Cash flow generation remains volatile, with free cash flow margins swinging from a peak of 30.7% in 2023Q4 to a negative 1.9% in 2025Q3 due to seasonal working capital requirements.
| 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 | 33.37M | 31.01M | 36.05M | 48.33M | 8.52M | 1.07M | 2.63M | 16.04M | 6.51M | 13.36M | 12.17M | 15.46M | 18.38M | 8.39M | 6.56M | 2.58M | 8.85M | 18.31M | -1.91M | 14.31M | 19.9M | 24.63M | 15.36M | 26.53M | 3.87M | 19.62M | 11.53M | 14.9M | 8.6M | 8.8M | 15.3M |
| Operating CF Margin % | - | 12.91% | 14.33% | 18.34% | 2.72% | 0.34% | 0.96% | 8.88% | 3.7% | 7.54% | 7.26% | 9.94% | 13.32% | 5.13% | 4.44% | 1.92% | 7.34% | 15.79% | -1.29% | 7.71% | 10.39% | 13.27% | 6.96% | 11.96% | 2.49% | 13.18% | 9.94% | 17.29% | 9.48% | 9.62% | 16.42% |
| Operating CF Growth % | -26.01% | -13.97% | -25.41% | 466.96% | 693.67% | -59.21% | -83.58% | 146.51% | -51.31% | 9.81% | -21.3% | -15.86% | 119.03% | 27.94% | 154.09% | -70.84% | -51.66% | 1057.79% | -113.36% | -28.08% | -19.21% | 60.33% | -42.08% | 584.63% | -80.25% | 70.09% | -22.59% | 73.26% | -2.27% | -42.48% | -18.18% |
| Net Income | 15.46M | 13.7M | 12.99M | 9.83M | 17.99M | 24.41M | 25.93M | 7.26M | 20.44M | 14.06M | 11.49M | 11.61M | 18.49M | 9.8M | -4.93M | 4.44M | 6.06M | 1.66M | -7.5M | 9.26M | 8.49M | 11.94M | 7.83M | 14.85M | 11.14M | 11.14M | 8.1M | 6.1M | 6.2M | 6.4M | 5.2M |
| Depreciation & Amortization | 5.07M | 5.06M | 6.04M | 5.67M | 6.06M | 4.83M | 4.02M | 4.03M | 3.86M | 3.91M | 5.24M | 5.22M | 4.38M | 4.62M | 4.32M | 8.77M | 4.33M | 5.96M | 5.54M | 6.04M | 5.65M | 4.74M | 6.33M | 5.3M | 3.8M | 3.59M | 3.18M | 2.8M | 2.8M | 2.4M | 3M |
| Stock-Based Compensation | -55K | 0 | 0 | 52K | 51K | 135K | 1.02M | 0 | 604K | 522K | 398K | 719K | 716K | 557K | 574K | 146K | 134K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 3M | 3M | 177K | -1.39M | -244K | 567K | 656K | 128K | 940K | -2.95M | -375K | 1.7M | -1.2M | 1.25M | 503K | 863K | 1.4M | 2.17M | -1.49M | 284K | 436K | -466K | -1.02M | -1.04M | -14.42K | -314K | -285.59K | -600K | -200K | 1.3M | 400K |
| Other Non-Cash Items | 2.7M | 2.88M | -972K | 2.86M | 2.01M | 475K | 471K | 842K | -10.6M | 1.42M | -1.31M | -1.27M | -4.15M | -2.24M | 11.36M | -3.55M | -2.17M | 472K | 626K | 177K | 401K | 903K | 434K | 177K | -141.11K | -2K | 89.57K | -100K | 700K | -200K | 100K |
| Working Capital Changes | 7.19M | 6.37M | 17.82M | 31.31M | -17.34M | -29.34M | -29.46M | 3.78M | -8.3M | -3.23M | -3.58M | -1.87M | 767K | -5.16M | -4.9M | -8.09M | -904K | 7.81M | -4.24M | -1.39M | 5.02M | 7.52M | 1.8M | 7.24M | -10.91M | 4.95M | 450.31K | 6M | -900K | -2M | 6.2M |
