Free cash flow remains highly unstable, ranging from a low of $2.6 million in 2024Q3 to a peak of $16.4 million in 2024Q4, highlighting sensitivity to operational headwinds.
| 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 | 61.91M | 54.31M | 55.5M | 33.9M | 77.23M | 172.34M | 143.81M | 49.59M | 119.81M | 101.19M | 104.8M | 112.57M | 55.55M | 119.67M | 87.19M | 57.41M | 32.49M | 46.69M | 11.18M | 19.32M | 30.22M | 5.25M | 1.31M | 14.71M | 9.94M | 22.98M | 17.36M | 56.7M | 24.6M | 49.1M | 24.4M |
| Operating CF Margin % | - | 9.95% | 10.36% | 6.23% | 12.96% | 23.58% | 25.28% | 12.08% | 24.17% | 19.38% | 15.78% | 20.43% | 10.2% | 17.39% | 17.73% | 17.46% | 12.73% | 17.23% | 6.16% | 12.35% | 18.03% | 3.39% | 0.9% | 9.95% | 6.15% | 13.18% | 8.57% | 23.46% | 11.63% | 23.45% | 10.93% |
| Operating CF Growth % | 61.62% | -2.15% | 63.72% | -56.1% | -55.19% | 19.84% | 190.01% | -58.61% | 18.4% | -3.44% | -6.9% | 102.64% | -53.58% | 37.26% | 51.87% | 76.69% | -30.41% | 317.54% | -42.12% | -36.07% | 476.15% | 300.08% | -91.09% | 48.03% | -56.75% | 32.34% | -69.37% | 130.49% | -49.9% | 101.23% | 44.38% |
| Net Income | -12.03M | -4.39M | 30.56M | 48.22M | 88.33M | 155.9M | 90.4M | 32.29M | 50.93M | 52.14M | 87.47M | 62.13M | 38.63M | 111.27M | 70.63M | 40.02M | 28.25M | 27.5M | 8.67M | 10.33M | 1.1M | 864K | 4.3M | 12.36M | 8.47M | 13.5M | 27.04M | 33.7M | 23.4M | 27.8M | 34.4M |
| Depreciation & Amortization | 23.31M | 22.87M | 22.06M | 22.38M | 25.79M | 26.15M | 27.58M | 29.33M | 31.97M | 34.26M | 35.35M | 36.23M | 36.71M | 20.36M | 14.89M | 12.15M | 9.21M | 7.3M | 5.37M | 4.37M | 3.85M | 5.44M | 5.83M | 5.92M | 7.49M | 8.15M | 8.75M | 8.7M | 10.3M | 9.2M | 7.6M |
| Stock-Based Compensation | 3.87M | 5.02M | 4.34M | 3.99M | 1.67M | 8.28M | 6.13M | 6.33M | 5.81M | 3.66M | 3.05M | 4.53M | 5.65M | 5.29M | 4.72M | 2.95M | 2.59M | 4.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -871K | -3.04M | -4.71M | -5.87M | -5.57M | 994K | 3.86M | -2.42M | -4.37M | 1.74M | 1.84M | -3.26M | -12.02M | 5.74M | -1.48M | 8.21M | 493K | 2.06M | -4.64M | 2.47M | -2.76M | -328K | 1.85M | 2.67M | 1.53M | 1.3M | 3.54M | -300K | 500K | 700K | -1.1M |
| Other Non-Cash Items | 16.61M | 16.42M | 413K | 1.3M | 465K | 826K | -52K | 1.1M | -195K | 389K | 581K | -1.58M | 33.74M | 1.6M | -1.32M | -260K | -1.03M | 194K | -95K | 3.41M | 494K | 483K | -874K | -5.92M | 3.1M | 0 | -1.69M | -100K | -900K | -100K | 100K |
| Working Capital Changes | 31.03M | 17.43M | 2.83M | -36.12M | -33.45M | -19.81M | 15.89M | -17.04M | 35.66M | 9M | -23.5M | 14.52M | -47.16M | -24.59M | -253K | -5.65M | -7.02M | 5.43M | 1.89M | 5.9M | 28.85M | -1.21M | -9.8M | -325K | -10.65M | 31K | -20.27M | 15M | -8.7M | 11.8M | -16.6M |
| Change in Receivables | -5.43M | 2.63M | -7.28M | 5.58M | -8.41M | 840K | -5.24M | -7.61M | 15.05M | 9.36M | 2.28M | -21.99M | 17.65M | -24.37M | -793K | -10.66M | -6.52M | 760K | -10.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 26.59M | 21.19M | 413K | -16.13M | -21.64M | -15.73M | 10.62M | 2.07M | 8.48M | 14.46M | -17.96M | 9.06M | -22.77M | -7.95M | -6.55M | -156K | 888K | 2.04M | 1.36M | 11.11M | 24.32M | 1.66M | -990K | 3.1M | -1.83M | 1.57M | -13.76M | 9.6M | -2M | 9.5M | -12.8M |
| Change in Payables | 4.43M | -2.75M | 3.79M | -4.03M | -640K | -392K | 7.95M | -3.65M | 939K | -16.06M | 5.6M | 6.81M | -11.05M | 9.23M | 9.91M | 12.17M | 1.91M | 0 | 5.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -23.78M | -9.48M | -13.79M | 40.86M | 13.21M | -107.54M | -43.89M | -35.44M | -124.79M | -33.59M | -34.89M | -28.48M | -45.55M | -54.38M | -26.28M | 30.68M | -21.14M | -45.95M | 2.55M | -404K | -1.75M | 2.04M | 16.23M | 6.66M | 11.35M | -1.69M | 73K | -31.7M | -2.7M | -25.8M | -3.7M |
