Liquidity remains under extreme pressure, highlighted by a negative free cash flow of $4.3 million in 2025Q3 and a cash balance that has dwindled to just $354,500.
| Metric | TTM | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 |
|---|
| Cash from Operations | -403.17K | -5.64M | -18.98M | -18.37M | -14.22M | -5.76M | 21.3M | -22.2M | -10.3M | 6.71M | 11.11M | -17.87M | -4.98M | 34.12K | -3.7M | -2.48M | 179K |
| Operating CF Margin % | - | -9.33% | -25.81% | -25.75% | -16.92% | -7.24% | 19.41% | -34.64% | -13.67% | 6.99% | 13.68% | -34.67% | -13.33% | 0.24% | -101.58% | -36.82% | 3.62% |
| Operating CF Growth % | 567.93% | 70.3% | -3.29% | -29.2% | -146.74% | -127.06% | 195.93% | -115.53% | -253.39% | -39.57% | 162.19% | -258.88% | -14689.71% | 100.92% | -49.28% | -1484.29% | - |
| Net Income | -32.24M | -30.06M | 14.44M | -36.4M | -19.11M | -19.75M | -9.35M | -4.73M | -11.82M | 365.23K | -3.16M | 373.1K | -2.52M | 374.83K | -811.45K | 478.89K | 420.8K |
| Depreciation & Amortization | 3.16M | 4.29M | 4.77M | 5.46M | 5.47M | 5.04M | 4.13M | 3.44M | 3.33M | 3.19M | 2.18M | 1.27M | 694.6K | 272.86K | 242.43K | 216.03K | 187.07K |
| Stock-Based Compensation | 995.16K | 1.23M | 1.93M | 2.27M | 1.77M | 1.17M | 694.61K | 748.52K | 1.41M | 1.19M | 896.88K | 872.71K | 1.05M | 187.02K | 122.19K | 0 | 0 |
| Deferred Taxes | 1.31M | 485.63K | -806.48K | 78.95K | -646.51K | 2.2M | -270.08K | 319.75K | 7.27M | -2.72M | -1.4M | -512.97K | -1.66M | 190K | -685.58K | 0 | 0 |
| Other Non-Cash Items | 26.78M | 11.36M | -35.49M | 7.78M | -3.33M | 345.84K | 29.3M | 169.04K | 1.42M | 1.85M | 5.08M | -64.14K | 2.48M | -169.06K | 694.87K | 36.54K | 66.38K |
| Working Capital Changes | -382.55K | 7.05M | -3.81M | 2.44M | 1.62M | 5.23M | -3.21M | -22.15M | -11.9M | 2.85M | 7.52M | -19.8M | -5.03M | -821.53K | -3.26M | -3.21M | -495.24K |
| Change in Receivables | 4.88M | 3.34M | -5.84M | -422.33K | 504.02K | -1.82M | 307.21K | 9.21M | 4.11M | -1.01M | -4.39M | -11.3M | -5.58M | -909.49K | 307.37K | -1.66M | 474.6K |
| Change in Inventory | 9.72M | 5.13M | 5.76M | 688.9K | 648.45K | 11.08M | -13.33M | -29.86M | -9.34M | 3.56M | 21.31M | -2.14M | -1.22M | -452.67K | -2.95M | -1.6M | -965.29K |
| Change in Payables | 5.73M | 99.36K | -2.15M | 977.04K | 7.27M | -2.88M | -830.72K | -1.39M | -7.46M | 48.9K | -11.01M | -4.74M | 3.18M | 1.02M | 129.68K | 279.44K | 972 |
| Cash from Investing | -62.84K | 5.88M | 8.37M | -909.43K | 2.47M | -10.29M | -26.57M | -1.44M | -2.24M | -3.88M | -31.19M | -764.11K | -15.8M | -543.48K | -392.96K | -39.12K | -212.22K |
| Capital Expenditures | -534.05K | -1.54M | -1.03M | -2.1M | -1.08M | -1.97M | -778.32K | -1.48M | -3.12M | -2.61M | -1.6M | -434.42K | -7.8M | -384.98K | -397.46K | -39.12K | -228.85K |
| CapEx % of Revenue | 1.41% | 2.55% | 1.4% | 2.94% | 1.28% | 2.48% | 0.71% | 2.31% | 4.14% | 2.72% | 1.97% | 0.84% | 20.88% | 2.72% | 10.91% | 0.58% | 4.63% |
| Acquisitions | 297.31K | 6.46M | 9.4M | 200.6K | -8.5K | -7.47M | -26.35M | -249.2K | 877.62K | -1.44M | -36.69M | -354.52K | -8M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 64.38K | 852.76K | 9.03M | 0 | 3.55M | -841.52K | 567.49K | 45.83K | 877.62K | 53.15K | 7.1M | 24.83K | -57.5K | -158.5K | 4.5K | 0 | 16.64K |
| Cash from Financing | 649.78K | -3.35M | 11.95M | 17.14M | 10.89M | 17.05M | 4.63M | 27.34M | 6.2M | 567.37K | 22.41M | 7.94M | 24.47M | 5.01M | 0 | 10.35M | 33.57K |
| Debt Issued (Net) | 779.55K | -2.54M | 12.32M | 1.25M | 952.86K | 18.07M | -930.81K | 7.76M | 5.74M | -12.63M | 19.21M | 8.17M | 2.02M | 0 | 0 | -2.31M | 698.24K |
| Equity Issued (Net) | -41.24K | -165.81K | 128.78K | 16.78M | 10.22M | 0 | -39.31K | 22.46M | 0 | 13.25M | 4.16M | -437.38K | 0 | 5.01M | 0 | 13.98M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 127.78K | 0 | 0 | 0 | 0 | -110.13K | 0 | 0 | -143.53K | 0 | 0 | -134.2K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -88.52K | -637.84K | -501.71K | -885.32K | -283.48K | -1.02M | 5.6M | -2.87M | 460.33K | -51.59K | -965.61K | 213.68K | 22.45M | 0 | 0 | -1.32M | -664.67K |
| Net Change in Cash | 190.99K | -3.1M | 1.34M | -1.47M | -595.16K | 691.29K | -889.09K | 3.58M | -6.16M | 3.37M | 2.37M | -10.61M | 3.55M | 4.5M | -4.09M | 7.83M | 360 |
