Free cash flow has turned negative, reaching a -2.0% margin in 2026Q1, as the firm struggles to convert accounting figures into consistent operating cash flow, evidenced by a low 0.11 OCF/NI ratio.
Universal Electronics Inc. (UEIC) cash flow statement — 30-year operating, investing & financing cash flows
| 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 | 12.4M | 23.63M | 14.82M | 25.19M | 10.93M | 40.28M | 73.39M | 85.26M | 12.86M | 13.79M | 49.1M | 26.09M | 63.47M | 30.69M | 43.54M | 14.8M | 35.56M | 23.99M | 30.15M | 19.94M | 17.21M | 14.13M | 3.99M | 19.24M | 16.18M | 19.72M | 11.44M | 17.48M | 9.7M | -200K | 8.6M |
| Operating CF Margin % | - | 6.42% | 3.75% | 5.99% | 2.01% | 6.7% | 11.94% | 11.32% | 1.89% | 1.98% | 7.54% | 4.33% | 11.29% | 5.8% | 9.4% | 3.16% | 10.72% | 7.55% | 10.5% | 7.31% | 7.3% | 7.79% | 2.52% | 15.97% | 15.57% | 16.57% | 9.17% | 16.63% | 10.09% | -0.18% | 8.72% |
| Operating CF Growth % | -291.91% | 59.4% | -41.16% | 130.55% | -72.88% | -45.11% | -13.92% | 563.22% | -6.77% | -71.92% | 88.17% | -58.89% | 106.79% | -29.51% | 194.21% | -58.39% | 48.27% | -20.45% | 51.24% | 15.83% | 21.82% | 254.03% | -79.26% | 18.94% | -17.95% | 72.37% | -34.54% | 80.16% | 4950% | -102.33% | 11.69% |
| Net Income | -7.12M | -18.6M | -24.03M | -98.24M | 407K | 5.3M | 38.57M | 3.63M | 11.92M | -10.32M | 20.38M | 29.17M | 32.53M | 22.96M | 16.55M | 19.95M | 15.08M | 14.68M | 15.81M | 20.23M | 13.52M | 9.7M | 9.11M | 6.27M | 5.94M | 11.29M | 11.6M | 7.74M | 5.6M | -6.5M | -2.3M |
| Depreciation & Amortization | 12.14M | 14.19M | 18.06M | 22.93M | 24.03M | 26.75M | 29.73M | 31.93M | 33.6M | 31.31M | 26.97M | 20.45M | 18.24M | 18.36M | 17.61M | 17.34M | 8.06M | 6.8M | 6.08M | 4.67M | 4.19M | 3.7M | 3.09M | 3.36M | 3.7M | 4.1M | 3.78M | 3.62M | 2.6M | 2.1M | 1.6M |
| Stock-Based Compensation | 984K | 5.1M | 7.76M | 10.1M | 11.21M | 11.06M | 10.26M | 8.85M | 8.82M | 11.94M | 10.32M | 7.91M | 6.44M | 5.34M | 4.58M | 5.24M | 5.53M | 5.05M | -344K | 3.52M | 3.12M | 406K | 221.84M | 341.28M | 98.03M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 2.32M | 866K | -256K | -1.15M | 1.38M | -1.56M | -478K | -1.78M | 3.97M | 7.6M | 370K | -2.28M | -538K | -743K | 2.45M | -763K | -2.21M | -1.14M | -448K | 219K | -637K | -130K | 349.57K | -849.39K | 698.73K | -193.79K | 2.7M | 4.25M | 2.9M | -3.5M | -2.5M |
| Other Non-Cash Items | 11.04M | 1.88M | 1.41M | 57.11M | 2.71M | 8.61M | -7.6M | 22.56M | -21.89M | 9.72M | 5.22M | 1.93M | 4.57M | 3.34M | 3.71M | 5.46M | 3.22M | 4M | 8.42M | 2.82M | 3.1M | 6.25M | -215.96M | -339.96M | -96.18M | 2.18M | 354.72K | 1.75M | 500K | -100K | 1.4M |
| Working Capital Changes | -6.96M | 20.19M | 11.87M | 34.44M | -28.81M | -9.88M | 2.9M | 20.08M | -23.57M | -36.46M | -14.16M | -31.09M | 2.22M | -18.57M | -1.36M | -32.42M | 5.88M | -5.4M | 634K | -11.53M | -6.08M | -5.79M | -14.44M | 9.15M | 3.98M | 2.35M | -7M | 114.8K | -1.9M | -7.6M | 10.2M |
