Liquidity remains a concern as cash reserves dwindled to $10.4 million in 2026Q1, forcing a reliance on non-cash adjustments to maintain operations despite a $134.8 million net loss.
| 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 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jul'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Cash from Operations | 85.3M | 121.53M | 102.28M | 83.78M | 88.94M | 88.26M | 53.26M | 19.72M | 33.48M | 33.47M | 19.72M | 18.66M | 15.81M | 17.3M | -5.03M | 3.14M | 32.67M | 3.16M | -5.35M | 14.74M | 27.23M | 21.82M | 10.97M | 8.18M | 15.6M | 37.33M | 22.38M | 12.7M | 5.5M | 16.4M | 7M |
| Operating CF Margin % | - | 22.66% | 14.54% | 10.02% | 11.37% | 14.08% | 13.46% | 5.44% | 8.9% | 9.63% | 6.2% | 5.7% | 5.05% | 5.35% | -1.5% | 1.27% | 16.17% | 1.14% | -1.36% | 4.01% | 8.44% | 7.93% | 4.05% | 4.25% | 7.27% | 16.28% | 9.65% | 5.88% | 2.46% | 7.3% | 3.6% |
| Operating CF Growth % | 37.56% | 18.82% | 22.07% | -5.79% | 0.76% | 65.74% | 170.03% | -41.09% | 0.03% | 69.72% | 5.67% | 18.02% | -8.6% | 444.21% | -260.11% | -90.39% | 934.42% | 159.03% | -136.3% | -45.86% | 24.79% | 98.89% | 34.16% | -47.58% | -58.21% | 66.81% | 76.19% | 130.91% | -66.46% | 134.29% | -34.58% |
| Net Income | -239.59M | -107.83M | 34.47M | 107.13M | 108.87M | 90.82M | 40.34M | 38.79M | 37.28M | 41.82M | 31.18M | 26.19M | 23.68M | -4.93M | 1.62M | -1.31M | 8.74M | -69.12M | -11.74M | 17.7M | 13.99M | 4M | 9.47M | 5.15M | 6.26M | 2.66M | 4.89M | 1.3M | -2.2M | 100K | -3.4M |
| Depreciation & Amortization | 24.54M | 24.09M | 21.99M | 22.11M | 21.45M | 19.09M | 12.96M | 11.57M | 11.36M | 11.31M | 11.25M | 12.38M | 12.32M | 12.01M | 11.57M | 8.84M | 8.63M | 11.95M | 15.17M | 14.47M | 12.65M | 16.01M | 15.2M | 14.35M | 14.31M | 13.63M | 13.52M | 13.6M | 13.9M | 14M | 13.9M |
| Stock-Based Compensation | 3.96M | 4.7M | 4.02M | 10.63M | 5.5M | 5.55M | 3M | 3.3M | 3.1M | 2.57M | 2.4M | 1.41M | 1.39M | 932K | 969K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -46.64M | -3.42M | 359K | -4.04M | 1.01M | 6.77M | 593K | 252K | 1.67M | -3.42M | 681K | 1.35M | 1.57M | -152K | -5.55M | 698K | 2.25M | -7.22M | -4.57M | 308K | -1.46M | 579K | 683K | 5.74M | 1.98M | 6K | 2M | 0 | -200K | 200K | 600K |
| Other Non-Cash Items | 345.29M | 177.77M | 88.63M | 27.56M | 2.41M | -14.57M | 494K | -116K | 47.88M | -3.84M | -1.84M | -5.65M | -13.55M | -1.2M | 969K | 1.16M | 491K | 10.28M | 9.65M | -103K | -22K | -808K | -892K | -14.18M | 0 | 1.16M | -603K | 0 | 0 | 0 | -100K |
| Working Capital Changes | -2.24M | 26.22M | -47.18M | -79.61M | -50.32M | -19.4M | -4.14M | -34.08M | -19.93M | -14.97M | -23.96M | -17.02M | -9.6M | 10.64M | -14.6M | -7.42M | 12.07M | 57.44M | -13.88M | -17.63M | 2.06M | 2.04M | -13.49M | -2.89M | -6.95M | 19.87M | 2.58M | -2.2M | -6M | 2.1M | -4M |
