Cash generation is highly unpredictable, demonstrated by an OCF/NI ratio that swung from -45.13 in 2025Q2 to 13.01 in 2025Q4, highlighting the disconnect between reported earnings and actual cash conversion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 36.7M | 22.2M | 49.2M | 63M | 76.9M | 76.2M | -35.1M | -53.3M | -513M | -324.9M | -626.2M | 100.8M | 81M | 323.1M | 162.3M | 15.6M | 209.3M | 339.5M | 309M | 238.2M | 294.1M | 106.74M | 56.96M | 150.86M | 94.54M | 106.61M | 63.05M | 103.4M | 56.8M | 43.6M | 64.5M |
| Operating CF Margin % | - | 0.99% | 2.26% | 2.83% | 3.78% | 4.43% | -2.43% | -2.91% | -27.78% | -20.55% | -38.82% | 2.93% | 2.08% | 7.98% | 4.13% | 0.43% | 6.66% | 8.98% | 6.86% | 5.95% | 10.03% | 4.74% | 2.9% | 9.47% | 6.72% | 9.55% | 7.22% | 12.84% | 8.18% | 7.99% | 12.89% |
| Operating CF Growth % | -554.34% | -54.88% | -21.9% | -18.08% | 0.92% | 317.09% | 34.15% | 89.61% | -57.89% | 48.12% | -721.23% | 24.44% | -74.93% | 99.08% | 940.38% | -92.55% | -38.35% | 9.87% | 29.72% | -19.01% | 175.53% | 87.39% | -62.24% | 59.58% | -11.33% | 69.1% | -39.03% | 82.04% | 30.28% | -32.4% | 293.29% |
| Net Income | 7.5M | 7.2M | 55.8M | 39.2M | -123.6M | 11M | -19.1M | 46.6M | -67.1M | 9.4M | -375.8M | 63.5M | 144.5M | 141.8M | 101.7M | 28M | -59.4M | -8.7M | 151.5M | 336.7M | 166.2M | 65.8M | 39.14M | 3.55M | -20.5M | 45.55M | 60.27M | 66.8M | 51.4M | 36.4M | 25.6M |
| Depreciation & Amortization | 62.3M | 63M | 62.9M | 59.8M | 63.7M | 46.9M | 37.5M | 35.3M | 36.4M | 38.1M | 48.6M | 104.3M | 103.5M | 103.8M | 104.6M | 120.9M | 125.5M | 131.1M | 91.8M | 89.2M | 73.7M | 65.6M | 57.23M | 50.17M | 39.17M | 36.56M | 18.73M | 17.3M | 15M | 12M | 11.6M |
| Stock-Based Compensation | 9.7M | 9.5M | 10.9M | 11.5M | 8.5M | 7.1M | 6M | 10.1M | 7.4M | 8.5M | -700K | 9.6M | 1.9M | 14.9M | 16.4M | 13.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -6.2M | -6.2M | -55.6M | -6M | -6.6M | 600K | 4.8M | 1.5M | -11.1M | -44.1M | 101.4M | -35.9M | -6.2M | -13.4M | -8.5M | 25.5M | 27.2M | -91.5M | 6.9M | 17.7M | -3.8M | 13.98M | -5.16M | -2.49M | -10.56M | 1.67M | 7.15M | -600K | -5.7M | -3.2M | -4.4M |
| Other Non-Cash Items | 600K | 900K | 2.5M | 10.6M | 170.1M | 7.5M | 2M | 23M | 85.3M | -400.9M | -381M | 18.8M | -3.8M | 50M | 13.3M | 17.9M | 72.1M | 126.3M | 362.6M | -5.8M | 700K | -19.63M | -1.75M | 20.16M | 64.89M | 950K | 274K | 500K | -700K | 700K | 1.3M |
| Working Capital Changes | -37.2M | -52.2M | -27.3M | -52.1M | -35.2M | 3.1M | -66.3M | -169.8M | -563.9M | 64.1M | -18.7M | -59.5M | -158.9M | 26M | -65.2M | -190.4M | 43.9M | 182.3M | -303.8M | -199.6M | 57.3M | -19.01M | -32.48M | 79.48M | 21.54M | 21.89M | -23.37M | 19.4M | -3.2M | -2.3M | 30.4M |
