Cash flow generation remains inconsistent, highlighted by a volatile OCF/NI ratio that swung from 6.22 in 2024Q3 to a negative 2.03 in 2025Q2.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Cash from Operations | 7.34M | -1.68M | 6.2M | 5.46M | -847K | -847K | 5.9M | 3.33M | 3.1M | 3.23M | 466K | -775K | -329K | -1.27M | 45K | 2.9M | 3.24M | 1.72M | 2.02M | 1.48M | 55K | 557K | 2.05M | 503K | -1.76M | 616K | 1.99M | -336K | 2.1M | -1M | 1M |
| Operating CF Margin % | - | -2.53% | 11.51% | 11.85% | -2.01% | -2.01% | 16.93% | 12.24% | 13.78% | 14.74% | 2.31% | -5.79% | -3.04% | -10.38% | 0.26% | 10.69% | 13.96% | 8.13% | 8.03% | 6.86% | 0.32% | 4.03% | 14.46% | 4.2% | -16.69% | 4.15% | 7.47% | -1.83% | 9.27% | -5.21% | 4.81% |
| Operating CF Growth % | 208.11% | -127.13% | 13.49% | 744.86% | 0% | -114.36% | 77.3% | 7.43% | -4.3% | 594.21% | 160.13% | -135.56% | 74.11% | -2924.44% | -98.45% | -10.56% | 88.59% | -14.87% | 36.35% | 2590.91% | -90.13% | -72.88% | 308.35% | 128.63% | -385.23% | -69.09% | 693.15% | -116.01% | 309.9% | -200% | 1100% |
| Net Income | 12M | 8.98M | 2.13M | 7.07M | 4.57M | 4.57M | 6.11M | 4.15M | 1.62M | 5.08M | 822K | -365K | -488K | -1.78M | -876K | 2.64M | -2.97M | -2.85M | 317K | 506K | 827K | 1.85M | 1.12M | 133K | -1.57M | 2.85M | 1.54M | -8.93M | 353.56K | -1.6M | 1.2M |
| Depreciation & Amortization | 1.3M | 1.24M | 1.16M | 857K | 726K | 726K | 573K | 438K | 557K | 555K | 614K | 578K | 527K | 582K | 647K | 697K | 726K | 810K | 538K | 487K | 356K | 348K | 362K | 375K | 865K | 958K | 1.2M | 1.43M | 1.52M | 1.5M | 1.3M |
| Stock-Based Compensation | 665K | 555K | 605K | 766K | 1.27M | 1.27M | 286K | 37K | 194K | 3K | 4K | 17K | 50K | 100K | 108K | 43K | 101K | 166K | 204M | 242M | 25M | 25M | 25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 138K | 140K | -1.56M | 264K | -63K | -63K | -22K | 1.42M | 391K | -2.05M | 0 | 0 | 0 | 0 | 885K | -2.66M | -91K | 1.06M | -434K | -177K | -84K | 521K | 22K | 177K | -902K | -1.3M | 1.06M | -1.98M | 60K | -200K | -200K |
| Other Non-Cash Items | -6.09M | -2.14M | 4.09M | -3.9M | -820K | -820K | 26K | -370K | 1.03M | -234K | -129K | -449K | -217K | 8K | -876K | 2.64M | 4.42M | 930K | -203.03M | -241.44M | -24.55M | -24.93M | -25.05M | 39K | 771K | -3.18M | 199K | 6.56M | -39.84K | 600K | -200K |
| Working Capital Changes | -670K | -10.45M | -225K | 396K | -6.54M | -6.54M | -1.08M | -2.35M | -694K | -125K | -845K | -556K | -201K | -177K | 157K | -464K | 1.05M | 1.6M | 627K | 107K | -1.49M | -2.23M | 598K | -221K | -925K | 1.29M | -2M | 2.59M | 137.81K | -1.3M | -1.3M |
| Change in Receivables | -2.81M | -2.55M | -3.94M | 5.43M | -4.45M | -4.45M | -1.06M | -1.13M | 569K | -633K | -523K | -554K | -440K | 325K | 1.43M | -418K | -146K | 609K | 397M | 292M | -1.21B | -1.21B | -760M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 1.95M | -6.94M | 898K | -3.49M | -4.24M | -4.24M | -2M | -1.85M | -1.31M | 279K | 737K | -1.71M | 1.23M | -1.04M | 912K | -475K | 137K | 1.74M | -460K | -840K | -1.34M | -585K | 376K | 89K | 83K | 23K | 453K | -247K | -215.73K | 200K | -700K |
| Change in Payables | -486K | 179K | 2.44M | -1.15M | 1.99M | 1.99M | 604K | 1.13M | -57K | 518K | -1.29M | 1.2M | -313K | 69K | -1.52B | 383M | 1.09B | -727K | 1.65B | 371M | 453M | 453M | 159M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 2.72M | -238K | -2.23M | -885K | -1.24M | -1.24M | -3.24M | -1.22M | -4.12M | -1.03M | 1.59M | -1.51M | 323K | -452K | -259K | -265K | -137K | -269K | -3.13M | -515K | -4.21M | -474K | -352K | 432K | 845K | 6.71M | -221K | -875K | -809.52K | -500K | -4.7M |
