Operating cash flow remains robust with an OCF/NI ratio of 1.26, though free cash flow generation remains inconsistent due to lumpy capital expenditures that reached 3.3% of revenue in 2026Q2.
| Metric | TTM | Aug'25 | Aug'24 | Aug'23 | Aug'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Aug'14 | Aug'13 | Aug'12 | Aug'11 | Aug'10 | Aug'09 | Aug'08 | Aug'07 | Aug'06 | Aug'05 | Aug'04 | Aug'03 | Aug'02 | Aug'01 | Aug'00 | Aug'99 | Aug'98 | Aug'97 | Aug'96 |
|---|
| Cash from Operations | 268.21M | 261.31M | 207.59M | 257.33M | 121.83M | 127.17M | 259.27M | 170.33M | 119.45M | 122.86M | 139.86M | 110.5M | 137.28M | 130.63M | 89.89M | 75.6M | 83.03M | 55.36M | 43.72M | 31.82M | 24.65M | -6.58M | 13.95M | 2.52M | 4.09M | -2.67M | -13.74M | -8M | -1.6M | 9.1M | -7.9M |
| Operating CF Margin % | - | 4.96% | 4.22% | 5.83% | 3% | 3.51% | 7.79% | 5.28% | 3.77% | 4.1% | 4.81% | 3.94% | 5.45% | 5.68% | 4.38% | 4.41% | 5.95% | 4.42% | 3.9% | 3.58% | 3.36% | -1.06% | 2.29% | 0.38% | 0.63% | -0.55% | -4.51% | -7.35% | -1.65% | 12.23% | -16.36% |
| Operating CF Growth % | 190.45% | 25.88% | -19.33% | 111.22% | -4.2% | -50.95% | 52.21% | 42.59% | -2.77% | -12.16% | 26.57% | -19.5% | 5.08% | 45.33% | 18.9% | -8.95% | 49.99% | 26.63% | 37.4% | 29.08% | 474.32% | -147.19% | 452.85% | -38.27% | 253.26% | 80.58% | -71.7% | -400% | -117.58% | 215.19% | - |
| Net Income | 152.92M | 144.9M | 138.88M | 109.2M | 104.55M | 98.16M | 78.18M | 73.49M | 74.4M | 90.72M | 88.72M | 89.12M | 92.89M | 84.27M | 67.65M | 60.88M | 49.3M | 42.58M | 38.21M | 12.78M | 8.18M | -22.88M | -29.98M | -30.23M | 11.78M | 3.38M | -5.44M | -3.9M | 3M | -24.8M | -11.4M |
| Depreciation & Amortization | 93.78M | 88.16M | 82.61M | 72.7M | 67.87M | 64.98M | 61.23M | 54.96M | 52.64M | 46.29M | 39.79M | 34.45M | 28.48M | 24.44M | 23.74M | 21.15M | 15.26M | 13.9M | 11.37M | 9.45M | 9.62M | 9.49M | 14.44M | 14.96M | 12.48M | 10.41M | 4.83M | 1.6M | 1.4M | 1.4M | 2.3M |
| Stock-Based Compensation | 20.37M | 0 | 17.29M | 16.57M | 16.8M | 18.42M | 13.82M | 15.06M | 10.22M | 9.69M | 9.12M | 5.97M | 6.45M | 6.3M | 5.47M | 4.04M | 3.78M | 3.3M | -593K | 0 | 0 | 930K | 0 | 0 | 212K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -7.89M | -4.4M | -4.62M | 1.6M | -3.3M | -3.85M | -3.4M | -4.4M | 6.96M | -2.85M | 2.88M | 2.97M | 2.36M | 3.05M | 2.13M | 642K | 3.56M | -1.8M | -1.9M | -1.06M | 1.66M | 3.79M | 1.08M | -640K | -12.2M | 0 | 0 | 0 | 100K | 0 | 0 |
| Other Non-Cash Items | 1.25M | 24.21M | 2.09M | 6.42M | 1.34M | 1.03M | 541K | 1.19M | 2.91M | 1.8M | 2.51M | 8.33M | -53K | -444K | -716K | 304K | 772K | 741K | 1.9M | 12.53M | 3.31M | -388K | 3.89M | 10.63M | 3.76M | -963K | -6.92M | 700K | 100K | 20.9M | -27.5M |
