Cash conversion has been highly unstable, with free cash flow margin swinging to -13.2% in 2027Q1 due to a $51.1 million working capital outflow, while the company maintains quarterly dividends of $8.7 million despite negative cash generation.
Monro Inc. (MNRO) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Cash from Operations | 41.99M | 70.44M | 131.91M | 125.2M | 215.02M | 173.76M | 184.91M | 121.33M | 152.89M | 121.23M | 129.94M | 126.5M | 126.35M | 93.94M | 84.44M | 82.63M | 61.72M | 86.53M | 48.58M | 36.95M | 38.34M | 36.23M | 37.64M | 32.85M | 27.39M | 24.01M | 21.39M | 22.58M | 8.7M | 14.2M | 19.4M |
| Operating CF Margin % | - | 6.09% | 11.04% | 9.81% | 16.22% | 12.78% | 16.43% | 9.66% | 12.74% | 10.75% | 12.72% | 13.41% | 14.13% | 11.3% | 11.54% | 12.03% | 9.69% | 15.32% | 10.2% | 8.41% | 9.19% | 9.83% | 11.16% | 11.75% | 10.61% | 10.68% | 9.6% | 10.1% | 4.5% | 9.2% | 13.74% |
| Operating CF Growth % | -1518.19% | -46.6% | 5.36% | -41.77% | 23.74% | -6.03% | 52.4% | -20.64% | 26.11% | -6.7% | 2.71% | 0.12% | 34.5% | 11.26% | 2.19% | 33.87% | -28.67% | 78.1% | 31.48% | -3.61% | 5.81% | -3.74% | 14.59% | 19.93% | 14.06% | 12.25% | -5.26% | 159.55% | -38.73% | -26.8% | 55.2% |
| Net Income | 8.07M | 2.17M | -5.18M | 37.57M | 39.05M | 61.57M | 34.32M | 58.02M | 79.75M | 63.94M | 61.53M | 66.81M | 61.8M | 54.46M | 42.57M | 54.61M | 45.84M | 33.19M | 24.09M | 21.92M | 22.27M | 22.67M | 19.67M | 17M | 13.73M | 11.23M | 9.7M | 8.21M | 4.7M | 9.9M | 10.2M |
| Depreciation & Amortization | 61K | 61.67M | 69.37M | 72.2M | 77.04M | 81.17M | 77.3M | 64.99M | 55.53M | 49.34M | 44.63M | 39.77M | 35.72M | 31.69M | 27.5M | 23.58M | 22.8M | 22.5M | 20.43M | 20.42M | 20.32M | 17.78M | 15.72M | 13.2M | 12.34M | 12.83M | 12.96M | 13.06M | 11.8M | 9.3M | 8.1M |
| Stock-Based Compensation | 652K | 3.87M | 4.71M | 4.31M | 5.65M | 4.33M | 2.39M | 3.81M | 4.02M | 2.86M | 2.48M | 2.75M | 3.26M | 3.55M | 3.08M | 2.69M | 2.3M | 1.98M | 1.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 2.8M | 876K | 138K | 9.03M | 4.24M | 14.02M | 10.85M | 11.47M | 12.52M | 15.48M | 11.26M | 6.59M | 6.34M | 4.52M | -375K | 3.16M | 2.55M | 1M | 2.47M | -1.27M | 816K | -806K | 1.94M | 2.24M | 84K | 606K | 2.73M | 1.74M | 700K | 200K | 200K |
| Other Non-Cash Items | 54.24M | -18.27M | 19.55M | 728K | -6.08M | -173K | -347K | 6.32M | 56K | -1.21M | 85K | -49K | -242K | -39K | -66K | -1.54M | -5.06M | -1.22M | -3.92M | 1.61M | 12K | -662K | 197K | -37K | 1.55M | 931K | -154K | 59K | 200K | 0 | -100K |
| Working Capital Changes | -21.67M | 20.11M | 43.33M | 1.35M | 95.12M | 12.85M | 60.38M | -23.29M | 1.01M | -9.17M | 9.96M | 10.64M | 19.47M | -236K | 11.73M | 115K | -6.71M | 29.07M | 3.79M | -4.07M | -5.06M | -2.74M | 112K | 434K | -316K | -1.59M | -3.84M | -479K | -8.5M | -5.2M | 1M |