| Change in Receivables | -2.39M | 41.54M | -12.17M | 5.04M | 12.77M | 2.01M | 14.88M | 17.2M | 5.46M | -22.19M | -3.88M | -29.41M | -7.97M | -4.51M | -9M | 3.14M | 13.46M | -4.21M | -1.48M | -5.03M | -7.12M | -6.97M | -6.06B | -828.91M | 4.13B | 8.37B | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 11.41M | 4.57M | 6.24M | 51.46M | -9.91M | -14.98M | 28.3M | -19.58M | -19.87M | -29.92M | -14.8M | -31.88M | -8.16M | -15.35M | 2.99M | -30.6M | -4.1M | -354K | -12.22M | -9.19M | -280K | -7.13M | -7.31M | -3.34M | 652.98K | 2.15M | -4.99M | 1.34M | 1.8M | 700K | 7.9M |
| Change in Payables | -6.83M | -33.23M | 15.73M | -21.38M | -28.67M | 870K | -33.54M | 14.23M | -7.39M | 10.97M | 10.45M | 33.31M | 19.96M | 2.29M | 8.19M | -4.32M | 784K | -2.1M | 15.56M | 3.98M | 2.55M | 5.42M | 2.21B | 11.01B | -257.01M | -5.51B | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -4.54M | -6.75M | -8.43M | -13.88M | -21.21M | -17.04M | -23.73M | -23.97M | 23.57M | -51.23M | -42.52M | -47.65M | -18.42M | -11.67M | -11.6M | -14.69M | -34.7M | -66.09M | -7.42M | -6.18M | -5.07M | -4.04M | -16.56M | 19.18M | -6.34M | -3.34M | -4.73M | -3.81M | -4.9M | -2.8M | -3.6M |
| Capital Expenditures | -1.04M | -6.87M | -8.43M | -8.12M | -20.59M | -17.04M | -23.23M | -23.97M | -22.66M | -42.33M | -42.56M | -35.38M | -18.42M | -11.67M | -11.6M | -14.69M | -9.82M | -7.34M | -7.42M | -6.18M | -5.07M | -3.14M | -2.66M | -2.47M | -2.12M | -143K | -2.75M | 0 | -5.6M | -2.7M | -3.6M |
| CapEx % of Revenue | 0.32% | 1.86% | 2.13% | 1.93% | 3.79% | 2.83% | 3.78% | 3.18% | 3.33% | 6.08% | 6.53% | 5.87% | 3.28% | 2.21% | 2.51% | 3.14% | 2.96% | 2.31% | 2.58% | 2.27% | 2.15% | 1.73% | 1.68% | 2.05% | 2.04% | 0.12% | 2.21% | - | 5.83% | 2.36% | 3.65% |
| Acquisitions | 0 | 344K | 0 | 0 | -939K | 0 | -500K | 0 | 46.24M | -8.89M | 4.84M | -12.27M | 0 | 0 | 0 | 0 | -74.13M | -9.5M | 0 | 0 | 0 | -900K | -12.75M | 0 | -132K | -3.2M | -1.49M | -3.81M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -4.58M | 0 | 0 | -5.76M | 0 | 0 | 0 | 0 | -5.05M | -1.95M | -4.8M | -2.4M | -1.85M | -1.32M | -1.14M | -14.69M | -1.38M | -1.17M | -7.42M | -6.18M | -5.07M | -4.04M | -1.15M | -847.62K | -1.68M | -3.34B | -486.74K | 0 | 700K | -200K | 0 |
| Cash from Financing | -3.52M | -16.66M | -19.76M | -34.78M | 20.5M | -22.03M | -65.96M | -39.23M | -53.32M | 50.37M | -4M | -35.14M | -8.05M | 10.04M | -17.58M | -26.27M | 23.27M | -4.22M | -25.19M | 1.4M | 5.18M | -3.25M | -4.81M | 2.34M | -4.01M | -2.73M | 531.16K | -1.75M | -4.4M | 3.6M | -5.4M |
| Debt Issued (Net) | -7.03M | -13.57M | -17.81M | -33M | 32M | 36M | -48M | -33.5M | -36.5M | 88.01M | -13K | 50M | 0 | 0 | -16.4M | -18.6M | 31.17M | 0 | 0 | 0 | 0 | 0 | 0 | -41.41K | -62.7K | -50.42K | -60.91K | -4.79M | -2.5M | 4.1M | -2.9M |
