Art's-Way Manufacturing Co., Inc. (ARTW) Cash Flow Statement
Where ARTW’s cash came from and went, FY2025
November 30, 2025 · U.S. dollars- Cash from operations
- −$904,143 −134.4% vs FY2024
- Capital expenditures
- $627,615 2.7% of revenue
- Free cash flow
- −$1.5M −6.7% margin
- Returned to shareholders
- $1,542
- Change in cash
- $2,989 cash at year-end $4,849
Drawn to scale: where the cash came from and how it was used. Hover for values.
ARTW operating cash flow, capex and free cash flow
ARTW cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.4MFY2016 | −$904,143FY2025 | — | |
| Capital expenditures | $274,089FY2016 | $627,615FY2025 | +9.6%/yr | |
| Free cash flow | $2.1MFY2016 | −$1.5MFY2025 | — | |
| Free cash flow margin | 9.8%FY2016 | −6.7%FY2025 | −16.4 pts | |
| Operating cash flow / net income | −4.64FY2021 | −0.87FY2025 | +3.76 | |
| Stock-based compensation | $79,979FY2016 | $179,080FY2025 | +9.4%/yr | |
| Dividends paid | $0FY2016 | $0FY2017 | — | |
| Share buybacks (net) | $0FY2016 | $1,542FY2025 | — | |
| Capex / revenue | 1.3%FY2016 | 2.7%FY2025 | +1.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ARTW cash flow by activity
ARTW net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ARTW cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.0M | −$94,466 | $762,789 | $374,121 | $212,631 | −$2.1M | −$1.4M | −$3.3M | −$1.4M | −$426,182 |
| Depreciation & amortization | $792,112 | $989,823 | $804,820 | $661,018 | $613,409 | $818,234 | $1.0M | $960,606 | $702,349 | $671,967 |
| Stock-based compensation | $179,080 | $182,847 | $292,185 | $287,721 | $265,541 | $247,645 | $195,416 | $197,243 | $113,039 | $79,979 |
| Change in working capital | −$3.3M | $1.5M | −$2.5M | $232,951 | −$1.5M | $1.7M | $1.4M | $846,461 | $1.7M | $2.0M |
| Other non-cash items | $403,483 | $37,738 | $542,604 | −$604,090 | −$606,773 | −$1.5M | −$365,800 | $213,127 | −$433,675 | $11,288 |
| Cash from operating activities | −$904,143 | $2.6M | −$55,194 | $951,721 | −$985,854 | −$856,314 | $807,753 | −$1.1M | $747,399 | $2.4M |
| Investing activities | ||||||||||
| Capital expenditures | −$627,615 | −$724,679 | −$841,784 | −$1.7M | −$620,284 | −$693,414 | −$447,025 | −$434,505 | −$513,614 | −$274,089 |
| Investments (net) | — | $961,074 | −$453,512 | −$1.3M | −$599,477 | −$501,650 | $452,688 | $707,047 | −$429,197 | $916,546 |
| Acquisitions & other investing | $47,138 | $724,679 | $841,784 | $1.7M | $620,284 | $693,414 | $447,025 | $434,505 | $513,614 | $274,089 |
| Cash from investing activities | −$580,477 | $961,074 | −$453,512 | −$1.3M | −$599,477 | −$501,650 | $452,688 | $707,047 | −$429,197 | $916,546 |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | −$1,542 | −$37,654 | −$68,536 | −$92,432 | −$30,470 | −$30,996 | −$19,323 | −$21,310 | −$6,425 | $0 |
| Net borrowing (repayment) | $1.5M | −$3.4M | $602,539 | −$16,149 | $1.6M | −$304,401 | −$1.2M | $823,571 | −$1.0M | −$2.6M |
| Shares issued | $0 | $0 | $0 | $545,529 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | −$160,599 | −$26,338 | −$42,425 | $0 | $1.7M | $0 | −$599,584 | −$116,361 | −$94,789 |
| Cash from financing activities | $1.5M | −$3.6M | $507,665 | $394,523 | $1.6M | $1.4M | −$1.3M | $202,677 | −$1.2M | −$2.7M |
| Summary | ||||||||||
| Net change in cash | $2,989 | −$2,154 | −$1,041 | $2,397 | −$26 | −$461 | −$367 | −$208,888 | −$851,316 | $616,485 |
| Cash at end of period | $4,849 | $1,860 | $4,014 | $5,055 | $2,658 | $2,684 | $3,145 | $3,512 | $212,400 | $1.1M |
| Free cash flow | −$1.5M | $1.9M | −$896,978 | −$717,760 | −$1.6M | −$1.5M | $360,728 | −$1.6M | $233,785 | $2.1M |
| Free cash flow margin | −6.7% | 7.8% | −3.0% | −2.8% | −6.4% | −6.9% | 1.6% | −7.9% | 1.1% | 9.8% |
| Capex / revenue | 2.7% | 3.0% | 2.8% | 6.5% | 2.5% | 3.1% | 2.0% | 2.2% | 2.5% | 1.3% |
| Operating cash flow / net income | −0.87 | — | −0.07 | 2.54 | −4.64 | — | — | — | — | — |
| Aug '26 | May '26 | Feb '26 | Nov '25 | Aug '25 | May '25 | Feb '25 | Nov '24 | Aug '24 | May '24 | Feb '24 | Nov '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$139,721 | $173,479 | $196,442 | −$645,524 | $254,110 | $1.5M | −$55,757 | $332,191 | $2,259 | −$4,657 | −$424,259 | −$158,140 |
