Cash conversion efficiency is highly inconsistent, highlighted by a 2026Q1 period where $330.7 million in net income resulted in a negative $74.2 million operating cash flow.
| 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'02 | Jan'01 | Jan'00 | Jan'99 | Jan'98 | Jan'97 | Jan'96 | Jan'95 | Jan'94 | Jan'93 | Jan'92 | Jan'91 | Jan'90 | Jan'89 |
|---|
| Cash from Operations | -2.1M | 49.62M | 53.14M | 130.56M | -36.37M | 70.57M | 91.63M | 27.29M | 48.2M | 28.44M | 23.69M | 35.89M | 211.12M | 114.92M | 96.25M | 73.5M | 60.56M | 122.88M | 74.3M | -26.9M | 121.8M | 41.4M | 32.6M | 21.1M | 67.2M | -13.3M | 51.2M | 9.5M | 25.6M |
| Operating CF Margin % | - | 3.72% | 3.9% | 8.87% | -2.34% | 4.31% | 6.42% | 1.88% | 3.32% | 2.02% | 1.77% | 2.53% | 13.57% | 7.35% | 6.07% | 4.68% | 4.14% | 9.31% | 5.42% | -2.13% | 10.89% | 4.01% | 3.29% | 2.43% | 9.16% | -1.95% | 8.48% | 1.74% | 5.62% |
| Operating CF Growth % | -247.85% | -6.63% | -59.3% | 459.02% | -151.53% | -22.99% | 235.79% | -43.38% | 69.5% | 20.02% | -33.99% | -83% | 83.71% | 19.4% | 30.94% | 21.37% | -50.71% | 65.38% | 376.21% | -122.09% | 194.2% | 26.99% | 54.5% | -68.6% | 605.26% | -125.98% | 438.95% | -62.89% | - |
| Net Income | 344.46M | 5.51M | 6.23M | -130.68M | -12.53M | 33.37M | 10.84M | 19.29M | 11.59M | 28.2M | -109.78M | -19.55M | 73.8M | 78.85M | 49.83M | 66.92M | 34.66M | 48.03M | 31.2M | 64.2M | 51M | 30.6M | 36.1M | 42.4M | 33.5M | 28.7M | 14.7M | 29.1M | 32.3M |
| Depreciation & Amortization | 27.98M | 30.17M | 33.77M | 38.47M | 38.74M | 39.17M | 37.34M | 31.14M | 27.56M | 24.91M | 19M | 17.4M | 19.7M | 21.6M | 23.12M | -26.95M | -23.43M | -20.71M | -18.7M | -15.1M | -13.6M | -12.5M | -10.3M | -8.3M | -7.9M | -7.4M | -7M | -5.3M | -3.9M |
| Stock-Based Compensation | 6.1M | 0 | 4.87M | 3.83M | 3.75M | 10.16M | 9.2M | 8.69M | 6.16M | 3.95M | 2.23M | 2.4M | 2.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 59.13M | 942K | 3.39M | 1.81M | 927K | -782K | -10.77M | -456K | 223K | -32.76M | -67.25M | -22.67M | 17.55M | -4.96M | 3.07M | -6.66M | 5.14M | 8.27M | -5.9M | -1.2M | 1M | -700K | -2.6M | -1.7M | -600K | -1.5M | 1.1M | 2.5M | -1.9M |
| Other Non-Cash Items | -467.71M | 7.84M | 2.98M | 114.84M | 2.34M | 3.27M | 9.56M | 3.09M | 2.03M | 2.25M | 175.17M | 96.71M | 6.51M | 70K | 70K | 53.89M | 52.36M | 44.82M | 39M | 30.3M | 27.4M | 25M | 20.8M | 16.7M | 15.8M | 14.8M | 14.2M | 10.4M | 7.9M |
| Working Capital Changes | 27.94M | 5.16M | 1.89M | 102.3M | -69.6M | -14.61M | 35.46M | -34.46M | 635K | 1.89M | 4.32M | -38.4M | 91.44M | 19.36M | 20.16M | -23.85M | -8.71M | 43.16M | 14.9M | -98.7M | 55.4M | -2.8M | -12.1M | -28.9M | 25.3M | -48.5M | 27.7M | -27.4M | -8.8M |
| Change in Receivables | 2.54M | 7.45M | -12.83M | 9.86M | 4.5M | -13.17M | 15.01M | 3.55M | 4.47M | 14.78M | -1.03M | -22.05M | 17.32M | 4.16M | -690K | 6.51M | -2.06M | 3.33M | -5.6M | -7M | -700K | -4.9M | -300K | -3.2M | 100K | 400K | -900K | 400K | -500K |
| Change in Inventory | -36.91M | -1.3M | 36.06M | 124.46M | -45.87M | -4.21M | -4.08M | -53.82M | 7.77M | -2.71M | 755K | -29.82M | 64.25M | 10.01M | 14.67M | -39.01M | -26.02M | 57.49M | 21.5M | -104.5M | 22.4M | 1.4M | -16.5M | -43.6M | 16.8M | -48.7M | 11.8M | -18.9M | -20.4M |
| Change in Payables | 22.03M | 2.48M | -18.17M | -33.05M | 19.94M | 13.09M | -21.21M | 32.72M | -29.43M | -6.95M | 16.95M | 10.01M | 19.21M | 9.14M | 1.44M | -12.8M | 21.66M | -13.41M | 4.2M | 11.6M | 22.5M | 13.5M | -4.9M | 17.9M | 7.3M | -3.7M | 13.4M | -1.5M | 4.7M |
