Liquidity remains under pressure as the firm reported negative operating cash flow in seven of the last ten quarters, including a $2.3M outflow in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -2.54M | -5.73M | 2M | -11.09M | 13.79M | 4.24M | 3.65M | -5.85M | 1.89M | -9.46M | -19.3M | -13.45M | 3.04M | -293K | -4.92M | 16.99M | 1.73M | 3.29M | 4.66M | -10.5M | 52.81M | 72.59M | -27.41M | 27.27M | 13.6M | 8.47M | 8.13M | -2.07M | 11M | -5.6M | 7.7M |
| Operating CF Margin % | - | -4.78% | 1.43% | -8.14% | 12.53% | 4.35% | 4.43% | -6.66% | 2.15% | -11.49% | -21.03% | -9.25% | 0.86% | -0.09% | -1.44% | 5.06% | 0.65% | 1.24% | 1.13% | -2.41% | 10.61% | 13.89% | -6.44% | 9.86% | 4.97% | 3.33% | 3.75% | -1.02% | 5.2% | -4.94% | 3.43% |
| Operating CF Growth % | -76.53% | -385.98% | 118.07% | -180.4% | 225.46% | 16.17% | 162.33% | -409.36% | 120% | 51% | -43.56% | -541.61% | 1139.25% | 94.04% | -128.95% | 885.04% | -47.63% | -29.36% | 144.39% | -119.89% | -27.25% | 364.82% | -200.5% | 100.54% | 60.56% | 4.17% | 493.23% | -118.8% | 296.43% | -172.73% | -18.09% |
| Net Income | -9.56M | -6.34M | -1.68M | -1.6M | -2.49M | 2.92M | 1.67M | -3.95M | -3.5M | -10.82M | 6.04M | -27.22M | -1.18M | -9.89M | 10.27M | 8.44M | -9.71M | -5.31M | -130.56M | -2.14M | -1.36M | 5.32M | 7.41M | 8.13M | 11.44M | 6.37M | 3.18M | 9.56M | 7.4M | -3.2M | -8.6M |
| Depreciation & Amortization | 2.9M | 2.84M | 3.18M | 3.26M | 3.09M | 2.65M | 2.5M | 2.67M | 2.65M | 3.88M | 6.29M | 9.04M | 10.41M | 12.4M | 12.25M | 14.22M | 14.72M | 15.19M | 25.38M | 29.39M | 28.78M | 25.91M | 19.07M | 12.83M | 11.39M | 9.86M | 9.35M | 7.58M | 6.9M | 3.8M | 5.2M |
| Stock-Based Compensation | 543K | 1.12M | 868K | 813K | 683K | 491K | 426K | 469K | 637K | 730K | 1.37M | 842K | 1.6M | 1.69M | 1.83M | 979K | 1.06M | 1.02M | 967K | 1.36M | 1.03M | 219K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -24K | 105K | 232K | 54K | 329K | 1.01M | -3.07M | -260K | -509K | -667K | -31.23M | 2.23M | 1.05M | -1.29M | 871K | 508K | 604K | -3.89M | -1.51M | -15.37M | -5.08M | -1.09M | 3.69M | 6.01M | 3.68M | 479K | -2.48M | -645K | 1M | 0 | 300K |
| Other Non-Cash Items | 930K | 180K | 1.46M | 706K | 753K | -2.6M | 48K | 293K | -3.18M | -2.52M | 821K | -9.88M | -9.53M | -1.39M | -10.6M | -13.31M | -7.89M | -14.56M | 95.94M | -14.96M | 293K | 1.39M | 2.69M | 846K | -6.15M | 613K | 673K | 133K | 200K | -1.3M | 5.7M |
| Working Capital Changes | 2.69M | -3.64M | -2.06M | -14.32M | 11.43M | -234K | 2.07M | -5.08M | 5.8M | -60K | -2.6M | 11.54M | 704K | -1.82M | -19.53M | 6.17M | 2.93M | 10.84M | 14.45M | -8.78M | 29.14M | 40.84M | -60.26M | -983K | -6.75M | -8.84M | -2.6M | -19.01M | -5.2M | -4.9M | 5.1M |
| Change in Receivables | 2.34M | 692K | -1.83M | -1.1M | 345K | -1.26M | 214K | 2.42M | -612K | -1.42M | 4.07M | 24.7M | -9.09M | -19K | 4.31M | -1.51M | -3.26M | -181K | 14.76M | -6.06M | 35.11M | 8.6M | -60.99M | -7.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 8.84M | 13.27M | 9.13M | -34.69M | -11.8M | -13.98M | 4.23M | -2.62M | -2.86M | -3.2M | -1.81M | 5.43M | 4.28M | -1.71M | -1.19M | -4.3M | 660K | 16.69M | 13.43M | 5.96M | 5.12M | 11.55M | -28.5M | 6.22M | -4.56M | -3.52M | -2.05M | -11.28M | 4.2M | -7M | 15.5M |
| Change in Payables | -6.18M | -8.24M | -8.16M | 8.98M | 5.56M | 5.27M | -2.59M | -4.1M | 2.95M | 3.49M | -4.33M | -13.39M | 2.42M | 705K | -15.19M | 11.75M | 3.14M | -5.99M | -8.65M | -16.77M | 35K | 15.12M | 33.95M | 3.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 1.94M | 2.17M | -1.06M | -2.14M | -3.03M | -2.81M | 427K | 999K | 1.6M | 2.66M | 48.32M | 13.92M | -5.23M | -2.79M | -573K | -1.78M | -741K | 49.8M | -11.26M | -9.39M | -10.57M | -36.24M | -86.14M | -45.82M | -20.2M | -32.94M | -14.95M | -26.41M | -5.8M | 16.8M | 8.2M |
