Cash flow generation remains inconsistent, as evidenced by the OCF/NI ratio fluctuating between a low of 0.49 in 2025Q1 and a high of 7.21 in 2025Q3.
| 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 |
|---|
| Cash from Operations | 73.86M | 73.47M | 67.48M | 107.64M | 26.15M | 33.6M | 41.64M | 27.22M | 22.98M | 33.83M | 25.97M | 20.23M | 25.26M | 21.54M | 50.38M | 17.05M | 28.69M | 29.02M | 18.27M | 14.67M | 14.76M | 21.57M | 12.87M | 20.73M | 18.58M | 17.18M | 23.5M |
| Operating CF Margin % | - | 10.98% | 11.37% | 16.07% | 4.11% | 6.49% | 8.93% | 6.12% | 5.46% | 8.94% | 7.72% | 5.7% | 6.51% | 5.26% | 11.47% | 4.02% | 8.48% | 11.28% | 6.77% | 5.76% | 6.8% | 10.48% | 7.03% | 13.52% | 10.94% | 8.75% | 11.34% |
| Operating CF Growth % | 95.5% | 8.87% | -37.31% | 311.59% | -22.16% | -19.32% | 53% | 18.46% | -32.08% | 30.25% | 28.4% | -19.9% | 17.26% | -57.25% | 195.53% | -40.57% | -1.13% | 58.82% | 24.53% | -0.59% | -31.57% | 67.57% | -37.93% | 11.58% | 8.15% | -26.91% | - |
| Net Income | 34.29M | 35.31M | 37.11M | 63.34M | 54.4M | 35.72M | 29.76M | 23.34M | 26.58M | 12.65M | 15.26M | 6.67M | 12.86M | 20.59M | 29.29M | 30.98M | 23.01M | 22.83M | 17.62M | 14.16M | 12.06M | 11.99M | 13.04M | 4.38M | -1.14M | 5.18M | 11.05M |
| Depreciation & Amortization | 23.8M | 23.03M | 20.83M | 18.91M | 16.43M | 15.56M | 13.84M | 13.75M | 12.44M | 12.79M | 12M | 11.53M | 12.86M | 12.09M | 11.56M | 10.53M | 9.39M | 7.25M | 8.55M | 8.08M | 7.54M | 7.21M | 7.38M | 8.33M | 9.02M | 10.32M | 11.41M |
| Stock-Based Compensation | 6.41M | 4.96M | 3.41M | 4.95M | 4.6M | 4.16M | 4.09M | 4.4M | 4.24M | 3.06M | 1.37M | 248K | 1.54M | 3.06M | 3.08M | 2.93M | 2.97M | 1.96M | 507K | 237K | 240K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -294K | -1.18M | 1.08M | -2.23M | -2.66M | 6.54M | -3.38M | -1.27M | 314K | 2.44M | 2.25M | -944K | -1.7M | -1.1M | -2.93M | -688K | -900K | 682K | -845K | -36K | -658K | -838K | -531K | 1.9M | -2.12M | -263K | -838K |
| Other Non-Cash Items | -999K | 15.02M | 2.7M | 7.98M | 4.9M | 6.42M | 4.87M | 3.72M | -1.7M | 2.74M | 5.44M | 3.89M | 3.5M | 3.97M | 3.06M | 2.61M | 980K | -6.99M | 2.08M | 1.12M | -216K | 453K | 232K | -235K | 7.53M | 2.67M | 147K |
| Working Capital Changes | 10.64M | -3.67M | 2.34M | 14.7M | -51.51M | -34.81M | -7.54M | -16.71M | -18.9M | 152K | -10.33M | -1.17M | -3.81M | -17.06M | 6.32M | -29.32M | -6.76M | 3.28M | -9.64M | -8.89M | -4.21M | 2.75M | -6.77M | 6.38M | 5.3M | -97K | 1.73M |
| Change in Receivables | 0 | 6.99M | -875K | 16.97M | -28.05M | -11.58M | -10.54M | -9.78M | -4.5M | -9.21M | -2.29M | -2.96M | -2.44M | -10.27M | 5.05M | -16.06M | -4.98M | -594K | 586K | 1.05M | -2.47M | -4.53M | -4.53M | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | -11.95M | 6.78M | -4.95M | -36.98M | -24.15M | 80K | -9.46M | -13.7M | -2.21M | -6.35M | -2.3M | -5.7M | 3.04M | 1.29M | -21.2M | -8.27M | 922K | -9.5M | -4.94M | -1.69M | -1.73M | -3.7M | 4.48M | 2.4M | 3.02M | 561K |
| Change in Payables | 0 | 10K | 8.6M | 2.3M | 6.71M | 11.56M | 6.95M | 6.09M | 3.05M | 4.73M | 3.28M | 5.65M | 6.72M | -3.91M | -3.2M | 3.75M | 3.75M | 3.75M | 5.66M | 3.63M | -686K | 3.06M | 3.06M | 0 | 0 | 0 | 0 |
| Cash from Investing | -43.66M | -43.38M | -12.36M | -44.79M | -46.76M | -18.24M | -14.04M | -48.8M | -14.02M | -1.9M | -28.47M | -10.86M | -33.29M | -24.14M | -24.25M | -18.78M | -25.84M | -22.69M | -4.18M | -17.68M | -9.88M | -7.76M | -3.73M | 2.67M | -3.46M | -6.5M | -18.23M |
