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NLI Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$8.4M in Q3 2026 · $9.6M over twelve months

Operating cash flow$10.0M
Capital spending−$1.6M
Free cash flow+$8.4M
Cash / net income0.7×

Analysis

In Q3 2026, NLI Holdings generated $10.0M of operating cash flow and spent $1.6M on capital projects, leaving free cash flow of $8.4M. That is $1.5M more than in Q3 2025 ($7.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $13.3M; the largest uses were dividends ($19.1M), capital spending ($3.7M), partners ($1.9M); besides operations, cash came from other investing ($2.2M); the cash balance fell by $9.2M.

Operating cash flow was $10.0M against net income of $13.4M — 0.7× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables +$4.2M, deferred taxes +$2.3M, inventory −$1.6M.

Free cash flow

NLI Holdings: free cash flow by quarterNLI Holdings: free cash flow by quarter$8.7MQ4 2024−$48.3MQ1 2025$5.9MQ2 2025$7.0MQ3 2025−$4.7MQ4 2025−$3.9MQ1 2026$9.8MQ2 2026$8.4MQ3 2026
Operating cash flow less capital spending.
NLI Holdings: operating cash flow against capital spendingNLI Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$9.0M$238KQ4 2024−$47.5M$822KQ1 2025$7.3M$1.3MQ2 2025$7.9M$983KQ3 2025−$4.2M$599KQ4 2025−$3.5M$404KQ1 2026$11.0M$1.1MQ2 2026$10.0M$1.6MQ3 2026
Latest (Q3 2026): Operating cash flow $10.0M, Capital spending $1.6M.

Capital allocation, year by year

NLI Holdings: where the cash came from (up) and went (down), by fiscal yearNLI Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowCapital spendingDividendsFY2021: Operating cash flow $17.6MFY2021: Capital spending −$4.1MFY2021: Dividends −$11.7M$17.6MFY2021FY2022: Operating cash flow $26.9MFY2022: Capital spending −$3.7MFY2022: Dividends −$30.8M$26.9MFY2022FY2023: Operating cash flow $37.0MFY2023: Capital spending −$1.1MFY2023: Dividends −$13.7M$37.0MFY2023FY2024: Operating cash flow $25.6MFY2024: Capital spending −$1.4MFY2024: Dividends −$36.6M$25.6MFY2024FY2025: Operating cash flow −$36.4MFY2025: Capital spending −$3.7MFY2025: Dividends −$27.9MFY2025
Over these 5 years operating cash flow totalled $70.7M; the largest uses were dividends ($121M) and operating cash flow ($36.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$111M
Debtnone
Net cash$111M

NLI Holdings funds itself: free cash flow was $9.6M over the last twelve months, with $111M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

NLI Holdings: sources (+) and uses (−) of cash, Q3 2026NLI Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$10.0MDividends−$4.9MCash drawn (+) / kept (−)−$4.0MCapital spending−$1.6MOther investing$900KPartners−$475K
NLI Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026NLI Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Dividends−$19.1MOperating cash flow$13.3MCash drawn (+) / kept (−)$9.2MCapital spending−$3.7MOther investing$2.2MPartners−$1.9M

From profit to cash

NLI Holdings: net income to operating cash flow, Q3 2026NLI Holdings: net income to operating cash flow, Q3 2026Net income$13.4MDepreciation & amortization$869KDeferred taxes$2.3MOther non-cash$213KReceivables$374KInventory−$1.6MPayables$4.2MPrepaid and other assets−$308KOperating cash flow$10.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsCash drawn (+) / kept (−)Free cash flow
Q3 2026$10.0M−$1.6M−$4.9M−$4.0M$8.4M
Q2 2026$11.0M−$1.1M−$4.9M−$5.1M$9.8M
Q1 2026−$3.5M−$404K−$4.9M$8.7M−$3.9M
Q4 2025−$4.2M−$599K−$4.4M$9.5M−$4.7M
Q3 2025$7.9M−$983K−$14.7M$8.9M$7.0M
Q2 2025$7.3M−$1.3M−$4.4M−$1.5M$5.9M
Q1 2025−$47.5M−$822K−$4.4M$53.2M−$48.3M
Q4 2024$9.0M−$238K−$3.9M−$8.0M$8.7M

NLI Holdings: income statement and cash flow

NLI Holdings, Q3 2026: revenue $44.0M (+10% year over year), operating margin 7.1%. The chart follows the revenue to costs, profit and cash.

NLI Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.