| Change in Receivables | 10.3M | -9.1M | 9M | -9.3M | -36.4M | -4.2M | -37.7M | -124.2M | -553.4M | -32.7M | 18.4M | -15.8M | 10.3M | 74.3M | -35.6M | -98.4M | 17M | 301.6M | -25.4M | -119M | -7.5M | -24.74M | 6.04M | 5.89M | -12.91M | 0 | 0 | 14.1M | -6.1M | 2.5M | -2.9M |
| Change in Inventory | -13.2M | -11.6M | 21.4M | -46.7M | -42M | -68.3M | 8.3M | -18.3M | -72.7M | 55.6M | 52.7M | 2.1M | 9M | -22.2M | -41M | -114.4M | 1.1M | 349.4M | -179.9M | -105.2M | -160.6M | -113.45M | -84.98M | 25.7M | 9.14M | 25.57M | 6.4M | -4.2M | -18.7M | -6M | 9M |
| Change in Payables | 9.2M | 21.7M | -39.1M | -28.5M | 40.4M | 62.9M | -20.1M | -59.7M | 56.5M | 27.1M | -105.8M | -37.2M | -8.9M | -1.6M | 25.7M | 97.9M | 46.6M | -307.9M | -70.8M | 36.7M | 106.7M | 73.2M | 50.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -33.8M | -49.5M | -40.4M | -71.8M | -58M | -226.3M | -25.8M | 108.4M | 534.4M | 381.3M | 414.2M | 14.1M | -66.3M | -82.2M | -75.5M | 98.4M | -24.8M | 94.9M | -2.43B | -186.5M | -120.6M | -11.59M | -19.96M | -15.1M | -4.43M | -304.68M | -109.04M | -69.4M | -58.6M | -75.6M | -7.4M |
| Capital Expenditures | -27.1M | -37.5M | -45.7M | -77.4M | -61.8M | -40.4M | -26.3M | -35.1M | -31.7M | -28.9M | -45.9M | -68.1M | -84.8M | -110.7M | -72.9M | -64.9M | -36.1M | -72.5M | -150.3M | -119.6M | -67.6M | -54.92M | -44.39M | -31.98M | -33M | -29.26M | -13.41M | -75.8M | -59.9M | -12M | -8.4M |
| CapEx % of Revenue | 1.2% | 1.67% | 2.1% | 3.47% | 3.04% | 2.35% | 1.82% | 1.91% | 1.72% | 1.83% | 2.85% | 1.98% | 2.18% | 2.73% | 1.86% | 1.78% | 1.15% | 1.92% | 3.34% | 2.99% | 2.3% | 2.44% | 2.26% | 2.01% | 2.35% | 2.62% | 1.54% | 9.41% | 8.62% | 2.2% | 1.68% |
| Acquisitions | 700K | 0 | 0 | 0 | 2.3M | -186.2M | 500K | 17.2M | 13M | 7M | 8.4M | 72.9M | 0 | 27M | 0 | 143.6M | -1M | 149.2M | -1.91B | -75M | -48.1M | 0 | 0 | 0 | 976K | -285.53M | -98.98M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -7.4M | -12M | 5.3M | 5.6M | 1.5M | 300K | 0 | 126.3M | 553.1M | 403.2M | 451.7M | 9.3M | 18.5M | 1.5M | -2.6M | 19.7M | 12.3M | 18.2M | -367.8M | -1.6M | -15.1M | 28.29M | 24.46M | 16.73M | 27.81M | 10.22M | 3.48M | 6.5M | 1.4M | -63.5M | 1.1M |
| Cash from Financing | 37.4M | 54.8M | 6.7M | -21.4M | -29.9M | 100.9M | -14.8M | 3.7M | -1.3M | -9.7M | 219.4M | -112.9M | 4M | -256.4M | -83.2M | -125.9M | -204.4M | -507.5M | 1.93B | 127.8M | -235.4M | -38.12M | 92.63M | -122.54M | -85.4M | 207.72M | 50.01M | -34.4M | 500K | 29.5M | -58.2M |
| Debt Issued (Net) | 45.4M | 60.6M | 27.3M | -16.2M | -25.1M | 95.1M | -2.9M | 19M | -3.8M | -15.4M | -1.13B | -109.7M | 1.6M | -252.4M | -93.8M | -139.4M | -194.7M | -498M | 1.93B | -51.3M | -256.3M | -38.68M | -11.48M | -109.62M | -72.85M | 235.92M | 106.93M | -27.3M | 8.4M | 37.5M | -50.5M |
