Cash generation is insufficient to support operations, highlighted by a $11.9 million free cash flow deficit in 2026Q1 and a persistent disconnect between net income and operating cash flow.
| 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 | 395K | 5.67M | 11.07M | 29.34M | 7.72M | 15.59M | 15.55M | 49.21M | 40.94M | -59.82M | 69.3M | 33.31M | 30.71M | 31.75M | 37.36M | 14.96M | 27.86M | 14.79M | 27.51M | 21.59M | 33M | 30.02M | 31.57M | 19.61M | 31.09M | 24.62M | 26.86M | 17.84M | 12.7M | 14.1M | 12.7M |
| Operating CF Margin % | - | 1.34% | 2.38% | 6% | 1.55% | 3.26% | 3.64% | 10.05% | 5.31% | -9.65% | 8.31% | 4.99% | 6.28% | 8.51% | 10.09% | 3.52% | 7.63% | 5.7% | 6.48% | 5.13% | 9.99% | 9.34% | 10.38% | 7.74% | 16.12% | 13.66% | 20.33% | 20.92% | 17.4% | 18.73% | 15.03% |
| Operating CF Growth % | -108.62% | -48.77% | -62.28% | 280.25% | -50.49% | 0.24% | -68.4% | 20.2% | 168.44% | -186.31% | 108.05% | 8.47% | -3.28% | -15.01% | 149.8% | -46.32% | 88.38% | -46.24% | 27.4% | -34.57% | 9.96% | -4.93% | 61.03% | -36.93% | 26.28% | -8.36% | 50.54% | 40.51% | -9.93% | 11.02% | 33.68% |
| Net Income | -34.93M | -34M | -38.27M | -50.15M | -26.1M | -13.22M | -100.59M | -46.74M | -264.47M | 170.77M | 7.94M | -7.43M | 8.22M | 17.18M | 24.27M | 20.94M | 6.42M | -35.33M | -17.64M | -1.17M | 14.44M | 15.01M | 7.1M | 10.18M | 13.66M | 4.66M | 9.99M | 7.76M | 7.7M | 8.5M | 12.5M |
| Depreciation & Amortization | 36.39M | 35.92M | 45.3M | 46.12M | 47.23M | 46.2M | 45.68M | 44.9M | 71.13M | 52.41M | 62.49M | 44.48M | 22.15M | 16.96M | 17.64M | 17.82M | 19.2M | 23.33M | 28.23M | 23.21M | 17.95M | 16.78M | 16.35M | 13.84M | 11.21M | 13.34M | 9.16M | 6.13M | 4.6M | 4.1M | 3.4M |
| Stock-Based Compensation | 2.36M | 3.2M | 3.14M | 2.82M | 4.38M | 3.22M | 4.23M | 2.82M | 2.42M | 4.73M | 4.27M | 3.7M | 2.6M | 2.24M | 1.79M | 828K | 1.25M | 337K | 451K | 0 | 464K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -956K | -961K | -690K | -1.27M | -1.81M | -4.84M | -21.7M | -3.14M | -20.76M | -23.2M | -10.43M | -16.88M | -1.33M | 3.33M | -7.07M | -968K | 418K | 841K | -14.56M | -1.18M | -1.38M | -674K | 3.25M | 3.89M | 2.56M | 433K | 1.19M | -369K | 100K | 600K | 500K |
| Other Non-Cash Items | 1.34M | -2.77M | -715K | 13.46M | -7.46M | -9.56M | 70.42M | 57.16M | 230.71M | -121.53M | 8.02M | 23.54M | 2.49M | 729K | 1.7M | -106K | 2.76M | 3.99M | 38.06M | 15.11M | -199K | -519K | 3.54M | 3.49M | -1.87M | 4.28M | 1.65M | 43K | 0 | -200K | -100K |
| Working Capital Changes | -4.59M | 4.29M | 2.31M | 18.37M | -8.52M | -6.2M | 17.51M | -5.79M | 21.91M | -143M | -2.98M | -14.11M | -3.41M | -8.68M | -973K | -23.56M | -2.18M | 21.62M | -7.03M | -14.37M | 2.2M | -587K | 1.33M | -11.79M | 5.52M | 1.9M | 4.88M | 4.28M | 300K | 1.1M | -3.6M |
| Change in Receivables | -2.48M | 4.13M | -2.84M | 9.09M | -4.92M | 13.7M | 10.83M | 1.26M | -3.54M | -11.37M | -18.5M | -806K | -3.28M | -6.28M | 15.33M | -7.54M | -15.46M | 1.48M | 12.52M | 0 | -759K | 216K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -3.52M | -1.83M | 4.21M | 10M | -6.67M | -12.96M | 5.11M | 1.43M | -16.87M | -10.28M | 4.38M | -1.84M | -9.84M | -7.23M | 238K | -7.08M | -10.25M | 20.32M | -2.1M | -5.97M | 3.22M | -5.13M | 2.06M | -3.71M | 1.48M | 1.18M | -3.02M | 5.12M | -2.6M | -1.5M | -600K |
| Change in Payables | 4.76M | 10.65M | -3.89M | 1.14M | 8.62M | 343K | -8.61M | -7.9M | 2.69M | 4.12M | 7.63M | -6.75M | 9.5M | 2.58M | -11.63M | -4.79M | 19.16M | -2.13M | -10.88M | 0 | 2.31M | 1.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -10.5M | -11.03M | -1.01M | -17.6M | -17.49M | -36.1M | 719.28M | -39.43M | -461.29M | 282.47M | -41.35M | -665.84M | -281.61M | -15.25M | -14.78M | -21.05M | -14.46M | -3.73M | -12.72M | -19.05M | -40.1M | -15.97M | -9.62M | -48.18M | -21.13M | -29.08M | -79.31M | -29.88M | -5.8M | -8.6M | -8.4M |
