Free cash flow generation is highly erratic, evidenced by a swing from a 13.7% margin in 2023Q4 to a negative 18.5% margin in 2024Q3, driven by elevated CapEx/Revenue ratios peaking at 12.6%.
| Metric | TTM | Jan'26 | Feb'25 | Feb'24 | Jan'23 | Jan'22 | Jan'21 | Feb'20 | Feb'19 | Feb'18 | Jan'17 | Jan'16 | Jan'15 | Feb'14 | Feb'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jun'07 | Jun'06 | Jun'05 | May'04 | May'03 | May'02 | Jun'01 | Jun'00 | May'99 | May'98 | May'97 |
|---|
| Cash from Operations | 131.49M | 119.65M | 194.03M | 244.28M | 125.61M | 198.01M | 83.85M | 121.93M | 96.38M | 118.59M | 118.56M | 105.37M | 95.41M | 52.73M | 67.45M | 58.38M | 15.76M | 81.57M | 90.36M | 44.14M | 87.92M | 101.37M | 51.64M | 62.9M | 27.59M | 12.39M | 74.39M | 34.62M | 39.5M | 16.2M | 38.9M |
| Operating CF Margin % | - | 8.1% | 12.79% | 15.54% | 8.9% | 17.34% | 11.2% | 10.86% | 8.7% | 10.92% | 11.59% | 10.87% | 9.56% | 5.75% | 7.88% | 7.69% | 2.61% | 10.19% | 9.54% | 6.34% | 7.79% | 9.14% | 3.93% | 5.63% | 3.61% | 1.83% | 9.16% | 4.12% | 4.58% | 2.09% | 5.53% |
| Operating CF Growth % | 298.9% | -38.34% | -20.57% | 94.48% | -36.56% | 136.14% | -31.23% | 26.51% | -18.73% | 0.02% | 12.52% | 10.44% | 80.92% | -21.82% | 15.54% | 270.41% | -80.68% | -9.73% | 104.73% | -49.8% | -13.27% | 96.32% | -17.91% | 127.96% | 122.76% | -83.35% | 114.9% | -12.36% | 143.83% | -58.35% | -10.16% |
| Net Income | -39.08M | -27.89M | 92.97M | 60.7M | 165.74M | 131.32M | -95.69M | 68.49M | 66.29M | 65.09M | 52.46M | 30.56M | 45.76M | 45.29M | 31.32M | 29.24M | 16.23M | 14.62M | -265.81M | 19.21M | 52.32M | 51.2M | 49.83M | 39.72M | 20.33M | 10.57M | 15.35M | 23.44M | 26.4M | 24.6M | 19.6M |
| Depreciation & Amortization | 65.04M | 65.9M | 67.87M | 64.07M | 47.6M | 39.94M | 40.09M | 40.29M | 42.49M | 42.4M | 42.22M | 36.43M | 37.65M | 33.9M | 26.34M | 27.15M | 18.81M | 20.74M | 24.86M | 17.73M | 25.59M | 25.2M | 26.92M | 21.07M | 5.99M | 8.89M | 9.25M | 9.39M | 8.9M | 8.1M | 9.1M |
| Stock-Based Compensation | 15.8M | 28.8M | 16.67M | 14.47M | 10.58M | 8.19M | 7.75M | 7.62M | 7.33M | 6.41M | 6.45M | 5.24M | 4.1M | 1.66M | 2.76M | 2.18M | 4.55M | 4.37M | 3.48M | 0 | 0 | 0 | -1M | -1.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -8.57M | -13.61M | 3.83M | -23.89M | -1.87M | 4.05M | -18.33M | -1.97M | 2.93M | 1.82M | 7.88M | -361K | -3.22M | 674K | -3.75M | 5.38M | -4.62M | -8.11M | -22.63M | -4.93M | -5.96M | -2.85M | -4.01M | -2.38M | -2.37M | 2.84M | -102K | -1.4M | -100K | 1.1M | 1.2M |
| Other Non-Cash Items | 66.78M | 49.56M | 2.86M | 113.01M | 1.17M | -11.07M | 81.22M | 815K | 1.39M | 431K | 693K | 20.05M | 660K | -6.98M | 16.39M | 26.81M | -17.4M | 5.3M | 312.7M | 1.18M | 2.4M | 3.48M | 344K | 884K | 462K | -316K | -62K | -182K | 200K | -100K | -300K |
| Working Capital Changes | 34.49M | 16.88M | 9.83M | 15.92M | -97.61M | 25.57M | 68.82M | 6.68M | -24.05M | 2.44M | 8.87M | 13.46M | 10.46M | -21.81M | -5.59M | -32.39M | -1.81M | 44.66M | 37.76M | 11.4M | -12.23M | 3.2M | -20.43M | 5.46M | 3.19M | -9.6M | 49.96M | 3.36M | 4.8M | -17M | 9.3M |
