Cash generation is severely constrained, highlighted by a 2026Q1 operating cash flow of -$8.9 million and a working capital-driven cash outflow of $8.6 million during the same period.
Vince Holding Corp. (VNCE) cash flow statement — 15-year operating, investing & financing cash flows
| Metric | TTM | Jan'26 | 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 |
|---|
| Cash from Operations | 19.83M | 2.99M | 22.06M | 1.64M | -19.26M | -221K | -25.07M | 16.82M | 3.58M | -40.39M | -29.66M | 51.63M | 80.27M | -20.7M | -26.03M | -38.25M |
| Operating CF Margin % | - | 1% | 7.52% | 0.56% | -5.39% | -0.07% | -11.4% | 4.48% | 1.28% | -14.82% | -11.06% | 17.07% | 23.58% | -7.18% | -3.68% | -21.83% |
| Operating CF Growth % | 147.53% | -86.46% | 1245.06% | 108.51% | -8615.38% | 99.12% | -249.06% | 370.46% | 108.85% | -36.17% | -157.45% | -35.68% | 487.74% | 20.48% | 31.94% | - |
| Net Income | 7.62M | 6.38M | -19.05M | 25.45M | -38.35M | -12.7M | -65.65M | 30.4M | -2.02M | 58.6M | -162.66M | 5.1M | 35.72M | 23.39M | -107.71M | -41.92M |
| Depreciation & Amortization | 2.59M | 2.91M | 4.32M | 4.94M | 8.33M | 6.5M | 6.9M | 9.6M | 8.14M | 10.1M | 8.68M | 8.35M | 5.27M | 2.79M | 8.39M | 1.7M |
| Stock-Based Compensation | 324K | 426K | 1.59M | 1.54M | 2.1M | 2.08M | 1.27M | 2.03M | 1.33M | 1.14M | 1.34M | 1.26M | 1.9M | 347K | 367K | 0 |
| Deferred Taxes | 5K | 5K | -4.28M | -4.02M | 2.87M | 4.38M | 1.69M | 101K | 176K | -379K | 93.44M | 2.75M | 23.25M | 7.22M | 1.41M | 2.98M |
| Other Non-Cash Items | 9.87M | 9.97M | 31.63M | -24.64M | 6.64M | 4.37M | 27.77M | -35.27M | 2.17M | -76.11M | 57.1M | 19.62M | 4.58M | -38.34M | 71.99M | 81.36M |
| Working Capital Changes | -575K | -16.7M | 7.85M | -1.62M | -851K | -4.84M | 2.95M | 9.95M | -6.22M | -33.73M | -27.57M | 14.55M | 9.55M | -16.11M | -486K | -12.03M |
| Change in Receivables | -4.97M | -4.67M | -11.65M | -42K | 8.79M | -6.02M | 6.56M | -7.61M | -5.63M | -12.03M | -338K | 27.84M | 9.21M | -4.58M | -7.46M | 0 |
| Change in Inventory | 3.44M | -7.04M | -376K | 31.24M | -11.46M | -10.34M | -1.82M | 5.25M | -4.35M | -11.2M | -2.79M | -15.42M | -3.46M | -15.07M | 2.05M | -2.59M |
| Change in Payables | -434K | -5.09M | 19.82M | -23.99M | 2.7M | 6.02M | -6.56M | 7.61M | 5.63M | -9.79M | -24.41M | 1.04M | 3.07M | 3.23M | 0 | 0 |
| Cash from Investing | -1.72M | -4.29M | -4.23M | 75.54M | 1.47M | -5.05M | -3.5M | -4.52M | -3.07M | -3.38M | -14.29M | -17.59M | -19.7M | -16.01M | 17.46M | -69.55M |
| Capital Expenditures | -2.06M | -4.29M | -4.23M | -1.46M | -2.78M | -5.05M | -3.5M | -4.52M | -3.07M | -3.38M | -14.29M | -17.59M | -19.7M | -10.07M | -10.14M | -1.45M |
| CapEx % of Revenue | 0.65% | 1.43% | 1.44% | 0.5% | 0.78% | 1.57% | 1.59% | 1.21% | 1.1% | 1.24% | 5.33% | 5.82% | 5.79% | 3.5% | 1.43% | 0.83% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -17.65M | 0 | 0 | 0 | 0 | 0 | 0 | 21.5M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 339K | 0 | -4.23M | 77M | 4.25M | -5.05M | -3.5M | 17.65M | -3.07M | -3.38M | -14.29M | -17.59M | -19.7M | -5.94M | 6.09M | -68.1M |
| Cash from Financing | -17.89M | 1.18M | -18.38M | -77.08M | 17.81M | 2.51M | 31.79M | -11.99M | -5.82M | 28.16M | 58.7M | -27.92M | -81.94M | 56.31M | 8.62M | 104.45M |
| Debt Issued (Net) | -19.91M | -712K | -17.81M | -73.65M | 18.25M | 4.47M | 32.68M | -11.71M | -4.75M | -300K | -9.8M | -28M | -82M | 170M | 0 | 0 |
| Equity Issued (Net) | 2.02M | 2.03M | 29K | -142K | 825K | 150K | -222K | -321K | 0 | 28.97M | 63.77M | 0 | 0 | 186M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 29K | -142K | 0 | 0 | -222K | -321K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -999 | -135K | -596K | -3.29M | -1.27M | -2.11M | -667K | 35K | 18K | -513K | 4.72M | 81K | 61K | -299.69M | 8.62M | 104.45M |
| Net Change in Cash | 232K | -109K | -553K | -759K | -17K | -2.8M | 3.13M | 285K | -5.32M | -15.61M | 14.75M | 6.12M | -21.37M | 19.6M | 42K | -3.35M |
| Free Cash Flow | 17.77M | -1.3M | 17.83M | 180K | -22.04M | -5.28M | -28.57M | 12.3M | 505K | -43.77M | -43.95M | 34.04M | 60.57M | -30.77M | -36.17M | -39.7M |
