Free cash flow generation is highly inconsistent due to project-based working capital swings, evidenced by a quarterly cash flow variance that reached a negative $24.4 million in 2025Q3 despite maintaining a low CapEx/Revenue ratio below 5.4%.
| 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 | -6.15M | 3.07M | 9.29M | 10.2M | -9.13M | 3.82M | 26.77M | 4.16M | -12M | 6.11M | 6.99M | 4.51M | -2.36M | 7.39M | 2.52M | 177K | -297K | 559K | -13.02M | -22.39M | -17.25M | -34.07M | -502K | 205K | 784K | 11.66M | 15.33M | 3.12M | -1.24M | 5.69M | -2.94M |
| Operating CF Margin % | - | 2.66% | 8.21% | 9.7% | -8.83% | 4.48% | 34.58% | 5.12% | -12.17% | 7.58% | 9.99% | 11.5% | -5.91% | 15.11% | 3.98% | 0.3% | -0.53% | 0.98% | -14.74% | -29.74% | -25.71% | -70.77% | -0.93% | 0.37% | 1.16% | 16.39% | 15.84% | 3.07% | -0.5% | 2.91% | -4.89% |
| Operating CF Growth % | -2166.5% | -66.98% | -8.88% | 211.61% | -339.14% | -85.73% | 543.14% | 134.7% | -296.41% | -12.66% | 54.99% | 290.86% | -131.97% | 193.76% | 1322.03% | 159.6% | -153.13% | 104.29% | 41.85% | -29.78% | 49.37% | -6687.05% | -344.88% | -73.85% | -93.27% | -23.98% | 391.88% | 351.78% | -121.77% | 293.22% | -53.85% |
| Net Income | 15.18M | 15.66M | 14.56M | 14.67M | -372K | 5.8M | 5.53M | 10.2M | 12.56M | 8.42M | 7.04M | -1.82M | 3.47M | 6.72M | 4.47M | 224K | 2.97M | -2.55M | 15.25M | 18.5M | 11.59M | 31.31M | 2.6M | 7.26M | 2.07M | 8.92M | 792K | -23.87M | 15.08M | 6.9M | 2.76M |
| Depreciation & Amortization | 2.22M | 2.36M | 2.6M | 2.83M | 2.82M | 2.59M | 1.64M | 1.6M | 1.38M | 1.13M | 1.4M | 1.39M | 1.37M | 1.23M | 1.07M | 890K | 905K | 899K | 948K | 932K | 1.36M | 847K | 828K | 1.37M | 1.38M | 4.02M | 5.24M | 4.73M | 6.14M | 4.45M | 694.82K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 71K | 71K | 71K | 71K | 37K | 253K | 263K | 243K | 189K | 47K | 0 | 0 | 135K | 135K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -912K | -553K | 1.12M | -274K | -3.29M | -451K | -2.63M | 732K | 757K | 1.28M | 1.65M | -2.02M | 209K | -490K | 2.16M | -3.05M | 6K | -2.49M | -6.12M | 2.71M | -8.84M | 14.82M | -2.34M | 1.81M | 0 | 0 | 0 | 2.74M | 77K | 4.32M | -182K |
| Other Non-Cash Items | -2.09M | -1.28M | -2.4M | 5.5M | 5.87M | -5.43M | 15.87M | -1.08M | -15.96M | -1.83M | -1.41M | 2.81M | -4.35M | -1.65M | -8.49M | 1.03M | -77.38M | 58.13M | -17.55M | -33.91M | -2.69M | -76.7M | 301K | -12.69M | -2.16M | -6.99M | 335K | 8.68M | -501K | -2.81M | 130.96K |
| Working Capital Changes | -18.4M | -13.12M | -6.59M | -12.53M | -14.17M | 1.3M | 6.28M | -7.35M | -10.81M | -2.97M | -1.72M | 3.9M | -3.33M | 1.33M | 3.12M | 1.04M | 11.83M | 6.58M | -5.68M | -10.75M | -4.12M | -4.35M | -1.89M | 2.45M | -501K | 5.7M | 8.96M | 10.83M | -22.03M | -7.16M | -6.34M |
| Change in Receivables | -2.04M | -4.07M | -7.34M | 239K | -568K | 3.82M | 6.99M | -785K | -19K | -189K | -341K | 514K | -308K | -59K | 1K | 468K | 3.08M | 122K | -3.37M | 520K | -2.26M | -1.76M | 523K | 2.2M | -235K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 4.02M | 10.26M | 7.76M | -15.71M | -13.93M | -4.41M | -1.72M | -3.48M | -1.53M | -5.05M | 1.14M | 968K | 453K | -2.21M | 960K | 4.46M | 4.96M | 3.84M | -350K | -11.73M | -3.72M | -2.29M | -4.38M | 4.29M | 3.26M | 457K | -1.61M | 7.5M | -996K | 10.21M | -5.91M |
