Cash generation is highly sensitive to working capital fluctuations, evidenced by OCF/NI ratios that have swung as widely as 0.15 to 6.21 across recent periods.
| 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 | 42.82M | 36.98M | 31.88M | 22.99M | 7.99M | -32.69M | 18.29M | 6.71M | 27.29M | 26.39M | 54.37M | 3.27M | 16.24M | 5.91M | 8.98M | 13.8M | 19.12M | 17.31M | 8.73M | 10.29M | -7.25M | 12.72M | 7.49M | 9.23M | 12.09M | 13.1M | 12.47M | 15M | 13.3M | 13.1M | 6.5M |
| Operating CF Margin % | - | 8.38% | 7.72% | 5.84% | 1.47% | -6.83% | 4.98% | 1.51% | 5.58% | 5.63% | 10.87% | 0.7% | 3.7% | 1.53% | 2.55% | 4.07% | 5.86% | 5.34% | 2.15% | 2.42% | -1.7% | 3.1% | 1.87% | 3.16% | 4.32% | 4.6% | 4.16% | 5.76% | 5.63% | 5.97% | 3.17% |
| Operating CF Growth % | 174.36% | 15.98% | 38.69% | 187.61% | 124.45% | -278.77% | 172.37% | -75.4% | 3.43% | -51.46% | 1563.11% | -79.87% | 174.97% | -34.22% | -34.95% | -27.82% | 10.47% | 98.25% | -15.17% | 241.85% | -157.02% | 69.77% | -18.77% | -23.69% | -7.7% | 5.01% | -16.85% | 12.8% | 1.53% | 101.54% | -43.97% |
| Net Income | 31.12M | 20.15M | 10.53M | 14.78M | 1.85M | 23.05M | -26.84M | -32.6M | 17.67M | 23.79M | 24.24M | 22.3M | 14.99M | 13.15M | 13.07M | 10.42M | 10.8M | -1.51M | 4.24M | 9.33M | 4.72M | 6.04M | 10.13M | 8.29M | 5.66M | 4.59M | 11.93M | 10.32M | 7.6M | 6M | 4.5M |
| Depreciation & Amortization | 3.63M | 3.65M | 4M | 4.57M | 5.17M | 5.21M | 8.37M | 7.44M | 7.37M | 7.94M | 7.56M | 4.95M | 4.2M | 3.8M | 2.83M | 2.69M | 2.99M | 3.73M | 4.44M | 5.27M | 5.49M | 5.79M | 5.68M | 4.77M | 4.98M | 5.73M | 5.49M | 5.36M | 5.4M | 5.1M | 4.6M |
| Stock-Based Compensation | 4.31M | 3.87M | 4.65M | 3.19M | 1.02M | 3.74M | 4.88M | 1.35M | 501K | 1.61M | 1.47M | 1.94M | 1.29M | 1.05M | 1.06M | 1.01M | 781K | 114K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 2.98M | -3.84M | -1.45M | -7.15M | 0 | 1.87M | 3.46M | -3.51M | 286K | 1.61M | 2.73M | 605K | -138K | 414K | 23K | 54K | -963K | 449K | 349.29K | 1.46M | -948K | 0 | 0 | -430K | -2.2M | 200K | 500K | -915K | -200K | -600K | 0 |
| Other Non-Cash Items | -19.92M | 4.39M | -3M | -693K | -2.04M | -4.48M | 2.85M | 23.62M | -1.89M | -2.11M | -2.24M | -1.68M | -1.4M | -346K | -177K | 909K | 1.13M | 678K | 48.51K | -4.13M | 371.5K | -1.01M | -94.46K | -424.58K | -44.46K | -35.54K | -1.28M | 134.24K | 100K | -600K | 0 |
| Working Capital Changes | 20.71M | 8.75M | 17.16M | 8.29M | 1.99M | -62.08M | 25.58M | 10.42M | 3.37M | -6.44M | 20.61M | -24.84M | -2.7M | -12.17M | -7.83M | -1.28M | 4.38M | 13.84M | -342.06K | -1.64M | -16.88M | 1.91M | -8.22M | -2.98M | 3.7M | 2.61M | -4.17M | 107.78K | 400K | 3.2M | -2.6M |
| Change in Receivables | 3.66M | 9.25M | -5.91M | 3.32M | 15.14M | -25.24M | 4.42M | 3.14M | 1.21M | 2.36M | 584K | -6.6M | -2.47M | -2.26M | -2M | 3.43M | -5.39M | 11.26M | 12.49M | -5.09M | -2.82M | -185.29K | -6.32M | 1.43M | -3.47M | 5.64M | -830.82K | -2.43M | -3.4M | 700K | -1.6M |
