Cash flow generation remains highly volatile, as evidenced by a $38.8 million working capital outflow in 2026Q2 that effectively neutralized the period's $42.0 million net income.
| 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 | 326.11M | 356.02M | 377.27M | 428.77M | 69.44M | 111.77M | 134.01M | 111.83M | 12.57M | 96.34M | 104.38M | 75.22M | 91.77M | 83.59M | 87.33M | 34.42M | 82.49M | 82.8M | 80.64M | 65.66M | 16.28M | 58.32M | 105.78M | 67.49M | 82.65M | 98.78M | 29.18M | 15.9M | 20.8M | 41.3M | 36.7M |
| Operating CF Margin % | - | 14.13% | 14.38% | 15.97% | 2.44% | 4.92% | 6.48% | 5.06% | 0.64% | 6.32% | 5.33% | 3.73% | 4.61% | 4.47% | 4.69% | 1.88% | 6.37% | 6.93% | 6.35% | 4.06% | 1% | 4.16% | 7.59% | 5.38% | 6.93% | 8.51% | 2.61% | 1.54% | 2.27% | 5.36% | 5.6% |
| Operating CF Growth % | 13.12% | -5.63% | -12.01% | 517.49% | -37.87% | -16.6% | 19.83% | 789.84% | -86.96% | -7.7% | 38.77% | -18.04% | 9.79% | -4.28% | 153.69% | -58.27% | -0.37% | 2.67% | 22.81% | 303.22% | -72.08% | -44.87% | 56.75% | -18.35% | -16.33% | 238.48% | 83.54% | -23.56% | -49.64% | 12.53% | 205.83% |
| Net Income | 29.85M | 51.11M | 209.9M | 77.62M | -287.71M | 70.3M | 41.44M | 25.47M | 33.26M | 17.78M | 19.78M | 12.29M | -177K | 6.79M | 17.01M | -7.43M | 9.5M | 17.92M | -40.5M | 22.08M | 51.79M | 48.81M | 53.86M | 43.02M | 9.94M | 30.59M | 19.59M | 20.2M | 29.3M | 33.2M | 22.9M |
| Depreciation & Amortization | 57.52M | 63.01M | 60.7M | 65.44M | 64.66M | 52.3M | 52.1M | 51.52M | 55.8M | 47.88M | 46.34M | 45.83M | 67.4M | 70.75M | 66.26M | 60.71M | 40.44M | 47.55M | 43.73M | 40.36M | 35.1M | 32.61M | 28.33M | 26.18M | 22.64M | 24.2M | 23.7M | 23M | 16.3M | 11.5M | 10.3M |
| Stock-Based Compensation | 20.02M | 25.48M | 26.84M | 41.11M | 33.13M | 20.09M | 17.58M | 15.91M | 19.61M | 8.09M | 10.14M | 11.11M | 11.47M | 12.49M | 10.44M | 8.96M | 5.78M | 4.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -3.61M | -28.48M | 3.57M | -37.8M | -56.71M | 13.76M | 2.12M | -5.46M | -17.63M | 2.34M | 6.04M | 3.67M | -5.13M | 5.08M | -2.63M | -2.75M | -3.67M | -3.14M | 212K | -10M | -4.01M | -1.74M | 8.34M | 4.54M | -3.27M | 4.27M | -1.8M | 0 | -1M | 2.9M | -2.6M |
| Other Non-Cash Items | 229.52M | 238.65M | 27.95M | 158.12M | 546.71M | 51.99M | 44.44M | 27.24M | -40.02M | 51.85M | 31.62M | 50.07M | 44.58M | 9.77M | 4.75M | 48.06M | 8.04M | -5.17M | 46.54M | 18M | 3.5M | 1.66M | 14.92M | 12.05M | 41.59M | 12.24M | 9.76M | 5M | 1.9M | 1.3M | 9.4M |
| Working Capital Changes | -12.16M | 6.24M | 48.3M | 124.27M | -230.64M | -96.67M | -23.68M | -2.84M | -38.45M | -31.6M | -9.54M | -47.76M | -26.37M | -21.29M | -8.51M | -73.13M | 22.39M | 21.49M | 30.66M | -4.77M | -70.09M | -23.02M | 337K | -18.3M | 11.76M | 27.47M | -22.07M | -32.3M | -25.7M | -7.6M | -3.3M |
| Change in Receivables | 11.64M | 18.85M | 4.24M | 51.12M | -20.66M | -7M | -72.46M | 13.42M | 2.68M | -19.13M | -35.93M | 22.38M | 6.01M | -58.04M | 27.01M | -30.59M | -25.48M | -6.69M | 13.59M | 20.17M | -79.8M | -24.59M | 11.54M | -12.62M | 4.21M | 4.77M | -36.94M | -22.7M | -15.1M | -15.8M | -13.4M |