| Capital Expenditures | -987K | -756K | -1.08M | -2.14M | -3.04M | -2.82M | -1.54M | -859K | -2.05M | -1.64M | -1.76M | -1.82M | -5.26M | -5.05M | -7.08M | -6.85M | -2.23M | -5.51M | -13.08M | -10.15M | -10.33M | -36.26M | -55.9M | -22.52M | -19.75M | -27.62M | -23.89M | -14.44M | -5.8M | -1.2M | -3.4M |
| CapEx % of Revenue | 0.85% | 0.63% | 0.77% | 1.57% | 2.76% | 2.9% | 1.87% | 0.98% | 2.33% | 1.99% | 1.92% | 1.26% | 1.48% | 1.63% | 2.07% | 2.04% | 0.84% | 2.07% | 3.18% | 2.33% | 2.07% | 6.94% | 13.14% | 8.14% | 7.22% | 10.85% | 11.03% | 7.15% | 2.74% | 1.06% | 1.51% |
| Acquisitions | 0 | 2.92M | 0 | 0 | 10K | 10K | 1.97M | 0 | 1.38M | 2.8M | 51.58M | 15.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -29.65M | 0 | 0 | 0 | 0 | -11.64M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.93M | 0 | 24K | 0 | 0 | 0 | 0 | 1.86M | 3.65M | 4.3M | 50.08M | 15.74M | 30K | 2.27M | 4.59M | 5.07M | 1.49M | 33.48M | 1.83M | 766K | -243K | 24K | -593K | -23.3M | -451K | -5.32M | 8.94M | -329K | -400K | 18M | 11.6M |
| Cash from Financing | -973K | 837K | 820K | -614K | -1.38M | -1.28M | 2.74M | -788K | -936K | -331K | -15.09M | -6.12M | -9.49M | 3.09M | 5.98M | -13.63M | 0 | -51.2M | 5.69M | 2.12M | -21.9M | -38.35M | 115.59M | 18.16M | 5.77M | 23.03M | 11.08M | 26.5M | -2.6M | -8.8M | -17.4M |
| Debt Issued (Net) | -758K | 939K | 946K | -509K | -1.33M | -675K | 2.84M | -632K | -829K | -208K | -13.38M | -3.56M | -7M | 5M | 9M | -13.69M | 0 | -50.82M | 8M | 5M | -20M | 0 | 60.8M | 19.2M | -50.5M | 22.5M | 10.6M | 25.82M | -2.6M | -13.4M | -12.1M |
| Equity Issued (Net) | -215K | -102K | -126K | -105K | -49K | -607K | -103K | -156K | -107K | -123K | -191K | -77K | -855K | -693K | -1.41M | -371K | 0 | 0 | 0 | 264K | 296K | 816K | 56.81M | 667K | 56.69M | 530K | 481K | 684K | -100K | -1.2M | -100K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -410K | -1.64M | -1.22M | -1.61M | 0 | 0 | -386K | -2.31M | -2.26M | -2.19M | -2.16M | -2.02M | -1.71M | -424K | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -215K | -102K | -126K | -105K | -49K | -607K | -103K | -156K | -107K | -123K | -191K | -77K | -855K | -693K | -1.41M | -435K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | -1.2M | -100K |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.52M | -2.07M | 3K | 0 | 0 | 435K | 0 | 0 | 0 | -885K | 0 | -37M | 0 | 0 | 0 | 0 | 0 | 0 | 100K | -100K | -5.2M |
| Net Change in Cash | -1.78M | -2.9M | 1.79M | -13.77M | 10.03M | 14K | 6.51M | -5.61M | 2.56M | -7.13M | 13.92M | -5.65M | -11.67M | 10K | 491K | 1.58M | 984K | 1.89M | -905K | -17.78M | 20.34M | -2M | 2.04M | -384K | -829K | -1.44M | 4.27M | -1.98M | -2.6M | -8.8M | -17.4M |
| Free Cash Flow | -3.52M | -6.49M | 921K | -13.23M | 10.75M | 1.41M | 2.11M | -6.71M | -159K | -11.1M | -21.07M | -15.27M | -2.21M | -5.35M | -12M | 10.14M | -508K | -2.21M | -8.42M | -20.66M | 42.48M | 36.32M | -83.31M | 4.75M | -6.15M | -19.15M | -15.75M | -16.51M | 5.2M | -6.8M | 4.3M |
| FCF Margin % | -3.03% | -5.41% | 0.66% | -9.71% | 9.76% | 1.45% | 2.56% | -7.64% | -0.18% | -13.48% | -22.95% | -10.51% | -0.62% | -1.72% | -3.51% | 3.02% | -0.19% | -0.83% | -2.05% | -4.74% | 8.54% | 6.95% | -19.58% | 1.72% | -2.25% | -7.52% | -7.27% | -8.17% | 2.46% | -6% | 1.91% |
| FCF Growth % | -35.97% | -804.34% | 106.96% | -223.03% | 660.4% | -32.86% | 131.38% | -4121.38% | 98.57% | 47.33% | -37.95% | -589.79% | 58.59% | 55.46% | -218.32% | 2096.85% | 77.04% | 73.72% | 59.24% | -148.63% | 16.95% | 143.6% | -1852.42% | 177.35% | 67.91% | -21.57% | 4.58% | -417.52% | 176.47% | -258.14% | 207.14% |
