Free cash flow remains negative, evidenced by a -$1.0M outflow in 2026Q3, highlighting a fundamental disconnect between accounting earnings and actual cash-generating capacity.
The Marygold Companies, Inc. (MGLD) cash flow statement — 26-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 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'00 |
|---|
| Cash from Operations | 13K | -2.32M | -3.32M | -1.91M | 1.85M | -580.3K | 7.22M | 1.66M | 875.8K | 3M | 5.18M | 5.31M | -301.64K | -200.93K | -112.71K | 86.05K | -88.17K | -40.71K | -52.91K | -88.78K | -47.91K | -38.55K | -31.93K | -34.58K | -31.72K | -30.52K | -189.52K |
| Operating CF Growth % | 558.16% | 30.13% | -73.68% | -203.22% | 419.04% | -108.04% | 334.51% | 89.71% | -70.83% | -42.05% | -2.41% | 1859.8% | -50.12% | -78.27% | -230.99% | 197.59% | -116.58% | 23.06% | 40.4% | -85.3% | -24.29% | -20.73% | 7.68% | -9.03% | -3.92% | 83.89% | - |
| Net Income | -2.26M | -4.37M | -5.82M | -4.07M | 1.17M | 1.15M | 5.85M | 1.77M | 261.85K | 1.73M | 5.19M | 5.28M | -94.62K | -319.82K | 94.98K | 75.49K | -344.66K | -104.82K | -72.92K | -350.87K | 38.21K | -44.55K | -544.28K | -514.64K | -47.27K | -478.23K | -518.61K |
| Depreciation & Amortization | 233K | 308K | 590K | 585K | 600K | 561.02K | 599.98K | 601.83K | 702.32K | 576.67K | 418.84K | 229.47K | 0 | 7.58K | 4.61K | 1.8K | 4.28K | 15.06K | 12.01K | 9.14K | 308 | 0 | 245 | 0 | 903 | 1.21K | 0 |
| Deferred Taxes | -298K | -298K | -1.61M | -1.2M | -36.47K | 51.69K | -19.09K | 44.16K | -26.42K | 564.99K | -314.29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 3.99M | 3.48M | 2.23M | 2.05M | 763.38K | 733.24K | 707.51K | 258.72K | -30.02K | 399.46K | -6.74K | -524 | -42.03K | 0 | -348.09K | 234.14K | 12.36K | 0 | -1 | 207.94K | -92.09K | 0 | 496.84K | 461.8K | 0 | 272.98K | 742.78K |
| Working Capital Changes | -1.72M | -1.57M | 466K | 289K | -724.06K | -3.07M | 81.56K | -1.17M | -31.94K | -273.5K | -103.7K | -195.98K | -164.99K | 110.56K | 135.8K | -225.38K | 90.71K | 27.76K | 8K | 45.01K | 5.66K | 6K | 15.27K | 18.26K | 14.65K | 173.52K | -413.69K |
| Cash from Investing | -464K | 1.07M | 1.2M | -926K | -7.29M | -3.73M | -1.2M | 1.3M | -1.78M | -2.33M | -4.01M | -2.87M | -536.03K | -6.06K | -13.79K | -5.32K | -3K | -1.13K | 0 | 37.97K | -30.47K | 0 | 0 | 2.91K | 0 | 0 | 0 |
| Purchase of Investments | -2.89M | -3.19M | -7.04M | -13.45M | -15.86M | -3.71M | -7.83K | -2.04M | -3.75M | -1.11M | -3.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 2.68M | 3.49M | 7.86M | 13.61M | 9.28M | 508.12K | 0 | 4.12M | 3.23M | 1.37M | 227.63K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Investment Activity | -207K | 292K | 814K | 160K | -6.57M | -3.2M | -7.83K | 2.08M | -523.24K | 262.42K | -3.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 1.07M | 0 | 0 | -403K | 0 | -508.85K | -1.12M | 217.99K | -1.21M | -2.28M | -214.03K | -2.77M | -536.03K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -1.32M | 809K | 443K | -629K | -623.59K | 31.61K | 0 | -217.99K | 0 | 0 | 0 | 0 | 0 | -1K | -1K | 980 | -1.06K | 0 | 0 | 49.7K | 0 | 0 | 0 | 2.91K | 0 | 0 | 0 |
| Cash from Financing | -25K | -1.34M | 1.83M | -30K | -20.3K | 2.34M | -28.43K | 289.07K | -108.9K | 110.94K | 83.38K | -247.26K | 2.79M | 188K | 63.92K | -32.41K | 140K | 44.14K | 49.66K | 41.57K | 89.56K | 41.78K | -71.19K | 134K | 32.5K | 30.48K | 190K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -50K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -847.26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 1.81M | 0 | 0 | 2.98M | 0 | 0 | 0 | 0 | 0 | 0 | 3M | 750 | 0 | 0 | 0 | 0 | 50K | 10K | 90K | 0 | 0 | 20K | 0 | 500 | 190K |
| Net Stock Activity | -50K | 0 | 1.81M | 0 | 0 | 2.98M | 0 | 0 | 0 | 0 | 0 | -847.26K | 3M | 750 | 0 | 0 | 0 | 0 | 50K | 10K | 90K | 0 | 0 | 20K | 0 | 500 | 190K |
| Debt Issuance (Net) | 0 | -1000K | 311K | -30K | -20.3K | -41.88K | -28.43K | 289.07K | -108.9K | 110.94K | 83.38K | 600K | -208K | 128K | 0 | -20K | 176K | 14.14K | 0 | 0 | -441 | 38.25K | -67.5K | 114K | 22.5K | 0 | 0 |
| Other Financing | -25K | -25K | -289K | 0 | 0 | -603.5K | 0 | 0 | 0 | 0 | 0 | 0 | -1.84M | 60K | 63.92K | -12.41K | -36K | 0 | -50.34K | 31.57K | 0 | 3.53K | -3.69K | 0 | 10K | 29.98K | 0 |
| Net Change in Cash | -427K | -2.17M | -455K | -3.06M | -5.34M | -2.16M | 6.26M | 3.33M | -1.04M | 793.63K | 1.28M | 2.1M | 1.95M | -18.99K | -62.58K | 48.32K | 48.84K | 2.3K | -3.25K | -9.24K | 11.18K | 3.23K | -103.12K | 102.33K | 782 | -40 | 481 |