| Change in Inventory | -18.92M | -18.31M | 73.58M | 129.21M | -106.75M | -154.51M | 23.26M | -31.77M | -52.12M | -29.3M | 16.1M | -41.6M | -50.46M | 26.89M | 9.01M | -12.8M | -10.61M | 28.5M | -23.5M | 3.65M | -15.62M | -5.72M | -27.31M | -9.83M | -8.67M | 625K | -1.04M | 9.1M | -14.1M | 0 | 8.7M |
| Change in Payables | 9.56M | 17.87M | -30.73M | -67.84M | -96.37M | 72.77M | 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 |
| Cash from Investing | -40.63M | -34.29M | -65M | -45.21M | -585.85M | -49.42M | -58.86M | -74.55M | -8.19M | -116.41M | -93.6M | -66.62M | -147.25M | -62.87M | -90.97M | -82.33M | -584.14M | -32.83M | -43.86M | -58.35M | -45.4M | -121.72M | -59.2M | -55.26M | -29.86M | -25.52M | -49.02M | -44.5M | -70.9M | -53.9M | -22.4M |
| Capital Expenditures | -38.91M | -52.44M | -68.4M | -63.6M | -42.49M | -36.95M | -41.17M | -34.87M | -50.14M | -34.94M | -59.28M | -46.31M | -77.09M | -64.44M | -68.85M | -87.62M | -40.48M | -33.03M | -53.12M | -29.74M | -42.11M | -40M | -56.12M | -44.05M | -24.3M | -26.68M | -37.37M | -47.9M | -74.4M | -66.7M | -9.4M |
| CapEx % of Revenue | 1.66% | 2.08% | 2.61% | 2.37% | 1.49% | 1.63% | 1.99% | 1.58% | 2.53% | 2.29% | 3.03% | 2.3% | 3.87% | 3.44% | 3.7% | 4.79% | 3.13% | 2.77% | 4.18% | 1.84% | 2.57% | 2.85% | 4.03% | 3.51% | 2.04% | 2.3% | 3.34% | 4.64% | 8.13% | 8.66% | 1.43% |
| Acquisitions | 0 | 0 | -11.08M | -2.57M | -555.75M | -2.24M | -10.53M | -18.72M | 43.8M | -34.72M | -4.47M | -2.23M | -62.31M | 0 | -22.43M | -855K | -542M | 0 | -1.83M | -818K | -1.3M | -9.58M | 0 | -13.77M | -4.6M | 0 | -19.84M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.72M | 18.14M | 14.48M | 20.96M | 12.39M | 6.99M | -7.04M | -20.82M | -1.84M | -46.76M | -29.86M | -18.09M | -7.85M | 1.57M | 309K | 6.14M | -1.67M | 200K | 10.09M | -27.8M | -1.99M | -72.14M | -3.08M | 2.56M | -967K | 1.15M | 8.19M | 3.4M | 2.1M | 9.9M | -20.9M |
| Cash from Financing | -302.56M | -338.75M | -298.75M | -400.16M | 393.35M | -28.25M | 68.19M | -34.98M | 16.52M | -4.97M | 8.89M | -44.85M | -27.93M | -52.25M | -30.69M | 122.11M | 353.29M | -43.2M | 231.41M | 14.26M | -9.86M | 36.77M | -29.3M | 10.06M | -47.13M | -59.77M | 25.21M | 30.5M | 54M | 10.2M | -6.1M |
| Debt Issued (Net) | -138.59M | -115.65M | 48.22M | -99.22M | 547.72M | -6.92M | -68.83M | -16.87M | 142.21M | 62.99M | 93.85M | 15.48M | 88.1M | -13.61M | -16.41M | 179.22M | 367.07M | -46.71M | 526K | 14.41M | 3.71M | 43.78M | -135K | 80.01M | -36.18M | -56.19M | 32.06M | 31.7M | 59.6M | 13.2M | 16M |
| Equity Issued (Net) | -126.28M | -183.27M | -309.92M | -163.97M | -10.89M | -3.36M | 170.69M | -1.48M | -45.6M | -15.84M | -65.31M | -81.97M | -79.03M | -32.52M | -10.38M | -18.14M | 2.82M | 2.89M | 240.76M | -1.77M | -17.17M | -5.65M | -22.93M | -59.37M | -5.09M | -97K | -4.58M | -700K | -5.6M | -4.2M | -21.7M |
