Cash conversion remains volatile, evidenced by a negative OCF/NI ratio of 4.90 in 2026Q1 and a free cash flow outflow of $6.3 million.
| Metric | TTM | Nov'25 | Nov'24 | Nov'23 | Nov'22 | Nov'21 | Nov'20 | Nov'19 | Nov'18 | Nov'17 | Nov'16 | Nov'15 | Nov'14 | Nov'13 | Nov'12 | Nov'11 | Nov'10 | Nov'09 | Nov'08 | Nov'07 | Nov'06 | Nov'05 | Nov'04 | Nov'03 | Nov'02 | Nov'01 | Nov'00 | Nov'99 | Nov'98 | Nov'97 | Nov'96 |
|---|
| Cash from Operations | 8.48M | 13.49M | 4.05M | 18.72M | -2.97M | 14.56M | 36.67M | 9.81M | 29.91M | 37.06M | 39.06M | 34.4M | 30.26M | 10.64M | 7.96M | -5.43M | 7.79M | 4.25M | -18.95M | -8.46M | -5.13M | 12.1M | -5.51M | 22.56M | 11.88M | 22.28M | -4.33M | 16.7M | 4.5M | 21.3M | 25.5M |
| Operating CF Margin % | - | 4.02% | 1.23% | 4.8% | -0.61% | 3.38% | 10.86% | 2.17% | 6.55% | 8.19% | 9.04% | 7.98% | 8.88% | 3.31% | 2.95% | -2.14% | 3.31% | 1.83% | -6.57% | -2.86% | -1.56% | 3.61% | -1.75% | 7.12% | 3.67% | 7.29% | -1.18% | 4.23% | 1.13% | 4.77% | 5.66% |
| Operating CF Growth % | -10579% | 233.11% | -78.37% | 730.44% | -120.39% | -60.29% | 273.89% | -67.2% | -19.29% | -5.13% | 13.57% | 13.66% | 184.41% | 33.74% | 246.49% | -169.74% | 83.33% | 122.41% | -124% | -65.11% | -142.37% | 319.31% | -124.44% | 89.97% | -46.7% | 614.74% | -125.92% | 271.11% | -78.87% | -16.47% | -3.04% |
| Net Income | 5.48M | 6.1M | -9.7M | -3.17M | 65.34M | 18.04M | -10.42M | -1.93M | 8.22M | 18.26M | 15.83M | 20.43M | 9.3M | 5.1M | 26.71M | 55.34M | -2M | -22.7M | -40.35M | -9.91M | 5.43M | 7.56M | 8.21M | -470K | 6.74M | -2.64M | 10.4M | 4.1M | 5.2M | -3.9M | 4M |
| Depreciation & Amortization | 8.84M | 8.8M | 9.92M | 10.14M | 10.04M | 14.6M | 13.48M | 13.5M | 13.2M | 13.31M | 12.25M | 10.14M | 7.32M | 6.2M | 5.47M | 5.51M | 5.97M | 6.6M | 8.09M | 9.09M | 9.25M | 9.67M | 10.15M | 10.52M | 10.8M | 11.32M | 10.03M | 8.4M | 6.9M | 6.2M | 6.3M |
| Stock-Based Compensation | 0 | 0 | 804K | 849K | 538K | 158K | 420K | 958K | 1.13M | 0 | 903K | 0 | 951K | 728K | 636K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -663K | 912K | 0 | 0 | 0 | 0 | 0 | 0 | 4.66M | -302K | 0 | 1.93M | 544K | 0 | -15.82M | 0 | 0 | 0 | 17.4M | -2.96M | -1.44M | -1.44M | 1.88M | -1.15M | 2.21M | -824K | 1.71M | 4.1M | 3.5M | -18.5M | 500K |
| Other Non-Cash Items | 2.46M | 4.2M | 5.26M | -11.32M | -76.06M | 18.6M | 40.11M | 4.07M | 10.56M | -666K | 4.1M | -1.54M | 862K | -724K | 1.87M | -57.5M | 1.47M | 19M | 16.71M | 3.26M | -6.32M | -4.88M | -12.4M | -4.9M | -6.22M | -2.02M | -4.45M | -300K | 3.4M | -1.6M | 3M |
| Working Capital Changes | -7.64M | -6.52M | -2.24M | 22.23M | -2.84M | -36.83M | -6.92M | -6.79M | -7.88M | 6.46M | 5.98M | 3.44M | 11.29M | -658K | -10.91M | -8.79M | 2.35M | 1.35M | -20.8M | -7.93M | -12.05M | 1.18M | -13.35M | 18.57M | -1.67M | 16.45M | -22.01M | 400K | -14.5M | 39.1M | 11.7M |
