Cash flow generation remains highly erratic, highlighted by a free cash flow margin that fluctuated between -5.3% and 5.3% over the last ten quarters.
| 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 | 3.35M | 1.61M | 5.13M | 7.96M | 5.29M | 9.14M | 8.37M | 6.77M | 6.5M | 4.98M | 5.4M | 3.17M | 1.44M | 703K | -22K | -539K | -737K | -595K | 619K | 1.76M | 1.45M | 666K | 471K | 707K | 1.16M | 1.35M | 1.23M | 1.2M | 400K | 0 | -900K |
| Operating CF Margin % | - | 1.14% | 3.6% | 5.77% | 3.83% | 7.38% | 7.62% | 6.11% | 6.53% | 6.3% | 8.38% | 7.19% | 5.18% | 3.07% | -0.11% | -2.62% | -3.53% | -2.63% | 2.39% | 7.06% | 6.95% | 3.93% | 2.98% | 4.57% | 6.59% | 8.1% | 8.33% | 8.1% | 3.05% | - | -7.03% |
| Operating CF Growth % | 224.03% | -68.56% | -35.59% | 50.54% | -42.14% | 9.27% | 23.6% | 4.11% | 30.52% | -7.69% | 70.39% | 120.31% | 104.55% | 3295.45% | 95.92% | 26.87% | -23.87% | -196.12% | -64.89% | 21.25% | 118.32% | 41.4% | -33.38% | -38.79% | -14.32% | 9.24% | 2.83% | 200% | - | 100% | -80% |
| Net Income | 1.81M | 1.1M | 1.88M | 11.67M | -927K | 18.4M | -12.79M | -4.25M | -17K | -1.6M | -465K | -300K | -370K | -544K | -668K | -917K | -2.51M | -1.65M | -1.08M | 29K | 17K | -418K | -665K | -232K | 248K | -81K | 58K | 100K | -200K | -1.1M | -2M |
| Depreciation & Amortization | 3.84M | 4.05M | 3.85M | 3.75M | 4.06M | 7.51M | 8.34M | 4.59M | 3.95M | 3.1M | 2.34M | 1.33M | 682K | 719K | 795K | 888K | 943K | 1.28M | 1.28M | 1.22M | 997K | 811K | 836K | 950K | 1.02M | 921K | 665K | 700K | 700K | 700K | 800K |
| Stock-Based Compensation | 70K | 112K | 134K | 131K | 250K | 362K | 283K | 719K | 417K | 748K | 718K | 477K | 162K | 171K | 69K | 61K | 88K | 77K | 90K | 84K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -827K | -824K | -624K | -10.79M | -5K | 6K | 0 | 2.79M | 37K | 196K | -25K | 14K | 130K | 84K | 0 | -155K | 318K | -28K | 0 | 110K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -1.01M | -1.36M | -167K | 1.91M | 2.76M | -11.81M | 15.57M | 90K | 222K | 322K | 205K | 195K | 33K | 46K | -83K | -85K | -85K | 34K | 206K | 116K | 237K | 219K | 135K | 216K | 483K | 383K | 590K | 500K | -100K | 500K | 700K |
| Working Capital Changes | -623K | -1.46M | 59K | 1.29M | -845K | -5.32M | -3.03M | 2.83M | 1.89M | 2.22M | 2.63M | 1.45M | 801K | 227K | -135K | -331K | 506K | -309K | 116K | 201K | 203K | 54K | 165K | -227K | -599K | 125K | -79K | -100K | -400K | -100K | -400K |
| Change in Receivables | 338K | 17K | -355K | -111K | -293K | 12K | 492K | 1.73M | -75K | 247K | 678K | 199K | 558K | 43K | -47K | 51K | 38K | 38K | 0 | -97K | -68K | -63K | -91K | -52K | -52K | 21K | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 84K | 52K | 0 | -5K | -64K | -210K | 35K | -124K | -157K | -216K | -121K | -95K | -98K | -25K | 32K | 10K | 10K | 20K | -35K | 13K | -72K | -14K | -6K | -16K | 0 | -11K | -3K | 0 | 0 | 0 | 0 |
| Change in Payables | -146K | -404K | 449K | 1.87M | -654K | -1.39M | -496K | 317K | 194K | 777K | -89K | 1.44M | 384K | 208K | -11K | -220K | 361K | -273K | 0 | 120K | 63K | 63K | 91K | -440K | -440K | -28K | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.69M | -3.84M | -3.66M | -10.44M | -2.62M | -3.19M | -2.53M | -11.06M | -9.03M | -12.63M | -8.48M | -23.71M | -3.85M | 453K | 594K | 954K | 54K | -284K | -2.79M | -2.06M | -1.38M | -3.01M | 312K | 448K | -949K | -1.55M | -903K | -900K | 500K | -900K | 400K |
