Cash conversion remains inconsistent, with the OCF/NI ratio swinging to -6.45 in 2026Q3, reflecting the impact of working capital volatility on the firm's ability to generate stable free cash flow.
MasterCraft Boat Holdings, Inc. (MCFT) cash flow statement — 13-year operating, investing & financing cash flows
| Metric | TTM | 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 |
|---|
| Cash from Operations | 30.5M | 35.59M | 12.5M | 134.2M | 73.31M | 68.54M | 30.2M | 55.89M | 49.4M | 26.23M | 30.75M | 25.25M | 21.91M | 15.99M |
| Operating CF Margin % | - | 12.52% | 3.41% | 22% | 11.43% | 14.71% | 8.32% | 11.98% | 14.85% | 11.47% | 13.88% | 11.78% | 12.34% | 9.87% |
| Operating CF Growth % | -283.31% | 184.81% | -90.69% | 83.05% | 6.96% | 126.96% | -45.97% | 13.14% | 88.31% | -14.68% | 21.75% | 15.24% | 37.03% | - |
| Net Income | -1.66M | 10.71M | 7.8M | 93.8M | 87.94M | 56.17M | -24.05M | 21.35M | 39.65M | 19.57M | 10.21M | 5.53M | 19.93M | 2.82M |
| Depreciation & Amortization | 13.65M | 9.58M | 11.18M | 8.4M | 9.73M | 11.63M | 10.53M | 7.79M | 5.09M | 3.23M | 3.44M | 3.28M | 2.47M | 1.98M |
| Stock-Based Compensation | 3.22M | 2.92M | 2.6M | 3.46M | 0 | 2.93M | 1.06M | 1.68M | 1.19M | 711K | 13.69M | 0 | 2K | 23K |
| Deferred Taxes | 2.95M | 188K | -6.16M | 10.09M | -6.39M | 986K | -9.05M | -5.82M | -642K | 5.2M | -2.25M | 5.96M | -11.65M | -90K |
| Other Non-Cash Items | 5.69M | -1.34M | 10.23M | -2.21M | -1.93M | 1.64M | 56.34M | 32.25M | 311K | 787K | 4.58M | 1.2M | 7.29M | 7.03M |
| Working Capital Changes | 6.61M | 13.53M | -13.16M | 20.66M | -16.05M | -4.82M | -4.64M | -1.36M | 3.8M | -3.26M | 1.08M | 1.32M | 3.88M | 4.24M |
| Change in Receivables | 0 | 6.89M | -428K | 10.96M | -13.01M | -5.92M | 2.32M | -1.83M | -211K | -551K | -286K | 2.13M | 1.01M | -1.93M |
| Change in Inventory | 0 | 6.57M | 10.46M | 3.27M | -18.11M | -28.56M | 4.75M | -449K | -2.75M | 1.19M | -2.09M | -632K | 275K | 3.34M |
| Change in Payables | 56K | -2.02M | -7.96M | -4.07M | 3.25M | 13.4M | -6.87M | -3M | 2.85M | -2.1M | -1.7M | 1.79M | 3.6M | -169K |
| Cash from Investing | -11.41M | 46.04M | -1.78M | -121.43M | -15.82M | -27.83M | -14.22M | -95.79M | -85.72M | -4.13M | -3.82M | -3.48M | -2.38M | -2.39M |
| Capital Expenditures | -8.12M | -9.2M | -16.36M | -24.56M | -12.3M | -27.86M | -14.24M | -14.06M | -5.3M | -4.13M | -3.82M | -3.47M | -3.42M | -2.99M |
| CapEx % of Revenue | 2.33% | 3.24% | 4.46% | 4.03% | 1.92% | 5.98% | 3.92% | 3.02% | 1.59% | 1.81% | 1.72% | 1.62% | 1.93% | 1.85% |
| Acquisitions | -54.11M | 0 | 0 | 0 | 0 | 30K | 0 | -81.73M | -80.51M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 19.75M | 25.99M | 5K | -6.26M | -3.52M | 0 | 23K | 7K | 96K | -4.13M | 0 | -10K | 1.04M | 602K |
| Cash from Financing | -4.16M | -60.1M | -23.14M | -27.15M | -62.54M | -17.77M | -5.49M | 37.82M | 40.19M | -18.13M | -28.02M | -33.15M | -15.56M | -7M |
| Debt Issued (Net) | 0 | -49.5M | -4.5M | -3M | -36.73M | -16.27M | -5.36M | 38.69M | 41.51M | -17.99M | -26.31M | 12.42M | -15.56M | -7M |
| Equity Issued (Net) | -2.34M | -9.77M | -16.26M | -22.95M | -25.45M | 0 | 0 | 0 | 0 | 0 | 79.46M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -79.94M | -44M | 0 | 0 |
| Share Repurchases | -2.34M | -9.77M | -16.26M | -22.95M | -25.45M | 0 | 0 | 0 | 0 | -4K | -4.5M | 0 | 0 | 0 |
| Other Financing | -1.82M | -830K | -2.38M | -1.2M | -358K | -1.51M | -130K | -877K | -1.32M | -141K | -1.22M | -1.57M | 0 | 0 |
| Net Change in Cash | 14.94M | 21.53M | -12.42M | -14.39M | -5.05M | 22.93M | 10.49M | -2.08M | 3.87M | 3.96M | -1.09M | -11.37M | 3.97M | 6.6M |
| Free Cash Flow | 22.38M | 26.39M | -3.86M | 109.63M | 61.02M | 40.68M | 15.96M | 41.82M | 44.09M | 22.1M | 26.93M | 21.79M | 18.49M | 13M |
| FCF Margin % | 6.41% | 9.29% | -1.05% | 17.98% | 9.51% | 8.73% | 4.4% | 8.97% | 13.25% | 9.66% | 12.15% | 10.16% | 10.41% | 8.02% |