| Equity Issued (Net) | -2.31M | -3.09M | -1.96M | -1.78M | -13.04M | -59.66M | -17.68M | -1.93M | -13.82M | -39.09M | -12.65M | -89.39M | -16.17M | -3.61M | -3.45M | -9.79M | -10.14M | -4.47M | -26.69M | -1.92M | 4.91M | -3.25M | -4.81M | 2.38M | -3.94M | -2.68M | 592.08K | 3.04M | -2M | -400K | -2.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -2.31M | -3.09M | -1.96M | -1.78M | -13.04M | -59.66M | -17.68M | -1.93M | -13.82M | -39.09M | -12.65M | -89.39M | -16.17M | -3.61M | -3.45M | -9.79M | -10.14M | -7.75M | -26.69M | -14.52M | -2.59M | -6.11M | -6.7M | -963.17K | -5.27M | -4.43M | 0 | 0 | -3.5M | -700K | -2.6M |
| Other Financing | 5.81M | 0 | 0 | 0 | 1.54M | 1.64M | -286K | -3.8M | -2.99M | 1.44M | 8.21M | 4.25M | 8.12M | 13.64M | 2.27M | 2.12M | 2.25M | 250K | 1.5M | 3.32M | 275K | 0 | 0 | 0 | -10.83K | 0 | 0 | 0 | 100K | -100K | 0 |
| Net Change in Cash | 9.88M | 5.52M | -15.97M | -23.99M | 5.93M | 3.66M | -17.15M | 21.09M | -14.13M | 11.83M | -2.35M | -59.55M | 36.35M | 31.58M | 15.22M | -24.88M | 25.23M | -46.22M | -11.37M | 20.54M | 22.43M | 1.17M | -16.01M | 40.42M | 3.89M | 13.46M | 7.52M | 11.8M | -4.4M | 3.6M | -5.4M |
| Free Cash Flow | 10.66M | 19.75M | 6.39M | 11.31M | -9.66M | 23.24M | 50.16M | 61.29M | -9.81M | -28.55M | 6.54M | -9.29M | 45.05M | 19.02M | 31.94M | 106K | 25.75M | 16.64M | 22.73M | 13.75M | 12.14M | 10.99M | 1.33M | 16.77M | 14.06M | 19.58M | 8.69M | 17.48M | 4.1M | -2.9M | 5M |
| FCF Margin % | 3.23% | 5.36% | 1.62% | 2.69% | -1.78% | 3.86% | 8.16% | 8.13% | -1.44% | -4.1% | 1% | -1.54% | 8.01% | 3.59% | 6.9% | 0.02% | 7.76% | 5.24% | 7.92% | 5.04% | 5.15% | 6.06% | 0.84% | 13.92% | 13.53% | 16.45% | 6.97% | 16.63% | 4.27% | -2.54% | 5.07% |
| FCF Growth % | -60.69% | 208.9% | -43.48% | 217.12% | -141.56% | -53.66% | -18.16% | 724.89% | 65.64% | -536.6% | 170.38% | -120.62% | 136.88% | -40.45% | 30032.08% | -99.59% | 54.69% | -26.78% | 65.28% | 13.26% | 10.48% | 724.41% | -92.05% | 19.35% | -28.2% | 125.31% | -50.28% | 326.24% | 241.38% | -158% | 6.38% |
| FCF per Share | 0.83 | 1.50 | 0.49 | 0.88 | -0.76 | 1.69 | 3.54 | 4.34 | -0.70 | -1.99 | 0.44 | -0.60 | 2.79 | 1.22 | 2.11 | 0.01 | 1.83 | 1.19 | 1.57 | 0.91 | 0.84 | 0.79 | 0.09 | 1.20 | 0.99 | 1.35 | 0.58 | 1.16 | 0.30 | -0.23 | 0.39 |
| FCF Conversion (FCF/Net Income) | -1.50x | -1.27x | -0.62x | -0.26x | 26.85x | 7.60x | 1.90x | 23.49x | 1.08x | -1.34x | 2.41x | 0.89x | 1.95x | 1.34x | 2.63x | 0.74x | 2.36x | 1.63x | 1.91x | 0.99x | 1.27x | 1.46x | 0.44x | 3.07x | 2.72x | 1.75x | 0.99x | 2.26x | 1.73x | 0.03x | -3.74x |
| Interest Paid | 914K | 1.97M | 4.74M | 7.01M | 2.21M | 620K | 1.61M | 4.4M | 4.98M | 2.75M | 1.21M | 255K | 0 | 44K | 304K | 438K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 2.65M | 2.62M | 3.48M | 13.18M | 10.92M | 10.09M | 12.71M | 7.28M | 7.66M | 8.28M | 9.89M | 7.79M | 7.18M | 6.07M | 10.45M | 8.1M | 11.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying UEIC stock.
Universal Electronics Inc. (UEIC) generated $23.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Universal Electronics Inc. (UEIC) generated $19.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Universal Electronics Inc. (UEIC) spent $6.9M 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, Universal Electronics Inc. (UEIC) spent $3.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Accelerating Pay-TV subscriber churn
