Valmont Industries, Inc. (VMI) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 103.47M | 111.24M | 112.5M | 167.61M | 65.13M | 193.41M | 225.12M | 130.81M | 23.33M | 115.91M | 81.32M | 88.35M | 21.2M | 142.54M | 115.71M | 65.32M | 2.7M | 4.11M | -8.36M | 37.03M |
| Operating CF Margin % | 10.05% | 10.71% | 10.76% | 15.95% | 6.72% | 18.65% | 22.07% | 12.58% | 2.39% | 11.41% | 7.74% | 8.44% | 2% | 12.6% | 10.54% | 5.75% | 0.28% | 0.43% | -0.96% | 4.14% |
| Operating CF Growth % | 58.87% | -42.49% | -50.03% | 28.13% | 179.14% | 66.87% | 176.83% | 48.07% | 10.06% | -18.68% | -29.72% | 35.26% | 684.28% | 3368.95% | 1484.72% | 76.38% | -91.85% | -90.5% | -106.83% | -58.1% |
| Net Income | 108.02M | 178.75M | 3.29M | -3.29M | 86.66M | 80.48M | 82.61M | 101.15M | 88.43M | 34.08M | -50.31M | 88.8M | 72.34M | 41.21M | 72.93M | 77.21M | 62.91M | 27.81M | 52.25M | 62.66M |
| Depreciation & Amortization | 22.61M | 23.08M | -22.26M | 22.26M | 21.52M | 24.85M | 24.02M | 22.99M | 23.54M | 25.07M | 24.85M | 24.23M | 24.56M | 24.36M | 24.79M | 24.13M | 23.88M | 24.81M | 23.7M | 23.03M |
| Stock-Based Compensation | 0 | 0 | -6.17M | 6.17M | 7.21M | 8.2M | 7.56M | 6.92M | 7.18M | 10.41M | 8.95M | 11.17M | 8.69M | 11.85M | 10.41M | 10.12M | 9.46M | 10.82M | 8.95M | 4.28M |
| Deferred Taxes | 0 | -24.19M | 12.99M | -12.99M | 10.44M | -8.7M | -16.41M | -9.89M | 10.34M | -6.09M | -14.19M | -5.86M | 7.49M | 1.55M | -5.46M | 1.97M | 708K | 8.82M | -5.03M | -10.67M |
| Other Non-Cash Items | -886K | -2.72M | 188.42M | 91.69M | -656K | 9.7M | -1.19M | -833K | -16.5M | -1.67M | 140.63M | -1.49M | -8.67M | 22.66M | -2.28M | -18.4M | -2.33M | 59.1M | -15.21M | -12.31M |
| Working Capital Changes | -26.27M | -63.68M | -63.77M | 63.77M | -60.05M | 78.88M | 128.53M | 10.47M | -89.66M | 54.1M | -28.6M | -28.51M | -83.21M | 40.9M | 15.31M | -29.7M | -91.93M | -127.27M | -73.02M | -29.95M |
| Change in Receivables | 0 | -15.17M | -15.71M | 15.71M | -14.71M | 31M | 6.75M | -54.54M | -24.54M | 19.88M | -43.68M | 9.38M | -42.17M | -13.71M | -23.99M | -57.22M | -36.64M | -38.57M | 14.69M | -61.44M |
| Change in Inventory | 0 | 26.87M | -6.26M | 6.26M | 16.16M | 1.6M | 29.24M | 31.77M | -16.97M | 38.3M | 43.73M | -2.65M | 9.05M | 27.71M | 25.48M | 11.61M | -68.24M | -78.67M | -69.06M | -74.83M |
| Change in Payables | 0 | -19.6M | -25.66M | 25.66M | -26.31M | 28.53M | -4.95M | 28.79M | -27.56M | 683K | 9.54M | -24.88M | 4.13M | -797K | -2.09M | -9.13M | 49.01M | 12.5M | 21.47M | 30.84M |
| Cash from Investing | -43.3M | -125.58M | -54.62M | -33.9M | -30.19M | -23.78M | -18.59M | -17.86M | -18.64M | -26.02M | -55.22M | -12.26M | -21.79M | -25.63M | -21.68M | -58.71M | -29.1M | -27.84M | -28.07M | -332.09M |
| Capital Expenditures | -34.57M | -40.8M | 31.99M | -31.99M | -30.32M | -25.62M | -20.5M | -18.32M | -15.01M | -25.54M | -25.84M | -23.03M | -22.36M | -26.17M | -17.45M | -22.58M | -27.09M | -27.28M | -31.68M | -21.26M |
| CapEx % of Revenue | 3.36% | 3.93% | 3.06% | 3.04% | 3.13% | 2.47% | 2.01% | 1.76% | 1.54% | 2.51% | 2.46% | 2.2% | 2.1% | 2.31% | 1.59% | 1.99% | 2.76% | 2.83% | 3.65% | 2.38% |