| Free Cash Flow | 497.7K | -7.18M | -20.01M | -20.47M | -15.3M | -7.74M | 20.52M | -23.68M | -13.42M | 4.1M | 9.52M | -18.3M | -12.77M | -350.86K | -4.1M | -2.52M | -49.85K |
| FCF Margin % | 1.32% | -11.88% | -27.21% | -28.69% | -18.2% | -9.72% | 18.7% | -36.95% | -17.8% | 4.27% | 11.72% | -35.51% | -34.21% | -2.48% | -112.5% | -37.41% | -1.01% |
| FCF Growth % | 105.04% | 64.11% | 2.27% | -33.79% | -97.79% | -137.7% | 186.64% | -76.51% | -427.07% | -56.89% | 152% | -43.26% | -3541.04% | 91.44% | -62.75% | -4949.39% | - |
| FCF per Share | 0.23 | -3.16 | -9.32 | -10.46 | -8.85 | -4.64 | 13.63 | -21.07 | -15.14 | 5.49 | 14.27 | -31.19 | -29.13 | -1.19 | -14.13 | -8.68 | -0.33 |
| FCF Conversion (FCF/Net Income) | -0.02x | 0.19x | -1.32x | 0.51x | 0.74x | 0.29x | -2.28x | 4.70x | 0.87x | 18.39x | -3.51x | -47.89x | 1.98x | 0.09x | 4.56x | -6.45x | 0.47x |
| Interest Paid | 6.32M | 5.49M | 4.38M | 2.36M | 2.24M | 1.98M | 2.95M | 0 | 1.37M | 2.09M | 1.49M | 555.97K | 0 | 19.17K | 0 | 0 | 0 |
| Taxes Paid | 7.65K | 29.85K | 130 | 276.5K | 366.5K | 272.03K | 69.71K | 0 | 210.68K | 452.93K | 210.11K | 777.82K | 0 | 22K | 0 | 0 | 0 |
Imminent liquidity and solvency
As reported in recent financial statements, the relationship between net income and operating cash flow remains highly erratic, with the company recording a negative operating cash flow of $4.3 million in 2025Q3 despite a net loss of $2.2 million, highlighting significant underlying accrual-based volatility.
The persistent disconnect between net income and operating cash flow suggests that reported earnings are heavily influenced by non-cash charges and working capital swings rather than core operational efficiency. Investors should monitor whether this divergence indicates an inability to convert sales into actual liquidity, which is critical given the company's current cash-constrained state.
Based on historical cash flow data, the company's free cash flow trajectory is consistently negative, with FCF margins reaching a low of -76.4% in 2024Q3, underscoring the structural difficulty in achieving self-sustaining operations within the current agricultural seed business model.
The inability to generate positive free cash flow over the majority of the last ten quarters suggests that the business model is currently capital-consumptive rather than value-generative. This trend warrants further investigation into whether the company can reach a break-even point before its limited cash reserves are fully exhausted.
According to quarterly filings, working capital changes have been a primary driver of cash flow instability, with a significant $3.8 million outflow in 2025Q3 alone, reflecting the high seasonal intensity and inventory management challenges inherent in the company's agricultural product cycle.
The sharp swings in working capital suggest that the company is struggling to balance inventory procurement with the timing of customer collections. This volatility appears to exacerbate the company's liquidity risk, as cash is frequently tied up in seasonal inventory builds that may not translate into timely cash inflows.
As indicated by the provided financial data, capital expenditures have remained minimal, with CapEx/Revenue ratios frequently below 2% in recent periods, suggesting that the company is prioritizing survival over significant investment in new production capacity or infrastructure upgrades.
While low capital intensity may appear to preserve cash, it may also indicate a lack of investment in the proprietary germplasm or processing technology necessary to drive future growth. Analysts should consider whether this under-investment is a strategic choice or a forced response to the company's precarious financial position.
Quick answers to the most common questions about buying SANW stock.
S&W Seed Company (SANW) generated $-5.6M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
S&W Seed Company (SANW) reported negative free cash flow of $7.2M in 2024, indicating capital requirements exceeded cash from operations.
S&W Seed Company (SANW) spent $1.5M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.