Cash flow generation is highly inconsistent, as demonstrated by the OCF/NI ratio swinging to -32.92 in 2026Q3, reflecting significant challenges in managing working capital.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Cash from Operations | 1.65M | 371K | 2.72M | 8.11M | 2.12M | 1.64M | 3.01M | 4.45M | 4.48M | 3.95M | 1.01M | 4.09M | 3.86M | 3.49M | -3.66M | 4.55M | 50K | 1.01M | 1.91M | 7.94M | -850K | 924K | 1.86M | 1.26M | -1.72M | 5.01M | 801K | 0 | 300K | 2.3M | 4.4M |
| Operating CF Margin % | - | 1.02% | 6.42% | 18.75% | 4.82% | 5.05% | 8.74% | 11.36% | 10.57% | 10.26% | 2.94% | 12.05% | 10.64% | 10.99% | -10.7% | 12.81% | 0.14% | 5.06% | 4.73% | 16.98% | -2.92% | 3.6% | 9.69% | 5.91% | -8.76% | 13.87% | 2.97% | - | 1.37% | 10.7% | 18.97% |
| Operating CF Growth % | -1458.79% | -86.35% | -66.5% | 282.01% | 29.61% | -45.6% | -32.4% | -0.56% | 13.31% | 289.84% | -75.21% | 5.96% | 10.54% | 195.41% | -180.42% | 9002% | -95.07% | -46.72% | -76% | 1033.88% | -191.99% | -50.22% | 47.77% | 173.11% | -134.28% | 525.72% | - | -100% | -86.96% | -47.73% | 131.58% |
| Net Income | 348K | -30K | 1.14M | 1.76M | 2.3M | -1.16M | 1.12M | 1.45M | 1.29M | 1.46M | 1.06M | 824K | 201K | -1.1M | -4.38M | -335K | -592K | -1.97M | -956K | 3.31M | 9.06M | 221K | 220K | -81K | -3.55M | 1.16M | 1.03M | 200K | 800K | 1M | 800K |
| Depreciation & Amortization | 2.26M | 2.74M | 4.23M | 5.09M | 3.08M | 3.06M | 3.1M | 2.45M | 2.21M | 1.84M | 1.84M | 2.24M | 2.29M | 2.49M | 2.68M | 2.62M | 2.26M | 2.13M | 2.71M | 2.86M | 1.76M | 1.52M | 1.15M | 1.27M | 1.71M | 1.63M | 1.52M | 1.2M | 900K | 1.4M | 1.6M |
| Stock-Based Compensation | 148K | 448K | 465K | 358K | 475K | 249K | 146K | 56K | 43K | 18K | 101K | 106K | 216K | 42K | 204K | 630K | 151K | 518K | 468K | 5K | 53K | 0 | 14K | 14K | 24K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 33K | 48K | -29K | 199K | 33K | -139K | 63K | -294K | 5K | 104K | -72K | 89K | -176K | -314K | -152K | -235K | 192K | 16K | -119K | -49K | -4K | 38K | -67K | 42K | 20K | -71K | 138K | 0 | 0 | 0 | -100K |
| Other Non-Cash Items | -716K | -962K | -1.25M | -1.3M | 79K | 1.43M | -1.14M | -784K | 305K | 224K | 61K | 38K | 667K | 292K | 546K | -96K | 789K | 663K | 701K | 703K | -8.75M | 48K | -157K | 288K | 2.19M | -54K | -599K | 100K | 0 | 0 | -200K |
| Working Capital Changes | -656K | -1.87M | -1.85M | 2.01M | -3.84M | -1.8M | -278K | 1.58M | 622K | 316K | -1.98M | 793K | 658K | 2.08M | -2.57M | 1.97M | -2.75M | -351K | -904K | 1.11M | -2.96M | -904K | 701K | -278K | -2.11M | 2.34M | -1.29M | -1.5M | -1.4M | -100K | 2.2M |
| Change in Receivables | -4.2M | -209K | -440K | 1.87M | -3.25M | -2.35M | 929K | 630K | 995K | -168K | -924K | 875K | -198K | 2.48M | -4.8M | 6.39M | -7.94M | 1.59M | 1.7M | 967K | -4.51M | -66K | 522K | 522K | 275K | 1.67M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -154K | 898K | -1.05M | 230K | -252K | -98K | 430K | 539K | -1.16M | -300K | -255K | -47K | 1.44M | -167K | 59K | 1.4M | -2.4M | 1.1M | -601K | 168K | -883K | -220K | -360K | -36K | 409K | 838K | -957K | 300K | -200K | -400K | -200K |
| Change in Payables | 3.93M | -1.88M | 798K | -1.1M | 1.53M | 1.38M | -968K | -68K | 488K | 787K | -165K | -151K | -972K | -628K | 2.86M | -7.36M | 7.72M | -2.83M | -997K | -235K | 2.58M | 1.3M | -856K | -856K | -2.4M | -1.1M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 2.23M | 167K | -113K | -6.07M | -444K | -567K | -2.62M | -5.34M | -2.06M | -2.36M | -1.58M | -1.09M | -3.06M | -1.64M | -1.61M | -3.01M | -6.69M | 800K | -5.27M | -2.67M | 2.73M | -941K | -1.58M | 1.02M | 1.11M | -7.15M | -186K | -1.2M | 600K | -3.8M | -3.1M |