| Capital Expenditures | -39.15M | -40.13M | -14.65M | -35.33M | -40.6M | -18.38M | -24.57M | -29.47M | -9.53M | -11.23M | -24.73M | -10.75M | -17.66M | -21.03M | -21.04M | -18.91M | -12.27M | -10.67M | -10.01M | -9.64M | -10.2M | -7.74M | -6.19M | -4.02M | -4.71M | -6.2M | -14.39M |
| CapEx % of Revenue | 5.62% | 6% | 2.47% | 5.28% | 6.37% | 3.55% | 5.27% | 6.62% | 2.26% | 2.97% | 7.34% | 3.03% | 4.55% | 5.13% | 4.79% | 4.46% | 3.63% | 4.15% | 3.71% | 3.79% | 4.7% | 3.76% | 3.38% | 2.62% | 2.77% | 3.16% | 6.94% |
| Acquisitions | 3.61M | -4.75M | 0 | -12.09M | -16.23M | 0 | 0 | -18.89M | 9.53M | 142K | 70K | 929K | -14.97M | 0 | -5.17M | -9.09M | -14.32M | -13.2M | -3.84M | -8.44M | 0 | -456K | -456K | -472K | -39K | -1.06M | -5.72M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -8.13M | 273K | 3.45M | 2.63M | 10.08M | 141K | 10.53M | -2.25M | -12.29M | 9.33M | 70K | -108K | -797K | -3.11M | 1.97M | 9.22M | 757K | 3.83M | 9.67M | 399K | 320K | -149K | 581K | 7.16M | 1.28M | 757K | 1.89M |
| Cash from Financing | -19.17M | -9.23M | -47.8M | -48.92M | 22.54M | -23.23M | -23.16M | 17.71M | -9.05M | -19.55M | 4.39M | -12.66M | 13.21M | -3.18M | -30.42M | 12.42M | -2.93M | -3.16M | -13.06M | -4.56M | -15.17M | -2.93M | -8.69M | -8.42M | -12.2M | -9.67M | -1.4M |
| Debt Issued (Net) | 3.01M | 8.89M | -32.86M | -28.09M | 31.3M | -14.24M | -9.77M | 28.56M | -1.02M | -8.94M | 13.38M | -773K | 19.59M | 4.68M | -20.74M | 19.06M | 2.13M | 801K | -1.86M | -605K | 1.37M | 1.56M | -1.2M | -4.41M | -7.85M | -4.98M | 3.02M |
| Equity Issued (Net) | -6.88M | -7.83M | -8.39M | -16.73M | -4.66M | -4.86M | -9.21M | -6.61M | -3.94M | -6.51M | -4.82M | -7.55M | -2.23M | -6.91M | -2.24M | -2.46M | -796K | 184K | -7M | 84K | -12.04M | 89K | -2.89M | 620K | 271K | -155K | -935K |
| Dividends Paid | -4.07M | -4.12M | -4.08M | -4.11M | -4.1M | -4.13M | -4.18M | -4.23M | -4.09M | -4.1M | -4.17M | -4.39M | -4.41M | -2.31M | -6.49M | -4.38M | -4.34M | -4.27M | -4.25M | -4.29M | -4.51M | -4.58M | -4.59M | -4.62M | -4.62M | -4.03M | -3.48M |
| Share Repurchases | -9.39M | -9.75M | -8.61M | -18.89M | -5.47M | -5.27M | -9.46M | -6.83M | -4.17M | -8.48M | -5.07M | -7.55M | -2.23M | -6.91M | -2.79M | -3.52M | -1.08M | -168K | -7.46M | -651K | -12.14M | -700K | -2.98M | 0 | 0 | -155K | -935K |
| Other Financing | -11.22M | -6.18M | -2.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2K | 60K | 263K | 1.36M | -951K | 203K | 73K | 122K | 56K | 253K | 0 | 0 | 0 | 0 | -4K | -503K | 0 |
| Net Change in Cash | 14.62M | 26.14M | 3.64M | 16.37M | 833K | -8.77M | 5.91M | -4.65M | -1.69M | 13.62M | 344K | 750K | 5.35M | -3.83M | -4.01M | 9.47M | -1.44M | 4.23M | -3.52M | -6.56M | -9.64M | 9.85M | 1.53M | 16.58M | 3.22M | -1.06M | 2.56M |
| Free Cash Flow | 34.71M | 33.34M | 52.83M | 72.31M | -14.45M | 15.21M | 17.07M | -2.25M | 13.45M | 22.6M | 1.25M | 9.47M | 7.59M | 505K | 29.34M | -1.86M | 16.41M | 18.35M | 8.26M | 5.03M | 4.56M | 13.83M | 6.68M | 16.71M | 13.88M | 10.98M | 9.12M |
| FCF Margin % | 4.98% | 4.98% | 8.9% | 10.8% | -2.27% | 2.94% | 3.66% | -0.51% | 3.2% | 5.97% | 0.37% | 2.67% | 1.96% | 0.12% | 6.68% | -0.44% | 4.85% | 7.13% | 3.06% | 1.98% | 2.1% | 6.72% | 3.65% | 10.9% | 8.17% | 5.59% | 4.4% |
| FCF Growth % | -24% | -36.9% | -26.94% | 600.59% | -194.95% | -10.89% | 858.8% | -116.73% | -40.49% | 1709.21% | -86.82% | 24.79% | 1403.56% | -98.28% | 1674.99% | -111.35% | -10.54% | 122.18% | 64.14% | 10.35% | -67.03% | 106.94% | -60.02% | 20.46% | 26.32% | 20.49% | - |