| Capital Expenditures | -19.51M | -15.85M | -20.82M | -15.8M | -27.73M | -28.78M | -24.23M | -20.3M | -10.54M | -33.6M | -35.22M | -28.7M | -45.57M | -54.62M | -27.28M | -22.14M | -19.41M | -13.82M | -9.49M | -4.47M | -3.91M | -4.46M | -6.95M | -4M | -3.15M | -3.6M | -7.02M | -4.5M | -6M | -4.5M | -7.6M |
| CapEx % of Revenue | 3.54% | 2.9% | 3.89% | 2.9% | 4.65% | 3.94% | 4.26% | 4.94% | 2.13% | 6.43% | 5.3% | 5.21% | 8.37% | 7.94% | 5.55% | 6.73% | 7.61% | 5.1% | 5.23% | 2.86% | 2.33% | 2.88% | 4.77% | 2.7% | 1.95% | 2.07% | 3.47% | 1.86% | 2.84% | 2.15% | 3.4% |
| Acquisitions | 1K | -15.01M | 0 | 0 | 0 | 0 | 0 | 14K | 10K | 3K | 325K | 222K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.98M | 0 | 1.1M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -15.01M | 0 | 0 | 5K | 100K | 203K | -28.14M | 14K | 10K | 3K | 325K | 222K | 24K | 233K | 1M | 319K | 21K | 51K | 95K | 12.54M | 2.25M | 0 | 1.58M | 10.91M | 322K | 0 | 382K | 200K | -100K | -6.9M | -9M |
| Cash from Financing | -30.56M | -36.4M | -46.86M | -124.76M | -46.31M | -63.91M | -115.19M | -17.21M | -20.02M | -91.24M | -52.01M | -23.76M | -56.17M | -41.2M | -110.98M | -12.16M | -11.23M | -5.42M | -9.15M | -21.13M | -25.2M | -8.07M | -16.15M | -21.53M | -21.53M | -21.53M | -21.53M | -21.5M | -21.7M | -21.5M | -21.5M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1M | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -23.11M | -26.1M | -34.41M | -11.81M | -222K | 0 | 0 | -2M | 0 | -64.85M | -14.02M | -2.84M | -24M | 0 | 0 | -2M | -5.72M | -14K | -10.15M | -20M | -25.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -200K | 0 | 0 |
| Dividends Paid | -7.41M | -10.12M | -11.83M | -110.79M | -42.72M | -59.1M | -113.9M | -14.32M | -19.2M | -23.91M | -32.81M | -20.57M | -31.45M | -41.08M | -111.52M | -8.16M | -6.32M | -5.82M | 0 | 0 | 0 | -8.07M | -16.15M | -21.53M | -21.53M | -21.53M | -21.53M | -21.5M | -21.5M | -21.5M | -21.5M |
| Share Repurchases | -23.11M | -26.1M | -34.41M | -11.81M | -222K | 0 | 0 | -2M | -816K | -64.85M | -14.02M | -2.84M | -24M | -2.42M | -3.08M | -2M | -5.72M | -14K | -10.15M | -20M | -25.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -200K | 0 | 0 |
| Other Financing | -49K | -178K | -624K | -2.16M | -3.37M | -4.8M | -1.3M | -901K | -816K | -2.48M | -5.18M | -352K | -719K | -121K | 539K | -2M | 808K | 1.41M | 0 | -1.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 7.57M | 8.42M | -5.15M | -50M | 44.13M | 897K | -15.27M | -3.07M | -25M | -23.64M | 17.9M | 60.32M | -46.16M | 24.09M | -50.08M | 75.92M | 124K | -4.68M | 4.58M | -2.21M | 3.26M | -784K | 1.4M | -152K | -240K | -235K | -4.09M | 3.5M | -4.5M | -2.7M | -3.6M |
| Free Cash Flow | 42.4M | 38.46M | 34.68M | 18.11M | 49.5M | 143.56M | 119.58M | 29.29M | 109.27M | 67.59M | 69.58M | 83.86M | 9.98M | 65.05M | 59.9M | 35.27M | 13.08M | 32.87M | 1.69M | 14.85M | 26.31M | 785K | -5.63M | 10.72M | 6.79M | 19.38M | 10.34M | 52.2M | 18.6M | 44.6M | 16.8M |
| FCF Margin % | 7.69% | 7.04% | 6.48% | 3.33% | 8.31% | 19.65% | 21.02% | 7.14% | 22.05% | 12.94% | 10.47% | 15.22% | 1.83% | 9.45% | 12.18% | 10.73% | 5.13% | 12.13% | 0.93% | 9.49% | 15.7% | 0.51% | -3.87% | 7.25% | 4.2% | 11.11% | 5.1% | 21.6% | 8.79% | 21.3% | 7.52% |
| FCF Growth % | 8.31% | 10.9% | 91.57% | -63.42% | -65.52% | 20.06% | 308.24% | -73.19% | 61.66% | -2.86% | -17.03% | 740.32% | -84.66% | 8.6% | 69.82% | 169.64% | -60.2% | 1840.38% | -88.59% | -43.56% | 3251.97% | 113.93% | -152.57% | 57.97% | -64.98% | 87.35% | -80.19% | 180.65% | -58.3% | 165.48% | 1300% |
