Cash flow generation remains erratic, highlighted by a significant $2.7M working capital outflow in 2026Q2 and an OCF/NI ratio of -1.04.
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Cash from Operations | 1.74M | 4.58M | 3.17M | 4.18M | 2.89M | -3.12M | 4.55M | -2.71M | 6.21M | 1.6M | -1.27M | 168K | 4.49M | 5.54M | 2.33M | 122.84K | 2.5M | 1.7M | 1.14M | 1.73M | 2.18M | 171.28K | 1.46M | 1.13M | 1.42M | 505.03K | -360.47K | 900K | 900K | 550K | 212.8K |
| Operating CF Margin % | - | 5.68% | 4.88% | 5.8% | 3.39% | -5.44% | 10.56% | -4.9% | 12.38% | 5.16% | -4.19% | 0.51% | 19.44% | 15.13% | 7.72% | 0.63% | 15.33% | 11.98% | 6.47% | 11.67% | 14.37% | 1.3% | 13.04% | 11.44% | 15.87% | 5.33% | -4.05% | 14.75% | 13.85% | 8.09% | 3.5% |
| Operating CF Growth % | 749.27% | 44.68% | -24.37% | 44.71% | 192.63% | -168.66% | 267.79% | -143.6% | 289.17% | 226.05% | -854.17% | -96.26% | -18.9% | 137.31% | 1800.74% | -95.09% | 46.95% | 48.85% | -33.98% | -20.57% | 1173.89% | -88.3% | 29.58% | -20.19% | 180.22% | 240.1% | -140.05% | 0% | 63.64% | 158.45% | - |
| Net Income | 1.39M | 75K | -6.6M | -3.08M | 1.45M | 6.18M | -81K | 3.52M | 6.03M | 382K | -4.09M | 994K | 1.44M | 3.83M | 2.61M | 773.01K | 1.22M | 655.97K | 1.56M | 1.14M | 1.54M | 444.66K | 1.22M | 710.75K | 379.68K | 874.51K | 1.32M | 800K | 800K | 600K | 561.4K |
| Depreciation & Amortization | 2.46M | 2.46M | 2.54M | 2.43M | 1.69M | 770K | 1.01M | 563K | 513K | 877K | 1.04M | 996K | 592K | 652K | 599.82K | 391.63K | 214.27K | 239.78K | 211.39K | 268.71K | 271.21K | 222.44K | 168.14K | 158.04K | 185.72K | 237.82K | 168.28K | 200K | 400K | 50K | 109.18K |
| Stock-Based Compensation | 992K | 872K | 924K | 898K | 689K | 769K | 556K | 317K | 211K | 214K | 206K | 232K | 390K | 232K | 263.94K | 312.31K | 231K | 153.2K | 499.56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 65K | 37K | 2.7M | -677K | -1.43M | 445K | -790K | -43K | -79K | -290K | -307K | -166K | -60K | 312K | -145.31K | 16.94K | -166.6K | 8.7K | -184.7K | -146.24K | -75.46K | 58K | 7.6K | -40.8K | 12.7K | 124K | -77.3K | 0 | 0 | -30K | -22K |
| Other Non-Cash Items | -55K | 157K | 111K | 99K | 689K | -2.79M | 16K | 21K | 952K | 5K | 2.94M | 102K | -179K | 526K | -63.38K | -204.02K | 321.91K | 222.7K | -39.26K | 370.08K | 471.41K | 122K | 175K | 101.5K | 288.7K | 149.18K | -1M | 0 | -200K | -1.11M | 230K |
| Working Capital Changes | -3.12M | 975K | 3.49M | 4.51M | 492K | -8.49M | 3.83M | -7.09M | -1.41M | 409K | -1.05M | -1.99M | 2.31M | -9K | -932.54K | -1.17M | 681.83K | 422.78K | -902.03K | 105.35K | -25.9K | -675.81K | -111.34K | 199.95K | 548.41K | -880.48K | -805.77K | -100K | -100K | 1.04M | -665.77K |
| Change in Receivables | -518K | -2.8M | -1.85M | 4.43M | 1.5M | -7.88M | 6.78M | -6.64M | -1.36M | 165K | -107K | -400K | 732K | 1.93M | -2.58M | 750.53K | -309.83K | -200.03K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -70K | 0 |
| Change in Inventory | -1.88M | 990K | 4M | 2.32M | -6.15M | -2.59M | 442K | -657K | -1.57M | -87K | 417K | -205K | 517K | -181K | -794.95K | -1.23M | 129.54K | 964.79K | -994.41K | 429.14K | -1.07M | -336.56K | -202.93K | 688.6K | 602.51K | -540.93K | -752.12K | 100K | -200K | -390K | -464.54K |
| Change in Payables | -405K | -690K | 597K | -2.45M | 1.06M | 2.03M | -1.04M | 106K | 306K | 218K | -355K | -354K | 69K | -637K | 907.9K | -302.84K | 312.88K | -104.53K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 40K | 0 |
| Cash from Investing | -424K | -223K | -738K | -2.48M | -27.12M | -227K | -4.14M | -996K | 3.7M | -171K | 26K | -5.32M | -148K | -281K | 3.5M | -1.74M | 801.07K | 169.34K | -2.79M | -2.54M | -2.36M | -333.96K | -649.54K | -44.42K | 1.65M | 65.94K | -494.44K | -1M | -600K | -160K | -64.15K |
