Free cash flow remains intermittent with negative margins observed in seven of the last ten quarters, including a -19.3% margin in 2025Q1, reflecting significant friction in the company's inventory-heavy business model.
| 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 | 341.97K | -1.79B | -3.24M | -1.99M | -2.67M | 2.57M | 5.42M | 4.29M | 2.3M | 2.51M | 3.09M | 2.7M | 3.01M | 1.69M | 3.15M | 2.72M | 3.01M | -950.47K | 396.59K | 470.22K | 2.19M | 2.57M | 644.57K | 1.08M | -122.33K | 451.44K | -216.88K | -118.75K | 600K | -700K | -300K |
| Operating CF Margin % | - | -4812.84% | -13.38% | -5.08% | -7.86% | 8.09% | 19.85% | 17.34% | 9.97% | 12.04% | 15.9% | 15.03% | 19.84% | 12.72% | 25.12% | 17.37% | 17.32% | -5.74% | 2.47% | 2.81% | 14.7% | 18.81% | 6.87% | 14.77% | -2.04% | 6.42% | -3.23% | -2.01% | 9.84% | -12.28% | -7.14% |
| Operating CF Growth % | -2523.03% | -55192.81% | -62.79% | 25.41% | -203.64% | -52.54% | 26.32% | 86.41% | -8.28% | -18.72% | 14.5% | -10.3% | 78.06% | -46.35% | 15.71% | -9.59% | 416.51% | -339.66% | -15.66% | -78.56% | -14.7% | 298.85% | -40.25% | 981.78% | -127.1% | 308.16% | -82.63% | -119.79% | 185.71% | -133.33% | - |
| Net Income | -753.78K | -917.68M | -117.89K | -1.2M | -646.49K | 2.45M | 3.39M | 2.51M | 2.86M | 2.99M | 2.63M | 1.9M | 2.16M | 1.42M | 1.36M | 857.75K | 411.81K | 731.47K | 708.59K | 1.69M | 1.29M | 1.16M | 463.68K | 138.22K | 136.47K | 58.84K | 15.06K | -92.23K | -100K | 100K | 200K |
| Depreciation & Amortization | 3.23M | 3.25B | 3.32M | 3.43M | 2.32M | 1.95M | 1.81M | 1.81M | 1.69M | 1.54M | 1.34M | 1.27M | 1.07M | 748.83K | 725.29K | 747.14K | 719.91K | 674.2K | 620.18K | 576.51K | 541.85K | 556.49K | 636.89K | 713.82K | 763.08K | 778.75K | 719.05K | 0 | 700K | 500K | 400K |
| Stock-Based Compensation | 35.94K | 125.07M | 0 | 0 | 0 | 39.06K | 69.72K | 0 | 0 | 0 | 748 | 17.68K | 21.16K | 22.84K | 18K | 9K | 8.84K | 17.98K | 56.23K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -355.99M | -374.97K | -528.86K | -156.03K | 345.41K | 292.49K | 758.38K | 613K | -343.77K | 83K | 431K | -20K | 383K | -51K | 295K | 257K | 279.49K | 10.51K | 128K | 78K | -46.57K | -17.39K | -12.38K | -3.03K | 36.05K | 27.87K | -65.88K | 0 | 100K | 0 |
| Other Non-Cash Items | 410.79K | -3.89B | 576.69K | 1.16M | 628.94K | 430.46K | 8.83K | -21.78K | -35.27K | 144.04K | -286.83K | -630.79K | -173.75K | -577.72K | 475.5K | 1.68M | -35.3K | -3.77K | -30.68K | 53.44K | 48.27K | 25.68K | -38.15K | 15.62K | 31.1K | -3.04K | 1.64K | 771.12K | -100K | 100K | 0 |
| Working Capital Changes | -2.58M | -4.57M | -6.65M | -4.84M | -4.81M | -2.64M | -157.43K | -768.52K | -2.83M | -1.83M | -673.23K | -296.99K | -56.95K | -311.95K | 619.14K | -865.8K | 1.65M | -2.65M | -968.23K | -1.97M | 233.09K | 878.31K | -400.47K | 223.43K | -1.05M | -419.16K | -980.49K | -731.76K | 100K | -1.5M | -900K |
| Change in Receivables | -1.46M | -1.38M | -54.29K | 1.67M | -1.48M | -491.8K | -857.57K | 538.89K | -592.85K | 111.41K | -186.95K | -72.38K | -382.73K | -140.84K | -101.96K | 206.65K | 543.43K | -282.28K | 599.29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 1.17M | -472.59K | -4.59M | -6.11M | -3.12M | -1.39M | -612.89K | -827.97K | -1.45M | -2.82M | -1.34M | -721.89K | -77.26K | -606.43K | -383.07K | 64.95K | 1.46M | -1.57M | -2.63M | -1.22M | 199.07K | 1.45M | -511.55K | 182.91K | -579.91K | -565.79K | -778.32K | -1.52M | -400K | -1M | -1M |
| Change in Payables | -772.96K | -919.16K | -383.5K | 180.64K | 818.16K | -136.74K | 290.6K | 96.57K | -185.43K | 468.4K | 35.14K | -280.86K | 185.95K | -88.64K | 427.43K | -447.64K | -458.86K | -287.98K | 537.51K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -458.29K | -502.89M | -2.09M | -4.73M | -15.48M | -10.3M | -4.77M | -5.32M | -5.26M | -3.92M | -5.33M | -3.42M | -3.72M | -6.69M | -1.68M | -1.74M | -643.27K | -781.99K | -2.47M | -1.19M | -495.14K | -371.07K | 244.59K | -321.36K | -191.53K | -533.88K | -482.09K | 722.97K | -800K | -1.9M | -900K |
