Liquidity remains constrained by extreme working capital volatility, as evidenced by operating cash flow to net income ratios that reached a low of -114.43 in 2025Q1.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | 26.12M | 18.67M | 67.87M | 19.72M | 22.89M | 20.94M | 15.2M | -11.45M | 5.9M | -13.76M | 18.39M | -2.56M | 7.66M | 5.73M | 9.9M | 16.01M | 10.39M | 17.88M | 5.15M | 8.66M | -343.32K | 8.53M | -3.66M | 5.54M | 2.14M | 5.66M | -3.13M | 2.4M | 700K | 1.1M | 2.6M |
| Operating CF Margin % | - | 0.66% | 2.5% | 0.78% | 1.14% | 1.25% | 1.35% | -0.82% | 0.45% | -1.08% | 1.42% | -0.2% | 0.62% | 0.47% | 0.84% | 1.54% | 1.03% | 1.97% | 0.6% | 1.01% | -0.04% | 1.01% | -0.44% | 0.72% | 0.25% | 0.97% | -0.67% | 0.62% | 0.24% | 0.61% | 1.48% |
| Operating CF Growth % | 60.3% | -72.5% | 244.14% | -13.84% | 9.34% | 37.71% | 232.74% | -294.28% | 142.84% | -174.85% | 818.14% | -133.41% | 33.66% | -42.09% | -38.15% | 54.12% | -41.93% | 246.99% | -40.51% | 2623.46% | -104.03% | 332.85% | -166.15% | 158.23% | -62.15% | 280.97% | -230.41% | 242.86% | -36.36% | -57.69% | - |
| Net Income | 428.76K | 568.74K | 4.34M | 11.6M | 16.67M | 15.55M | 5.54M | 3.2M | 3.61M | 2.95M | 5.98M | 6.36M | 4.96M | 5.86M | 7.37M | 8.06M | 8.97M | 8.49M | 5.33M | 4.44M | -1.11M | -11.26M | -4.14M | 1.03M | 1.97M | -1.77M | 3.9M | 3.8M | 2.4M | 1.9M | 1.3M |
| Depreciation & Amortization | 9.75M | 9.84M | 9.5M | 7.58M | 3.64M | 3.09M | 3.12M | 2.62M | 2.32M | 2.05M | 2.16M | 2.26M | 2.39M | 2.41M | 2.39M | 2.23M | 1.74M | 1.22M | 1.39M | 1.83M | 1.94M | 2.83M | 2.54M | 2.52M | 3.45M | 2.52M | 2.79M | 1.9M | 1.1M | 900K | 800K |
| Stock-Based Compensation | 1.74M | 2.55M | 2.49M | 2.72M | 3.1M | 2.42M | 1.09M | 1.3M | 1.27M | 1.39M | 1.4M | 1.22M | 1.41M | 1.3M | 1.43M | 1.85M | 486.29K | 531.6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -551.61K | -326.25K | -543.64K | 2.59M | 797.36K | -275.35K | -16.8K | 40.57K | -553.46K | -243.39K | 437.28K | 264.34K | 382.96K | -221.69K | 681.42K | 1.87M | -385.26K | 1.05M | 2.72M | 2.62M | -803.2K | -5.99M | -1.75M | -660.31K | 1.37M | -542.97K | -363.83K | -100K | 0 | 0 | 0 |
| Other Non-Cash Items | 1.21M | -933.04K | 736.15K | 901.2K | -2.54M | -3.28M | 63.49K | 3.45M | 1.71M | -32.05K | -319.22K | -100.17K | -339.8K | -296.65K | -70.7K | -517.34K | 513.29K | -2.23M | 1.03M | -126.96K | 317.14K | 13.29M | 4.05M | 467.88K | -2.01M | -2.89M | -1.69M | 100K | 700K | -1.1M | -300K |
| Working Capital Changes | 13.56M | 6.97M | 51.36M | -5.66M | 1.21M | 3.44M | 5.41M | -22.06M | -2.47M | -19.88M | 8.72M | -12.57M | -1.13M | -3.32M | -1.9M | 2.51M | -931.6K | 8.82M | -5.3M | 2.03M | -2.32M | 9.95M | -4.39M | 2.18M | -2.64M | 9.88M | -7.78M | -3.6M | -3.5M | -600K | 800K |
