Cash generation remains highly inconsistent, highlighted by a 2025Q3 OCF/NI ratio of -98.15 and a $11.0 million working capital outflow in the same period, indicating significant sensitivity to inventory and collection cycles.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 | Jan'02 | Jan'01 | Jan'00 | Jan'99 | Jan'98 | Jan'97 |
|---|
| Cash from Operations | -5.11M | -15.75M | -15.88M | 10.91M | -5.45M | 12.79M | 40.67M | 3.59M | 1.78M | 648K | 11.49M | -518K | 3.33M | -3.88M | 2.19M | -4.46K | -836.81K | 18.68M | 1.64M | -2.12M | 8.23M | -8.42M | 459.21K | 2.18M | 1.8M | -970.04K | 412.39K | -2.86M | -500K | -3M | 1.1M |
| Operating CF Margin % | - | -8.18% | -9.5% | 8.75% | -4.83% | 10.8% | 25.58% | 3.33% | 1.8% | 0.68% | 13.34% | -0.52% | 3.34% | -4.25% | 2.3% | -0% | -0.83% | 19.84% | 1.6% | -2.21% | 8.21% | -8.53% | 0.48% | 2.43% | 2.31% | -1.27% | 0.54% | -4.87% | -0.91% | -6.34% | 2.63% |
| Operating CF Growth % | 369.33% | 0.82% | -245.54% | 300.18% | -142.64% | -68.56% | 1032.76% | 101.12% | 175.46% | -94.36% | 2318.73% | -115.56% | 185.77% | -277.44% | 49155.24% | 99.47% | -104.48% | 1041.01% | 177.24% | -125.76% | 197.64% | -1934.55% | -78.96% | 21.27% | 285.56% | -335.22% | 114.43% | -471.68% | 83.33% | -372.73% | 168.75% |
| Net Income | -21.03M | -25.31M | -18.07M | 5.42M | 1.87M | 11.37M | 35.11M | 3.28M | 1.46M | 440K | 3.89M | 3.85M | 8.4M | -119.5K | -26.29M | -376.82K | 972K | 1.03M | 4.55M | 3.29M | 5.1M | 6.33M | 5.02M | 3.64M | 2.6M | 1.97M | 1.12M | 1.75M | 2.1M | 1.6M | 1.1M |
| Depreciation & Amortization | 4.08M | 5.06M | 3.32M | 2.11M | 1.5M | 1.87M | 1.97M | 1.65M | 965K | 775K | 1.19M | 986K | 1.33M | 1.61M | 1.55M | 1.94M | 1.98M | 1.74M | 1.63M | 1.19M | 1.05M | 993.69K | 884.14K | 803.23K | 595.38K | 689.97K | 699.3K | 598.1K | 500K | 400K | 300K |
| Stock-Based Compensation | 3.53M | 3.39M | 1.56M | 1.36M | 1.49M | 1.67M | 1.73M | -403K | 744K | 424K | 276K | 586K | 1.2M | 197.74K | 332.76K | 543.54K | 676.3K | 198.59K | 299.94K | 0 | 147.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 1.94M | 2.51M | -4.09M | -818K | 75K | 659K | 3.1M | 1.33M | 290K | 5.96M | 734K | -57K | -9.65M | -4.71M | 3.81M | -1.1M | -1.04M | 1.32M | -608.52K | -641.58K | -497.44K | 43.8K | -334.8K | 446.75K | -401.49K | -19K | 40K | -95K | -100K | -100K | -100K |
| Other Non-Cash Items | 8.04M | 3.36M | 19.13M | -5.61M | 539K | 81K | 108K | 1.04M | 123K | 934K | -99K | 2.59M | 2.33M | 2.62M | 9.48M | 165.91K | 636.5K | 307.68K | 108.92K | 475.89K | -147.27M | -31K | 472.73K | 248.83K | 122K | 178.62K | 30.18K | 0 | 100K | 0 | -100K |
| Working Capital Changes | -1.67M | -4.76M | -17.73M | 8.44M | -10.93M | -2.87M | -1.34M | -3.3M | -1.8M | -7.88M | 5.5M | -8.48M | -295.94K | -3.48M | 13.31M | -1.18M | -4.06M | 14.08M | -4.35M | -6.43M | 2.78M | -15.76M | -5.58M | -2.95M | -1.12M | -3.79M | -1.48M | -5.11M | -3.1M | -4.9M | -100K |
| Change in Receivables | -2.37M | -2.67M | -2.83M | 295M | -2.28M | 6.73M | -3.98M | -1.41M | -2.55M | -3.07M | 896K | 1.44M | -884.68K | -528.87K | -1.54M | 1.32M | 1.32M | -2.55M | 0 | 0 | -338.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 9.93M | 1.77M | -14.24M | 7.74M | -9.71M | -4.41M | 547K | -2.16M | 152K | -7.11M | 5.49M | -4.24M | -500.64K | -4.6M | 4.6M | -967.02K | -7.97M | 18.29M | -5.7M | -7.72M | 4.35M | -13.69M | -4.62M | -795.76K | 1.06M | -3.82M | -242.69K | -6.36M | -300K | -6M | 1.4M |
| Change in Payables | 597K | -1.05M | 5.98M | 417K | 36K | -1.53M | 191K | 1.09M | -372K | 1.96M | 585K | -3.31M | 340.42K | 2.6M | 1.83M | -1.87M | 2.62M | 28.84K | 0 | 0 | 518.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 3.7M | -1.18M | -47.74M | -5.12M | -14.77M | -3.58M | -1.66M | -1.03M | -3.1M | -905K | -413K | -2.67M | -904.7K | -104.49K | -1.38M | -4.87M | -1.7M | -1.19M | -16.15M | -3.43M | -4.38M | -6.5M | -836.19K | -1.37M | -1.73M | -831.92K | -751.05K | -1.05M | -200K | -800K | -300K |