| Capital Expenditures | -424K | -235K | -738K | -2.48M | -2.67M | -227K | -235K | -538K | -266K | -171K | -384K | -204K | -148K | -281K | -590.1K | -368.2K | -151.85K | -217.39K | -461.07K | -93.82K | -141.62K | -118.46K | -162.39K | -51.34K | -40.05K | -182.41K | -258.25K | 0 | -100K | -60K | -29.41K |
| CapEx % of Revenue | 0.52% | 0.29% | 1.14% | 3.44% | 3.14% | 0.4% | 0.55% | 0.97% | 0.53% | 0.55% | 1.27% | 0.62% | 0.64% | 0.77% | 1.95% | 1.89% | 0.93% | 1.53% | 2.61% | 0.63% | 0.93% | 0.9% | 1.45% | 0.52% | 0.45% | 1.92% | 2.9% | - | 1.54% | 0.88% | 0.48% |
| Acquisitions | 0 | 0 | 0 | 0 | -24.44M | 0 | -3.9M | -458K | 4.2M | 0 | 22K | -5.13M | 0 | 0 | 0 | -2.8M | 151.85K | 217.39K | 0 | -166.67K | 0 | 0 | -510K | 0 | 0 | -147.08K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 12K | 0 | 0 | 0 | 0 | 0 | 0 | -237K | 831K | 410K | 16K | 0 | 0 | 4.09M | 0 | -151.85K | -217.39K | 0 | 0 | 32.25K | -215.5K | 22.85K | 6.92K | -56.51K | 0 | 0 | -100K | 0 | -100K | 0 |
| Cash from Financing | -1.51M | -116K | -6.49M | -1.34M | 15.7M | 605K | 2.85M | -88K | 383K | -645K | -1.1M | -1.97M | -1.51M | 1.13M | -2.11M | -1.35M | 199.23K | -1.71M | -690.83K | -400.59K | 280.43K | 172.58K | 999.44K | -2.34M | -44.58K | -213.35K | 312.01K | -100K | 0 | 90K | 43.6K |
| Debt Issued (Net) | -1.85M | -361K | -5.96M | -1.42M | 15.59M | 0 | 2.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -20K | -14.45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -44.58K | -44.58K | -220.37K | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 426K | 245K | 0 | 0 | 0 | 605K | 0 | 0 | 0 | 0 | -158K | 0 | -104K | 2.76M | -1.14M | 879.05K | 0 | -1.61M | -342.52K | -402.22K | 280.43K | 172.58K | 999.44K | -2.3M | 0 | 7.02K | 312.01K | -100K | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -388K | -748K | -730K | -707K | -1.14M | -2.38M | -2.3M | -2.35M | -1.39M | -2.53M | -84.11K | -94.78K | -394.34K | -196.38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -3.23M | 0 | 0 | 0 | -158K | 0 | -104K | 0 | -1.14M | -102.7K | 0 | -1.61M | -532.77K | -600.37K | 0 | 0 | 0 | -2.39M | 0 | -2.36K | 0 | -100K | 0 | 90K | 0 |
| Other Financing | -82K | 0 | -520K | 87K | 118K | 0 | 445K | 660K | 1.11M | 60K | 203K | 411K | 897K | 717K | 441.38K | 312.32K | 283.34K | 0 | 46.04K | 198K | 0 | 0 | 0 | 1.72K | 0 | 0 | 0 | 0 | 0 | 90K | 43.6K |
| Net Change in Cash | -192K | 4.24M | -4.06M | 365K | -8.52M | -2.74M | 3.26M | -3.79M | 10.29M | 781K | -2.34M | -7.12M | 2.84M | 6.39M | 3.73M | -2.97M | 3.5M | 165.09K | -2.34M | -1.21M | 105.72K | 9.9K | 1.81M | -1.26M | 3.02M | 357.62K | -542.89K | -100K | 300K | 470K | 192.26K |
| Free Cash Flow | 1.32M | 4.34M | 2.43M | 1.7M | 217K | -3.35M | 4.31M | -3.25M | 5.95M | 1.43M | -1.65M | -36K | 4.35M | 5.26M | 1.74M | -245.36K | 2.35M | 1.49M | 683.13K | 1.64M | 2.04M | 52.82K | 1.3M | 1.08M | 1.38M | 322.62K | -618.72K | 900K | 800K | 490K | 183.39K |
| FCF Margin % | 1.6% | 5.39% | 3.74% | 2.36% | 0.25% | -5.83% | 10.02% | -5.87% | 11.85% | 4.61% | -5.46% | -0.11% | 18.8% | 14.36% | 5.77% | -1.26% | 14.4% | 10.45% | 3.86% | 11.04% | 13.43% | 0.4% | 11.59% | 10.92% | 15.42% | 3.4% | -6.95% | 14.75% | 12.31% | 7.21% | 3.01% |
| FCF Growth % | -70.31% | 78.99% | 42.6% | 684.33% | 106.48% | -177.67% | 232.76% | -154.6% | 317.18% | 186.37% | -4486.11% | -100.83% | -17.38% | 201.46% | 811.13% | -110.44% | 58.23% | 117.49% | -58.33% | -19.66% | 3762.85% | -95.94% | 20.69% | -21.6% | 326.25% | 152.14% | -168.75% | 12.5% | 63.27% | 167.19% | - |