| Change in Receivables | -7.94M | -2.58M | 5.9M | -138.96K | 4.13M | -223K | -9.59M | 6.74M | -828.44K | -755.3K | 2.03M | 1.34M | -4.59M | 4.35M | 287.1K | 4.26M | -196.92K | -1.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 10.21M | -5.7M | 29M | -7.73M | 3.24M | 3.72M | 3.69M | -24.03M | -5.06M | -24.4M | 12.45M | -17.23M | 3.4M | -7.67M | 103.87K | 1.02M | 1.54M | 2.55M | -7.69M | -383.77K | -1.18M | 10.23M | -4.62M | 3.2M | -5.71M | 2.45M | -5.13M | -2.1M | -2.6M | -800K | 500K |
| Change in Payables | 13.08M | 16.01M | 11.4M | 2.21M | 332.4K | 2M | 3.53M | -2.25M | 3.3M | -467.35K | 976.14K | 643.49K | 591.48K | -1.39M | -1.25M | 1.81M | 1.4M | -80.45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -11.66M | -15.02M | -42.11M | -66.27M | -14.36M | -1.47M | -13.31M | -4.38M | -3.22M | -2.52M | -1.48M | -977.39K | -3.6M | -1.93M | -1.35M | -15.26M | -4.95M | -1.57M | -758.95K | 3.55M | -972.66K | -2.93M | -3.89M | -2.8M | -2.38M | -27.43M | 1.06M | -6.6M | -7.7M | 1.2M | 200K |
| Capital Expenditures | -11.88M | -9M | -20.43M | -11.56M | -14.69M | -1.53M | -3.36M | -4.44M | -3.23M | -2.57M | -1.59M | -1.02M | -2.8M | -2.11M | -1.48M | -1.99M | -1.92M | -1.67M | -845.16K | -514.28K | -995.51K | -3.03M | -1.78M | -3.23M | -2.68M | -1.2M | -966.02K | -800K | -800K | -1.4M | -700K |
| CapEx % of Revenue | 0.36% | 0.32% | 0.75% | 0.46% | 0.73% | 0.09% | 0.3% | 0.32% | 0.24% | 0.2% | 0.12% | 0.08% | 0.23% | 0.17% | 0.13% | 0.19% | 0.19% | 0.18% | 0.1% | 0.06% | 0.12% | 0.36% | 0.22% | 0.42% | 0.32% | 0.21% | 0.21% | 0.21% | 0.27% | 0.78% | 0.4% |
| Acquisitions | 9.7K | -6.13M | -22.1M | -54.87M | 7.96K | 0 | -6.5M | 57.2K | 5.8K | 46.65K | 112.16K | 0 | -996.8K | 0 | 0 | -13.37M | -3.1M | 0 | 0 | 0 | 0 | 0 | -2.77M | 0 | -95.32K | -32.92M | -606.18K | -5.9M | -7.1M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 210.84K | 113.21K | 416.55K | 151.81K | 327K | 55.73K | -3.46M | 57.2K | 5.8K | 46.65K | 112.16K | 41K | 192.37K | 179.66K | 129.83K | 94.53K | 71.61K | 107.25K | 86.21K | 4.07M | 22.85K | 95.03K | 105.5K | 129.99K | 93.08K | 8.24M | 2.89M | 100K | 200K | 200K | 500K |
| Cash from Financing | -14.51M | -3.57M | -25.88M | 46.91M | -8.62M | -19.61M | -1.57M | 15.65M | -2.68M | 16.2M | -16.52M | 3.66M | -4.24M | -4.02M | -9.45M | 288.85K | -5.39M | -16.47M | -4.66M | -11.98M | 1.25M | -5.46M | 7.3M | -2.2M | 67.65K | 20.92M | 1.49M | 5.9M | 7M | -2.3M | -2.7M |
| Debt Issued (Net) | -10.65M | 272.68K | -22.93M | 53.83M | -3.34M | -15.83M | 1.06M | 23.85M | 5.85M | 18.14M | -10.72M | 5.48M | -758.72K | -694.85K | -7.74M | 861.76K | -4.95M | -13.16M | -4.31M | -10.7M | -772.66K | -2.66M | 5.32M | -1.85M | 663.29K | 21.55M | 2.13M | 2.96M | 7M | -1.1M | -2.7M |
| Equity Issued (Net) | -1.13M | -1.13M | 0 | -404.88K | 0 | -5.74K | -2M | -7.51M | -7.72M | -1.12M | -4.8M | -1.72M | -2.86M | -2.57M | -916.82K | 0 | 0 | -2M | 148.38K | 46.69K | 1.98M | 1.86M | 2.44M | 20.45K | 126.83K | 3.1K | 20.59K | 0 | 0 | -1.2M | 0 |
