Capital allocation remains focused on shareholder returns, with quarterly dividend payments frequently exceeding $10 million despite the softening of free cash flow margins from 14.6% in 2024Q3.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Cash from Operations | 54.88M | 61.7M | 80.19M | 100.66M | 69.36M | 129.91M | 52.7M | 55.25M | 42.5M | 78.63M | 58.37M | 55.11M | 59.89M | 61.3M | 37.7M | 63.16M | 51.33M | 21.93M | 86.14M | 119.19M | 131.59M | 103.33M | 125.53M | 100.48M | 125.32M | 87.59M | 104.85M | 86.7M | 87.6M | 77.4M | 60.9M |
| Operating CF Margin % | - | 10.04% | 12.41% | 12.72% | 8.48% | 18.96% | 8.93% | 7.4% | 5.54% | 10.3% | 7.35% | 7.3% | 8.02% | 8.41% | 5.17% | 9.3% | 8.7% | 3.25% | 8.79% | 11.86% | 12.34% | 10.89% | 13.14% | 11.08% | 14.05% | 9.69% | 12.25% | 11.38% | 12.9% | 13.54% | 11.95% |
| Operating CF Growth % | -61.66% | -23.07% | -20.33% | 45.14% | -46.61% | 146.53% | -4.62% | 30% | -45.96% | 34.72% | 5.92% | -7.99% | -2.3% | 62.6% | -40.31% | 23.05% | 134.04% | -74.54% | -27.73% | -9.42% | 27.34% | -17.68% | 24.93% | -19.82% | 43.08% | -16.47% | 20.94% | -1.03% | 13.18% | 27.09% | 71.55% |
| Net Income | 40.4M | 51.6M | 63.82M | 105.81M | 103.28M | 60.01M | 8.9M | 25.7M | 36.37M | 36.19M | 56.64M | 37.14M | 42.93M | 32.48M | 49.69M | 325K | -44.32M | -52.69M | 58.07M | 69.23M | 85.68M | 79.34M | 80.34M | 75.38M | 82.26M | 79.68M | 90.57M | 81.3M | 71.9M | 48.7M | 28.1M |
| Depreciation & Amortization | 0 | 15.52M | 15.96M | 15.61M | 15.99M | 16.39M | 16.86M | 19.64M | 19.83M | 20.11M | 19.35M | 19.14M | 17.93M | 18.01M | 18.58M | 20.82M | 29.4M | 25.64M | 24.67M | 23.01M | 21.6M | 21.34M | 21.28M | 21.3M | 19.31M | 20.22M | 16.98M | 16.3M | 15.9M | 16.4M | 17.5M |
| Stock-Based Compensation | 0 | 1.53M | 1.45M | 1.29M | 1.14M | 1.27M | 334K | 121K | 954K | 1.26M | 2.36M | 1.24M | 1.32M | 1.4M | 1.7M | 931K | 2.28M | 1.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -525K | -205K | -1.18M | -352K | 3.01M | 2.52M | -3.51M | -106K | 3.51M | 671K | 3.92M | -3.03M | 2.77M | -19.52M | -63K | 33.79M | -32.16M | -2.36M | 200K | -792K | 3.94M | 659K | 4.75M | 189K | 0 | -1.81M | 0 | 700K | 600K | 600K |
| Other Non-Cash Items | 50.15M | 32.98M | 30.82M | 25.97M | 24.36M | 30.15M | 25.82M | 18.35M | -49K | 1.03M | -3.56M | 8.57M | 2.51M | 5.54M | 1.61M | 29.44M | -1.29M | 56.64M | 1.26M | 5.35M | 7.75M | -1.41M | 6.82M | 10.37M | 3.17M | 1.28M | 474K | 2M | 2.3M | 500K | 0 |
| Working Capital Changes | -35.67M | -39.41M | -31.65M | -46.83M | -75.06M | 19.09M | -1.74M | -5.05M | -14.5M | 16.53M | -17.09M | -14.91M | -1.77M | 1.11M | -14.36M | 12.04M | 31.48M | 22.79M | 4.5M | 21.39M | 17.36M | 129K | 16.44M | -11.32M | 20.39M | -13.59M | -1.36M | -12.9M | -3.2M | 11.2M | 14.7M |
