Cash generation remains inconsistent, with free cash flow swinging from a positive 33.3% margin in 2026Q1 to a negative 11.4% margin in 2026Q2 due to working capital outflows.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | 6.13M | -71K | -1.74M | -1.36M | 298K | 3.89M | 449K | 5.73M | 1.29M | 11.99M | 12.28M | -1.79M | 11.4M | 7.36M | 9.77M | 10.22M | 9.88M | 15.08M | 9.73M | -4.37M | -1.88M | -4.69M | 2.84M | 738K | 2.59M | 9.06M | 12.39M | 6.7M | 7.8M | 9.1M | 3.8M |
| Operating CF Margin % | - | -0.08% | -2.18% | -2.06% | 0.36% | 3.91% | 0.4% | 5.09% | 1.16% | 9.88% | 10.31% | -1.63% | 9.53% | 6.35% | 7.81% | 9.52% | 11.86% | 16.06% | 9.6% | -5.01% | -2.16% | -5.79% | 3.25% | 0.92% | 3.23% | 8.58% | 11.68% | 5.8% | 6.33% | 8.36% | 4.45% |
| Operating CF Growth % | 22.03% | 95.91% | -27.37% | -557.38% | -92.34% | 766.82% | -92.16% | 342.39% | -89.2% | -2.33% | 787.24% | -115.68% | 54.83% | -24.63% | -4.43% | 3.46% | -34.51% | 54.94% | 322.87% | -132.96% | 60.04% | -264.98% | 285.37% | -71.49% | -71.43% | -26.88% | 84.96% | -14.1% | -14.29% | 139.47% | 850% |
| Net Income | 7.42M | -933K | -8.63M | -8.69M | -9.64M | -743K | 9.19M | -7.51M | -7.17M | -14.21M | -11.34M | -3.58M | 5.6M | 9.76M | 6.55M | 7.45M | 5.36M | 7.85M | 5.83M | 6.73M | 960K | -196K | -5.95M | -5.35M | -12.99M | 2.97M | 2.42M | 3.8M | 9.3M | 7.1M | 5.6M |
| Depreciation & Amortization | 4.78M | 5.02M | 4.78M | 6.4M | 6.35M | 7.66M | 7.38M | 7.53M | 8.46M | 9.99M | 10.77M | 8.29M | 6.9M | 5.72M | 6.67M | 4.39M | 1.9M | 1.82M | 1.48M | 1.45M | 2.67M | 3.16M | 3.5M | 4.18M | 4.71M | 4.37M | 4.59M | 4.6M | 4.1M | 3.7M | 3.6M |
| Stock-Based Compensation | 47K | 0 | 202K | 375K | 428K | 469K | 390K | 515K | 608K | 404K | -502K | 963K | 1.57M | 281K | 900K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -117K | 9K | 12K | 5K | -48K | -1.29M | -422K | -565K | -823K | 228K | 850K | -1.09M | -762K | 1.17M | -427K | -108K | 436K | 580K | 1.18M | 1.21M | 34K | 575K | -575K | 0 | 15K | 1.29M | 176K | 300K | -200K | -500K | -1.2M |
| Other Non-Cash Items | 3.9M | 3.48M | 4.17M | 1.55M | -2.79M | -573K | -5.34M | -6.55M | 1.22M | 1.59M | -69K | 2.28M | 577K | -2.24M | 1.57M | 479K | 694K | -1.58M | 812K | 88K | 428K | -6.13M | 2.51M | 1.34M | 5.15M | 160K | 0 | -100K | 0 | 400K | 100K |
| Working Capital Changes | -9.72M | -7.65M | -2.28M | 1.7M | 6M | -1.09M | -10.54M | 4.82M | 16K | 9.44M | 7.87M | -7.16M | -1.31M | -6.45M | -5.5M | -2.45M | 1.52M | 6.52M | 769K | -12.49M | -1.61M | -2.11M | 3.35M | 559K | 5.7M | 273K | 5.21M | -2M | -5.4M | -1.6M | -4.3M |
| Change in Receivables | -5.82M | 1.35M | -2.22M | -3.3M | 2.63M | 3.24M | 251K | 4.51M | -2.16M | -294K | 10.89M | -3.3M | -1.1M | -4.75M | 1.06M | -2.29M | -218K | 2.18M | 0 | -3.51M | -895K | 59K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -4.52M | -1.38M | -2.97M | 1.87M | 443K | 2.04M | -4.65M | 1.02M | 1.48M | 8.09M | -314K | -3.55M | -481K | 980K | -6.05M | -1.62M | 1.09M | 5.73M | 5.12M | -9.2M | -261K | -901K | 1.34M | 1.52M | 4.05M | 2.08M | 4.06M | 3.7M | -7.8M | -2.1M | -4.5M |
| Change in Payables | -4.2M | -6.05M | 1.46M | 2.58M | 808K | -4.44M | -7.06M | 2.05M | 2.71M | -2.31M | 424K | 1.91M | 1.3M | -2.48M | -403K | 215K | 321K | -746K | 0 | -148K | 1.13M | -66K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 701K | 13.87M | -1.99M | -2.43M | -3.19M | -878K | -1.2M | -767K | 688K | -2.27M | -2.07M | -24.38M | -8.89M | 1M | -28.4M | -22.71M | -9.73M | -5.25M | -2.01M | 2.54M | 7.24M | 8.43M | -1.76M | -1.85M | -4.75M | -3.6M | -7.23M | -6.7M | -12.7M | -8.1M | -3.1M |