| Depreciation & amortization | $215,339 | $205,129 | $204,591 | $198,158 | $196,017 | $220,319 | $238,527 | $234,631 | $259,983 | $256,638 | $208,116 | $205,639 |
| Stock-based compensation | $41,662 | $86,811 | $42,945 | $37,975 | $36,940 | $59,946 | $44,219 | −$4,947 | $60,198 | $61,639 | $65,957 | $64,930 |
| Change in working capital | $1.9M | −$467,411 | −$184,809 | −$485,584 | −$1.7M | −$816,868 | −$309,163 | $245,052 | $376,962 | $706,113 | $182,631 | $197,763 |
| Other non-cash items | −$696,953 | $364,006 | −$110,774 | $5,824 | −$52,330 | $408,711 | −$19,631 | $389,789 | −$417,040 | $227,163 | −$131,719 | $153,261 |
| Cash from operating activities | $1.3M | $362,014 | $148,395 | −$889,151 | −$1.3M | $1.4M | −$101,805 | $1.2M | $282,362 | $1.2M | −$99,274 | $463,453 |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.3M | −$340,638 | −$176,415 | −$152,845 | −$261,329 | −$130,711 | −$82,730 | −$110,312 | −$101,820 | −$231,373 | −$281,174 | −$272,339 |
| Investments (net) | — | — | — | — | −$252,229 | −$130,711 | −$82,730 | $1.6M | −$101,020 | −$231,373 | −$281,174 | −$251,477 |
| Acquisitions & other investing | $0 | $82,162 | $4,100 | $38,038 | $261,330 | $130,711 | $82,730 | $110,312 | $101,820 | $231,373 | $281,174 | $272,339 |
| Cash from investing activities | −$1.3M | −$258,476 | −$172,315 | −$114,807 | −$252,228 | −$130,711 | −$82,730 | $1.6M | −$101,020 | −$231,373 | −$281,174 | −$251,477 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | −$1,693 | $0 | $0 | $0 | $0 | −$1,542 | $0 | $0 | $0 | −$37,654 | −$4,541 |
| Net borrowing (repayment) | — | −$98,813 | $22,008 | $1.0M | $1.5M | −$1.2M | $188,350 | −$2.6M | −$180,282 | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$15,997 | $0 | $0 | $0 | $0 | $0 | $0 | −$158,364 | −$428 | −$1.0M | $416,573 | −$207,638 |
| Cash from financing activities | −$15,997 | −$100,506 | $22,008 | $1.0M | $1.5M | −$1.2M | $186,808 | −$2.8M | −$180,710 | −$1.0M | $378,919 | −$212,179 |
| Summary | ||||||||||||
| Net change in cash | −$3,116 | $3,032 | −$1,912 | −$1,111 | $1,426 | $401 | $2,273 | −$3,259 | $632 | $2,002 | −$1,529 | −$203 |
| Cash at end of period | $2,855 | $5,969 | $2,937 | $4,849 | $5,960 | $4,534 | $4,133 | $1,860 | $5,119 | $4,487 | $2,485 | $4,014 |
| Free cash flow | $12,881 | $21,376 | −$28,020 | −$1.0M | −$1.5M | $1.2M | −$184,535 | $1.1M | $180,542 | $1.0M | −$380,448 | $191,114 |
| Free cash flow margin | 0.2% | 0.3% | −0.4% | −20.6% | −23.8% | 19.3% | −3.6% | 17.6% | 3.1% | 15.1% | −6.6% | 2.8% |
| Capex / revenue | 23.6% | 4.3% | 2.7% | 3.0% | 4.1% | 2.1% | 1.6% | 1.8% | 1.7% | 3.4% | 4.9% | 4.0% |
| Operating cash flow / net income | — | 2.09 | 0.76 | — | −4.99 | 0.91 | — | 3.60 | 124.99 | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ARTW cash generation
In fiscal 2025 (ended November 30, 2025), Art's-Way Manufacturing generated -$0.9 million of cash from operations (down 134.4%) and spent $0.6 million on capital expenditures, leaving free cash flow of -$1.5 million, −6.7% of revenue. It returned $0.0 million to shareholders through dividends ($0) and net share buybacks ($0.0 million). Cash and equivalents rose by $0.0 million over the year.
Related: ARTW income statement, ARTW balance sheet. See the ARTW stock overview for the latest quote and news.
ARTW cash flow FAQ
What is Art's-Way Manufacturing's free cash flow?
Art's-Way Manufacturing's free cash flow was -$1.5 million in fiscal 2025: -$0.9 million of operating cash flow minus $0.6 million of capital expenditures It was $1.9 million a year earlier..
How much cash does Art's-Way Manufacturing generate from operations?
Art's-Way Manufacturing generated -$0.9 million of cash from operating activities in fiscal 2025, −0.87 times its net income of $1.0 million.
How much does Art's-Way Manufacturing spend on capital expenditures?
Art's-Way Manufacturing spent $0.6 million on capital expenditures in fiscal 2025, 2.7% of revenue, compared with $0.7 million the year before.
How much stock does Art's-Way Manufacturing buy back?
Art's-Way Manufacturing spent $0.0 million on net share repurchases in fiscal 2025.