2M | -215K | 16.75M | 16.95M | 10.95M | 17.64M | 13.61M | 7.72M | 7.33M | 5.79M | 3.32M | 6.21M | 7.16M | 6.92M | 3.84M | 4.48M |
| Depreciation & Amortization | 7.29M | 7.48M | 10.6M | 17.28M | 16.59M | 17.57M | 16.09M | 13.63M | 13.04M | 10.69M | 8.81M | 8.04M | 6.93M | 6.37M | 5.91M | 4.33M | 3.37M | 3.05M | 2.66M | 2.39M | 2.04M | 2.86M | 2.65M | 2.02M | 1.96M | 1.99M | 0 |
| Stock-Based Compensation | 2.66M | 0 | 2.16M | 5.21M | 3.14M | 3.95M | 4.49M | 3.59M | 4.63M | 4.32M | 2.13M | 2.11M | 727K | 376K | 417K | 188K | 52K | 44K | 24K | 666K | 666K | 84K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -844K | -844K | -5.04M | 4.33M | -117K | -2.53M | -1.93M | 930K | 4.87M | 2.73M | 1.6M | 3.18M | -15.08M | -6.91M | -818K | 1.91M | 1.33M | 290K | 940K | 378K | 767K | -1.93M | -320K | -226K | -566K | 90K | 0 |
| Other Non-Cash Items | 3.77M | 3.69M | 7.94M | 1.36M | 9.48M | 1.18M | 50.25M | 20.64M | 11.91M | 1.33M | 2.12M | 346K | 40.82M | 2.46M | -181K | -788K | -650K | -352K | -114K | -343K | -809K | -1.19M | 71K | -112K | 64K | -498K | -1.52M |
| Working Capital Changes | -11.91M | -8.58M | 9.78M | -34.68M | 27.75M | 5.32M | -26.18M | -3.28M | -18.04M | 5.75M | 8.85M | -3.59M | -11.84M | -5.32M | -551K | -8.72M | -3.54M | 5.35M | -5.94M | -5.79M | -628K | 2.42M | -4.15M | 6.38M | -801K | -4.17M | 0 |
| Change in Receivables | 6.53M | 10.26M | -6.54M | -2.36M | 19.85M | -15.02M | 1.86M | 2.69M | 3.62M | -879K | -11.54M | -2.06M | -1.71M | -16.19M | -2.84M | 4.27M | -9.35M | 5.3M | 20K | 14K | -4.96M | 475K | 19K | 19K | 35K | 717K | 0 |
| Change in Inventory | 2.1M | 553K | -1.89M | -989K | 1.84M | 412K | -4.21M | -1.84M | -4.19M | 991K | -5.5M | 4.71M | -2.3M | -5.72M | -5.16M | -2.14M | -3.01M | 3.16M | -5.59M | 2.21M | -473K | 1.28M | -3.35M | 4.44M | -3.39M | -1.35M | 0 |
| Change in Payables | -28.71M | -3.02M | 6.97M | -15.13M | 10.53M | 15.08M | -14.03M | 4.25M | -7.94M | 14.65M | 7.6M | 14K | 8.62M | 5.01M | 3.24M | -4.19M | 2.73M | 1.02M | 1.16M | 2.92M | 2.92M | 3.25M | 588K | 588K | 3.35M | -917K | 0 |
| Cash from Investing | -2.66M | -2.15M | 80.11M | -10.69M | 8.68M | -9.36M | -31.93M | -31.85M | -30.2M | -53.67M | -21.73M | -21.05M | -18.55M | -7.75M | -7.16M | -20.91M | -7.72M | -5.99M | -7.45M | -7.95M | -4.66M | -11.94M | -8.47M | -4.47M | -2.08M | -2.03M | -1.69M |
| Capital Expenditures | -2.66M | -2.15M | -2.89M | -10.69M | -9.77M | -11.44M | -11.34M | -16.72M | -15M | -44.51M | -21.86M | -18.1M | -11.61M | -6.75M | -7.75M | -4.83M | -4.77M | -4.15M | -2.67M | -2.95M | -4.51M | -1.87M | 4.47M | -6.54M | -1.97M | -2.33M | 0 |
| CapEx % of Revenue | 0.43% | 0.33% | 0.44% | 1.8% | 0.82% | 1.08% | 1.07% | 1.4% | 1.38% | 4.14% | 2.34% | 2.11% | 1.48% | 0.98% | 1.41% | 0.92% | 1.2% | 1.2% | 0.74% | 0.97% | 1.65% | 0.72% | 1.63% | 2.65% | 0.81% | 1.07% | - |
| Acquisitions | 0 | 0 | 83M | 0 | 0 | 0 | -18.4M | 7.1M | -3.64M | -9.57M | -3.9M | -1.54M | -125K | -1M | 300K | -13.36M | -4.85M | -1.84M | -4.03M | 0 | 0 | -13.45M | -65K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 2.07M | -715K | -23.38M | -11.56M | 409K | 4.03M | -1.42M | -10.02M | 0 | 0 | 281K | 116K | 0 | -750K | -5M | 0 | 3.38M | 0 | 0 | 0 | 585K | -1.69M |
