Operating cash flow swung from -$67.7M in Q2 2025 to $91.1M in Q4 2025, with cumulative OCF exceeding net income by ~$40M over ten quarters, but FCF margins ranged from -13.7% to 11.6%.
The Manitowoc Company, Inc. (MTW) cash flow statement — 30-year operating, investing & financing cash flows
| 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 | 112.4M | 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 % | 272.93% | -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 | 20.2M | 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 | 61.8M | 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 | 8.5M | 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 | 100K | 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 | 28M | -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 | -6.9M | -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 | -4.8M | -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 | 14.4M | 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 | -40.3M | -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 | -43M | -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 | 1.85% | 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 | 2M | -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 | -4.8M | 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) | 8.6M | 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 | -13.4M | -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 | 66.2M | 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 | 69.4M | -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 % | 2.99% | -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 % | 396.58% | -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 | 1.90 | -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) | 3.44x | 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 | 2.7M | 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 | 1.5M | 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 |
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.
Key Metrics
Top Statement Risk
Thin margins and cyclical demand
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Working Capital Swings
Operating cash flow swung from -$67.7M in Q2 2025 to $91.1M in Q4 2025, with OCF/NI ranging from -45.1 to 13.0, indicating earnings quality is heavily influenced by working capital timing.
The relationship between net income and operating cash flow is erratic, with OCF/NI ratios swinging from -45.1 in Q2 2025 to 13.0 in Q4 2025. This suggests that reported earnings are not a reliable indicator of cash generation, as working capital changes (e.g., inventory and receivables) drive most of the volatility. The Q2 2026 net income of $14.2M versus OCF of $8.0M (OCF/NI of 0.56) indicates that even in a strong quarter, cash conversion lags, likely due to build-up in receivables or inventory.
Free Cash Flow Volatility Reflects Cyclicality
FCF swung from -$73.7M in Q2 2025 to $78.3M in Q4 2025, with FCF margins ranging from -13.7% to 11.6%, highlighting the cyclicality of the crane business.
The FCF trajectory is highly volatile, with negative FCF in four of the last ten quarters, including -$73.7M in Q2 2025 and -$52.9M in Q4 2024. The positive FCF quarters, such as Q4 2025 ($78.3M) and Q4 2024 ($101.1M), are driven by large working capital releases, not sustained operational performance. The TTM FCF margin is likely near zero, indicating that the company is barely covering its capital expenditures, which is consistent with the thin net margin of 0.3%.
Capital Expenditures Remain Disciplined
CapEx averaged around $10M per quarter, with CapEx/Revenue ranging from 0.3% to 2.5%, indicating a maintenance-focused capital program that does not signal aggressive expansion.
Capital expenditures have been relatively stable, averaging roughly $10M per quarter, with CapEx/Revenue peaking at 2.5% in Q1 2024 and dipping to 0.3% in Q2 2025. This suggests that management is prioritizing maintenance capex over growth investments, which is prudent given the thin margins and cyclical demand. The low capital intensity relative to revenue (below 2.5% in all quarters) implies that the company is not investing heavily in new capacity, which may limit future growth but also reduces cash burn.
Working Capital Swings Dominate Cash Flow
Working capital changes ranged from -$88.1M in Q2 2025 to $91.4M in Q4 2024, indicating that inventory and receivables management is the primary driver of cash flow volatility.
The working capital line is the most volatile component of cash flow, with swings exceeding $80M in several quarters. For instance, Q2 2025 saw a -$88.1M working capital outflow, while Q4 2024 saw a +$91.4M inflow. This pattern suggests that the company's cash flow is heavily influenced by the timing of dealer orders and used equipment trade-ins, which can distort quarterly results. Investors should monitor inventory levels, especially used equipment, as a decline in secondary market prices could lead to write-downs and further cash flow pressure.
Minimal Capital Returned to Shareholders
No dividends were paid in the last ten quarters, and buybacks were negligible except for $5.7M in Q4 2024, indicating that capital is being retained for operations and debt management.
The company has not paid any dividends in the observed period, and share repurchases were minimal, with only $5.7M in Q4 2024 and a $5.7M reduction in Q2 2024 (likely a settlement). This suggests that management is preserving cash to navigate the cyclical downturn and fund working capital needs. The lack of shareholder returns, combined with the thin margins, indicates that the company is prioritizing balance sheet stability over returning capital to investors.
Cumulative Earnings vs Cash: A Narrow Gap
Over the last ten quarters, cumulative net income was approximately $70M, while cumulative operating cash flow was around $110M, indicating that cash generation has exceeded reported earnings.
Summing the quarterly data, cumulative net income is roughly $70M, while cumulative operating cash flow is approximately $110M, a positive divergence of $40M. This suggests that the company has been able to convert earnings into cash more effectively than the income statement suggests, likely due to non-cash charges like D&A and favorable working capital timing. However, the volatility of OCF/NI ratios (ranging from -45.1 to 13.0) indicates that this divergence is not stable and could reverse in future periods.
What the Cash Flow Statement Obscures
SBC averaged $2.5M per quarter, and acquisitions were minimal, but the $400K acquisition in Q4 2025 and $3.3M in Q2 2024 suggest modest capital deployment that may not be fully captured in FCF.
The cash flow statement shows SBC of roughly $2.5M per quarter, which is a non-cash expense that reduces net income but not operating cash flow, potentially overstating cash conversion. Acquisitions were small, with $400K in Q4 2025 and $3.3M in Q2 2024, indicating that the company is not pursuing significant M&A. However, the lack of large acquisitions may obscure the need for future capital to replace aging manufacturing assets, which could pressure FCF if maintenance capex increases.