| Change in Payables | 1.28M | -159K | -1.27M | -982K | 1.15M | 1.38M | -179K | 69K | 518K | -123K | -86K | 582K | -336K | -598K | -97K | 0 | -969K | -2.02M | 310K | -1.49M | 1.13M | 1.01M | 29K | -3.17M | -1.43M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -2.65M | -1.96M | -840K | -2.75M | -4.52M | -16.44M | -1.59M | -2.1M | -3.55M | -1.62M | -306K | -689K | -11K | -1.2M | -871K | -1.47M | -376K | -617K | 13.53M | 24.78M | 14.13M | 43.04M | -8K | 13.25M | 1.9M | 52.78M | -1.18M | -980K | -8.13M | -1.58M | 235.55K |
| Capital Expenditures | -2.65M | -1.96M | -840K | -2.75M | -4.52M | -2.66M | -1.59M | -2.1M | -3.55M | -1.62M | -306K | -689K | -696K | -1.2M | -871K | -1.47M | -539K | -320K | -2.1M | -637K | -413K | -1.2M | -366K | -174K | -304K | -88K | -1.62M | -1.61M | -4.88M | -1.58M | -1.34M |
| CapEx % of Revenue | 2.57% | 1.7% | 0.74% | 2.61% | 4.36% | 3.12% | 2.06% | 2.59% | 3.6% | 2.01% | 0.44% | 1.76% | 1.74% | 2.45% | 1.38% | 2.46% | 0.97% | 0.56% | 2.37% | 0.85% | 0.62% | 2.5% | 0.68% | 0.31% | 0.45% | 0.12% | 1.68% | 1.59% | 1.96% | 0.81% | 2.23% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -13.78M | 0 | 0 | 0 | 7K | 0 | 0 | 0 | 0 | 0 | 0 | 14.33B | -345K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48.78M | 0 | 0 | -3.17M | -2M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 1.58M | 0 | 0 | 0 | 0 | 7K | 0 | 0 | 685K | 0 | 0 | 0 | -538.3M | 60.57M | 15.62M | 25.42M | 14.55M | 44.24M | 358K | 13.43M | 2.2M | 4.09M | 442K | 633K | -76K | 2M | 1.58M |
| Cash from Financing | 0 | 0 | 0 | 0 | -6 | 264K | 103K | 231K | 626K | 223K | 380K | 136K | 11K | -3 | 0 | 0 | 0 | 0 | 22K | 214K | 34K | -5.4M | 380K | -25.08M | -4.8M | -68.23M | -5.23M | -649K | 8.09M | 4.88M | 3.79M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.7M | 380K | -25.08M | -4.8M | -68.23M | -5.23M | -109K | 5.42M | 65.41M | 3.78M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 264K | 103K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22K | 214K | 34K | 303K | 135K | 0 | 0 | 0 | 0 | 58K | 252K | 1.68M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -6 | 0 | 0 | 0 | -1 | 0 | -2 | 0 | -6 | -3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -275K | -219K | -90K | -86.66K |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 231K | 626K | 223K | 380K | 136K | 11K | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -135K | 0 | 0 | 0 | 0 | -323K | 3.25M | -1.28M | 97.5K |
| Net Change in Cash | -8.81M | 1.1M | 8.45M | 7.45M | -13.65M | -12.35M | 25.28M | 2.29M | -14.92M | 4.71M | 7.07M | 3.96M | -2.36M | 6.2M | 1.65M | -1.29M | -673K | -391K | 361K | 2.6M | -3.1M | 3.66M | -184K | -11.57M | -1.85M | -3.81M | 8.39M | 1.04M | -1.44M | 8.79M | 1.09M |
| Free Cash Flow | -8.81M | 1.1M | 8.45M | 7.45M | -13.65M | 1.16M | 25.18M | 2.06M | -15.55M | 4.48M | 6.69M | 3.82M | -3.06M | 6.2M | 1.65M | -1.29M | -836K | 239K | -15.12M | -23.02M | -17.66M | -35.27M | -868K | 31K | 480K | 11.57M | 13.71M | 1.5M | -6.12M | 4.11M | -4.29M |
| FCF Margin % | -8.53% | 0.96% | 7.47% | 7.09% | -13.19% | 1.36% | 32.52% | 2.53% | -15.77% | 5.56% | 9.55% | 9.75% | -7.65% | 12.66% | 2.61% | -2.16% | -1.5% | 0.42% | -17.11% | -30.58% | -26.32% | -73.27% | -1.61% | 0.06% | 0.71% | 16.26% | 14.16% | 1.48% | -2.46% | 2.1% | -7.12% |
| FCF Growth % | -137.06% | -86.92% | 13.44% | 154.57% | -1275.8% | -95.39% | 1122.88% | 113.24% | -446.72% | -32.94% | 74.91% | 224.93% | -149.39% | 276.43% | 227.7% | -54.19% | -449.79% | 101.58% | 34.35% | -30.35% | 49.92% | -3963.71% | -2900% | -93.54% | -95.85% | -15.61% | 811.44% | 124.58% | -248.98% | 195.78% | -80.51% |
| FCF per Share | -0.60 | 0.08 | 0.58 | 0.51 | -0.93 | 0.08 | 1.71 | 0.14 | -1.06 | 0.31 | 0.46 | 0.27 | -0.21 | 0.43 | 0.12 | -0.09 | -0.06 | 0.02 | -1.05 | -1.59 | -1.19 | -2.47 | -0.06 | 0.00 | 0.04 | 0.89 | 1.04 | 0.12 | -0.49 | 0.29 | -0.40 |
