Cash flow generation is highly erratic, evidenced by a negative free cash flow margin of -4.8% and a disconnect between net income and operating cash flow resulting in an OCF/NI ratio of -0.98 in 2026Q1.
| 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 | 43.6M | 41.3M | 29.8M | 50.5M | -27.6M | -43.3M | 69.3M | 63.7M | 54.8M | 46.7M | 72.9M | 44.7M | 53.6M | 60.3M | 55.88M | 35.86M | 67.06M | 43.87M | 8.55M | 31.47M | 6.06M | 34.5M | 1.63M | 13.3M | 28.58M | 23.77M | 24.02M | -700K | 3.6M | -10M | 7.7M |
| Operating CF Margin % | - | 2.58% | 1.8% | 3.04% | -1.85% | -3.39% | 6.02% | 3.94% | 3.31% | 3.31% | 5.71% | 3.05% | 3.89% | 5.01% | 4.93% | 3.71% | 8.24% | 6.26% | 0.8% | 2.94% | 0.57% | 3.7% | 0.2% | 2.13% | 4.5% | 3.73% | 3.18% | -0.1% | 0.65% | -2.27% | 2.21% |
| Operating CF Growth % | -128.19% | 38.59% | -40.99% | 282.97% | 36.26% | -162.48% | 8.79% | 16.24% | 17.34% | -35.94% | 63.09% | -16.6% | -11.11% | 7.91% | 55.83% | -46.52% | 52.88% | 413.22% | -72.84% | 418.98% | -82.43% | 2012.74% | -87.73% | -53.44% | 20.25% | -1.08% | 3532.14% | -119.44% | 136% | -229.87% | 292.5% |
| Net Income | 23.6M | 24.8M | 31.8M | 33M | -14.2M | 1.1M | -4.8M | 39.7M | 55.2M | 29.5M | 32.2M | 48.7M | 46.9M | 43.9M | 31.79M | 29.43M | 15.19M | -5.21M | -119.8M | 21.2M | 24.18M | 30.81M | 14.2M | -11.82M | -61.15M | -25.95M | 518K | 16.3M | 12.9M | 11.3M | 21.3M |
| Depreciation & Amortization | 33M | 33M | 33.6M | 31.7M | 30.2M | 30.8M | 35.8M | 34.2M | 36.3M | 31.5M | 29.5M | 28.7M | 23.2M | 19.2M | 17.99M | 16.18M | 17.13M | 18.92M | 20.93M | 20.61M | 20.14M | 17.35M | 15.47M | 15.56M | 16.31M | 19.91M | 20.05M | 18.7M | 12.8M | 10.4M | 8M |
| Stock-Based Compensation | 1.3M | 0 | 5.6M | 6.5M | 7.2M | 0 | 6.1M | 4.1M | 8.3M | 8.6M | 10.6M | 7.3M | 5.8M | 4.7M | 2.73M | 2.09M | 1.74M | 2.37M | 2.11M | 2.06M | 1.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -13.9M | -13.9M | 0 | -7.2M | 0 | -5.8M | 6.2M | 1.4M | 900K | 9.8M | 2.8M | 2.9M | 500K | -2.3M | 7.54M | -12.82M | -1.13M | -1.84M | 118.98M | 4.34M | -4.63M | -6.53M | 0 | 0 | 1.95M | -6.47M | 6.22M | 6.9M | 6.7M | 5.9M | 4.5M |
| Other Non-Cash Items | 27.8M | 11.6M | -17.3M | -3.7M | 47M | -40.5M | 42.1M | 0 | -1.9M | 3.7M | 4M | 113.8M | -900K | -6.6M | 55K | 12.69M | 1.33M | -1.09M | -4.12M | 2.21M | -8K | 1.78M | 0 | 18.64M | 59.2M | 16.36M | 10.12M | -100K | -100K | 1.2M | -11.2M |
| Working Capital Changes | -12M | -14.2M | -23.9M | -9.8M | -97.8M | -28.9M | 26M | -15.7M | -44M | -36.4M | -6.2M | -42.9M | -21.9M | 1.4M | -4.21M | -11.71M | 32.8M | 30.72M | -9.56M | -18.96M | -34.7M | -8.9M | -28.03M | -9.08M | 12.27M | 19.92M | -12.88M | -42.5M | -28.7M | -37.3M | -14.9M |
