Free cash flow remains highly erratic, characterized by a massive $172 million working capital inflow in 2026Q2 that followed a $172 million outflow in the prior quarter.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | 335.48M | 273.09M | 202.34M | 135.94M | 246.8M | 293.23M | 279.18M | 181.42M | 102.41M | 217.78M | 215.85M | 334.55M | 287.1M | 251.28M | 214.34M | 196.19M | 195.26M | 117.89M | 107.89M | 25.08M | 76.88M | 106.95M | 128.11M | 76.57M | 58.8M | 53.26M | 44.94M | 42.7M | 23.4M | 32M | 15.2M |
| Operating CF Margin % | - | 7.07% | 5.61% | 4.09% | 8.13% | 10.28% | 9.68% | 6.25% | 3.78% | 8.72% | 8.95% | 13.25% | 10.84% | 9.63% | 8.68% | 8.42% | 9.24% | 6.38% | 5.67% | 1.61% | 5.88% | 10.17% | 13.65% | 10.14% | 8.18% | 7.56% | 6.98% | 6.78% | 4.36% | 7.02% | 3.73% |
| Operating CF Growth % | 593.17% | 34.96% | 48.85% | -44.92% | -15.83% | 5.03% | 53.88% | 77.16% | -52.98% | 0.89% | -35.48% | 16.53% | 14.26% | 17.23% | 9.25% | 0.48% | 65.62% | 9.27% | 330.12% | -67.37% | -28.12% | -16.52% | 67.3% | 30.22% | 10.41% | 18.51% | 5.25% | 82.48% | -26.88% | 110.53% | 0% |
| Net Income | 284.8M | 235.03M | 207.22M | 171M | 155.18M | 157.22M | 9.21M | 179.75M | 96.63M | 140.41M | 123.63M | 131.88M | 158.2M | 120.5M | 152.46M | 136M | 108.09M | 85.05M | 119.07M | 100.94M | 81.35M | 64.79M | 57.29M | 42.7M | 37.6M | 27.94M | 25.4M | 24.4M | 19.3M | 13.6M | 11.2M |
| Depreciation & Amortization | 94.82M | 94.01M | 93.11M | 90.23M | 88.39M | 90.16M | 86.97M | 85.26M | 88.57M | 90.17M | 98.73M | 103.61M | 109.26M | 108.07M | 100.82M | 96.33M | 91.22M | 76.38M | 63.38M | 52.09M | 47.08M | 36.21M | 35.51M | 29.54M | 25.6M | 31.69M | 30.44M | 30.6M | 22.7M | 21.3M | 19.6M |
| Stock-Based Compensation | 19.02M | 16.71M | 14.96M | 10.58M | 8.88M | 7.46M | 5.66M | 6.46M | 5.8M | 4.58M | 3.27M | 5.07M | 7.19M | 6.62M | 6.23M | 6.95M | 5.45M | 5.68M | 4.55M | 3.3M | 3.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 14.82M | -6.54M | -31.73M | -35.53M | 11.74M | 8.16M | -40.84M | -4.6M | 30.61M | 10.76M | 4.25M | 12.99M | 5.02M | -8.22M | -4.11M | 2.92M | 11.31M | 13.33M | -5.7M | -545K | 15.71M | 4.45M | 571K | 15.52M | 3.59M | 100K | 3.93M | 2.1M | -3.2M | -2.1M | -600K |
| Other Non-Cash Items | -230.12M | 28M | 34.71M | 28.63M | 22.74M | 2.25M | 191.51M | 4.24M | 34.45M | 17.9M | 13.44M | 7.83M | 15.26M | 45.82M | 72.12M | 73.41M | 55.84M | 31.24M | 38.07M | 20.64M | 30.33M | 29.02M | 28.26M | 26.66M | 22.15M | 14.66M | 14.14M | 8.4M | 11.1M | 10.6M | 1M |
| Working Capital Changes | 156.83M | -94.11M | -115.92M | -128.98M | -40.13M | 27.98M | 26.68M | -89.69M | -153.66M | -46.03M | -27.47M | 73.16M | -7.83M | -21.52M | -113.17M | -119.42M | -76.65M | -93.79M | -111.47M | -151.34M | -101.08M | -27.53M | 6.47M | -37.83M | -30.13M | -22.51M | -28.98M | -22.8M | -26.5M | -11.4M | -22.4M |
