Huadi International Group Co., Ltd. (HUDI) Cash Flow Statement
Where HUDI’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- −$5.5M −142.5% vs FY2024
- Capital expenditures
- $14.7M 23.4% of revenue
- Free cash flow
- −$20.2M −32.2% margin
- Returned to shareholders
- —
- Change in cash
- −$12.9M cash at year-end $9.6M
Cash from operations
−$5.5M
Capital expenditures
−$14.7M
Investments (net)
−$262,709
Net borrowing (repayment)
+$10.8M
Other financing
−$3.0M
Currency & other
−$202,275
Change in cash
−$12.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
HUDI operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
HUDI cash flow trends, FY2017–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$9.1MFY2017 | −$5.5MFY2025 | — | |
| Capital expenditures | $309,988FY2017 | $14.7MFY2025 | +62.0%/yr | |
| Free cash flow | −$9.4MFY2017 | −$20.2MFY2025 | — | |
| Free cash flow margin | −19.1%FY2017 | −32.2%FY2025 | −13.1 pts | |
| Operating cash flow / net income | −0.99FY2017 | 94.55FY2024 | +95.54 | |
| Stock-based compensation | −$52,485FY2018 | $29,400FY2025 | — | |
| Capex / revenue | 0.6%FY2017 | 23.4%FY2025 | +22.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HUDI cash flow by activity
OperatingInvestingFinancingChange in cash
HUDI net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HUDI cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | −$1.4M | $137,422 | $3.3M | $1.9M | $2.6M | $3.4M | $5.4M | $5.2M | $9.2M |
| Depreciation & amortization | $643,338 | $759,400 | $715,885 | $824,975 | $767,682 | $753,634 | $648,251 | $726,659 | $923,412 |
| Stock-based compensation | $29,400 | $49,000 | $59,600 | $0 | $0 | — | — | −$52,485 | — |
| Change in working capital | −$5.6M | $12.4M | −$6.4M | $5.6M | −$8.7M | −$251,505 | −$4.1M | −$5.0M | −$11.6M |
| Other non-cash items | $765,980 | −$352,953 | −$122,913 | −$391,266 | −$240,909 | −$654,138 | $315,214 | $255,661 | −$7.6M |
| Cash from operating activities | −$5.5M | $13.0M | −$2.4M | $8.0M | −$5.6M | $3.2M | $2.3M | $1.2M | −$9.1M |
| Investing activities | |||||||||
| Capital expenditures | −$14.7M | −$3.1M | −$3.6M | −$206,175 | −$917,539 | −$664,996 | −$912,702 | −$527,755 | −$309,988 |
| Investments (net) | −$262,709 | −$3.1M | −$3.6M | −$206,175 | −$897,254 | $59,786 | −$912,702 | −$527,755 | — |
| Acquisitions & other investing | $16,445 | $3.1M | $3.6M | $206,175 | $917,539 | $664,996 | $912,702 | $527,755 | $9.1M |
| Cash from investing activities | −$15.0M | −$3.1M | −$3.6M | −$206,175 | −$897,254 | $59,786 | −$912,702 | −$527,755 | $8.8M |
| Financing activities | |||||||||
| Net borrowing (repayment) | $10.8M | −$8.8M | −$11.1M | −$9.7M | −$404,168 | −$4.7M | −$3.5M | $943,471 | $11,894 |
| Shares issued | $0 | $0 | $23.0M | $0 | $21.7M | $0 | $0 | $0 | $0 |
| Other financing | −$3.0M | −$20,821 | −$283,555 | $0 | $0 | $0 | $0 | $0 | −$273,166 |
| Cash from financing activities | $7.8M | −$8.8M | $11.6M | −$9.7M | $21.3M | −$4.7M | −$3.5M | $943,471 | −$261,272 |
| Summary | |||||||||
| Net change in cash | −$12.9M | $1.6M | $6.4M | −$2.1M | $14.9M | −$1.3M | −$2.2M | $1.4M | −$569,103 |
| Cash at end of period | $9.6M | $22.5M | $21.0M | $14.5M | $16.7M | $1.7M | $3.0M | $5.2M | $3.8M |
| Free cash flow | −$20.2M | $9.9M | −$6.0M | $7.8M | −$6.6M | $2.5M | $1.4M | $682,015 | −$9.4M |
| Free cash flow margin | −32.2% | 13.4% | −7.2% | 10.2% | −9.3% | 4.3% | 2.2% | 1.1% | −19.1% |
| Capex / revenue | 23.4% | 4.1% | 4.3% | 0.3% | 1.3% | 1.1% | 1.4% | 0.9% | 0.6% |
| Operating cash flow / net income | — | 94.55 | −0.74 | 4.12 | −2.21 | 0.95 | 0.43 | 0.23 | −0.99 |
