Cash flow generation remains sensitive to working capital cycles, as evidenced by the swing from a $9.4M outflow in 2025Q3 to a $10.5M inflow 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 | 50.56M | 37.25M | 37.73M | 98.63M | -29.9M | 6.39M | 39.98M | 9.39M | 13.05M | 33.52M | 46.87M | -5.73M | 17.84M | 29.83M | 17.99M | 17.14M | 98K | 37.9M | 15.74M | 24.15M | 9.61M | 38.68M | 19.92M | 26.28M | 14.32M | 9.99M | 11.65M | 2.7M | 9.6M | 11.4M | 12M |
| Operating CF Margin % | - | 13.49% | 13% | 31.01% | -8.5% | 2.39% | 20.46% | 3.09% | 4.37% | 11.81% | 15.78% | -1.79% | 5.57% | 9.93% | 6.13% | 6.32% | 0.04% | 16.82% | 7.11% | 10.38% | 4.35% | 18.47% | 8.93% | 12.18% | 7.9% | 7.58% | 7.86% | 2.02% | 7.55% | 8.98% | 9.28% |
| Operating CF Growth % | 349.81% | -1.26% | -61.75% | 429.83% | -567.83% | -84.01% | 325.92% | -28.08% | -61.06% | -28.49% | 918.42% | -132.1% | -40.18% | 65.82% | 4.92% | 17392.86% | -99.74% | 140.74% | -34.81% | 151.24% | -75.15% | 94.15% | -24.18% | 83.55% | 43.33% | -14.26% | 331.5% | -71.88% | -15.79% | -5% | 103.39% |
| Net Income | 23.66M | 23.08M | 30.32M | 30.19M | 29.54M | 20.55M | -8.48M | 20.88M | 19.96M | 16.7M | 16.99M | 18.15M | 19.82M | 18.25M | 20.4M | 16.44M | 14.13M | 13.07M | 17.02M | 22.9M | 21.86M | 19.4M | 20.28M | 17.13M | 13.19M | 9.5M | 10.62M | 11.1M | 9.8M | 9.1M | 8.1M |
| Depreciation & Amortization | 2.06M | 2.62M | 2.75M | 2.85M | 2.77M | 2.8M | 3.22M | 3.49M | 4.03M | 4.3M | 4.06M | 4.04M | 4.02M | 4.23M | 3.64M | 2.84M | 2.82M | 3.04M | 2.75M | 2.57M | 2.28M | 2.31M | 2.6M | 2.51M | 2.23M | 1.61M | 1.49M | 1.2M | 600K | 800K | 1M |
| Stock-Based Compensation | 1.25M | 1.68M | 1.45M | 1.35M | 1.52M | 1.57M | 1.38M | 1.45M | 1.51M | 1.62M | 1.56M | 1.56M | 1.47M | 1.28M | 1.2M | 1.22M | 1.13M | 877K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 302K | 327K | 1.06M | 2.46M | 1.3M | 910K | 2.75M | -869K | 643K | 2.19M | -2.65M | 346K | 1.11M | 1.27M | 1.65M | -343K | 503K | -18K | 436K | 79.73K | 517.97K | 457.09K | 1.19M | 978.53K | 1.16M | 295K | 1.11M | 1.3M | 100K | -200K | 100K |
| Other Non-Cash Items | 512K | -130K | 658K | 1.74M | 986K | 478K | 8.34M | 1.18M | -2.54M | -3.08M | 1.66M | 1.23M | 1.48M | 2.55M | -181K | 1.03M | -3.45M | 1.26M | 421K | 994.28K | -432.26K | 282.67K | 297.96K | 589.15K | -347.35K | -1.16M | -568.46K | 100K | 100K | -700K | -200K |
| Working Capital Changes | 22.78M | 9.68M | 1.5M | 60.04M | -66.02M | -19.92M | 32.78M | -16.75M | -10.56M | 11.79M | 25.25M | -31.05M | -10.06M | 2.24M | -8.72M | -4.05M | -15.03M | 19.67M | -5.02M | -2.38M | -14.61M | 16.23M | -4.44M | 5.07M | -1.92M | -253.47K | -1M | -9.6M | -300K | 2.4M | 2.9M |