| Change in Receivables | -102.3M | -151.66M | 54.72M | -144.49M | -86.87M | -73.46M | 111.53M | -73.06M | -51.93M | -44.56B | 1.67B | 44.1M | 23.71B | -58.37B | -57.36B | -32.72B | 0 | 0 | -79.3M | -72.85M | -26.08M | 0 | 0 | 0 | 2.84M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -12.07M | -51.77M | -126.98M | -130.38M | -28.68M | 19.58M | -99.02M | -96.65M | -32.45M | -6M | 12.64M | 3.82M | 23.67M | -6.87M | -37.27M | -56.38M | 10.22M | 984K | -62.44M | -64.74M | -64.47M | -25.92M | -3.98M | -8.67M | -8.22M | -11.08M | -5.64M | -12.2M | -20.1M | -4.5M | -17.7M |
| Change in Payables | 30.22M | 24.71M | 26.45M | 28.64M | 43.35M | 20.52M | -84.06M | 52.5M | 39.44M | 25.74M | -21.82M | 8.11M | -17.78M | 10.54M | -7.6M | -23.15B | 0 | 0 | 16.65M | -1.11M | 18.75M | 0 | 0 | 0 | -26.88M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -130.45M | -175.26M | -159.62M | -163.15M | -83.32M | -191.16M | -146.19M | -115.72M | -124.87M | -109.61M | -76.97M | -67.6M | -86.89M | -173.4M | -215.57M | -121.24M | -98.08M | -324.74M | -148.88M | -230.88M | -169.67M | -164.51M | -181.02M | -27.65M | -32.97M | -54.23M | -26.07M | -196.3M | -42.3M | -62.3M | -16.6M |
| Capital Expenditures | -131.5M | -144.73M | -156.02M | -173.29M | -139.43M | -128.73M | -88.28M | -118.42M | -94.52M | -75.8M | -67.21M | -80.69M | -78.77M | -93.17M | -107.03M | -83.69M | -65.95M | -81.69M | -91.76M | -96.96M | -83.56M | -41.19M | -30.41M | -27.71M | -27.28M | -26.95M | -23.96M | -197.6M | -22.5M | -13M | -10.3M |
| CapEx % of Revenue | 3.15% | 3.75% | 4.32% | 5.22% | 4.59% | 4.51% | 3.06% | 4.08% | 3.49% | 3.03% | 2.79% | 3.2% | 2.97% | 3.57% | 4.33% | 3.59% | 3.12% | 4.42% | 4.82% | 6.22% | 6.4% | 3.92% | 3.24% | 3.67% | 3.79% | 3.83% | 3.72% | 31.37% | 4.19% | 2.85% | 2.53% |
| Acquisitions | 0 | -41.18M | -4.28M | 1.89M | 58.78M | -77.6M | -54.27M | 0 | -48.38M | -40.55M | -11.02M | 0 | 0 | -69.16M | -104.09M | -37.84M | -29.84M | -261.19M | -50.67M | -136.29M | -90.14M | -123.98M | -152.02M | 0 | -5.11M | -25.98M | -2.5M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.04M | 10.65M | 687K | 8.25M | -2.67M | 15.18M | -3.64M | 2.7M | 18.03M | 6.73M | 1.26M | 13.1M | -8.12M | -11.07M | -4.45M | 298K | -2.29M | 18.14M | -6.45M | 2.37M | 4.02M | 654K | 1.41M | 61K | -581K | -1.3M | 392K | 1.3M | -19.8M | -49.3M | -6.3M |
| Cash from Financing | 29.91M | -98.29M | -48.66M | -23.02M | -134.91M | -87M | -142.77M | -98.68M | -221.57M | -75.66M | -119.86M | -166M | -118.41M | -72.09M | 37.42M | -72.79M | -65.93M | 200.84M | 42.47M | 226.67M | 114.97M | 35.47M | 30.31M | 11.44M | -24.69M | 2.23M | -13.83M | 152.1M | 23.7M | 27.8M | 3.8M |
| Debt Issued (Net) | -163.97M | 59.34M | 2.5M | 21.14M | -70.21M | -30.52M | 95.65M | -31.13M | -117.41M | -51.34M | -75.1M | 195.6M | 158.38M | -59.44M | 37.87M | -40.69M | -66.81M | 130.28M | 44.75M | 221.6M | 24.95M | 35.49M | 41.8M | -62.48M | -64.22M | 4.26M | -8.71M | 154.4M | -31.8M | 28M | 18.3M |
| Equity Issued (Net) | -14.78M | -119.46M | -21.05M | -43.56M | -31.72M | -24.37M | -207.33M | -32.69M | -93.58M | -27.33M | -43.41M | -352.41M | -280.8M | -21.29M | 827K | -28.17M | 878K | 70.52M | -3.42M | 3.94M | 88.77M | 30K | -11.49M | 73.93M | 39.54M | -2.01M | -5.12M | -2.3M | 56.9M | 700K | -14.5M |
