Cash conversion remains robust with an OCF/NI ratio of 1.80 in 2026Q4, enabling the company to sustain consistent quarterly dividend payments of $2.5 million.
| Metric | Mar'26 | Mar'25 | Feb'24 | Feb'23 | Feb'22 | Feb'21 | Feb'20 | Feb'19 | Feb'18 | Feb'17 | Feb'16 | Feb'15 | Feb'14 | Feb'13 | Feb'12 | Feb'11 | Feb'10 | Feb'09 | Feb'08 | Feb'07 | Feb'06 | Feb'05 | Feb'04 | Feb'03 | Feb'02 | Feb'01 | Feb'00 | Feb'99 | Feb'98 | Feb'97 |
|---|
| Cash from Operations | 11.5M | 4.72M | 4.41M | 6.49M | 8.2M | 13.01M | 5.22M | 7.54M | 3.34M | 13.17M | 13.95M | 29.01M | 30.38M | 19.33M | 31.43M | 42.67M | 22.87M | 33.65M | 41.9M | 35.79M | 36.93M | 27.7M | 32.33M | 16.19M | 23.41M | 77.4M | 21.48M | 22.2M | 40.5M | 29.2M |
| Operating CF Margin % | 15.69% | 7.6% | 7.87% | 12.01% | 15.31% | 28.12% | 8.69% | 14.76% | 3% | 11.49% | 9.56% | 17.9% | 18.33% | 10.96% | 16.27% | 20.16% | 13.02% | 16.82% | 17.33% | 13.9% | 16.61% | 13.12% | 16.64% | 7.47% | 10.17% | 14.82% | 5.05% | 5.73% | 10.77% | 8.73% |
| Operating CF Growth % | 143.78% | 7.01% | -32.09% | -20.85% | -36.97% | 149.37% | -30.82% | 125.77% | -74.63% | -5.6% | -51.92% | -4.51% | 57.14% | -38.49% | -26.33% | 86.6% | -32.05% | -19.7% | 17.09% | -3.08% | 33.3% | -14.31% | 99.7% | -30.83% | -69.76% | 260.31% | -3.23% | -45.19% | 38.7% | 6.57% |
| Net Income | 11.27M | 5.88M | 7.47M | 10.73M | 8.46M | 4.86M | 10.21M | 6.31M | 20.59M | 9.28M | 18.03M | 20.04M | -42.33M | 16.96M | 23.44M | 32.62M | 25.36M | 35M | 34.68M | 39.79M | 26.88M | 21.61M | -3.85M | -50.76M | -25.52M | 49.42M | 18.3M | 15.4M | 25.3M | 18.6M |
| Depreciation & Amortization | 1.86M | 1.98M | 1.4M | 1.14M | 1.14M | 1.15M | 1.54M | 1.78M | 3.02M | 3.11M | 3.37M | 3.56M | 3.76M | 4.27M | 5.89M | 6.75M | 7.06M | 7.71M | 8.29M | 8.99M | 9.64M | 10.2M | 11.98M | 17.97M | 16.26M | 16.72M | 16.26M | 14.3M | 13.2M | 11.6M |
| Stock-Based Compensation | 401K | 402K | 529K | 369K | 285K | 191K | 726K | 1.25M | 1.45M | 1.21M | 1.53M | 1.42M | 1.73M | 915K | 762K | 959K | 1.12M | 1.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 705K | 2.08M | 1.23M | 322K | 894K | -56K | 849K | -1.15M | -42.06M | -1.53M | -11.41M | -2.81M | 63.68M | 1.14M | 22K | 567K | -2.17M | -5.41M | -812K | -899K | 151K | -55K | 515K | -1.54M | -4.69M | 2.78M | 600K | 800K | -300K | 1.6M |
| Other Non-Cash Items | 96K | 928K | 515K | 55K | 1.01M | 1.87M | -641K | 929K | 3.87M | 434K | 855K | 796K | 1.74M | 3.52M | 2.73M | -20K | 193K | -16.27M | 1.56M | 329K | 2.28M | 1.17M | 20.95M | 2.15M | 13.65M | 348K | 5.3M | 100K | 1.5M | -100K |
| Working Capital Changes | -2.83M | -6.55M | -6.74M | -6.12M | -3.59M | 5M | -7.46M | -1.58M | 16.47M | 663K | 1.57M | 6.01M | 1.8M | -7.47M | -1.41M | 1.79M | -8.69M | 11.39M | -1.73M | -12.41M | -3.19M | -5.22M | 2.74M | 1.12M | 23.7M | 8.13M | -18.98M | -8.4M | 800K | -2.3M |
| Change in Receivables | 1.88M | -528K | -2.41M | -1.67M | -722K | 3.28M | -1.57M | -2.39M | -2.37M | 5.31M | -1.15M | 1.14M | 3.09M | -2.25M | 6.26M | 1.86M | -9.15M | 14.68M | 0 | 0 | -1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -198K | -809K | 364K | -2.11M | 137K | 1.58M | -1.11M | -1.31M | 49K | -916K | 4.22M | -664K | -925K | 2.88M | -2.95M | -907K | -1.27M | 3.2M | 1.38M | 210K | 110K | -3.55M | 86K | 535K | 18.79M | -5.41M | -2.83M | 1.3M | -3.1M | 7.2M |
| Change in Payables | 1.17M | -4.97M | -1.03M | 2.01M | -766K | -1.44M | 1.57M | 1.34M | -204K | -1.96M | -727K | 322K | -240K | -1.93M | -1.49M | -265K | 1.69M | -4.19M | 0 | 0 | -1.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 34.85M | 23.99M | 31.39M | -7.02M | -29.56M | 32.96M | -42.51M | 153.85M | 42.05M | 2.48M | -8.02M | 5.48M | -50.67M | 44.95M | -7.57M | -39.76M | 76.36M | -88.38M | -27.6M | -645K | 7.34M | -30.61M | -9.63M | -1.53M | -43.12M | -4.66M | -3.02M | -14M | -34M | -53.3M |