| Dividends Paid | -652.79K | -645.46K | -630.36K | -3.53M | -3.44M | -3.36M | -594.65K | -636.58K | -702.49K | -706.91K | -654.68K | -467.77K | -468.03K | -469.89K | -739.75K | -734.98K | -713.8K | -575.27K | -510.81K | -418.69K | -366.04K | -294.64K | -429.3K | -370.8K | -382.82K | -328.61K | -372.29K | -100K | 0 | 0 | 0 |
| Share Repurchases | -1.13M | -1.13M | 0 | -404.88K | 0 | -5.74K | -2.03M | -7.51M | -7.72M | -1.12M | -4.99M | -1.72M | -2.66M | -2.57M | -918K | 0 | 0 | -2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.2M | 0 |
| Other Financing | -2.07M | -2.07M | -2.32M | -2.98M | -1.84M | -415.06K | -30.21K | -56.34K | -101.2K | -107.08K | -190.99K | 556.39K | 44.7K | -74.61K | -51.45K | 162.08K | 272.89K | -735.03K | 16.59K | -903.91K | 407.18K | -4.37M | -28.45K | 0 | -339.64K | -305.85K | -284.08K | 3.09M | 0 | 0 | 0 |
| Net Change in Cash | -42.79K | 71.83K | -118.14K | 359.36K | -88.02K | -141.6K | 323.49K | -182.94K | -2.42K | -82.31K | 385.84K | 119.61K | -175.11K | -216.35K | -898.28K | 1.03M | 46.82K | -147.77K | -259.87K | 236.42K | -65.14K | 130.2K | -252K | 537.98K | -166.85K | -851.34K | -579.77K | 5.9M | 0 | 0 | -2.7M |
| Free Cash Flow | 14.24M | 9.66M | 47.44M | 8.16M | 8.2M | 19.41M | 11.85M | -15.89M | 2.67M | -16.33M | 16.79M | -3.58M | 4.87M | 3.62M | 8.42M | 14.02M | 8.46M | 16.21M | 4.31M | 8.15M | -1.34M | 5.5M | -5.45M | 2.31M | -536.17K | 4.47M | -4.1M | 1.6M | -100K | -300K | 1.9M |
| FCF Margin % | 0.43% | 0.34% | 1.75% | 0.32% | 0.41% | 1.16% | 1.05% | -1.14% | 0.2% | -1.28% | 1.3% | -0.28% | 0.39% | 0.3% | 0.72% | 1.35% | 0.84% | 1.79% | 0.5% | 0.95% | -0.16% | 0.65% | -0.66% | 0.3% | -0.06% | 0.77% | -0.88% | 0.41% | -0.03% | -0.17% | 1.08% |
| FCF Growth % | 299.72% | -79.63% | 481.34% | -0.46% | -57.76% | 63.84% | 174.54% | -695.35% | 116.35% | -197.24% | 569.21% | -173.54% | 34.44% | -57% | -39.95% | 65.6% | -47.78% | 276.22% | -47.12% | 708.69% | -124.35% | 200.97% | -336% | 530.42% | -112% | 209.05% | -355.99% | 1700% | 66.67% | -115.79% | - |
| FCF per Share | 23.04 | 15.68 | 78.19 | 13.70 | 14.06 | 34.17 | 20.86 | -26.06 | 3.97 | -23.59 | 23.52 | -4.83 | 6.62 | 4.81 | 10.74 | 18.14 | 11.32 | 20.75 | 5.06 | 9.47 | -1.89 | 10.43 | -9.68 | 4.30 | -1.03 | 9.79 | -8.61 | 3.36 | -0.21 | -0.67 | 4.24 |
| FCF Conversion (FCF/Net Income) | 33.22x | 32.82x | 15.65x | 1.70x | 1.37x | 1.35x | 2.74x | -3.58x | 1.63x | -4.67x | 3.07x | -0.40x | 1.54x | 0.98x | 1.34x | 1.98x | 1.16x | 1.38x | 0.97x | 1.95x | 0.31x | -0.67x | 0.88x | 5.39x | 1.09x | -1.69x | -0.80x | 0.63x | 0.29x | 0.58x | 2.00x |
| Interest Paid | 10.27M | 10.52M | 9.99M | 8.31M | 2.21M | 1.35M | 1.74M | 1.56M | 1.14M | 819.97K | 737.25K | 828K | 946.88K | 1.12M | 1.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -106.98K | 724.09K | 2.52M | 4.14M | 7.92M | 5.14M | 1.3M | 1.65M | 2.53M | 2.02M | 3.89M | 5.53M | 3.57M | 4.87M | 4.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Extreme working capital volatility
