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UFP Technologies cash flow, quarter by quarter

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

Free cash flow$38.5M in Q3 2026 · $74.2M over twelve months

Operating cash flow$38.5M
Free cash flow+$38.5M
Cash / net income1.9×
Cash conversion cycle109 days

Analysis

In Q3 2026, UFP Technologies generated $38.5M of operating cash flow. That is $2.6M more than in Q3 2025 ($35.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $74.2M; the largest uses were net borrowing (+) / repaid (−) ($50.2M), other investing ($10.6M), acquisitions ($6.9M); besides operations, cash came from shares issued ($194K), asset & business sales ($63K); the cash balance rose by $2.4M.

Operating cash flow was $38.5M against net income of $20.6M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: receivables +$16.8M, payables −$6.6M, depreciation & amortization +$5.0M.

Its cash conversion cycle was 109 days (receivables 56 + inventory 75 − payables 22).

Free cash flow

UFP Technologies: free cash flow by quarterUFP Technologies: free cash flow by quarter$21.4MQ4 2024$11.0MQ1 2025$22.5MQ2 2025$35.9MQ3 2025$16.8MQ4 2025$3.2MQ1 2026$15.6MQ2 2026$38.5MQ3 2026
Operating cash flow less capital spending.
UFP Technologies: operating cash flow against capital spendingUFP Technologies: operating cash flow against capital spendingOperating cash flowCapital spending$24.4M$3.0MQ4 2024$13.8M$2.8MQ1 2025$25.3M$2.9MQ2 2025$35.9M$0Q3 2025$16.8M$0Q4 2025$3.2M$0Q1 2026$15.6M$0Q2 2026$38.5M$0Q3 2026
Latest (Q3 2026): Operating cash flow $38.5M, Capital spending $0.

Capital allocation, year by year

UFP Technologies: where the cash came from (up) and went (down), by fiscal yearUFP Technologies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2021: Operating cash flow $14.3MFY2021: Net borrowing $74.8MFY2021: Shares issued $162KFY2021: Capital spending −$5.4MFY2021: Acquisitions −$96.2M$89.3MFY2021FY2022: Operating cash flow $17.7MFY2022: Net borrowing −$20.1MFY2022: Shares issued $390KFY2022: Asset sales $29.0MFY2022: Capital spending −$13.8MFY2022: Acquisitions −$20.7M$47.1MFY2022FY2023: Operating cash flow $41.3MFY2023: Net borrowing −$28.0MFY2023: Shares issued $680KFY2023: Capital spending −$10.5M$42.0MFY2023FY2024: Operating cash flow $66.6MFY2024: Net borrowing $157MFY2024: Shares issued $233KFY2024: Capital spending −$9.7MFY2024: Acquisitions −$197M$224MFY2024FY2025: Operating cash flow $91.9MFY2025: Net borrowing −$54.0MFY2025: Shares issued $194KFY2025: Asset sales $51KFY2025: Acquisitions −$14.7M$92.2MFY2025
Over these 5 years operating cash flow totalled $232M; the largest uses were acquisitions ($329M) and net borrowing ($102M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$20.6M
Debt$96.0M
Net debt$75.4M
Due within a year$12.5M

UFP Technologies funds itself: free cash flow was $74.2M over the last twelve months, and $20.6M of cash and investments stands against $96.0M of debt ($12.5M due within a year, 1.6× covered by cash).

UFP Technologies: debt maturities by year (FY2025)UFP Technologies: debt maturities by year (FY2025)$12.5MYear 1$12.5MYear 2$12.5MYear 3$98.0MYear 4
Principal due in each year as disclosed in the annual report, against $20.6M of cash and investments now.

Where the cash came from and went

UFP Technologies: sources (+) and uses (−) of cash, Q3 2026UFP Technologies: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$38.5MNet borrowing (+) / repaid (−)−$21.3MCash drawn (+) / kept (−)−$11.6MAcquisitions−$6.9MOther financing$5.0MOther investing−$3.9MShares issued$200KExchange rates−$30KAsset & business sales−$19KTaxes on employees’ shares$1K
UFP Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026UFP Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$74.2MNet borrowing (+) / repaid (−)−$50.2MOther investing−$10.6MAcquisitions−$6.9MTaxes on employees’ shares−$3.9MCash drawn (+) / kept (−)−$2.4MExchange rates−$357KShares issued$194KAsset & business sales$63KOther financing−$20K

From profit to cash

UFP Technologies: net income to operating cash flow, Q3 2026UFP Technologies: net income to operating cash flow, Q3 2026Net income$20.6MDepreciation & amortization$5.0MStock-based pay$2.8MDeferred taxes−$1.0MGains on disposals−$9KReceivables$16.8MInventory$1.9MPayables−$6.6MAccrued liabilities$4.2MDeferred revenue$414KPrepaid and other assets$206KOther liabilities−$4.2MIncome taxes payable−$2.4MOperating cash flow$38.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026567522109
Q2 2026557223104
Q1 2026537422105
Q4 2025527423103
Q3 2025517021100
Q2 2025547422106
Q1 2025547523107
Q4 2024567923112

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$38.5M—−$6.9M−$21.3M$200K−$11.6M$38.5M
Q2 2026$15.6M——−$20.3M$100K$10.9M$15.6M
Q1 2026$3.2M——$2.1M$100K$325K$3.2M
Q4 2025$16.8M—$5K−$10.7M−$206K−$2.1M$16.8M
Q3 2025$35.9M—−$11.9M−$17.5M—−$3.3M$35.9M
Q2 2025$25.3M−$2.9M—−$19.1M$100K−$864K$22.5M
Q1 2025$13.8M−$2.8M—−$6.6M$300K−$578K$11.0M
Q4 2024$24.4M−$3.0M−$1.0M−$22.6M$126K$2.9M$21.4M

UFP Technologies: income statement and cash flow

UFP Technologies, Q3 2026: revenue $172M (+12% year over year), operating margin 16.0%. The chart follows the revenue to costs, profit and cash.

UFP Technologies: 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.