Operational cash flow remains strained, as evidenced by a $2.6 million working capital outflow in 2026Q1 that contributed to a negative free cash flow margin of -2.8%.
| 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 | Dec'96 |
|---|
| Cash from Operations | -2.9M | -5.2M | 3.56M | 3.93M | 944.33K | 2.8M | -1.6M | -377.98K | -2.54M | 1.57M | -6.6M | 2.06M | -3.37M | 3.27M | -22.08M | -13.7M | -3.96M | 674.51K | -2.83M | -1.43M | -1.02M | -676.77K | -560.77K | 78.12K | 209.11K | 1.03M | 1.62M | 1.5M | 0 | -1.4M | 600K |
| Operating CF Margin % | - | -7.51% | 4.39% | 4.54% | 1.13% | 2.71% | -1.83% | -0.43% | -3.02% | 1.93% | -8.12% | 2.05% | -8.49% | 3.94% | -24.73% | -18.48% | -9% | 1.54% | -7.96% | -5.13% | -5.67% | -2.65% | -1.85% | 0.29% | 0.87% | 6.86% | 5.67% | 6.94% | - | -10.77% | 8.82% |
| Operating CF Growth % | -134.37% | -246.11% | -9.4% | 315.99% | -66.26% | 274.67% | -323.95% | 85.09% | -261.21% | 123.82% | -420.76% | 161.1% | -203.06% | 114.8% | -61.14% | -246.06% | -686.97% | 123.82% | -97.39% | -41.29% | -50% | -20.69% | -817.81% | -62.64% | -79.72% | -36.5% | 8.24% | - | 100% | -333.33% | 300% |
| Net Income | 1.72M | -843.36K | 3.3M | 17.2M | 9.18M | 6.82M | -1.32M | -6.75M | 2.21M | 5.77M | -3.61M | 5.02M | -25.21M | 7.74M | 11.01M | 7.42M | 529.9K | 3.95M | 2.59M | 1.91M | -1.27M | 1.52M | 5.08M | 7.93M | 4.44M | 2.43M | 1.93M | 800K | -8.6M | 900K | 500K |
| Depreciation & Amortization | 240.54K | 420.39K | 430.01K | 470.95K | 688.1K | 1.03M | 1.03M | 1.12M | 710.2K | 616.29K | 661.92K | 854.06K | 763.74K | 704.43K | 623.79K | 591.37K | 386.39K | 339K | 287.41K | 235.23K | 215.97K | 193.63K | 184.35K | 131.2K | 51.42K | 35.65K | 1.56M | 1.7M | 1.4M | 400K | 100K |
| Stock-Based Compensation | 721.67K | 806.61K | 604.68K | 770.63K | 355.88K | 828.29K | 711.34K | 762.89K | 717.53K | 945.79K | 687.72K | 583.7K | 525.76K | 421.64K | 420.42K | 1.02M | 553.63K | 483.71K | 495.05K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -405.87K | -1.06M | 1.1M | -13.36M | -6.57M | 0 | -23.39K | 0 | 5.34M | 2.38M | -2.08M | 2.63M | -3.88M | -134K | -302K | -541K | -265K | -367.8K | -206.96K | -49K | -48K | 334K | 1.2M | -407K | 132K | 92K | -390K | 300K | -1.5M | 0 | 300K |
| Other Non-Cash Items | 99.55K | 5.9K | 190.72K | 103.3K | 345.1K | -4.67M | -42.31K | 17.56K | 170.78K | 225.9K | 530.07K | 96.02K | 18.14K | 54.62K | 40.42K | 341.91K | -281.66K | 29.3K | -239.62K | -57.58K | 300.38K | 128.05K | 456.95K | -1.54M | 66.52K | 15.51M | 415.51K | 100K | 100K | 200K | 100K |
| Working Capital Changes | -5.28M | -4.53M | -2.07M | -1.25M | -3.05M | -1.21M | -1.96M | 4.47M | -11.68M | -8.37M | -2.79M | -7.12M | 24.41M | -5.52M | -33.87M | -22.53M | -4.88M | -3.76M | -5.76M | -3.47M | -218.5K | -2.85M | -7.48M | -6.5M | -4.49M | -2.97M | -1.9M | -1.7M | 8.6M | -2.9M | -300K |
| Change in Receivables | -3.56M | -2.82M | 2.97M | -3.82M | 37.84K | -7.71M | 2.09M | 4.51M | -1.8M | 2.98M | -1.31M | -1.25M | -2.07M | 2.38M | -3.95M | 1.79M | -878.61K | -2.43M | 369.36K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 171.62K | 117.47K | 518.36K | 1.06M | 1.54M | 2.36M | -3.68M | 1.21M | -3.09M | -12.94M | 2.6M | -15.3M | 24.85M | -1.7M | -31.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.77M | -800K | -100K | -300K | 0 |
| Change in Payables | 700.89K | 380.04K | -1.73M | 5.11M | -1.16M | -1.5M | 7.21M | -678.38K | -7.7M | 1.63M | -4.02M | 9.45M | 1.72M | -5.82M | 1.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -58.69K | -65.04K | -403.85K | -140.45K | -40.79K | -29.19K | -146.79K | -436.01K | -6.61M | -239.44K | -136.32K | -209.72K | -602.92K | -637.37K | -825.11K | -1.59M | -300.8K | -142.66K | -493.67K | -98.56K | -109.5K | -273.08K | -667.68K | -268.79K | 2.81M | -17.51K | -243.09K | -200K | -100K | -10.3M | 0 |
