Cash flow conversion remains inconsistent, evidenced by an operating cash flow to net income ratio that swung from a high of 7.13 in 2024Q2 to a low of 0.72 in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 | Jun'95 |
|---|
| Cash from Operations | 48.92M | 56.67M | 41.85M | 45.04M | 5.6M | 25.4M | 24.84M | 34.53M | 17.45M | 25.41M | 14.3M | 20.07M | 20.3M | 10.78M | 4.6M | 8.88M | 7.17M | 2.82M | 6.64M | 5.86M | 3.63M | 3.67M | 3.27M | 2.15M | 720K | 678K | -100K | 1.5M | -200K | -200K | 1.4M |
| Operating CF Margin % | - | 10.22% | 7.9% | 7.78% | 1.11% | 6.3% | 6.77% | 9.31% | 5.62% | 10.08% | 5.82% | 8.64% | 8.13% | 8.59% | 4.52% | 8.01% | 8.89% | 4.6% | 7.72% | 6.93% | 4.39% | 4.94% | 5.22% | 5.46% | 1.49% | 1.5% | -0.24% | 3.63% | -0.5% | -0.56% | 3.52% |
| Operating CF Growth % | 91.42% | 35.42% | -7.08% | 704.82% | -77.97% | 2.27% | -28.07% | 97.86% | -31.31% | 77.63% | -28.75% | -1.1% | 88.29% | 134.12% | -48.16% | 23.9% | 154.27% | -57.55% | 13.39% | 61.14% | -1.01% | 12.16% | 52.09% | 198.89% | 6.19% | 778% | -106.67% | 850% | 0% | -114.29% | -33.33% |
| Net Income | 23.83M | 22.03M | 13.17M | 24.1M | 17.39M | 24.09M | 13.64M | 17.02M | 15.93M | 8.04M | 9.08M | 11.07M | 13.86M | 3.95M | 5.4M | 0 | 3.58M | -12.45M | 2.91M | 2.4M | 1.93M | 923K | 2.25M | 948K | 2M | 1.48M | -1.5M | -2M | -1.4M | -1M | 800K |
| Depreciation & Amortization | 25.34M | 0 | 25.89M | 25.07M | 25.49M | 18.11M | 15.98M | 14.86M | 11.58M | 10.27M | 9.75M | 7.47M | 7.27M | 2.91M | 1.8M | 2.17M | 1.81M | 2.92M | 3.51M | 3.47M | 3.28M | 3.23M | 2.33M | 1.36M | 831K | 890K | 1.2M | 1.5M | 1.2M | 1M | 1M |
| Stock-Based Compensation | 1.67M | 0 | 4.15M | 5.48M | 5.07M | 4.16M | 3.55M | 3.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -2.18M | 0 | -2.35M | -5.04M | -3.72M | -6.13M | -519K | -112K | -76K | 3.71M | 1.77M | 1.42M | 1.21M | 90K | 782K | 278K | 342K | -6.36M | 0 | 144K | 591K | -130K | 901K | 440K | 372K | 31K | 100K | 100K | 0 | 0 | 0 |
| Other Non-Cash Items | 6.65M | 32.19M | 5.36M | 4.21M | 2.22M | 1.09M | 951K | 1.05M | 41.78M | 25.49M | 28.15M | 16.82M | 1.89M | 53K | 1.04M | 6.66M | 786K | 17.39M | 826K | 748K | 939K | 986K | 383K | 282K | -572K | -692K | -500K | 100K | 200K | 300K | 0 |
| Working Capital Changes | -6.39M | 2.45M | -4.36M | -8.78M | -40.85M | -15.91M | -8.77M | -1.5M | -13.7M | 1.2M | -9.35M | -1.29M | -5.47M | 2.84M | -5.02M | -226K | 640K | 1.32M | -608K | -904K | -3.11M | -1.34M | -2.59M | -877K | -1.91M | -1.03M | 600K | 1.8M | -200K | -500K | -400K |
| Change in Receivables | -3.15M | -7.89M | 7.46M | -5.57M | -22.2M | -170K | 2.71M | -1.46M | -4.11M | -4.05M | -3.72M | 3.65M | -2.5M | 196K | 992K | -96K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -414K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -5.25M | 3.32M | 7.36M | -1.78M | -27.8M | -22.87M | -4.69M | 70K | -17.33M | 18K | -928K | -2.26M | -2.86M | 1.76M | -400K | -2.76M | -2.07M | 1.95M | 137K | -224K | -1.85M | -644K | -2.08M | -74K | -530K | -1.23M | 300K | 700K | 1.2M | -500K | 200K |
| Change in Payables | 1.59M | 175K | -12.76M | -935K | 2.79M | 8.29M | -1.87M | -1.81M | 6.53M | 1.28M | -956K | -1.87M | 752K | 558K | -893K | 176K | 1.69M | -1.92M | 0 | 0 | 0 | 0 | 0 | -201K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -8.1M | -6.99M | -34.91M | -22.61M | -60.01M | -60.97M | -24.1M | -14.88M | -91.75M | -6.2M | -21.39M | -4.73M | -2.65M | -94.69M | -3.95M | -2.18M | -8.32M | -678K | -2.08M | -1.28M | -1.42M | -2.37M | -17.72M | -764K | -908K | -970K | -1M | -900K | -1.3M | 400K | -1M |
