Cash conversion remains inconsistent, with OCF/NI ratios swinging from -58.04 in 2023Q4 to 11.17 in 2024Q4, reflecting substantial working capital volatility and a $135 million outflow in 2026Q1.
| 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 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 288.26M | 330.98M | 370.28M | 527.23M | 602.51M | -111.57M | 231.4M | 269.52M | 156.61M | 154.77M | 203.41M | 95.02M | 107.02M | 82.68M | 72.69M | 36.83M | 42.06M | 63.26M | 4.66M | 84.91M | 67.02M | 32.1M | 8.88M | 31.54M | 12.2M | 28.16M | 9.85M | 29.6M | 18M | 11M | 11.9M |
| Operating CF Margin % | - | 8.03% | 9.9% | 13.93% | 11.57% | -2.49% | 8.28% | 11.37% | 6.33% | 7.21% | 12.12% | 6.77% | 8.99% | 8.14% | 8.07% | 5.41% | 7.34% | 15.9% | 0.91% | 12.7% | 9.19% | 4.8% | 1.67% | 8.93% | 3.75% | 10.45% | 3.42% | 9.12% | 5.44% | 5.28% | 7.07% |
| Operating CF Growth % | -143.92% | -10.62% | -29.77% | -12.5% | 640.02% | -148.22% | -14.15% | 72.1% | 1.19% | -23.91% | 114.07% | -11.21% | 29.44% | 13.74% | 97.36% | -12.44% | -33.5% | 1258.3% | -94.52% | 26.69% | 108.78% | 261.51% | -71.85% | 158.53% | -56.67% | 185.79% | -66.71% | 64.44% | 63.64% | -7.56% | 23.96% |
| Net Income | 201.76M | 188.25M | 142.87M | 64.19M | 394.97M | 287.74M | 158.44M | 146.51M | 148.55M | 132.88M | 129.67M | 74.34M | 62.27M | 50.12M | 37.34M | 30.06M | 28.03M | -24.05M | 11.68M | 39.77M | 31.02M | 33.6M | 25.11M | 19.42M | -14.6M | 8.93M | 1.55M | 17.2M | 15.2M | 12M | 13.4M |
| Depreciation & Amortization | 121.49M | 121.23M | 125.69M | 131.77M | 129.21M | 112.32M | 97.98M | 75.36M | 67.53M | 54.73M | 46.17M | 41.62M | 32.6M | 27.5M | 25.66M | 20.52M | 17.09M | 18.47M | 17.08M | 17.56M | 15.67M | 11.95M | 9.3M | 7.86M | 7.33M | 8.53M | 8.95M | 8.1M | 6.8M | 3M | 1.7M |
| Stock-Based Compensation | 11.94M | 22.69M | 18.65M | 18.23M | 23.7M | 27.16M | 18.5M | 16.08M | 14.06M | 20.04M | 15.42M | 14.04M | 10.82M | 10.84M | 6.32M | 4.59M | 4.18M | 3.74M | 3.64M | 2.98M | 2.98M | 1.34M | 0 | 411K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 15.88M | 15.88M | -7.07M | 2.07M | -9.28M | -3.28M | -1.5M | 3.42M | 13.87M | 6.81M | -1.69M | 1.06M | -5.49M | 269K | -533K | 821K | -1.44M | -16.68M | -2.15M | -1.49M | 653K | -215K | -1.39M | 383K | 1.75M | 84K | -2.3M | 1.1M | 100K | 300K | -300K |
| Other Non-Cash Items | 107.94M | 7.14M | 7.21M | 7.72M | 3.5M | 7.46M | 2.23M | -1.55M | -13K | 4.06M | 1.54M | 1.33M | 2.8M | 1.87M | 654K | 1.57M | -613K | 47.88M | 3.09M | -843K | -913K | -43K | 1.94M | 900K | 32.54M | 156K | 7.16M | -100K | 100K | -100K | -100K |
| Working Capital Changes | -107.8M | -24.22M | 82.94M | 303.25M | 60.41M | -542.97M | -44.25M | 29.72M | -87.39M | -63.74M | 12.3M | -37.39M | 4.04M | -7.92M | 3.25M | -20.73M | -5.18M | 33.91M | -28.68M | 26.94M | 17.61M | -14.53M | -26.07M | 2.56M | -14.82M | 10.45M | -5.5M | 3.3M | -4.3M | -4.2M | -2.8M |