| Capital Expenditures | -58.69K | -65.04K | -403.85K | -140.45K | -40.79K | -29.19K | -146.79K | -436.01K | -559.04K | -281.92K | -136.32K | -209.72K | -602.92K | -637.37K | -825.11K | -1.59M | -300.8K | -142.66K | -493.67K | -98.56K | -109.5K | -273.08K | -667.68K | -268.79K | -122.85K | -19.31K | -252.19K | 0 | -100K | -10.3M | 0 |
| CapEx % of Revenue | 0.08% | 0.09% | 0.5% | 0.16% | 0.05% | 0.03% | 0.17% | 0.5% | 0.67% | 0.35% | 0.17% | 0.21% | 1.52% | 0.77% | 0.92% | 2.14% | 0.68% | 0.32% | 1.39% | 0.35% | 0.61% | 1.07% | 2.21% | 0.98% | 0.51% | 0.13% | 0.88% | - | 0.51% | 79.23% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.05M | 42.48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 42.48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.94M | 1.8K | 9.1K | 0 | 0 | 0 | 0 |
| Cash from Financing | 2.1M | 673.3K | -2.76M | -2.54M | -3.37M | -2.49M | 2.35M | 118.64K | 13.84M | -941.76K | 6.77M | -2.35M | 3.31M | -3.17M | 24.73M | 15.34M | 2.86M | 1.27M | 3.41M | 1.83M | 286.03K | 70.68K | 190.49K | 2.89M | -3.11M | -895.96K | -1.5M | -1.5M | -1.4M | 12.8M | -600K |
| Debt Issued (Net) | 2.51M | 957.19K | -2.69M | -2.68M | -3.37M | -2.49M | 2.46M | 263.21K | -2.11M | -941.76K | 7.03M | -2.46M | 2.78M | -3.2M | 9.81M | 14.45M | -2.08M | 1.27M | 2.13M | 719.12K | 262.38K | -82.61K | 139.89K | -5.6M | -3.29M | -895.96K | -1.5M | -1.6M | -1.4M | 10.4M | -2.4M |
| Equity Issued (Net) | -123.22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.17M | 0 | 0 | 0 | 0 | 0 | 13.32M | 0 | 3.53M | 0 | 0 | 618.6K | 19.05K | 153.29K | 50.6K | 8.49M | 180.56K | 0 | 0 | 100K | 0 | 2.4M | 1.7M |
| Dividends Paid | 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 | 0 |
| Share Repurchases | 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 | 0 |
| Other Financing | -295.94K | -283.89K | -64.41K | 139.44K | 0 | 0 | -107.54K | -144.57K | -157.21K | 0 | -253.85K | 113K | 533.75K | 27K | 1.6M | 893.45K | 1.41M | 0 | 1.28M | 495K | 4.6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K |
| Net Change in Cash | -866.03K | -4.59M | 396.17K | 1.25M | -2.46M | 275.33K | 600.74K | -695.35K | 4.7M | 391.29K | 37.56K | -502.88K | -661.2K | -543.7K | 1.83M | 54.82K | -1.4M | 1.8M | 85.69K | 299.83K | -838.62K | -879.17K | -1.04M | 2.7M | -89.04K | 117.6K | -123.51K | -300K | -1.5M | 1.1M | 0 |
| Free Cash Flow | -2.96M | -5.27M | 3.16M | 3.79M | 903.54K | 2.77M | -1.75M | -813.99K | -3.09M | 1.29M | -6.74M | 1.85M | -3.97M | 2.63M | -22.9M | -15.29M | -4.26M | 531.85K | -3.32M | -1.53M | -1.12M | -949.85K | -1.23M | -190.67K | 86.26K | 1.01M | 1.37M | 1.5M | -100K | -11.7M | 600K |
| FCF Margin % | -4.16% | -7.6% | 3.89% | 4.38% | 1.08% | 2.68% | -2% | -0.93% | -3.69% | 1.59% | -8.28% | 1.84% | -10.01% | 3.17% | -25.65% | -20.62% | -9.68% | 1.21% | -9.34% | -5.48% | -6.28% | -3.72% | -4.06% | -0.7% | 0.36% | 6.73% | 4.79% | 6.94% | -0.51% | -90% | 8.82% |
| FCF Growth % | -314.41% | -266.88% | -16.71% | 319.23% | -67.38% | 258.35% | -114.9% | 73.69% | -339.74% | 119.16% | -464.54% | 146.54% | -250.95% | 111.49% | -49.8% | -258.9% | -900.98% | 116% | -116.9% | -36.3% | -18.4% | 22.68% | -544.29% | -321.04% | -91.47% | -26.23% | -8.57% | 1600% | 99.15% | -2050% | 300% |
| FCF per Share | -0.23 | -0.41 | 0.25 | 0.30 | 0.07 | 0.23 | -0.15 | -0.07 | -0.33 | 0.15 | -0.78 | 0.22 | -0.47 | 0.31 | -2.91 | -2.14 | -0.63 | 0.09 | -0.54 | -0.25 | -0.21 | -0.16 | -0.20 | -0.04 | 0.03 | 0.37 | 0.50 | 0.56 | -0.04 | -4.59 | 0.81 |