| FCF per Share | 2.61 | 2.37 | 2.01 | 1.02 | 2.78 | 8.08 | 6.73 | 1.65 | 6.18 | 3.77 | 3.65 | 4.33 | 0.50 | 3.26 | 3.05 | 1.84 | 0.68 | 1.70 | 0.08 | 0.65 | 0.95 | 0.03 | -0.21 | 0.40 | 0.25 | 0.72 | 0.38 | 1.94 | 0.69 | 1.65 | 0.50 |
| FCF Conversion (FCF/Net Income) | -3.52x | -12.37x | 1.82x | 0.70x | 0.87x | 1.11x | 1.59x | 1.54x | 2.35x | 1.94x | 1.20x | 1.81x | 1.44x | 1.08x | 1.23x | 1.43x | 1.15x | 1.70x | 1.29x | 1.87x | 27.37x | 6.07x | 0.30x | 1.19x | 1.17x | 1.70x | 0.64x | 1.68x | 1.05x | 1.77x | 0.71x |
| 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 demand and margin compression
As reported in recent financial statements, RGR's operating cash flow frequently decouples from net income, evidenced by a 2025Q2 OCF/NI ratio of -0.86, which suggests that accounting profits are currently failing to translate into actual cash generation due to significant non-cash charges and working capital volatility.
The persistent gap between net income and operating cash flow indicates that the company's earnings quality is currently compromised by non-operational adjustments. Investors should monitor whether this divergence is a temporary byproduct of the Marlin integration or a structural issue where reported profitability is increasingly disconnected from cash-based reality.
Based on the provided quarterly data, free cash flow has exhibited extreme instability, ranging from a low of $2.6 million to a peak of $16.4 million, highlighting a trajectory that remains highly sensitive to the company's inability to maintain consistent margins in a cooling consumer demand environment.
The erratic FCF trajectory suggests that the company's current business model struggles to generate reliable cash surpluses during periods of low volume. This volatility warrants caution, as the inability to produce stable free cash flow limits the company's flexibility to fund dividends and buybacks without depleting its cash reserves.
According to recent SEC filings, working capital changes have been a primary driver of cash flow, with a notable $11.8 million inflow in 2026Q1, suggesting that the company is aggressively managing its inventory levels to offset the impact of slowing sell-through in its two-tier distribution network.
The reliance on working capital shifts to bolster cash flow may indicate that the company is liquidating channel inventory rather than generating cash through organic sales growth. This pattern appears to be a defensive measure that may provide short-term liquidity but could signal deeper underlying demand issues if inventory levels are not replenished sustainably.
As indicated by historical cash flow statements, RGR has continued to prioritize shareholder returns, with over $17 million in buybacks during 2024Q2, despite the company's recent shift toward negative operating margins and the resulting strain on its overall cash-generating capacity.
The company's commitment to returning capital appears aggressive given the current lack of consistent profitability and the thin cash buffer of $18.4 million. Investors should investigate whether this capital allocation strategy is sustainable if the current margin compression persists or if it risks eroding the company's long-term financial resilience.
Quick answers to the most common questions about buying RGR stock.
Sturm, Ruger & Company, Inc. (RGR) generated $54.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sturm, Ruger & Company, Inc. (RGR) generated $38.5M 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.
Sturm, Ruger & Company, Inc. (RGR) spent $15.8M 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, Sturm, Ruger & Company, Inc. (RGR) returned $10.1M to shareholders via cash dividends and spent $26.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.