Operating cash flow consistently exceeds net income, with an OCF/NI ratio of 3.73 in Q4 2026, but this strong conversion is largely driven by non-cash add-backs and volatile working capital movements rather than core operational profitability.
Malibu Boats, Inc. (MBUU) cash flow statement — 15-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 |
|---|
| Cash from Operations | 29.89M | 67.51M | 56.51M | 55.56M | 184.73M | 164.85M | 131.31M | 94.14M | 81.5M | 58.45M | 35.86M | 35.6M | 12.55M | 23.77M | 25.9M | 15.49M |
| Operating CF Margin % | - | 7.38% | 7% | 6.7% | 13.31% | 13.57% | 14.17% | 14.41% | 11.91% | 11.76% | 12.72% | 14.07% | 5.49% | 12.45% | 15.51% | 11% |
| Operating CF Growth % | -564.81% | 19.47% | 1.71% | -69.93% | 12.06% | 25.54% | 39.49% | 15.51% | 39.42% | 63.03% | 0.71% | 183.64% | -47.18% | -8.24% | 67.14% | - |
| Net Income | 8.35M | 1.71M | 15.24M | -55.91M | 107.91M | 163.43M | 109.84M | 64.66M | 69.7M | 30.97M | 31.07M | 20.3M | 23.18M | -1.19M | 17.98M | 11.11M |
| Depreciation & Amortization | 47.02M | 43.95M | 38.59M | 32.99M | 28.72M | 26.32M | 22.89M | 18.38M | 15.96M | 12.85M | 6.75M | 5.52M | 4.89M | 6.78M | 6.27M | 6.07M |
| Stock-Based Compensation | 2.6M | 5.6M | 7.01M | 6.45M | 7.03M | 7.4M | 0 | 3.87M | 3.4M | 2.81M | 2.08M | 1.95M | 1.47M | 2.58M | 127K | 132K |
| Deferred Taxes | 2.57M | 2M | 3.52M | -4.36M | -15.97M | 5.82M | 6.99M | 7.04M | 6.69M | 21.16M | 1.44M | 5.18M | 7.93M | -2.65M | -28K | 5K |
| Other Non-Cash Items | -8.22M | -91K | 2.39M | 94.64M | -2.29M | -2.35M | 12.84M | -1.25M | -3.06M | -3.5M | -8.22M | 1.5M | -19.94M | 21.59M | 137K | 170K |
| Working Capital Changes | -22.61M | 14.33M | -10.25M | -18.25M | 59.34M | -35.77M | -21.25M | 1.44M | -11.19M | -5.83M | 2.73M | 1.16M | -4.99M | -3.34M | 1.41M | -1.99M |
| Change in Receivables | -11.42M | -8.22M | 106K | 45.26M | -16.8M | -1.78M | -32.86M | 14.19M | -3.04M | -12.18M | 4.87M | -5.21M | -2.17M | 1.17M | -161K | -3.67M |
| Change in Inventory | -8.25M | 20.68M | 3.37M | 25.7M | -14.36M | -38.05M | -35.55M | -5.26M | -15.41M | -6.34M | -3.3M | -52K | -2.88M | -1.25M | -2.52M | 944K |
| Change in Payables | 3.99M | -4.54M | 6.56M | -20.61M | -5.15M | -287K | 24.46M | -5.81M | -2.79M | 4.61M | -5.02M | 7M | -366K | -4.13M | 1.8M | -1.19M |
| Cash from Investing | -146.77M | -142.62M | -27.37M | -75.84M | -54.64M | -61.62M | -181.09M | -40.39M | -118.01M | -135.86M | -9.25M | -5.99M | -17.13M | -5.91M | -2.88M | -2.65M |
| Capital Expenditures | -28.74M | -24.66M | -27.92M | -75.96M | -54.84M | -55.06M | -30.68M | -41.29M | -17.94M | -10.45M | -9.26M | -6.18M | -5.47M | -5.92M | -2.88M | -2.65M |
| CapEx % of Revenue | 2.95% | 2.7% | 3.46% | 9.16% | 3.95% | 4.53% | 3.31% | 6.32% | 2.62% | 2.1% | 3.29% | 2.44% | 2.39% | 3.1% | 1.72% | 1.88% |
| Acquisitions | -118.13M | -118.31M | 0 | 0 | 202K | -6.57M | -150.42M | 0 | -100.07M | -125.55M | 16K | 186K | -11.66M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 90K | 352K | 543K | 120K | 202K | 9K | 0 | 897K | 0 | 145K | 16K | 186K | -100K | 9K | 0 | 0 |
| Cash from Financing | 112.63M | 111.68M | -18.82M | -31.7M | -134.57M | -60.38M | 57.35M | -47.32M | 2.38M | 106.2M | -19.72M | -12.02M | 742K | -21.64M | -21.86M | -7.13M |
| Debt Issued (Net) | 150.75M | 147M | 18M | 0 | -121.49M | -24.25M | 59.94M | -31.2M | 5M | 55M | -17.93M | -6.5M | 78.5M | -23.59M | 2.35M | -6.87M |
| Equity Issued (Net) | -33.91M | -33.91M | -35.95M | -29.32M | -7.87M | -36.7M | 375K | -13.83M | -1.22M | 55.32M | -258K | -3.98M | -71.41M | 69.75M | 0 | -260K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -23.54M | 0 |
| Share Repurchases | -33.91M | -33.91M | -35.95M | -29.32M | -7.87M | -34.64M | 0 | -13.83M | -1.22M | 0 | -258K | -3.98M | -71.41M | 0 | 0 | -260K |
| Other Financing | -4.21M | -1.41M | -865K | -2.38M | -5.22M | 570K | -2.97M | -2.29M | -1.41M | -4.12M | -1.53M | -1.54M | -6.35M | -67.8M | -664K | 0 |
| Net Change in Cash | -3.76M | 37.42M | 10.06M | -51.99M | -4.81M | 42.27M | 7.69M | 6.39M | -34.23M | 28.8M | 6.9M | 17.53M | -3.79M | -3.78M | 1.16M | 5.71M |
| Free Cash Flow | 1.15M | 42.85M | 28.59M | -20.4M | 129.89M | 109.78M | 100.64M | 52.85M | 63.56M | 48.01M | 26.59M | 29.43M | 7.09M | 17.85M | 23.02M | 12.84M |
| FCF Margin % | 0.12% | 4.68% | 3.54% | -2.46% | 9.36% | 9.04% | 10.86% | 8.09% | 9.29% | 9.66% | 9.43% | 11.63% | 3.1% | 9.35% | 13.78% | 9.12% |
