Free cash flow remains highly inconsistent, evidenced by a swing from a 14.6% FCF margin in 2025Q3 to a negative 5.2% in 2026Q1, largely driven by volatile working capital requirements.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 43.59M | 52.64M | 58.91M | 97.2M | 51.02M | 97.24M | 130.19M | 63.42M | 70.39M | 52.46M | 60.05M | 52.23M | 55.45M | 55.89M | 52.17M | 19.07M | 24.2M | 38.49M | 40.7M | 39.11M | 28.01M | 31.71M | 49.35M | 81.99M | 85.25M | 30.05M | 16.7M | 70M | 55.4M | 24.8M | -3.1M |
| Operating CF Margin % | - | 6.94% | 8.15% | 11.27% | 4.87% | 9.6% | 17.4% | 7.9% | 8.61% | 6.4% | 7.31% | 6.49% | 7.22% | 7.49% | 7.79% | 3.07% | 3.9% | 6.53% | 5.87% | 4.97% | 3.25% | 3.82% | 6.26% | 11.01% | 12.11% | 4.43% | 2.45% | 11.31% | 10.25% | 5.06% | -0.68% |
| Operating CF Growth % | -222.99% | -10.63% | -39.4% | 90.54% | -47.54% | -25.31% | 105.29% | -9.91% | 34.19% | -12.65% | 14.98% | -5.81% | -0.78% | 7.13% | 173.53% | -21.19% | -37.13% | -5.42% | 4.07% | 39.62% | -11.67% | -35.74% | -39.81% | -3.83% | 183.72% | 79.97% | -76.15% | 26.35% | 123.39% | 900% | -121.43% |
| Net Income | 4.77M | 19.73M | 19.96M | 56.32M | 89.36M | 90.8M | 59.15M | 21.86M | 30.31M | 21.07M | 28.36M | 27.79M | 8.59M | 32.27M | 14.91M | 15.46M | 8.44M | -4.18M | -12.1M | 1.76M | 16M | 15.05M | 22.75M | 25.33M | 24.32M | 22.71M | 27.85M | 27.4M | 16.8M | 13.4M | 12.2M |
| Depreciation & Amortization | 24.21M | 23.82M | 21.61M | 18.6M | 16.93M | 16.3M | 18.21M | 20.6M | 29.81M | 30.52M | 29.05M | 25.76M | 22.61M | 21.45M | 19.41M | 18.24M | 16.86M | 19.35M | 21.6M | 22.42M | 21.66M | 21.04M | 19.14M | 17.2M | 15.9M | 20.3M | 15.74M | 14.8M | 14.3M | 13.8M | 12.6M |
| Stock-Based Compensation | 7.61M | 7.31M | 6.74M | 8.01M | 7.2M | 8.21M | 4.38M | 3.44M | 4.36M | 3.82M | 3.87M | 4.03M | 3.32M | 3.32M | 2.55M | 2.06M | 1.72M | 1.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -2.15M | -2.15M | -1.47M | -1.17M | 361K | 234K | -2.46M | -2.69M | -439K | 5.56M | -1.12M | -3.02M | 4.8M | -652K | -2.21M | -7.95M | -2.95M | -2.2M | 416K | -6.06M | -3.87M | -708K | 810K | 851K | 3.55M | -1.23M | -2.3M | -2.4M | 200K | -800K | 2.5M |
| Other Non-Cash Items | 5.27M | 1.55M | 970K | 1.23M | 1.09M | 792K | -34.15M | 3.12M | 890K | 325K | -836K | -243K | 21.63M | -1.18M | 490K | 498K | -397K | 1.66M | 1.18M | 1.78M | 1.6M | -1.64M | -2.75M | 1.76M | -1.4M | -2.56M | 1.73M | 4.2M | 100K | 7.9M | 100K |
| Working Capital Changes | -7.31M | 2.38M | 11.1M | 14.21M | -63.91M | -19.1M | 85.07M | 17.09M | 5.47M | -8.84M | 737K | -2.08M | -5.49M | 678K | 17.01M | -9.24M | 532K | 22.2M | 27.95M | 18.11M | -6.87M | -2.03M | 9.39M | 36.86M | 42.88M | -9.17M | -26.31M | 26M | 17.6M | -9.5M | -34.4M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 6.45M | 0 | 247K | 535K | 1.82M | 1.51M | 960K | 870K | 1.4M | 1.21M | 2.3M | 1.4M | 9.26M | 38.71M | 10.89M | 11.48M | -1.59M | 14.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -18.16M | -12.74M | 10.54M | 24.38M | -6.3M | -22.12M | 14.91M | 1.02M | -2.4M | -2.11M | 6.88M | -2.31M | -15.66M | 5.42M | -3.46M | -1.77M | -141K | 10.44M | -1.29M | 22.31M | -17.13M | 3.18M | -4.55M | 7.06M | -9.67M | 5.41M | -14.05M | -2.4M | -1.4M | -3.3M | -3.8M |
