Multi Ways Holdings Limited (MWG) Cash Flow Statement
Where MWG’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.1M
- Capital expenditures
- $154,599 0.3% of revenue
- Free cash flow
- $4.0M 8.8% margin
- Returned to shareholders
- —
- Change in cash
- −$916,984 cash at year-end $1.5M
Cash from operations
$4.1M
Capital expenditures
−$154,599
Investments (net)
−$38,000
Net borrowing (repayment)
−$9.0M
Shares issued
+$2.7M
Other financing
+$1.5M
Change in cash
−$916,984
Drawn to scale: where the cash came from and how it was used. Hover for values.
MWG operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
MWG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.45B2016 | $4.1M2025 | −50.8%/yr | |
| Capital expenditures | $02016 | $154,5992025 | — | |
| Free cash flow | $2.45B2016 | $4.0M2025 | −51.0%/yr | |
| Free cash flow margin | 7.1%2016 | 8.8%2025 | +1.8 pts | |
| Operating cash flow / net income | 0.412016 | 0.042023 | −0.37 | |
| Stock-based compensation | $1.14B2016 | $02025 | −100.0% | |
| Dividends paid | $1.75B2016 | $02025 | −100.0% | |
| Share buybacks (net) | $43.38B2016 | $02023 | −100.0% | |
| Capex / revenue | 0.0%2016 | 0.3%2025 | +0.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MWG cash flow by activity
OperatingInvestingFinancingChange in cash
MWG 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).
MWG cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$331,395 | −$3.2M | $1.3M | $1.6M | $2.0M | $1.3M | $9.04B | $8.75B | $6.11B | $5.98B |
| Depreciation & amortization | $1.3M | $1.2M | $1.8M | $1.6M | $1.6M | $1.2M | $2.64B | $1.84B | $1.75B | $1.74B |
| Stock-based compensation | $0 | $1.2M | $0 | $0 | — | — | $1.15B | $920.0M | $1.03B | $1.14B |
| Change in working capital | $2.5M | −$13.7M | $182,000 | −$2.5M | $909,000 | −$3.3M | −$179.34B | −$3.56B | $48.17B | $7.74B |
| Other non-cash items | $714,956 | $1.6M | −$3.2M | $191,000 | $1.1M | $2.4M | $207.27B | −$643.0M | −$61.57B | −$14.14B |
| Cash from operating activities | $4.1M | −$12.9M | $55,000 | $833,000 | $5.6M | $1.7M | $40.77B | $7.30B | −$4.50B | $2.45B |
| Investing activities | ||||||||||
| Capital expenditures | −$154,599 | −$598,000 | −$2.0M | −$817,000 | −$817,000 | −$637,000 | $0 | $0 | $0 | $0 |
| Investments (net) | −$38,000 | $26,000 | $6.8M | −$1.1M | $343,000 | −$565,000 | — | — | — | — |
| Acquisitions & other investing | $12,743 | $598,000 | $2.0M | $817,000 | $817,000 | $637,000 | — | — | — | — |
| Cash from investing activities | −$179,856 | $26,000 | $6.8M | −$1.1M | $343,000 | −$565,000 | — | — | — | — |
| Financing activities | ||||||||||
| Dividends paid | $0 | $0 | −$10.5M | −$77,000 | $0 | — | −$2.63B | −$2.38B | −$2.08B | −$1.75B |
| Share repurchases & issuance (net) | — | — | $13.5M | — | — | — | −$5.95B | −$87.20B | −$80.39B | −$43.38B |
| Net borrowing (repayment) | −$9.0M | $9.2M | −$3.9M | −$219,000 | −$4.8M | −$899,000 | — | — | — | — |
| Shares issued | $2.7M | $0 | $13.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.5M | $0 | −$13.5M | $77,000 | $0 | $0 | $8.43B | $113.78B | $98.74B | $52.55B |
| Cash from financing activities | −$4.8M | $9.2M | −$875,000 | −$219,000 | −$4.8M | −$899,000 | −$147.0M | $24.20B | $16.26B | $7.42B |
| Summary | ||||||||||
| Net change in cash | −$916,984 | −$3.8M | $6.1M | −$530,000 | $1.2M | $192,000 | −$5.03B | $6.80B | $3.04B | −$10.70B |
| Cash at end of period | $1.5M | $3.3M | $7.1M | $1.0M | $1.5M | $325,000 | $82.17B | $87.20B | $80.39B | $43.38B |
| Free cash flow | $4.0M | −$13.5M | −$1.9M | $16,000 | $5.6M | $1.0M | $40.77B | $7.30B | −$4.50B | $2.45B |
| Free cash flow margin | 8.8% | −43.5% | −5.3% | 0.0% | 16.9% | 3.4% | 734.0% | 18.2% | −11.9% | 7.1% |
| Capex / revenue | 0.3% | 1.9% | 5.4% | 2.1% | 2.4% | 2.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating cash flow / net income | — | — | 0.04 | 0.54 | 2.77 | 1.25 | 4.51 | 0.84 | −0.74 | 0.41 |