| FCF Growth % | -97.59% | 49.87% | 240.11% | -115.71% | 18.32% | 9.09% | 90.42% | -16.85% | 32.4% | 80.51% | -9.62% | 315.27% | -60.3% | -22.46% | 79.24% | - |
| FCF per Share | 0.06 | 2.17 | 1.45 | -1.00 | 6.29 | 5.23 | 4.79 | 2.53 | 3.03 | 2.37 | 1.48 | 1.64 | 0.45 | 1.61 | 2.30 | 1.28 |
| FCF Conversion (FCF/Net Income) | 0.14x | 40.84x | 3.80x | -0.99x | 1.77x | 1.05x | 1.20x | 1.53x | 1.23x | 2.12x | 1.26x | 1.97x | 0.86x | -5.08x | 4.84x | - |
| Interest Paid | 2.69M | 0 | 1.95M | 3.05M | 3.06M | 2.29M | 2.29M | 3.81M | 6.01M | 4.35M | 2.3M | 3.14M | 494K | 1.38M | 0 | 0 |
| Taxes Paid | -537K | 0 | 2.48M | 4.93M | 50.52M | 42.06M | 42.06M | 10.53M | 14.17M | 9.89M | 7.17M | 8.12M | 1.44M | 392K | 0 | 0 |
Quick answers to the most common questions about buying MBUU stock.
Malibu Boats, Inc. (MBUU) generated $67.5M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Malibu Boats, Inc. (MBUU) generated $42.8M 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.
Malibu Boats, Inc. (MBUU) spent $24.7M 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, Malibu Boats, Inc. (MBUU) spent $33.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Acquisition-driven cash burn
Metrics are mathematically derived from official filings.
Cash Flow Decouples from Earnings
Operating cash flow has consistently and significantly exceeded net income, with the OCF/NI ratio reaching 3.73 in Q4 2026, suggesting strong non-cash add-backs and favorable working capital movements are masking underlying profitability challenges.
The persistent gap between operating cash flow and net income, particularly during periods of net losses, indicates that Malibu's cash generation is heavily supported by depreciation and working capital releases rather than core earnings power. This pattern warrants investigation into the sustainability of these non-cash benefits as the business cycle normalizes.
FCF Recovery Driven by Working Capital
Free cash flow has rebounded from a negative $17.0M in Q1 2025 to a positive $16.9M in Q4 2026, but the recovery appears heavily reliant on working capital releases rather than a fundamental improvement in operating profitability.
The FCF margin expansion to 5.7% in Q4 2026 is encouraging, yet the underlying operating cash flow is still being inflated by significant working capital releases, as seen in the $5.1M positive change in Q4 2026. This suggests the FCF trajectory may be less durable than the headline numbers imply, especially if inventory or receivables begin to build again.
Working Capital Swings Dominate Cash Flow
Working capital changes have been the primary driver of operating cash flow volatility, with a massive $82.4M release in Q3 2024 followed by a $13.8M build in Q1 2025, indicating a highly cyclical and unpredictable cash conversion cycle.
The extreme swings in working capital, from a $82.4M source of cash in Q3 2024 to a $13.8M use in Q1 2025, highlight the sensitivity of Malibu's cash flow to inventory and receivables management. This volatility makes it difficult to forecast operating cash flow and suggests that recent strong cash generation may be a function of inventory destocking rather than sustainable operational efficiency.
Acquisitions Absorb All Free Cash Flow
Malibu has deployed over $208M in cash for acquisitions over the last three quarters, completely consuming its free cash flow and leaving no capacity for shareholder returns or debt reduction.
The company's aggressive acquisition strategy, including the $125.8M outlay in Q3 2026, has consumed all available free cash flow and more, as evidenced by the negative net cash position after investing activities. This capital deployment strategy increases financial risk and suggests management is prioritizing growth through M&A over strengthening the balance sheet or returning capital to shareholders.
Cash Flow Quality Masked by Non-Cash Items
The strong operating cash flow relative to net income is partially explained by stock-based compensation of up to $1.6M per quarter, a non-cash expense that inflates cash flow but represents a real economic cost to shareholders.
While stock-based compensation is a non-cash add-back, it is a form of dilutive compensation that should be considered when evaluating true cash earnings. The reliance on this and other non-cash adjustments to generate positive operating cash flow during periods of net losses suggests that the underlying cash generation from core operations may be weaker than the headline figures indicate.