Optex Systems Holdings, Inc (OPXS) Cash Flow Statement
Where OPXS’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $6.9M +289.2% vs FY2024
- Capital expenditures
- $504,000 1.2% of revenue
- Free cash flow
- $6.4M 15.5% margin
- Returned to shareholders
- —
- Change in cash
- $5.4M cash at year-end $6.4M
Cash from operations
$6.9M
Capital expenditures
−$504,000
Net borrowing (repayment)
−$1.0M
Other financing
−$47,000
Change in cash
$5.4M
Drawn to scale: where the cash came from and how it was used. Hover for values.
OPXS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
OPXS cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $171,000FY2016 | $6.9MFY2025 | +50.9%/yr | |
| Capital expenditures | $34,000FY2016 | $504,000FY2025 | +34.9%/yr | |
| Free cash flow | $137,000FY2016 | $6.4MFY2025 | +53.4%/yr | |
| Free cash flow margin | 0.8%FY2016 | 15.5%FY2025 | +14.8 pts | |
| Operating cash flow / net income | 0.75FY2018 | 1.35FY2025 | +0.60 | |
| Stock-based compensation | $192,000FY2016 | $383,000FY2025 | +8.0%/yr | |
| Dividends paid | $261,000FY2016 | $283,000FY2021 | +1.6%/yr | |
| Share buybacks (net) | $1.8MFY2016 | $245,000FY2024 | −21.8%/yr | |
| Capex / revenue | 0.2%FY2016 | 1.2%FY2025 | +1.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OPXS cash flow by activity
OperatingInvestingFinancingChange in cash
OPXS 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).
OPXS cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $5.1M | $3.8M | $2.3M | $1.3M | $2.1M | $1.8M | $5.7M | $1.4M | −$304,000 | −$236,000 |
| Depreciation & amortization | $515,000 | $487,000 | $345,000 | $307,000 | $263,000 | $248,000 | $340,000 | $327,000 | $337,000 | $345,000 |
| Stock-based compensation | $383,000 | $425,000 | $247,000 | $162,000 | $228,000 | $197,000 | $113,000 | $153,000 | $220,000 | $192,000 |
| Change in working capital | $330,000 | −$2.9M | −$3.2M | −$77,000 | $454,000 | $946,000 | −$3.2M | −$790,000 | −$654,000 | −$178,000 |
| Other non-cash items | $556,000 | −$12,000 | $20,000 | $366,999 | −$2.6M | $695,000 | −$2.8M | −$45,001 | $417,000 | $48,000 |
| Cash from operating activities | $6.9M | $1.8M | −$296,000 | $2.0M | $481,000 | $3.9M | $160,000 | $1.0M | $16,000 | $171,000 |
| Investing activities | ||||||||||
| Capital expenditures | −$504,000 | −$1.7M | −$376,000 | −$257,000 | −$274,000 | −$152,000 | −$143,000 | −$167,000 | −$149,000 | −$34,000 |
| Investments (net) | — | −$1.7M | −$376,000 | −$257,000 | −$274,000 | −$152,000 | −$135,000 | −$167,000 | −$108,000 | −$30,000 |
| Acquisitions & other investing | $0 | $1.7M | $376,000 | $257,000 | $274,000 | $152,000 | $143,000 | $167,000 | $149,000 | $34,000 |
| Cash from investing activities | −$504,000 | −$1.7M | −$376,000 | −$257,000 | −$274,000 | −$152,000 | −$135,000 | −$167,000 | −$108,000 | −$30,000 |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | −$283,000 | — | $0 | −$784,000 | −$261,000 | −$261,000 |
| Share repurchases & issuance (net) | — | −$245,000 | −$58,000 | −$4.7M | −$869,000 | −$200,000 | $0 | −$700,000 | −$518,000 | −$1.8M |
| Net borrowing (repayment) | −$1.0M | $0 | $1.0M | $0 | −$377,000 | $127,000 | −$50,000 | −$50,000 | −$50,000 | −$500,000 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$47,000 | $0 | $0 | −$19,000 | $522,000 | −$54,000 | −$40,000 | $113,000 | $35,000 | $4.3M |
| Cash from financing activities | −$1.0M | −$245,000 | $942,000 | −$4.8M | −$1.0M | −$127,000 | −$90,000 | −$1.4M | −$794,000 | $1.7M |
| Summary | ||||||||||
| Net change in cash | $5.4M | −$195,000 | $270,000 | −$3.0M | −$800,000 | $3.6M | −$65,000 | −$549,000 | −$886,000 | $1.9M |
| Cash at end of period | $6.4M | $1.0M | $1.2M | $934,000 | $3.9M | $4.7M | $1.1M | $1.1M | $1.7M | $2.6M |
| Free cash flow | $6.4M | $50,000 | −$672,000 | $1.8M | $207,000 | $3.8M | $17,000 | $872,000 | −$133,000 | $137,000 |
| Free cash flow margin | 15.5% | 0.1% | −2.6% | 8.0% | 1.1% | 14.5% | 0.1% | 4.2% | −0.7% | 0.8% |
| Capex / revenue | 1.2% | 5.1% | 1.5% | 1.1% | 1.5% | 0.6% | 0.6% | 0.8% | 0.8% | 0.2% |