| Change in Receivables | 5.3M | -4.9M | 12.1M | -14.1M | -23.2M | -3.4M | 16.7M | 6.5M | -11.9M | -25.1M | 13.7M | 3.8M | -27.9M | 8.5M | 9.75M | -13.53M | -7.62M | 61.14M | 6.58M | 9.54M | -16.22M | 5.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -9.2M | 2.8M | -14.8M | -1.3M | -56M | -55.1M | 18.5M | -7.2M | -29.4M | -19M | 8.6M | -6.7M | -23.3M | -4.9M | 7.13M | -8.76M | 10.07M | 46.7M | -12.55M | 8.53M | -28.44M | -1.7M | -26.54M | 6.99M | 4.68M | 34.33M | 3.77M | -32.7M | -10.4M | -21M | -3.1M |
| Change in Payables | -1.6M | -1.4M | 0 | 3.3M | 0 | 36.6M | -8.1M | 0 | 3.8M | 23.8M | -8.8M | -36.9M | 27.9M | -7.5M | -21.4M | 18.06M | 28.07M | -82.11M | 7.25M | -22.25M | 16.96M | -959K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -43.3M | -40.3M | -30.9M | -15.8M | -45.5M | -16.2M | -24.9M | -48.2M | -89.2M | -67.6M | -51.9M | -36.5M | -96.4M | -54.3M | -120.28M | -11.1M | -29.85M | -4.77M | -20.4M | -21.99M | -31.41M | -31.38M | -21.95M | -3.53M | -17.99M | -7.87M | -25.78M | -88.5M | -63M | -77.2M | 31.6M |
| Capital Expenditures | -43.3M | -40.3M | -31.4M | -28.2M | -26.9M | -22.3M | -26.3M | -40.1M | -45.1M | -27.9M | -28.5M | -36.5M | -25.8M | -30.1M | -29.63M | -12.67M | -3.95M | -5.58M | -17.47M | -21.88M | -20.76M | -20.3M | -11.96M | -10.87M | -14.73M | -13.92M | -24.97M | -88.1M | -62.9M | -15.9M | -15.6M |
| CapEx % of Revenue | 2.68% | 2.52% | 1.9% | 1.7% | 1.8% | 1.75% | 2.28% | 2.48% | 2.72% | 1.97% | 2.23% | 2.49% | 1.87% | 2.5% | 2.61% | 1.31% | 0.49% | 0.8% | 1.63% | 2.04% | 1.97% | 2.18% | 1.48% | 1.74% | 2.32% | 2.19% | 3.31% | 12.28% | 11.4% | 3.6% | 4.49% |
| Acquisitions | 0 | 0 | -11M | -1.2M | -23.3M | 14.9M | 1.4M | -8.1M | -46.9M | -39.7M | -23.4M | 0 | -72.7M | -45.8M | -96.96M | 0 | -25.9M | 0 | -5.32M | 0 | -23.27M | -12.18M | -10M | 0 | -5.75M | 0 | -3.89M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 11.5M | 13.6M | 4.7M | -8.8M | 1.4M | 0 | 2.8M | 0 | 0 | 0 | 2.1M | 21.6M | 6.3M | 1.57M | -29.85M | 0 | 260K | 4.37M | 12.62M | 1.1M | 0 | 7.34M | 2.49M | 6.05M | 3.08M | 0 | 0 | -60.5M | 46.3M |
| Cash from Financing | -8.9M | -11.1M | 1.6M | -39M | 81.2M | 59.9M | -47.3M | -15.3M | 9.4M | 33.7M | -17.2M | 700K | 48.6M | 3.9M | 30.57M | 17.93M | -25M | -33.82M | 15.16M | -16.6M | 28.29M | 8.41M | 23.76M | -14.87M | -5.64M | -14.63M | -1.5M | 90.8M | 61.8M | 84.4M | -37.3M |
| Debt Issued (Net) | 700K | -1.5M | -16M | -24.3M | 73.2M | 73.3M | -35.4M | -4.5M | 27.9M | 54.1M | -7M | 20.4M | 57.9M | 4.9M | 31.1M | 20.6M | -19.94M | -34.35M | 20.95M | -14.75M | 28.15M | 8.34M | 23.26M | -14.9M | -5.64M | -14.63M | -327K | 94.3M | 64.3M | 84.2M | -35.7M |
| Equity Issued (Net) | -1.6M | 0 | -2.6M | 0 | -1.6M | -2.5M | -7.5M | -900K | -9M | -4.2M | -1.9M | -10.2M | -4.4M | -2.2M | -4M | -2.1M | -1.06M | -251K | -5.94M | -1.85M | 135K | 72K | 498K | 29K | 0 | 0 | -1.17M | -3.4M | -2.5M | 200K | -1.6M |