| FCF per Share | 7.04 | 6.75 | 10.68 | 14.47 | -2.89 | 3.06 | 3.43 | -0.44 | 2.63 | 4.40 | 0.24 | 1.77 | 1.41 | 0.09 | 5.46 | -0.35 | 3.08 | 3.42 | 1.55 | 0.93 | 0.81 | 2.39 | 1.16 | 2.90 | 2.41 | 1.91 | 1.57 |
| FCF Conversion (FCF/Net Income) | 1.01x | 2.08x | 1.82x | 1.70x | 0.48x | 0.94x | 1.40x | 1.17x | 0.86x | 2.67x | 1.70x | 3.03x | 1.96x | 1.05x | 1.72x | 0.55x | 1.24x | 1.24x | 1.04x | 1.04x | 1.22x | 1.80x | 0.99x | 4.73x | -16.30x | 3.32x | 2.13x |
| 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 |
| 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 |
Working Capital Volatility
As reported in recent financial statements, PLPC's OCF/NI ratio has fluctuated wildly, ranging from a low of 0.49 in 2025Q1 to a high of 7.21 in 2025Q3, indicating that net income is a poor proxy for the company's actual ability to generate cash on a quarterly basis.
The significant divergence between net income and operating cash flow suggests that non-cash charges and timing differences in accruals frequently distort reported profitability. Investors should monitor whether these swings are driven by seasonal inventory builds or the lumpy nature of utility project revenue recognition.
Based on the provided cash flow data, FCF margins have demonstrated extreme inconsistency, swinging from a negative 3.6% in 2025Q1 to a peak of 17.7% in 2024Q2, which highlights the difficulty in forecasting cash generation for this industrial manufacturer over short-term horizons.
This volatility appears to be tied to the company's inability to consistently align its capital expenditure cycles with operational cash inflows. The lack of a stable FCF trajectory suggests that the business remains highly sensitive to external supply chain disruptions and project-based timing.
According to recent SEC filings, PLPC's CapEx/Rev ratio has trended between 2.1% and 7.4% over the last ten quarters, reflecting a capital-intensive manufacturing model that requires ongoing investment to maintain its specialized helical rod production and global facility footprint.
The recent uptick in capital intensity suggests management is prioritizing infrastructure upgrades or capacity expansion to meet grid hardening demand. This level of spending warrants investigation to determine if these outlays are purely maintenance-oriented or intended to drive future revenue growth through new product lines.
As evidenced by the quarterly cash flow data, working capital changes have been highly erratic, with a notable $11.4 million outflow in 2025Q1 followed by a $5.9 million inflow in 2025Q2, suggesting significant friction in managing inventory levels and customer collection cycles.
These sharp fluctuations in working capital appear to be the primary driver of the company's inconsistent operating cash flow. The data implies that the company may be struggling to optimize its inventory management in response to the volatile raw material costs inherent in the electrical equipment industry.
Quick answers to the most common questions about buying PLPC stock.
Preformed Line Products Company (PLPC) generated $73.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Preformed Line Products Company (PLPC) generated $33.3M 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.
Preformed Line Products Company (PLPC) spent $40.1M 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, Preformed Line Products Company (PLPC) returned $4.1M to shareholders via cash dividends and spent $9.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.