| Operating cash flow / net income | 1.35 | 0.47 | −0.13 | 1.59 | 0.23 | 2.14 | 0.03 | 0.75 | — | — |
| 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 | $1.3M | $1.3M | −$32.0M | $1.0M | $1.5M | $1.8M | $844,000 | $1.0M | $1.3M | $1.1M | $431,000 | $1.4M |
| Depreciation & amortization | $107,000 | $97,000 | $90,000 | $129,000 | $131,000 | $126,000 | $129,000 | $146,000 | $132,000 | $117,000 | $92,000 | $93,000 |
| Stock-based compensation | $266,000 | $260.0M | $212.0M | $136,000 | $83,000 | $163.9M | $92,000 | $65,000 | $90,000 | $157,000 | $113,000 | $113,000 |
| Change in working capital | $2.7M | −$3.1M | −$591,000 | −$188,000 | −$238,000 | −$919,000 | $1.7M | −$373,000 | −$1.5M | −$2.6M | $1.6M | −$375,000 |
| Other non-cash items | −$2.0M | −$259.6M | −$271.5M | $461,000 | −$103,000 | −$163.7M | $58,000 | −$99,000 | $37,000 | $12,000 | $35,000 | −$157,000 |
| Cash from operating activities | $2.3M | −$1.2M | −$92.0M | $1.6M | $1.4M | $1.2M | $2.8M | $753,000 | $50,000 | −$1.3M | $2.3M | $1.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$207,000 | −$393,000 | −$456.0M | −$41,000 | −$452.5M | −$144,000 | −$319,000 | −$208,000 | −$306,000 | −$1.1M | −$58,000 | −$8,000 |
| Investments (net) | — | — | — | — | $0 | −$144,000 | −$319,000 | −$228,000 | −$306,000 | −$1.1M | −$58,000 | −$8,000 |
| Acquisitions & other investing | $0 | $0 | $0 | $0 | −$10.0M | $144,000 | $319,000 | $208,000 | $306,000 | $1.1M | $58,000 | $8,000 |
| Cash from investing activities | −$207,000 | −$393,000 | −$456.0M | −$41,000 | −$462.5M | −$144,000 | −$319,000 | −$228,000 | −$306,000 | −$1.1M | −$58,000 | −$8,000 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | −$2,000 | — | — | — | $0 |
| Net borrowing (repayment) | $0 | $0 | $0 | $0 | $0 | $0 | −$1.0M | $0 | $500,000 | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$105,000 | −$42,000 | $0 | −$4,000 | −$43,000 | $27.0M | $0 | $0 | −$79,000 | $363,000 | −$1.0M | −$207,000 |
| Cash from financing activities | −$105,000 | −$42,000 | $0 | −$4,000 | −$43,000 | $27.0M | −$1.0M | −$2,000 | $421,000 | $363,000 | −$1.0M | −$207,000 |
| Summary | ||||||||||||
| Net change in cash | $2.0M | −$1.7M | −$548.0M | $1.5M | $1.3M | $1.0M | $1.5M | $522,999 | $165,000 | −$2.1M | $1.2M | $890,000 |
| Cash at end of period | $6.2M | $4.2M | $5.84B | $6.4M | $4.9M | $3.5M | $2.5M | $1.0M | $486,000 | $321,000 | $2.4M | $1.2M |
| Free cash flow | $2.1M | −$1.6M | −$548.0M | $1.5M | $1.4M | $1.0M | $2.5M | $545,000 | −$256,000 | −$2.4M | $2.2M | $1.1M |
| Free cash flow margin | 21.7% | −17.0% | −5,992.3% | 13.5% | 12.4% | 9.7% | 30.3% | 5.8% | −2.8% | −28.3% | 31.5% | 13.6% |
| Capex / revenue | 2.1% | 4.1% | 4,986.3% | 0.4% | 4,073.3% | 1.3% | 3.9% | 2.2% | 3.4% | 13.4% | 0.8% | 0.1% |
| Operating cash flow / net income | 1.81 | −0.93 | — | 1.52 | 0.92 | 0.67 | 3.32 | 0.74 | 0.04 | −1.20 | 5.23 | 0.77 |
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.
OPXS cash generation
In fiscal 2025 (ended September 30, 2025), Optex Systems generated $6.9 million of cash from operations (up 289.2%) and spent $0.5 million on capital expenditures, leaving free cash flow of $6.4 million, 15.5% of revenue. Cash and equivalents rose by $5.4 million over the year.
Related: OPXS income statement, OPXS balance sheet. See the OPXS stock overview for the latest quote and news.
OPXS cash flow FAQ
What is Optex Systems's free cash flow?
Optex Systems's free cash flow was $6.4 million in fiscal 2025: $6.9 million of operating cash flow minus $0.5 million of capital expenditures It was $0.1 million a year earlier..
How much cash does Optex Systems generate from operations?
Optex Systems generated $6.9 million of cash from operating activities in fiscal 2025, 1.35 times its net income of $5.1 million.
How much does Optex Systems spend on capital expenditures?
Optex Systems spent $0.5 million on capital expenditures in fiscal 2025, 1.2% of revenue, compared with $1.7 million the year before.