| Capital Expenditures | -1.34M | -3.07M | -3.14M | -4.77M | -2.64M | -3.2M | -2.6M | -8.08M | -10.44M | -14.51M | -8.5M | -7.63M | -3.4M | -2.51M | -314K | -189K | -61K | -284K | -3.28M | -3.74M | -3.98M | -2.77M | -187K | -182K | -807K | -1.69M | -935K | -900K | -200K | -800K | -400K |
| CapEx % of Revenue | 0.98% | 2.17% | 2.21% | 3.45% | 1.91% | 2.58% | 2.36% | 7.29% | 10.49% | 18.35% | 13.19% | 17.33% | 12.24% | 10.95% | 1.59% | 0.92% | 0.29% | 1.26% | 12.68% | 14.98% | 18.99% | 16.33% | 1.19% | 1.18% | 4.6% | 10.16% | 6.31% | 6.08% | 1.53% | 6.72% | 3.13% |
| Acquisitions | 2K | -504K | -534K | -5.72M | -728K | 0 | 0 | -3.01M | 933K | -54K | 6K | -17.61M | -375K | -375K | 0 | 0 | 0 | 0 | 0 | 0 | 2.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -348K | -273K | 14K | 48K | 745K | 13K | 67K | 21K | 1.41M | 1.94M | 19K | 1.53M | -77K | 3.33M | 924K | 1.14M | 115K | 31K | 495K | 1.68M | 42K | 1.66M | 499K | 429K | -142K | 38K | 331K | 300K | 700K | -100K | 800K |
| Cash from Financing | -1.63M | 983K | -1.8M | -2.25M | -2.62M | -8.56M | 2.87M | 3.56M | 1.67M | 5.65M | -4.39M | 24.46M | 6.16M | 4.37M | -803K | 3K | 297K | 280K | 1.12M | 146K | 778K | 2.31M | -467K | -646K | -436K | 280K | 649K | 600K | -600K | 700K | 200K |
| Debt Issued (Net) | -1.53M | 1.47M | 122K | 750K | 0 | -5.5M | 4.29M | 5.37M | 2.13M | 5.27M | -3.68M | 979K | -46K | -1.59M | -650K | -1.62M | 256K | 382K | 1.31M | 291K | 783K | -513K | -333K | -395K | 37K | 670K | 715K | 715K | -200K | 200K | 200K |
| Equity Issued (Net) | -88K | -391K | -1.95M | -2.27M | -870K | -1.53M | -75K | 0 | 0 | 0 | 0 | 20.62M | -31K | 6.16M | -32K | 1.73M | 0 | 0 | 104K | 164K | 127K | 3.07M | 89K | 89K | 27K | 0 | 1.34M | 1.3M | 0 | 800K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -59K | -90K | 0 | 0 | 0 | 0 | 0 | 0 | -61K | -251K | -223K | -344K | 0 | 0 | 0 | 0 | 0 | -300K | -200K |
| Share Repurchases | -88K | -391K | -1.95M | -2.27M | -1.03M | -1.53M | -75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -30K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -9K | -96K | 28K | -727K | -1.75M | -1.52M | -1.35M | -1.81M | -463K | 378K | -712K | 2.87M | 6.3M | -104K | -121K | -107K | 41K | -102K | -297K | -309K | -71K | -251K | -223K | -340K | -500K | -390K | -1.4M | -1.42M | -400K | 0 | 200K |
| Net Change in Cash | 37K | -1.25M | -329K | -4.72M | 50K | -2.6M | 8.71M | -732K | -860K | -1.99M | -7.48M | 3.92M | 3.75M | 5.53M | -231K | 418K | -386K | -599K | -1.05M | -148K | 850K | -33K | 316K | 509K | -230K | 75K | 980K | 900K | 300K | -200K | -300K |
| Free Cash Flow | 2.01M | -1.45M | 1.99M | 3.19M | 2.65M | 5.95M | 5.77M | -1.31M | -3.94M | -9.53M | -3.1M | -4.46M | -1.96M | -1.8M | -336K | -728K | -798K | -879K | -2.66M | -1.98M | -2.52M | -2.1M | 284K | 525K | 348K | -344K | 299K | 300K | 200K | -800K | -1.3M |
| FCF Margin % | 1.47% | -1.03% | 1.4% | 2.31% | 1.92% | 4.8% | 5.25% | -1.18% | -3.96% | -12.05% | -4.82% | -10.13% | -7.06% | -7.88% | -1.71% | -3.53% | -3.82% | -3.89% | -10.29% | -7.91% | -12.04% | -12.4% | 1.8% | 3.39% | 1.98% | -2.07% | 2.02% | 2.03% | 1.53% | -6.72% | -10.16% |
| FCF Growth % | 499.2% | -173.14% | -37.76% | 20.53% | -55.44% | 3.01% | 541.36% | 66.8% | 58.66% | -207.12% | 30.5% | -127.92% | -8.65% | -436.61% | 53.85% | 8.77% | 9.21% | 66.99% | -34.84% | 21.66% | -19.82% | -840.85% | -45.9% | 50.86% | 201.16% | -215.05% | -0.33% | 50% | 125% | 38.46% | 60.61% |
