Cash flow generation remains highly erratic, highlighted by a massive $33.8 million outflow in 2026Q1 driven by volatile working capital cycles.
| Cash from Operations | -34.46M | -65.11M | -21.26M | -88.1M | -3.08M | -53.98M |
| Operating CF Margin % | - | -13.21% | -4.43% | -13.92% | -0.46% | -9.43% |
| Operating CF Growth % | -214.51% | -206.29% | 75.87% | -2756.68% | 94.29% | - |
| Net Income | -20.37M | -25.58M | -124.75M | -2.29M | 2.91M | 45.83M |
| Depreciation & Amortization | 12.39M | 13M | 15.13M | 17.12M | 15.98M | 14.93M |
| Stock-Based Compensation | 4.15M | 5.24M | 6.13M | 2.06M | 2.29M | 1.19M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -24.12M |
| Other Non-Cash Items | 8.51M | 8.55M | -1.02M | -27.55M | 16.64M | -219.71M |
| Working Capital Changes | -39.44M | -66.32M | 83.24M | -77.44M | -40.91M | 127.91M |
| Change in Receivables | 1.87M | -27.35M | 115.33M | 2.25M | 1.92M | -7.71M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 12.99M | 23.07M | -35.11M | 13.75M | 10.44M | 16.55M |
| Cash from Investing | 963K | 1.12M | 15.04M | 22.05M | 4.2M | 136.17M |
| Capital Expenditures | -6.42M | -6.37M | -10.48M | -7.04M | -10.44M | -2.94M |
| CapEx % of Revenue | 1.4% | 1.29% | 2.18% | 1.11% | 1.57% | 0.51% |
| Acquisitions | 4.76M | 4.87M | 31.77M | -6.88M | 12.92M | 137.41M |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 35.98M | 1.72M | 1.7M |
| Cash from Financing | 31.03M | 50.05M | -21.9M | 47.88M | -931K | -294K |
| Debt Issued (Net) | 34.55M | 54.19M | -20.42M | 29.61M | -303K | -294K |
| Equity Issued (Net) | 0 | 0 | 0 | 25.02M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -3.52M | -4.14M | -1.48M | -6.76M | -628K | 0 |
| Net Change in Cash | -2.47M | -13.94M | -28.11M | -18.18M | 182K | 81.9M |
| Free Cash Flow | -40.89M | -71.48M | -31.74M | -95.14M | -13.53M | -56.91M |
| FCF Margin % | -8.91% | -14.5% | -6.61% | -15.03% | -2.04% | -9.94% |
| FCF Growth % | -167.71% | -125.25% | 66.64% | -603.35% | 76.23% | - |
| FCF per Share | -1.18 | -2.06 | -1.04 | -4.26 | -0.51 | -2.15 |
| FCF Conversion (FCF/Net Income) | 2.01x | 2.55x | 0.17x | 34.60x | -0.82x | -1.19x |
| Interest Paid | 0 | 0 | 0 | 0 | 164K | 72K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and project execution
According to the provided cash flow statements, Shimmick’s operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching an extreme 5.40 in 2026Q3, suggesting that reported earnings are currently failing to capture the underlying cash volatility inherent in the firm's project-based business model.
The persistent lack of alignment between net income and operating cash flow indicates that accrual-based accounting may be masking significant timing differences in project billing. Investors should interpret this volatility as a signal that the company's earnings quality is currently low, as cash generation remains highly sensitive to the timing of milestone payments.
As reported in financial statements, Shimmick’s free cash flow trajectory is highly erratic, swinging from a positive $44.4 million in 2025Q4 to a negative $38.7 million in 2026Q1, which underscores the difficulty of maintaining consistent liquidity within the firm's current heavy civil construction project portfolio.
The extreme swings in free cash flow suggest that the company lacks a stable cash-generating engine, leaving it vulnerable to the lumpy nature of government procurement cycles. This inconsistency warrants further investigation into whether the firm can achieve sustainable cash flow positive operations without recurring capital injections.
Based on reported figures, working capital changes have been the primary driver of cash flow fluctuations, with a massive $71.2 million inflow in 2025Q4 followed by a $33.8 million outflow in 2026Q1, indicating that project-level billing and collection cycles are currently dictating the firm's immediate liquidity position.
The significant reliance on working capital movements suggests that Shimmick is highly susceptible to project delays or disputes that impede the conversion of unbilled receivables into cash. This dynamic implies that the company's liquidity is not derived from operational profitability but rather from the timing of large-scale project milestones.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $2.8 million in 2025Q4, consistently acts as a non-cash add-back that masks the true extent of the company's cash burn, as reported in the firm's recent quarterly filings.
By adding back non-cash expenses like stock-based compensation, the reported operating cash flow may present a more favorable picture than the actual cash position suggests. Investors should monitor these adjustments closely, as they may be obscuring the true cost of maintaining the firm's human capital during this difficult turnaround phase.
Quick answers to the most common questions about buying SHIM stock.
Shimmick Corporation Common Stock (SHIM) generated $-65.1M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Shimmick Corporation Common Stock (SHIM) reported negative free cash flow of $71.5M in 2026, indicating capital requirements exceeded cash from operations.
Shimmick Corporation Common Stock (SHIM) spent $6.4M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.