| Capital Expenditures | -93K | -1.25M | -983K | -974K | -1.64M | -1.64M | -565K | -1.4M | -934K | -638K | -335K | -308K | -155K | -86K | -341K | -265K | -137K | -269K | -3.13M | -449K | -1.81M | -474K | -352K | -364K | -296K | -152K | -221K | -875K | -809.52K | -500K | -400K |
| CapEx % of Revenue | 0.12% | 1.87% | 1.83% | 2.11% | 3.9% | 3.9% | 1.62% | 5.15% | 4.16% | 2.91% | 1.66% | 2.3% | 1.43% | 0.7% | 1.98% | 0.98% | 0.59% | 1.27% | 12.46% | 2.08% | 10.6% | 3.43% | 2.48% | 3.04% | 2.81% | 1.02% | 0.83% | 4.77% | 3.57% | 2.6% | 1.92% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -978K | 19K | 30K | 636K | 24K | -866K | 105K | 0 | 0 | 0 | 0 | 0 | 0 | -66K | -2.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -6.78M | -304K | 0 | 0 | -33K | -33K | 998K | 1.23M | -320K | -447K | -6K | -1.65M | 799K | -366K | 82K | 0 | 0 | 0 | 0 | -2M | 1K | 0 | 0 | 796K | 1.14M | 6.87M | 0 | 0 | 0 | 0 | -4.3M |
| Cash from Financing | -11.23M | -292K | -4.27M | -2.49M | -790K | -790K | -3.98M | 450K | 2M | -298K | -457K | -203K | 1.51M | -709K | -363K | -1.74M | -433K | -842K | 1.23M | -920K | 1.93M | 431K | -427K | -376K | 450K | -7.1M | -1.41M | 1.32M | -2.14M | 1.9M | 3.7M |
| Debt Issued (Net) | -8.41M | 3.48M | -816K | -809K | 756K | 8.79M | -630K | 4.51M | -78K | -59K | -30K | -15K | -5K | -775K | -357K | -1.76M | -433K | -660K | 1.42M | -877K | 1.79M | -145K | -503K | -332K | 450K | -7.1M | -1.2M | 1.32M | -2.14M | 2.2M | 3.6M |
| Equity Issued (Net) | -2.79M | -3.46M | -3.5M | -1.55M | -1.61M | -5.44M | -3.39M | -4.08M | 2.04M | -312K | -927K | -154K | 0 | 0 | 0 | 0 | 0 | -137K | 0 | 33K | 133K | 576K | 0 | -44K | 0 | 0 | 0 | 0 | 0 | 0 | 100K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -23K | 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 | -2.88M | -3.5M | -3.5M | -1.55M | -1.61M | -5.54M | -3.39M | -3.98M | -220K | -312K | -454K | -154K | 0 | 0 | 0 | 0 | 0 | -137K | 0 | 0 | 0 | 0 | 0 | -44K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -27K | -305K | 50K | -134K | 60K | -4.14M | 39K | 51K | 38K | 73K | 500K | -34K | 1.52M | 66K | -6K | 26K | 0 | -45K | -196K | -76K | 0 | 0 | 76K | 0 | 0 | 0 | -209K | 0 | 0 | -300K | 0 |
| Net Change in Cash | -1.16M | -2.21M | -305K | 2.09M | -2.87M | -2.87M | -1.32M | 2.55M | 983K | 1.91M | 1.6M | -2.49M | 1.51M | -2.43M | -577K | 895K | 2.67M | 607K | 114K | 45K | -2.23M | 514K | 1.27M | 559K | -462K | 225K | 366K | 107K | -851.11K | 500K | 0 |
| Free Cash Flow | 7.07M | -2.93M | 5.22M | 4.49M | -2.52M | -2.52M | 5.33M | 1.93M | 2.16M | 2.6M | 131K | -1.08M | -484K | -1.36M | -296K | 2.63M | 3.1M | 1.45M | -1.11M | 1.03M | -1.75M | 83K | 1.7M | 139K | -2.05M | 464K | 1.77M | -1.21M | 1.29M | -1.5M | 600K |
| FCF Margin % | 9.47% | -4.4% | 9.69% | 9.74% | -5.99% | -5.99% | 15.31% | 7.1% | 9.62% | 11.84% | 0.65% | -8.09% | -4.48% | -11.08% | -1.72% | 9.71% | 13.37% | 6.86% | -4.43% | 4.78% | -10.28% | 0.6% | 11.99% | 1.16% | -19.5% | 3.13% | 6.64% | -6.6% | 5.69% | -7.81% | 2.88% |
| FCF Growth % | 504.06% | -156.13% | 16.22% | 278.24% | 0% | -147.22% | 176.56% | -10.82% | -16.75% | 1882.44% | 112.1% | -123.76% | 64.33% | -358.45% | -111.24% | -15.15% | 114.15% | 230.31% | -207.86% | 158.78% | -2213.25% | -95.12% | 1124.46% | 106.77% | -542.46% | -73.81% | 246.33% | -193.91% | 185.97% | -350% | 300% |
| FCF per Share | 2.16 | -0.87 | 1.46 | 1.23 | -0.67 | -0.64 | 1.31 | 0.45 | 0.50 | 0.64 | 0.03 | -0.26 | -0.14 | -0.41 | -0.09 | 0.80 | 0.96 | 0.45 | -0.34 | 0.32 | -0.53 | 0.03 | 0.55 | 0.05 | -0.70 | 0.16 | 0.59 | -0.41 | 0.43 | -0.50 | 0.21 |