| FCF Margin % | 5.65% | -0.43% | 6.07% | 0.06% | -6.17% | -1.64% | -12.99% | 3.28% | 0.18% | -16.06% | -16.39% | 11.25% | 17.79% | -10.68% | -5.11% | -22.66% |
| FCF Growth % | -7.79% | -107.29% | 9803.89% | 100.82% | -317.8% | 81.53% | -332.34% | 2334.85% | 101.15% | 0.41% | -229.12% | -43.8% | 296.81% | 14.92% | 8.9% | - |
| FCF per Share | 1.35 | -0.10 | 1.42 | 0.01 | -1.80 | -0.44 | -2.43 | 1.03 | 0.04 | -5.75 | -8.92 | 8.22 | 14.35 | -9.86 | -12.50 | -13.72 |
| FCF Conversion (FCF/Net Income) | 2.33x | 0.47x | -1.16x | 0.06x | 0.50x | 0.02x | 0.39x | 0.55x | -1.77x | -0.69x | 0.18x | 10.13x | 2.25x | 0.75x | 0.24x | 0.26x |
| Interest Paid | 1.77M | 2.06M | 1.78M | 6.4M | 3.35M | 4.49M | 0 | 0 | 5.48M | 0 | 2.95M | 3.84M | 8.74M | 21.66M | 30.45M | 23.66M |
| Taxes Paid | 2.54M | 1.82M | 25K | 752K | 165K | 74K | 0 | 0 | 378K | 0 | 330K | 1.49M | 88K | 597K | 900K | 1.04M |
Quick answers to the most common questions about buying VNCE stock.
Vince Holding Corp. (VNCE) generated $3.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Vince Holding Corp. (VNCE) reported negative free cash flow of $1.3M in 2025, indicating capital requirements exceeded cash from operations.
Vince Holding Corp. (VNCE) spent $4.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Liquidity and solvency constraints
Metrics are mathematically derived from official filings.
Earnings Quality Lacks Cash Support
According to quarterly financial data, the relationship between net income and operating cash flow is highly erratic, evidenced by a 2026Q1 operating cash flow of -$8.9 million despite a net loss of only $2.1 million, highlighting a persistent disconnect between accounting profits and actual cash generation.
The frequent divergence between net income and operating cash flow suggests that non-cash charges and working capital volatility are masking the underlying cash-burning nature of the business. Investors should monitor this gap, as the inability to convert earnings into cash flow indicates that the company's reported profitability may not be sustainable under current operational constraints.
Free Cash Flow Volatility Persists
As reported in recent filings, the company's free cash flow trajectory remains highly unstable, swinging from a positive $25.4 million in 2024Q4 to a negative $13.4 million in 2025Q1, which underscores the extreme sensitivity of cash reserves to seasonal fashion cycles and restructuring-related outflows.
The erratic nature of free cash flow suggests that the business lacks a reliable mechanism for self-funding its operations. This volatility appears to be a direct consequence of the company's struggle to align its high fixed-cost structure with the unpredictable revenue streams inherent in the contemporary apparel market.
Working Capital Swings Threaten Liquidity
Based on the provided cash flow statements, working capital changes have been a primary driver of cash volatility, with a significant $8.6 million outflow in 2026Q1 alone, suggesting that inventory management and collection cycles are placing immense pressure on the company's extremely limited cash position.
The recurring negative impact of working capital changes on operating cash flow indicates that the company is struggling to optimize its inventory turnover and accounts receivable collections. This inefficiency forces the business to rely on external financing or asset liquidations to cover basic operational requirements, which may further erode shareholder value.
Hidden Cash Flow Structural Risks
Analysis of the cash flow statement reveals that stock-based compensation and other adjustments, while relatively small, fail to offset the broader cash drain, as evidenced by the consistent negative operating cash flow figures reported across most of the last ten quarters of financial performance.
The cash flow statement obscures the severity of the company's liquidity crisis by failing to highlight the impact of the recent licensing transition on long-term cash obligations. The reliance on asset-based lending or potential future royalty payments warrants further investigation, as these items may represent significant off-balance-sheet pressures that are not immediately apparent in the headline cash flow metrics.