| Dividends Paid | -37.47M | -39.69M | -35.81M | -133.81M | -126.68M | -17.14M | -14.53M | -13.68M | -49.8M | -10.32M | -8.8M | -7.65M | -6.27M | -5.83M | -4.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -126.28M | -183.27M | -309.92M | -163.97M | -10.89M | -3.36M | -7.48M | -1.48M | -45.6M | -15.84M | -65.31M | -82.34M | -79.61M | -32.52M | -10.38M | -18.14M | 0 | -4.37M | -579K | -4.36M | -19.81M | -25.91M | -28.4M | -60.66M | -11.87M | -97K | -4.58M | -700K | -5.6M | -4.2M | -21.7M |
| Other Financing | -232K | -130K | -1.25M | -3.15M | -16.81M | -828K | -19.13M | -2.96M | -30.28M | -41.79M | -10.86M | 29.29M | -30.73M | -289K | 837K | -38.97M | -16.6M | 619K | -9.88M | 1.62M | 3.6M | -1.36M | -269K | -10.58M | -5.87M | -3.48M | -2.27M | -500K | 0 | 1.2M | -400K |
| Net Change in Cash | -18.15M | -15.39M | 11.55M | -17.3M | -128.47M | 30.56M | 145.71M | 2.62M | 22.08M | -24.87M | 20.55M | -40.4M | -85.72M | -31.52M | -33.38M | 73.23M | -151.03M | 8.91M | 267.17M | 22.36M | -38.27M | -27.38M | 18.23M | 24.07M | 5.65M | 13.48M | 5.37M | 1.9M | 54M | 10.2M | -6.1M |
| Free Cash Flow | 287.2M | 303.58M | 308.87M | 365.17M | 26.95M | 74.82M | 85.01M | 66.47M | -29.32M | 61.41M | 13.62M | 1.6M | 14.68M | 19.15M | 18.48M | -53.19M | 42.01M | 49.76M | 27.52M | 35.34M | -25.82M | 18.32M | 49.66M | 23.44M | 58.35M | 72.1M | -8.18M | -32M | -53.6M | 15.5M | 27.3M |
| FCF Margin % | 12.24% | 12.05% | 11.77% | 13.6% | 0.95% | 3.29% | 4.11% | 3.01% | -1.48% | 4.03% | 0.7% | 0.08% | 0.74% | 1.02% | 0.99% | -2.91% | 3.25% | 4.17% | 2.17% | 2.19% | -1.58% | 1.31% | 3.56% | 1.87% | 4.89% | 6.21% | -0.73% | -3.1% | -5.86% | 2.01% | 4.17% |
| FCF Growth % | -0.27% | -1.71% | -15.42% | 1254.98% | -63.98% | -11.99% | 27.88% | 326.75% | -147.74% | 350.73% | 752.03% | -89.11% | -23.36% | 3.65% | 134.74% | -226.62% | -15.58% | 80.8% | -22.12% | 236.85% | -240.94% | -63.1% | 111.87% | -59.84% | -19.07% | 981.11% | 74.43% | 40.3% | -445.81% | -43.22% | 600% |
| FCF per Share | 6.29 | 6.50 | 6.22 | 6.69 | 0.52 | 1.40 | 1.89 | 1.55 | -0.69 | 1.43 | 0.31 | 0.03 | 0.30 | 0.34 | 0.32 | -0.90 | 0.70 | 0.84 | 0.84 | 1.06 | -0.77 | 0.58 | 1.58 | 0.70 | 1.64 | 2.17 | -0.22 | -0.95 | -1.56 | 0.41 | 0.70 |
| FCF Conversion (FCF/Net Income) | 9.62x | 6.97x | 1.80x | 5.52x | -0.36x | 1.41x | 2.51x | 3.00x | 0.10x | 6.46x | 3.48x | 2.19x | -518.49x | 22.19x | 5.13x | -4.63x | 8.60x | 4.43x | -1.99x | 2.97x | 0.31x | 1.19x | 1.96x | 1.57x | 8.32x | 3.23x | 1.49x | 0.79x | 0.71x | 1.24x | 1.60x |
| Interest Paid | 0 | 92.89M | 100.68M | 99.83M | 78.27M | 60.78M | 63.14M | 63.58M | 59.79M | 48.14M | 43.21M | 41.27M | 60.25M | 47.24M | 49.53M | 21.4M | 6.49M | 7.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 96.24M | 102.98M | 70.94M | 80.26M | 41.22M | 21.02M | 25.34M | 32.14M | 21M | 3.43M | 16.45M | 9.63M | 15.66M | 8.71M | 10.22M | 4.64M | 7.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Working Capital Volatility
