Cash flow generation remains highly volatile, evidenced by an OCF/NI ratio that swung from a negative 3.71 in 2024Q2 to a peak of 11.86 in 2025Q4.
| 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 |
|---|
| Cash from Operations | 107.9M | 183.94M | 73.22M | -13.8M | -83.18M | 130.09M | 72.81M | -6.75M | 40.2M | 46.75M | 36.83M | 28.06M | 39.31M | 40.56M | 35.55M |
| Operating CF Margin % | - | 12.37% | 4.27% | -0.76% | -6.16% | 10.07% | 6.06% | -0.57% | 3.75% | 5.02% | 4.37% | 3.43% | 5.3% | 5.77% | 5.76% |
| Operating CF Growth % | -149.81% | 151.22% | 630.4% | 83.4% | -163.94% | 78.68% | 1178.96% | -116.79% | -14.02% | 26.94% | 31.24% | -28.6% | -3.1% | 14.1% | - |
| Net Income | 26.02M | 0 | 20.51M | 55.83M | 31.25M | 56.79M | 18.2M | 31.56M | 16.75M | 34.18M | 22.29M | 26.2M | 24.61M | 21.52M | 23.9M |
| Depreciation & Amortization | 9.58M | 0 | 38.03M | 32.42M | 29.41M | 34.02M | 30.87M | 28.87M | 26.38M | 23.9M | 19.87M | 19.61M | 17.89M | 17.45M | 16.78M |
| Stock-Based Compensation | 1.99M | 0 | 7.18M | 6.91M | 6.22M | 3.91M | 4.04M | 5.68M | 5.3M | 3.48M | 3.41M | 3.51M | 3.3M | 2.4M | 593K |
| Deferred Taxes | -1.68M | 0 | -8.85M | -1.71M | 772K | -5.62M | -91K | -1.52M | 575K | -115K | 1.45M | 1.01M | -275K | 4.12M | -17.06M |
| Other Non-Cash Items | 29.93M | 56.53M | 25.77M | 10K | 2M | 586K | 11.94M | 427K | 480K | -599K | -211K | 243K | 138K | 770K | 858K |
| Working Capital Changes | 61.49M | 127.41M | -9.43M | -107.26M | -152.84M | 40.41M | 7.85M | -71.76M | -9.28M | -14.1M | -9.97M | -22.5M | -6.36M | -5.69M | 10.47M |
| Change in Receivables | 45.87M | 76.28M | 10.96M | -97.1M | -26.48M | -28.39M | 41.93M | -36.53M | -2.88M | -19.27M | -9.19M | -14.73M | -10.08M | -24.59M | 4.41M |
| Change in Inventory | 34.77M | 74.65M | 64.22M | -50.23M | -203.17M | 18.59M | -15.05M | -35.09M | -55.77M | -8.55M | -3.51M | -12.19M | -12.78M | 1.46M | 17.24M |
| Change in Payables | -2.63M | -2.79M | -102.57M | 20.45M | 96.78M | 14.6M | 3.62M | 8M | 33.27M | 9.49M | 8.27M | 13.64M | 9.49M | 11.98M | -1.76M |
| Cash from Investing | -47.63M | -14.7M | -46.52M | -90.47M | -74.8M | -38.8M | -38.48M | -68.71M | -26.21M | -35.71M | -42.59M | -36.52M | -19.99M | -13.78M | -11.3M |
| Capital Expenditures | -9.65M | 0 | -47.04M | -90.69M | -74.71M | -39.35M | -38.75M | -25.84M | -26.52M | -34.27M | -34.63M | -36.89M | -20.78M | -14.49M | -13.59M |
| CapEx % of Revenue | 0.67% | 2.24% | 2.74% | 4.97% | 5.54% | 3.05% | 3.23% | 2.19% | 2.47% | 3.68% | 4.11% | 4.5% | 2.8% | 2.06% | 2.2% |
| Acquisitions | 0 | 0 | 0 | 0 | 456K | 513K | 158K | -43.89M | 261K | -2.14M | -8.27M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -37.98M | -14.7M | 519K | 221K | -540K | 43K | 109K | 1.02M | 305K | 701K | 309K | 377K | 791K | 709K | 2.29M |
| Cash from Financing | -31.8M | -160.87M | 8.97M | 99.18M | 103.74M | -53.08M | -17.93M | 79.43M | -12.6M | -22.03M | -4.3M | 50.17M | -11.62M | -30.62M | -29.36M |
| Debt Issued (Net) | -24.54M | -147.33M | 13.45M | 100.7M | 114.94M | -52.27M | -8.08M | 105.07M | -1.54M | 1M | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -8.63M | -12.03M | -2.85M | -1.42M | -10.54M | -3M | -8.79M | -25.2M | -9.55M | -23.03M | -13.5M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -3M | -12.03M | -2.85M | -1.42M | -8.95M | -3M | -8.79M | -23.43M | -9.55M | -23.03M | -13.5M | 0 | 0 | 0 | 0 |
| Other Financing | 1.37M | -1.51M | -1.63M | -100K | -652K | 2.19M | -1.06M | -445K | -1.51M | 0 | 9.2M | 50.17M | -11.62M | -30.62M | -29.36M |
| Net Change in Cash | 31.32M | 10.69M | 34.91M | -5.99M | -56.59M | 41.45M | 15.71M | 2.85M | 1.87M | -10.18M | -10.44M | 38.92M | 7.84M | -3.55M | -6.96M |
| Free Cash Flow | 98.26M | 150.26M | 27.14M | -104.49M | -157.89M | 90.74M | 34.06M | -32.59M | 13.68M | 12.48M | 2.2M | -8.83M | 18.52M | 26.07M | 21.96M |
