Operational cash flow remains disconnected from accounting results, with a 2025Q4 OCF/NI ratio of -0.04 indicating a persistent inability to convert project-based revenue into sustainable liquidity.
| Cash from Operations | -104.08K | 294.97K | 1.3M | 423.64K | 230.9K | -3.65K |
| Operating CF Margin % | -0.89% | 2.91% | 15.93% | 35.84% | 19.26% | -0.57% |
| Operating CF Growth % | -135.29% | -77.31% | 206.86% | 83.48% | 6434.03% | - |
| Net Income | -1.79M | -5.68M | 1.51M | 316.79K | 402.1K | 284.69K |
| Depreciation & Amortization | 735.85K | 523.23K | 501.98K | 37.71K | 26.47K | 11.82K |
| Stock-Based Compensation | 0 | 4.41M | 0 | 0 | 0 | 0 |
| Deferred Taxes | -52.53K | -21.92K | 254.22K | -639 | -273 | -41 |
| Other Non-Cash Items | 1.46M | 1.2M | -93.02K | 78.65K | 354.26K | 265.53K |
| Working Capital Changes | -459.83K | -137K | -875.83K | 40.96K | -218.08K | -315.61K |
| Change in Receivables | -1.28M | -1.3M | -121.69K | -3.46K | -122.24K | -39.62K |
| Change in Inventory | -428.45K | -39.79K | -46.07K | -4.29K | -17.1K | -79.58K |
| Change in Payables | 1.54M | 75.99K | 49.21K | 33.34K | -141.29K | -107.21K |
| Cash from Investing | -16.08M | -3.43M | -761.79K | -212.78K | -132.93K | -31.9K |
| Capital Expenditures | -1.01M | -946K | -761.79K | -213.75K | -134.21K | -32.95K |
| CapEx % of Revenue | 8.63% | 9.35% | 9.34% | 18.08% | 11.2% | 5.16% |
| Acquisitions | 0 | 0 | 0 | 974 | 1.28K | 1.05K |
| Investments | - | - | - | - | - | - |
| Other Investing | 47.45K | -9.62K | 0 | 6.56K | 8.23K | -6 |
| Cash from Financing | 15.52M | 4.15M | -1.25M | 24.59K | -120.04K | 94.52K |
| Debt Issued (Net) | 310.6K | 1.12M | -1.08M | 513K | -52.02K | 94.52K |
| Equity Issued (Net) | 15.21M | 3.29M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -52.29K | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -264.95K | -172.18K | 4.67K | -722.16K | 557.88K |
| Net Change in Cash | -627.72K | 1.02M | -737.09K | 209.79K | -19.23K | 57.58K |
| Free Cash Flow | -1.11M | -689K | 538.2K | 209.89K | 96.69K | -36.6K |
| FCF Margin % | -9.52% | -6.81% | 6.6% | 17.76% | 8.07% | -5.74% |
| FCF Growth % | -61.13% | -228.02% | 156.42% | 117.08% | 364.18% | - |
| FCF per Share | -32.46 | -23.42 | 21.53 | 8.40 | 3.87 | -1.46 |
| FCF Conversion (FCF/Net Income) | 0.06x | -0.05x | 0.86x | 1.34x | 0.57x | -0.01x |
| Interest Paid | 38.09K | 36.77K | 59.48K | 53.99K | 31.28K | 20.55K |
| Taxes Paid | 168.05K | 113.11K | 205.76K | 101.46K | 8.66K | 18.73K |
Liquidity and operational burn
As reported in financial statements, Mingteng's operating cash flow frequently diverges from net income, with the 2025Q4 OCF/NI ratio of -0.04 highlighting a persistent inability to convert accounting profits into tangible liquidity, suggesting that reported earnings may not reflect the underlying cash-generating capacity of the business.
The consistent gap between net income and operating cash flow suggests that the company's accrual-based accounting may be masking significant operational inefficiencies. Investors should monitor whether this divergence stems from aggressive revenue recognition or an inability to collect on project-based receivables in a timely manner.
Based on recent SEC filings, Mingteng's free cash flow has remained largely negative, with a -1.3% FCF margin in 2025Q4, indicating that the company is currently unable to fund its capital requirements through internal operations and remains reliant on external financing or existing cash reserves.
The persistent negative free cash flow trajectory suggests that the company's current business model is not self-sustaining. This trend warrants further investigation into whether the firm can achieve positive cash flow before its limited liquidity is exhausted by ongoing operational deficits.
According to the company's reported figures, capital expenditure as a percentage of revenue reached 1.6% in 2025Q4, reflecting a continued commitment to asset investment despite the firm's inability to generate positive operating cash flow, which may indicate a high-risk strategy of investing through a downturn.
The ongoing investment in capital assets appears to be a double-edged sword, as it may be necessary for maintaining technical competitiveness in the EV mold market but simultaneously drains precious liquidity. Analysts should consider whether these expenditures are truly growth-oriented or merely maintenance costs required to keep aging machinery operational.
As indicated by the quarterly data, working capital changes have been highly erratic, with a $75.9K outflow in 2025Q2, suggesting that the company struggles to manage its cash conversion cycle effectively amidst the lumpy, project-based nature of its automotive mold manufacturing business.
The volatility in working capital appears to be a primary driver of the company's inconsistent cash flow performance. This suggests that the firm may lack the bargaining power to optimize payment terms with its Tier 1 automotive customers, leading to periodic liquidity crunches.
Quick answers to the most common questions about buying MTEN stock.
Mingteng International Corporation Inc. (MTEN) generated $-0.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Mingteng International Corporation Inc. (MTEN) reported negative free cash flow of $1.1M in 2025, indicating capital requirements exceeded cash from operations.
Mingteng International Corporation Inc. (MTEN) spent $1.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.