| Capital Expenditures | 4.12B | -671K | -1.54M | -2.07M | -1.99M | -801K | -1.66M | -1.03M | -3.1M | -905K | -413K | -840K | -904.7K | -828.89K | -1.38M | -4.87M | -1.7M | -1.19M | -2.37M | -3.43M | -912.65K | -4.59M | -836.19K | -1.37M | -1.73M | -831.92K | -751.05K | -1.05M | -400K | -800K | -300K |
| CapEx % of Revenue | 2129.9% | 0.35% | 0.92% | 1.66% | 1.76% | 0.68% | 1.05% | 0.96% | 3.13% | 0.94% | 0.48% | 0.84% | 0.91% | 0.91% | 1.46% | 5.06% | 1.68% | 1.27% | 2.32% | 3.58% | 0.91% | 4.65% | 0.88% | 1.52% | 2.23% | 1.09% | 0.99% | 1.79% | 0.73% | 1.69% | 0.72% |
| Acquisitions | 6.16B | -513K | -45.08M | -5.45M | -9.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 724.4K | 0 | 0 | 0 | 0 | -13.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -10.27B | 0 | 0 | 2.4M | -12.78M | 0 | 0 | 0 | 0 | 0 | 0 | -1.83M | 0 | 724.4K | 800K | 0 | 0 | 0 | 0 | 0 | -3.46M | -1.91M | 0 | 0 | 0 | 0 | 0 | 0 | 200K | 0 | 0 |
| Cash from Financing | -1.19M | 12.51M | 56.59M | -3.45M | -5.88M | -9.8M | -1.28M | -688K | -1.55M | 5.58M | -7.66M | 3.71M | -116.06K | 1.86M | -30.13K | 4.62M | 3.52M | -15.15M | 13.84M | 7.07M | -3.47M | 7.27M | 7.12M | 156.01K | -352.74K | 2.78M | 472.69K | 3.12M | 2M | 3.5M | -700K |
| Debt Issued (Net) | 5.17M | 14.09M | 15.29M | -1.79M | 405K | 0 | -1.16M | -158K | -360K | -4.16M | -7.68M | 4.42M | -9.77M | 1.92M | 97.68K | 5.01M | 1.87M | -14.98M | 15.02M | 7.06M | -3.49M | 7.27M | -16.78M | 126.9K | -381.15K | 2.77M | 464.94K | 3.24M | 1.9M | 3.4M | -700K |
| Equity Issued (Net) | -303K | -429K | 42.18M | -333K | -6.28M | -9.8M | -116K | -530K | -1.19M | 9.74M | -21K | -750K | 10.04M | -31.68K | -131.22K | -389.8K | -1.66M | -97.79K | -1.26M | 6.69K | 11.88K | 0 | 24.42M | 29.11K | 28.41K | 126.25K | 7.75K | -67.33K | 100K | 100K | 0 |
| Dividends Paid | -1.15M | -1.15M | -887K | -908K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -521.58K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -303K | -429K | -446K | -753K | -6.28M | -9.8M | -116K | -530K | -1.19M | -376K | -21K | -750K | -101K | -31.68K | -131.22K | -389.8K | -1.66M | -97.79K | -1.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -67.33K | 0 | 0 | 0 |
| Other Financing | -4.9M | 0 | 0 | -420K | 0 | 0 | 0 | 0 | 0 | 0 | 41K | 40K | -13K | -24.69K | 3.41K | -760 | 3.3M | -69.84K | 74.61K | 0 | 0 | 0 | 0 | 0 | 0 | -120.75K | 0 | -52.5K | 0 | 0 | 0 |
| Net Change in Cash | -1.2M | -4.96M | -7.75M | 583K | -28.08M | 123K | 37.99M | 1.77M | -2.96M | 5.42M | 3.34M | 313K | 2.21M | -2.18M | 1.03M | -242.03K | 981.13K | 2.34M | -672.23K | 1.52M | 374.1K | -7.65M | 6.74M | 971.14K | -286.5K | 976.06K | 134.04K | -785.54K | 2M | 3.5M | -700K |
| Free Cash Flow | -5.96M | -16.42M | -17.42M | 8.84M | -7.44M | 11.98M | 39M | 2.56M | -1.32M | -257K | 11.08M | -1.36M | 2.42M | -4.71M | 802.83K | -4.88M | -2.54M | 17.49M | -734.96K | -5.55M | 7.31M | -13.02M | -376.99K | 815.13K | 66.24K | -1.8M | -338.65K | -3.91M | -900K | -3.8M | 800K |
| FCF Margin % | -3.08% | -8.52% | -10.42% | 7.09% | -6.59% | 10.12% | 24.53% | 2.37% | -1.33% | -0.27% | 12.86% | -1.36% | 2.43% | -5.15% | 0.84% | -5.06% | -2.5% | 18.57% | -0.72% | -5.79% | 7.3% | -13.18% | -0.4% | 0.91% | 0.09% | -2.36% | -0.45% | -6.66% | -1.65% | -8.03% | 1.91% |
| FCF Growth % | 74.41% | 5.74% | -297% | 218.92% | -162.06% | -69.28% | 1425.38% | 294.01% | -412.84% | -102.32% | 915.91% | -156.02% | 151.47% | -686.71% | 116.46% | -92.34% | -114.5% | 2479.09% | 86.75% | -175.84% | 156.18% | -3352.96% | -146.25% | 1130.51% | 103.68% | -432.09% | 91.33% | -334.17% | 76.32% | -575% | 136.36% |
| FCF per Share | -0.58 | -1.71 | -2.35 | 1.17 | -0.96 | 1.49 | 4.79 | 0.32 | -0.16 | -0.03 | 1.51 | -0.19 | 0.38 | -0.83 | 0.15 | -0.91 | -0.46 | 3.20 | -0.13 | -1.00 | 1.32 | -2.36 | -0.08 | 0.21 | 0.02 | -0.46 | -0.09 | -1.00 | -0.23 | -0.99 | 0.20 |