| Acquisitions | -11.2M | -88.71M | 0 | 0 | 0 | 3.83M | 0 | 86K | 0 | -837K | -31.84M | 6.6M | 367K | -39.3M | -3.01M | -39.3M | 2K | 90K | 60K | -312.5M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.46M | 3.94M | -86.6M | -1.91M | 128K | -1.99M | 1.91M | 367K | -3.63M | 360K | 2.46M | 4.17M | 205K | 39.83M | -1.23M | 3.17M | -2M | -564K | 3.62M | 1.67M |
| Cash from Financing | -87.22M | -25.55M | -40.32M | -114.46M | -16.99M | -196.68M | -175M | -116.04M | -34.83M | -64.91M | -17.34M | -81.14M | -13.01M | -102.76M | -76.67M | 4.09M | -3.52M | 32.48M | 10.96M | 100.71M |
| Debt Issued (Net) | -5.55M | 64.75M | -173K | -235K | -174K | -167.14M | -120.8M | -90.31M | -165K | 128.93M | 26.82M | -43.29M | 119.51M | -66.07M | -59.25M | 30.02M | 8.91M | 50.81M | 21.25M | 121.43M |
| Equity Issued (Net) | -57.55M | -72.25M | -22.59M | -100.35M | -6.6M | -15M | -40.13M | -14.94M | -7.67M | -178.62M | -31.55M | -24M | -120.12M | -25.54M | -10.71M | -11.45M | -2.53M | -2M | -2.53M | -10.67M |
| Dividends Paid | -13.28M | -13.4M | -13.42M | -13.65M | -12.02M | -12.02M | -12.1M | -12.11M | -12.13M | -12.53M | -12.61M | -12.63M | -11.74M | -11.73M | -11.74M | -11.72M | -10.62M | -10.62M | -10.61M | -10.63M |
| Share Repurchases | -57.55M | -72.25M | -25.83M | -100.35M | -6.6M | -15M | -40.13M | -14.94M | -7.67M | -178.62M | -31.55M | -24M | -111.11M | -19.98M | -10.71M | -11.45M | -2.53M | -2M | -2.5M | -10.47M |
| Other Financing | -10.84M | -4.65M | -4.15M | -233K | 1.8M | -2.52M | -1.98M | 1.33M | -14.88M | -2.7M | -4K | -1.22M | -654K | 575K | 5.04M | -2.75M | 713K | -5.71M | 2.86M | 573K |
| Net Change in Cash | -26.95M | -38.97M | 17.57M | 24.13M | 20.08M | -36.16M | 37.34M | -6.05M | -33.85M | 30.48M | 5.66M | -6.04M | -12.46M | 19.18M | 11.64M | 4.88M | -27.53M | 7.44M | -29.49M | -192.17M |
| Free Cash Flow | 68.91M | 70.44M | 144.49M | 135.62M | 34.81M | 167.8M | 204.62M | 112.49M | 8.32M | 90.37M | 55.48M | 65.31M | -1.16M | 116.37M | 98.26M | 42.73M | -24.39M | -23.17M | -40.04M | 15.77M |
| FCF Margin % | 6.69% | 6.78% | 13.81% | 12.91% | 3.59% | 16.18% | 20.06% | 10.82% | 0.85% | 8.9% | 5.28% | 6.24% | -0.11% | 10.28% | 8.95% | 3.76% | -2.49% | -2.41% | -4.61% | 1.76% |
| FCF Growth % | 97.94% | -58.02% | -29.38% | 20.56% | 318.3% | 85.68% | 268.8% | 72.23% | 816.18% | -22.35% | -43.54% | 52.84% | 95.24% | 602.21% | 345.4% | 170.94% | -536.51% | -408.63% | -140.24% | -75.28% |
| FCF per Share | 3.51 | 3.57 | 7.27 | 6.85 | 1.72 | 8.31 | 10.11 | 5.54 | 0.41 | 4.35 | 2.65 | 3.08 | -0.05 | 5.37 | 4.55 | 1.98 | -1.13 | -1.08 | -1.86 | 0.73 |
| FCF Conversion (FCF/Net Income) | 0.96x | 0.66x | 1.14x | -5.54x | 0.75x | 2.49x | 2.71x | 1.31x | 0.27x | 4.05x | -1.66x | 0.99x | 0.28x | 3.53x | 1.60x | 0.86x | 0.04x | 0.15x | -0.16x | 0.60x |
| Interest Paid | 0 | 0 | 93K | 19.41M | 225K | 21.74M | 0 | 0 | 6.24M | 0 | 0 | 0 | 3.33M | 0 | 0 | 0 | 1.61M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 12.65M | 44.82M | 10.67M | -9.57M | 0 | 0 | 9.57M | 0 | 0 | 0 | 7.84M | 0 | 0 | 0 | 6.7M | 0 | 0 | 0 |