| Change in Receivables | -10.35M | -25.54M | 13.47M | 1.59M | 115.71M | -58.84M | -45.03M | -25.45M | -11.35M | -12.6M | -13.9M | 2.08M | -606K | -9.01M | 774K | -5.01M | -341K | -4.63M | 9.5M | 17.27M | 17.27M | -7.48M | 0 | -1.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -101.41M | -35.01M | 46.34M | 235.35M | 117.42M | -516.69M | -86.9M | 57.79M | -34.73M | -78.7M | -7.86M | -31.28M | -21.94M | -3.4M | -4.73M | -14.74M | -11.76M | 37.51M | -12.7M | 8.99M | 20.22M | -27.36M | -28.45M | 218K | -11.5M | 6.16M | -321K | 2M | -3.7M | -100K | -4.6M |
| Change in Payables | -14.24M | 4.44M | 3.47M | 38.74M | -161.12M | 68.88M | 67.68M | -12.19M | -17.34M | 20.73M | 18.8M | -21.78M | 21.27M | 2.3M | 5.98M | 865K | 7.87M | -2.2M | -23.51M | -17.67M | -17.67M | 19.66M | 0 | 926K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -105.03M | -147.07M | -61.1M | -83.75M | -241.79M | -281.22M | -232.3M | -503.83M | -302.8M | -145.88M | -91.71M | -66.12M | -144.07M | -36.05M | -28.2M | -69.12M | -22.55M | -16.45M | -25.49M | -11.64M | -51.92M | -41.44M | -48.42M | -12.39M | -12.01M | -17.16M | -21.54M | -13M | -18.6M | -42M | -14.9M |
| Capital Expenditures | -43.61M | -52.64M | -42.33M | -62.21M | -130.64M | -98.53M | -57.35M | -58.2M | -119.83M | -87.22M | -44.67M | -28.99M | -42.46M | -32.59M | -32.03M | -24.32M | -10.15M | -3.11M | -4.2M | -8.77M | -22.25M | -26.09M | -27.06M | -5.07M | -10.54M | -8.19M | -21.89M | -13.4M | -18.9M | -42.2M | -5.8M |
| CapEx % of Revenue | 1.05% | 1.28% | 1.13% | 1.64% | 2.51% | 2.2% | 2.05% | 2.45% | 4.84% | 4.06% | 2.66% | 2.07% | 3.57% | 3.21% | 3.55% | 3.57% | 1.77% | 0.78% | 0.82% | 1.31% | 3.05% | 3.9% | 5.1% | 1.44% | 3.24% | 3.04% | 7.61% | 4.13% | 5.72% | 20.25% | 3.45% |
| Acquisitions | -60.44M | -112.69M | -19.96M | -25.85M | -108.47M | -194.11M | -182.13M | -447.76M | -184.79M | -60.59M | -48.73M | -41.06M | -106.78M | -4.75M | -1.47M | -50.3M | -21.9M | -1.68M | -28.76M | -17.3M | -33.7M | -17.88M | -21.39M | -7.4M | -2.07M | -11.61M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -981K | 18.27M | 1.19M | 4.31M | -2.68M | 11.42M | 7.17M | 2.13M | 1.82M | 1.93M | 1.69M | 3.93M | 5.17M | 1.29M | -119K | -843K | 1.79M | 1.37M | 7.47M | 14.43M | 4.02M | 2.53M | 26K | 78K | 595K | 2.65M | 353K | 400K | 300K | 200K | -9.1M |
| Cash from Financing | -192.36M | -125.49M | -208.22M | -426.18M | -374.87M | 404.56M | 14.05M | 254.97M | 135.07M | -69.02M | -37.84M | -16.6M | -29.22M | 9.72M | -41.14M | -3K | -33M | -3.14M | -26.69M | -23.84M | -13.4M | 12M | 33.18M | -10.68M | -1.06M | -10.3M | 7.12M | -14.2M | 2.3M | 30.5M | 500K |
| Debt Issued (Net) | -6.37M | 167.55M | -89.16M | -277.02M | -178.37M | 584.79M | 91.16M | 326.5M | 240.06M | 0 | 0 | 34.35M | 15.65M | 0 | 0 | 0 | 0 | -8.68M | -18.58M | -28.42M | -18.29M | 1.81M | 31.43M | -14.4M | -4.52M | -13.62M | 20.6M | -12.3M | 3.3M | 50.6M | 2.5M |
| Equity Issued (Net) | -100.32M | -100.97M | -9.16M | 0 | -35.02M | 0 | 0 | 0 | -28.7M | -10.53M | 0 | 0 | 0 | 0 | 0 | -626K | -1.04M | 0 | -8.33M | 4.58M | 3.34M | 10.51M | 1.98M | 3.71M | 0 | -378K | -13.47M | -1.9M | -1.1M | -20.2M | -2M |