| FCF per Share | -0.16 | -0.29 | 0.04 | -0.60 | 0.49 | 0.06 | 0.10 | -0.32 | -0.01 | -0.55 | -1.06 | -0.78 | -0.11 | -0.28 | -0.62 | 0.53 | -0.03 | -0.12 | -0.46 | -1.13 | 2.35 | 1.98 | -4.69 | 0.32 | -0.45 | -1.91 | -1.58 | -1.67 | 0.53 | -1.66 | 1.04 |
| FCF Conversion (FCF/Net Income) | 0.37x | 0.90x | -1.19x | 6.95x | -5.53x | 1.45x | 2.19x | 1.48x | -0.54x | 0.87x | -3.19x | 0.49x | -2.57x | 0.03x | -1.61x | 2.15x | -0.17x | 1.22x | -0.04x | 4.91x | -38.77x | 13.64x | -3.70x | 3.35x | 1.19x | 1.33x | 2.55x | -0.22x | 1.49x | 1.75x | -0.90x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent operational cash burn
As reported in recent financial filings, Sypris Solutions exhibits a persistent disconnect between net income and operating cash flow, with the company reporting negative operating cash flow in seven of the last ten quarters, underscoring the difficulty in converting accounting profits into actual liquidity for the business.
The frequent divergence between net income and operating cash flow suggests that the company's earnings are heavily influenced by non-cash items or timing differences that do not translate into tangible cash generation. Investors should monitor whether this pattern reflects structural inefficiencies in the cash conversion cycle or simply the volatility inherent in project-based defense contracts.
Based on the provided quarterly data, Sypris Solutions has struggled to maintain positive free cash flow, with margins fluctuating wildly and reaching a low of -18.8% in 2025Q1, indicating that the firm's core operations are currently unable to self-fund their own capital requirements.
The erratic nature of free cash flow suggests that the company is highly sensitive to working capital swings and cyclical demand shifts. This lack of consistent cash generation may force the company to rely on external financing or cash reserves to cover even modest capital expenditures.
According to the company's cash flow statements, working capital changes have been a primary driver of cash flow volatility, with a massive $6.1M outflow in 2025Q1 alone, highlighting the significant impact that inventory and receivable management has on the firm's immediate liquidity position.
The extreme swings in working capital suggest that the company may be struggling to align its production schedules with customer demand, leading to inefficient inventory build-ups or delayed collections. Such volatility complicates cash forecasting and may indicate that the company lacks the operational flexibility to manage its supply chain effectively during downturns.
As indicated by recent SEC filings, Sypris Solutions has maintained a relatively low capital expenditure profile, with CapEx/Revenue ratios consistently below 1.5%, which may suggest a strategy of deferring necessary equipment upgrades to preserve cash in the face of declining top-line performance.
While low capital intensity can be a defensive measure, it may also imply that the company is under-investing in the specialized forging and testing equipment required to maintain its competitive moat. Analysts should investigate whether this level of investment is sufficient to sustain long-term operational reliability or if it risks future asset obsolescence.
Quick answers to the most common questions about buying SYPR stock.
Sypris Solutions, Inc. (SYPR) generated $-5.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sypris Solutions, Inc. (SYPR) reported negative free cash flow of $6.5M in 2025, indicating capital requirements exceeded cash from operations.
Sypris Solutions, Inc. (SYPR) spent $0.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Sypris Solutions, Inc. (SYPR) spent $0.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.