Free cash flow remains highly erratic, swinging from a positive $761.5K in 2026Q1 to a negative $586.3K in 2026Q3, reflecting a structural inability to consistently fund operations through internal cash generation.
Koss Corporation (KOSS) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Jun'26 | 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 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 |
|---|
| Cash from Operations | -847.68K | 439.21K | -214.91K | -190.53K | 10.74M | -942.53K | 348.74K | 1.8M | 1.41M | 1.03M | 234.25K | 314.63K | -340.59K | 3.59M | 3.5M | 4.91M | 4.34M | 982.63K | 2.38M | 5.34M | 4.91M | 5.83M | 7.96M | 4.5M | 3.37M | 7.8M | 8.92M | 8.05M | 10.1M | 1.8M | -100K |
| Operating CF Margin % | - | 3.37% | -1.7% | -1.55% | 81.95% | -5.32% | 1.78% | 9.84% | 6.46% | 4.38% | 0.97% | 1.21% | -1.41% | 15.06% | 9.78% | 12.96% | 10.46% | 2.42% | 6.23% | 11.37% | 10.62% | 11.45% | 19.77% | 11.12% | 9.98% | 21.34% | 23.11% | 23.1% | 30.42% | 4.43% | -0.25% |
| Operating CF Growth % | -337.28% | 304.37% | -12.79% | -101.77% | 1239.02% | -370.27% | -80.64% | 27.68% | 36.85% | 340.16% | -25.55% | 192.38% | -109.48% | 2.72% | -28.78% | 13.08% | 341.76% | -58.69% | -55.43% | 8.76% | -15.78% | -26.83% | 76.89% | 33.45% | -56.77% | -12.57% | 10.79% | -20.25% | 461.11% | 1900% | -105.26% |
| Net Income | -869.36K | -391.46K | -874.83K | -950.91K | 8.32M | 1.27M | 493.59K | -465.6K | 434.11K | -3.39M | -963.64K | 1.39M | 482.61K | -5.55M | 5.43M | 2.94M | 4.37M | -3.57M | 1.98M | 4.49M | 5.16M | 6.22M | 4.49M | 5.37M | 4.52M | 5.04M | 5.69M | 4.95M | 4.3M | 5.5M | 3.6M |
| Depreciation & Amortization | 322.65K | 305.73K | 237.21K | 192.27K | 230.29K | 293.46K | 302.62K | 330.63K | 429.75K | 526.26K | 503.58K | 487.13K | 559.63K | 1.1M | 2.4M | 844.22K | 564.61K | 635.17K | 817.96K | 961.61K | 973.8K | 955.17K | 1.04M | 660.8K | 584.76K | 576.89K | 600.82K | 663.42K | 600K | 700K | 700K |
| Stock-Based Compensation | 55.54K | 24.93K | 31.78K | 155.83K | 289.68K | 463.63K | 0 | 549.59K | 387.56K | 331.56K | 349.75K | 444.18K | 630.54K | 684.55K | 583.07K | 480.62K | 443K | 435.12K | 400K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.28K | -13.28K | 3.04M | 170.3K | 702.01K | 284.78K | -2.61M | 729.72K | 569.62K | 1.45M | 211.22K | -107K | -302.12K | 489.64K | -865K | -61.88K | 91.5K | 24K | -329K | 229K | -294.03K | 100K | 100K | -100K |
| Other Non-Cash Items | -34.78K | -157.61K | -296.77K | -477.39K | -339.47K | -1.21M | 53.09K | -287.7K | -198.6K | -372.75K | -369.54K | -258.52K | -109.63K | 6M | 173.89K | 19.95K | 190.36K | 4.34M | -69.98K | 351.68K | 154.72K | 1.13M | 235.97K | 537.81K | 93.1K | 274.21K | 54.08K | 186.4K | 100K | 100K | -100K |
| Working Capital Changes | -321.74K | 657.62K | 687.7K | 889.66K | 2.24M | -1.76M | -500.56K | 1.66M | 371.52K | 889.82K | 543.79K | -2.45M | -2.19M | 3.97M | -5.82M | 53.91K | -2.68M | -1.06M | -639.02K | -18.55K | -1.87M | -1.44M | 2.25M | -2.16M | -1.85M | 2.24M | 2.35M | 2.55M | 4.9M | -4.6M | -4.3M |
| Change in Receivables | -71.19K | -56.78K | 127.35K | 101.17K | 328.14K | 429.47K | 100.13K | 1.28M | 1.03M | -773.33K | -398.81K | -735.39K | 311.18K | 9.21M | -6.87M | 679.36K | -1.92M | 72.44K | 1.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 67.23K | 292.98K | -411.39K | 1.95M | 2.21M | -2.73M | -362.72K | 1.31M | -712.77K | 2.21M | 250.14K | -1.41M | -127.51K | -5.67K | -1.1M | -1.53M | 590.32K | 251.51K | -388.81K | 489.2K | 599.06K | -2.93M | -280.44K | 18.41K | 0 | 0 | 0 | 0 | 6.5M | -4.9M | -5.7M |
| Change in Payables | -44.52K | -525.67K | 489.5K | 62.32K | -528.65K | 397.73K | -429.27K | -608.67K | 6.88K | -813.62K | 276.45K | -205.6K | -292.5K | -467.58K | -1.92M | 836.09K | -1.15M | 1.67M | -1.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 335.4K | -237.5K | -120.28K | -198.43K | -17.02M | 1.81M | -704.21K | -537.27K | -310.99K | -381.84K | -537.36K | -579.5K | -558.55K | -779.81K | -914.76K | -1.85M | -2.63M | -1.76M | -2.07M | -454.34K | -176.07K | -921.81K | -1.29M | -1.34M | -618.92K | -664.32K | -814.85K | -349.62K | -400K | -200K | -800K |