| FCF Conversion (FCF/Net Income) | 0.59x | -0.19x | 2.91x | 0.77x | -0.19x | -0.19x | 0.96x | 0.80x | 1.91x | 0.64x | 0.57x | 2.12x | 0.67x | 0.71x | -0.05x | 1.10x | -1.09x | -0.60x | 6.37x | 2.92x | 0.07x | 0.30x | 1.83x | 3.78x | 1.12x | 0.22x | 1.29x | 0.04x | 5.94x | 0.63x | 0.83x |
| Interest Paid | 608K | 818K | 555K | 521K | 463K | 463K | 218K | 199K | 7K | 12K | 37K | 6K | 8K | 0 | 37K | 148K | 204K | 0 | 181K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.11M | 4.46M | 1.89M | 1.66M | 1.56M | 1.56M | 683K | 320K | 401K | 217K | 21K | 7K | 7K | 9K | 56K | 456K | 154K | 0 | 560K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility risk
As evidenced by the quarterly cash flow data, PDEX exhibits a volatile relationship between net income and operating cash flow, with the OCF/NI ratio fluctuating from a high of 6.22 in 2024Q3 to a negative 2.03 in 2025Q2, indicating significant underlying accrual-based earnings volatility.
The frequent divergence between reported net income and cash generated from operations suggests that earnings are heavily influenced by non-cash items or timing differences in revenue recognition. Investors should monitor whether this disconnect stems from aggressive revenue booking or simply the lumpy nature of milestone-based engineering contracts.
Based on the reported financial figures, working capital changes have been the primary driver of cash flow instability, with a massive $6.6 million outflow in 2025Q2 followed by significant swings in subsequent periods, highlighting the company's sensitivity to OEM payment cycles and inventory management.
The erratic nature of working capital adjustments suggests that PDEX lacks a predictable cash conversion cycle, likely due to its reliance on a concentrated group of OEM customers. This volatility may indicate that the company is frequently forced to absorb the inventory risks of its partners, which complicates liquidity planning.
According to the provided cash flow statements, FCF margins have remained highly inconsistent, ranging from a negative 27.9% in 2025Q2 to a positive 27.7% in 2024Q3, reflecting a business model that struggles to maintain a steady conversion of revenue into actual free cash.
The lack of a stable FCF trajectory suggests that the company's operational scaling is not yet translating into reliable cash generation. This inconsistency makes it difficult to assess the company's long-term ability to self-fund growth without relying on external financing or depleting its already thin cash reserves.
As reported in recent filings, PDEX has prioritized share repurchases, such as the $2.2 million outflow in 2026Q2, despite maintaining a precarious cash position of only $419,000, which appears to be a questionable use of capital given the company's inherent operational volatility.
The decision to return capital to shareholders while maintaining such a minimal liquidity buffer warrants further investigation into management's risk appetite. This strategy may leave the company exposed to unforeseen operational shocks or supply chain disruptions that require immediate cash outlays.
Quick answers to the most common questions about buying PDEX stock.
Pro-Dex, Inc. (PDEX) generated $-1.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Pro-Dex, Inc. (PDEX) reported negative free cash flow of $2.9M in 2025, indicating capital requirements exceeded cash from operations.
Pro-Dex, Inc. (PDEX) spent $1.2M 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, Pro-Dex, Inc. (PDEX) spent $3.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.