| Cash from Financing | -15.47M | -15.27M | -50.35M | 24.88M | -58.63M | -5.41M | -865K | -33.8M | -23.33M | -15.69M | -33.57M | -15.8M | -4.07M | -5.05M | -10.23M | 14.75M | -10.29M | -16.64M | 2.7M | 4.24M | -4.24M | 6.87M | -725K | -6.29M | -7.19M | 1.43M | -1.24M |
| Debt Issued (Net) | -958K | -931K | -40.61M | 35.96M | -38.26M | 15.75M | 19.58M | -15.3M | -5.14M | 942K | -20.12M | -4.09M | -3.25M | 8.41M | -2.93M | 21.97M | -5.19M | -12.52M | 7.11M | 5.53M | 1.06M | 12.4M | 1.97M | -4.16M | -12.31M | 6.31M | 0 |
| Equity Issued (Net) | 0 | -48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.79M | 0 | 0 | 0 | 0 | 387K | 710K | -737K | -2M | 0 | 475K | 5.12M | 98K | 0 |
| Dividends Paid | -14.3M | -14.29M | -8.92M | -10.43M | -20.33M | -20.34M | -19.35M | -17.57M | -16.66M | -15.7M | -13.91M | -12.97M | -11.01M | -9.65M | -8.12M | -8.1M | -7.25M | -5.05M | -5.03M | -4.57M | -4.56M | -4.05M | -3.38M | -2.57M | -2.17M | -4.97M | 0 |
| Share Repurchases | 0 | -48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.79M | 0 | 0 | 0 | 0 | 0 | 0 | -1.2M | -2M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -219K | 0 | -816K | -645K | -49K | -817K | -1.09M | -923K | -1.53M | -935K | 460K | 1.26M | 10.19M | 969K | 817K | 877K | 2.15M | 930K | 233K | 2.58M | 0 | 522K | 680K | -41K | 0 | 0 | -1.24M |
| Net Change in Cash | -820K | 4.12M | 54.18M | -282K | 279K | -1.2M | -3.92M | 6.45M | -5.11M | -7.22M | 6.67M | 427K | -1.27M | 916K | 4.33M | 1.71M | 189K | -634K | 542K | 917K | -1.08M | 497K | -4.74M | 4.45M | -1.14M | 565K | 34K |
| Free Cash Flow | 14.65M | 19.39M | 21.53M | -25.16M | 40.46M | 2.13M | 17.54M | 55.38M | 33.42M | 17.63M | 40.11M | 19.18M | 9.73M | 6.97M | 13.97M | 3.04M | 13.43M | 17.85M | 2.62M | 1.68M | 3.31M | 3.69M | 8.94M | 8.69M | 6.16M | -1.17M | 2.96M |
| FCF Margin % | 2.38% | 2.99% | 3.25% | -4.23% | 3.4% | 0.2% | 1.66% | 4.63% | 3.07% | 1.64% | 4.29% | 2.24% | 1.24% | 1.01% | 2.54% | 0.58% | 3.37% | 5.18% | 0.73% | 0.55% | 1.21% | 1.43% | 3.26% | 3.52% | 2.54% | -0.54% | 1.34% |
| FCF Growth % | -17.64% | -9.93% | 185.57% | -162.18% | 1796.16% | -87.83% | -68.34% | 65.69% | 89.57% | -56.04% | 109.08% | 97.12% | 39.53% | -50.09% | 359.67% | -77.37% | -24.75% | 580.7% | 56.16% | -49.21% | -10.5% | -58.66% | 2.85% | 40.98% | 627.12% | -139.52% | - |
| FCF per Share | 0.82 | 1.08 | 1.21 | -1.42 | 2.29 | 0.12 | 1.00 | 3.15 | 1.90 | 1.01 | 2.30 | 1.10 | 0.57 | 0.47 | 0.94 | 0.21 | 0.92 | 1.23 | 0.18 | 0.12 | 0.23 | 0.26 | 0.66 | 0.67 | 0.53 | -0.11 | 0.28 |
| FCF Conversion (FCF/Net Income) | 0.91x | 1.09x | -19.26x | 1.73x | -8.04x | -1.15x | -2.12x | 1.97x | 1.50x | 1.67x | 1.63x | 1.37x | 220.05x | -7.64x | 1.37x | 0.71x | 1.02x | 1.62x | 0.69x | 0.63x | 1.35x | 1.68x | 0.72x | 2.13x | 1.18x | 0.30x | 0.66x |