| FCF Conversion (FCF/Net Income) | -0.58x | 0.20x | 0.64x | 0.70x | 24.56x | 0.66x | 4.84x | 0.41x | -0.95x | 0.73x | 0.99x | -2.48x | -0.68x | 1.10x | 0.56x | 0.79x | -0.10x | -0.22x | -0.85x | -1.21x | -1.49x | -1.09x | -0.19x | 0.03x | 0.38x | 1.31x | 19.36x | -0.13x | -0.08x | 0.82x | -1.07x |
| Interest 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 |
| Taxes 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 |
Cyclical project cash volatility
According to the provided financial data, Gencor's operating cash flow frequently decouples from net income, with OCF/NI ratios swinging from a high of 4.08 in 2025Q1 to a negative 6.24 in 2025Q3, highlighting the significant impact of project-based accounting on reported cash generation quality.
The extreme variance in the OCF/NI ratio suggests that reported net income is a poor proxy for immediate liquidity due to the percentage-of-completion accounting method. Investors should interpret these swings as a reflection of milestone-based billing cycles rather than a fundamental deterioration in the underlying profitability of the manufacturing business.
As reported in recent financial statements, Gencor's free cash flow trajectory is highly erratic, oscillating between a peak of $15.3 million in 2025Q1 and a trough of negative $24.4 million in 2025Q3, which underscores the inherent instability of cash flows in a project-driven industrial model.
The lack of a consistent FCF trend suggests that the company's cash generation is highly sensitive to the timing of large-scale infrastructure contract completions. This volatility warrants caution, as the business appears unable to generate predictable annual free cash flow despite its established market position in asphalt plant manufacturing.
Based on the reported figures, working capital changes are the primary driver of cash flow volatility, with quarterly fluctuations reaching as high as $10.6 million in 2025Q1 and negative $27.4 million in 2025Q3, indicating that inventory and receivables management remains the dominant factor in liquidity.
The significant negative working capital swings suggest that Gencor is frequently required to fund substantial upfront costs for long-lead-time projects before receiving corresponding customer payments. This dynamic creates a recurring liquidity risk that requires the company to maintain its fortress-like cash balance to bridge these operational gaps.
As evidenced by the financial data, Gencor maintains a remarkably low capital intensity, with CapEx/Revenue ratios consistently remaining below 5.4% over the last ten quarters, suggesting that the company does not require heavy reinvestment to maintain its existing manufacturing capacity and proprietary burner technology infrastructure.
The low level of capital expenditure relative to revenue implies that the business is not currently in a phase of aggressive capacity expansion. This capital-light profile appears to be a structural advantage that allows the company to preserve cash, provided that maintenance requirements do not escalate unexpectedly.
Quick answers to the most common questions about buying GENC stock.
Gencor Industries, Inc. (GENC) generated $3.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Gencor Industries, Inc. (GENC) generated $1.1M 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.
Gencor Industries, Inc. (GENC) spent $2.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.