| Working Capital Changes | 4.74M | 8.44M | -28.66M | 50.84M | -65.43M | -51.58M | 108.91M | 30.04M | -27.68M | -22.8M | -878K | -31.25M | 7.15M | 13.02M | -8.38M | -10.67M | 10.36M | -76K | -8.45M | -1.88M | 1.87M | 3.4M | 18.66M | 7.8M | -11.94M | -15.5M | -6.2M | -6.4M | -6.2M | 11.6M | 28.7M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.31M | 0 | -3.66M | 2.72M | -3.42M | -6.02M | 1.94M | 5.11M | 5.81M | 4.89M | 0 | -10.66M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -73.45M | -32.05M | -57.27M | -10.17M | -74.71M | -80.2M | 21.76M | -10.25M | -10.08M | -28.04M | -15.73M | -40.79M | -8.97M | -16.37M | -23.81M | -46.04M | -15.35M | -1.95M | -17.91M | -18.55M | -11.71M | -9.36M | 10.85M | 5.43M | -8.27M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 57.44M | 24.99M | 32.49M | 43.42M | 23.06M | 15.53M | 90.19M | 25.32M | -16.49M | 3.34M | 23.2M | 16.42M | 27.8M | 23.08M | 9.77M | 39.03M | 22.99M | 5.29M | 15.49M | 14.73M | 8.48M | 6.95M | 2.92M | 0 | 5.94M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -218.75M | -128.88M | -175.45M | -222.08M | -74.76M | -116.72M | -131.21M | -124.7M | -153.78M | -135.22M | -78.17M | -89.08M | -119.56M | -71.81M | -52.57M | -39.45M | -54.16M | -54.75M | -41.52M | -30.69M | -27.22M | -10.76M | 947K | -29.22M | -49.22M | -42.41M | -45.08M | 2.7M | -58.9M | 600K | -600K |
| Capital Expenditures | -183.67M | -158.13M | -168.54M | -142.51M | -120.66M | -113.17M | -100.32M | -140.06M | -98.21M | -135.59M | -78.14M | -89.19M | -118.1M | -69.93M | -52.7M | -47.03M | -50.21M | -49.35M | -23.57M | -30.91M | -32.63M | -10.76M | -4.05M | -22.22M | -34.39M | -45.42M | -79.1M | -37.2M | -5.1M | -8.1M | -2.6M |
| CapEx % of Revenue | 3.32% | 3% | 3.43% | 3.23% | 2.97% | 3.13% | 3.01% | 4.34% | 3.1% | 4.52% | 2.69% | 3.18% | 4.69% | 3.04% | 2.57% | 2.74% | 3.6% | 3.94% | 2.1% | 3.48% | 4.44% | 1.74% | 0.66% | 3.36% | 5.3% | 9.29% | 25.97% | 34.16% | 5.25% | 10.89% | 5.38% |
| Acquisitions | 2.16M | 2.4M | 1.66M | 361K | 5.15M | 385K | 40K | 74K | -23.34M | 377K | 86K | 368K | 142K | 264K | 138K | 7.59M | 282K | 181K | -8.84M | 60K | 446K | 0 | 5M | 0 | -1.52M | -11.35M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 7.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.09M | -850K | -1.6M | 0 | 0 | -3.8M | 2.1M | -9.11M | 161K | 4.97M | 0 | 0 | -10M | -11M | 3.77M | 21.88M | 2.1M | 1.8M | 8.7M | 2M |
| Cash from Financing | -7.5M | 14.2M | -150.03M | -41.05M | -12.21M | -95.14M | 75.56M | -31.95M | -27.74M | -21.8M | -16.46M | 9.96M | 1.88M | -21.81M | -25.08M | -30.64M | -1.14M | -4.12M | 13.58M | -7.28M | 10.7M | 14.06M | 11.01M | 27.05M | 49.44M | 47.18M | 68.75M | 14.9M | 10.8M | 48.7M | 8.5M |
| Debt Issued (Net) | 43.24M | 59.64M | -10.38M | 348K | 20.61M | -67.41M | 100.81M | -5.4M | -3.59M | 1.8M | 7.46M | 7.59M | 18.19M | -3.67M | 8.66M | 6.03M | 19.98M | 16.19M | 16.32M | -6.11M | -10.75M | -50.71M | 2.23M | -2.8M | 14.8M | 39.55M | 60.4M | 4.7M | 3.8M | 0 | 0 |
| Equity Issued (Net) | -9.76M | -6.71M | -73.49M | -12.86M | -6.26M | -5.54M | -3.65M | -4.6M | -2.91M | -2.49M | -3.25M | -4.63M | -4.66M | -3.34M | -3.06M | -2.57M | -561K | -750K | -1.85M | 3.34M | 21.01M | 47.67M | 5M | 24.55M | 32.61M | 4.21M | 1.88M | -6M | -8M | 0 | 0 |