| FCF Conversion (FCF/Net Income) | -1.72x | 6.17x | 1.08x | 0.23x | 0.10x | 0.41x | 0.44x | 0.06x | -1.15x | 0.27x | 1.83x | 0.41x | 0.13x | 0.42x | -2.01x | -1.85x | -7.47x | 0.17x | -1.09x | -0.75x | 0.80x | -0.45x | -0.11x | 0.01x | 0.05x | -0.09x | 0.84x | 1.88x | - | -1.56x | 1.00x |
| Interest Paid | 674.71K | 1.93M | 2.36M | 2.45M | 1.79M | 1.14M | 0 | 2.07M | 2.13M | 1.58M | 1.18M | 1M | 915.7K | 985.19K | 783.37K | 366.49K | 158.41K | 265.76K | 19.26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -4.46K | 71.47K | 5.48K | 4.36K | 25.29K | 10.39K | 0 | 0 | 10.95K | 144.72K | 302.02K | 351.27K | 855K | 3M | 7.89M | 180K | 2.28M | 808.63K | 765K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and working capital
As reported in financial statements, CVU's operating cash flow frequently decouples from net income, evidenced by a 2025Q1 OCF/NI ratio of 2.06 that masks underlying operational volatility and suggests that reported earnings are not reliably translating into the liquid resources necessary for sustaining the company's manufacturing operations.
The persistent gap between net income and operating cash flow suggests that accounting accruals and non-cash adjustments are playing an outsized role in the company's reported profitability. Investors should monitor whether this divergence stems from aggressive revenue recognition on long-term contracts or simply the timing of milestone payments from prime contractors.
Based on recent SEC filings, CVU's free cash flow trajectory is characterized by recurring deficits, with a 2026Q1 FCF margin of -2.8% highlighting the company's struggle to generate positive cash returns even during periods where net income appears positive, indicating a structural challenge in operational efficiency.
The inability to maintain positive free cash flow suggests that the company's current business model is consuming rather than generating capital. This trend warrants further investigation into whether the negative cash flow is a temporary byproduct of program ramp-ups or a permanent feature of the company's cost structure.
According to the provided quarterly data, working capital changes have been a significant drag on cash, including a $2.6 million outflow in 2026Q1, which underscores the company's difficulty in managing the cash conversion cycle within its complex, project-based aerospace manufacturing and kitting business model.
The erratic nature of working capital swings suggests that the company is highly sensitive to the timing of inventory procurement and customer collections. Such volatility appears to be a primary driver of the company's precarious liquidity position, as cash is frequently tied up in unbilled receivables or inventory.
As indicated by the financial data, the consistent use of stock-based compensation, which reached $235.3K in 2026Q1, serves to dilute shareholders while the company simultaneously burns cash, suggesting that the cash flow statement may be obscuring the true economic cost of maintaining the current management and engineering team.
The reliance on non-cash compensation in a cash-constrained environment may indicate that management is attempting to preserve liquidity at the expense of equity dilution. This practice warrants further investigation into the alignment between executive incentives and the company's long-term ability to generate sustainable, self-funded growth.
Quick answers to the most common questions about buying CVU stock.
CPI Aerostructures, Inc. (CVU) generated $-5.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CPI Aerostructures, Inc. (CVU) reported negative free cash flow of $5.3M in 2025, indicating capital requirements exceeded cash from operations.
CPI Aerostructures, Inc. (CVU) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.