Free cash flow remains highly sensitive to seasonal working capital requirements, as evidenced by a $80.6 million swing in working capital during 2026Q4 and a peak FCF margin of 23.6% in the same period.
Seneca Foods Corporation (SENEA) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Cash from Operations | 279.87M | 224.51M | 335.48M | -82.96M | -212.8M | 30.15M | 183.18M | 127.32M | 97.12M | -13.19M | 24.32M | 39.16M | 19.43M | 58.05M | 30.98M | 41.88M | 16.96M | 38.11M | 47.28M | -6.23M | 70.23M | 31.84M | 18.01M | 1.62M | 68.77M | 66.79M | -14.68M | 49.58M | 27M | 21.6M | 89.8M |
| Operating CF Margin % | - | 13.53% | 21.25% | -5.69% | -14.1% | 2.18% | 12.48% | 9.53% | 8.1% | -1.13% | 1.93% | 3.06% | 1.51% | 4.33% | 2.43% | 3.33% | 1.43% | 2.98% | 3.69% | -0.58% | 6.85% | 3.6% | 2.08% | 0.18% | 10.67% | 10.26% | -2.18% | 8.2% | 4.69% | 3.85% | 15.73% |
| Operating CF Growth % | -11.5% | -33.08% | 504.37% | 61.01% | -805.74% | -83.54% | 43.88% | 31.1% | 836.45% | -154.21% | -37.88% | 101.51% | -66.52% | 87.4% | -26.04% | 146.89% | -55.49% | -19.39% | 858.65% | -108.87% | 120.54% | 76.85% | 1010.11% | -97.64% | 2.96% | 554.86% | -129.61% | 83.64% | 25% | -75.95% | 204.3% |
| Net Income | 119.3M | 114.67M | 41.22M | 63.32M | 9.23M | 46.2M | 126.1M | 52.34M | 5.75M | -13.81M | 12.61M | 54.46M | 9.9M | 13.78M | 41.41M | 11.26M | 17.67M | 48.41M | 18.77M | 8.02M | 32.07M | 21.99M | 7.91M | 12.94M | 9.05M | 1.14M | 813K | 4.32M | 6.4M | -5.1M | 7.5M |
| Depreciation & Amortization | 43.55M | 44M | 44.78M | 43.48M | 40.94M | 36.52M | 32.38M | 30.93M | 31.23M | 31.55M | 24.82M | 21.74M | 21.83M | 23.28M | 23.25M | 22.69M | 22.58M | 22.41M | 22.03M | 22.67M | 22.88M | 23.79M | 29.18M | 29.39M | 22.6M | 24.55M | 23.73M | 23.55M | 27.6M | 28.8M | 26.3M |
| Stock-Based Compensation | 322K | 247K | 175K | 246K | 76K | 120K | 0 | 94K | 1.77M | 1.5M | 2.02M | 1.82M | 2.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 7.94M | 8.12M | 2.19M | -5.53M | -3.53M | 7.13M | 16.65M | 15.53M | 909K | -4.92M | 6.52M | -533K | -612K | -3.8M | -2.95M | 1.37M | 1.72M | 4.25M | 4.68M | -74K | -2.45M | -4.34M | -1.55M | 1.11M | 3.52M | 969K | -2.07M | -87K | 0 | -6.2M | -1.9M |
| Other Non-Cash Items | -22.27M | -30.11M | 37.4M | 40.26M | 146.17M | 65.85M | -18.82M | -7.37M | 1.77M | 1.5M | 2.02M | 9.92M | -362K | 176K | 1.22M | 11.26M | 17.67M | 153K | 676K | 445K | 340K | 1.11M | 1.2M | -207K | -2K | 1.01M | 971K | 1.25M | -21.9M | 0 | -8.3M |
| Working Capital Changes | 131.04M | 87.58M | 209.71M | -224.73M | -405.68M | -125.67M | 26.88M | 35.79M | 104.77M | -33.85M | -24.13M | -46.42M | -11.33M | 24.61M | -31.95M | 7.38M | -25.15M | -37.11M | 1.13M | -37.06M | 22.67M | -10.71M | -18.73M | -41.61M | 28.89M | 39.13M | -38.13M | 20.54M | 14.9M | 4.1M | 66.2M |