| Dividends Paid | -40.98M | -38.73M | -66.16M | -28.54M | -26.56M | -21.99M | -21.53M | -21.65M | -21.24M | -21.29M | -21.27M | -21.13M | -21.14M | -18.13M | -18.12M | -17.93M | -14.89M | -19.55M | -9.46M | -4.66M | 0 | 0 | 0 | -1.6M | -724K | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -9.76M | -6.71M | -73.49M | -12.86M | -6.26M | -5.54M | -3.65M | -4.6M | -3.18M | -3.19M | -3.33M | -4.68M | -4.77M | -3.47M | -3.15M | -2.71M | -1.43M | -1.29M | -2.77M | -609K | -3K | 0 | 0 | 0 | -724K | 0 | 0 | -6.6M | -8.6M | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | -196K | -72K | -298K | 0 | 165K | 610K | 28.13M | 9.49M | 3.34M | -12.56M | -16.17M | -5.66M | -16K | 8.57M | 144K | 443K | 17.1M | 3.78M | 115K | 2.75M | 3.42M | 6.46M | 16.2M | 15M | 48.7M | 8.5M |
| Net Change in Cash | 30.97M | 125.34M | -116.1M | 2.13M | 35.02M | -93.96M | 196.96M | 9.25M | -68.97M | -37.09M | 42.45M | 19.97M | 9.24M | 35.37M | 14.43M | 3.47M | 30.38M | -4.45M | 40.61M | 395K | 7.65M | 37.48M | 0 | -7.38M | -1.04M | 1.78M | 9.55M | 9.4M | 10.8M | 48.7M | 0 |
| Free Cash Flow | 84.54M | 103.17M | 39.04M | 114.82M | 1.17M | 13.99M | 158.95M | 30.27M | 21.34M | -12.44M | 62.16M | 21.32M | 19.17M | 60.71M | 37.18M | 28.57M | 32.82M | 6.01M | 20.15M | 905K | -7.98M | -17.34M | 9.9M | -19.7M | -30.3M | -48.09M | -92.84M | -45.2M | -6.7M | 1M | -10.5M |
| FCF Margin % | 1.53% | 1.96% | 0.79% | 2.6% | 0.03% | 0.39% | 4.77% | 0.94% | 0.67% | -0.42% | 2.14% | 0.76% | 0.76% | 2.64% | 1.81% | 1.67% | 2.35% | 0.48% | 1.8% | 0.1% | -1.09% | -2.8% | 1.62% | -2.98% | -4.67% | -9.84% | -30.48% | -41.51% | -6.89% | 1.34% | -21.74% |
| FCF Growth % | 7.79% | 164.25% | -66% | 9722.07% | -91.65% | -91.2% | 425.08% | 41.82% | 271.61% | -120.01% | 191.59% | 11.18% | -68.42% | 63.26% | 30.17% | -12.97% | 446.03% | -70.16% | 2126.19% | 111.34% | 53.97% | -275.13% | 150.26% | 34.98% | 37% | 48.2% | -105.39% | -574.63% | -770% | 109.52% | - |
| FCF per Share | 2.80 | 3.43 | 1.30 | 3.73 | 0.04 | 0.46 | 5.25 | 1.00 | 0.71 | -0.41 | 2.08 | 0.71 | 0.64 | 2.05 | 1.26 | 0.97 | 1.12 | 0.21 | 0.69 | 0.03 | -0.29 | -0.86 | 1.36 | -2.87 | -4.49 | -7.22 | -17.24 | -8.83 | -1.11 | 0.17 | -1.78 |
| FCF Conversion (FCF/Net Income) | 0.55x | 1.80x | 1.51x | 2.39x | 1.18x | 1.32x | 3.36x | 2.35x | 1.63x | 1.37x | 1.60x | 1.26x | 1.50x | 1.58x | 1.36x | 1.24x | 1.68x | 1.31x | 1.15x | 2.46x | 3.01x | 0.29x | -0.47x | -0.08x | 0.35x | -0.79x | 2.52x | 2.05x | -0.53x | -0.37x | 0.69x |
| Interest Paid | 0 | 10.97M | 13.26M | 10.56M | 9.39M | 7.77M | 6.88M | 3.5M | 4.96M | 3.77M | 4.9M | 6.09M | 3.77M | 3.88M | 4.84M | 3.69M | 2.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 83.71M | 90.64M | 77.92M | 67.14M | 58.57M | 50.81M | 48.31M | 52.15M | 44.26M | 51.24M | 44.17M | 44.26M | 35.78M | 29.14M | 22.39M | 19.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regional Currency Volatility Exposure
As reported in recent financial statements, PriceSmart consistently generates operating cash flow in excess of net income, with the OCF/NI ratio reaching 1.26 in 2026Q2, indicating that the company's accounting earnings are supported by a robust underlying cash-generative capacity within its warehouse club operations.
The persistent premium of operating cash flow over net income suggests that non-cash charges, primarily depreciation and amortization, are significant contributors to the company's cash profile. Investors should monitor whether this conversion quality remains stable as the company continues to invest in its logistics-heavy infrastructure.