| FCF Growth % | -15.21% | 783.1% | -103.52% | 79.68% | 50% | 154.91% | -61.85% | -5.15% | 99.54% | -17.95% | 23.61% | 17.81% | 42.28% | - |
| FCF per Share | 1.11 | 1.60 | -0.23 | 6.17 | 3.27 | 2.15 | 0.85 | 2.23 | 2.36 | 1.19 | 1.48 | 1.27 | 1.07 | 1.17 |
| FCF Conversion (FCF/Net Income) | -13.47x | 5.05x | 1.60x | 1.95x | 1.26x | 1.22x | -1.26x | 2.62x | 1.25x | 1.34x | 3.01x | 4.56x | 1.10x | 5.68x |
| Interest Paid | 30K | 746K | 2.99M | 2.42M | 0 | 2.85M | 4.84M | 5.53M | 2.98M | 2.01M | 397K | 2.73M | 0 | 0 |
| Taxes Paid | 1.99M | 284K | 11.61M | 10.05M | 0 | 9.17M | 6.15M | 12.44M | 13.55M | 6.54M | 9.63M | 551K | 0 | 0 |
Quick answers to the most common questions about buying MCFT stock.
MasterCraft Boat Holdings, Inc. (MCFT) generated $35.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MasterCraft Boat Holdings, Inc. (MCFT) generated $26.4M 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.
MasterCraft Boat Holdings, Inc. (MCFT) spent $9.2M 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, MasterCraft Boat Holdings, Inc. (MCFT) spent $9.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Cyclical inventory and demand
Metrics are mathematically derived from official filings.
Earnings Quality Remains Highly Volatile
According to recent quarterly filings, the relationship between net income and operating cash flow is erratic, with OCF/NI ratios swinging from -6.45 in 2026Q3 to 6.17 in 2026Q2, highlighting significant disconnects between accounting profits and actual cash generation during periods of inventory adjustment.
The extreme variance in the OCF/NI ratio suggests that reported net income is a poor proxy for the company's immediate liquidity position. Investors should monitor whether these swings are driven by temporary working capital timing or a more structural inability to convert sales into cash.
Free Cash Flow Margin Instability
As reported in financial statements, MCFT's free cash flow margins have demonstrated extreme volatility, ranging from a peak of 29.1% in 2024Q2 to a low of -20.2% in 2024Q4, reflecting the company's sensitivity to cyclical demand and the resulting impact on cash flow generation.
The inability to maintain consistent positive FCF margins suggests that the business model is highly susceptible to production volume fluctuations. This inconsistency warrants further investigation into whether the company can sustain its current operational footprint without recurring cash burn during industry downturns.
Working Capital Swings Mask Demand
Based on the company's reported figures, working capital changes have been a primary driver of cash flow volatility, with quarterly fluctuations ranging from a $15.7 million inflow in 2024Q2 to a $14.2 million outflow in 2026Q1, indicating significant reliance on inventory and receivable management.
These large swings in working capital suggest that the company is actively managing its balance sheet to offset operational pressures. Analysts should be wary that these movements may be masking underlying retail demand weakness by shifting inventory between the factory and dealer lots.
Capital Intensity Remains Relatively Low
Data from recent financial statements indicates that MCFT maintains a disciplined approach to capital expenditure, with CapEx/Revenue ratios generally hovering between 1.3% and 5.6%, suggesting that the company is not currently engaged in aggressive capacity expansion despite the competitive nature of the marine industry.
The relatively low capital intensity implies that the company's manufacturing facilities are currently sufficient for existing demand levels. However, investors should monitor whether this level of investment is adequate to maintain the proprietary hull and software technology required to sustain its premium market positioning.