Cash generation remains highly volatile, highlighted by a massive $32.9 million working capital outflow in 2025Q4 and an erratic OCF/NI ratio of -8.66 in the same period.
Wing Yip Food Holdings Group Limited American Depositary Shares (WYHG) cash flow statement — 11-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 |
|---|
| Cash from Operations | -15.78M | -10.6M | 12.48M | 13.64K | 11.49M | 19.53K | 17.98M | 8.17M | 22.67M | 16.97M | 13.88M | 10.05M |
| Operating CF Margin % | - | -7.84% | 8.63% | 0.01% | 8.82% | 18.07% | 16.25% | 8.53% | 25.95% | 22.88% | 21.18% | 20.03% |
| Operating CF Growth % | -634.72% | -184.9% | 91430.23% | -99.88% | 58750.87% | -99.89% | 120.11% | -63.97% | 33.55% | 22.28% | 38.11% | - |
| Net Income | 5.62M | 7.98M | 11.25M | 10.82K | 8.9K | 16.8K | 11.07M | 8.78M | 18.19M | 14.82M | 12.38M | 9.3M |
| Depreciation & Amortization | 5.23M | 6.02M | 4.57M | 4.9M | 4.27M | 3.07K | 3.26M | 3.6M | 1.81M | 1.49M | 494.93K | 233K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 129.44K | 0 | -30.36K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.01M | 2.58M | 550.3K | -4.9M | 7.22M | -3.88K | 979.38K | 1.94M | -149.31K | 639.69K | 570.65K | 173.29K |
| Working Capital Changes | -29.98M | -27.17M | -3.85M | -1.18K | -10.52K | 3.54K | 2.67M | -6.15M | 2.82M | 29.58K | 438.29K | 340.13K |
| Change in Receivables | 1.73M | 3.4M | -376.69K | -2.56K | -1.77K | 2.34K | -1.66M | -2.44M | 2.24M | 1.77M | -2.09M | -3.02M |
| Change in Inventory | 475.17K | -984.86K | -1.88M | 891 | -1.44K | -438 | 1.29M | -4.01M | 260.73K | -1.12M | -5.65K | -525.7K |
| Change in Payables | -1.75M | -583.74K | 309.12K | 0 | 0 | 3.36M | 3.83M | 955.68K | -64.43K | -884.7K | 1.75M | 2.69M |
| Cash from Investing | -3.47M | -3.11M | -10.1M | -171 | -20.43M | -22.43K | -28.26M | -3.16M | -1.4M | -6.23M | -5.68M | 1.26M |
| Capital Expenditures | -3.88M | -3.88M | -10.1M | -167 | -14.35K | -22.5K | -28.13M | -2.98M | -1.4M | -6.23M | -5.68M | -5.1M |
| CapEx % of Revenue | 3.01% | 2.87% | 6.99% | 0% | 0.01% | 20.81% | 25.43% | 3.11% | 1.6% | 8.4% | 8.66% | 10.17% |
| Acquisitions | 0 | 509 | 0 | 0 | 0 | 0 | 58.96K | 0 | 0 | 0 | 0 | 15.98K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -31 | -13.84K | -548 | -4 | -20.42M | 68 | -193.1K | -182.84K | 0 | 0 | 0 | 6.34M |
| Cash from Financing | 4.74M | 7.38M | 4.41M | 4.73K | 5.32M | 2.68K | 5.19M | -1.39M | 19.96M | 485.96K | 8.12M | -4.65M |
| Debt Issued (Net) | 4.76M | 6.19M | -1.82M | 5.2K | 4.64K | 2.99K | 5.21M | -64.38K | 1.51M | 266.34K | 7.69M | 3.53M |
| Equity Issued (Net) | 611 | 1.23M | 6.23M | 0 | 0 | 0 | 0 | 0 | 18.29M | 219.62K | 5.65M | 1.25K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -372 | -395.53K | -1.57M | 0 | 0 | 0 | -8.18M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -21.43K | -44.85K | 0 | -468 | 5.32M | 60 | 375.49K | 242.32K | 151.13K | 0 | -5.22M | 0 |
| Net Change in Cash | -10.86M | -2.6M | -2.16M | 18.21K | -9.9M | -219 | -454.07K | 2.54M | 37.87M | 13.11M | 15.21M | 6.78M |
| Free Cash Flow | -19.66M | -14.48M | 2.38M | 13.47K | -7.26K | -3.02K | -10.14M | 5.21M | 21.27M | 10.75M | 8.21M | 4.95M |
| FCF Margin % | -15.28% | -10.71% | 1.65% | 0.01% | -0.01% | -2.79% | -9.17% | 5.43% | 24.36% | 14.49% | 12.52% | 9.86% |
| FCF Growth % | -2343.45% | -708.37% | 17578.64% | 285.52% | -140.68% | 99.97% | -294.85% | -75.53% | 97.9% | 31% | 65.79% | - |
| FCF per Share | -1.56 | -1.15 | 0.20 | 0.00 | -0.00 | -0.00 | -0.21 | 0.13 | 0.57 | 1.05 | 0.80 | 0.49 |