| Capital Expenditures | -764.7K | -316.49K | -490.72K | -461.76K | -98.44K | -108.16K | -600.15K | -424.16K | -187.76K | -250.62K | -403.43K | -449.8K | -326.61K | -535.87K | -655.48K | -1.5M | -2.28M | -1.44M | -2.15M | -1.18M | -426.07K | -921.81K | -1.17M | -1.34M | -627.57K | -664.32K | -814.85K | -349.62K | -400K | -200K | -800K |
| CapEx % of Revenue | 6.35% | 2.43% | 3.89% | 3.76% | 0.75% | 0.61% | 3.07% | 2.32% | 0.86% | 1.07% | 1.68% | 1.73% | 1.35% | 2.25% | 1.83% | 3.96% | 5.49% | 3.54% | 5.63% | 2.51% | 0.92% | 1.81% | 2.91% | 3.32% | 1.86% | 1.82% | 2.11% | 1% | 1.2% | 0.49% | 2.02% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.65K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.97M | 13.99M | -70.58K | -81.74K | -88K | 1.92M | -104.05K | -113.12K | -123.24K | -131.22K | -133.93K | -129.7K | -231.94K | -243.94K | -259.28K | 0 | -349.2K | -348.5K | 0 | 700K | 0 | 0 | -117.64K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 11.14K | 11.33K | 305.91K | 134.97K | 171.35K | 1.39M | 3.31M | 506.7K | 46.68K | 0 | 0 | 0 | 0 | -1.77M | -1.77M | -3.17M | -1.68M | -595.68K | -1.96M | -5.75M | -6.69M | -3.98M | -3.57M | -2.6M | -2.25M | -6.27M | -11.09M | -5.71M | -8.5M | -1.6M | 900K |
| Debt Issued (Net) | -7.54K | -9.77K | 0 | 0 | 0 | 0 | 0 | 506.7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.4M | 95.01K | 1.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.7M | 1.5M | 800K |
| Equity Issued (Net) | 0 | 21.1K | 305.91K | 134.97K | 0 | 1.39M | 3.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -43.62K | 130.46K | -1.34M | -2.74M | -1.64M | -644.14K | 193.82K | -4.18M | -11.09M | -5.71M | -5.7M | -3.2M | 100K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.77M | -1.77M | -1.77M | -1.77M | -1.85M | -1.92M | -5.59M | -5.64M | -5.65M | -1.93M | -1.96M | -1.87M | -1.34M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -43.62K | -1.28M | -1.84M | -6.61M | -2.22M | -1M | -340K | -4.32M | -11.63M | -6.49M | -5.9M | -7M | -400K |
| Other Financing | 18.68K | 0 | 0 | 0 | 171.35K | 0 | 0 | 0 | 46.68K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -21 | -286.2K | 288.63K | 4.41M | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 100K | 0 |
| Net Change in Cash | -501.14K | 213.04K | -29.28K | -253.98K | -6.12M | 2.26M | 2.95M | 1.77M | 1.15M | 649.25K | -303.11K | -264.87K | -899.14K | 1.04M | 809.61K | -110.52K | 35.05K | -1.37M | -1.66M | -864.81K | -1.96M | 927.88K | 3.11M | 553.81K | 504.74K | 870.69K | -2.98M | 1.99M | 1.2M | 0 | 0 |
| Free Cash Flow | -1.61M | 122.72K | -705.63K | -652.29K | 10.64M | -1.05M | -251.42K | 1.38M | 1.22M | 780.47K | -169.18K | -135.17K | -667.2K | 3.06M | 2.84M | 3.41M | 2.06M | -454.2K | 230.76K | 4.16M | 4.48M | 4.9M | 6.79M | 3.16M | 2.75M | 7.14M | 8.11M | 7.7M | 9.7M | 1.6M | -900K |
| FCF Margin % | -13.39% | 0.94% | -5.59% | -5.32% | 81.2% | -5.93% | -1.29% | 7.52% | 5.6% | 3.32% | -0.7% | -0.52% | -2.75% | 12.82% | 7.94% | 9.01% | 4.96% | -1.12% | 0.6% | 8.86% | 9.7% | 9.64% | 16.86% | 7.8% | 8.12% | 19.52% | 21% | 22.09% | 29.22% | 3.94% | -2.27% |
| FCF Growth % | -862.24% | 117.39% | -8.18% | -106.13% | 1112.4% | -317.9% | -118.25% | 12.61% | 56.74% | 561.32% | -25.16% | 79.74% | -121.84% | 7.56% | -16.71% | 65.47% | 553.78% | -296.83% | -94.45% | -7.22% | -8.63% | -27.8% | 115.12% | 15% | -61.54% | -11.97% | 5.24% | -20.57% | 506.25% | 277.78% | -175% |
| FCF per Share | -0.17 | 0.01 | -0.08 | -0.07 | 1.09 | -0.11 | -0.03 | 0.19 | 0.17 | 0.11 | -0.02 | -0.02 | -0.10 | 0.41 | 0.38 | 0.46 | 0.28 | -0.06 | 0.03 | 0.56 | 0.60 | 0.64 | 0.86 | 0.40 | 0.36 | 0.91 | 0.91 | 0.74 | 0.78 | 0.12 | -0.07 |
