Friedman Industries, Incorporated (FRD) Cash Flow Statement
Where FRD’s cash came from and went, FY2026
March 31, 2026 · U.S. dollars- Cash from operations
- $8.5M
- Capital expenditures
- $7.2M 1.1% of revenue
- Free cash flow
- $1.4M 0.2% margin
- Returned to shareholders
- $1.1M 83% of free cash flow
- Change in cash
- −$918,000 cash at year-end $3.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
FRD operating cash flow, capex and free cash flow
FRD cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$202,658FY2017 | $8.5MFY2026 | — | |
| Capital expenditures | $799,331FY2017 | $7.2MFY2026 | +27.6%/yr | |
| Free cash flow | −$1.0MFY2017 | $1.4MFY2026 | — | |
| Free cash flow margin | −1.3%FY2017 | 0.2%FY2026 | +1.5 pts | |
| Operating cash flow / net income | 1.18FY2018 | 0.44FY2026 | −0.73 | |
| Stock-based compensation | $72,240FY2017 | $683,000FY2026 | +28.4%/yr | |
| Dividends paid | $274,078FY2017 | $1.1MFY2026 | +17.1%/yr | |
| Share buybacks (net) | $0FY2017 | $10,000FY2026 | — | |
| Capex / revenue | 1.0%FY2017 | 1.1%FY2026 | +0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FRD cash flow by activity
FRD 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).
FRD cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $19.2M | $6.1M | $17.3M | $21.3M | $14.1M | $11.4M | −$5.2M | $5.1M | $2.8M | −$2.7M |
| Depreciation & amortization | $3.8M | $3.3M | $3.1M | $2.5M | $1.3M | $1.0M | $1.5M | $1.3M | $1.4M | $1.6M |
| Stock-based compensation | $683,000 | $151,000 | $246,000 | $303,000 | $449,089 | $527,671 | $332,944 | $137,598 | $288,960 | $72,240 |
| Change in working capital | −$16.1M | −$12.0M | −$16.9M | $31.2M | −$29.5M | $683,636 | $10.5M | $1.6M | −$2.4M | $1.5M |
| Other non-cash items | $878,000 | −$2.0M | $1.2M | $8.6M | $301,649 | −$5.2M | $4.1M | $1.4M | $1.3M | −$699,766 |
| Cash from operating activities | $8.5M | −$4.4M | $5.0M | $63.9M | −$13.4M | $8.4M | $11.2M | $9.6M | $3.2M | −$202,658 |
| Investing activities | ||||||||||
| Capital expenditures | −$7.2M | −$5.0M | −$5.8M | −$16.5M | −$8.1M | −$4.6M | −$4.9M | −$807,989 | −$349,184 | −$799,331 |
| Investments (net) | — | −$3.4M | −$5.8M | −$88.2M | −$7.9M | −$4.6M | −$5.0M | −$825,906 | −$374,084 | −$858,331 |
| Acquisitions & other investing | −$45.6M | $5.0M | $5.8M | $16.5M | $8.1M | $4.6M | $4.9M | $807,989 | $349,184 | $799,331 |
| Cash from investing activities | −$52.8M | −$3.4M | −$5.8M | −$88.2M | −$7.9M | −$4.6M | −$5.0M | −$825,906 | −$374,084 | −$858,331 |
| Financing activities | ||||||||||
| Dividends paid | −$1.1M | −$1.1M | −$581,000 | −$589,000 | −$551,212 | −$564,190 | −$839,933 | −$1.2M | −$280,378 | −$274,078 |
| Share repurchases & issuance (net) | −$10,000 | −$171,000 | −$5.2M | −$37,000 | −$537,855 | −$1.7M | $0 | — | $0 | $0 |
| Net borrowing (repayment) | $44.8M | $7.4M | $7.1M | $14.3M | $18.3M | $1.7M | −$49,640 | −$49,640 | −$49,640 | −$49,640 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$395,000 | $0 | $0 | −$105,000 | $0 | −$100,728 | $0 | $49,640 | $49,640 | $49,640 |
| Cash from financing activities | $43.3M | $6.1M | $1.3M | $13.6M | $17.2M | −$701,911 | −$889,573 | −$1.2M | −$280,378 | −$274,078 |
| Summary | ||||||||||
| Net change in cash | −$918,000 | −$1.7M | $511,000 | −$10.7M | −$4.1M | $3.1M | $5.4M | $7.6M | $2.6M | −$1.3M |
| Cash at end of period | $3.2M | $4.1M | $5.9M | $5.4M | $16.1M | $20.2M | $17.1M | $11.7M | $4.1M | $1.5M |
| Free cash flow | $1.4M | −$9.4M | −$813,000 | $47.4M | −$21.5M | $3.8M | $6.3M | $8.8M | $2.9M | −$1.0M |
| Free cash flow margin | 0.2% | −2.1% | −0.2% | 8.7% | −7.5% | 3.0% | 4.4% | 4.7% | 2.4% | −1.3% |
| Capex / revenue | 1.1% | 1.1% | 1.1% | 3.0% | 2.8% | 3.7% | 3.5% | 0.4% | 0.3% | 1.0% |
| Operating cash flow / net income | 0.44 | −0.72 | 0.29 | 2.99 | −0.95 | 0.74 | — | 1.89 | 1.18 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $12.8M | $9.2M | $3.1M | $2.2M | $5.0M | $5.3M | −$1.2M | −$675,000 | $2.6M | $5.0M | $1.2M | $3.5M |
| Depreciation & amortization | $1.1M | $1.1M | $1.0M | $937,000 | $847,000 | $846,000 | $838,000 | $823,000 | $795,000 | $777,000 | $762,000 | $760,000 |