| Change in Receivables | 324K | -1.23M | 555K | 4.1M | 3.17M | -5.83M | -962K | -2.62M | 1.39M | -1.23M | 3.23M | -2.35M | 775K | -686K | -2.97M | 1.03M | -4.47M | -6.74M | -13.16M | -10.92M | 2.6M | 0 | -2.71M | 307K | 5.87M | 10.18M | -8.96M | -8.6M | -2.1M | 200K | 3.1M |
| Change in Inventory | -7.24M | -9.21M | 3.02M | 17.87M | -9.54M | -26.09M | 6.49M | -5.2M | -8.31M | -918K | 6.68M | -2.62M | -4.2M | 4.85M | -11.31M | 299K | -5.44M | 11.7M | 7.2M | -315K | 2.5M | 4.17M | -10.83M | 11.14M | -7.7M | 17.96M | -6.36M | -7.6M | -5.6M | 25.5M | 14.4M |
| Change in Payables | -4.96M | 2.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.14M | 0 | 5.13M | 7.26M | 0 | 3.64M | -12.42M | 7M | -7.06M | -13.79M | 8.96M | 3.23M | 0 | 1.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -3.53M | -2.73M | -8.77M | -17.76M | 65.84M | -11.57M | -3.75M | -11.17M | -31.97M | -6.99M | -20.83M | -19.66M | -5.16M | -39.03M | -3.81M | 79.5M | 3.54M | 22.21M | 33.69M | 10.89M | 9.32M | 120K | 2.1M | 5.17M | 115K | 27.15M | -11.07M | -7.4M | 1.6M | -34.8M | 5.1M |
| Capital Expenditures | -4.85M | -4.53M | -5.21M | -17.49M | -21.3M | -10.75M | -6.03M | -17.38M | -18.3M | -15.5M | -21.5M | -13.97M | -17.98M | -14.3M | -9M | -4.17M | -2.01M | -1.09M | -4.7M | -5.54M | -6.94M | -11.09M | -11.04M | -6.21M | -9.66M | -12.33M | -18.32M | -47.8M | -22.6M | -10.8M | -9.6M |
| CapEx % of Revenue | 1.46% | 1.35% | 1.58% | 4.48% | 4.39% | 2.49% | 1.79% | 3.84% | 4.01% | 3.43% | 4.98% | 3.24% | 5.28% | 4.45% | 3.34% | 1.65% | 0.86% | 0.47% | 1.63% | 1.88% | 2.11% | 3.31% | 3.5% | 1.96% | 2.99% | 4.03% | 4.99% | 12.12% | 5.68% | 2.42% | 2.13% |
| Acquisitions | 0 | 0 | 0 | 0 | -5.58M | 0 | 0 | 0 | -15.56M | -655K | 0 | -4.34M | 5.16M | 958K | 861K | 69.15M | 559K | 3.37M | -216K | 120K | 870K | 67K | 8.36M | 729K | 0 | 0 | 0 | 0 | 7.7M | 1.9M | 100K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.08M | -913K | -3.56M | -274K | 92.72M | -821K | 2.56M | 995K | 1.4M | 3.62M | 667K | 0 | 320K | 89K | -151K | 15.33M | 4.74M | 646K | 8.97M | 9.74M | 9.54M | 8.03M | 5.74M | 5.65M | 8.37M | 35.04M | 1.47M | 2.6M | -24.8M | 19.4M | 400K |
| Cash from Financing | -8.48M | -9.04M | -8.12M | -10.23M | -35.56M | -14.42M | -6.82M | -12.42M | -18.49M | -11.44M | -19.35M | -3.14M | -11.17M | -4.44M | -28.18M | -15.54M | -23.48M | -7.01M | -14.49M | -4.94M | -5.25M | -9.13M | -7.74M | -13.92M | -15.97M | -47.35M | 12.91M | -9.1M | -14.9M | -14.3M | -24.7M |
| Debt Issued (Net) | -200K | -145K | -253K | -278K | -684K | -1.35M | -121K | -292K | -3.38M | -3.29M | -6.87M | -2.77M | -528K | -549K | -570K | -8.65M | -22.53M | -5.89M | 7.99M | 4.61M | 4.47M | -605K | -201K | -3.78M | -5.67M | -37.52M | 27M | 18M | 0 | 0 | 0 |
| Equity Issued (Net) | -1.3M | -1.81M | -1.05M | -3.86M | -14.7M | -5.16M | -1.92M | -6.99M | -5.56M | 85K | -6.21M | -1.75M | -5.29M | -1.36M | -6.16M | -2.79M | 142K | 20K | -4.12M | -98K | -268K | 910K | 1.81M | -874K | -938K | -450K | -4.59M | -17M | -4.5M | -1.3M | -14.1M |