| Change in Receivables | -129K | 390K | -14K | 1.56M | -2.48M | 527K | -814K | 107K | -1.36M | -88K | -74K | -1.48M | 168K | 107K | -511K | 153K | 101K | 19.93M | 65K | 0 | 0 | 0 | 0 | 0 | -287K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 14.82M | 23.09M | -27.02M | -6.35M | -18.2M | -2.39M | 26.57M | -11.84M | -9.13M | -8.4M | 5.04M | 1.55M | 805K | -5.19M | -5.97M | 4.59M | -12.89M | -655K | -5.26M | -2.82M | -974K | -4.59M | -4.87M | 840K | -4.25M | -3.75M | -1.33M | -1.04M | -4.4M | -7.5M | -3.5M |
| Change in Payables | -12.09M | -8.9M | 70.7M | -9.78M | 129.74M | 19.61M | 12.87M | -4.09M | 19.04M | 5.15M | 9.61M | 7.08M | 9.6M | -7.68M | 15.66M | 4.05M | 3.13M | 8.35M | 7.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -3.38M | -1.2M | -1.23M | -1.96M | 26.55M | -109.8M | -66.26M | -158.81M | -105.88M | -58.49M | -175.62M | -83.23M | -118.71M | -55.7M | -194.47M | -65.7M | -27.56M | -66.66M | -21.67M | -39.73M | -25.98M | -21.59M | -21.14M | -38.57M | -21.63M | -8.54M | -9.93M | -12.03M | -35.8M | -14.8M | -27.5M |
| Capital Expenditures | -131K | -31.66M | -26.36M | -25.48M | -38.99M | -27.83M | -51.73M | -55.92M | -44.47M | -39.12M | -34.64M | -36.83M | -34.75M | -32.15M | -34.19M | -28.56M | -17.51M | -21.33M | -23.64M | -20.57M | -22.32M | -16M | -18.59M | -14.33M | -14.82M | -8.62M | -11.04M | -14.27M | -43.9M | -25.4M | -27.6M |
| CapEx % of Revenue | 0.01% | 2.74% | 2.21% | 2% | 2.94% | 2.05% | 4.59% | 4.45% | 3.71% | 3.47% | 3.39% | 3.9% | 3.88% | 3.87% | 4.67% | 4.16% | 2.75% | 3.78% | 4.96% | 4.68% | 5.35% | 4.34% | 5.51% | 5.13% | 5.74% | 3.83% | 4.95% | 6.38% | 22.69% | 16.46% | 19.55% |
| Acquisitions | 7.24M | 3.47M | 11.99M | 20.6M | 58.57M | -83.33M | -17.15M | -104.44M | -62.43M | -23.44M | -142.57M | -49.02M | -84.37M | -27.47M | -163.33M | -39.24M | -10.19M | -46.1M | 0 | -20.24M | -13.11M | 0 | -4.54M | -25.51M | -7.23M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -16.95M | 26.99M | 13.14M | 2.93M | 6.96M | 1.36M | 2.62M | 1.54M | 1.01M | 4.07M | 1.58M | 2.63M | 409K | 3.92M | 3.04M | 2.1M | 143K | 780K | 1.97M | 1.08M | 9.45M | -3.58M | 1.99M | 1.26M | 422K | 78K | 1.11M | 2.23M | 8.1M | 10.6M | 100K |
| Cash from Financing | -36.89M | -75.37M | -116.48M | -121.56M | -244.63M | -85.97M | -434.16M | 376.74M | -42.7M | -69.83M | 46.7M | -43.02M | -1.12M | -38.5M | 108.24M | -16.34M | -42.67M | -12.03M | -25.69M | 3.92M | -15.17M | -11.75M | -17.15M | 7.18M | -6.13M | -15.79M | -11.22M | -15.64M | 27.5M | -500K | 9.3M |
| Debt Issued (Net) | -2.33M | -39.94M | -80.51M | -42.03M | -111.01M | -52.94M | -409.78M | 401.46M | -30.53M | -50.68M | 65.72M | -29.77M | 6.94M | -28.85M | 117.59M | -8.73M | -44.89M | -15.59M | -25.57M | 67.05M | -15.42M | -13.54M | -18.5M | 5.97M | -8.18M | -16.57M | -10.45M | -14.84M | 27M | -500K | 8.7M |