| Stock-based compensation | $244,000 | $342,000 | $218,000 | $36,000 | $123,000 | $30,000 | $32,000 | $42,000 | $47,000 | $53,000 | $37,000 | $78,000 |
| Change in working capital | −$7.5M | −$15.0M | −$8.2M | −$2.2M | $9.4M | −$17.9M | $3.4M | $10.4M | −$7.8M | −$3.5M | $18.2M | −$19.0M |
| Other non-cash items | $679,000 | $1.8M | −$808,000 | −$592,000 | $98,000 | −$162,000 | −$382,000 | $219,000 | −$1.6M | $1.7M | $1.1M | −$1.0M |
| Cash from operating activities | $7.3M | −$2.6M | −$4.7M | $434,000 | $15.5M | −$11.8M | $2.7M | $10.8M | −$6.1M | $4.0M | $21.3M | −$15.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.2M | −$1.3M | −$1.6M | −$2.5M | −$1.8M | −$957,000 | −$1.1M | −$1.8M | −$1.1M | −$1.0M | −$1.9M | −$2.4M |
| Investments (net) | — | — | — | −$48.1M | −$1.8M | −$184,000 | −$348,000 | −$1.8M | −$1.1M | −$1.0M | −$1.9M | −$2.4M |
| Acquisitions & other investing | $1.1M | $6,000 | −$2,000 | $2.5M | $1.8M | $957,000 | $1.1M | $1.8M | $1.1M | $1.0M | $1.9M | $2.4M |
| Cash from investing activities | −$1.1M | −$1.3M | −$1.6M | −$48.1M | −$1.8M | −$184,000 | −$348,000 | −$1.8M | −$1.1M | −$1.0M | −$1.9M | −$2.4M |
| Financing activities | ||||||||||||
| Dividends paid | −$284,000 | −$286,000 | −$281,000 | −$283,000 | −$282,000 | −$279,000 | −$279,000 | −$278,000 | −$279,000 | −$138,000 | −$148,000 | −$147,000 |
| Share repurchases & issuance (net) | −$82,000 | −$19,000 | −$1,000 | $1,000 | −$10,000 | $0 | −$37,000 | −$11,000 | −$123,000 | $0 | −$5.1M | −$4,000 |
| Net borrowing (repayment) | −$1.1M | $4.0M | $5.1M | $50.5M | −$14.7M | $15.2M | −$3.3M | −$10.3M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | $19,000 | $0 | −$395,000 | $0 | $0 | $0 | $0 | $5.8M | −$5.7M | −$8.4M | $15.0M |
| Cash from financing activities | −$1.4M | $3.7M | $4.8M | $49.8M | −$15.0M | $14.9M | −$3.7M | −$10.5M | $5.4M | −$5.8M | −$13.7M | $14.9M |
| Summary | ||||||||||||
| Net change in cash | $4.8M | −$277,000 | −$1.6M | $2.2M | −$1.3M | $2.9M | −$1.3M | −$1.6M | −$1.8M | −$2.9M | $5.6M | −$3.2M |
| Cash at end of period | $8.0M | $3.2M | $3.5M | $5.1M | $2.9M | $4.1M | $1.2M | $2.5M | $4.1M | $5.9M | $8.8M | $3.2M |
| Free cash flow | $5.1M | −$4.0M | −$6.3M | −$2.0M | $13.7M | −$12.8M | $1.6M | $8.9M | −$7.1M | $2.9M | $19.4M | −$18.1M |
| Free cash flow margin | 2.1% | −2.1% | −3.8% | −1.3% | 10.2% | −9.9% | 1.7% | 8.4% | −6.2% | 2.2% | 16.7% | −13.8% |
| Capex / revenue | 0.9% | 0.7% | 1.0% | 1.6% | 1.3% | 0.7% | 1.2% | 1.7% | 0.9% | 0.8% | 1.6% | 1.9% |
| Operating cash flow / net income | 0.57 | −0.29 | −1.55 | 0.19 | 3.08 | −2.21 | — | — | −2.36 | 0.80 | 17.95 | −4.46 |
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.
FRD cash generation
In fiscal 2026 (ended March 31, 2026), Friedman Industries generated $8.5 million of cash from operations and spent $7.2 million on capital expenditures, leaving free cash flow of $1.4 million, 0.2% of revenue. It returned $1.1 million to shareholders through dividends ($1.1 million) and net share buybacks ($0.0 million). Cash and equivalents fell by $0.9 million over the year.
Related: FRD income statement, FRD balance sheet, FRD dividend history. See the FRD stock overview for the latest quote and news.
FRD cash flow FAQ
What is Friedman Industries's free cash flow?
Friedman Industries's free cash flow was $1.4 million in fiscal 2026: $8.5 million of operating cash flow minus $7.2 million of capital expenditures It was -$9.4 million a year earlier..
How much cash does Friedman Industries generate from operations?
Friedman Industries generated $8.5 million of cash from operating activities in fiscal 2026, 0.44 times its net income of $19.2 million.
How much does Friedman Industries spend on capital expenditures?
Friedman Industries spent $7.2 million on capital expenditures in fiscal 2026, 1.1% of revenue, compared with $5.0 million the year before.
How much stock does Friedman Industries buy back?
Friedman Industries spent $0.0 million on net share repurchases in fiscal 2026.
How much does Friedman Industries pay in dividends?
Friedman Industries paid $1.1 million in dividends in fiscal 2026, 82.1% of free cash flow.