Cash conversion efficiency is highly volatile, highlighted by a 2026Q4 OCF/NI ratio of -2.43, which suggests that non-cash accounting adjustments significantly distort reported earnings.
| Metric | 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'98 | Mar'97 | Mar'96 |
|---|
| Cash from Operations | 0 | 45.48M | 39.17M | -21.75M | -44.86M | 56.09M | 18.8M | -40.33M | -13.94M | -5.27M | 15.33M | -9.46M | 13.52M | -31.06M | -38.49M | 10.73M | 18.35M | -11.08M | -10.04M | -9.31M | -11.04M | 4.45M | 15.15M | 21.03M | 2.82M | 6.94M | -5.66M | -15.62M | -5.98M | -15.34M |
| Operating CF Margin % | - | 6% | 5.46% | -3.18% | -6.9% | 10.37% | 3.51% | -8.53% | -3.26% | -1.25% | 4.16% | -3.13% | 5.23% | -7.65% | -10.58% | 6.66% | 12.46% | -8.21% | -7.53% | -6.83% | -9.85% | 4.64% | 9.93% | 12.55% | 1.64% | 4.32% | -2.91% | -13.83% | -6.88% | -34.16% |
| Operating CF Growth % | -100% | 16.1% | 280.07% | 51.51% | -179.98% | 198.43% | 146.61% | -189.21% | -164.64% | -134.36% | 262.14% | -169.96% | 143.52% | 19.3% | -458.53% | -41.49% | 265.62% | -10.35% | -7.8% | 15.64% | -348.26% | -70.65% | -27.94% | 645.07% | -59.35% | 222.67% | 63.76% | -161.22% | 61.04% | -129.01% |
| Net Income | 0 | -19.47M | -49.24M | -4.21M | 7.36M | 21.48M | -7.29M | -7.85M | 16.32M | 37.57M | 10.56M | 11.45M | 6.48M | -91.51M | -48.51M | 12.22M | 9.65M | 3.86M | 4.61M | -4.96M | 3.67M | 6.29M | 6.48M | 10.63M | 11.69M | -4.1M | -28.24M | 6.6M | 5.53M | 3.65M |
| Depreciation & Amortization | 9.79M | 10.4M | 11.62M | 12.44M | 12.89M | 11.14M | 9.56M | 7.33M | 4.51M | 3.71M | 2.94M | 2.52M | 2.74M | 5.29M | 7.35M | 3.9M | 3.88M | 2.94M | 2.44M | 1.8M | 1.96M | 1.93M | 2.37M | 2.38M | 2.89M | 2.97M | 3.01M | 1.24M | 717K | 429K |
| Stock-Based Compensation | 0 | 3.88M | 4.7M | 4.68M | 7.29M | 5.25M | 4.14M | 5.56M | 3.77M | 3.38M | 2.58M | 2.21M | 969K | 1.08M | 52K | 59K | 136K | 508K | 0 | 0 | 46K | 0 | 0 | 0 | 75K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -1.8M | 29.56M | -5.21M | -7.44M | -433K | -10.34M | -3.06M | 3.06M | 6.51M | -3.78M | 5.83M | 20.12M | -26.61M | 1.41M | 2.36M | -70K | -2.25M | 1.57M | -3.44M | 612K | 3.31M | 0 | 0 | -3M | 0 | 0 | 380K | 314K | -82K |
| Other Non-Cash Items | -9.79M | 61.44M | 40.13M | 35.14M | 34.97M | 9.7M | 39.8M | 18.37M | 9.09M | 2.24M | 19.41M | 4.08M | 17.17M | 106.96M | 8.63M | 2.44M | 180K | 3.37M | 1.94M | 9.49M | 215K | 1.06M | 6.32M | -3.98M | -626K | 480K | 16.99M | -239K | -314K | 82K |
| Working Capital Changes | 0 | -8.97M | 2.4M | -64.61M | -99.92M | 8.95M | -17.08M | -60.68M | -50.68M | -58.69M | -16.38M | -35.55M | -33.97M | -26.27M | -7.42M | -10.24M | 4.57M | -19.5M | -20.44M | -12.21M | -17.54M | -8.14M | -21K | 11.99M | -8.21M | 7.59M | 2.59M | -23.6M | -12.23M | -19.42M |
| Change in Receivables | 0 | -26.12M | 4.96M | -56.77M | -24.14M | -12.31M | -38.08M | 10.21M | 10.85M | -18.14M | 4.65M | -2.79M | -18.34M | 3.03M | 5.52M | -5.89M | 8.92M | -9.79M | 0 | 0 | -628K | 0 | 0 | 0 | -11.01M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 21.34M | -57.25M | 8.89M | -95.97M | -79.08M | -6.66M | -77.17M | -52.61M | -32.08M | -53.04M | -57M | -41.55M | 50.2M | -20.45M | -13.9M | -10.16M | -5.62M | -1.34M | -3.6M | -14.99M | -22.74M | -3.63M | 6.69M | 939K | 1.04M | 14.39M | -12.85M | -13.31M | -16.43M |
| Change in Payables | 0 | -13.28M | 47.26M | -23.76M | 17.45M | 55.96M | -11.25M | 16.57M | -11.62M | 12.45M | 6.62M | 3.62M | 18.96M | -17.11M | 7.8M | 8.09M | 2.42M | -526K | 0 | 0 | 5.68M | 0 | 0 | 0 | 3.93M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -3.59M | -4.47M | -479K | -4.19M | -7.94M | -14.21M | -11.59M | -22.61M | -15.28M | -5.68M | -7.58M | -3.87M | -3.33M | -4.07M | -1.59M | -6.72M | -3.67M | -9.85M | -1.48M | -6M | -419K | -2.75M | -448K | -559K | -837K | -688K | -463K | -1.37M | 6.77M | -10.77M |