| Change in Receivables | 0 | 1.47M | 470K | 6.87M | 9.74M | -301K | -29.91M | 4.91M | -1.14M | -3.37M | 2.71M | -6.05M | 6.74M | -10.37M | -6.69M | -1.15M | -1.75M | 3.66M | 3.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 7.55M | 16.44M | 29.41M | -15.85M | -19.89M | -26.42M | -3.15M | -3.36M | -468K | -6.55M | -1.12M | -1.56M | 5.45M | -1.73M | -6.3M | -2.41M | 9.06M | 2.64M | 1.09M | 5.54M | -2.87M | 138K | 5.96M | -1M | 861K | -3.16M | 1.7M | 0 | 300K | 3.7M |
| Change in Payables | 0 | -4.39M | 2.63M | -5.72M | -14.67M | 0 | 26.91M | 44K | -3.99M | 1.11M | 2.42M | 2.42M | 245K | 1M | 2.34M | -1.08M | 2.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -5.12M | -4.81M | 3.93M | -1.95M | -37.83M | -9.65M | -21.03M | -2.95M | 24.87M | -4.19M | -9.8M | -14.29M | -5.79M | -8.72M | -3.91M | 1.35M | -2.27M | -730K | -8.42M | -6.06M | -29.55M | -11.54M | -2.75M | -23.97M | -13.1M | -10.65M | -2.27M | -12.8M | -1.4M | -10.7M | -1.9M |
| Capital Expenditures | -2.82M | -2.51M | -2.04M | -2.08M | -2.11M | -9.7M | -5.46M | -2.19M | -2.82M | -2.75M | -2.65M | -5.07M | -2.66M | -2.35M | -2.42M | -2.38M | -1.78M | -1.89M | -9.48M | -2.39M | -2.68M | -8.39M | -2.41M | -2.56M | -3.08M | -2.74M | -915.67K | -1.1M | -1.1M | -1.6M | -1.9M |
| CapEx % of Revenue | 1.17% | 1.05% | 0.81% | 0.79% | 0.67% | 3.09% | 1.99% | 1.21% | 1.6% | 1.55% | 1.58% | 3.26% | 1.93% | 1.44% | 1.64% | 1.77% | 1.47% | 1.63% | 6.38% | 1.29% | 1.4% | 4.52% | 1.09% | 1.16% | 1.98% | 1.84% | 0.79% | 1.28% | 1.21% | 1.75% | 2.04% |
| Acquisitions | -500K | 0 | 0 | 0 | -35.76M | 0 | -15.45M | -761K | 26.54M | -1.45M | -9.66M | -10.68M | -10.63M | -6.49M | -1.25M | -300K | 0 | 0 | -467K | -4.18M | -28.76M | -3.21M | -632K | -10.73M | -9.16M | -7.86M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.8M | -2.3M | 5.97M | 140K | 40K | 43K | -131K | 0 | 1.15M | 5K | 2.57M | 1.45M | 603K | 118K | -234K | 3.43M | 13K | -481K | 33K | 506K | 1.14M | 70K | 288K | -10.04M | -843.48K | 4K | -1.28M | -11.6M | -300K | -9.1M | -100K |
| Cash from Financing | -17.41M | -18.52M | -35.8M | -50.33M | 28.9M | 9.45M | 16.02M | -10.03M | -30.13M | -8.61M | -3.34M | -2.42M | -10.89M | -351K | -3.81M | -1.49M | -8.46M | -18.85M | 10.69M | -6.76M | 10.38M | -11.68M | -10.16M | -5.88M | 11.68M | -9.2M | -9.88M | -700K | -8.1M | 1.8M | -13.3M |
| Debt Issued (Net) | -5.36M | -7.14M | -25.3M | -43.98M | 37M | 27.46M | 30.07M | -112K | -23.12M | -2.32M | 2.3M | 1.99M | -7.06M | 446K | 623K | 1.46M | -7.33M | -18.88M | 14.36M | -777K | 12.9M | -7.95M | -8.66M | -4.12M | 11.19M | -8.56M | 3.7M | 5.8M | -8.3M | 4.3M | -3.8M |
| Equity Issued (Net) | -1.72M | -3.1M | -2.19M | 0 | 0 | -10.43M | -6.74M | -2.82M | -10K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -920K | -3.26M | -60K | -1.76M | 56K | -1.76M | 490K | -631K | -13.57M | -3.3M | 200K | -2.4M | -9.3M |
| Dividends Paid | -8.27M | -8.28M | -8.31M | -6.18M | -8.15M | -7.69M | -7.47M | -7.2M | -7.21M | -6.61M | -6.28M | -6.07M | -5.29M | -4.62M | -5.08M | -3.21M | -1.28M | 0 | -3.17M | -2.87M | -2.6M | -1.96M | -1.56M | 0 | 0 | 0 | 0 | -3.1M | 0 | -100K | -200K |
