Cash generation is highly seasonal and volatile, highlighted by a massive $48.0 million working capital inflow in 2024Q4 followed by significant outflows in subsequent periods.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 | Jan'02 | Jan'01 | Jan'00 | Jan'99 | Jan'98 | Jan'97 |
|---|
| Cash from Operations | 72.09M | 57.92M | -1.5M | 76.78M | 54.34M | 130.81M | 68.41M | 32.07M | 86.17M | 54.72M | 58.42M | 74.59M | 59.6M | 54.52M | 38.78M | 86.06M | 40.36M | 34.72M | -20.87M | 83.63M | 67.83M | 28.44M | 30.19M | 51.65M | 33.31M | 16.55M | 25.27M | 28.27M | -12.9M | -6.1M | 3.8M |
| Operating CF Margin % | - | 8.63% | -0.23% | 11.42% | 7.23% | 17.86% | 13.51% | 4.58% | 12.68% | 9.64% | 10.57% | 12.54% | 10.15% | 9.56% | 7.67% | 18.38% | 10.56% | 9.18% | -4.53% | 14.95% | 12.73% | 6.04% | 7.21% | 15.64% | 11.1% | 5.52% | 7.88% | 9.58% | -4.64% | -2.57% | 1.77% |
| Operating CF Growth % | 680.3% | 3951.13% | -101.96% | 41.29% | -58.46% | 91.22% | 113.31% | -62.78% | 57.46% | -6.32% | -21.68% | 25.16% | 9.32% | 40.57% | -54.94% | 113.21% | 16.26% | 266.39% | -124.95% | 23.29% | 138.49% | -5.79% | -41.55% | 55.07% | 101.29% | -34.53% | -10.62% | 319.19% | -111.48% | -260.53% | -2.56% |
| Net Income | 32.06M | 26.87M | 19.21M | 46.71M | 97.02M | 92.56M | -111.52M | 42.7M | 61.62M | -15.22M | 35.14M | 45.77M | 51.9M | 51.55M | 57.87M | 32.63M | -20.58M | -54.4M | 2.31M | 60.8M | 50.14M | 26.62M | 26.31M | 22.85M | 20.06M | 17.01M | 20.77M | 13.72M | 21M | 15.8M | 11.7M |
| Depreciation & Amortization | 9.45M | 9.42M | 9.31M | 9.64M | 10.81M | 12.46M | 14.11M | 16.38M | 14.16M | 13.46M | 11.51M | 13.16M | 12.47M | 12.23M | 10.61M | 11.41M | 13.71M | 18.7M | 18.46M | 16.68M | 16.58M | 16.78M | 12.6M | 9.97M | 8.37M | 7.55M | 6.34M | 5.19M | 5.4M | 4.1M | 3.9M |
| Stock-Based Compensation | 2.23M | 0 | 0 | 7.44M | 5.73M | 4.95M | 5.09M | 6.37M | 6.04M | 4.87M | 7.28M | 6.12M | 5.75M | 3.79M | 2.89M | 1.68M | 1.53M | 929K | 226K | 4.91M | 3.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1.21M | 0 | 0 | 319K | -712K | -208K | -18.29M | 4.35M | -7.49M | 45M | -3.75M | -1.82M | 6.32M | 4.17M | -16.16M | -8.69M | 3.71M | 18.62M | 327K | -8.72M | -10.65M | -4.58M | 8.13M | 731K | 2.4M | -1.17M | -1.34M | -1.64M | 1.8M | 500K | 200K |
| Other Non-Cash Items | 10.44M | 9.8M | 9.55M | 7.99M | 4.53M | 3.62M | 161.72M | -10.46M | -6.37M | 16.83M | 6.34M | 5.06M | 3.61M | 2.46M | 4.13M | -994K | -8.69M | 21.06M | 9.89M | 5.07M | 8.68M | 8.24M | 9.62M | 5.9M | 3.31M | 2.63M | 3.79M | 3.59M | 1.3M | 100K | 100K |
| Working Capital Changes | 18.67M | 11.84M | -39.57M | 4.67M | -63.03M | 17.43M | 17.3M | -27.27M | 18.2M | -10.21M | 1.9M | 6.31M | -20.45M | -19.68M | -20.55M | 50.04M | 50.68M | 29.82M | -52.08M | 4.88M | -135K | -18.62M | -26.47M | 12.19M | -827K | -9.48M | -4.29M | 7.41M | -42.4M | -27.6M | -14M |
| Change in Receivables | 13.65M | 4.56M | 0 | 4.09M | -3.44M | -18.55M | 2.42M | 5.91M | -2.64M | -9.29M | 2.88M | -354K | -9.33M | -7.3M | -1.14M | -1.45M | 7.78M | 10.45M | 10.55M | 2.3M | 9.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 11.4M | 9.83M | 0 | 37.65M | -28.9M | -15.44M | 21.6M | -5.55M | -4.23M | 6.62M | 7.44M | -3.13M | 4.52M | -19.08M | -2M | 20.8M | 26.91M | 26.28M | -36.07M | 666K | 7.63M | -18.28M | -29.59M | -6.25M | -4.82M | -5.37M | -20.04M | 14.61M | -19.9M | -13M | -3.8M |
| Change in Payables | -3.08M | -15.45M | 0 | 1.54M | -13.74M | 18.27M | -7.81M | -3.64M | 6.08M | -4.01M | -401K | 774K | -5.36M | 11.58M | -11.73M | 11.78M | -1.64M | 1.1M | -16.92M | 3.5M | -473K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -6.95M | -8.09M | -13.74M | -11.47M | -10.55M | -7.91M | -1.86M | -13.37M | -109.01M | -84.34M | -7.56M | -9.15M | 21.59M | -47.9M | -16.26M | -7.21M | -7.7M | -5.48M | -22.53M | -28.03M | -19.1M | -13.16M | -59.47M | -11.48M | -7.04M | -14.71M | -11.69M | 17.53M | -10.9M | -9.1M | -6.9M |