| Capital Expenditures | -2.04M | -889K | -645K | -1.05M | -4.37M | -7.49M | -6.85M | -2.76M | -886K | -242K | -398K | -430K | -1.12M | -1.45M | -3.99M | -3.7M | -3.42M | -12.22M | -4.53M | -4.79M | -4.32M | -3.33M | -4.51M | -6.47M | -25.79M | -55.01M | -27.73M | -24.4M | -18.3M | -18.7M |
| CapEx % of Revenue | 2.78% | 1.43% | 1.15% | 1.94% | 8.16% | 16.19% | 11.41% | 5.41% | 0.8% | 0.21% | 0.27% | 0.27% | 0.67% | 0.82% | 2.07% | 1.75% | 1.95% | 6.11% | 1.87% | 1.86% | 1.94% | 1.58% | 2.32% | 2.98% | 11.21% | 10.53% | 6.52% | 6.3% | 4.86% | 5.59% |
| Acquisitions | 0 | 22K | 0 | 8K | 14K | -10K | 42.51M | 0 | 1.34M | -2.48M | 2.06M | -5.48M | 0 | -2.2M | -1.1M | -1.1M | -1.02M | -4.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -50K | -57K | 0 | 0 | 0 | 10K | -42.51M | 144.95M | -1.34M | 2.48M | 2.06M | 5.48M | 100K | 48.59M | 0 | 894K | 69K | 16K | 78K | 896K | 100K | 20K | 2.09M | 5.03M | 2.99M | 3.25M | 0 | 100K | -4.6M | 0 |
| Cash from Financing | 10.52M | -13.65M | -33.47M | -8.05M | -7.43M | -9.79M | -28.3M | -105.52M | -130.71M | -11.09M | -49.49M | -25.95M | -32.54M | -7.78M | -6.39M | -24.74M | -6.08M | -3.88M | -33.74M | -24.66M | -22.14M | -23.52M | -4.12M | -4.32M | -4.46M | -1.85M | -847K | -16.7M | -3.4M | -9.6M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -72M | -3M | -19M | -10M | 52M | 52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.74M | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 20.48M | -3.59M | -2.88M | 139K | 739K | -1.64M | 0 | 0 | 0 | 0 | -12.19M | -2.74M | 0 | -93K | 0 | 0 | 0 | 0 | 2.62M | 1.98M | 4.38M | 1.55M | 620K | 368K | 1.96M | 1.72M | 2.48M | -13.3M | 200K | -5.9M |
| Dividends Paid | -9.96M | -10.06M | -30.62M | -8.19M | -8.17M | -8.15M | -28.72M | -95.05M | -68.81M | -8.09M | -8.15M | -39.65M | -60.53M | -60.39M | -8.3M | -28.9M | -7.39M | -6.54M | -36.99M | -26.64M | -26.52M | -25.07M | -4.74M | -4.69M | -4.68M | -3.58M | -3.33M | -3.5M | -3.6M | -3.6M |
| Share Repurchases | -2.17M | -4.25M | -2.88M | 0 | 0 | -1.64M | 0 | 0 | 0 | 0 | -12.19M | -2.74M | 0 | -93K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13.5M | 0 | -6.5M |
| Other Financing | 0 | 0 | 38K | 0 | 0 | 12K | 417K | -10.47M | 10.1M | 0 | -10.15M | 26.44M | -24M | 703K | 1.9M | 4.17M | 1.31M | 2.66M | 634K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | -100K |
| Net Change in Cash | 56.87M | 15.05M | 2.33M | -8.57M | -28.78M | 36.19M | -65.6M | 52.75M | -84.18M | 4.68M | -43.78M | 8.39M | -52.97M | 56.61M | 17.31M | -21.84M | 93.24M | -59.37M | -18.89M | 11.02M | 21.96M | -25.92M | 18.95M | 11.54M | -24.23M | 70.57M | 16.47M | -8.4M | 2.8M | -9.6M |
| Free Cash Flow | 9.46M | 3.83M | 3.76M | 5.44M | 3.83M | 5.52M | -1.63M | 4.78M | 2.46M | 12.93M | 13.55M | 28.58M | 29.27M | 17.89M | 27.44M | 38.97M | 19.44M | 21.43M | 37.38M | 31M | 32.61M | 24.38M | 27.82M | 9.72M | -2.38M | 22.39M | -6.25M | -2.2M | 22.2M | 10.5M |
| FCF Margin % | 12.91% | 6.17% | 6.72% | 10.07% | 7.15% | 11.93% | -2.71% | 9.35% | 2.21% | 11.28% | 9.29% | 17.63% | 17.65% | 10.14% | 14.2% | 18.41% | 11.07% | 10.71% | 15.45% | 12.04% | 14.67% | 11.54% | 14.32% | 4.48% | -1.03% | 4.29% | -1.47% | -0.57% | 5.9% | 3.14% |
| FCF Growth % | 147.15% | 1.73% | -30.88% | 42.18% | -30.62% | 439% | -134.07% | 94.66% | -81.01% | -4.61% | -52.59% | -2.34% | 63.61% | -34.81% | -29.59% | 100.42% | -9.25% | -42.68% | 20.59% | -4.94% | 33.77% | -12.39% | 186.19% | 508.45% | -110.63% | 458.43% | -183.95% | -109.91% | 111.43% | 262.07% |