| FCF Conversion (FCF/Net Income) | 1.85x | -1.12x | 0.25x | 0.20x | 1.29x | -0.74x | 0.71x | -3.87x | 3.25x | -0.30x | -0.24x | 0.23x | -0.71x | -0.65x | 0.64x | 1.67x | 0.99x | -0.28x | 1.20x | 1.19x | 0.95x | 0.94x | 1.77x | 0.84x | 0.75x | 1.55x | 1.57x | 1.63x | 2.35x | 0.33x | -0.03x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.22K | 964 | 0 | -12.81K | 2.19K | 0 | 222.81K | 109.95K | 122.79K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 4.85K | 0 | 320.07K | 0 | 0 | 0 | 1.62K | 3.18K | 523.34K | -558.2K | 985.59K | 1.87M | 0 | 45.6K | 558.91K | 678.51K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying KOSS stock.
Koss Corporation (KOSS) generated $0.4M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Koss Corporation (KOSS) generated $0.1M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Koss Corporation (KOSS) spent $0.3M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Structural operating cash deficit
Metrics are mathematically derived from official filings.
Earnings Quality Obscured by Volatility
As reported in quarterly financial filings, KOSS exhibits a highly erratic relationship between net income and operating cash flow, with OCF/NI ratios swinging from 3.13 in 2026Q1 to -2.68 in 2025Q2, suggesting that accruals and working capital shifts frequently decouple cash reality from reported accounting profits.
The extreme variance in the OCF/NI ratio indicates that net income is a poor proxy for the company's actual cash-generating capability. Investors should monitor whether these swings are driven by seasonal inventory management or the timing of non-operational legal settlements, as the lack of a stable conversion ratio complicates fundamental valuation.
Persistent Free Cash Flow Erosion
Based on the provided cash flow data, KOSS has struggled to maintain positive free cash flow, with FCF margins fluctuating wildly between -37.5% and 18.7% over the last ten quarters, reflecting a business model that lacks the scale to consistently fund its own operations through internal cash generation.
The recurring negative FCF trajectory suggests that the company is currently reliant on its existing cash reserves to bridge the gap between operational outflows and capital requirements. This pattern warrants further investigation into whether the firm can achieve a sustainable cash-flow-positive state without significant changes to its cost structure or revenue mix.
Working Capital Volatility Drives Liquidity
According to recent SEC filings, KOSS's operating cash flow is heavily influenced by working capital fluctuations, which have swung by as much as $650.8K in a single quarter, indicating that the company's liquidity is highly sensitive to the timing of inventory cycles and accounts receivable collections.
The significant swings in working capital changes suggest that the company's cash position is vulnerable to supply chain disruptions or shifts in retail demand. This volatility appears to be a primary driver of the company's inconsistent cash flow performance, rather than underlying operational profitability.
Minimal Capital Intensity Masks Underinvestment
As indicated by the provided financial data, KOSS maintains a low capital intensity, with CapEx/Revenue ratios frequently near 0.1%, which may suggest that the company is prioritizing cash preservation over the necessary reinvestment required to modernize its product portfolio or manufacturing capabilities.
While the low capital expenditure profile protects the balance sheet from immediate cash drain, it may also indicate a lack of growth-oriented investment. This strategy appears to favor short-term stability at the potential expense of long-term competitive relevance in a rapidly evolving consumer electronics market.