| Capital Expenditures | -4.13M | -4.51M | -7.97M | -7.08M | -7.29M | -5.95M | -3.18M | -12.97M | -11.13M | -6.37M | -6.25M | -8.07M | -11.13M | -16.99M | -16.26M | -8.37M | -7.6M | -5.48M | -23.53M | -28.03M | -20.89M | -16.37M | -14.95M | -10.83M | -6.53M | -13.9M | -10.83M | -10.13M | -11.7M | -7.6M | -6.6M |
| CapEx % of Revenue | 0.6% | 0.67% | 1.22% | 1.05% | 0.97% | 0.81% | 0.63% | 1.85% | 1.64% | 1.12% | 1.13% | 1.36% | 1.9% | 2.98% | 3.22% | 1.79% | 1.99% | 1.45% | 5.11% | 5.01% | 3.92% | 3.48% | 3.57% | 3.28% | 2.17% | 4.64% | 3.38% | 3.43% | 4.21% | 3.21% | 3.07% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 1.32M | -639K | -97.88M | -78.99M | 0 | 0 | 11.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -43.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.82M | -3.58M | -5.78M | -1.28M | -3.46M | -2.26M | 1.32M | 240K | -492K | 1.02M | -1.16M | -650K | -10.94M | 2.2M | -285K | 1.17M | -100K | -5.48M | 1.01M | -28.03M | 1.79M | 3.2M | -1M | -653K | -514K | -807K | -852K | 27.65M | 800K | -1.5M | -300K |
| Cash from Financing | -45.34M | -36.28M | -35.4M | -57.6M | -65.31M | -66.61M | -34.38M | -23.86M | 3.69M | -20.89M | -27.68M | -23.72M | -36.18M | -16.52M | -38.38M | -1.52M | -9.6M | -52.26M | -39.88M | -29.64M | -32.81M | 62.06M | 3.56M | -1.95M | -11.06M | -6.88M | -17.39M | -22.11M | 18.6M | 21.3M | 4.4M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -21.14M | -33.89M | 0 | 25.3M | -5M | -10M | 40M | 0 | 0 | 0 | 0 | -10M | -48.93M | 3.83M | -23.62M | -31.51M | 64.95M | 4.81M | 0 | -11.5M | -7.3M | -9.7M | -3.77M | 21.8M | -7.9M | 4.9M |
| Equity Issued (Net) | -5.45M | -3.9M | -2.63M | -3.12M | -31.41M | -22.6M | 0 | -4.2M | -7.42M | -3.63M | -3.86M | -48.75M | -26.38M | -10.49M | 0 | 0 | 0 | 1.16M | -37.35M | -364K | 2.89M | 929K | 2.7M | 589K | 2.04M | 1.78M | -6.49M | -17.09M | -2.3M | 30M | 200K |
| Dividends Paid | -38.8M | -31.05M | -31.07M | -53.15M | -31.36M | -21.97M | 0 | -18.4M | -18.47M | -11.93M | -11.93M | -10.31M | -10.1M | -6.64M | -36.68M | -2.98M | 0 | -1.22M | -5.91M | -8.33M | -6.16M | -5.05M | -3.96M | -2.54M | -1.6M | -1.36M | -1.21M | -1.25M | -1M | -900K | -700K |
| Share Repurchases | -3.85M | -3.9M | -2.63M | -3.12M | -31.41M | -22.6M | 0 | -4.2M | -7.42M | -3.63M | -3.86M | -48.75M | -26.38M | -10.49M | 0 | 0 | 0 | 0 | -37.87M | -4.67M | 0 | 0 | -1.13M | 0 | -135K | 0 | -7.33M | -17.59M | -2.9M | 0 | 0 |
| Other Financing | -1.1M | -1.33M | -1.71M | -1.33M | -2.54M | -902K | -497K | -1.27M | 4.28M | -321K | -1.88M | -4.66M | 306K | 610K | -1.69M | 1.46M | 402K | -3.27M | -449K | 2.67M | 1.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 100K | 0 |
| Net Change in Cash | 22.22M | 22.17M | -53.6M | 10.63M | -25.54M | 53.29M | 37.98M | -4.02M | -24.95M | -41.47M | 28.09M | 28.34M | 42.19M | -10.23M | -14.31M | 79.19M | 32.04M | -15.65M | -82.93M | 36.54M | 9.39M | 59.84M | -18.3M | 43.72M | 21.39M | -6.09M | -3.56M | 20.99M | 18.6M | 6M | 1.1M |
| Free Cash Flow | 67.96M | 53.41M | -9.47M | 68.41M | 47.05M | 124.87M | 65.23M | 19.1M | 75.04M | 48.36M | 52.17M | 66.52M | 48.46M | 37.52M | 22.52M | 77.69M | 32.76M | 29.24M | -44.4M | 55.6M | 46.95M | 12.08M | 15.24M | 40.82M | 26.78M | 2.64M | 14.44M | 18.15M | -24.6M | -13.7M | -2.8M |
| FCF Margin % | 9.94% | 7.96% | -1.45% | 10.17% | 6.26% | 17.05% | 12.88% | 2.73% | 11.04% | 8.51% | 9.44% | 11.18% | 8.26% | 6.58% | 4.45% | 16.6% | 8.57% | 7.73% | -9.63% | 9.94% | 8.81% | 2.56% | 3.64% | 12.36% | 8.92% | 0.88% | 4.5% | 6.15% | -8.86% | -5.78% | -1.3% |