| Capital Expenditures | -458.29K | -444.17M | -2.09M | -4.73M | -15.48M | -10.34M | -4.77M | -5.32M | -5.26M | -3.97M | -5.33M | -3.37M | -3.72M | -6.74M | -1.79M | -1.79M | -692.07K | -828.04K | -2.47M | -863.62K | -400.54K | -248.03K | -395.04K | -336.49K | -191.53K | -379.95K | -482.09K | -767.73K | -900K | -2M | -900K |
| CapEx % of Revenue | 1.21% | 1194.09% | 8.64% | 12.08% | 45.62% | 32.52% | 17.47% | 21.49% | 22.8% | 19.03% | 27.44% | 18.77% | 24.52% | 50.75% | 14.3% | 11.46% | 3.98% | 5% | 15.37% | 5.17% | 2.69% | 1.81% | 4.21% | 4.61% | 3.2% | 5.4% | 7.18% | 12.98% | 14.75% | 35.09% | 21.43% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -60K | 0 | 0 | 0 | 0 | 0 | 800 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -58.72M | 0 | 0 | 0 | 35.51K | 0 | 0 | 0 | 53K | 2.5K | 1.9K | 0 | 42.98K | 113.66K | 57.41K | 48.79K | 45.24K | -21.43K | -322.27K | -94.61K | -123.04K | 639.63K | 15.13K | 0 | -153.93K | 0 | 1.49M | 0 | 100K | 0 |
| Cash from Financing | 188.15K | 2.38B | 5.41M | 6.62M | 4.74M | 7.48M | 6.3M | -1.66M | -1.08M | 9.48M | 3.94M | 4.22M | 284.04K | 1.4M | -495.39K | 910.22K | -846.18K | 1.38M | 1.34M | 186.6K | -500.96K | -2.64M | -251.35K | -1.18M | 441.54K | 334.08K | 732.8K | -534.58K | 300K | 1.8M | 1.4M |
| Debt Issued (Net) | -989.26K | 1.29M | 6.15M | 3.34M | 1.6M | -539.17K | -522.18K | -634.03K | -609.41K | 1.92M | -594.34K | 161.56K | 135.55K | 1.34M | -182.35K | 929.28K | -852.43K | 1.31M | 1.3M | -257.85K | -780.86K | -3.05M | -251.72K | -1.16M | 453.34K | -1.14M | 732.8K | -463.52K | 300K | 1.9M | 1.4M |
| Equity Issued (Net) | 85.32K | 0 | 250.5K | 3.37M | 3.78M | 4.59M | 7.43M | 0 | 979.59K | 7.8M | 4.8M | 3.48M | 0 | -105.89K | -319.21K | 0 | 0 | 0 | 0 | 156.48K | 279.89K | 421.28K | 2.55K | 0 | 8.57K | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | -965.18K | -902.4K | -814.16K | -788.35K | -708.23K | -1.12M | -1.03M | -1.02M | -704.05K | -462.53K | -57.61K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -4.59M | -7.5M | 0 | 0 | -480.72K | -526.86K | -250.5K | 0 | -105.89K | -319.21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.09M | 2.38B | -86.17K | 718.86K | 147.51K | 4.13M | 510.64K | 0 | -430.31K | 462.96K | 194.05K | 629.94K | 148.49K | 162.32K | 6.18K | -19.05K | 6.25K | 75.02K | 34.05K | 287.97K | 0 | -4.62K | -2.18K | -17.24K | -20.38K | 1.48M | 0 | -71.06K | 0 | -100K | 0 |
| Net Change in Cash | 71.82K | 90M | 82.4K | -100.19K | -13.41M | -252.47K | 6.95M | -2.69M | -4.04M | 8.07M | 1.7M | 3.49M | -425.92K | -3.61M | 4.55M | 1.89M | 1.52M | -350.36K | -733.04K | -529.07K | 1.2M | -435.9K | 637.81K | -418.5K | 127.67K | 251.63K | 33.84K | 69.64K | 100K | -800K | 200K |
| Free Cash Flow | -82.7K | -2.23B | -5.33M | -6.72M | -18.15M | -7.76M | 649.02K | -1.03M | -2.96M | -1.46M | -2.24M | -669.82K | -709.96K | -5.05M | 1.52M | 916.5K | 2.32M | -1.78M | -2.09M | -393.4K | 1.79M | 2.32M | 249.53K | 742.21K | -313.86K | 71.49K | -698.96K | -886.49K | -300K | -2.7M | -1.2M |
| FCF Margin % | -0.22% | -6006.93% | -22.02% | -17.16% | -53.47% | -24.43% | 2.38% | -4.15% | -12.82% | -6.99% | -11.55% | -3.73% | -4.68% | -38.03% | 12.16% | 5.85% | 13.33% | -10.74% | -13.03% | -2.35% | 12.02% | 16.99% | 2.66% | 10.16% | -5.24% | 1.02% | -10.41% | -14.99% | -4.92% | -47.37% | -28.57% |
| FCF Growth % | 97.54% | -41841.39% | 20.67% | 62.99% | -133.71% | -1296.3% | 163.18% | 65.29% | -102.93% | 34.98% | -234.87% | 5.65% | 85.93% | -431.29% | 66.23% | -60.43% | 230.24% | 14.94% | -431.47% | -121.95% | -22.83% | 830.89% | -66.38% | 336.48% | -539.06% | 110.23% | 21.15% | -195.5% | 88.89% | -125% | -9.09% |
| FCF per Share | -0.02 | -449.57 | -1.07 | -1.35 | -3.66 | -1.56 | 0.13 | -0.21 | -0.60 | -0.29 | -0.45 | -0.13 | -0.14 | -1.04 | 0.31 | 0.19 | 0.47 | -0.36 | -0.43 | -0.08 | 0.36 | 0.50 | 0.05 | 0.17 | -0.07 | 0.02 | -0.16 | -0.19 | -0.06 | -0.54 | -0.30 |