| Capital Expenditures | -435K | -484K | -1.99M | -2.45M | -3.2M | -4.98M | -9.03M | -9.45M | -2.83M | -2.34M | -2.35M | -8.81M | -9.84M | -3.42M | -3.52M | -3.29M | -6.75M | -5.26M | -2.01M | -874K | -1.29M | -2.21M | -2.75M | -2.15M | -5.04M | -4.08M | -4.63M | -4.9M | -11.3M | -6.6M | -3.4M |
| CapEx % of Revenue | 0.46% | 0.57% | 2.5% | 3.71% | 3.81% | 5% | 7.95% | 8.4% | 2.55% | 1.93% | 1.97% | 8.06% | 8.22% | 2.95% | 2.81% | 3.07% | 8.1% | 5.6% | 1.98% | 1% | 1.48% | 2.73% | 3.15% | 2.69% | 6.3% | 3.86% | 4.37% | 4.24% | 9.17% | 6.07% | 3.98% |
| Acquisitions | 20K | 0 | 0 | 0 | 7K | 0 | 0 | 317K | 3.52M | 70K | 275K | -16.99M | 0 | -4.39M | -24.89M | -22.57M | 0 | 0 | 0 | 0 | -434K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.12M | 14.36M | 0 | 20K | 7K | 4.1M | 7.83M | 8.36M | 3.52M | 70K | 0 | 1.42M | 950K | 8.81M | 10K | -2.71M | 55K | 5K | 1K | 3.41M | 8.96M | 10.65M | 995K | 295K | 296K | 482K | -2.6M | -1.8M | -1.4M | -1.5M | 300K |
| Cash from Financing | -6.36M | -13.44M | 6.33M | 2.88M | 3.73M | -3.11M | 822K | -5.87M | -2.1M | -8.8M | -10.42M | 22.55M | -2.42M | -11.03M | 19.37M | 283K | -1.33M | -637K | -2.71M | 2.05M | -1.51M | -8.44M | -31K | -1.94M | -4.05M | 3.17M | -2.5M | -2.1M | 5.4M | -100K | -100K |
| Debt Issued (Net) | -6.36M | -13.79M | 6.79M | 2.88M | 3.73M | -3.07M | 822K | -5.76M | -2.02M | -9.09M | -10.42M | 24.36M | -1.34M | -9.96M | 18.15M | 1.07M | -109K | -108K | -2.71M | 2.05M | 407K | -10.35M | -118K | -2.05M | -4M | 3.15M | -1.02M | -3.5M | 4.9M | -100K | -100K |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -692K | 0 | 0 | 0 | 0 | 5K | 87K | 106K | -42K | 13K | -449K | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.09M | -1.08M | -1.07M | -1.06M | -789K | -529K | -529K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.03M | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -692K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -143K | 0 | -449K | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 356K | -461K | -2M | 0 | -45K | 0 | -45K | -85K | 286K | 0 | -724K | 4K | 0 | 2.27M | 0 | 0 | -529K | 0 | 0 | -1.91M | 1.91M | -87K | -106K | 0 | 0 | 0 | -1M | 1.5M | 0 | 0 |
| Net Change in Cash | -537K | 330K | 1.69M | -806K | 828K | -81K | 86K | -911K | -147K | 928K | -196K | -3.93M | 88K | -2.67M | 745K | -12.24M | -1.2M | 9.44M | 4.93M | 766K | 3.86M | -4.69M | 1.05M | -3.06M | -6.2M | 9.1M | 2.67M | -2M | 500K | 900K | 600K |
| Free Cash Flow | 5.7M | -555K | -4.64M | -3.82M | -2.9M | -1.09M | -8.58M | -3.72M | -1.54M | 9.66M | 9.93M | -10.6M | 1.56M | 3.94M | 6.25M | 6.93M | 3.13M | 9.83M | 7.72M | -5.24M | -3.16M | -6.9M | 90K | -1.41M | -2.45M | 4.98M | 7.76M | 1.8M | -3.5M | 2.5M | 400K |
| FCF Margin % | 5.98% | -0.65% | -5.82% | -5.78% | -3.46% | -1.09% | -7.55% | -3.31% | -1.38% | 7.95% | 8.34% | -9.7% | 1.3% | 3.4% | 4.99% | 6.45% | 3.76% | 10.47% | 7.62% | -6.01% | -3.64% | -8.53% | 0.1% | -1.77% | -3.07% | 4.71% | 7.31% | 1.56% | -2.84% | 2.3% | 0.47% |
| FCF Growth % | 675.37% | 88.03% | -21.48% | -31.58% | -166.88% | 87.33% | -130.69% | -142.06% | -115.91% | -2.78% | 193.71% | -779.86% | -60.46% | -36.87% | -9.83% | 121.24% | -68.14% | 27.24% | 247.33% | -65.73% | 54.19% | -7771.11% | 106.38% | 42.5% | -149.29% | -35.83% | 331.06% | 151.43% | -240% | 525% | 108.89% |
| FCF per Share | 0.92 | -0.09 | -0.77 | -0.64 | -0.50 | -0.19 | -1.48 | -0.67 | -0.28 | 1.76 | 1.81 | -1.95 | 0.29 | 0.73 | 1.16 | 1.30 | 0.59 | 1.85 | 1.45 | -0.99 | -0.61 | -1.32 | 0.02 | -0.27 | -0.47 | 0.96 | 1.49 | 0.34 | -0.67 | 0.48 | 0.08 |