| Change in Payables | -2.56M | 8.09M | -11.38M | -6.68M | -5.98M | -6.45M | 0 | 0 | 1.49M | -10.5M | -2.03M | 2.5M | 6.64M | -1.55M | 11.05M | 959K | -262K | -2.35M | -8.76M | -13.37M | -4.83M | -4.83M | 3.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -20.37M | -19.56M | -31.63M | -53.06M | -28.32M | -34M | 65.36M | -14.57M | -18.97M | -21.61M | -13.19M | -28.36M | -41.37M | -20.12M | -24.77M | -24.22M | -11.2M | 3.44M | -8.8M | -10.13M | -19.9M | -19.65M | -53.59M | -25.01M | 3.53M | -15.45M | -30.98M | -31.3M | -10.8M | -14.2M | -14.5M |
| Capital Expenditures | -20.5M | -19.67M | -32.09M | -53.12M | -28.41M | -34.09M | -10.93M | -16.84M | -21.47M | -24.46M | -29.84M | -27.14M | -30.88M | -20.2M | -25.01M | -17.57M | -14.05M | -3.26M | -9.54M | -13.83M | -23.64M | -35.01M | -58.03M | -27.89M | -45.45M | -19.03M | -36.1M | -30.8M | -11.1M | -14.5M | -16.4M |
| CapEx % of Revenue | 2.67% | 2.59% | 4.44% | 6.16% | 2.71% | 3.37% | 1.46% | 2.1% | 2.63% | 2.98% | 3.63% | 3.37% | 4.02% | 2.71% | 3.73% | 2.83% | 2.27% | 0.55% | 1.38% | 1.76% | 2.74% | 4.21% | 7.36% | 3.75% | 6.46% | 2.81% | 5.3% | 4.98% | 2.05% | 2.96% | 3.59% |
| Acquisitions | 52K | 0 | 0 | 0 | 86K | 88K | 0 | 0 | 2.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 75K | 111K | 461K | 53K | 86K | 88K | 76.28M | 2.27M | 2.5M | 2.86M | 3.93M | 1.51M | -490K | 82K | 248K | -6.66M | 2.86M | 74K | 742K | 3.7M | -1.26M | 10.35M | 2.6M | 2.88M | 48.98M | 3.58M | 5.13M | -500K | 300K | 300K | 1.9M |
| Cash from Financing | -27.44M | -27.52M | -28.74M | -46.29M | -65.62M | -97.15M | -71.18M | -46.26M | -59.22M | -14.84M | -54.05M | -18.7M | -31.79M | -6.13M | -23.44M | -3.31M | 575K | -1.17M | -28.37M | -40.95M | -7.09M | -25.08M | -17.23M | -29.16M | -85.75M | -17.13M | 15.77M | -38.8M | -43.1M | -10.6M | 15.9M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.79M | -3.48M | -3.13M | -2.53M | -1.09M | -867K | -766K | -588K | -385K | -311K | -21.19M | -22.97M | -3.57M | -16.04M | -14.43M | -30.12M | -85.47M | -17.37M | 29.52M | -22.3M | -25M | -5.9M | 18.2M |
| Equity Issued (Net) | -3.78M | -4.78M | -4.99M | -6.89M | -30M | -41.81M | -19.71M | -29.76M | -18.73M | 0 | -21.28M | -14M | -804K | 0 | -218K | 0 | 0 | 0 | -1.81M | -12.38M | 0 | -4.07M | 2.75M | 5.95M | 5.49M | 4.32M | -9.76M | -12.6M | -14.7M | -1.1M | 1.2M |
| Dividends Paid | -20.97M | -20.84M | -20.47M | -35.24M | -33.95M | -52.45M | -50.52M | -15.06M | -35.46M | -11.39M | -30.41M | -8.06M | -29.78M | -5.35M | -24.68M | -2.61M | -2.17M | -473K | -4.25M | -5.98M | -6.01M | -5.68M | -5.55M | -5.08M | -4.68M | -4.37M | -4.15M | -4.2M | -3.7M | -3.7M | -3.5M |
