Free cash flow remains highly unstable, with margins fluctuating between a negative 22.4% and a positive 45.4% due to reactive working capital management.
| Cash from Operations | 1.86M | -98.28K | 6.67M | 10.91M | 621.29K | -1.3M |
| Operating CF Margin % | - | -0.14% | 6.1% | 9.48% | 0.72% | -1.57% |
| Operating CF Growth % | -5.54% | -101.47% | -38.82% | 1655.3% | 147.92% | - |
| Net Income | 2.59M | 1.51M | 1.76M | 10.42M | 4.16M | 4.72M |
| Depreciation & Amortization | 185.73K | 185.73K | 171.35K | 193.63K | 185.87K | 175.4K |
| Stock-Based Compensation | 68.55K | 191.56K | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1.96M | -1.96M | -992.01K | -134.6K | 0 | 0 |
| Other Non-Cash Items | 4.88M | 2.61M | 7.01M | 2.2M | 608.77K | 490.22K |
| Working Capital Changes | -1.81M | -2.63M | -1.28M | -1.77M | -4.33M | -6.68M |
| Change in Receivables | 1.48M | -601.51K | 4.9M | -3.54M | 1.12M | -3.4M |
| Change in Inventory | 448.69K | 1.25M | -1.49M | -2.48M | -1.45M | -204.91K |
| Change in Payables | -3.4M | -1.85M | -761.76K | 1.36M | -1.15M | -2.28M |
| Cash from Investing | 2.02M | -731.03K | -225.88K | -121.16K | -197.8K | -240.47K |
| Capital Expenditures | -993.49K | 0 | -387.88K | -134.66K | -197.8K | -240.47K |
| CapEx % of Revenue | 1.43% | 1.02% | 0.35% | 0.12% | 0.23% | 0.29% |
| Acquisitions | 10K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 3M | 2.27M | 162K | 13.5K | 0 | 0 |
| Cash from Financing | -577.38K | -3.59M | 3M | -10.97M | -764.37K | 2.52M |
| Debt Issued (Net) | -577.38K | -3.59M | -345.23K | -5.34M | 1.56M | 2.56M |
| Equity Issued (Net) | 0 | 0 | 5.96M | 601.84K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -2.62M | -6.23M | -2.32M | -45.6K |
| Net Change in Cash | 3.3M | -4.42M | 9.44M | -182.16K | -340.88K | 981.73K |
| Free Cash Flow | 1.54M | -829.31K | 6.28M | 10.77M | 423.49K | -1.54M |
| FCF Margin % | 2.21% | -1.15% | 5.75% | 9.36% | 0.49% | -1.86% |
| FCF Growth % | -59.47% | -113.2% | -41.65% | 2443.36% | 127.55% | - |
| FCF per Share | 0.04 | -0.02 | 0.15 | 0.26 | 0.01 | -0.04 |
| FCF Conversion (FCF/Net Income) | 0.59x | -0.07x | 3.79x | 1.05x | 0.15x | -0.27x |
| Interest Paid | 44.46K | 45.35K | 98.67K | 518.73K | 805.23K | 439.07K |
| Taxes Paid | 16.47K | 16.47K | 2.7M | 143.32K | 0 | 0 |
Retail channel inventory volatility
According to historical cash flow statements, MAMO exhibits extreme volatility in its OCF/NI ratio, which swung from a negative 26.61 in 2024Q4 to a positive 2.01 in 2025Q4, suggesting that reported net income is a poor proxy for the company's actual cash-generating capabilities.
The wide divergence between net income and operating cash flow indicates that accrual-based accounting adjustments, likely tied to inventory and receivables, are masking the underlying cash reality. Investors should monitor this instability, as it suggests that earnings quality is highly sensitive to the timing of retail shipments and potential channel inventory adjustments.
As reported in recent financial statements, MAMO's free cash flow trajectory remains highly inconsistent, with quarterly margins fluctuating between a negative 22.4% and a positive 45.4%, highlighting a lack of predictable cash generation that complicates long-term valuation models for the recreational vehicle manufacturer.
The inability to maintain positive free cash flow across consecutive periods suggests that the business model is currently unable to self-fund its operations during cyclical downturns. This erratic performance warrants further investigation into whether the company's cost structure is too rigid to adapt to the observed revenue contraction.
Based on the provided cash flow data, working capital changes appear to be the primary driver of liquidity, with a massive $11.4 million inflow in 2024Q4 followed by significant outflows in subsequent periods, indicating that inventory and receivables management is highly reactive to retail demand cycles.
The significant swings in working capital suggest that MAMO may be experiencing difficulty in balancing inventory levels with actual sell-through at big-box retail partners. This pattern may indicate that the company is susceptible to sudden cash crunches if retail partners reduce their inventory commitments or delay payments.
Data from recent filings indicates that MAMO maintains a low capital intensity, with CapEx/Revenue ratios frequently below 2%, which suggests that the company is not currently investing heavily in domestic manufacturing capacity or long-term asset replacement to support its product lines.
While low capital expenditure preserves cash in the short term, it may also imply a lack of investment in the infrastructure needed to improve operational efficiency or product quality. Analysts should monitor whether this lean approach is a strategic choice or a symptom of limited financial flexibility during periods of revenue decline.
Quick answers to the most common questions about buying MAMO stock.
Massimo Group Common Stock (MAMO) generated $-0.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Massimo Group Common Stock (MAMO) reported negative free cash flow of $0.8M in 2025, indicating capital requirements exceeded cash from operations.
Massimo Group Common Stock (MAMO) 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.