| Change in Receivables | 12.2M | 4.9M | 6.57M | -15.1M | -1.97M | -4.42M | 5.56M | -13.68M | 10.93M | -9.19M | -1.36M | -3.19M | 16.67M | 13.75M | 789K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.99M | -36.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 15.78M | 3.19M | -8.24M | 62.51M | -78.97M | 5.38M | 29.36M | 8.19M | -36.52M | 19.5M | 4.22M | -8.06M | -7.1M | -29.49M | -5.41M | -18.33M | -17.92M | 44.44M | 24.02M | -21.7M | -12.81M | 22.75M | -26.68M | 15.99M | -19.79M | 62.83M | 5.87M | -6.31M | 13.9M | 3.1M | -13M |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | -2.67M | 28.43M | 10.27M | -1.56M | -8.27M | 7.38M | 11.37M | -5.67M | -11.92M | -3.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 54K | 18.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -107.72M | -108.4M | -143.27M | -83.98M | -151.75M | -181.57M | -34.65M | -37.42M | -37.4M | -54.28M | -146.49M | -13.95M | -50.35M | -59.13M | -62.52M | -31.96M | 31.24M | -11.31M | -21.24M | -74.82M | -51.47M | 809K | -167.78M | -32.06M | -206.09M | -431K | -3.5M | -8.68M | -27.3M | -7.8M | -5.9M |
| Capital Expenditures | -107.68M | -108.34M | -134.23M | -74.1M | -46.67M | -31.89M | -28.92M | -37.42M | -37.04M | -38.75M | -49.41M | -73.08M | -50.35M | -43.37M | -60.7M | -35.31M | -13.33M | -11.32M | -20.73M | -21.1M | -31.31M | -24.95M | -23.54M | -14.14M | -2.05M | -1.53M | -4.33M | -5.93M | -28.8M | -8.8M | -7.6M |
| CapEx % of Revenue | 7.29% | 7.33% | 8.85% | 4.72% | 3.31% | 2.79% | 3.86% | 3.33% | 3.34% | 3.57% | 4.83% | 7.54% | 5.05% | 4.73% | 7.1% | 4.65% | 2.21% | 1.41% | 2.19% | 3.03% | 2.77% | 2.25% | 1.79% | 1.27% | 0.27% | 0.23% | 0.53% | 0.71% | 3.34% | 1.14% | 1.08% |
| Acquisitions | 0 | -28K | -7.69M | -9.85M | -263.65M | 14.59M | 0 | 0 | -354K | -15.53M | -95.05M | 59.34M | 0 | -17.89M | -1.81M | -398K | -58.3M | 0 | -779K | -55.63M | -13.26M | -11.5M | -143.73M | -222.74M | 0 | 0 | 0 | -3.03M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -33K | -33K | -1.35M | -33K | -6.28M | -13.85M | -5.73M | 0 | -354K | 0 | -2.03M | 59.14M | 0 | 2.13M | -1.81M | 3.74M | 102.87M | 11K | 275K | 1.91M | 0 | 2.03M | -508K | 204.82M | -204.04M | 1.1M | 834K | 276K | 1.5M | 1M | 1.7M |
| Cash from Financing | -22.75M | -12.89M | -48.61M | -161.17M | -11.53M | -38.17M | -35.85M | -41.3M | -56.77M | -64.71M | 27.37M | -91.47M | -47.62M | 6.94M | -10.95M | -57.22M | -11.22M | -65.03M | -79.7M | 8.96M | -10.83M | -98M | 74.91M | -7.36M | 185M | -4.55M | -69.33M | -28.39M | -11.2M | -1.6M | -30.7M |
| Debt Issued (Net) | 25M | 85.34M | 1.8M | -89.71M | 119.01M | 0 | 0 | -13.95M | -32.82M | -45.7M | 47.53M | -63.63M | -32.24M | 24.95M | 2.94M | -49.55M | -4.13M | -54.1M | -63.72M | 0 | -1.03M | -92.44M | 82.39M | -210K | 198.33M | -268K | -58.56M | -14.82M | 20.7M | 4.8M | -23.6M |