| Change in Inventory | 12.53M | 7.44M | 25.5M | 19.14M | 19.91M | -90.56M | 23.09M | 2.54M | 3.19M | -13.49M | 27.94M | -15.9M | -5.52M | -9.73M | -9.01M | -1.04M | 1.21M | 11.95M | -7.03M | 6.01M | -14.82M | -1.07M | -9.26M | -2.15M | 421.48K | 1.81M | -2.95M | -2.9M | 400K | 600K | -200K |
| Change in Payables | -1.77M | -579K | 1.37M | -7.32M | -35.81M | 39.89M | 9.33M | 5.13M | -1.87M | 4.03M | -6.88M | 2.08M | 2.12M | 1.08M | 2.7M | -841K | 994K | -4.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -95K | 9.43M | -593K | -4.45M | -1.92M | 16.06M | 16.79M | -5.17M | -21.35M | -29.67M | -4.69M | -32.56M | -4.42M | -6.02M | -11.28M | -2.67M | -1.58M | 413K | -1.02M | -5.1M | -105.41K | -1.5M | -16.99M | 2.47M | -13.56M | -1.34M | -4.76M | -7.28M | -6.9M | -6.9M | -3.7M |
| Capital Expenditures | -4.11M | -3.26M | -4.77M | -4.79M | -3.85M | -2.58M | -3.69M | -21.35M | -29.45M | -13.46M | -7.38M | -37.42M | -4.19M | -6.22M | -10.94M | -2.57M | -1.25M | -1.2M | -1.23M | -10.84M | -850.44K | -3.35M | -6.03M | -5.1M | -1.1M | -2.82M | -6.72M | -8.4M | -2.4M | -12.2M | -3.3M |
| CapEx % of Revenue | 0.9% | 0.74% | 1.16% | 1.22% | 0.71% | 0.54% | 1.01% | 4.81% | 6.02% | 2.87% | 1.48% | 8.02% | 0.95% | 1.61% | 3.11% | 0.76% | 0.38% | 0.37% | 0.3% | 2.55% | 0.2% | 0.82% | 1.5% | 1.75% | 0.39% | 0.99% | 2.24% | 3.22% | 1.02% | 5.56% | 1.61% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 4.01M | 11.54M | 4.18M | 340K | 1.94M | 18.64M | 20.47M | 248K | 6.15M | 1.85M | 2.89M | 5.21M | 98K | 21K | 34K | 187K | 34K | 676K | 73.85K | 6.04M | 89.79K | 2.12M | 436.23K | 1.35M | 1.15M | -934.03K | -1.25M | 88.93K | 0 | 1.1M | 100K |
| Cash from Financing | -8.08M | -11.17M | -29.89M | -17.36M | -5.24M | -30.23M | -9.12M | -7.05M | -7.07M | -4.62M | -14.18M | 8.4M | -578K | -2.92M | -1.62M | -1.51M | -10.98M | -18.85M | -5.77M | -6.28M | 7.64M | -11.99M | -836.73K | -4.26M | -3.2M | -5.71M | -8.6M | -8.3M | -5.4M | -5.7M | -4.7M |
| Debt Issued (Net) | 4.92M | -4.92M | -23.45M | -9.47M | 34.24M | 3.5M | 0 | 0 | 0 | 0 | -11.9M | 11.9M | 0 | 0 | 0 | 0 | -10M | -15.95M | -2.41M | -2.95M | 10.95M | -8.81M | 0 | -650K | -325K | -325K | -325K | -325K | -400K | -400K | -400K |
| Equity Issued (Net) | -742K | 141K | -1.57M | -3.7M | -34.94M | -29.66M | -1.54M | -129K | 233K | -54K | 1.42M | 790K | 2.39M | 1.11M | 916K | 324K | 344K | 0 | 61.71K | 82.09K | 95.89K | 206.94K | 626.25K | 459.51K | 276.13K | -2.2M | -4.97M | -4.71M | -1.7M | -1.9M | -900K |
| Dividends Paid | -4.2M | -3.56M | -3.22M | -3.24M | -3.91M | -2.62M | -7.02M | -6.92M | -6.75M | -6.06M | -5.46M | -5.12M | -4.32M | -4.21M | -2.54M | -1.84M | -1.32M | -2.89M | -3.41M | -3.41M | -3.41M | -3.39M | -2.52M | -4.07M | -3.16M | -3.19M | -3.31M | -3.27M | -3.3M | -3.4M | -3.5M |
| Share Repurchases | -1.91M | 0 | -1.66M | -3.7M | -35.05M | -29.76M | -1.56M | 0 | 0 | -1.13M | -170K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.3M | -5.09M | -4.73M | -2.2M | -2.1M | -1.3M |