| Dividends Paid | -6.91M | -6.94M | -6.65M | -5.98M | -20.16M | -7.69M | -4.54M | -5.13M | -8.8M | -7.72M | -6.31M | -5.79M | -5.16M | -2.94M | -21.44M | -695K | -4B | -1.14M | -18.68M | -9.45M | -9.45M | -9.43M | -9.36M | -9.26M | -9.36M | -9.38M | -9.5M | -10M | -10.4M | -13M | -10.6M |
| Share Repurchases | -1.65M | -2.15M | -1.42M | -4.18M | -15.12M | -5.57M | -2.21M | -7.34M | -5.95M | -83K | -6.39M | -2.07M | -5.6M | -1.75M | -7.01M | -2.96M | 0 | -75K | -4.31M | -546K | -1.01M | -155K | -772K | -1.19M | -1.25M | -730K | -4.72M | -17.1M | -4.8M | -1.4M | -14.1M |
| Other Financing | -76K | -136K | -161K | -109K | -19K | -219K | -228K | 0 | -752K | -515K | 37K | 7.16M | -192K | 400K | -16K | -3.41M | 4B | 0 | 321K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 | 0 | 0 |
| Net Change in Cash | -3.53M | 1.73M | -12.86M | -9.22M | 27.25M | -11.43M | 26.11M | -13.78M | -20.48M | 18.8M | -1.12M | 9.6M | 13.94M | -32.83M | -24.04M | 58.53M | -12.15M | 19.44M | 239K | -2.51M | -1.06M | 3.09M | -11.16M | 13.81M | -3.98M | 2.09M | -2.48M | 200K | -8.8M | -27.8M | 5.9M |
| Free Cash Flow | 3.64M | 8.96M | -1.16M | 1.24M | -24.27M | 3.81M | 30.65M | -7.57M | 10.4M | 20.88M | 17.56M | 18.42M | 11.98M | -3.66M | -1.04M | -9.6M | 5.78M | 3.15M | -23.66M | -14.01M | -12.06M | 1M | -16.56M | 16.35M | 2.22M | 9.95M | -22.65M | -31.1M | -18.1M | 10.5M | 15.9M |
| FCF Margin % | 1.09% | 2.67% | -0.35% | 0.32% | -5% | 0.88% | 9.08% | -1.67% | 2.28% | 4.62% | 4.06% | 4.28% | 3.52% | -1.14% | -0.39% | -3.79% | 2.45% | 1.36% | -8.21% | -4.74% | -3.68% | 0.3% | -5.25% | 5.16% | 0.69% | 3.26% | -6.16% | -7.89% | -4.55% | 2.35% | 3.53% |
| FCF Growth % | -59.9% | 871.83% | -194.01% | 105.09% | -736.4% | -87.56% | 505.05% | -172.77% | -50.22% | 18.92% | -4.68% | 53.78% | 427.17% | -250.77% | 89.12% | -266.22% | 83.1% | 113.33% | -68.91% | -16.11% | -1300.3% | 106.07% | -201.3% | 637.3% | -77.72% | 143.94% | 27.18% | -71.82% | -272.38% | -33.96% | -16.75% |
| FCF per Share | 0.42 | 1.03 | -0.13 | 0.14 | -2.58 | 0.39 | 3.07 | -0.74 | 0.97 | 1.94 | 1.62 | 1.70 | 1.12 | -0.34 | -0.09 | -0.83 | 0.50 | 0.28 | -2.03 | -1.19 | -1.01 | 0.08 | -1.39 | 1.39 | 0.19 | 0.87 | -1.92 | -2.49 | -1.38 | 0.80 | 1.18 |
| FCF Conversion (FCF/Net Income) | 0.66x | 2.21x | -0.42x | -5.90x | -0.05x | 0.81x | -3.52x | -5.09x | 3.64x | 2.03x | 2.47x | 1.68x | 3.25x | 2.09x | 0.30x | -0.10x | -3.89x | -0.19x | 0.47x | 0.85x | -0.94x | 1.23x | -0.67x | -48.00x | 1.76x | -8.43x | -0.43x | 0.93x | 0.29x | -1.09x | 1.38x |
| Interest Paid | 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 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 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 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Housing Market Sensitivity