| Share Repurchases | -1.72M | -3.1M | -2.19M | 0 | 0 | -10.43M | -6.74M | -2.94M | -10K | -159K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -920K | -3.4M | -1.52M | -2.17M | -984K | -2.11M | -127K | -814K | -13.69M | -3.6M | -200K | -2.8M | -9.3M |
| Other Financing | -2.07M | 0 | 0 | -169K | 51K | 111K | 154K | 102K | 220K | 311K | 643K | 1.66M | 1.47M | 3.83M | 638K | 272K | 160K | 33K | 427K | 143K | 141K | 0 | 0 | 0 | 516 | 0 | 0 | -100K | 0 | 0 | 0 |
| Net Change in Cash | 10.84M | 7.68M | 4.18M | -3.95M | -407K | 869K | -2.38M | 3.06M | 1.25M | 559K | -969K | -1.25M | 886K | -198K | -1.28M | 2.29M | -1.5M | -578K | 809K | -1.02M | 812K | -33K | 2.4M | -2.72M | 2.45M | -227K | -609.27K | 1.5M | -900K | -100K | 100K |
| Free Cash Flow | 30.55M | 28.5M | 34.01M | 46.24M | 6.41M | -8.62M | -2.82M | 13.85M | 3.69M | 10.62M | 9.52M | 10.4M | 15.71M | 6.04M | 4.13M | 206K | 7.07M | 16.42M | -11.4M | 11.92M | 17.22M | 16.24M | 12.95M | 23.96M | 789.55K | 16.88M | 10.62M | 13.8M | 7.5M | 7.2M | 13.4M |
| FCF Margin % | 12.7% | 11.87% | 13.52% | 17.55% | 2.04% | -2.75% | -1.03% | 7.67% | 2.1% | 5.99% | 5.68% | 6.68% | 11.39% | 3.69% | 2.8% | 0.15% | 5.86% | 14.15% | -7.66% | 6.43% | 8.99% | 8.75% | 5.87% | 10.81% | 0.51% | 11.34% | 9.15% | 16.01% | 8.27% | 7.87% | 14.38% |
| FCF Growth % | -18.77% | -16.2% | -26.45% | 621.08% | 174.38% | -205.53% | -120.37% | 275.62% | -65.27% | 11.58% | -8.46% | -33.84% | 160.38% | 45.95% | 1907.28% | -97.09% | -56.92% | 244.08% | -195.57% | -30.74% | 6.03% | 25.35% | -45.94% | 2934.89% | -95.32% | 58.97% | -23.06% | 84% | 4.17% | -46.27% | -23.86% |
| FCF per Share | 2.20 | 2.06 | 2.42 | 3.33 | 0.47 | -0.62 | -0.20 | 0.96 | 0.25 | 0.74 | 0.66 | 0.74 | 1.12 | 0.44 | 0.31 | 0.02 | 0.53 | 1.28 | -0.90 | 0.93 | 1.32 | 1.23 | 0.98 | 1.80 | 0.06 | 1.29 | 0.75 | 0.75 | 0.40 | 0.39 | 0.72 |
| FCF Conversion (FCF/Net Income) | 1.98x | 2.26x | 2.78x | 4.92x | 0.47x | 0.04x | 0.10x | 2.21x | 0.32x | 0.95x | 1.06x | 1.33x | 1.56x | 0.86x | -1.33x | 0.58x | 1.46x | 11.05x | 0.26x | 1.55x | 2.34x | 2.06x | 1.96x | 1.79x | 0.35x | 1.76x | 1.42x | 2.44x | 1.39x | 1.38x | 2.94x |
| Interest Paid | 410K | 0 | 2.23M | 5.33M | 3.87M | 1.43M | 205K | 0 | 423K | 792K | 866K | 465K | 600K | 809K | 640K | 683K | 1.16M | 1.8M | 2.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.66M | 0 | 4.99M | 4.26M | 4.14M | 6.28M | 6.21M | 0 | 4.84M | 3.82M | 3.33M | 108K | 5.21M | 4.55M | 3.36M | 1.32M | 1.83M | 184K | 2.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Seasonal working capital volatility
As reported in quarterly financial statements, Escalade's operating cash flow to net income ratio has fluctuated wildly, ranging from a low of -0.17 in 2025Q3 to a high of 7.28 in 2025Q2, indicating that reported net income is a poor proxy for actual cash generation.