| Dividends Paid | -112.62M | -114.04M | -109.47M | -106.34M | -102.73M | -87.17M | -70.4M | -63.81M | -59.27M | -51.06M | -34.44M | -48.23M | -46.71M | -45.04M | -45.04M | 0 | -33.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -100.32M | -128.57M | -9.16M | 0 | -24.05M | -8.32M | 0 | -8.08M | -28.7M | -10.53M | 0 | 0 | 0 | 0 | 0 | -626K | -1.04M | 0 | -8.33M | 0 | 0 | 0 | 0 | 0 | 0 | -378K | -13.47M | -3.9M | -2.1M | -20.8M | -2.8M |
| Other Financing | 26.94M | -78.03M | -432K | -42.83M | -58.76M | -93.05M | -6.71M | -7.71M | -17.03M | -7.43M | -3.4M | -2.72M | 1.83M | 54.76M | 3.9M | 623K | 1.07M | 5.54M | 226K | 0 | 1.55M | -320K | -224K | 0 | 3.45M | 3.7M | 0 | 0 | 100K | 100K | 0 |
| Net Change in Cash | -89.01M | 56.86M | 99.6M | 18.66M | -15.4M | 11.07M | 16.46M | 20.43M | -11.12M | -60.12M | 73.86M | 12.3M | -66.28M | 56.34M | 3.35M | -32.3M | -13.48M | 43.67M | -47.52M | 49.43M | 1.7M | 2.66M | -6.36M | 8.46M | -875K | 697K | -4.56M | 2.4M | 1.7M | -500K | -2.5M |
| Free Cash Flow | 244.65M | 278.33M | 327.95M | 465.02M | 471.87M | -210.11M | 174.05M | 211.32M | 36.78M | 67.55M | 158.74M | 66.03M | 64.56M | 50.08M | 40.66M | 12.51M | 31.91M | 60.15M | 458K | 76.14M | 44.77M | 6.01M | -18.18M | 26.47M | 1.66M | 19.96M | -12.04M | 16.2M | -900K | -31.2M | 6.1M |
| FCF Margin % | 5.87% | 6.75% | 8.77% | 12.29% | 9.06% | -4.7% | 6.22% | 8.91% | 1.49% | 3.15% | 9.45% | 4.71% | 5.42% | 4.93% | 4.51% | 1.84% | 5.57% | 15.12% | 0.09% | 11.39% | 6.14% | 0.9% | -3.42% | 7.5% | 0.51% | 7.41% | -4.18% | 4.99% | -0.27% | -14.97% | 3.63% |
| FCF Growth % | -35.26% | -15.13% | -29.48% | -1.45% | 324.59% | -220.71% | -17.64% | 474.54% | -45.55% | -57.44% | 140.4% | 2.27% | 28.91% | 23.16% | 224.94% | -60.79% | -46.94% | 13032.97% | -99.4% | 70.07% | 644.94% | 133.06% | -168.68% | 1492.54% | -91.68% | 265.86% | -174.3% | 1900% | 97.12% | -611.48% | -20.78% |
| FCF per Share | 9.82 | 11.20 | 12.86 | 18.28 | 18.49 | -8.26 | 6.89 | 8.42 | 1.44 | 2.66 | 6.37 | 2.68 | 2.65 | 2.11 | 1.78 | 0.56 | 1.43 | 2.76 | 0.02 | 3.45 | 2.05 | 0.28 | -0.85 | 1.28 | 0.08 | 1.03 | -0.58 | 0.71 | -0.04 | -1.55 | 0.26 |
| FCF Conversion (FCF/Net Income) | 1.21x | 1.76x | 2.59x | 8.21x | 1.53x | -0.39x | 1.46x | 1.84x | 1.05x | 1.16x | 1.57x | 1.28x | 1.72x | 1.65x | 1.95x | 1.23x | 1.50x | -2.63x | 0.40x | 2.14x | 2.16x | 0.96x | 0.35x | 1.62x | -0.84x | 3.15x | 6.37x | 1.72x | 1.18x | 0.92x | 0.89x |
| Interest Paid | 21.52M | 0 | 31.5M | 39.92M | 25.05M | 15.43M | 16.91M | 9.14M | 5.64M | 1.65M | 1.99M | 2.11M | 641K | 364K | 369K | 284K | 311K | 499K | 1.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 33.09M | 0 | 46.42M | 8.12M | 170.01M | 94.08M | 33.25M | 37.84M | 39.99M | 53.62M | 65.79M | 33.78M | 30.95M | 26.8M | 24.14M | 18.91M | 19.86M | 3.29M | 13.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical OEM demand volatility