As reported in recent financial statements, BSET exhibits significant volatility in cash conversion, with the OCF/NI ratio swinging from a negative 4.90 in 2026Q1 to a positive 5.09 in 2025Q4, highlighting a fundamental disconnect between accounting net income and the actual cash generated from core operations.
The extreme variance in the OCF/NI ratio suggests that net income is a poor proxy for the company's immediate liquidity position. Investors should monitor how working capital swings, rather than operational profitability, continue to dictate the company's ability to convert earnings into tangible cash flow.
Based on the provided quarterly data, BSET's free cash flow trajectory remains highly inconsistent, oscillating between a negative $6.3 million in 2026Q1 and a positive $7.0 million in 2025Q4, which underscores the sensitivity of the company's cash generation to cyclical shifts in consumer demand.
The inability to maintain positive free cash flow suggests that the business model is currently struggling to self-fund its operations during periods of lower volume. This pattern implies that the company's cash position is highly vulnerable to prolonged downturns in the housing market.
According to recent SEC filings, BSET's cash flow is heavily influenced by working capital fluctuations, evidenced by a $8.9 million outflow in 2026Q1 compared to a $6.5 million inflow in 2023Q4, indicating that inventory and receivables management remains a primary driver of short-term liquidity.
The recurring, large-scale swings in working capital suggest that the company's cash position is frequently tied up in inventory or delayed collections. This volatility warrants further investigation into whether the current supply chain and retail delivery processes are optimized for cash efficiency.
As noted in historical financial disclosures, BSET continues to prioritize dividend payments of approximately $1.7 million per quarter despite periods of negative free cash flow, a strategy that appears to rely on existing cash reserves rather than current operational performance to sustain shareholder returns.
Maintaining dividend payouts while experiencing negative cash flow suggests a management commitment to capital returns that may not be supported by current earnings power. Investors should monitor whether this allocation strategy limits the company's ability to invest in necessary manufacturing or retail modernization.
Quick answers to the most common questions about buying BSET stock.
Bassett Furniture Industries, Incorporated (BSET) generated $13.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bassett Furniture Industries, Incorporated (BSET) generated $9.0M 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.
Bassett Furniture Industries, Incorporated (BSET) spent $4.5M 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, Bassett Furniture Industries, Incorporated (BSET) returned $6.9M to shareholders via cash dividends and spent $2.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.