| FCF per Share | 0.12 | 0.40 | 0.23 | 0.17 | 0.02 | -0.33 | 0.45 | -0.33 | 0.62 | 0.16 | -0.19 | -0.00 | 0.50 | 0.62 | 0.23 | -0.03 | 0.36 | 0.23 | 0.09 | 0.22 | 0.27 | 0.01 | 0.18 | 0.15 | 0.16 | 0.04 | -0.08 | 0.13 | 0.11 | 0.08 | 0.03 |
| FCF Conversion (FCF/Net Income) | 0.94x | 61.05x | -0.48x | -1.36x | 2.00x | -0.51x | -56.14x | -0.77x | 0.94x | 4.18x | 0.31x | 0.17x | 3.12x | 1.45x | 0.89x | 0.16x | 2.05x | 2.60x | 0.73x | 1.53x | 1.42x | 0.39x | 1.20x | 1.59x | 3.73x | 0.58x | -0.27x | 1.13x | 1.13x | 0.92x | 0.38x |
| Interest Paid | 889K | 889K | 883K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28.8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 926K | 194K | 64K | 642K | 0 | 949K | 415K | 739K | 1.83M | -349K | 208K | 645K | 442K | 1.84M | -955K | 925K | 928K | 550K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Volatile operating cash flow
As reported in recent financial statements, RFIL's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching a volatile -1.04 in 2026Q2, suggesting that reported accounting profits are not currently translating into reliable cash generation for the business's core operational requirements.
The persistent disconnect between net income and operating cash flow indicates that accruals and non-cash adjustments are heavily influencing the bottom line. Investors should monitor whether this trend reflects timing differences in project-based revenue or a more structural inability to convert sales into liquid assets.
Based on the provided quarterly data, RFIL's free cash flow trajectory remains highly erratic, swinging from a 12.6% margin in 2024Q3 to a -4.6% margin in 2026Q2, which highlights the company's difficulty in maintaining consistent cash flow generation amidst fluctuating project-based infrastructure demand.
The lack of a stable FCF trajectory suggests that the company's cash flow is highly sensitive to the timing of large-scale deployments. This volatility may complicate long-term capital planning and suggests that the business model is currently optimized for project delivery rather than steady-state cash accumulation.
According to the cash flow statements, working capital changes have been a primary driver of liquidity fluctuations, with a significant $2.7M outflow in 2026Q2 following periods of positive contribution, indicating that inventory and receivables management remains a critical, yet unpredictable, component of the company's cash cycle.
The sharp swings in working capital suggest that RFIL is frequently forced to tie up cash in inventory or extend credit to customers to secure project wins. This pattern warrants further investigation into the company's collection efficiency and the potential for inventory obsolescence in a rapidly evolving 5G market.
As indicated by the quarterly filings, stock-based compensation consistently averages over $200,000 per period, effectively acting as a non-cash expense that masks the true cost of human capital and complicates the assessment of the company's underlying cash-generating capability relative to its reported net income figures.
While SBC is a standard accounting practice, its persistence in the face of thin net margins suggests that the company's true economic profitability may be lower than reported. Analysts should adjust for these non-cash charges to better understand the actual cash burn rate of the core manufacturing operations.
Quick answers to the most common questions about buying RFIL stock.
RF Industries, Ltd. (RFIL) generated $4.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
RF Industries, Ltd. (RFIL) generated $4.3M 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.
RF Industries, Ltd. (RFIL) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.