Based on the provided cash flow data, PriceSmart's free cash flow trajectory remains highly inconsistent, fluctuating from a low of -$308,000 in 2024Q3 to a peak of $53.2 million in 2025Q2, reflecting the lumpy nature of capital expenditures relative to the company's thin operating margins.
The volatility in free cash flow appears tied to the timing of warehouse openings and infrastructure investments rather than operational failure. This pattern suggests that while the core business is cash-generative, the company's ability to return capital is constrained by the periodic intensity of its growth-related capital requirements.
According to recent SEC filings, PriceSmart’s capital expenditure as a percentage of revenue has ranged between 2.2% and 5.4% over the last ten quarters, highlighting a disciplined but necessary investment cycle required to maintain its specialized import-to-shelf logistics infrastructure across fragmented international markets.
The capital intensity appears to be driven by the need to own and maintain warehouse facilities in regions where commercial real estate markets are underdeveloped. This strategy warrants further investigation into whether these assets are being utilized efficiently to drive long-term returns on invested capital.
As indicated by the quarterly cash flow data, working capital changes have been a significant source of volatility for PriceSmart, with swings ranging from a $25.5 million inflow in 2025Q4 to a $25.5 million outflow in 2025Q1, reflecting the complexities of managing inventory across multiple international borders.
These fluctuations suggest that the company's cash position is sensitive to the timing of inventory procurement and the associated import duties. The reliance on imported goods means that supply chain disruptions or shifts in regional trade policies may continue to cause unpredictable movements in the company's working capital.
Based on reported figures, PriceSmart maintains a conservative capital deployment strategy, prioritizing dividend payments—such as the $21.6 million distributed in 2026Q2—over aggressive share repurchases, which suggests a management focus on providing steady returns to shareholders while preserving liquidity for regional operational needs.
The limited use of share buybacks indicates that management may view the current valuation as less attractive than the internal reinvestment opportunities or the need to maintain a fortress-like balance sheet. This approach appears to be a defensive mechanism against the inherent geopolitical and currency risks of its operating regions.
Quick answers to the most common questions about buying PSMT stock.
PriceSmart, Inc. (PSMT) generated $261.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
PriceSmart, Inc. (PSMT) generated $103.2M 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.
PriceSmart, Inc. (PSMT) spent $158.1M 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, PriceSmart, Inc. (PSMT) returned $38.7M to shareholders via cash dividends and spent $6.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.