| Equity Issued (Net) | 0 | 0 | -5.7M | -5.5M | -3M | 5.8M | -12M | -7.4M | 0 | 0 | 0 | 7.9M | 0 | 0 | 0 | 0 | 0 | 0 | 8.5M | 184.7M | 32.2M | 10.8M | 111.6M | 118K | 1.51M | 183K | -49.41M | 1.2M | 400K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.9M | -10.8M | -10.7M | -10.6M | -10.6M | -10.6M | -10.5M | -10.4M | -9.5M | -8.6M | -8.45M | -7.53M | -7.45M | -7.43M | -7.36M | -7.51M | -7.8M | -7.7M | -7.7M | -7.7M |
| Share Repurchases | 0 | 0 | -5.7M | -5.5M | -3M | 0 | -12M | -7.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -49.75M | 0 | 0 | 0 | 0 |
| Other Financing | -8M | -5.8M | -14.9M | 300K | -1.8M | 0 | 100K | -7.9M | 0 | 0 | 1.34B | -200K | -12.7M | 0 | 21.2M | 24.1M | 900K | 1M | 2.5M | 3.9M | -2.7M | -1.79M | 35K | -5.6M | -6.63M | -21.02M | 0 | -500K | -600K | -300K | 0 |
| Net Change in Cash | 40.3M | 29.3M | 13.6M | -30M | -11M | -53.3M | -70.6M | 59M | 17.3M | 49.1M | 8.3M | -4.6M | 13.1M | -18.3M | -67.4M | -15.1M | -20M | -67.3M | -193.9M | 190.2M | -55.8M | 53.1M | 131.45M | 16.93M | 4.45M | 9.6M | 3.89M | -500K | -1.3M | -2.5M | -800K |
| Free Cash Flow | 1.8M | -15.3M | 3.5M | -14.4M | 15.1M | 35.8M | -61.4M | -88.4M | -544.7M | 49M | -218.2M | 29.9M | 13.5M | 212.4M | 89.4M | -49.3M | 173.2M | 267M | 158.7M | 118.6M | 226.5M | 51.82M | 12.58M | 118.89M | 61.54M | 77.35M | 49.63M | 27.6M | -3.1M | 31.6M | 56.1M |
| FCF Margin % | 0.08% | -0.68% | 0.16% | -0.65% | 0.74% | 2.08% | -4.25% | -4.82% | -29.49% | 3.1% | -13.53% | 0.87% | 0.35% | 5.25% | 2.28% | -1.35% | 5.51% | 7.06% | 3.52% | 2.96% | 7.72% | 2.3% | 0.64% | 7.46% | 4.38% | 6.93% | 5.68% | 3.43% | -0.45% | 5.79% | 11.21% |
| FCF Growth % | -96.28% | -537.14% | 124.31% | -195.36% | -57.82% | 158.31% | 30.54% | 83.77% | -1211.63% | 122.46% | -829.77% | 121.48% | -93.64% | 137.58% | 281.34% | -128.46% | -35.13% | 68.24% | 33.81% | -47.64% | 337.1% | 312.01% | -89.42% | 93.18% | -20.44% | 55.86% | 79.83% | 990.32% | -109.81% | -43.67% | 2103.57% |
| FCF per Share | 0.05 | -0.42 | 0.10 | -0.40 | 0.43 | 1.01 | -1.77 | -2.48 | -15.34 | 1.37 | -6.34 | 0.88 | 0.40 | 6.28 | 2.68 | -1.48 | 5.31 | 8.20 | 4.82 | 3.72 | 7.21 | 1.68 | 0.46 | 4.35 | 2.36 | 3.16 | 1.98 | 1.05 | -0.12 | 1.21 | 2.17 |
| FCF Conversion (FCF/Net Income) | 0.24x | 3.08x | 0.88x | 1.61x | -0.62x | 6.93x | 1.84x | -1.14x | 7.65x | -34.56x | 1.67x | 1.59x | 0.56x | 2.28x | 1.60x | -1.49x | -2.93x | -0.48x | -28.88x | 0.71x | 1.77x | 1.62x | 1.46x | 42.51x | -4.61x | 2.34x | 1.05x | 1.55x | 1.11x | 1.20x | 2.52x |
| Interest Paid | 19.8M | 0 | 0 | 34M | 0 | 28.9M | 28.8M | 36M | 36.8M | 37M | 49.6M | 98.8M | 120.4M | 134.6M | 137.7M | 154.1M | -159.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 3M | 0 | 0 | 0 | 0 | 3.7M | 13.6M | 10.5M | 2.6M | -7.6M | 8.9M | 7.7M | -73.8M | 55.6M | 18.8M | 24.2M | 40.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility risk
According to quarterly financial data, the relationship between net income and operating cash flow is highly erratic, evidenced by an OCF/NI ratio that swung from -45.13 in 2025Q2 to 13.01 in 2025Q4, indicating that reported earnings are frequently disconnected from actual cash generation.