| FCF Conversion (FCF/Net Income) | 0.11x | 1950.82x | 27.46x | 1.66x | 4.12x | 1.05x | 1.60x | 1.71x | 0.81x | 0.84x | 1.17x | 1.42x | 1.39x | 1.19x | 2.62x | 3.17x | 7.31x | -1.30x | 0.56x | 0.28x | 1.70x | 2.22x | 1.39x | 7.80x | -0.90x | 7.67x | -14.40x | 1.29x | -6.00x | -7.00x | -1.50x |
| Interest Paid | 0 | 0 | 1.02M | 595.11K | 368.69K | 389.16K | 413.32K | 441.69K | 454.9K | 428.19K | 292.87K | 308.44K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 45.99K | 0 | 417.69K | 329.9K | 956.67K | 731.25K | 670K | 1.06M | 801.25K | 719.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Hospitality Pivot Margin Dilution
As reported in recent financial filings, the relationship between net income and operating cash flow is erratic, with the OCF/NI ratio swinging from -1.41 in 2026Q1 to 14.11 in 2025Q2, indicating that accounting earnings are poor proxies for the company's actual cash-generating capacity.
The significant divergence between net income and operating cash flow suggests that non-cash items and working capital fluctuations are heavily distorting the bottom line. Investors should monitor this volatility, as it implies that the company's reported profitability is not currently supported by consistent cash inflows from its core wine operations.
Based on the provided quarterly data, WVVI's free cash flow trajectory is inconsistent, with negative FCF margins observed in seven of the last ten quarters, including a -19.3% margin in 2025Q1, reflecting the ongoing difficulty in balancing expansionary capital needs with core operational cash generation.
The inability to sustain positive free cash flow suggests that the company's current growth strategy is heavily reliant on external capital or existing cash reserves rather than self-funding. This pattern warrants further investigation into whether the recent restaurant-focused expansion will eventually yield the necessary cash flow to justify the current capital intensity.
According to historical cash flow statements, working capital changes have been a persistent drag on liquidity, with a notable $2.8M outflow in 2023Q4, suggesting that the company's inventory-heavy business model is creating significant cash conversion friction as it scales its physical footprint.
The recurring negative impact of working capital changes indicates that the company is likely tying up substantial cash in inventory or struggling with the timing of receivables. This trend suggests that the operational complexity of managing both wine aging and restaurant inventory is creating a structural cash drain that requires careful management.
As indicated by the quarterly data, capital expenditures have remained a consistent priority, with CapEx/Revenue ratios peaking at 9.4% in 2023Q4, demonstrating that the company is aggressively reinvesting in its physical infrastructure despite the lack of consistent positive operating cash flow to support such spending.
The high level of capital intensity relative to revenue suggests that the company is in a heavy investment phase, likely driven by the build-out of new tasting rooms and restaurant facilities. Analysts should monitor whether these assets can generate sufficient returns to offset the depreciation and maintenance costs that will inevitably follow this expansion.
Quick answers to the most common questions about buying WVVI stock.
Willamette Valley Vineyards, Inc. (WVVI) generated $-1790.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Willamette Valley Vineyards, Inc. (WVVI) reported negative free cash flow of $2.23B in 2025, indicating capital requirements exceeded cash from operations.
Willamette Valley Vineyards, Inc. (WVVI) spent $444.2M 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, Willamette Valley Vineyards, Inc. (WVVI) returned $1.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.