| Capital Expenditures | 3.7M | -4.58M | -1M | -4.2M | -7.55M | -13.94M | -14.16M | -11.15M | -9.93M | -4.93M | -3.75M | -3.73M | -2.98M | -4.03M | -1.55M | -1.57M | -1.05M | -2.32M | -1.96M | -5.89M | -4.37M | -2.55M | -322K | -669K | -756K | -726K | -1.18M | -3.24M | -2.08M | -657K |
| CapEx % of Revenue | 0.47% | 0.6% | 0.14% | 0.61% | 1.16% | 2.58% | 2.64% | 2.36% | 2.32% | 1.17% | 1.02% | 1.24% | 1.15% | 0.99% | 0.43% | 0.97% | 0.72% | 1.72% | 1.47% | 4.32% | 3.9% | 2.66% | 0.21% | 0.4% | 0.44% | 0.45% | 0.61% | 2.87% | 2.4% | 1.46% |
| Acquisitions | 0 | 0 | 0 | 0 | 776K | 0 | 43K | -11.11M | -4.99M | -705K | -2.7M | 0 | 0 | 0 | 0 | -464K | -2.62M | -7.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -7.29M | 109K | 521K | 10K | -388K | -272K | 43K | -106K | 7K | 295K | 299K | -134K | -295K | -1.74M | -37K | -4.86M | 378K | -462K | 0 | 0 | 4.11M | 0 | 0 | 0 | 0 | 0 | 0 | 1.87M | 8.86M | -10.11M |
| Cash from Financing | -10.98M | -44.66M | -36.44M | 14.31M | 60.22M | -76.57M | 32.15M | 59.94M | 33.14M | -1.85M | -46.98M | 50.08M | -4.99M | 21.9M | 70.18M | -2.79M | -13.95M | 19.73M | 12.82M | 15.33M | 5.58M | -3.12M | -8.38M | -19.26M | -2.03M | -7.22M | 6.3M | 16.43M | 2.58M | 25.67M |
| Debt Issued (Net) | 0 | -38.92M | -32.19M | 16.05M | 64.53M | -74.19M | 35.69M | 9.48M | 38.97M | 284K | -54.44M | -8.46M | 8.2M | 9.21M | 67.13M | -2.98M | -13.73M | 19.73M | -24.46M | 14.97M | 5.3M | -3.41M | 7.12M | 59.12M | 48.71M | 43.05M | 53.25M | -774K | 2.23M | 5.3M |
| Equity Issued (Net) | 0 | -4.83M | 0 | 0 | -3.66M | -1.14M | 457K | -4.38M | -9.85M | -1.99M | 0 | 71.76M | -627K | 14.25M | 1K | -88K | 0 | 0 | 40.32M | 294K | 286K | 291K | 500K | 0 | 0 | 0 | 0 | 911K | 356K | 868K |
| 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 | 0 | 0 | 0 |
| Share Repurchases | 0 | -4.83M | 0 | 0 | -1.91M | -1.14M | 0 | -4.06M | -9.25M | -1.99M | -913K | 0 | -627K | -755K | 0 | -89K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -10.98M | -905K | -4.25M | -1.75M | -660K | -1.24M | -3.99M | 54.84M | 4.02M | -143K | 7.46M | -13.21M | -12.57M | -1.56M | 3.05M | 273K | -217K | 0 | -3.04M | 65K | 414K | 0 | -16.01M | -78.38M | -50.74M | -50.26M | -46.95M | 16.29M | 0 | 19.5M |
| Net Change in Cash | 5.22M | -4.54M | 2.38M | -11.42M | 7.49M | -34.09M | 39.7M | -3.14M | 4.02M | -12.87M | -39.33M | 36.63M | 5.17M | -13.18M | 30.14M | 1.27M | 758K | -1.48M | 1.59M | -51K | -5.81M | -1.42M | 6.32M | 1.22M | -72K | -959K | 178K | -555K | 3.38M | -447K |
| Free Cash Flow | 3.7M | 40.9M | 38.17M | -25.95M | -52.41M | 42.15M | 4.64M | -51.48M | -23.88M | -10.2M | 11.59M | -13.19M | 10.54M | -35.09M | -40.04M | 9.17M | 17.29M | -13.39M | -12M | -15.2M | -15.41M | 1.9M | 14.83M | 20.36M | 2.07M | 6.22M | -6.84M | -18.86M | -8.06M | -16M |
| FCF Margin % | 0.47% | 5.4% | 5.32% | -3.8% | -8.06% | 7.79% | 0.87% | -10.89% | -5.58% | -2.42% | 3.14% | -4.37% | 4.07% | -8.64% | -11.01% | 5.68% | 11.75% | -9.93% | -9% | -11.15% | -13.75% | 1.98% | 9.72% | 12.15% | 1.2% | 3.87% | -3.52% | -16.69% | -9.28% | -35.63% |
| FCF Growth % | -90.96% | 7.14% | 247.07% | 50.48% | -224.36% | 808.54% | 109.01% | -115.59% | -134.13% | -188.01% | 187.84% | -225.16% | 130.04% | 12.37% | -536.71% | -46.98% | 229.09% | -11.62% | 21.05% | 1.38% | -912.01% | -87.2% | -27.15% | 885.33% | -66.77% | 190.84% | 63.71% | -133.87% | 49.61% | -125.37% |
| FCF per Share | 0.18 | 2.08 | 1.95 | -1.34 | -2.68 | 2.17 | 0.25 | -2.73 | -1.22 | -0.53 | 0.61 | -0.75 | 0.69 | -2.44 | -3.14 | 0.74 | 1.43 | -1.11 | -1.02 | -1.82 | -1.82 | 0.22 | 1.76 | 2.39 | 0.27 | 0.96 | -1.06 | -3.31 | -1.61 | -4.06 |