| Equity Issued (Net) | 0 | 0 | 0 | -44.04M | -96.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.13M | 5.07M | 6.63M | 0 | -60.02M | 3.52M | 3.93M | 1.35M | 1.21M | 2.05M | 782K | -765K | -803K | 500K | 100K | 500K |
| Dividends Paid | -34.97M | -34.95M | -34.88M | -35.51M | -36.4M | -34.67M | -29.78M | -29.71M | -26.81M | -23.97M | -22.52M | -19.69M | -16.84M | -14.16M | -12.74M | -11.04M | -8.69M | -5.43M | -4.7M | -4.8M | -3.79M | -2.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -44.04M | -96.92M | -2.14M | -6.28M | -6.17M | -14.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -60.02M | -87K | -225K | 0 | 0 | 0 | 0 | -1.03M | -803K | 0 | 0 | 0 |
| Other Financing | 410K | -477K | -1.09M | 17K | -294K | 1.65M | 5.4M | 5M | 14.64M | 4.82M | 3.49M | 6.43M | 8.79M | 4.51M | 3.4M | 294K | 5.84M | 2.37M | 4.58M | 1.69M | 511K | 0 | 0 | -2K | -1K | 0 | 0 | 0 | 0 | -100K | 100K |
| Net Change in Cash | 1.73M | -6.13M | 14.2M | 1.68M | -3.06M | -22.01M | -315.52M | 339.26M | 4.3M | -7.09M | 1.01M | 255K | 6.53M | -258K | -1.79M | 587K | -8.51M | 7.84M | 1.23M | 1.14M | -2.81M | 2.89M | -645K | 1.46M | -373K | -309K | 244K | -5.09M | 300K | -500K | 9.3M |
| Free Cash Flow | 41.86M | 38.78M | 105.55M | 99.72M | 176.03M | 145.93M | 133.18M | 65.41M | 108.42M | 82.11M | 95.3M | 89.67M | 91.6M | 61.79M | 50.25M | 54.07M | 44.21M | 65.19M | 24.95M | 16.38M | 16.02M | 20.23M | 19.05M | 18.52M | 12.57M | 15.4M | 10.35M | 8.32M | -35.2M | -11.2M | -8.2M |
| FCF Margin % | 3.66% | 3.35% | 8.83% | 7.81% | 13.28% | 10.74% | 11.83% | 5.21% | 9.03% | 7.28% | 9.33% | 9.5% | 10.24% | 7.43% | 6.86% | 7.88% | 6.94% | 11.55% | 5.24% | 3.73% | 3.84% | 5.49% | 5.65% | 6.63% | 4.87% | 6.85% | 4.64% | 3.72% | -18.19% | -7.26% | -5.81% |
| FCF Growth % | -7.08% | -63.26% | 5.85% | -43.35% | 20.62% | 9.57% | 103.6% | -39.67% | 32.04% | -13.83% | 6.27% | -2.11% | 48.24% | 22.97% | -7.06% | 22.29% | -32.18% | 161.33% | 52.32% | 2.25% | -20.81% | 6.15% | 2.88% | 47.39% | -18.39% | 48.8% | 24.43% | 123.63% | -214.29% | -36.59% | 37.4% |
| FCF per Share | 1.39 | 1.29 | 3.53 | 3.13 | 5.39 | 4.29 | 3.93 | 1.93 | 3.22 | 2.46 | 2.86 | 2.69 | 2.78 | 1.89 | 1.56 | 1.68 | 1.39 | 2.10 | 0.83 | 0.50 | 0.47 | 0.60 | 0.58 | 0.57 | 0.40 | 0.50 | 0.34 | 0.26 | -1.16 | -0.37 | -0.27 |
| FCF Conversion (FCF/Net Income) | 5.18x | 32.42x | -25.46x | 3.33x | 5.51x | 2.82x | 5.39x | 2.09x | 1.92x | 1.90x | 2.11x | 1.89x | 2.04x | 1.73x | 1.98x | 1.51x | 1.35x | 2.61x | 2.02x | 1.69x | 1.72x | 1.60x | 1.91x | 1.93x | 2.00x | 2.14x | 2.21x | 2.75x | 1.85x | 1.43x | 1.90x |
| Interest Paid | 0 | 0 | 18.37M | 19.88M | 22.86M | 0 | 26.38M | 27.25M | 25.42M | 22.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 4.02M | 5.28M | 16.94M | 0 | 2.33M | 12.74M | 9.68M | 25.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying MNRO stock.