| FCF Conversion (FCF/Net Income) | -3.50x | -1.34x | 1.20x | 0.00x | 0.91x | 1.46x | 1.62x | 0.93x | 1.25x | 1.15x | 1.12x | 1.08x |
| Interest Paid | 269.41K | 0 | 7.25M | 6.55M | 266.44K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 3.06K | 0 | 17.17M | 37.64M | 13.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying WYHG stock.
Wing Yip Food Holdings Group Limited American Depositary Shares (WYHG) generated $-10.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Wing Yip Food Holdings Group Limited American Depositary Shares (WYHG) reported negative free cash flow of $14.5M in 2025, indicating capital requirements exceeded cash from operations.
Wing Yip Food Holdings Group Limited American Depositary Shares (WYHG) spent $3.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Working capital volatility exposure
Earnings Quality Lacks Cash Support
Based on reported quarterly figures, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -8.66 in 2025Q4 to 18.95 in 2025Q3, suggesting that reported earnings are frequently decoupled from the actual cash generation capabilities of the business.
The extreme variance in the conversion ratio indicates that accounting profits are heavily influenced by non-cash items or timing differences rather than core operational efficiency. Investors should monitor this divergence closely, as it suggests that the company's reported net income may not be a reliable proxy for its underlying cash-generating health.
Free Cash Flow Remains Highly Unstable
As evidenced by the company's recent financial statements, free cash flow trajectory is characterized by severe volatility, including a significant -$31.3 million outflow in 2025Q4, which highlights the difficulty in maintaining consistent cash generation amidst the company's current operational and seasonal challenges.
The inability to sustain positive free cash flow across consecutive quarters suggests that the business model is susceptible to significant cash burn during periods of inventory accumulation or operational disruption. This inconsistency warrants further investigation into whether the company's cash flow profile can support long-term value creation.
Working Capital Swings Drive Cash
According to the provided cash flow data, working capital changes are the primary driver of cash flow volatility, with a massive $32.9 million outflow in 2025Q4 followed by an $8.3 million inflow in 2025Q2, indicating significant fluctuations in inventory management and distributor payment cycles.
These dramatic swings in working capital suggest that the company may be struggling to balance its inventory levels with actual market demand, leading to periodic cash crunches. The reliance on these large working capital adjustments to manage liquidity appears to be a structural risk that could impact future operational stability.
Capital Expenditure Patterns Remain Opaque
Based on the reported figures, capital expenditure is highly irregular, with periods of zero investment followed by significant outlays like the $10.1 million spent in 2024Q4, which may indicate an inconsistent approach to maintaining or upgrading the company's aging production infrastructure.
The lack of a predictable capital expenditure cycle makes it difficult to assess the company's long-term commitment to asset maintenance or growth. Investors should monitor whether these sporadic investments are sufficient to keep the company's specialized manufacturing facilities competitive against larger, more modernized industry peers.