| Change in Receivables | 8.99M | -11.23M | -16.56M | 17.33M | 22.1M | -26.98M | 24.28M | -33.29M | -5.33M | -672K | 4.71M | 1.29M | 7.13M | 1.28M | -208K | 1.43M | -1.66M | 3.25M | -14.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 86.88M | 72.64M | 234.26M | -224.14M | -398.51M | -103.01M | 68.49M | 90.05M | 142.27M | -35.82M | -30.35M | -52.19M | -21.16M | 28.32M | -20.13M | 22.8M | 1.52M | -53.51M | 2.73M | -15.25M | 24.81M | -12.82M | -24.19M | -41.12M | 40.19M | 47.34M | -26M | -6.96M | 7.2M | -7.2M | 71.6M |
| Change in Payables | 36.3M | 20.18M | 3.25M | -29.21M | -18.37M | 13.51M | -65.94M | -13.51M | -31.07M | -207K | -5.14M | -10.32M | -4.32M | 6.5M | 210K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -110.74M | -106.41M | -34.81M | -47.2M | -64.88M | -45.19M | 2.26M | -43.16M | 67M | -45.01M | -31.71M | -47.63M | -42.12M | -18.45M | -11.02M | -36.38M | -38.58M | -20.61M | -22.59M | -32.34M | -10.74M | -10.69M | -8.18M | -85.91M | -6.16M | -11.66M | -7.55M | -66.73M | 56.2M | -69.2M | 6.6M |
| Capital Expenditures | -50.21M | -44.32M | -37.23M | -36.64M | -70.63M | -53.37M | -71.43M | -65.69M | -37.73M | -32.66M | -32.14M | -9.86M | -26.21M | -19.45M | -16.37M | -27.43M | -19.47M | -20.78M | -23.2M | -32.85M | -21.63M | -11.91M | -14.41M | -23.11M | -6.83M | -13.42M | -15.39M | -19.88M | -9.5M | -69.2M | -11.7M |
| CapEx % of Revenue | 2.84% | 2.67% | 2.36% | 2.51% | 4.68% | 3.85% | 4.87% | 4.92% | 3.15% | 2.81% | 2.55% | 0.77% | 2.04% | 1.45% | 1.28% | 2.18% | 1.64% | 1.62% | 1.81% | 3.04% | 2.11% | 1.35% | 1.67% | 2.59% | 1.06% | 2.06% | 2.28% | 3.29% | 1.65% | 12.35% | 2.05% |
| Acquisitions | 0 | -63.21M | 0 | 0 | 0 | 0 | 73.69M | 22.53M | 104.39M | -14.42M | 427K | -38.8M | -16.24M | 0 | -5.02M | 0 | -20.35M | 0 | 0 | 0 | -21.34M | 0 | 0 | -114.17M | 0 | 0 | 0 | -43.48M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -60.53M | 1.12M | 2.41M | -10.56M | 5.75M | 8.18M | 73.69M | 0 | 104.39M | 2.08M | 427K | 1.03M | 337K | 998K | 10.37M | 1.04M | 1.25M | 168K | 611K | 508K | 32.23M | 1.22M | 6.23M | 51.37M | 677K | 1.76M | 7.84M | -3.38M | 65.7M | 0 | 18.3M |
| Cash from Financing | -94.28M | -118.56M | -262.12M | 129.76M | 279.02M | -33.9M | -136.3M | -84.94M | -167.74M | 61.31M | 10.78M | 6.47M | 19.45M | -39.86M | -15.28M | -841K | 18.95M | -15.93M | -29.16M | 40.35M | -56.99M | -20.29M | -9.21M | 23.88M | -22.6M | -35.55M | 16.28M | -2.51M | -56.3M | 50.1M | -96.1M |
| Debt Issued (Net) | -79.83M | -102.45M | -248.91M | 162.81M | 320.26M | 7.67M | -125.32M | -55.12M | -159.73M | 66.16M | 15.1M | 13.05M | 53.3M | -51.67M | 14.24M | 1.59M | 18.51M | -16.52M | -29.4M | 39.77M | -57.79M | -20.35M | -10.37M | 23.68M | -22.6M | -35.55M | 16.29M | -2.51M | -105.7M | 50.1M | -96.3M |
| Equity Issued (Net) | -13.67M | -16.09M | -11.59M | -33.03M | -41.21M | -38.79M | -4.36M | -12.67M | -7.96M | -4.56M | -2.81M | -6.25M | -33.51M | -674K | -28.45M | -1.18M | 0 | 0 | -257K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | -23K | 0 | -100K | 0 |