| Capital Expenditures | -8.1M | -6.99M | -9.68M | -11.6M | -15.91M | -13.72M | -9.37M | -14.88M | -14.33M | -6.2M | -5.19M | -4.73M | -4.05M | -3.09M | -2.6M | -1.85M | -1.21M | -865K | -2.08M | -1.28M | -1.42M | -2.1M | -953K | -1.11M | -908K | -827K | -1M | -900K | -700K | -700K | -900K |
| CapEx % of Revenue | 1.44% | 1.26% | 1.83% | 2.01% | 3.16% | 3.4% | 2.56% | 4.01% | 4.61% | 2.46% | 2.11% | 2.04% | 1.62% | 2.46% | 2.55% | 1.67% | 1.51% | 1.41% | 2.42% | 1.52% | 1.72% | 2.82% | 1.52% | 2.82% | 1.88% | 1.83% | 2.4% | 2.18% | 1.75% | 1.98% | 2.26% |
| Acquisitions | 0 | 0 | -25.23M | -11M | -44.1M | -47.25M | -14.73M | 0 | -77.41M | 0 | -16.2M | 0 | 1.4M | -91.61M | -1.35M | -332K | -7.1M | 0 | 0 | 0 | 0 | -275K | -16.82M | 349K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 187K | 0 | 0 | 0 | 0 | 50K | 0 | 0 | -143K | 0 | 0 | -800K | 100K | -100K |
| Cash from Financing | -48.64M | -47.7M | -843K | -21.32M | 63.6M | 35.83M | 7.49M | -14.78M | 67.78M | -20.17M | 1.58M | -6.09M | -11.61M | 84.41M | -244K | -838K | 513K | -1.96M | -824K | -4.74M | -2.17M | -1.13M | 12.94M | -1.45M | -769K | 809K | 100K | -500K | 0 | -800K | -2.1M |
| Debt Issued (Net) | -45.45M | -44.45M | 8.46M | -17.39M | 67.15M | 39.13M | 10.08M | -12.86M | 69.36M | -18.91M | 3.49M | -5.99M | -12.79M | 84.85M | 230K | -667K | 197K | -2.2M | -1.62M | -5.52M | -2.44M | -1.79M | 11.81M | -1.52M | -993K | 238K | -100K | -600K | 0 | -400K | -200K |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 434K | 365K | 162K | 0 | 0 | 794K | 936K | 261K | 810K | 1.12M | 0 | 224K | 571K | 0 | 0 | 0 | 0 | -1.2M |
| Dividends Paid | -2M | -2M | -1.98M | -1.83M | -1.54M | -1.37M | -1.16M | -1.17M | -1.08M | -959K | -942K | -923K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4K | 0 | 0 | -100K | 0 | -1.2M |
| Other Financing | -1.19M | -1.25M | -7.33M | -2.1M | -2M | -1.93M | -1.43M | -746K | -503K | -300K | -965K | 820K | 2.14M | 16K | 0 | 0 | 316K | 245K | 0 | -151K | 0 | -155K | 0 | 74K | -95K | 0 | 200K | 100K | 0 | -400K | 0 |
| Net Change in Cash | -6.58M | 4.6M | 4.2M | 1.29M | 8.15M | -668K | 9.71M | 4.74M | -6.92M | 107K | -5.79M | 8.16M | 4.74M | 443K | 573K | 5.6M | -917K | 274K | 3.66M | -135K | 45K | 168K | -1.5M | 5K | -1.02M | 512K | -1M | -500K | -1.5M | -700K | -2.1M |
| Free Cash Flow | 40.82M | 49.69M | 32.17M | 33.44M | -10.31M | 11.69M | 15.47M | 19.65M | 3.12M | 19.21M | 9.12M | 15.34M | 16.25M | 7.69M | 2.01M | 7.03M | 5.96M | 1.95M | 4.56M | 4.57M | 2.21M | 1.57M | 2.32M | 1.04M | -188K | -149K | -1.1M | 600K | -900K | -900K | 500K |
| FCF Margin % | 7.28% | 8.96% | 6.07% | 5.78% | -2.05% | 2.9% | 4.22% | 5.29% | 1% | 7.62% | 3.71% | 6.6% | 6.51% | 6.13% | 1.97% | 6.34% | 7.39% | 3.19% | 5.31% | 5.41% | 2.67% | 2.12% | 3.7% | 2.63% | -0.39% | -0.33% | -2.64% | 1.45% | -2.26% | -2.54% | 1.26% |
| FCF Growth % | 5.14% | 54.46% | -3.79% | 424.17% | -188.26% | -24.45% | -21.28% | 529.95% | -83.76% | 110.71% | -40.59% | -5.58% | 111.26% | 283.26% | -71.46% | 18.09% | 204.76% | -57.17% | -0.22% | 106.69% | 40.44% | -32.11% | 123.29% | 652.66% | -26.17% | 86.45% | -283.33% | 166.67% | 0% | -280% | -54.55% |
| FCF per Share | 2.42 | 2.97 | 1.94 | 2.05 | -0.65 | 0.80 | 1.08 | 1.38 | 0.22 | 1.38 | 0.67 | 1.11 | 1.18 | 0.56 | 0.16 | 0.55 | 0.49 | 0.17 | 0.41 | 0.42 | 0.21 | 0.15 | 0.25 | 0.14 | -0.03 | -0.02 | -0.17 | 0.09 | -0.14 | -0.14 | 0.08 |
| FCF Conversion (FCF/Net Income) | 1.71x | 2.57x | 3.18x | 1.87x | 0.32x | 1.05x | 1.82x | 2.03x | 1.10x | 3.16x | 1.58x | 1.81x | 1.46x | 2.73x | 0.85x | 1.27x | 2.00x | -0.23x | 2.28x | 2.44x | 1.88x | 3.98x | 1.45x | 2.27x | 0.36x | 0.46x | 0.07x | -0.75x | 0.14x | 0.20x | 1.75x |