Metrics are mathematically derived from official filings.
Earnings Quality and Cash Disconnect
As reported in recent financial filings, UEIC exhibits a persistent disconnect between net losses and operating cash flow, with the OCF/NI ratio fluctuating wildly, including a 0.11 reading in 2026Q1, which suggests that accounting earnings are failing to capture the underlying volatility of the company's cash generation.
The frequent divergence between net income and operating cash flow indicates that non-cash charges and working capital swings are masking the true operational performance. Investors should monitor whether this volatility stems from aggressive accrual accounting or simply the lumpy nature of patent-related cash inflows versus ongoing operational cash outflows.
Free Cash Flow Margin Erosion
Based on the provided quarterly data, UEIC's free cash flow trajectory has turned negative, culminating in a -2.0% FCF margin in 2026Q1, which highlights the difficulty of maintaining positive cash generation as the core business model faces structural headwinds and declining revenue volumes.
The shift from positive FCF in mid-2025 to recent negative prints suggests that the company's capital intensity is becoming increasingly difficult to support with current operating cash flows. This trend warrants further investigation into whether the company can stabilize its cash burn without further compromising its long-term R&D capabilities.
Working Capital Volatility Impacts Liquidity
According to historical cash flow statements, UEIC's working capital changes have been highly erratic, swinging from a $12.4 million benefit in 2025Q3 to a $7.0 million drag in 2025Q4, indicating that inventory and receivables management remains a significant source of cash flow instability for the firm.
This erratic working capital behavior suggests that the company may be struggling to align its manufacturing output with actual customer demand, leading to periodic inventory build-ups. Such fluctuations complicate the assessment of core operational health and suggest that cash flow is currently more sensitive to timing differences than to sustainable business growth.
Capital Allocation Amidst Operational Strain
As indicated by recent financial statements, UEIC has largely ceased share repurchases and dividends, with buybacks totaling only $2.3 million in 2025Q4, reflecting a prudent shift toward cash preservation as the company navigates a period of sustained net losses and negative free cash flow.
The cessation of significant capital returns appears to be a defensive measure necessitated by the company's inability to generate consistent excess cash. Investors should monitor whether this capital conservation strategy is sufficient to fund the necessary pivot toward software-centric IoT initiatives without requiring external financing.