| Share Repurchases | -5.77M | -4.78M | -4.99M | -6.89M | -30M | -41.81M | -19.71M | -29.76M | -18.73M | -1.55M | -21.28M | -14M | -804K | -2.54M | -218K | 0 | 0 | 0 | -1.81M | -12.38M | 0 | -4.07M | 0 | -155K | 0 | 0 | -11.65M | -18M | -20.1M | -3.1M | 0 |
| Other Financing | -2.69M | -1.91M | -3.28M | -4.16M | -1.68M | -2.89M | -951K | -1.44M | -1.23M | 35K | 771K | 5.9M | -114K | 86K | 2.23M | -113K | 3.13M | -382K | -1.13M | 384K | 2.49M | 706K | 0 | 88K | -1.08M | 283K | 165K | 300K | 300K | 100K | 0 |
| Net Change in Cash | -4.23M | 5.56M | -1.46M | -2.15M | -42.93M | -33.91M | 124.37M | 2.59M | -7.8M | 16.01M | -7.18M | 5.18M | -17.7M | 29.64M | 3.96M | -8.46M | 13.58M | 40.77M | 3.53M | -11.97M | 1.02M | -13.02M | -21.47M | 27.83M | 3.04M | -2.53M | 1.49M | -100K | -43.1M | 0 | 15.9M |
| Free Cash Flow | 23.09M | 32.97M | 26.82M | 44.09M | 22.6M | 63.15M | 119.26M | 46.58M | 48.92M | 27.99M | 30.22M | 25.09M | 24.57M | 35.69M | 27.15M | 1.51M | 10.15M | 35.24M | 31.16M | 25.28M | 4.37M | -3.29M | -8.68M | 54.1M | 39.8M | 11.02M | -19.41M | 39.2M | 44.3M | 10.3M | -19.5M |
| FCF Margin % | 3.01% | 4.34% | 3.71% | 5.11% | 2.16% | 6.24% | 15.94% | 5.81% | 5.98% | 3.41% | 3.68% | 3.12% | 3.2% | 4.78% | 4.05% | 0.24% | 1.64% | 5.98% | 4.5% | 3.21% | 0.51% | -0.4% | -1.1% | 7.27% | 5.65% | 1.62% | -2.85% | 6.33% | 8.2% | 2.1% | -4.27% |
| FCF Growth % | -23.31% | 22.95% | -39.17% | 95.05% | -64.21% | -47.05% | 156.05% | -4.79% | 74.76% | -7.36% | 20.44% | 2.1% | -31.15% | 31.42% | 1703.05% | -85.16% | -71.2% | 13.1% | 23.25% | 478.2% | 232.73% | 62.03% | -116.04% | 35.93% | 261.33% | 156.75% | -149.51% | -11.51% | 330.1% | 152.82% | 57.88% |
| FCF per Share | 1.41 | 2.01 | 1.60 | 2.63 | 1.33 | 3.41 | 6.30 | 2.31 | 2.30 | 1.30 | 1.38 | 1.10 | 1.07 | 1.56 | 1.21 | 0.07 | 0.46 | 1.65 | 1.46 | 1.12 | 0.19 | -0.14 | -0.38 | 2.41 | 1.80 | 0.51 | -0.92 | 1.71 | 1.99 | 0.44 | -0.83 |
| FCF Conversion (FCF/Net Income) | 4.84x | 2.67x | 2.95x | 1.73x | 0.57x | 1.07x | 2.20x | 2.90x | 2.32x | 2.49x | 2.12x | 1.88x | 6.46x | 1.73x | 3.50x | 1.23x | 2.87x | -9.21x | -3.36x | 22.25x | 1.75x | 2.11x | 2.18x | 3.24x | 3.51x | 1.32x | 0.68x | 2.55x | 3.30x | 1.85x | -0.25x |
| Interest Paid | 0 | 0 | 163K | 162K | 127K | 126K | 365K | 126K | 2.42M | 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 | 3.4M | 23.26M | 27.96M | 32.4M | 18.17M | 9.07M | 8.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical housing market sensitivity
As reported in financial statements, HVT's operating cash flow frequently decouples from net income, evidenced by a 2026Q1 OCF/NI ratio of -674.65, which suggests that non-cash adjustments and working capital swings are significantly distorting the company's ability to convert accounting profits into actual liquidity.