| Change in Receivables | 2.15M | 700K | 4.81M | 5.44M | -7.99M | -934K | 6.02M | -565K | -682K | -2.83M | 2.93M | -559K | -149K | 1.92M | -456K | 187K | -4.2M | -776K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 947K | 1.12M | 6.19M | 27.31M | -32.53M | -18.52M | 33.34M | 957K | -11.88M | 13.51M | -9.98M | -5.04M | -9.02M | 18.57M | -12.53M | -5.28M | 22.86M | 31.43M | -91K | 14.53M | 3.48M | 757K | 13.17M | -13.97M | 16.64M | -18.96M | -9.24M | -25M | -6.8M | 2.7M | 6.9M |
| Change in Payables | -2.94M | -5.2M | -1.73M | -8.79M | 123K | 11.74M | -45.02M | -1.52M | 1.81M | 1.52M | -3.51M | -5.35M | 1.3M | -4.32M | 357K | 5.59M | -836K | -3.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -6.64M | -2.36M | -19.99M | -101.52M | -13.97M | -7.12M | -4.62M | -9.5M | -18.24M | -16.87M | -12.53M | 3.43M | -12.06M | -21.6M | -16.16M | -9.64M | -25.09M | -17.53M | -61.33M | -68.74M | -44.81M | -22.51M | -18.95M | -33.24M | -68.47M | -38.49M | -52.78M | -45.5M | -9.6M | -39.2M | -10.5M |
| Capital Expenditures | -10.17M | -11.27M | -9.61M | -13.88M | -13.39M | -12.03M | -15.71M | -9.12M | -12.49M | -17.64M | -23.13M | -19.79M | -19.3M | -19M | -22.88M | -9.09M | -9.92M | -22.54M | -60.04M | -59.07M | -41.51M | -30.3M | -23.04M | -27.21M | -31.08M | -38.52M | -42.06M | -47.8M | -29.7M | -23.4M | -13.3M |
| CapEx % of Revenue | 1.72% | 1.83% | 1.49% | 1.75% | 1.64% | 1.76% | 2.66% | 1.22% | 1.63% | 2.31% | 2.91% | 2.62% | 2.59% | 2.61% | 3.14% | 1.34% | 1.68% | 3.34% | 6.13% | 5.88% | 3.89% | 3.19% | 2.41% | 3% | 3.48% | 4.26% | 4.91% | 6.27% | 4.37% | 4.09% | 2.61% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -1.35M | -534K | -6.29M | -676K | 0 | -1.99M | 0 | -770K | 1.35M | 239K | -50K | 5.02M | -7.78M | -15.3M | -7.79M | -4.08M | -1.44M | -11.33M | -42.4M | -9.72M | -12.63M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.23M | 0 | 49K | 9.91M | 10.61M | 4.91M | 12.44M | 154K | 0 | 1.45M | 10.61M | 25.21M | 0 | 5.26M | 3.66M | 4.55M | -3.96M | 6.38M | 6.48M | 5.63M | 4.48M | 11.87M | 5.53M | 5.3M | 5.02M | 9.75M | 1.92M | 2.3M | 2.1M | 2.2M | 2.8M |
| Cash from Financing | -48.45M | -52.6M | -52.33M | -47.59M | -49M | -90.99M | 3.7M | -47.34M | -66.89M | -57.34M | -69.11M | -90.96M | -11.25M | -46.57M | -20.88M | -49.08M | -6.04M | -25.04M | -98.55M | -76.56M | 83.55M | -105.06M | -160.96M | -61.08M | -29.28M | -15.01M | -47.02M | -51.6M | -80.5M | -26.3M | -48.9M |
| Debt Issued (Net) | -366K | -351K | -421K | -497K | -512K | -50.59M | 49.43M | -578K | -13.83M | -28.4M | -34.84M | -58.71M | -480K | -26.1M | -12.2M | -37.89M | -42K | -41K | -40K | -38K | 190.15M | 3.28M | -1.03M | -3.53M | -166K | -8.42M | 7.23M | -2.7M | -55M | -17.8M | -46.3M |
| Equity Issued (Net) | 361K | 43K | 509K | 75K | 1.12M | -75K | -24.32M | -46K | -23.12M | -10.25M | -19.35M | -17.55M | 0 | 0 | -1.35M | -5.38M | 1K | 2K | -75.1M | -56.63M | -81.76M | -88.71M | -33.8M | -48.48M | -22.91M | -310K | -47.26M | -44.4M | -22M | -6M | -2.6M |
| Dividends Paid | -39.89M | -50.08M | -50.27M | -46.36M | -48.26M | -43.29M | -21.47M | -46.99M | -29.51M | -20.03M | -16.65M | -13.35M | -11.3M | -22.22M | -8.06M | -5.75M | -5.8M | -23.62M | -25.5M | -24.8M | -23.13M | -19.63M | -125.78M | -9.07M | -6.2M | -6.28M | -6.47M | -4.4M | -3.5M | -2.3M | 0 |