| Dividends Paid | -36.99M | -36.43M | -35.48M | -34.07M | -32.97M | -32.11M | -25.21M | -34.86M | -17.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -30.46M | -171.69M | -59.58M | -29.31M | -48.56M | -31.67M | -232.29M | -40.95M | -8.22M | -8.64M | -76.03M | -386.33M | -272.88M | -11.61M | -1.4M | -30.08M | -1.83M | -10.22M | -10.2M | -1.07M | -3.24M | -3.69M | -15.7M | -1.19M | -646K | -2.59M | -5.49M | -2.8M | -2.1M | -400K | -15M |
| Other Financing | 245.65M | -1.74M | 5.37M | 33.47M | 0 | 0 | -5.88M | 0 | 7.31M | 3.01M | -1.35M | -9.19M | 4.01M | 8.65M | -1.27M | -3.94M | 6K | 43K | 1.14M | 1.13M | 1.24M | -50K | -4K | -8K | -9K | -22K | -8K | 0 | -1.4M | -900K | 0 |
| Net Change in Cash | 238.59M | -2.32M | -4.61M | -48.18M | 18.32M | 15.84M | -7.48M | -35.16M | -242.49M | 42.95M | 15.28M | 78.56M | 74.2M | 8.25M | 35.16M | 1.26M | 30.93M | -5.32M | 2.96M | 26.04M | 24.07M | -22.95M | -20.79M | 61.54M | 1.68M | 446K | 4.05M | -1.8M | 4.9M | -2.9M | 2.1M |
| Free Cash Flow | 203.98M | 128.35M | 46.33M | -37.35M | 107.37M | 164.49M | 190.89M | 63M | 7.89M | 141.98M | 148.65M | 253.85M | 208.33M | 158.1M | 107.31M | 112.5M | 129.31M | 36.2M | 16.13M | -71.88M | -6.68M | 65.76M | 97.69M | 48.86M | 31.52M | 26.3M | 20.98M | -154.9M | 900K | 19M | 4.9M |
| FCF Margin % | 4.89% | 3.32% | 1.28% | -1.13% | 3.54% | 5.77% | 6.62% | 2.17% | 0.29% | 5.68% | 6.16% | 10.05% | 7.87% | 6.06% | 4.35% | 4.83% | 6.12% | 1.96% | 0.85% | -4.61% | -0.51% | 6.25% | 10.41% | 6.47% | 4.38% | 3.73% | 3.26% | -24.59% | 0.17% | 4.17% | 1.2% |
| FCF Growth % | 462.72% | 177.07% | 224.03% | -134.79% | -34.73% | -13.83% | 203% | 698.49% | -94.44% | -4.48% | -41.44% | 21.85% | 31.77% | 47.33% | -4.61% | -13% | 257.16% | 124.44% | 122.44% | -975.99% | -110.16% | -32.69% | 99.94% | 54.99% | 19.85% | 25.38% | 113.54% | -17311.11% | -95.26% | 287.76% | -5.77% |
| FCF per Share | 6.36 | 4.00 | 1.43 | -1.17 | 3.34 | 5.09 | 5.71 | 1.79 | 0.22 | 3.92 | 4.07 | 6.45 | 4.63 | 3.45 | 2.35 | 2.44 | 2.83 | 0.84 | 0.37 | -1.67 | -0.16 | 1.66 | 2.48 | 1.39 | 0.93 | 0.88 | 0.70 | -5.08 | 0.03 | 0.78 | 0.20 |
| FCF Conversion (FCF/Net Income) | 0.72x | 1.16x | 0.98x | 0.79x | 1.59x | 1.87x | 30.33x | 1.04x | 1.08x | 1.54x | 1.70x | 2.54x | 1.81x | 2.09x | 1.41x | 1.44x | 1.81x | 1.39x | 0.91x | 0.25x | 0.95x | 1.65x | 2.24x | 1.79x | 1.56x | 1.91x | 1.77x | 1.75x | 1.21x | 2.35x | 1.42x |
| Interest Paid | 0 | 70.98M | 61.16M | 63.19M | 34.77M | 35.22M | 38.42M | 38.86M | 36.69M | 33.8M | 34.15M | 23.72M | 17.3M | 29.32M | 32.64M | 34.58M | 37.49M | 39.12M | 35.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 100.35M | 78.48M | 69.25M | 24.05M | 44.04M | 59.05M | 36.47M | 34.21M | 44.2M | 41.52M | 39.89M | 42M | 54.46M | 69.48M | 32.11M | 23.74M | 24.63M | 50.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