| Capital Expenditures | -1.43M | -967K | -542K | -4.5M | -1.47M | -1.11M | -1.02M | -2.84M | -2.31M | -2.29M | -1.66M | -2.69M | -3.09M | -1.84M | -1.6M | -4M | -7.25M | -1.36M | -3.36M | -2.81M | -1.25M | -2.31M | -1.04M | -899K | -919K | -4.45M | -1.33M | -700K | -2.6M | -4M | -1.8M |
| CapEx % of Revenue | 2.46% | 2.65% | 1.28% | 10.4% | 3.33% | 3.43% | 2.95% | 7.25% | 5.45% | 5.93% | 4.81% | 7.94% | 8.52% | 5.79% | 4.69% | 11.25% | 19.62% | 6.77% | 8.33% | 6.02% | 4.31% | 8.97% | 5.43% | 4.23% | 4.68% | 12.32% | 4.93% | 3.3% | 11.87% | 18.6% | 7.76% |
| Acquisitions | -73K | 0 | 0 | 0 | -1.02M | 1.79M | 0 | 946K | 42K | 86K | 215K | 0 | 0 | 0 | 0 | 0 | 225K | 0 | 0 | 0 | -138K | -1.13M | 241K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 1.13M | 260K | 78K | 1.02M | -1.79M | -1.46M | 946K | 42K | 86K | 215K | 438K | 31K | 59K | -11K | 1.74M | -174K | 251K | 106K | 11K | 8.55M | 1K | -1.33M | 1.79M | 2.15M | -2.7M | 1.14M | 100K | -100K | 200K | -1.3M |
| Cash from Financing | -2.98M | -40K | -90K | -1.24M | 911K | -2K | -732K | -590K | -1.01M | -349K | 235K | -1.69M | -581K | -735K | 3.69M | -1.43M | 3.64M | -1.67M | 1.82M | -1.27M | -1.05M | 117K | -464K | -1.75M | 371K | 1.52M | -138K | -600K | 3.8M | -100K | 200K |
| Debt Issued (Net) | -352K | -205K | -596K | -1.31M | 464K | -567K | -497K | -866K | -869K | -172K | 416K | -1.68M | -620K | -735K | 3.69M | -1.6M | 3.64M | -1.67M | 2.17M | -1.05M | -194K | 143K | -515K | -1.68M | 96K | 1.16M | -551K | -600K | 200K | -400K | 100K |
| Equity Issued (Net) | 711K | 165K | 0 | 0 | 0 | 754K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 141K | 784K | 27K | 104K | 0 | 0 | 356K | 413K | -100K | 3.7M | 200K | 100K |
| Dividends Paid | 0 | 0 | 0 | 0 | -10K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -354K | -323K | -1.64M | -53K | -53K | -70K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -12K | 0 | 0 | 0 | -572K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 | 0 | 0 |
| Other Financing | -3.34M | 0 | 506K | 69K | 457K | -189K | -235K | 276K | -138K | -177K | -181K | -6K | 39K | 0 | 0 | 166K | 0 | 3K | 0 | -42K | -28K | 0 | 0 | 0 | 279K | 0 | 0 | 100K | -100K | 100K | 0 |
| Net Change in Cash | 2.11M | 1.08M | 2.52M | 662K | 1.8M | 1.77M | -759K | -1.67M | 1.77M | 965K | 96K | 773K | 145K | 1.22M | -1.54M | -133K | -2.79M | -563K | -535K | 4.58M | 1.11M | 82K | -138K | 488K | -21K | -807K | 363K | -1.7M | 2.4M | -1.2M | 1.4M |
| Free Cash Flow | 221K | -596K | 2.17M | 3.61M | 655K | 526K | 1.99M | 1.61M | 2.17M | 1.67M | -643K | 1.4M | 770K | 1.65M | -5.26M | 555K | -7.2M | -343K | -1.45M | 5.13M | -2.1M | -1.38M | 816K | 357K | -2.64M | 561K | -526K | -700K | -2.3M | -1.7M | 2.6M |
| FCF Margin % | 0.38% | -1.63% | 5.14% | 8.35% | 1.49% | 1.62% | 5.79% | 4.12% | 5.12% | 4.33% | -1.87% | 4.11% | 2.12% | 5.21% | -15.38% | 1.56% | -19.48% | -1.71% | -3.6% | 10.96% | -7.23% | -5.38% | 4.26% | 1.68% | -13.44% | 1.55% | -1.95% | -3.3% | -10.5% | -7.91% | 11.21% |
| FCF Growth % | -34.23% | -127.4% | -39.78% | 451.45% | 24.52% | -73.62% | 23.62% | -25.67% | 30.1% | 359.41% | -146.06% | 81.3% | -53.45% | 131.43% | -1048.29% | 107.71% | -1997.67% | 76.38% | -128.33% | 343.52% | -52.32% | -269.36% | 128.57% | 113.54% | -570.05% | 206.65% | 24.86% | 69.57% | -35.29% | -165.38% | 420% |
| FCF per Share | 0.02 | -0.07 | 0.25 | 0.43 | 0.08 | 0.07 | 0.27 | 0.21 | 0.29 | 0.23 | -0.09 | 0.20 | 0.11 | 0.25 | -0.79 | 0.08 | -1.11 | -0.05 | -0.23 | 0.79 | -0.34 | -0.23 | 0.14 | 0.06 | -0.45 | 0.09 | -0.09 | -0.13 | -0.46 | -0.43 | 0.67 |