| Share Repurchases | -13.67M | -16.09M | -11.59M | -33.03M | -41.21M | -38.79M | -4.36M | -12.67M | -7.96M | -4.56M | -2.81M | -6.25M | -33.51M | -674K | -29.77M | -1.18M | 0 | 0 | -257K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -763K | 0 | -1.6M | 0 | 0 | -2.76M | -6.6M | -17.13M | -33K | -272K | -1.49M | -305K | -312K | 12.5M | 276K | -1.23M | 469K | 620K | 512K | 599K | 825K | 83K | 1.18M | 221K | 18K | 17K | 18K | 28K | 49.4M | 100K | 200K |
| Net Change in Cash | 74.85M | -471K | 38.54M | -403K | 1.35M | -48.93M | 49.13M | -778K | -3.62M | 3.11M | 3.39M | -2.01M | -3.23M | -265K | 4.68M | 4.66M | -2.66M | 1.57M | -4.47M | 1.77M | 2.51M | 867K | 609K | -60.41M | 40.01M | 19.58M | -5.96M | -19.66M | 26.9M | 2.5M | 300K |
| Free Cash Flow | 229.66M | 180.18M | 298.25M | -119.6M | -283.42M | -23.21M | 111.75M | 61.63M | 59.39M | -45.85M | -7.82M | 29.29M | -6.78M | 38.6M | 14.61M | 14.46M | -2.51M | 17.33M | 24.08M | -39.09M | 48.6M | 19.94M | 3.59M | -21.49M | 61.94M | 53.37M | -30.08M | 29.71M | 17.5M | -47.6M | 78.1M |
| FCF Margin % | 12.99% | 10.86% | 18.89% | -8.2% | -18.78% | -1.68% | 7.61% | 4.61% | 4.95% | -3.94% | -0.62% | 2.29% | -0.53% | 2.88% | 1.14% | 1.15% | -0.21% | 1.35% | 1.88% | -3.62% | 4.74% | 2.26% | 0.42% | -2.41% | 9.61% | 8.2% | -4.46% | 4.91% | 3.04% | -8.49% | 13.68% |
| FCF Growth % | -24.05% | -39.59% | 349.37% | 57.8% | -1120.87% | -120.77% | 81.32% | 3.78% | 229.52% | -486.72% | -126.68% | 532% | -117.57% | 164.3% | 1.02% | 676.21% | -114.48% | -28.04% | 161.61% | -180.42% | 143.77% | 455.22% | 116.71% | -134.69% | 16.06% | 277.43% | -201.25% | 69.77% | 136.76% | -160.95% | 150.71% |
| FCF per Share | 33.58 | 26.10 | 42.89 | -16.19 | -36.01 | -2.64 | 12.20 | 6.60 | 6.15 | -4.66 | -0.79 | 2.94 | -0.63 | 3.57 | 1.30 | 1.23 | -0.22 | 1.74 | 3.15 | -5.11 | 6.57 | 2.91 | 0.53 | -1.92 | 9.42 | 7.96 | -5.06 | 3.71 | 2.86 | -7.93 | 12.85 |
| FCF Conversion (FCF/Net Income) | 1.93x | 1.96x | 8.14x | -1.31x | -23.05x | 0.65x | 1.45x | 2.43x | 16.90x | 1.56x | 1.53x | 0.69x | 1.96x | 4.21x | 0.75x | 3.72x | 0.96x | 0.79x | 2.52x | -0.78x | 2.19x | 1.45x | 2.28x | 0.13x | 7.60x | 58.59x | -18.06x | 11.48x | 5.19x | -4.15x | 11.82x |
| Interest Paid | 13.22M | 19.35M | 34.28M | 33.1M | 11.22M | 4.48M | 5.09M | 10.84M | 15.42M | 0 | 8.35M | 6.82M | 5.12M | 6.59M | 7.3M | 7.57M | 8.39M | 8.99M | 13.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 22.99M | 30.26M | 12.66M | 15.11M | 9.08M | 2.97M | 22.69M | 573K | 173K | 0 | 6.28M | 24.11M | 6M | 10.7M | 20.35M | 5.46M | 14.28M | 18.81M | 613K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying SENEA stock.
Seneca Foods Corporation (SENEA) generated $224.5M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Seneca Foods Corporation (SENEA) generated $180.2M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Seneca Foods Corporation (SENEA) spent $44.3M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Seneca Foods Corporation (SENEA) returned $0.0M to shareholders via cash dividends and spent $16.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Commodity input cost volatility