| Exchange Rate Effect | 49K | 413K | -169K | -196K | 118.41K | -191.21K | 271.03K | 78.78K | -30.89K | 13.18K | 24.09K | -90.23K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 2.88M | 5.05M | 5.52M | 8.59M | 13.93M | 16.09M | 9.83M | 6.5M | 7.54M | 6.74M | 5.45M | 3.35M | 15.73K | 39.44K | 102.02K | 53.7K | 4.87K | 2.57K | 5.82K | 15.06K | 3.88K | 648 | 103.77K | 1.44K | 655 | 695 | 0 |
| Cash at End | 4.48M | 2.88M | 5.07M | 5.52M | 8.59M | 13.93M | 16.09M | 9.83M | 6.5M | 7.54M | 6.73M | 5.45M | 1.97M | 20.45K | 39.44K | 102.02K | 53.7K | 4.87K | 2.57K | 5.82K | 15.06K | 3.88K | 648 | 103.77K | 1.44K | 655 | 481 |
| Interest Paid | 95K | 0 | 464K | 16K | 15K | 16.4K | 16.09K | 0 | 29.49K | 0 | 5K | 0 | 12.09K | 4.3K | 0 | 9.69K | 1.1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 9K | 0 | 48K | 155K | 232K | 1.7M | 1.69M | 0 | 202.36K | 965.27K | 2.48M | 3.94M | 35.54K | 6.8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 13K | -2.35M | -3.37M | -1.97M | 1.76M | -624.34K | 7.14M | 884.23K | 825.63K | 2.68M | 4.92M | 5.2M | -301.64K | -205.99K | -125.5K | 79.75K | -90.1K | -41.84K | -52.91K | -100.51K | -78.38K | -38.55K | -31.93K | -34.58K | -31.72K | -30.52K | -189.52K |
| FCF Growth % | 100.43% | 30.39% | -71.65% | -211.86% | 381.36% | -108.74% | 707.67% | 7.1% | -69.24% | -45.46% | -5.44% | 1825.44% | -46.43% | -64.14% | -257.37% | 188.51% | -115.35% | 20.92% | 47.36% | -28.23% | -103.33% | -20.73% | 7.68% | -9.03% | -3.92% | 83.89% | - |
Quick answers to the most common questions about buying MGLD stock.
The Marygold Companies, Inc. (MGLD) generated $-2.3M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
The Marygold Companies, Inc. (MGLD) reported negative free cash flow of $2.3M in 2026, indicating capital requirements exceeded cash from operations.
The Marygold Companies, Inc. (MGLD) spent $0.0M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Fintech pivot execution failure
Metrics are mathematically derived from official filings.
Persistent Disconnect Between Earnings Reality
As reported in financial statements, MGLD consistently exhibits a significant divergence between net income and operating cash flow, with OCF/NI ratios frequently fluctuating wildly, such as the -4.54 reading in 2026Q3, indicating that accounting earnings provide little insight into the company's actual cash-generating capacity.
The erratic nature of the OCF/NI ratio suggests that accruals and non-cash adjustments are heavily influencing the bottom line, masking the underlying cash burn. Investors should monitor whether this volatility stems from the timing of investment management fees or the accounting treatment of the fintech development costs.
Negative Free Cash Flow Trajectory
Based on the provided cash flow data, MGLD has struggled to generate positive free cash flow, with the company recording a -$1.0M FCF in 2026Q3, highlighting a persistent inability to fund its operational and strategic ambitions through internal cash generation alone.
The consistent negative FCF trajectory suggests that the company is currently in a capital-intensive phase where legacy cash flows are insufficient to cover the costs of the fintech pivot. This trend warrants further investigation into how long the current cash reserves can sustain these losses before external financing becomes necessary.
Working Capital Volatility Obscures Performance
According to recent SEC filings, MGLD's working capital changes have been highly erratic, swinging from a $1.7M inflow in 2025Q4 to a $688K outflow in 2026Q2, which complicates the assessment of the company's core operational efficiency and cash conversion cycle.
These large swings in working capital suggest that the company's cash position is highly sensitive to the timing of receivables and payables across its disparate business segments. Such volatility may indicate that the legacy businesses are struggling to manage their cash cycles effectively while the corporate entity prioritizes fintech development.
SBC and Capitalization Masking Burn
As indicated by the cash flow statements, stock-based compensation remains a recurring non-cash expense, reaching $168K in 2025Q2, which effectively subsidizes the company's operating expenses while simultaneously diluting shareholders during a period of sustained negative cash flow.
The reliance on stock-based compensation to manage operating costs suggests that the company is attempting to preserve its limited cash pile by shifting compensation to equity. Analysts should be wary that this practice may be masking the true economic cost of the fintech development and the lack of operational profitability.