Operational strain is evident as the firm reported a negative $25.9 million operating cash flow in 2025Q3, representing a sharp reversal from the positive $28.2 million generated in 2023Q4.
| Metric | TTM | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 |
|---|
| Cash from Operations | -16.21M | -19.25M | -14.48M | -18.15M | -30.79M | 78.56M | -8.27M | 22.32M | 45.13M | 51.85M | 32.16M | 44.49M | 39.21M | 32.35M | 41.77M | 36.74M | 49.97M | 29.56M | -4.88M | 29.48M | 20.17M | 30.34M | 28.97M | 18.71M |
| Operating CF Margin % | - | -4.36% | -3.09% | -3.64% | -5.52% | 14.46% | -1.37% | 3.45% | 7.12% | 8.72% | 5.72% | 8.76% | 8.51% | 7.21% | 9.71% | 8.85% | 12.3% | 7.56% | -1.23% | 6.6% | 4.86% | 7.69% | 7.85% | 5.48% |
| Operating CF Growth % | -12.28% | -32.99% | 20.25% | 41.04% | -139.19% | 1050.09% | -137.05% | -50.54% | -12.97% | 61.21% | -27.71% | 13.45% | 21.23% | -22.55% | 13.69% | -26.49% | 69.04% | 705.9% | -116.55% | 46.17% | -33.51% | 4.72% | 54.85% | - |
| Net Income | -27.83M | -23.13M | -27.75M | -44.69M | 22.03M | 16.25M | -53.27M | 3.78M | 5.3M | 11.05M | 16.57M | 17.81M | 14.53M | 13.79M | 19.11M | 26.43M | 34.57M | 9.3M | -25.91M | -140K | 229K | 6.59M | 18.14M | 15.88M |
| Depreciation & Amortization | 8.43M | 9.74M | 11.98M | 16.52M | 20.43M | 23.4M | 27.72M | 29.45M | 27.15M | 25.32M | 22.18M | 18.64M | 15.95M | 13.18M | 12.41M | 12.82M | 14.51M | 18.74M | 20.39M | 18.08M | 15.32M | 12.2M | 7.69M | 7.69M |
| Stock-Based Compensation | 556K | 1.04M | 1.19M | 1.96M | 1.67M | 1.17M | 3.25M | 2.02M | 2.13M | 3.19M | 3.77M | 2.77M | 2.83M | 2.71M | 3.11M | 2.67M | 1.32M | 373K | 387K | 0 | 0 | 0 | 0 | 400 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 1.52M | 178K | 513K | -1.5M | -2.24M | 742K | 40K | -966K | 4.29M | 2.2M | 2.98M | -3.12M | -4.51M | 960K | -856K | -1.22M | 3.45M | 2.03M | -1.23M |
| Other Non-Cash Items | -7.85M | 4.36M | 2M | 2.35M | 1.04M | 9.57M | 19.15M | -8.79M | -7.92M | 7.58M | 3.76M | 2.75M | 1.36M | 4.47M | 5.29M | -6.13M | -7.25M | -7.51M | -2.78M | -5.11M | -4.09M | 540K | 670K | 3.59M |
| Working Capital Changes | 10.48M | -11.27M | -1.89M | 5.71M | -75.95M | 26.65M | -5.31M | -4.66M | 19.96M | 6.95M | -14.87M | 2.48M | 5.51M | -6.09M | -369K | -2.03M | 9.95M | 13.17M | 2.07M | 16.06M | 9.24M | 7.56M | 440K | -7.22M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 7.04M | 5.52M | 2.52M | 15.43M | 6.67M | -4.8M | 4.42M | 7.47M | -3.54M | 1.37M | -1.46M | 8.57M | 4.48M | -2.57M | -4.09M | 0 | 0 | 0 | 0 |
| Change in Inventory | 22.32M | -7.81M | 9.98M | 29.96M | -51.95M | 32.59M | -10.24M | -3.18M | -8.06M | -7.22M | -12.45M | -3.14M | -3.06M | -2.27M | -2.85M | -5.1M | -669K | 2.56M | 3.54M | 4.39M | -12.11M | 4.5M | -2.1M | -6.71M |
| Change in Payables | -5.91M | -1.89M | 2.19M | -18.19M | 6.46M | -2.58M | 10.76M | -3.8M | 14.16M | 10.42M | 2.22M | 1.6M | 1.46M | 50K | 1.36M | 4.65M | 2.09M | -2.29M | -4.79M | 2.03M | 0 | 0 | 0 | 0 |
| Cash from Investing | 7.38M | -2.35M | -4.63M | -8.06M | -7.06M | -8.49M | -15.68M | -28.77M | -28.42M | -32.18M | -35.11M | -29.65M | -17.95M | -31.37M | -26.65M | -22.63M | -10.25M | 960K | -14.76M | -19.44M | -24.08M | -30.02M | -15.79M | -8.39M |