| FCF Conversion (FCF/Net Income) | 0.28x | 0.62x | 0.88x | 2.01x | -2.91x | 1.12x | 1.15x | 1.09x | 1.22x | 1.47x | 2.95x | -0.13x | 0.40x | 32.48x | -0.08x | 0.01x | -0.86x | 18.14x | 0.36x | -0.64x | 1.61x | -1.33x | 0.09x | 0.60x | 0.69x | -0.49x | 0.37x | -1.64x | -0.24x | -1.88x | 1.00x |
| Interest Paid | 1.55M | 2.13M | 1.65M | 63K | 37K | 15K | 23K | 116K | 125K | 163K | 620K | 784K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 2.4M | 3.04M | 3.22M | 2.17M | 3.15M | 5.32M | 3.56M | 1.7M | 1.67M | 1.26M | 1.6M | 1.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent operating cash volatility
As reported in recent financial statements, Lakeland Industries exhibits a profound disconnect between net income and operating cash flow, highlighted by a 2025Q3 OCF/NI ratio of -98.15, which suggests that reported earnings are frequently decoupled from the actual cash-generating capacity of the underlying industrial PPE business.
The extreme variance in the OCF/NI ratio indicates that non-cash charges and accounting accruals are significantly distorting the company's reported profitability. Investors should monitor whether this volatility is driven by recurring working capital swings or if it reflects fundamental challenges in converting sales into realized cash.
Based on the provided cash flow data, Lakeland's free cash flow trajectory is highly inconsistent, with negative FCF margins observed in seven of the last ten quarters, indicating that the company struggles to sustain positive cash generation outside of rare, event-driven demand spikes or specific operational windows.
The inability to maintain positive FCF margins suggests that the current business model is not yet optimized for consistent cash generation. This trend warrants further investigation into whether the recent acquisition strategy is creating a drag on cash flow that outweighs the intended long-term competitive benefits.
According to historical cash flow filings, Lakeland Industries has faced significant working capital headwinds, including a notable $11.0 million outflow in 2025Q3, which suggests that the company's cash position is highly sensitive to the timing of inventory procurement and the efficiency of its distributor collection cycles.
The frequent negative working capital changes imply that the company may be forced to tie up significant cash in inventory to support its 1,600-distributor network. This reliance on working capital to drive growth appears to be a primary factor in the company's inability to generate consistent free cash flow.
As evidenced by financial statements, Lakeland has utilized its balance sheet primarily for acquisitions, such as the $22.1 million net outflow in 2025Q4, while maintaining modest dividend payments and share repurchases, suggesting a strategic focus on expanding its product portfolio rather than returning excess cash to shareholders.
The company's preference for acquisitions over organic cash return may indicate management's belief that scale is necessary to overcome current margin pressures. However, the lack of a clear, sustained return on these investments suggests that the integration of these assets remains a key risk for future cash flow stability.
Quick answers to the most common questions about buying LAKE stock.
Lakeland Industries, Inc. (LAKE) generated $-15.8M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Lakeland Industries, Inc. (LAKE) reported negative free cash flow of $16.4M in 2026, indicating capital requirements exceeded cash from operations.
Lakeland Industries, Inc. (LAKE) spent $0.7M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Lakeland Industries, Inc. (LAKE) returned $1.2M to shareholders via cash dividends and spent $0.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.