| Change in Receivables | 508K | -1.51M | 923K | 14.41M | -282K | -18.72M | 11.4M | -138K | -2.41M | 637K | 3.18M | 1.01M | -6.79M | 421K | -5.59M | -1.27M | -4.61M | 2.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 17.58M | 8.06M | 821K | 53.05M | -56.96M | -11.35M | 27.52M | -14.04M | -12.39M | 9.63M | 27.31M | -28.28M | -5.81M | 2.05M | -2.68M | -3.67M | -14.89M | 15.76M | -2.38M | 6.37M | -12.45M | 9.07M | -3.89M | 6.01M | -7.37M | -3.79M | 5.83M | -7.8M | -600K | 1.2M | 2.5M |
| Change in Payables | 458K | 2.85M | -419K | -6.07M | -4.29M | 10.76M | -4.15M | -315K | 3.9M | -2.81M | -1.39M | -2.33M | 1.63M | 2.85M | -1.8M | 2.14M | 1.03M | -231K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -379K | -242K | -1.17M | -1.24M | 7.43M | -7M | 3.16M | -8.94M | 1.82M | 235K | -6.69M | 2.52M | -3.29M | 7.79M | -2.36M | -23.57M | -20.69M | -11.59M | 422K | -9.71M | -14.06M | -21.74M | -1.74M | -10.2M | -52.78M | 8.36M | -994.88K | 6.3M | -6.7M | -13.3M | -2.2M |
| Capital Expenditures | -1.89M | -1.75M | -1.39M | -3.31M | -2.34M | -1.01M | -3.37M | -7.39M | -1.41M | -1.58M | -5.99M | -2.48M | -2.89M | -2.7M | -9.54M | -8.34M | -1.67M | -1.32M | -2.18M | -2.73M | -3.19M | -1.84M | -1.13M | -9.83M | -8.19M | -743.96K | -1.2M | -4.4M | -12.1M | -600K | -300K |
| CapEx % of Revenue | 0.68% | 0.63% | 0.48% | 1.04% | 0.67% | 0.38% | 1.72% | 2.43% | 0.47% | 0.56% | 2.02% | 0.77% | 0.9% | 0.9% | 3.25% | 3.08% | 0.73% | 0.58% | 0.98% | 1.17% | 1.44% | 0.88% | 0.51% | 4.56% | 4.52% | 0.56% | 0.81% | 3.3% | 9.52% | 0.47% | 0.23% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -2.55M | 0 | 0 | -3.74M | 0 | 0 | 0 | 0 | -3.21M | 0 | -27.02M | -2.64M | -9.32M | 4K | 0 | 0 | 0 | 0 | -46.29K | -48.48M | 0 | 0 | 0 | 0 | 100K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | -111K | -155K | -155K | -155K | -155K | -155K | -155K | -155K | -155K | -155K | 14K | 0 | -153K | -155K | 76.63K | 1.74K | 4.59K | 230.71K | 37.62K | 2.2K | 165.59K | 29.75K | 1.3M | -100K | -100K | 0 |
| Cash from Financing | -33.96M | -13.23M | -32.22M | -45.34M | 20.27M | -11.87M | -20.89M | -13.69M | -14.91M | -24.41M | -44.44M | 9.47M | -17.79M | -38.5M | -8.71M | 9.6M | -2.59M | -8.34M | -12.54M | -21.89M | -3.02M | -4.68M | -16.76M | -14.29M | 28.91M | -5.02M | -10.98M | -9.4M | -2M | -1.7M | -14.3M |
| Debt Issued (Net) | 0 | 0 | 0 | -31.14M | 31.14M | 0 | -7.05M | 1.21M | 5.84M | -4.27M | -22.38M | 21.24M | -6.59M | -33M | 8M | 28.19M | 5M | -1.25M | 700K | -10.41M | 1.41M | -1.81M | -16.59M | -9.86M | 30.29M | 2.3M | -3.59M | -700K | 9.5M | 0 | -1.2M |
| Equity Issued (Net) | -4.55M | -5.26M | -586K | -4.34M | -4.2M | -2.52M | -2.06M | -5.65M | -11.41M | -10.91M | -7.97M | -3.71M | -3.1M | -691K | -6.56M | -13.02M | -2.32M | -2.63M | -11.54M | -8.07M | -2.26M | 14.66K | 2.2M | -2.35M | 868.71K | -5.53M | -5.66M | -7M | -9.9M | -300K | -11.6M |
| Dividends Paid | -29.18M | -7.73M | -31.27M | -9.29M | -6.95M | -9.35M | -11.78M | -9.41M | -9.21M | -8.88M | -8.72M | -8.45M | -8.03M | -3.9M | -10.88M | -7.16M | -7.03M | -6.58M | -5.74M | -4.66M | -3.72M | -2.88M | -2.38M | -2.09M | -1.88M | -1.79M | -1.73M | -1.7M | -1.6M | -1.4M | -1.4M |