The extreme variance in the OCF/NI ratio suggests that accounting accruals and timing differences in revenue recognition significantly distort the company's reported profitability. Investors should monitor this divergence closely, as it implies that net income is a poor proxy for the company's underlying ability to generate cash from its core lifting operations.
As reported in recent filings, free cash flow trajectory is characterized by sharp, cyclical swings, with margins fluctuating from a low of -13.7% in 2025Q2 to a peak of 17.0% in 2024Q4, reflecting the inherent volatility of the company's project-based revenue model.
The inability to maintain positive free cash flow across consecutive quarters highlights the company's sensitivity to project delivery schedules and inventory management. This inconsistency suggests that the business model may struggle to provide the reliable cash flow necessary to support long-term debt obligations or consistent shareholder returns.
Based on the provided cash flow statements, working capital changes are the primary driver of cash flow instability, with quarterly fluctuations ranging from a $88.1 million outflow in 2025Q2 to a $91.4 million inflow in 2024Q4, underscoring the difficulty in managing inventory and receivables.
The massive swings in working capital suggest that the company is frequently forced to tie up significant liquidity in inventory or is experiencing delayed collections on large-scale crane projects. This pattern warrants further investigation into the company's credit terms and the efficiency of its supply chain management during cyclical downturns.
As indicated by the reported figures, capital expenditures remain a persistent drain on cash, with CapEx/Revenue ratios consistently hovering near 2% over the last ten quarters, reflecting the ongoing necessity of maintaining a heavy manufacturing footprint to support the global crane fleet.
While these expenditures are likely required to maintain aging manufacturing assets, the lack of a clear downward trend in capital intensity suggests that the company remains tethered to a high-cost, asset-heavy operational structure. This limits the company's ability to pivot toward a more capital-light, service-oriented model without significant upfront investment.
Quick answers to the most common questions about buying MTW stock.
The Manitowoc Company, Inc. (MTW) generated $22.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The Manitowoc Company, Inc. (MTW) reported negative free cash flow of $15.3M in 2025, indicating capital requirements exceeded cash from operations.
The Manitowoc Company, Inc. (MTW) spent $37.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.