| Capital Expenditures | -5.17M | 1.56M | -18.31M | -20.5M | -17.95M | -18.22M | -23.77M | -54M | -64.04M | -43.72M | -43.82M | -38.55M | -27.6M | -15.25M | -17.09M | -20.33M | -15.25M | -4.25M | -18.5M | -19.03M | -21.13M | -16.73M | -12.16M | -11.57M | -7.59M | -6.31M | -17.91M | -2.39M | -5.8M | -8.8M | -8.4M |
| CapEx % of Revenue | 1.19% | 0.37% | 3.94% | 4.19% | 3.6% | 3.82% | 5.56% | 11.03% | 8.31% | 7.05% | 5.26% | 5.78% | 5.65% | 4.09% | 4.62% | 4.79% | 4.17% | 1.64% | 4.35% | 4.52% | 6.4% | 5.21% | 4% | 4.57% | 3.94% | 3.5% | 13.55% | 2.81% | 7.95% | 11.69% | 9.94% |
| Acquisitions | 100K | 0 | 17M | 0 | 0 | -3.88M | 743.18M | 0 | -398.17M | 333M | 1.64M | -630.28M | -257.66M | 0 | 0 | 0 | 0 | 0 | 0 | -94K | -25.02M | -605K | 0 | -21.43M | 0 | -23.5M | -57.79M | -27.54M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -5.43M | -12.59M | 306K | 2.9M | 460K | 1.42M | 695K | 6.58M | 917K | 1.19M | 839K | 3M | 3.66M | 0 | 366K | -724K | 790K | 521K | 5.78M | 74K | 6.05M | 1.17M | 2.54M | -15.17M | -13.54M | 728K | -3.61M | 46K | 0 | 200K | 0 |
| Cash from Financing | 4.92M | -2.45M | -13.24M | -2.88M | -5.19M | 2.56M | -714.85M | 5.3M | 215.09M | -45.84M | -24.31M | 611.85M | 286.97M | -32.29M | -9.57M | 6.64M | -14.3M | -13.11M | -14.83M | -2.06M | 7.36M | -12.54M | -17.14M | 27.58M | -8.58M | -288K | 59.32M | 13.58M | -5.9M | -5.1M | -4.3M |
| Debt Issued (Net) | 10.73M | 2.63M | -7.44M | -747K | -1.96M | 75.71M | -711.72M | -66.51M | 31.46M | 3.48M | -19.56M | 478.38M | 302.34M | -33.17M | -8.73M | 4.71M | -13.66M | -13.06M | -13.78M | 12.73M | 17.68M | -9.92M | -11.41M | 28.17M | -4.01M | 4.17M | 34.58M | 18.39M | -1.5M | -800K | -1.3M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | -60.64M | 0 | 95.74M | 217.31M | 0 | 0 | -231K | 1.67M | 4.01M | 22K | 2.38M | 753K | -3.29M | 2.85M | -9.43M | -4.29M | 2.81M | 463K | 5.58M | 346K | 428K | 16K | 0 | 0 | 900K | 1.7M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -3.63M | -8.88M | -8.83M | -7.7M | -7.58M | -6.43M | -5.13M | -3.13M | 0 | 0 | 0 | 0 | -3.85M | -5.32M | -5.47M | -5.47M | -5.36M | -5.23M | -4.92M | -4.89M | -4.88M | -4.81M | -4.7M | -4.7M | -4.7M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.01M | -9.72M | -5.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.1M | 0 |
| Other Financing | -5.81M | -5.09M | -5.8M | -2.14M | -3.23M | -12.51M | 493K | -15.05M | -24.85M | -41.62M | 2.66M | 140.13M | -11.91M | 0 | -862K | -453K | -1.4M | 3.24M | -46K | -38K | -559K | 48K | -839K | -939K | 0 | 0 | 29.6M | 0 | 300K | -500K | 0 |
| Net Change in Cash | -3.27M | -6.75M | -3.77M | 9.1M | -15.85M | -19.48M | 16.43M | 13.71M | -206.46M | 210.04M | -682K | -22.23M | 34.28M | -15.95M | 14.45M | -1.02M | -3.19M | -2.31M | -1.98M | 1.35M | 825K | 84K | 5.79M | -166K | 2.12M | -5.25M | 6.86M | -21K | 1M | 400K | 0 |
| Free Cash Flow | -4.77M | 7.23M | -7.24M | 8.85M | -10.23M | -2.63M | -8.22M | -4.79M | -23.1M | -103.54M | 25.48M | -5.24M | 3.11M | 16.5M | 20.27M | -5.37M | 12.61M | 10.53M | 9.01M | 2.56M | 11.88M | 13.29M | 19.41M | 8.03M | 23.5M | 18.3M | 8.95M | 15.45M | 6.9M | 5.3M | 4.3M |
| FCF Margin % | -1.1% | 1.71% | -1.56% | 1.81% | -2.05% | -0.55% | -1.92% | -0.98% | -3% | -16.71% | 3.06% | -0.79% | 0.64% | 4.42% | 5.48% | -1.27% | 3.45% | 4.06% | 2.12% | 0.61% | 3.59% | 4.13% | 6.38% | 3.17% | 12.18% | 10.16% | 6.78% | 18.12% | 9.45% | 7.04% | 5.09% |
| FCF Growth % | 51.05% | 199.79% | -181.87% | 186.45% | -288.43% | 67.96% | -71.51% | 79.24% | 77.69% | -506.31% | 586.04% | -268.8% | -81.18% | -18.59% | 477.17% | -142.61% | 19.72% | 16.88% | 251.38% | -78.4% | -10.62% | -31.55% | 141.66% | -65.82% | 28.37% | 104.41% | -42.05% | 123.93% | 30.19% | 23.26% | 186% |