| Share Repurchases | -4.57M | -5.27M | -586K | -4.34M | -4.2M | -2.52M | -2.06M | -5.65M | -11.41M | -15.19M | -10.97M | -9.86M | -7.98M | -4.62M | -6.56M | -13.02M | -2.32M | -2.63M | -11.54M | -9.92M | -5.2M | -1.85M | 0 | -3.36M | -195.45K | -5.78M | -6.79M | -7.6M | -10.4M | -700K | -11.7M |
| Other Financing | -231K | -231K | -368K | -583K | 281K | 2K | 0 | 156K | -124K | -358K | -5.37M | 391K | -65K | -905K | 722K | 1.59M | 1.76M | 2.12M | 4.04M | 1.24M | 1.55M | 0 | 0 | 293.39K | -374.06K | 0 | 0 | 0 | 0 | 0 | -100K |
| Net Change in Cash | 17.49M | 25.04M | 1.65M | 52.44M | -2.83M | -12.77M | 22.68M | -13.17M | -480K | 9.74M | -4.22M | 5.43M | -3.47M | -1.32M | 6.96M | 3.18M | -22.85M | 18.51M | 3.63M | -7.46M | -7.47M | 12.27M | 1.42M | 1.79M | -9.55M | 13.33M | -324.73K | -400K | 900K | -3.6M | -4.5M |
| Free Cash Flow | 48.67M | 35.5M | 36.34M | 95.32M | -32.25M | 5.38M | 36.61M | 2M | 11.64M | 31.94M | 40.88M | -8.21M | 14.95M | 27.13M | 8.45M | 8.8M | -1.57M | 36.58M | 13.57M | 21.42M | 6.43M | 36.85M | 18.8M | 16.45M | 6.12M | 9.24M | 10.45M | -1.7M | -2.5M | 10.8M | 11.7M |
| FCF Margin % | 17.62% | 12.86% | 12.52% | 29.97% | -9.17% | 2.01% | 18.74% | 0.66% | 3.9% | 11.26% | 13.77% | -2.56% | 4.67% | 9.03% | 2.88% | 3.25% | -0.68% | 16.24% | 6.13% | 9.21% | 2.91% | 17.59% | 8.43% | 7.62% | 3.38% | 7.02% | 7.05% | -1.27% | -1.97% | 8.5% | 9.05% |
| FCF Growth % | 87.99% | -2.31% | -61.87% | 395.61% | -698.81% | -85.29% | 1735.24% | -82.86% | -63.55% | -21.87% | 598.04% | -154.89% | -44.88% | 221.14% | -4% | 661.52% | -104.28% | 169.67% | -36.68% | 233.34% | -82.56% | 96.03% | 14.3% | 168.61% | -33.77% | -11.5% | 714.47% | 32% | -123.15% | -7.69% | 105.26% |
| FCF per Share | 5.12 | 3.71 | 3.79 | 10.00 | -3.35 | 0.56 | 3.75 | 0.20 | 1.12 | 3.10 | 3.87 | -0.76 | 1.37 | 2.50 | 0.77 | 0.79 | -0.14 | 3.18 | 1.15 | 1.79 | 0.53 | 3.08 | 1.59 | 1.40 | 0.53 | 0.80 | 0.85 | -0.13 | -0.18 | 0.74 | 0.79 |
| FCF Conversion (FCF/Net Income) | 2.06x | 1.61x | 1.24x | 3.27x | -1.01x | 0.31x | -4.71x | 0.45x | 0.64x | 2.03x | 2.85x | -0.31x | 0.94x | 1.69x | 0.95x | 1.12x | 0.01x | 2.96x | 0.92x | 1.05x | 0.44x | 1.99x | 0.98x | 1.53x | 1.09x | 1.05x | 1.10x | 0.24x | 0.98x | 1.25x | 1.48x |
| Interest Paid | 0 | 0 | 15K | 977K | 710K | 80K | 72K | 244K | 45K | 15K | 436K | 181K | 127K | 335K | 442K | 457K | 118K | 28K | 62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 4.14M | 0 | 9.4M | 7.12M | 9.44M | 5.81M | 914K | 7.6M | 3.67M | 4.9M | 8.51M | 10.34M | 8.88M | 7.81M | 8.95M | 7.99M | 8.47M | 3.06M | 10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Wholesale channel structural decline
As reported in financial statements, Weyco's operating cash flow frequently decouples from net income, with OCF/NI ratios swinging from a high of 4.53 in 2025Q2 to a negative -0.17 in 2025Q3, indicating that reported earnings are highly sensitive to timing differences in working capital management.