As reported in quarterly financial statements, Griffon Corporation's OCF/NI ratio has fluctuated wildly, ranging from a low of 0.29 in 2025Q2 to a high of 3.39 in 2024Q1, indicating that reported net income is a poor proxy for the company's actual cash-generating capacity.
The significant variance between net income and operating cash flow suggests that non-cash charges and aggressive working capital swings frequently distort the bottom line. Investors should monitor whether this divergence is a structural feature of the company's seasonal business model or a sign of deteriorating earnings quality.
Based on the provided cash flow data, FCF margins have demonstrated extreme instability, swinging from a peak of 20.0% in 2024Q1 to a trough of 0.4% in 2025Q2, reflecting the company's sensitivity to seasonal demand and the cyclical nature of its building products segment.
The inability to maintain consistent FCF margins suggests that the company's cash flow trajectory is highly dependent on short-term operational efficiency rather than sustained, predictable growth. This volatility warrants further investigation into whether management can stabilize cash generation as the company pivots toward a pure-play model.
According to recent SEC filings, Griffon Corporation experienced a massive $38.8 million working capital outflow in 2026Q2, which directly offset the period's net income and highlights the significant cash drag inherent in managing inventory and receivables across its diverse industrial product lines.
The frequent, large-scale shifts in working capital suggest that the company's cash position is highly vulnerable to inventory build-ups and collection delays. This pattern appears to be a recurring operational challenge that periodically masks the underlying cash-generating potential of the core business.
As evidenced by the historical cash flow statements, Griffon Corporation has consistently prioritized share repurchases, with $34.2 million deployed in 2026Q2 alone, even as operating cash flow remained constrained at $22.2 million, suggesting a management preference for returning capital over balance sheet preservation.
The aggressive pace of buybacks relative to fluctuating cash flows may indicate a management team focused on supporting equity valuation despite operational headwinds. Investors should monitor whether this capital allocation strategy remains sustainable if the current revenue contraction persists and further pressures the company's liquidity.
Quick answers to the most common questions about buying GFF stock.
Griffon Corporation (GFF) generated $356.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Griffon Corporation (GFF) generated $303.6M 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.
Griffon Corporation (GFF) spent $52.4M 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, Griffon Corporation (GFF) returned $39.7M to shareholders via cash dividends and spent $183.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.