| Other Financing | -8.06M | -2.83M | -1.65M | -951K | -628K | -1.44M | -558K | 0 | -552K | 1.49M | 1.76M | 817K | 1.36M | 182K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K |
| Net Change in Cash | 34.65M | 35.24M | 1.4M | 1.18M | 842K | -46.85M | 25.95M | -5.5M | -1.12M | -7.91M | 35.5M | -20.89M | 11.24M | -3.04M | -3.92M | 9.61M | 6.56M | -1.13M | 1.94M | -1.09M | 279.18K | -769.94K | -10.33M | 7.44M | -4.67M | 6.05M | -885.18K | -578.22K | 1.1M | 500K | -5.8M |
| Free Cash Flow | 38.71M | 33.72M | 27.11M | 18.2M | 4.14M | -35.27M | 14.6M | -14.63M | -2.15M | 12.93M | 46.98M | -34.15M | 12.05M | -320K | -1.96M | 11.23M | 17.87M | 16.1M | 7.5M | -548.36K | -8.11M | 9.38M | 1.46M | 4.13M | 10.99M | 10.28M | 5.76M | 6.6M | 10.9M | 900K | 3.2M |
| FCF Margin % | 8.45% | 7.65% | 6.57% | 4.62% | 0.76% | -7.36% | 3.98% | -3.3% | -0.44% | 2.76% | 9.4% | -7.32% | 2.75% | -0.08% | -0.56% | 3.31% | 5.47% | 4.97% | 1.85% | -0.13% | -1.9% | 2.29% | 0.36% | 1.41% | 3.93% | 3.61% | 1.92% | 2.54% | 4.62% | 0.41% | 1.56% |
| FCF Growth % | 50.21% | 24.38% | 48.97% | 339.59% | 111.74% | -341.61% | 199.77% | -579.61% | -116.65% | -72.48% | 237.57% | -383.44% | 3865.63% | 83.69% | -117.48% | -37.17% | 10.95% | 114.66% | 1468.1% | 93.23% | -186.44% | 540.24% | -64.51% | -62.45% | 6.89% | 78.64% | -12.84% | -39.42% | 1111.11% | -71.88% | 68.42% |
| FCF per Share | 6.87 | 5.94 | 4.91 | 3.38 | 0.64 | -4.72 | 1.83 | -1.85 | -0.27 | 1.64 | 6.05 | -4.43 | 1.60 | -0.04 | -0.28 | 1.62 | 2.67 | 2.45 | 1.13 | -0.08 | -1.23 | 1.42 | 0.22 | 0.65 | 1.78 | 1.67 | 0.88 | 0.96 | 1.55 | 0.13 | 0.45 |
| FCF Conversion (FCF/Net Income) | 1.24x | 1.83x | 3.03x | 1.56x | 4.31x | -1.42x | -0.68x | -0.21x | 1.55x | 1.11x | 2.24x | 0.15x | 1.08x | 0.45x | 0.69x | 1.32x | 1.77x | -11.47x | 2.06x | 1.10x | -1.54x | 2.11x | 0.74x | 1.11x | 2.14x | 2.85x | 1.05x | 1.46x | 1.75x | 2.18x | 1.44x |
| Interest Paid | -107K | 107K | 1.69M | 1.07M | 743K | 10K | 82K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 439K | 979K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -918K | 9.4M | 4.3M | 4.1M | 823K | 5.56M | 0 | 1.19M | 8.46M | 9.78M | 10.14M | 13.92M | 6.88M | 7.25M | 6.24M | 7.65M | 3.59M | 62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical housing market sensitivity
As reported in recent financial filings, the relationship between net income and operating cash flow is highly volatile, with OCF/NI ratios swinging from 0.15 to 6.21, suggesting that reported earnings are frequently decoupled from actual cash generation due to significant working capital fluctuations and non-cash adjustments.
The wide variance in the OCF/NI ratio indicates that net income is an unreliable proxy for the company's immediate liquidity. Investors should monitor whether these discrepancies are driven by temporary inventory timing or more persistent issues in revenue recognition and collection cycles.