The wide variance between net income and operating cash flow suggests that the company's earnings quality is heavily influenced by seasonal inventory and receivable fluctuations rather than consistent cash generation. Investors should monitor whether this volatility reflects genuine operational shifts or merely the timing of wholesale shipments and subsequent collections.
Based on the provided cash flow data, working capital changes are the primary driver of quarterly cash volatility, with a significant $10.5M inflow in 2026Q1 contrasting sharply with the $9.4M outflow observed in 2025Q3, highlighting the company's reliance on seasonal inventory liquidation to fund operations.
The reliance on working capital swings to generate cash flow suggests that Weyco's core business is highly susceptible to the inventory management practices of its retail partners. This dynamic implies that any disruption in the department store channel could lead to rapid, unexpected cash outflows as inventory builds up on the balance sheet.
According to recent SEC filings, Weyco maintains a defensive capital deployment posture, evidenced by the $23.9M dividend payment in 2026Q1, which significantly outweighs its modest share repurchase activity, suggesting management prioritizes returning cash to shareholders over aggressive reinvestment in growth or strategic acquisitions.
The company's preference for dividends over growth-oriented capital allocation may indicate a lack of high-return investment opportunities within its current footwear portfolio. This strategy appears to preserve the firm's fortress balance sheet but may limit its ability to pivot away from the declining wholesale channel.
As indicated by the financial data, Weyco maintains a low capital intensity, with CapEx/Revenue ratios consistently remaining near or below 1.0%, which suggests that the company's outsourced manufacturing model requires minimal ongoing investment in property, plant, and equipment to maintain its current operational footprint.
The low level of capital expenditure supports the company's ability to generate free cash flow even during periods of revenue contraction. However, this lack of investment may also imply that the company is not modernizing its supply chain or digital infrastructure, potentially leaving it vulnerable to more agile competitors.
Quick answers to the most common questions about buying WEYS stock.
Weyco Group, Inc. (WEYS) generated $37.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Weyco Group, Inc. (WEYS) generated $35.5M 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.
Weyco Group, Inc. (WEYS) spent $1.8M 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, Weyco Group, Inc. (WEYS) returned $7.7M to shareholders via cash dividends and spent $5.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.