| Change in Receivables | 21.04M | 32.19M | -4.38M | -34.91M | -16.79M | -4.17M | -5.42M | -2.13M | -4.45M | -8.26M | 4.58M | 2M | -4.85M | 7.51M | -7.52M | -5.65M | 1.29M | 15.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -25M | -18.14M | -18.16M | -46.92M | -44.35M | -14.21M | -3.89M | -28.16M | -15.62M | -14.29M | -20.11M | -24.26M | 476K | 1.54M | -5.45M | -301K | 2.77M | 42.46M | -16.48M | -12.22M | 531K | 1.55M | -6.02M | -6.43M | -2.36M | 1.03M | 5.2M | -4M | -5.4M | 4.9M | -5.2M |
| Change in Payables | 480K | 1.62M | -9.1M | -2.41M | 10.63M | 5.3M | 1.82M | 2.11M | -2.54M | 6.19M | -2.12M | 2.61M | -3.8M | -233K | -6.46M | 7.12M | 6.39M | -3.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -30.87M | -45.52M | -71.56M | -159.24M | -47.81M | -182.62M | -19.65M | -17.93M | -31.05M | 1.78M | -17.68M | -30.53M | 1.5M | -3.41M | 3.21M | -12.78M | 16.04M | -1.32M | -7.96M | -23M | -18.42M | -21.94M | -20.77M | -11.79M | -12.97M | -13.33M | -8.12M | -6M | -4.8M | -3.4M | -4.5M |
| Capital Expenditures | -31.28M | -45.49M | -71.18M | -55.27M | -45.32M | -47.39M | -19.7M | -16.73M | -31.05M | -21.05M | -17.92M | -30.53M | -6.95M | -6.21M | -9.23M | -12.78M | -2.06M | -2.07M | -7.43M | -23.19M | -18.52M | -22.97M | -31.78M | -15.91M | -12.97M | -13.38M | -8.13M | -6.1M | -4.8M | -3.5M | -5.5M |
| CapEx % of Revenue | 6% | 8.48% | 10.12% | 6.61% | 5.79% | 7.56% | 4.98% | 4.61% | 8.25% | 6.06% | 5.63% | 9.32% | 2.22% | 1.92% | 2.76% | 5.15% | 1.02% | 0.75% | 1.89% | 6.3% | 5.74% | 8.35% | 11.74% | 8.27% | 6.05% | 5.84% | 3.5% | 2.82% | 2.15% | 1.56% | 2.83% |
| Acquisitions | 0 | 0 | 0 | -103.71M | -2.81M | -150.47M | -2.75M | 0 | 0 | 22.83M | -1.2M | 0 | 0 | 2.8M | 8.6M | 0 | 13.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 412K | -37K | -377K | -263K | 3.13M | 15.24M | 2.8M | 0 | 0 | 34.21M | 1.44M | 0 | 8.46M | 2.8M | 568K | 0 | 4.15M | 744K | -148K | 187K | 97K | 1.02M | 11.01M | 4.13M | 0 | 55K | 12K | 100K | 0 | 100K | 1M |
| Cash from Financing | -64.39M | -83.52M | -23.8M | 45.92M | -14.76M | 94.29M | -15.26M | -3.51M | -494K | -33.73M | -1.22M | 6.97M | -14.53M | -11.03M | 1.44M | 10.87M | -42.52M | -1.66M | 9.4M | -2.33M | -4.7M | 4.02M | -1.25M | -7.59M | -7.34M | 1.73M | -10.59M | -7.4M | -2M | -10.8M | 800K |
| Debt Issued (Net) | 19M | -72.16M | 35.6M | 57.4M | -3.4M | 112.12M | -1.51M | 8.91M | 7.33M | -11.31M | 2.48M | 23.81M | -12.88M | -9.58M | 3.08M | 15.6M | 11.29M | -42.71M | -1.59M | 13.4M | 2.74M | -5.34M | 5.73M | -3.25M | -3.2M | -5.06M | 6.24M | -2.48M | -5.4M | -2M | -10M |
| Equity Issued (Net) | 149K | -1.03M | -48.77M | -801K | -715K | -767K | -4.41M | -5.49M | -2.32M | -4.66M | -1.52M | -15.41M | -672K | -540K | -84K | 14K | 15K | -26K | -22K | 236K | -35K | 3.13M | 722K | 3.14M | -3.18M | -1.06M | -3.65M | -8.11M | -2M | 0 | -800K |
| Dividends Paid | -10.35M | -10.32M | -10.63M | -10.68M | -10.65M | -10.02M | -8.19M | -6.86M | -5.5M | -17.38M | -2.07M | -1.09M | -907K | -916K | -914K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -886K | -1.03M | -48.77M | -801K | -715K | -767K | -4.41M | -5.49M | -2.32M | -4.66M | -1.52M | -15.41M | -672K | -540K | -84K | -84K | -33K | -26K | -34K | 0 | -1.94M | 0 | 0 | -446K | -3.19M | -1.63M | -3.65M | -8.11M | -2M | -800K | -800K |