Monro Inc. (MNRO) generated $70.4M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Monro Inc. (MNRO) generated $38.8M 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.
Monro Inc. (MNRO) spent $31.7M 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, Monro Inc. (MNRO) returned $35.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Cash flow volatility and operational strain
Metrics are mathematically derived from official filings.
Inconsistent Cash Conversion Highlights Earnings Quality
According to Monro's quarterly financial data, the operating cash flow to net income ratio has exhibited extreme volatility, swinging from -3.38 to 14.14 over the past ten quarters, which indicates significant inconsistencies in the company's cash conversion quality and earnings reliability.
The extreme fluctuations, such as the 14.14 ratio in 2027Q1 when net income was negative, indicate that cash flow is heavily influenced by non-operational factors like working capital adjustments and depreciation. This inconsistency implies that reported earnings do not reliably predict cash generation, raising concerns about the quality of accounting profits.
Free Cash Flow Trajectory Shows Significant Volatility
As reported in recent SEC filings, Monro's free cash flow margin has fluctuated dramatically over the last ten quarters, reaching a low of -13.2% in 2027Q1 and a high of 19.1% in 2025Q2, indicating an unstable and deteriorating cash generation trajectory.
The negative FCF in 2027Q1, coupled with a -13.2% margin, suggests that the company's cash generation is unstable and may be deteriorating in the face of revenue declines. This trajectory indicates that without operational improvements, sustained positive free cash flow could remain elusive.
Working Capital Swings Drive Cash Flow Instability
According to the provided cash flow data, Monro's working capital change was significantly negative at $51.1 million in 2027Q1, severely impacting operating cash flow and suggesting potential inefficiencies in managing receivables, inventory, or payables efficiently.
Such large swings in working capital, contrasting with positive changes in other quarters, point to inefficiencies in managing inventory or receivables. This volatility obscures underlying operational performance and may indicate broader issues in the company's cash conversion cycle.
Dividend Commitment Persists Amidst Cash Strain
Based on Monro's reported filings, the company has maintained quarterly dividend payments of about $8.7 million, persisting through quarters with negative free cash flow, which could indicate a prioritization of shareholder returns over financial flexibility.
This consistent dividend outflow despite cash generation challenges suggests a prioritization of shareholder returns over liquidity preservation. Investors should monitor whether this commitment strains the balance sheet or limits strategic flexibility, especially if cash flow does not improve.
Potential Obscuration of True Cash Flow Dynamics
Monro's cash flow statement may not fully capture the dilutive impact of stock-based compensation or the smoothing effects of capitalized costs, which could obscure the actual cash generation capability of the business.
For instance, stock-based compensation adds back non-cash expenses but dilutes shareholders, while capitalized costs spread out over time might inflate operating cash flow in the short term. These adjustments warrant careful scrutiny to assess the sustainability of reported cash flows.