| Interest Paid | 0 | 827K | 2.64M | 2.49M | 1.48M | 687K | 878K | 1.11M | 874K | 1.09M | 741K | 843K | 986K | 1.09M | 1.15M | 985K | 850K | 1.2M | 1.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 7.88M | 2.29M | 1.49M | 2.6M | 3.05M | 5.47M | 10.22M | 9.26M | 17.01M | 14.43M | 15.49M | 11.36M | 5.53M | 9.27M | 6.31M | 8.85M | 8.8M | 2.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in recent financial statements, Calavo's operating cash flow frequently decouples from net income, evidenced by a negative 11.83 OCF/NI ratio in 2026Q1, which suggests that reported profits are not translating into actual liquidity for the business.
The persistent gap between net income and operating cash flow indicates that accounting earnings are heavily influenced by non-cash items or timing differences in accruals. Investors should monitor whether this divergence reflects structural difficulties in converting sales into cash or merely temporary fluctuations in the agricultural cycle.
Based on the company's reported figures, free cash flow has exhibited extreme instability, swinging from a negative $9.4 million in 2026Q1 to a positive $15.6 million in 2025Q2, highlighting the inherent difficulty in maintaining consistent cash generation within the perishable produce distribution model.
The erratic nature of FCF margins suggests that the company's cash generation is highly sensitive to seasonal commodity price swings and operational throughput. This lack of predictability complicates long-term capital planning and may necessitate a more conservative approach to dividend sustainability.
According to quarterly cash flow data, working capital changes have been a primary driver of cash volatility, including a significant $13.5 million outflow in 2026Q1, which suggests that inventory management and collection cycles remain major hurdles for the company's cash position.
The sharp swings in working capital indicate that the company is struggling to align its cash conversion cycle with the rapid turnover required for perishable goods. This volatility warrants further investigation into whether current inventory management practices are effectively mitigating the risk of spoilage and associated write-downs.
As evidenced by the company's financial filings, Calavo has continued to pay dividends despite periods of negative free cash flow, such as the $3.6 million distribution in 2026Q1, which appears to place unnecessary pressure on the company's liquid reserves.
Maintaining dividend payments during periods of cash burn suggests a commitment to shareholder returns that may not be supported by current operational performance. Investors should monitor whether this capital allocation strategy remains viable if the current trend of negative free cash flow persists.
Quick answers to the most common questions about buying CVGW stock.
Calavo Growers, Inc. (CVGW) generated $21.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Calavo Growers, Inc. (CVGW) generated $19.4M 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.
Calavo Growers, Inc. (CVGW) spent $2.2M 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, Calavo Growers, Inc. (CVGW) returned $14.3M to shareholders via cash dividends and spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.