| Mar '26 | Dec '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$1.1M | −$1.5M | $72,953 | $145,906 | $72,953 | −$667,090 | −$333,545 | $804,512 | $402,256 | $1.8M | $910,568 | $1.4M |
| Depreciation & amortization | $383,330 | $281,080 | $181,129 | $362,258 | $181,129 | $357,338 | $178,669 | $402,062 | $201,031 | $326,677 | $163,339 | $374,321 |
| Stock-based compensation | — | — | — | — | $24,500 | $49,000 | $24,500 | — | $29,800 | $59,600 | $29,800 | −$2.8M |
| Change in working capital | −$2.9M | $1.1M | −$5.2M | −$10.4M | −$5.2M | $16.4M | $8.2M | $790,696 | $395,348 | −$4.7M | −$2.4M | −$5.6M |
| Other non-cash items | −$481,422 | $1.1M | −$1.5M | −$3.0M | −$527,805 | $2.3M | $1.1M | −$7.5M | −$3.8M | $659,549 | $329,774 | $6.0M |
| Cash from operating activities | −$4.1M | $938,963 | −$6.5M | −$12.9M | −$5.4M | $18.5M | $9.2M | −$5.5M | −$2.7M | −$1.9M | −$941,194 | −$565,338 |
| Investing activities | ||||||||||||
| Capital expenditures | −$4.8M | −$11.7M | −$1.5M | −$3.0M | −$1.5M | −$3.0M | −$1.5M | −$81,164 | −$40,582 | −$103,664 | −$51,832 | −$53,908 |
| Acquisitions & other investing | −$136,605 | −$260,951 | −$1.5M | −$3.0M | $7,343 | $0 | $0 | $0 | $0 | −$3.4M | −$1.7M | $0 |
| Cash from investing activities | −$5.0M | −$12.0M | −$3.0M | −$6.0M | −$1.5M | −$3.0M | −$1.5M | −$81,164 | −$40,582 | −$3.5M | −$1.8M | −$53,908 |
| Financing activities | ||||||||||||
| Dividends paid | −$2,898 | — | — | — | — | — | — | — | — | — | — | — |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | — | — | — | −$8.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $8.5M | $8.2M | −$433,507 | −$867,014 | $2.0M | −$3.1M | −$1.5M | −$5.8M | −$2.9M | $6.1M | $3.0M | $14.2M |
| Cash from financing activities | $8.5M | $8.2M | −$433,507 | −$867,014 | $2.0M | −$3.1M | −$1.5M | −$5.8M | −$2.9M | $6.1M | $3.0M | $5.5M |
| Summary | ||||||||||||
| Net change in cash | −$539,095 | −$2.5M | −$10.4M | −$10.4M | $12.9M | −$9.6M | −$9.6M | −$5.7M | −$5.7M | $145,949 | $145,949 | $3.1M |
| Cash at end of period | $9.1M | $9.6M | $12.2M | $12.2M | $22.5M | $22.5M | $9.6M | −$5.7M | −$5.7M | $145,949 | $145,949 | $3.1M |
| Free cash flow | −$9.0M | −$10.8M | −$7.0M | −$13.9M | −$7.0M | $15.5M | $7.7M | −$5.5M | −$2.8M | −$2.0M | −$993,026 | −$619,246 |
| Free cash flow margin | −36.5% | −32.1% | −47.4% | −47.4% | −47.4% | 41.6% | 41.6% | −15.0% | −15.0% | −4.3% | −4.3% | −1.6% |
| Capex / revenue | 19.7% | 34.9% | 10.3% | 10.3% | 10.3% | 8.0% | 8.0% | 0.2% | 0.2% | 0.2% | 0.2% | 0.1% |
| Operating cash flow / net income | — | — | −88.54 | −88.54 | −74.70 | — | — | −6.79 | −6.79 | −1.03 | −1.03 | −0.39 |
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.
HUDI cash generation
In fiscal 2025 (ended September 30, 2025), Huadi International generated -$5.5 million of cash from operations (down 142.5%) and spent $14.7 million on capital expenditures, leaving free cash flow of -$20.2 million, −32.2% of revenue. Cash and equivalents fell by $12.9 million over the year.
Related: HUDI income statement, HUDI balance sheet. See the HUDI stock overview for the latest quote and news.
HUDI cash flow FAQ
What is Huadi International's free cash flow?
Huadi International's free cash flow was -$20.2 million in fiscal 2025: -$5.5 million of operating cash flow minus $14.7 million of capital expenditures It was $9.9 million a year earlier..
How much cash does Huadi International generate from operations?
Huadi International generated -$5.5 million of cash from operating activities in fiscal 2025.
How much does Huadi International spend on capital expenditures?
Huadi International spent $14.7 million on capital expenditures in fiscal 2025, 23.4% of revenue, compared with $3.1 million the year before.