| FCF Conversion (FCF/Net Income) | - | -2.34x | -0.80x | 5.17x | -6.09x | 2.61x | -2.58x | 5.14x | -0.85x | -0.14x | 1.45x | -0.83x | 0.13x | 0.34x | 0.79x | 0.88x | 1.90x | -2.87x | -2.18x | 1.88x | -3.01x | 0.71x | 2.34x | 1.98x | 0.24x | -1.69x | 0.20x | -2.37x | -1.08x | -4.21x |
| Interest Paid | 0 | 48.72M | 53.8M | 37.77M | 13.99M | 14.07M | 23.56M | 21.15M | 13.62M | 11.67M | 9.81M | 11.37M | 0 | 22.92M | 11.9M | 5.27M | 4.57M | 4.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 5.86M | 9.56M | 14.2M | 6.75M | 3.03M | 1.5M | 3.59M | 19.66M | 12.38M | 3.76M | 4.92M | 0 | 8.13M | 3.04M | 8.07M | 5.64M | 3.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Volatile core inventory liquidity
As reported in the quarterly financial statements, MPAA's operating cash flow frequently diverges from net income, evidenced by a 2026Q4 OCF/NI ratio of -2.43, which suggests that accounting accruals and non-cash adjustments are significantly distorting the company's ability to generate actual cash from its reported earnings.
The persistent disconnect between net income and operating cash flow indicates that reported profitability may not be representative of the company's true cash-generating capacity. Investors should monitor whether these discrepancies are driven by the complex accounting treatment of core inventory returns or underlying operational inefficiencies.
Based on the provided cash flow data, MPAA's free cash flow trajectory remains highly erratic, with margins swinging from a peak of 31.0% in 2024Q3 to a low of -12.6% in 2025Q1, reflecting a business model that struggles to maintain consistent cash conversion across different fiscal periods.
The extreme volatility in free cash flow suggests that the company's cash position is highly sensitive to working capital fluctuations and seasonal demand cycles. This lack of predictability complicates long-term capital planning and may necessitate a more conservative assessment of the company's financial health.
According to recent SEC filings, working capital changes have been a primary driver of cash flow variance, with a massive $59.3 million inflow in 2024Q3 followed by a $23.5 million outflow in 2024Q4, highlighting the significant impact of inventory and core return management on liquidity.
The reliance on large, lumpy working capital swings to support cash flow suggests that the company's operational cash cycle is not yet optimized. This dependency on the timing of core returns and inventory management may expose the company to liquidity risks during periods of reduced retail demand.
As indicated by the reported figures, MPAA maintains a low capital intensity, with CapEx/Revenue ratios consistently remaining near or below 1.5% over the last ten quarters, suggesting that the company is not currently prioritizing heavy investment in physical infrastructure to drive its growth strategy.
While the low capital intensity preserves cash, it may also imply that the company is under-investing in the modernization of its remanufacturing facilities or the scaling of its EV diagnostic segment. Analysts should investigate whether this low spending level is sufficient to maintain competitive parity in an evolving automotive aftermarket.
Quick answers to the most common questions about buying MPAA stock.
Motorcar Parts of America, Inc. (MPAA) generated $0.0M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Motorcar Parts of America, Inc. (MPAA) generated $3.7M 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.
Motorcar Parts of America, Inc. (MPAA) spent $3.7M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.