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Seasonality
As reported in financial statements, Seneca Foods exhibits extreme volatility in the relationship between net income and operating cash flow, with OCF/NI ratios swinging from -20.10 in 2024Q4 to 152.87 in 2025Q4, largely driven by the company's heavy reliance on seasonal inventory build-ups and LIFO accounting adjustments.
The massive divergence between net income and operating cash flow suggests that traditional earnings metrics are poor proxies for the company's actual cash-generating capacity. Investors should monitor these fluctuations as they appear to be a structural byproduct of the harvest cycle rather than a reflection of underlying operational inefficiency.
FCF Volatility Reflects Harvest Cycles
Based on the provided quarterly data, Seneca's free cash flow trajectory is highly erratic, oscillating from a negative $107.2 million in 2024Q3 to a peak of $108.7 million in 2025Q3, illustrating the significant cash flow impact of the company's seasonal agricultural processing and inventory management requirements.
The FCF margin volatility suggests that the company's cash generation is tethered to the timing of the North American harvest, which necessitates large cash outflows for inventory accumulation. This pattern warrants further investigation into whether the company can maintain consistent liquidity during off-peak quarters without relying on external financing.
Inventory Dynamics Drive Cash Flow
According to recent SEC filings, Seneca's working capital changes are the primary driver of cash flow variance, with quarterly swings as large as $80.6 million in 2026Q4, reflecting the company's intensive management of raw agricultural inputs and finished goods inventory throughout the fiscal year.
The substantial working capital swings indicate that Seneca's cash position is highly sensitive to the timing of crop intake and subsequent sales to retail partners. This suggests that the company's liquidity profile is effectively a function of its ability to manage the logistical and financial burden of its massive seasonal inventory footprint.
Capital Intensity Remains Structurally Controlled
Based on reported figures, Seneca maintains a disciplined capital expenditure profile, with CapEx/Revenue ratios consistently ranging between 1.2% and 4.4% over the last ten quarters, suggesting that the company is prioritizing maintenance of its existing vertical integration assets over aggressive, capital-intensive expansion projects.
The relatively low capital intensity appears to support the company's ability to generate free cash flow despite the thin margins inherent in the packaged food industry. This suggests that management is focused on sweating existing assets, particularly its internal can-manufacturing infrastructure, rather than pursuing high-risk capital projects.