| FCF per Share | 0.47 | 0.19 | 0.18 | 0.27 | 0.19 | 0.27 | -0.08 | 0.23 | 0.12 | 0.64 | 0.67 | 1.36 | 1.40 | 0.86 | 1.32 | 1.88 | 0.95 | 1.05 | 1.84 | 1.53 | 1.61 | 1.21 | 1.39 | 0.49 | -0.12 | 1.20 | -0.32 | -0.13 | 1.21 | 0.60 |
| FCF Conversion (FCF/Net Income) | 1.02x | 0.80x | 0.59x | 0.60x | 0.97x | 2.68x | 0.55x | 0.07x | 0.16x | 1.42x | 0.77x | 1.45x | -0.72x | 1.14x | 1.34x | 1.31x | 0.90x | 0.96x | 1.21x | 0.90x | 1.37x | 1.28x | -8.39x | -0.32x | -0.92x | 1.57x | 1.17x | 1.44x | 1.60x | 1.57x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
OEM supply chain volatility
According to recent quarterly filings, PKE demonstrated strong cash conversion in 2026Q4 with an OCF/NI ratio of 1.80, signaling that reported net income is well-supported by actual cash inflows rather than accounting accruals, a trend that warrants continued monitoring as production volumes scale across core programs.
The consistent ability to generate operating cash flow in excess of net income suggests that the company's earnings are of high quality and not overly reliant on non-cash adjustments. Investors should note that the occasional volatility in this ratio, such as the negative reading in 2026Q2, appears tied to working capital timing rather than structural deterioration in the underlying business model.
As reported in financial statements, PKE's free cash flow margin reached 26.4% in 2026Q4, marking a significant recovery from the negative territory observed in early 2026 and highlighting the company's ability to translate revenue growth into tangible liquidity as manufacturing throughput stabilizes at the Newton facility.
The trajectory of free cash flow appears to be highly sensitive to the cadence of aerospace shipments, which can create lumpy quarterly results. The recent improvement suggests that the company is successfully managing its fixed-cost base, allowing for greater cash retention as the business scales.
Based on PKE's reported figures, working capital changes have been a primary driver of quarterly cash flow volatility, with a $2.3 million inflow in 2026Q4 contrasting sharply with the $3.1 million outflow seen in 2025Q4, reflecting the inherent lumpiness of inventory and receivables management in aerospace.
The fluctuations in working capital appear to be a function of OEM delivery schedules and the timing of raw material procurement. While these swings can obscure short-term operational performance, they do not currently appear to indicate a structural issue with the company's ability to collect on its receivables.
Data from recent filings indicates that PKE continues to prioritize shareholder returns through consistent quarterly dividends of $2.5 million, maintaining a fortress balance sheet that remains devoid of debt while accumulating cash reserves to navigate potential supply chain disruptions within the broader aerospace manufacturing ecosystem.
Management's decision to maintain a debt-free status while returning capital suggests a focus on risk mitigation over aggressive expansion. This approach provides a significant buffer against industry downturns, though it may limit the company's ability to capture inorganic growth opportunities in the specialized materials market.
Quick answers to the most common questions about buying PKE stock.
Park Aerospace Corp. (PKE) generated $11.5M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Park Aerospace Corp. (PKE) generated $9.5M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Park Aerospace Corp. (PKE) spent $2.0M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Park Aerospace Corp. (PKE) returned $10.0M to shareholders via cash dividends and spent $2.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.