| Cash from Investing | 267.69M | -29.17M | -35.04M | -34.91M | -29.84M | -25.24M | -30.15M | -37.97M | -44.4M | -37.13M | -33.27M | -22.22M | -16.61M | -9.87M | -14.9M | -40.51M | -44.55M | -28.01M | -46.8M | -35.3M | -18.5M | -12.2M | -31.3M | -16M | -8.6M | -4.8M | -17.5M | -25.1M | -22.7M |
| Capital Expenditures | -31.15M | -29.22M | -37.77M | -34.92M | -31.81M | -25.24M | -30.15M | -38.88M | -44.85M | -38.15M | -33.32M | -22.22M | -16.61M | -9.89M | -14.99M | -40.51M | -44.55M | -28.01M | -46.8M | -47.7M | -18.5M | -13.9M | -31.4M | -16.1M | -8.6M | -5.3M | -17.7M | -25.1M | -15.9M |
| CapEx % of Revenue | 2.37% | 2.19% | 2.77% | 2.37% | 2.04% | 1.54% | 2.11% | 2.68% | 3.09% | 2.71% | 2.49% | 1.57% | 1.07% | 0.63% | 0.95% | 2.58% | 3.05% | 2.12% | 3.41% | 3.77% | 1.65% | 1.35% | 3.16% | 1.85% | 1.17% | 0.78% | 2.93% | 4.6% | 3.49% |
| Acquisitions | 6K | 52K | 0 | 0 | 1.97M | 0 | 0 | 906K | 456K | 68K | 47K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 298.83M | 0 | 2.73M | 7K | 1.97M | 0 | 0 | 906K | 456K | 1.01M | 47K | 0 | 0 | 14K | 97K | 0 | 0 | 0 | 0 | 12.4M | 0 | 1.7M | 100K | 100K | 0 | 500K | 200K | -100K | -6.8M |
| Cash from Financing | -261.68M | -20.08M | -26.59M | -110.11M | 73.46M | -45.09M | -103.08M | -105.91M | -5.75M | -7.41M | -5.15M | -5.15M | 8.19M | -110.94M | -68.8M | 13.75M | -17.07M | -25.09M | -27.2M | -24.2M | -27.7M | -17.4M | -17.4M | -6.2M | -37.3M | -7.8M | -14.7M | -8.3M | 1.1M |
| Debt Issued (Net) | -49.75M | -14.1M | -13M | -91.86M | 86.25M | -38.75M | -102.59M | -105.15M | -5.15M | -5.15M | -5.15M | -5.15M | 511.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -1.19M | -3.6M | -11.6M | -13.17M | -8.46M | -5.11M | -483K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -500M | -110.94M | -68.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.6M | -3.6M | -3.7M | -3.9M | -4M | -4M |
| Share Repurchases | -2.37M | -4.51M | -11.6M | -11.9M | -8.46M | -5.11M | -483K | -763K | -603K | -747K | -396K | -445K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -210.74M | -2.37M | -2M | -5.07M | -4.32M | -1.23M | 0 | -763K | -603K | -2.26M | 0 | -445K | -2.95M | 0 | 0 | 13.75M | -17.07M | -25.09M | -27.2M | -24.2M | -27.7M | -17.4M | -17.4M | -2.6M | -33.7M | -4.1M | -10.8M | -4.3M | 5.1M |
| Net Change in Cash | 3.26M | -529K | -8.48M | -14.1M | 5.26M | 341K | -43.5M | -116.06M | -2.58M | -17.53M | -15.26M | 6.91M | 199.04M | -5.85M | 12.64M | 46.74M | -1.06M | 69.77M | 300K | -86.4M | 75.6M | 11.8M | -16.1M | -1.1M | 21.3M | -25.9M | 19M | -23.9M | 4M |
| Free Cash Flow | -33.25M | 20.4M | 15.37M | 95.65M | -68.17M | 45.33M | 61.48M | -11.59M | 3.35M | -9.71M | -9.63M | 13.67M | 194.51M | 105.03M | 81.25M | 32.99M | 16.01M | 94.86M | 27.5M | -74.6M | 103.3M | 27.5M | 1.2M | 5M | 58.6M | -18.6M | 33.5M | -15.6M | 9.7M |
| FCF Margin % | -2.53% | 1.53% | 1.13% | 6.5% | -4.38% | 2.77% | 4.31% | -0.8% | 0.23% | -0.69% | -0.72% | 0.96% | 12.51% | 6.72% | 5.12% | 2.1% | 1.09% | 7.19% | 2.01% | -5.9% | 9.23% | 2.67% | 0.12% | 0.57% | 7.99% | -2.72% | 5.55% | -2.86% | 2.13% |
| FCF Growth % | -293.61% | 32.69% | -83.93% | 240.3% | -250.39% | -26.27% | 630.54% | -446.15% | 134.49% | -0.85% | -170.43% | -92.97% | 85.19% | 29.26% | 146.29% | 106.05% | -83.12% | 244.96% | 136.86% | -172.22% | 275.64% | 2191.67% | -76% | -91.47% | 415.05% | -155.52% | 314.74% | -260.82% | - |
| FCF per Share | -1.06 | 0.66 | 0.49 | 2.99 | -2.06 | 1.35 | 1.88 | -0.36 | 0.10 | -0.30 | -0.30 | 0.43 | 6.08 | 3.29 | 2.66 | 1.10 | 0.53 | 3.07 | 0.89 | -2.32 | 3.10 | 0.80 | 0.03 | 0.14 | 1.59 | -0.49 | 0.84 | -0.39 | 0.24 |