| FCF per Share | 0.19 | -0.14 | 0.18 | 0.27 | 0.21 | 0.46 | 0.46 | -0.10 | -0.32 | -0.77 | -0.25 | -0.42 | -0.32 | -0.61 | -0.12 | -0.30 | -0.61 | -0.68 | -2.06 | -1.49 | -2.48 | -2.63 | 0.37 | 0.70 | 0.45 | -0.46 | 0.40 | 0.39 | 0.52 | -1.82 | -2.93 |
| FCF Conversion (FCF/Net Income) | 1.11x | 1.58x | 3.18x | 0.72x | -2.00x | 0.54x | -0.60x | -1.32x | -6.29x | -2.21x | -4.09x | -4.01x | -2.08x | -1.02x | 0.03x | 0.53x | 0.25x | 0.36x | -0.58x | 60.79x | 85.53x | -1.59x | -0.71x | -3.05x | 4.66x | -16.64x | -4.50x | -4.38x | -2.00x | - | 0.45x |
| Interest Paid | 45K | 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 |
Commodity cost volatility
According to quarterly financial disclosures, GTIM's operating cash flow to net income ratio has fluctuated wildly, reaching a low of -50.67 in 2025Q4, which suggests that reported earnings are frequently decoupled from actual cash generation due to significant non-cash charges and working capital swings.
The persistent gap between net income and operating cash flow indicates that accounting profits are heavily influenced by non-cash items like depreciation. Investors should monitor whether this divergence reflects structural inefficiencies in cash collection or simply the heavy amortization of restaurant build-outs.
As reported in recent SEC filings, GTIM's free cash flow margins have oscillated between -5.3% and 5.3% over the last ten quarters, highlighting a lack of consistent cash generation that complicates the company's ability to fund internal growth initiatives without relying on external liquidity.
The erratic FCF trajectory suggests that the business model is highly sensitive to minor operational disruptions. The inability to maintain positive FCF consistently across periods warrants further investigation into whether the current store-level economics can support long-term capital reinvestment.
Based on GTIM's reported figures, capital expenditures as a percentage of revenue peaked at 3.9% in 2025Q1, indicating that the company is forced to commit significant capital to maintain its aging restaurant footprint, which directly competes with other potential uses of limited cash reserves.
The consistent level of maintenance capex appears to be a necessary burden to keep the Bad Daddy’s and Good Times brands competitive. This capital intensity limits the company's strategic flexibility and suggests that any expansion efforts are likely to be cash-flow negative in the near term.
As evidenced by the financial statements, working capital changes have been highly erratic, including a significant $952,000 outflow in 2025Q1, which suggests that the company struggles to manage its cash conversion cycle effectively during periods of operational stress or inventory build-up.
These swings in working capital appear to be a primary driver of the company's inconsistent cash flow performance. Investors should monitor whether these fluctuations are seasonal or indicative of deeper issues in managing payables and inventory levels across the two distinct restaurant concepts.
Quick answers to the most common questions about buying GTIM stock.
Good Times Restaurants Inc. (GTIM) generated $1.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Good Times Restaurants Inc. (GTIM) reported negative free cash flow of $1.5M in 2025, indicating capital requirements exceeded cash from operations.
Good Times Restaurants Inc. (GTIM) spent $3.1M 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, Good Times Restaurants Inc. (GTIM) spent $0.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.