The extreme volatility in the OCF/NI ratio indicates that reported net income is a poor proxy for the company's underlying cash generation capabilities. Investors should monitor whether these recurring discrepancies are driven by seasonal inventory builds or more structural issues regarding the timing of revenue recognition versus cash collection.
Based on HVT's reported figures, free cash flow margins have fluctuated wildly, ranging from a negative 5.2% in 2026Q1 to a positive 14.6% in 2025Q3, highlighting the company's vulnerability to sudden shifts in operational efficiency and the high capital intensity of its regional logistics network.
The inability to maintain consistent positive free cash flow suggests that the company's business model is highly sensitive to volume fluctuations. This inconsistency may imply that the firm struggles to scale its fixed cost base down rapidly enough when demand softens, leading to periods of cash burn.
According to recent SEC filings, HVT's working capital changes have been a significant source of cash flow instability, with a notable $14.4 million outflow in 2026Q1, suggesting that inventory management and customer deposit timing are creating substantial friction in the company's cash conversion cycle.
The erratic nature of working capital movements indicates that the company may be carrying excess inventory during periods of slowing demand. This warrants further investigation into whether the current logistics-heavy model is becoming less efficient at managing the flow of goods relative to actual customer delivery schedules.
Based on the provided data, HVT has maintained consistent dividend payments despite volatile cash flows, with $5.3 million paid out in 2026Q1, which appears to prioritize shareholder returns even as the company's internal cash generation remains inconsistent and susceptible to broader macroeconomic pressures.
While the dividend policy suggests management's confidence in the company's long-term liquidity, the reliance on cash reserves to fund these payouts during periods of negative FCF may not be sustainable. Investors should evaluate if this capital allocation strategy limits the company's ability to invest in necessary digital transformation.
Quick answers to the most common questions about buying HVT stock.
Haverty Furniture Companies, Inc. (HVT) generated $52.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Haverty Furniture Companies, Inc. (HVT) generated $33.0M 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.
Haverty Furniture Companies, Inc. (HVT) spent $19.7M 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, Haverty Furniture Companies, Inc. (HVT) returned $20.8M to shareholders via cash dividends and spent $4.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.