| Dividends Paid | -7.8M | -7.8M | -6.7M | -7.4M | -6.4M | -7M | -3.2M | -7M | -6.4M | -6.9M | -6.2M | -6.3M | -4.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.6M | 0 | -2.6M | 0 | -1.6M | -2.5M | -7.5M | -900K | -9M | -4.2M | -1.9M | -15.5M | -4.4M | -2.2M | -4M | -2.1M | -1.06M | -251K | -5.94M | -2.19M | -58K | -145K | 0 | 0 | 0 | 0 | -1.29M | -3.7M | -2.8M | -3M | -1.8M |
| Other Financing | -200K | -1.8M | 26.9M | -7.3M | 16M | -3.9M | -1.2M | -2.9M | -3.1M | -9.3M | -2.1M | -3.2M | -200K | 1.2M | 3.47M | -573K | -3.99M | 783K | 147K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 | 0 | 0 |
| Net Change in Cash | -7.8M | -8.3M | -1.7M | -3.4M | 4.1M | -900K | -1M | 300K | -27.1M | 18.5M | 2.3M | 4M | 2.8M | 10.8M | -33.56M | 42.69M | 12.21M | 5.27M | 3.31M | -7.13M | 2.94M | 11.54M | 3.44M | -5.09M | 4.94M | 1.26M | -3.25M | 1.6M | 61.8M | 84.4M | -37.3M |
| Free Cash Flow | 400K | 1M | -1.6M | 22.3M | -54.5M | -65.6M | 43M | 23.6M | 9.7M | 18.8M | 44.4M | 8.2M | 27.8M | 30.2M | 26.26M | 23.19M | 63.11M | 38.29M | -8.92M | 9.59M | -14.69M | 14.21M | -10.32M | 2.44M | 13.85M | 9.84M | -943K | -88.8M | -59.3M | -25.9M | -7.9M |
| FCF Margin % | 0.02% | 0.06% | -0.1% | 1.34% | -3.65% | -5.14% | 3.73% | 1.46% | 0.58% | 1.33% | 3.48% | 0.56% | 2.02% | 2.51% | 2.32% | 2.4% | 7.76% | 5.46% | -0.83% | 0.9% | -1.39% | 1.52% | -1.28% | 0.39% | 2.18% | 1.55% | -0.13% | -12.38% | -10.75% | -5.87% | -2.27% |
| FCF Growth % | 102.82% | 162.5% | -107.17% | 140.92% | 16.92% | -252.56% | 82.2% | 143.3% | -48.4% | -57.66% | 441.46% | -70.5% | -7.95% | 15.02% | 13.23% | -63.26% | 64.82% | 529.31% | -193% | 165.27% | -203.43% | 237.63% | -523.73% | -82.41% | 40.68% | 1143.8% | 98.94% | -49.75% | -128.96% | -227.85% | 55.11% |
| FCF per Share | 0.03 | 0.07 | -0.12 | 1.78 | -4.47 | -5.35 | 3.57 | 1.91 | 0.78 | 1.50 | 3.61 | 0.66 | 2.24 | 2.48 | 2.17 | 1.93 | 5.34 | 3.49 | -0.81 | 0.82 | -1.28 | 1.25 | -0.92 | 0.23 | 1.33 | 0.94 | -0.09 | -8.23 | -5.33 | -2.33 | -0.68 |
| FCF Conversion (FCF/Net Income) | 0.02x | 1.74x | 0.94x | 6.47x | 1.94x | 1.75x | -15.40x | 1.65x | 1.02x | 1.63x | 2.30x | 0.93x | 1.18x | 1.39x | 1.76x | 1.22x | 4.42x | -8.42x | -0.07x | 1.48x | 0.25x | 1.12x | 0.12x | -1.13x | -0.47x | -0.92x | 46.38x | -0.04x | 0.28x | -1.02x | 0.36x |
| Interest Paid | 23.2M | 40.3M | 47M | 47.6M | 34.5M | 0 | 28.3M | 31.5M | 33M | 29.9M | 25.9M | 25.7M | 24M | 24.8M | 23.8M | 27M | 23.32M | 23.02M | 26.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 14.7M | 24.3M | 0 | 7.3M | 0 | 0 | 5.5M | 12.3M | 21M | 11.3M | 8.7M | 19M | 25.8M | 25M | 5.5M | 4.6M | 1.22M | 3.15M | 6.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility risk
As reported in quarterly financial statements, PKOH frequently exhibits a significant disconnect between net income and operating cash flow, evidenced by a 2026Q1 OCF/NI ratio of -0.98, which suggests that reported profits are not translating into tangible liquidity for the firm's ongoing operational requirements.