Based on the provided quarterly data, Flexsteel's free cash flow trajectory remains inconsistent, with margins fluctuating between -0.6% and 18.8%, reflecting the company's sensitivity to cyclical demand shifts and the inherent lumpiness of its contract segment projects compared to its residential furniture business.
The inability to maintain a stable FCF margin suggests that the company's cash generation is highly susceptible to external macroeconomic pressures. This volatility warrants further investigation into whether the firm can sustain positive cash flow during prolonged periods of industry-wide demand contraction.
According to historical cash flow statements, Flexsteel maintains a low capital intensity, with CapEx/Revenue ratios consistently below 1.7%, which indicates that the company is not currently prioritizing aggressive capacity expansion or heavy investment in new manufacturing infrastructure to drive future top-line growth.
The modest level of capital expenditure suggests that the firm is primarily focused on maintenance rather than growth. While this preserves cash, it may also indicate a lack of strategic investment in modernizing production facilities to improve long-term operational efficiency.
As evidenced by quarterly cash flow data, working capital changes have been a primary driver of operating cash flow, with swings as high as $14.1 million, suggesting that the company's cash position is heavily influenced by inventory management and the timing of dealer-level receivables.
The reliance on working capital shifts to bolster cash flow implies that operational efficiency is secondary to inventory cycle management. Investors should monitor whether these fluctuations represent effective supply chain control or an inability to align production with actual retail demand.
Based on reported figures, Flexsteel utilizes its cash primarily for consistent dividend payments and occasional share repurchases, maintaining a fortress balance sheet that avoids significant debt, which suggests a management preference for capital preservation over aggressive M&A or high-growth reinvestment strategies.
The company's disciplined approach to capital deployment provides a safety net during cyclical downturns but may limit its ability to capture market share through strategic acquisitions. This conservative posture appears to prioritize shareholder stability over the potential for rapid, debt-fueled expansion.
Quick answers to the most common questions about buying FLXS stock.
Flexsteel Industries, Inc. (FLXS) generated $37.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Flexsteel Industries, Inc. (FLXS) generated $33.7M 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.
Flexsteel Industries, Inc. (FLXS) spent $3.3M 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, Flexsteel Industries, Inc. (FLXS) returned $3.6M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.