| Mar '26 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Jun '23 | Mar '23 | Dec '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | −$1.0M | $682,143 | −$1.5M | −$2.9M | −$1.5M | $77,000 | $38,500 | $665,971 | $665,971 | −$2.4M | −$384,000 |
| Depreciation & amortization | $534,131 | $435,121 | $319,500 | $481,910 | $319,500 | $423,133 | $285,000 | $880,000 | $893,000 | $503,499 | $1.0M |
| Stock-based compensation | — | — | $598,000 | $1.2M | $598,000 | — | — | — | — | — | — |
| Change in working capital | $285,937 | $2.2M | −$2.2M | −$4.4M | −$2.2M | −$11.3M | −$5.7M | $91,000 | $91,000 | −$1.2M | −$2.3M |
| Other non-cash items | $758,781 | $295,369 | $308,000 | $773,090 | $308,000 | $2.8M | $1.3M | −$1.6M | −$1.6M | $3.2M | $2.1M |
| Cash from operating activities | $543,145 | $3.6M | −$2.4M | −$4.9M | −$2.4M | −$8.0M | −$4.0M | $27,500 | $27,500 | $166,000 | $332,000 |
| Investing activities | |||||||||||
| Capital expenditures | −$28,175 | −$128,424 | −$35,500 | −$71,000 | −$35,500 | −$527,000 | −$263,500 | −$977,500 | −$977,500 | −$362,000 | −$724,000 |
| Investments (net) | — | — | — | — | — | — | — | — | — | — | −$15,500 |
| Acquisitions & other investing | −$3,675 | −$21,904 | $137,000 | $274,000 | $137,000 | $350,000 | $175,000 | $4.4M | $4.4M | −$14,500 | −$13,500 |
| Cash from investing activities | −$31,850 | −$150,328 | $101,500 | $203,000 | $101,500 | −$177,000 | −$88,500 | $3.4M | $3.4M | −$376,500 | −$753,000 |
| Financing activities | |||||||||||
| Dividends paid | — | — | — | — | — | — | — | −$5.3M | −$5.3M | — | — |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | $15.1M | — | — |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | — | — | $219,000 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $38,494 | −$4.9M | $2.0M | $4.0M | $2.0M | $5.2M | $2.6M | $4.8M | −$10.3M | $219,000 | $219,000 |
| Cash from financing activities | $38,494 | −$4.9M | $2.0M | $4.0M | $2.0M | $5.2M | $2.6M | −$437,500 | −$437,500 | $219,000 | $438,000 |
| Summary | |||||||||||
| Net change in cash | $576,948 | −$1.5M | −$309,445 | −$309,445 | — | $2.7M | — | $6.1M | $6.1M | $25,500 | $25,500 |
| Cash at end of period | $1.5M | $894,280 | $2.4M | $2.4M | $2.7M | $2.7M | — | $7.1M | $7.1M | $25,500 | $25,500 |
| Free cash flow | $514,970 | $3.5M | −$2.5M | −$4.9M | −$2.5M | −$8.6M | −$4.3M | −$950,000 | −$950,000 | −$196,000 | −$392,000 |
| Free cash flow margin | 3.6% | 17.5% | −29.1% | −29.1% | −29.1% | −60.8% | −60.8% | −4.4% | −6.6% | −2.7% | −2.1% |
| Capex / revenue | 0.2% | 0.6% | 0.4% | 0.4% | 0.4% | 3.7% | 3.7% | 4.5% | 6.8% | 5.0% | 4.0% |
| Operating cash flow / net income | — | 5.31 | — | — | — | −104.34 | −104.34 | 0.04 | 0.04 | — | — |
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.
MWG cash generation
In fiscal 2025 (ended December 31, 2025), Multi Ways generated $4.1 million of cash from operations and spent $0.2 million on capital expenditures, leaving free cash flow of $4.0 million, 8.8% of revenue. Cash and equivalents fell by $0.9 million over the year.
Related: MWG income statement, MWG balance sheet. See the MWG stock overview for the latest quote and news.
MWG cash flow FAQ
What is Multi Ways's free cash flow?
Multi Ways's free cash flow was $4.0 million in fiscal 2025: $4.1 million of operating cash flow minus $0.2 million of capital expenditures It was -$13.5 million a year earlier..
How much cash does Multi Ways generate from operations?
Multi Ways generated $4.1 million of cash from operating activities in fiscal 2025.
How much does Multi Ways spend on capital expenditures?
Multi Ways spent $0.2 million on capital expenditures in fiscal 2025, 0.3% of revenue, compared with $0.6 million the year before.