The persistent gap between accounting earnings and cash generation indicates that accruals and non-cash adjustments are heavily influencing the bottom line. Investors should monitor whether this divergence stems from aggressive revenue recognition or structural inefficiencies in converting sales into actual cash receipts.
Based on the provided cash flow data, PKOH's free cash flow trajectory is highly erratic, with the company reporting a negative FCF margin of -4.8% in 2026Q1, highlighting the difficulty in maintaining consistent cash generation amidst fluctuating industrial demand and capital expenditure requirements.
The inability to sustain positive free cash flow suggests that the company's current business model may be overly sensitive to cyclical downturns. This inconsistency complicates the firm's ability to self-fund operations and may necessitate reliance on external financing during periods of industrial contraction.
According to recent SEC filings, PKOH's cash flow is frequently disrupted by massive working capital swings, such as the -$25.4 million outflow observed in 2026Q1, which underscores the company's struggle to manage inventory and receivables effectively within its complex supply chain management framework.
These dramatic fluctuations in working capital suggest that the company's inventory management agreements may be creating significant cash flow drag. The reliance on large, lumpy working capital releases to bolster cash flow in certain quarters warrants further investigation into the underlying efficiency of the firm's collection cycles.
As indicated by the reported financial data, PKOH maintains a consistent capital expenditure profile, with CapEx/Revenue ratios reaching 3.0% in 2026Q1, which suggests that the company must continue to invest heavily in its manufacturing footprint despite the current headwinds in its core industrial end-markets.
The ongoing commitment to capital spending, even during periods of negative operating cash flow, indicates a high level of capital intensity required to maintain the firm's manufacturing and distribution infrastructure. This structural necessity limits the company's financial flexibility and increases the risk of cash depletion during cyclical troughs.
Quick answers to the most common questions about buying PKOH stock.
Park-Ohio Holdings Corp. (PKOH) generated $41.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Park-Ohio Holdings Corp. (PKOH) generated $1.0M 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.
Park-Ohio Holdings Corp. (PKOH) spent $40.3M 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, Park-Ohio Holdings Corp. (PKOH) returned $7.8M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.