| Other Financing | -73.2M | 0 | 0 | 0 | 0 | -7.05M | -1.15M | -76K | 0 | -377K | -114K | -348K | -66K | 0 | -644K | -4.74M | -52.94M | 221K | -40K | 0 | 0 | -2.48M | -5.27M | 0 | -1.21M | 9.07M | -12.32M | 0 | 0 | -8.8M | 0 |
| Net Change in Cash | -9.76M | -6.81M | 6.88M | -29.5M | 26.32M | -94K | 18.35M | -1.72M | 1.94M | 1.51M | 822K | -4.89M | 2.78M | 2.86M | -383K | 1.23M | 6.19M | 178K | -3.9M | -10.6M | 4.11M | 3.9M | -11.05M | -11.2M | -4.72M | 25.73M | 3.67M | -600K | -1.3M | 2.2M | 3.3M |
| Free Cash Flow | 54.02M | 76.04M | 31.1M | 28.52M | 43.61M | 40.87M | 33.55M | 2.99M | 2.44M | 12.42M | 1.8M | -11.86M | 8.86M | 11.09M | -14.26M | -9.64M | 30.61M | 1.09M | -12.78M | -8.45M | 8.71M | -1.15M | -20.81M | -7.73M | 2.63M | 23.94M | 14.25M | 6.6M | 700K | 12.9M | 1.5M |
| FCF Margin % | 10.36% | 14.18% | 4.42% | 3.41% | 5.57% | 6.52% | 8.48% | 0.82% | 0.65% | 3.57% | 0.57% | -3.62% | 2.83% | 3.43% | -4.26% | -3.89% | 15.15% | 0.39% | -3.25% | -2.3% | 2.7% | -0.42% | -7.69% | -4.02% | 1.22% | 10.44% | 6.14% | 3.05% | 0.31% | 5.74% | 0.77% |
| FCF Growth % | -7.28% | 144.53% | 9.05% | -34.62% | 6.7% | 21.82% | 1021.46% | 22.87% | -80.39% | 590.16% | 115.16% | -233.92% | -20.13% | 177.81% | -47.93% | -131.49% | 2710.38% | 108.52% | -51.28% | -197.01% | 858.62% | 94.48% | -169.08% | -394.4% | -89.03% | 68.02% | 115.89% | 842.86% | -94.57% | 760% | 105.32% |
| FCF per Share | 2.53 | 3.56 | 1.41 | 1.29 | 1.98 | 1.95 | 1.98 | 0.18 | 0.14 | 0.74 | 0.11 | -0.69 | 0.51 | 0.65 | -0.84 | -0.58 | 1.79 | 0.07 | -0.76 | -0.50 | 0.52 | -0.07 | -1.30 | -0.50 | 0.16 | 1.44 | 0.71 | 0.33 | 0.04 | 0.57 | 0.08 |
| FCF Conversion (FCF/Net Income) | -0.23x | -1.13x | 2.95x | 0.78x | 0.81x | 0.97x | 1.32x | 0.51x | 0.90x | 0.80x | 0.63x | 0.71x | 0.67x | -3.51x | -3.09x | -2.39x | 3.74x | -0.05x | 0.46x | 0.83x | 1.95x | 5.45x | 1.16x | 1.59x | 2.49x | 14.03x | 4.58x | 9.77x | -2.50x | 164.00x | -2.06x |
| Interest Paid | 0 | 0 | 10.57M | 9.24M | 5.95M | 3.46M | 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 | 36.07M | 35.14M | 35.14M | 29.05M | 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 |
Inventory liquidity and impairment
As reported in recent financial filings, MGPI's operating cash flow has consistently decoupled from net income, with the company posting a net loss of $134.8 million in 2026Q1 while simultaneously generating $8.5 million in operating cash, highlighting a significant reliance on non-cash adjustments to maintain liquidity.
The persistent gap between net income and operating cash flow suggests that the company's reported losses are heavily influenced by non-cash charges, likely related to asset impairments or inventory write-downs. Investors should monitor whether this cash-flow-positive status is sustainable or if it merely reflects a temporary deferral of cash outflows as the company navigates its strategic pivot.