The extreme variance in the OCF/NI ratio suggests that accounting accruals and timing differences significantly distort the company's reported profitability. Investors should interpret net income with caution, as the underlying cash reality is frequently decoupled from bottom-line earnings due to the company's highly seasonal business model.
Based on the provided cash flow data, Escalade's free cash flow margins have shown significant instability, swinging from a peak of 30.7% in 2023Q4 to a negative 1.9% in 2025Q3, reflecting the inherent difficulty in maintaining consistent cash conversion throughout the annual leisure product cycle.
This trajectory highlights a business that is highly sensitive to seasonal demand shifts, which periodically overwhelm the company's ability to generate positive free cash flow. The lack of a stable FCF trend suggests that management's capital allocation strategy must remain highly defensive to account for these recurring periods of cash burn.
According to recent SEC filings, working capital changes have been the primary driver of cash flow volatility, with quarterly fluctuations reaching as high as $22.6 million in 2023Q4, which underscores the company's reliance on efficient inventory and receivables management to sustain its liquidity position.
The massive swings in working capital suggest that Escalade is frequently forced to tie up cash in inventory ahead of peak seasons, only to release it later in the cycle. This pattern warrants further investigation into whether the company is effectively managing its channel inventory or if it is prone to periodic overstocking that necessitates aggressive promotional activity.
As evidenced by the company's financial statements, Escalade consistently prioritizes dividend payments, which have remained steady at $2.1 million per quarter, while maintaining a very low debt-to-equity ratio, suggesting a management preference for returning capital to shareholders over aggressive, debt-funded expansion or large-scale share repurchases.
The commitment to a consistent dividend, even during periods of negative free cash flow, indicates a high level of confidence in the company's long-term liquidity. However, the limited use of share repurchases may imply that management views the current valuation as fair or that they are reserving capital for future strategic acquisitions.
Quick answers to the most common questions about buying ESCA stock.
Escalade, Incorporated (ESCA) generated $31.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Escalade, Incorporated (ESCA) generated $28.5M 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.
Escalade, Incorporated (ESCA) spent $2.5M 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, Escalade, Incorporated (ESCA) returned $8.3M to shareholders via cash dividends and spent $3.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.