| FCF Growth % | 4729.99% | 663.98% | -113.84% | 45.39% | -62.32% | 91.43% | 241.47% | -74.55% | 55.18% | -7.31% | -21.57% | 37.26% | 29.15% | 66.64% | -71.02% | 137.12% | 12.05% | 165.86% | -179.85% | 18.44% | 288.75% | -20.78% | -62.66% | 52.41% | 912.9% | -81.69% | -20.45% | 173.78% | -79.56% | -389.29% | -247.37% |
| FCF per Share | 2.98 | 2.36 | -0.42 | 3.02 | 2.05 | 5.27 | 2.81 | 0.82 | 3.18 | 2.10 | 2.24 | 2.80 | 1.89 | 1.45 | 0.88 | 3.09 | 1.32 | 1.19 | -1.74 | 2.04 | 1.75 | 0.46 | 0.60 | 1.64 | 1.10 | 0.11 | 0.61 | 0.70 | -0.93 | -0.56 | -0.12 |
| FCF Conversion (FCF/Net Income) | 2.12x | 2.18x | -0.08x | 1.64x | 0.57x | 1.43x | -0.62x | 0.75x | 1.40x | -3.59x | 1.67x | 1.65x | 1.15x | 1.07x | 0.68x | 2.69x | -0.90x | -0.64x | -9.01x | 1.38x | 1.35x | 1.07x | 1.15x | 2.26x | 1.66x | 0.97x | 1.22x | 2.06x | -0.61x | -0.39x | 0.32x |
| Interest 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 | 0 | 0 | 0 | 0 |
| Taxes 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 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in recent financial filings, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -8.97 in 2025Q1 to 5.72 in 2024Q4, suggesting that reported earnings are a poor proxy for the company's actual cash-generating capacity.
The extreme variance in the OCF/NI ratio indicates that accruals and working capital swings dominate the cash flow statement, often decoupling net income from real liquidity. Investors should interpret this as a sign that core profitability is frequently obscured by the timing of inventory and receivables management.
Based on quarterly cash flow data, Movado exhibits a pronounced seasonal FCF trajectory, with significant cash inflows concentrated in the fourth quarter, while the first three quarters often show negative free cash flow, as evidenced by the -14.7% FCF margin recorded in 2025Q1.
This pattern suggests that the company relies heavily on holiday-driven inventory liquidation to fund its operations for the remainder of the year. The inability to generate consistent positive FCF outside of the fourth quarter warrants further investigation into the sustainability of the current operating model.
According to historical cash flow statements, working capital changes are the primary driver of liquidity fluctuations, with a massive $48.0 million inflow in 2024Q4 contrasting sharply with the $27.4 million outflow seen in 2025Q2, highlighting the company's sensitivity to wholesale inventory management.
These dramatic swings suggest that Movado's cash position is highly dependent on the efficiency of its wholesale partners and the timing of inventory sell-through. The volatility in working capital appears to be a structural feature of the business, potentially reflecting the challenges of managing fashion-forward inventory.
As indicated by recent financial statements, Movado consistently prioritizes dividend payments, often maintaining them even during periods of negative free cash flow, such as the $7.8 million dividend payout in 2025Q2 despite a $20.2 million negative free cash flow result.
This commitment to shareholder returns, despite inconsistent cash generation, suggests a management focus on maintaining investor confidence through dividends. However, the reliance on cash reserves to fund these payouts may limit the company's ability to pursue aggressive growth or strategic acquisitions in the future.
Quick answers to the most common questions about buying MOV stock.
Movado Group, Inc. (MOV) generated $57.9M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Movado Group, Inc. (MOV) generated $53.4M 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.
Movado Group, Inc. (MOV) spent $4.5M 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, Movado Group, Inc. (MOV) returned $31.1M to shareholders via cash dividends and spent $3.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.