Based on the company's quarterly cash flow statements, free cash flow has exhibited extreme volatility, swinging from a peak of $27.6 million in 2025Q3 to a negative $557,000 in 2025Q2, indicating that the firm's ability to self-fund operations remains highly sensitive to quarterly working capital fluctuations.
The erratic nature of free cash flow generation appears to undermine the company's transition toward a higher-margin branded spirits model. This instability suggests that the business may struggle to maintain consistent capital allocation priorities, such as dividends or debt reduction, without relying on external financing or further asset liquidation.
According to historical data, MGPI's capital expenditure as a percentage of revenue has fluctuated significantly, reaching a high of 16.4% in 2025Q1, which reflects the heavy capital requirements necessary to maintain and expand the aging whiskey inventory that serves as the company's primary competitive moat.
The high capital intensity suggests that the company is locked into a cycle of continuous investment to support its long-term maturation strategy. If revenue continues to contract, the burden of these fixed capital requirements may further compress cash margins and limit the company's flexibility to pivot away from underperforming segments.
As evidenced by the quarterly cash flow data, working capital changes have been highly inconsistent, ranging from a $26.6 million inflow in 2025Q1 to a $37.2 million outflow in 2024Q2, indicating that the company's cash conversion cycle is currently subject to significant operational and inventory-related pressures.
These swings in working capital suggest that the company is struggling to manage its inventory levels effectively amidst a cooling spirits market. The inability to stabilize these cash flows may indicate that the firm is either building up excess inventory or facing delays in collecting receivables from its third-party brand partners.
Based on reported figures, MGPI has maintained a consistent dividend payout of approximately $2.6 million per quarter, even as net income turned negative, suggesting that management is prioritizing shareholder returns despite the significant cash flow pressures and the ongoing strategic restructuring of the business.
The decision to continue dividend payments while facing negative earnings and volatile cash flow warrants further investigation into the company's long-term liquidity planning. Investors should consider whether this capital allocation strategy is sustainable or if it may eventually necessitate a reduction in shareholder distributions to preserve cash for core operations.
Quick answers to the most common questions about buying MGPI stock.
MGP Ingredients, Inc. (MGPI) generated $121.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MGP Ingredients, Inc. (MGPI) generated $76.0M 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.
MGP Ingredients, Inc. (MGPI) spent $45.5M 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, MGP Ingredients, Inc. (MGPI) returned $10.3M to shareholders via cash dividends and spent $1.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.