| Share Repurchases | 361K | 0 | 0 | 0 | -843K | -75K | -24.32M | -46K | -23.12M | -10.25M | -19.35M | -17.55M | 0 | -1.3K | -1.35M | -5.38M | 0 | 0 | -75.58M | -57.15M | -84.11M | -94.36M | -38.35M | -50.7M | -24.67M | -1.07M | -49.61M | -45.1M | -23.3M | -7.2M | -3.9M |
| Other Financing | -8.55M | -2.21M | -2.15M | -812K | -1.35M | 2.96M | 53K | 276K | -429K | 1.33M | 1.72M | -1.35M | 525K | 1.76M | 738K | -61K | -199K | -1.38M | 2.09M | 4.91M | -1.72M | 0 | -349K | 0 | 0 | 0 | -524K | -100K | 0 | -200K | -200K |
| Net Change in Cash | 974K | 6.74M | 7.59M | -48.25M | 6.28M | 32.32M | 51.45M | -1.54M | -35.34M | 5.04M | -23.52M | -32.99M | 36.58M | -7.12M | 1.2M | 4.67M | 20.89M | -21.42M | -73.5M | -25.92M | 170.35M | -24.08M | -54.33M | 6.17M | 27.58M | 34.09M | 5.06M | -10.4M | -2.5M | 12.8M | 1.5M |
| Free Cash Flow | 64.81M | 50.43M | 70.59M | 86.78M | 55.97M | 117.88M | 36.99M | 46.13M | 23.72M | 60.99M | 35.4M | 35.32M | 40.58M | 42.3M | 14.82M | 54.07M | 41.41M | -604K | 26.1M | 60.12M | 90.08M | 73.03M | 102.5M | 73.27M | 94.25M | 49.07M | 62.79M | 38.9M | 57.9M | 54M | 47.6M |
| FCF Margin % | 10.93% | 8.2% | 10.92% | 10.97% | 6.84% | 17.21% | 6.27% | 6.18% | 3.09% | 7.99% | 4.46% | 4.68% | 5.44% | 5.8% | 2.03% | 7.96% | 7.02% | -0.09% | 2.66% | 5.98% | 8.45% | 7.7% | 10.73% | 8.08% | 10.56% | 5.43% | 7.33% | 5.1% | 8.52% | 9.44% | 9.34% |
| FCF Growth % | 25.36% | -28.56% | -18.66% | 55.05% | -52.52% | 218.71% | -19.81% | 94.43% | -61.1% | 72.27% | 0.24% | -12.97% | -4.05% | 185.46% | -72.6% | 30.57% | 6955.79% | -102.31% | -56.59% | -33.27% | 23.35% | -28.75% | 39.89% | -22.25% | 92.06% | -21.84% | 61.4% | -32.82% | 7.22% | 13.45% | 95.88% |
| FCF per Share | 2.53 | 1.97 | 2.75 | 3.39 | 2.19 | 4.65 | 1.42 | 1.72 | 0.86 | 2.18 | 1.25 | 1.21 | 1.39 | 1.45 | 0.51 | 1.87 | 1.43 | -0.02 | 0.89 | 1.86 | 2.64 | 2.02 | 2.68 | 1.90 | 2.36 | 1.22 | 1.53 | 0.92 | 1.31 | 1.25 | 1.11 |
| FCF Conversion (FCF/Net Income) | 1.60x | 1.20x | 1.26x | 0.95x | 0.67x | 2.17x | 5.92x | 2.15x | 1.17x | 2.17x | 1.03x | 1.48x | 1.40x | 1.89x | 0.76x | 2.16x | -1.16x | -0.42x | 1.48x | 1.72x | 1.54x | 1.30x | 1.56x | 1.33x | 1.52x | 1.10x | 1.16x | 1.07x | 1.23x | 1.59x | 2.17x |
| Interest Paid | 0 | 54K | 58K | 31K | 25K | 538K | 538K | 306K | 177K | 936K | 1.35M | 7.18M | 7.08M | -8.63M | -8.69M | 10.84M | 11.1M | 11.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 18.55M | 19.95M | 41.93M | 28.8M | 6.01M | 6.01M | 13.34M | 14.3M | 15.07M | 29M | 18.25M | 20.93M | -19.05M | -14.73M | 8.6M | 8.21M | 8.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Housing Market Sensitivity
According to reported financial statements, Ethan Allen's operating cash flow to net income ratio has fluctuated significantly, reaching 2.54 in 2026Q3, which suggests that cash generation is currently decoupling from accounting profits as the company navigates a period of persistent revenue contraction and inventory management challenges.