| Capital Expenditures | -2.66M | -2.39M | -4.78M | -8.12M | -7.13M | -8.7M | -15.68M | -28.77M | -28.42M | -32.18M | -35.11M | -29.65M | -17.95M | -31.37M | -26.65M | -22.63M | -10.31M | -2.74M | -14.84M | -19.5M | -24.12M | -30.02M | -15.82M | -8.41M |
| CapEx % of Revenue | 0.65% | 0.54% | 1.02% | 1.63% | 1.28% | 1.6% | 2.6% | 4.45% | 4.48% | 5.41% | 6.25% | 5.84% | 3.9% | 7% | 6.19% | 5.45% | 2.54% | 0.7% | 3.74% | 4.37% | 5.81% | 7.61% | 4.28% | 2.46% |
| Acquisitions | 0 | 0 | 0 | 59K | 68K | 209K | 0 | 0 | 0 | 4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 10.04M | 38K | 148K | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 0 | 0 | 0 | 0 | 0 | 1K | 67K | 3.7M | 73K | 61K | 33K | 4K | 25K | 15K |
| Cash from Financing | 8.53M | 21.62M | 17.74M | 6.38M | -37.49M | 131K | -3.87M | -15.76M | -482K | -87K | -51.83M | -4.75M | -6K | -16.3M | -23.21M | 706K | 241K | 103K | 103K | 351K | 968K | 171K | -1K | -35.83M |
| Debt Issued (Net) | -3.4M | 9M | 19M | 15M | 0 | 0 | -362K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -67.38M |
| Equity Issued (Net) | 8M | 0 | 0 | -6.25M | -37.29M | -178K | -3.66M | -15.72M | -604K | 0 | -25.2M | -4.8M | 0 | -16.62M | -23.38M | 0 | 0 | 103K | 171K | 351K | 361K | 259K | 394K | 32.57M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -25.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15.9M | 0 | -600 |
| Share Repurchases | -4K | 0 | 0 | -6.25M | -37.29M | -178K | -3.66M | -15.72M | -604K | 0 | -25.2M | -4.8M | 0 | -16.62M | -23.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -34.05M |
| Other Financing | 3.93M | 12.62M | -1.26M | -2.37M | -202K | 309K | 154K | -39K | 122K | -165K | -566K | 50K | -6K | 322K | 166K | 706K | 241K | 0 | -68K | 0 | 607K | 15.81M | -395K | -1.01M |
| Net Change in Cash | -299K | 15K | -1.37M | -19.83M | -75.33M | 70.2M | -27.81M | -22.21M | 16.22M | 19.59M | -54.79M | 10.09M | 21.25M | -15.33M | -8.1M | 14.81M | 39.97M | 30.63M | -19.54M | 10.39M | -2.94M | 489K | 13.18M | -25.51M |
| Free Cash Flow | -18.87M | -21.64M | -19.25M | -26.27M | -37.91M | 69.86M | -23.95M | -6.45M | 16.7M | 19.67M | -2.95M | 14.84M | 21.26M | 974K | 15.11M | 14.1M | 39.66M | 26.82M | -19.71M | 9.98M | -3.94M | 314K | 13.15M | 10.3M |
| FCF Margin % | -4.61% | -4.9% | -4.11% | -5.27% | -6.79% | 12.85% | -3.97% | -1% | 2.63% | 3.31% | -0.53% | 2.92% | 4.62% | 0.22% | 3.51% | 3.4% | 9.76% | 6.86% | -4.97% | 2.23% | -0.95% | 0.08% | 3.56% | 3.02% |
| FCF Growth % | -35.34% | -12.39% | 26.71% | 30.71% | -154.27% | 391.72% | -271.07% | -138.64% | -15.09% | 766.26% | -119.89% | -30.19% | 2082.65% | -93.56% | 7.16% | -64.44% | 47.86% | 236.06% | -297.57% | 352.93% | -1356.37% | -97.61% | 27.68% | - |
| FCF per Share | -0.84 | -1.66 | -1.50 | -2.07 | -2.59 | 4.70 | -1.70 | -0.41 | 1.03 | 1.22 | -0.17 | 0.83 | 1.20 | 0.05 | 0.75 | 0.69 | 1.96 | 1.36 | -1.01 | 0.51 | -0.20 | 0.02 | 0.67 | 0.70 |
| FCF Conversion (FCF/Net Income) | 0.68x | 0.83x | 0.52x | 0.41x | -1.40x | 4.72x | 0.16x | 5.91x | 8.52x | 4.69x | 1.94x | 2.50x | 2.70x | 2.34x | 2.18x | 1.39x | 1.45x | 3.18x | 0.19x | -210.59x | 88.08x | 4.60x | 1.60x | 1.15x |