| FCF Margin % | 6.82% | 10.11% | 1.58% | -5.73% | -11.7% | 7.02% | 2.84% | -2.76% | 1.28% | 1.34% | 0.26% | -1.08% | 2.5% | 3.71% | 3.56% |
| FCF Growth % | -19.07% | 453.59% | 125.98% | 33.82% | -274% | 166.43% | 204.5% | -338.22% | 9.61% | 467.36% | 124.92% | -147.66% | -28.96% | 18.73% | - |
| FCF per Share | 3.99 | 6.01 | 1.07 | -4.17 | -6.26 | 3.59 | 1.34 | -1.25 | 0.51 | 0.45 | 0.08 | -0.30 | 0.64 | 0.91 | 0.76 |
| FCF Conversion (FCF/Net Income) | 3.78x | 10.83x | 3.57x | -0.25x | -2.66x | 2.29x | 4.00x | -0.21x | 2.40x | 1.37x | 1.65x | 1.07x | 1.60x | 1.88x | 1.49x |
| Interest Paid | 7.4M | 18.15M | 19.44M | 15.33M | 2.33M | 2.53M | 4.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -2.19M | 12.82M | 27.27M | 13.66M | 14.33M | 13.36M | 9.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Automotive cyclical demand exposure
As reported in recent financial statements, Kimball Electronics exhibits extreme variance in cash conversion, with the OCF/NI ratio swinging from a negative -3.71 in 2024Q2 to a high of 11.86 in 2025Q4, indicating that reported net income is a poor proxy for actual cash generation.
The significant divergence between net income and operating cash flow suggests that non-cash items and working capital swings are the primary drivers of the company's cash profile. Investors should monitor whether this volatility reflects genuine operational efficiency or merely the timing of payments and receipts inherent in the high-mix, low-volume manufacturing model.
Based on the provided cash flow data, free cash flow margins have demonstrated significant instability, ranging from a negative 10.4% in 2024Q2 to a peak of 18.0% in 2025Q4, highlighting the difficulty in maintaining consistent cash generation amidst cyclical revenue pressures and program transitions.
The erratic FCF trajectory suggests that the company's ability to self-fund operations is highly sensitive to short-term fluctuations in production volumes. This inconsistency may complicate long-term capital allocation strategies, as the firm appears unable to rely on steady cash inflows to support its strategic objectives.
According to historical cash flow filings, working capital changes have been the dominant force behind cash flow fluctuations, with a massive $61.5 million inflow in 2025Q4 contrasting sharply with a $49.3 million outflow in 2024Q2, signaling aggressive inventory and receivables management cycles.
These dramatic shifts in working capital suggest that Kimball Electronics is highly susceptible to the inventory requirements of its automotive and medical customers. The reliance on these swings to generate positive cash flow implies that operational liquidity may be more fragile than the headline cash balance suggests.
As indicated by the company's reported figures, capital expenditures reached a significant $43.0 million in 2026Q3, representing 12.2% of revenue, which suggests a period of heavy investment that may be poorly timed given the current 13.29% year-over-year revenue contraction.
The spike in capital intensity warrants investigation, as it may indicate an attempt to build capacity for future programs that are currently failing to materialize. If these investments do not lead to immediate revenue growth, the company risks further margin compression due to increased depreciation and fixed-cost overhead.
Quick answers to the most common questions about buying KE stock.
Kimball Electronics, Inc. (KE) generated $183.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kimball Electronics, Inc. (KE) generated $150.3M 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.
Kimball Electronics, Inc. (KE) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Kimball Electronics, Inc. (KE) spent $12.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.