As reported in recent financial statements, DIT's operating cash flow to net income ratio has fluctuated wildly, reaching a low of -114.43 in 2025Q1, which suggests that reported net income is a poor proxy for the company's actual ability to generate cash from its core operations.
The extreme divergence between net income and operating cash flow indicates that accruals and non-cash adjustments are dominating the bottom line. Investors should monitor whether this disconnect stems from aggressive revenue recognition or simply the inherent timing mismatches in a high-volume, low-margin tobacco distribution business.
Based on the provided quarterly data, DIT's free cash flow margins have swung from a high of 6.9% in 2024Q2 to a low of -6.1% in 2025Q1, highlighting a lack of consistent cash generation that complicates the company's ability to fund operations internally.
The erratic nature of free cash flow suggests that the company is highly susceptible to seasonal inventory cycles and working capital swings. This inconsistency makes it difficult to rely on internal cash generation for long-term debt reduction or strategic capital reinvestment.
According to the cash flow statements, working capital changes have been the primary driver of operating cash flow, with quarterly fluctuations as large as $45.6 million, indicating that the company's liquidity is tethered to the timing of inventory procurement and accounts receivable collections.
The massive swings in working capital suggest that DIT is essentially acting as a financing vehicle for its convenience store customers. This reliance on working capital management to bridge cash gaps may leave the company vulnerable to sudden shifts in supplier credit terms or customer payment delays.
As evidenced by the quarterly data, DIT maintains a modest capital intensity with CapEx to revenue ratios consistently below 1.2%, suggesting that the company is not currently engaged in a heavy investment cycle to modernize its logistics or warehouse infrastructure.
While low capital intensity preserves cash, it may also indicate a lack of necessary investment in automation or technology to improve efficiency. Analysts should investigate whether this under-investment is a deliberate strategy to conserve cash or a sign of limited growth opportunities in the regional distribution space.
Quick answers to the most common questions about buying DIT stock.
AMCON Distributing Company (DIT) generated $18.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AMCON Distributing Company (DIT) generated $9.7M 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.
AMCON Distributing Company (DIT) spent $9.0M 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, AMCON Distributing Company (DIT) returned $0.6M to shareholders via cash dividends and spent $1.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.