As reported in financial statements, LCI Industries exhibits significant volatility in cash conversion, with the OCF/NI ratio fluctuating wildly from -58.04 in 2023Q4 to 11.17 in 2024Q4, suggesting that net income is a poor proxy for immediate cash generation due to substantial working capital swings.
The extreme divergence between net income and operating cash flow indicates that non-cash accruals and working capital adjustments dominate the company's reported earnings profile. Investors should monitor whether this volatility reflects genuine operational timing differences or a structural reliance on aggressive revenue recognition practices that decouple accounting profit from actual liquidity.
Based on recent SEC filings, the company's free cash flow margins have demonstrated high sensitivity to the industry cycle, swinging from a negative 1.7% in 2024Q1 to a peak of 17.1% in 2024Q2, highlighting the inherent difficulty in maintaining consistent cash generation during OEM production shifts.
The erratic FCF trajectory suggests that the company's cash flow profile is highly susceptible to the timing of wholesale shipments and inventory management. This inconsistency warrants caution, as the ability to generate sustainable free cash flow appears contingent on favorable OEM demand rather than internal operational efficiency.
According to quarterly data, working capital changes have been a primary driver of cash flow variance, ranging from a $135 million outflow in 2026Q1 to a $98 million inflow in 2023Q4, indicating that inventory and receivable cycles remain the most significant levers for short-term liquidity.
The substantial swings in working capital suggest that LCI Industries is frequently forced to absorb the inventory risks of its OEM partners. This dynamic implies that the company's cash position is effectively hostage to the production schedules of the broader RV industry, limiting management's control over internal cash flow timing.
As reported in financial disclosures, the company has maintained consistent dividend payments of approximately $27 million per quarter while simultaneously deploying capital toward share repurchases and acquisitions, despite the underlying volatility in free cash flow generation observed throughout the 2024 and 2025 fiscal periods.
The commitment to shareholder returns during periods of negative or suppressed free cash flow suggests a management strategy that prioritizes capital return over liquidity preservation. Investors should investigate whether this deployment strategy is sustainable if the current OEM demand stabilization fails to translate into more predictable, long-term cash inflows.
Quick answers to the most common questions about buying LCII stock.
LCI Industries (LCII) generated $331.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
LCI Industries (LCII) generated $278.3M 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.
LCI Industries (LCII) spent $52.6M 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, LCI Industries (LCII) returned $114.0M to shareholders via cash dividends and spent $128.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.