| Equity Issued (Net) | -3.11M | -53.59M | 1.85M | -28.07M | -90.08M | -6.91M | -18.55M | -1.09M | 1.46M | -823K | 1.26M | 1.31M | 990K | -5.7M | 2.89M | 3.13M | 177K | 8K | 91K | -57.48M | 4.59M | 3.98M | 705K | 7.18M | 124K | 1.99M | -4.47M | -7.03M | -25M | 700K | -100K |
| Dividends Paid | -42.35M | -42.13M | -43.23M | -41.73M | -35.29M | -27.54M | -16.84M | -25.21M | -23.05M | -18.19M | -18.12M | -16.64M | -13.87M | -11.91M | -9.92M | -8.57M | -7.28M | -5.89M | -14.41M | -6.45M | -14.39M | -9.53M | -8.18M | -6.92M | -6.31M | -6.28M | -6.31M | -6.53M | -6.9M | -7.1M | -7M |
| Share Repurchases | -4.69M | -55.22M | 0 | -29.99M | -94.84M | -8.36M | -19.92M | 0 | 0 | -2.21M | 0 | 0 | 0 | 0 | 0 | -1.83M | 0 | 0 | 0 | -60.06M | 0 | 0 | 0 | 0 | 0 | 0 | -5.31M | -7.35M | -25.7M | -1.2M | -1.5M |
| Other Financing | -2.29M | -2.51M | -9.03M | -1.66M | -5.18M | -3.73M | -459K | -1.05M | -2.35M | 0 | -3.31M | -12.5M | -2.5M | -401K | -6.86M | -1.83M | 0 | -5.05M | -1.66M | 72.89M | 0 | 0 | 0 | -7.42M | -7.17M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 1.19M | -1.34M | 1.87M | -1.22M | -36.03M | -21.15M | 13.55M | 44.13M | 1.98M | 11K | 9K | 1.04M | -3.2M | 966K | -5.86M | -30.72M | 35.81M | 5M | -11.62M | -21.97M | 26.4M | 3.98M | -41.07M | 23.48M | 6.5M | 7.41M | 1.56M | -2.45M | 1M | 6.8M | 2.3M |
| Free Cash Flow | 23.81M | 11.31M | 59.8M | 170.19M | 78.94M | 166.11M | 54.93M | 84.5M | 59.33M | 79.84M | 69.15M | 32.29M | 45.05M | 9.36M | 6.75M | 23.07M | 2.43M | 70.25M | 69.63M | 23.04M | 56.61M | 76.42M | 28.09M | 48.76M | 25.54M | 10.86M | 70.06M | 28.69M | 10.7M | 7.4M | 31.3M |
| FCF Margin % | 1.61% | 0.77% | 3.94% | 10.83% | 5.59% | 14.54% | 7.33% | 7.53% | 5.36% | 7.35% | 6.76% | 3.33% | 4.52% | 1.02% | 0.79% | 3.04% | 0.4% | 8.77% | 7.35% | 3.31% | 5.01% | 6.89% | 2.14% | 4.37% | 3.34% | 1.6% | 8.62% | 3.42% | 1.24% | 0.96% | 4.45% |
| FCF Growth % | 108.78% | -81.09% | -64.86% | 115.58% | -52.48% | 202.43% | -35% | 42.42% | -25.69% | 15.47% | 114.15% | -28.33% | 381.24% | 38.7% | -70.74% | 848.21% | -96.54% | 0.89% | 202.2% | -59.3% | -25.92% | 172.02% | -42.38% | 90.9% | 135.22% | -84.5% | 144.19% | 168.14% | 44.59% | -76.36% | 29.88% |
| FCF per Share | 1.59 | 0.76 | 3.78 | 10.70 | 4.86 | 9.85 | 3.31 | 5.00 | 3.52 | 4.77 | 4.15 | 1.95 | 2.74 | 0.57 | 0.41 | 1.40 | 0.15 | 4.31 | 4.36 | 1.33 | 3.17 | 4.30 | 1.62 | 2.92 | 1.69 | 0.72 | 4.68 | 1.87 | 0.63 | 0.41 | 1.78 |
| FCF Conversion (FCF/Net Income) | -0.61x | -4.29x | 2.09x | 4.02x | 0.76x | 1.51x | -0.88x | 1.78x | 1.45x | 1.82x | 2.26x | 3.45x | 2.09x | 1.16x | 2.15x | 1.99x | 0.20x | 5.58x | -0.34x | 2.30x | 1.69x | 1.44x | 1.04x | 1.58x | 1.36x | 1.17x | 4.85x | 1.48x | 1.50x | 0.66x | 1.98x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.11M | 2.77M | 2.63M | 2.3M | 3.3M | 3.83M | 8.35M | 15.03M | 18.56M | 20.05M | 21.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.61M | 20.65M | 29.87M | 35.37M | 41.81M | 18.16M | 25.44M | 40.84M | 20.86M | 9.74M | 11.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in recent financial statements, the relationship between net income and operating cash flow remains highly erratic, with the OCF/NI ratio swinging from a negative 6.95 in 2025Q4 to a positive 5.00 in 2025Q2, indicating significant volatility in the company's underlying cash conversion quality.