According to reported financial data, Moog's OCF/NI ratio has fluctuated wildly, ranging from a negative 2.49 in 2025Q1 to a positive 3.56 in 2024Q4, indicating that net income is a poor proxy for the company's actual cash-generating capacity on a quarterly basis.
The significant divergence between net income and operating cash flow suggests that accounting accruals and timing differences in long-term contract recognition heavily influence reported earnings. Investors should interpret these swings as a reflection of the lumpy nature of defense-related cash inflows rather than a fundamental shift in the underlying profitability of the business.
As reported in financial statements, Moog's free cash flow margins have exhibited extreme instability, swinging from a negative 18.1% in 2025Q1 to a positive 9.3% in 2026Q2, highlighting the difficulty in forecasting cash generation for this capital-intensive aerospace and defense supplier.
The lack of a consistent free cash flow trend suggests that the company's cash generation is highly sensitive to the timing of milestone payments and working capital cycles. This volatility warrants caution, as it may indicate that the company's ability to fund internal growth or shareholder returns is subject to significant quarterly disruption.
Based on reported figures, Moog's working capital changes have been the primary driver of cash flow variance, with a massive $172 million inflow in 2026Q2 following a $172 million outflow in 2026Q1, illustrating the high sensitivity of cash balances to operational timing.
These dramatic reversals in working capital suggest that the company's cash position is heavily dependent on the efficient management of receivables and inventory across its long-cycle aerospace platforms. The magnitude of these swings implies that management's ability to control the cash conversion cycle is a critical, yet currently inconsistent, component of their financial performance.
As indicated by recent filings, Moog's capital expenditures have consistently hovered around 3% to 4.6% of revenue, reflecting the ongoing requirement for investment in specialized testing facilities and precision manufacturing equipment necessary to maintain its competitive position in flight-critical motion control systems.
This level of capital intensity appears necessary to support the company's 'design-in' strategy, which requires significant upfront investment in infrastructure. While these expenditures are essential for long-term platform retention, they represent a persistent drag on free cash flow that limits the company's financial flexibility during periods of lower revenue realization.
Quick answers to the most common questions about buying MOG-A stock.
Moog Inc. (MOG-A) generated $273.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Moog Inc. (MOG-A) generated $128.4M 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.
Moog Inc. (MOG-A) spent $144.7M 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, Moog Inc. (MOG-A) returned $36.4M to shareholders via cash dividends and spent $171.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.