| FCF Conversion (FCF/Net Income) | 0.64x | -9.05x | 2.59x | 5.25x | 0.89x | -2.77x | 3.43x | 2.88x | 3.78x | 3.00x | 1.30x | 7.85x | 67.72x | -3.43x | 1.18x | -6.61x | -0.13x | -0.52x | -1.99x | 2.40x | -0.09x | 4.18x | 8.44x | -15.51x | 0.48x | 4.31x | 0.77x | - | 0.38x | 2.30x | 5.50x |
| Interest Paid | 18K | 46K | 75K | 104K | 121K | 122K | 229K | 284K | 181K | 185K | 204K | 247K | 262K | 272K | 181K | 13K | 180K | 160K | 248K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -474K | 438K | 425K | 558K | 403K | 207K | 126K | 106K | 245K | 170K | 241K | 31K | 47K | 70K | 75K | 399K | 23K | 52K | 745K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical demand and margin volatility
As reported in recent quarterly filings, the relationship between net income and operating cash flow for Trio-Tech is characterized by extreme volatility, with the OCF/NI ratio swinging from -32.92 in 2026Q3 to 12.12 in 2026Q1, indicating significant disconnects between accounting profits and actual cash generation.
The frequent divergence between net income and operating cash flow suggests that non-cash items and working capital fluctuations are heavily distorting the company's reported profitability. Investors should monitor these swings closely, as they imply that the firm's earnings quality is currently insufficient to provide a reliable baseline for valuation.
Based on the provided financial data, Trio-Tech's free cash flow trajectory is highly inconsistent, oscillating between a peak margin of 22.4% in 2025Q2 and a low of -19.7% in 2025Q1, reflecting the underlying cyclicality of its semiconductor testing and distribution business model.
The inability to maintain a positive free cash flow trend suggests that the company's core operations are highly sensitive to external demand shocks. This erratic performance makes it difficult to forecast long-term cash generation, potentially limiting the company's ability to fund internal growth initiatives without relying on its existing cash reserves.
According to historical cash flow statements, Trio-Tech maintains a relatively low capital intensity, with CapEx/Revenue ratios generally hovering between 0.3% and 5.2%, suggesting that the company is primarily focused on maintenance rather than aggressive capacity expansion in its specialized testing and manufacturing facilities.
The modest capital expenditure levels appear consistent with a business model that relies on legacy infrastructure rather than rapid technological scaling. While this preserves cash, it may also indicate a lack of investment in the next generation of testing capabilities required to compete effectively in the evolving semiconductor landscape.
As evidenced by quarterly cash flow data, working capital changes have been a primary driver of cash flow volatility, with swings as large as $2.5 million in 2025Q1, highlighting the company's struggle to manage inventory and receivables efficiently across its diverse regional operations.
These significant fluctuations in working capital suggest that the company's cash conversion cycle is highly susceptible to regional supply chain disruptions and customer payment delays. Such instability in cash flow management warrants further investigation into the company's credit terms and inventory turnover practices in its Asian markets.
Quick answers to the most common questions about buying TRT stock.
Trio-Tech International (TRT) generated $0.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Trio-Tech International (TRT) reported negative free cash flow of $0.6M in 2025, indicating capital requirements exceeded cash from operations.
Trio-Tech International (TRT) spent $1.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.