| Interest Paid | 0 | 4.79M | 3.29M | 1.41M | 201K | 442K | 377K | 190K | 190K | 159K | 192K | 190K | 190K | 191K | 128K | 91K | 91K | 92K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 335K | 561K | 2.07M | 3.66M | 11.95M | 1.09M | 5.97M | 7.61M | 7.21M | 8.3M | 10.62M | 5.05M | 6.48M | 6.16M | 17.94M | 13.61M | 2.88M | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency crisis
According to the provided quarterly data, TBHC's operating cash flow frequently decouples from net income, evidenced by a 2025Q3 operating cash outflow of $25.9 million against a net loss of $3.7 million, suggesting significant cash-based operational strain that exceeds accounting-based losses.
The persistent gap between net income and operating cash flow suggests that the company is struggling with cash-intensive working capital requirements rather than just non-cash accounting charges. Investors should monitor whether this divergence reflects an inability to convert inventory into cash efficiently, which appears to be a primary driver of the current liquidity depletion.
As reported in financial statements, TBHC's free cash flow trajectory has deteriorated sharply, culminating in a negative 25.9% FCF margin in 2025Q3, a stark reversal from the positive 16.1% margin observed in 2023Q4, indicating a rapid consumption of available capital resources.
The volatility in FCF margins suggests that the company's business model is highly sensitive to seasonal revenue fluctuations, which the current cost structure cannot absorb. This trend warrants further investigation into whether the company can achieve sustainable cash generation without a fundamental restructuring of its fixed-cost base.
Based on reported figures, working capital changes have become a major source of cash volatility, with a $14.9 million outflow in 2025Q3 following a $10.5 million inflow in 2025Q2, highlighting the company's difficulty in managing inventory and payables cycles in a contracting retail environment.
The erratic nature of these working capital swings suggests that the company may be forced to manage liquidity through aggressive inventory purchasing or delayed payments to vendors. This behavior appears to be a reactive measure to declining sales, which may ultimately limit the company's operational flexibility in future periods.
Data from recent filings indicates that TBHC has significantly curtailed capital expenditures, with 2025Q3 spending at $901,000, representing a capital intensity of only 0.9% of revenue, which may suggest a deferral of necessary store maintenance or technology investments to preserve dwindling cash reserves.
While the reduction in capital intensity helps conserve cash in the short term, it may indicate a risk of under-investing in the store fleet or digital infrastructure. Analysts should consider whether this level of spending is sufficient to maintain the brand's competitive positioning or if it represents a managed decline of physical assets.
Quick answers to the most common questions about buying TBHC stock.
The Brand House Collective, Inc. (TBHC) generated $-19.3M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
The Brand House Collective, Inc. (TBHC) reported negative free cash flow of $21.6M in 2024, indicating capital requirements exceeded cash from operations.
The Brand House Collective, Inc. (TBHC) spent $2.4M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.