The wide variance in the OCF/NI ratio indicates that net income is currently a poor proxy for the company's actual cash-generating capacity. Investors should monitor whether this divergence stems from temporary working capital swings or a more permanent deterioration in the quality of earnings as fixed costs weigh on margins.
Based on recent quarterly filings, Ethan Allen has maintained positive free cash flow margins, peaking at 14.6% in 2024Q3, though the trend appears to be softening as the company faces the dual pressures of declining top-line revenue and the inherent costs of its vertically integrated manufacturing model.
While the company remains cash-flow positive, the volatility in FCF margins suggests that the business is struggling to maintain its historical efficiency during the current downturn. The ability to generate cash despite revenue headwinds appears to be a function of disciplined capital expenditure rather than operational expansion.
As detailed in the provided data, Ethan Allen's capital expenditure as a percentage of revenue has remained relatively low, averaging between 1% and 2% in most periods, which implies that the company is currently prioritizing cash preservation over aggressive investment in its domestic manufacturing and retail footprint.
The low capital intensity suggests that the company is likely focusing on maintenance rather than growth-oriented capacity expansion. This strategy appears prudent given the current cyclical environment, though it may limit the company's ability to modernize its retail experience or manufacturing efficiency in the long term.
Financial records indicate that Ethan Allen consistently utilizes its cash flow to fund dividends, with quarterly payments often exceeding $10 million, reflecting a management philosophy that prioritizes returning capital to shareholders over pursuing large-scale acquisitions or aggressive share repurchases during this period of cyclical economic uncertainty.
The consistent dividend payout, supported by a debt-free balance sheet, underscores a conservative capital allocation framework that favors stability. However, investors should consider whether this focus on dividends limits the company's flexibility to pivot its business model or invest in digital transformation initiatives.
Quick answers to the most common questions about buying ETD stock.
Ethan Allen Interiors Inc. (ETD) generated $61.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ethan Allen Interiors Inc. (ETD) generated $50.4M 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.
Ethan Allen Interiors Inc. (ETD) spent $11.3M 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, Ethan Allen Interiors Inc. (ETD) returned $50.1M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.