| Interest Paid | 6.79M | 0 | 405K | 0 | 0 | 3.06M | 3.59M | 5.34M | 2.27M | 2.26M | 5.05M | 5.58M | 6.01M | 1.33M | 18K | 20K | 4K | 60K | 206K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 6.84M | 0 | 0 | 0 | 0 | 3.87M | 8.56M | 2.05M | 7.01M | 2.09M | 1.15M | 2.13M | 5.92M | 1.1M | 3.22M | 918K | 610K | 802K | 1.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working Capital Volatility
According to recent quarterly filings, Allient's operating cash flow to net income ratio has fluctuated wildly, reaching a high of 7.13 in 2024Q2 and a low of 0.72 in 2025Q3, suggesting that reported net income is a poor proxy for the company's actual cash-generating capacity.
The significant divergence between net income and operating cash flow indicates that non-cash charges and working capital swings are the primary drivers of the bottom line. Investors should monitor whether this volatility reflects genuine operational friction or merely the timing of milestone-based revenue recognition in defense and aerospace contracts.
As reported in financial statements, Allient's free cash flow margins have demonstrated extreme inconsistency, ranging from a peak of 16.0% in 2025Q2 to a low of 2.0% in 2025Q3, highlighting the company's vulnerability to cyclical shifts in demand and inventory management requirements.
The erratic nature of free cash flow suggests that the company's business model is not yet generating the predictable, high-margin cash flows expected of a mature technology firm. This instability warrants further investigation into whether the current cost structure can support consistent cash conversion during periods of industrial slowdown.
Based on Allient's reported figures, working capital changes have been a major source of cash flow volatility, with a $10.3 million outflow in 2025Q3 contrasting sharply with a $9.7 million inflow in 2025Q2, indicating significant challenges in managing inventory and receivables across diverse end-markets.
The frequent and large swings in working capital suggest that the company may be struggling to align its production cycles with customer demand, potentially leading to inefficient inventory builds. This pattern implies that cash flow is highly susceptible to operational disruptions, which could constrain the company's ability to fund internal growth initiatives.
Data from recent cash flow statements indicates that Allient maintains a disciplined approach to capital expenditure, with CapEx as a percentage of revenue consistently hovering between 0.8% and 2.7%, suggesting that the company is not currently over-investing in fixed assets relative to its top-line growth.
While the low capital intensity is a positive signal for cash preservation, it may also imply that the company is relying on legacy manufacturing capacity rather than investing in the next generation of automated production. Analysts should monitor whether this level of spending is sufficient to maintain the competitive moat in the precision motion industry.
Quick answers to the most common questions about buying ALNT stock.
Allient Inc. (ALNT) generated $56.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Allient Inc. (ALNT) generated $49.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Allient Inc. (ALNT) spent $7.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Allient Inc. (ALNT) returned $2.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.