| FCF Conversion (FCF/Net Income) | -0.10x | 9.01x | 8.53x | -1.00x | 2.90x | 2.11x | 8.46x | 1.41x | 4.16x | 1.01x | -0.22x | -1.84x | 2.86x | 1.46x | 1.93x | 1.10x | 1.75x | 2.56x | 2.38x | -0.42x | 2.39x | 1.35x | 0.90x | 0.48x | 2.01x | -0.46x | 3.48x | 0.33x | 0.79x |
| Interest Paid | 8.76M | 0 | 0 | 48.1M | 34.48M | 31.42M | 21.59M | 23.73M | 27.24M | 23.46M | 22.48M | 22.69M | 18.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 1.11M | 4.76M | 24.87M | 288K | 3.07M | 1.22M | 3.38M | 3.65M | 23.99M | 19.84M | 4.06M | 5.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and working capital
Based on reported financial statements, the relationship between net income and operating cash flow is highly erratic, as evidenced by the 2026Q1 period where a $330.7 million net income figure resulted in a negative $74.2 million operating cash flow, signaling significant non-cash accounting distortions.
The extreme divergence between reported earnings and cash generation suggests that net income is not a reliable proxy for the company's actual liquidity. Investors should monitor whether these accounting adjustments are recurring, as they obscure the underlying cash-generating capacity of the core retail operations.
As reported in recent filings, Lands' End exhibits a highly inconsistent free cash flow trajectory, with margins swinging from a negative 35.3% in 2026Q1 to a positive 17.0% in 2023Q4, reflecting the company's inability to maintain stable cash generation across seasonal cycles.
This volatility suggests that the business model remains highly sensitive to inventory management and seasonal demand shifts. The inability to produce consistent positive free cash flow may indicate that the company's current operating structure is not yet optimized for sustainable self-funding.
According to historical cash flow data, working capital changes are a primary driver of liquidity fluctuations, with a significant $89.6 million inflow in 2023Q4 followed by a $29.9 million outflow in 2025Q3, highlighting the company's reliance on aggressive inventory and payables management to sustain operations.
The reliance on working capital swings to manage cash flow suggests that the company may be struggling to align its procurement and sales cycles effectively. This pattern warrants further investigation into whether the company is pulling forward payables or delaying inventory purchases to artificially manage short-term liquidity.
Based on the provided figures, capital expenditures have remained relatively consistent, averaging roughly 2-4% of revenue, which suggests that the company is prioritizing essential maintenance over significant growth-oriented investments in its uni-channel infrastructure, as reported in recent quarterly cash flow statements.
While the capital intensity appears moderate, the lack of significant growth-oriented investment may limit the company's ability to modernize its digital and logistics platforms. Investors should monitor whether this level of spending is sufficient to maintain competitive parity in an increasingly digital-first retail environment.
Quick answers to the most common questions about buying LE stock.
Lands' End, Inc. (LE) generated $49.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Lands' End, Inc. (LE) generated $20.4M 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.
Lands' End, Inc. (LE) spent $29.2M 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, Lands' End, Inc. (LE) spent $4.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.