The extreme variance in the OCF/NI ratio suggests that reported net income is currently a poor proxy for the company's actual cash-generating ability. Investors should monitor whether this disconnect stems from seasonal inventory management or deeper structural issues in how the company recognizes revenue versus cash collection.
Based on the provided quarterly data, OXM's free cash flow trajectory is characterized by sharp swings, ranging from a negative 18.5% margin in 2024Q3 to a positive 13.7% in 2023Q4, reflecting a business model that struggles to maintain consistent cash flow generation across seasonal cycles.
The inability to sustain positive free cash flow margins suggests that the company's capital requirements are frequently outpacing its operational inflows. This inconsistency may indicate that the business is highly sensitive to timing differences in its retail and hospitality segments, making cash flow predictability a significant challenge.
According to historical filings, the company's capital intensity remains elevated, with CapEx/Revenue ratios peaking at 12.6% in 2025Q3, which highlights the heavy reinvestment required to maintain the physical retail and hospitality footprint that defines the Tommy Bahama experiential model.
The persistent level of capital expenditure suggests that the company is locked into a high-maintenance cycle to support its brick-and-mortar strategy. If these investments do not yield a corresponding improvement in operating margins, the current capital intensity may be viewed as a drag on long-term shareholder value.
As evidenced by the quarterly data, working capital changes have been a primary driver of cash flow fluctuations, with swings as large as a $53.2M inflow in 2024Q4 followed by a $31.7M outflow in 2026Q1, underscoring the impact of inventory and receivables management on liquidity.
The significant shifts in working capital suggest that the company's cash position is highly susceptible to inventory build-ups and the timing of seasonal sales. This volatility warrants further investigation into whether the company is effectively managing its supply chain or if it is accumulating excess inventory that may require future markdowns.
Quick answers to the most common questions about buying OXM stock.
Oxford Industries, Inc. (OXM) generated $119.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Oxford Industries, Inc. (OXM) generated $11.3M 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.
Oxford Industries, Inc. (OXM) spent $108.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Oxford Industries, Inc. (OXM) returned $42.1M to shareholders via cash dividends and spent $55.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.