| FCF per Share | -0.10 | 0.15 | -0.15 | 0.19 | -0.23 | -0.06 | -0.19 | -0.11 | -0.73 | -3.73 | 0.94 | -0.25 | 0.16 | 0.96 | 1.18 | -0.32 | 0.76 | 0.65 | 0.57 | 0.15 | 0.68 | 0.77 | 1.13 | 0.49 | 1.50 | 1.18 | 0.58 | 1.03 | 0.47 | 0.36 | 0.29 |
| FCF Conversion (FCF/Net Income) | 0.14x | -0.17x | -0.29x | -0.59x | -0.30x | -1.18x | -0.15x | -1.05x | -0.15x | -2.30x | 8.38x | -3.48x | 3.74x | 1.85x | 1.54x | 0.71x | 4.34x | -0.42x | -1.56x | -18.41x | 2.29x | 2.00x | 4.45x | 1.93x | 2.28x | 5.28x | 2.69x | 2.30x | 1.65x | 1.66x | 1.02x |
| Interest Paid | 0 | 0 | 17.99M | 15.27M | 13.34M | 10.74M | 51.54M | 50.51M | 0 | 52.08M | 59.16M | 20.15M | 8.31M | 1.78M | 3.13M | 3.87M | 4.83M | 4.68M | 4.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 3.91M | 3.08M | 4.74M | 7.62M | 2.24M | 6.43M | 0 | 72.29M | 889K | 6.38M | 5.75M | 3.99M | 5.88M | 6.52M | 1.42M | 353K | 8.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating cash
According to the provided quarterly data, NNBR exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio frequently fluctuating into negative territory, suggesting that reported losses are not being mitigated by meaningful cash generation from core industrial operations over the last ten quarters.
The frequent divergence between net losses and operating cash flow suggests that the company's accrual-based accounting is not translating into actual liquidity. Investors should monitor whether this pattern indicates an inability to convert sales into cash or if it reflects the ongoing burden of restructuring costs that continue to weigh on the bottom line.
As reported in financial statements, NNBR's free cash flow trajectory is highly inconsistent, with negative FCF margins appearing in seven of the last ten quarters, which highlights the company's struggle to achieve self-sustaining cash generation amidst a backdrop of declining revenue and persistent operational losses.
The inability to maintain positive free cash flow suggests that the business model is currently consuming rather than generating capital. This trend warrants further investigation into whether the company's capital allocation strategy is sufficient to bridge the gap until a potential turnaround in the Mobile Solutions segment materializes.
Based on the reported cash flow statements, NNBR's working capital changes have been erratic, with significant quarterly outflows such as the $11.6 million drain in 2026Q1, indicating that the company's cash position is highly sensitive to fluctuations in inventory management and the timing of customer collections.
These volatile working capital swings suggest that the company may be struggling to optimize its supply chain efficiency in a contracting demand environment. The reliance on working capital shifts to manage liquidity may indicate underlying stress in the company's ability to manage its cash conversion cycle effectively.
As indicated by the financial data, NNBR continues to deploy capital toward maintenance and equipment, with CapEx/Revenue ratios reaching as high as 5.5% in 2024Q3, which appears disproportionately high given the company's negative operating margins and the ongoing contraction in its core industrial manufacturing programs.
The persistence of capital expenditures despite negative operating cash flow suggests that the company is forced to reinvest in its aging manufacturing footprint to remain operational. This capital intensity may be hindering the company's ability to deleverage or pivot toward higher-margin opportunities in the Power Solutions segment.
Quick answers to the most common questions about buying NNBR stock.
NN, Inc. (NNBR) generated $5.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NN, Inc. (NNBR) generated $7.2M 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.
NN, Inc. (NNBR) spent $1.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.