| FCF Conversion (FCF/Net Income) | 0.77x | 0.10x | 0.32x | 0.16x | -0.03x | -5.24x | 0.05x | -0.76x | -0.18x | -0.84x | -1.08x | 0.62x | 2.27x | 0.72x | 1.49x | 1.37x | 1.84x | 1.88x | 1.67x | -0.65x | -1.95x | 23.94x | -0.48x | -0.14x | -0.20x | 3.05x | 5.12x | 1.76x | 0.84x | 1.28x | 0.68x |
| Interest Paid | 735K | 1.87M | 1.47M | 986K | 585K | 397K | 692K | 952K | 1.42M | 1.56M | 1.42M | 613K | 205K | 301K | 393K | 125K | 58K | 52K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 16K | 19K | 9K | 19K | 62K | 52K | 123K | 99K | -1.34M | -2.9M | 679K | 3.28M | 4.91M | 3M | 2.72M | 2.07M | 4.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High operating leverage volatility
As reported in recent financial filings, SIFCO's operating cash flow to net income ratio has fluctuated wildly, reaching a negative 1.09 in 2026Q2, which suggests that reported earnings are frequently decoupled from actual cash generation due to significant swings in working capital requirements and operational inefficiencies.
The persistent divergence between net income and operating cash flow indicates that accounting profits are often not supported by cash inflows. Investors should monitor whether this disconnect stems from aggressive revenue recognition or simply the inherent difficulty of managing cash cycles in a high-fixed-cost forging environment.
Based on the provided quarterly data, SIFCO's free cash flow margin has swung from a positive 33.3% in 2026Q1 to a negative 11.4% in 2026Q2, illustrating a lack of consistent cash generation capability that complicates the company's ability to fund internal growth or debt obligations.
The extreme volatility in free cash flow suggests that the company's business model is highly sensitive to production volume and timing of customer payments. This inconsistency makes it difficult to rely on internal cash generation as a primary source of capital for long-term strategic initiatives.
According to the cash flow statements, working capital changes have been a major source of cash flow instability, with a significant outflow of $6.7 million in 2026Q2 alone, highlighting the company's struggle to manage inventory and receivables effectively during periods of shifting production demand.
The erratic nature of working capital movements suggests that SIFCO may be facing challenges in aligning its production cycles with customer delivery schedules. This volatility in cash conversion cycles appears to be a primary driver of the company's inconsistent liquidity position.
As indicated by the financial data, SIFCO's capital expenditure as a percentage of revenue has trended downward to 0.4% in 2026Q2, which may suggest a deferral of necessary equipment upgrades rather than a structural improvement in capital efficiency for this heavy-industrial manufacturer.
While lower capital intensity might appear positive for short-term cash flow, it warrants investigation into whether the company is under-investing in its aging forging infrastructure. Failure to maintain these critical assets could eventually lead to operational bottlenecks and increased maintenance costs in future periods.
Quick answers to the most common questions about buying SIF stock.
SIFCO Industries, Inc. (SIF) generated $-0.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SIFCO Industries, Inc. (SIF) reported negative free cash flow of $0.6M in 2025, indicating capital requirements exceeded cash from operations.
SIFCO Industries, Inc. (SIF) spent $0.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.