Deswell Industries (DSWL) Cash Flow: Operating & Free Cash Flow

Deswell Industries (DSWL) Cash Flow Statement

In fiscal 2026 (fiscal year ended Mar 31, 2026), Deswell Industries generated $5.20M of operating cash flow and spent $481.00K on capital expenditures. That left free cash flow of $4.71M, down 64.3% from $13.20M a year earlier, or 7.7% of revenue. It returned $3.36M to shareholders through $3.19M in dividends and $169.00K in share buybacks.

Deswell Industries Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Deswell Industries, Inc. (DSWL) - Annual data in millions USD
Breakdown	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017
Operating Activities
Net Income	10.63	11.14	7.71	2.06	8.23	8.23	-1.32	4.27	6.19	1.38
Depreciation & Amortization	1.48	1.52	1.52	1.71	1.74	1.76	1.97	2.11	2.14	2.14
Deferred Income Tax	-0.57	-0.02	-0.17	-0.18	-0.56	0.21	0.09	-0.12	-0.11	0.06
Change in Working Capital	-0.25	5.76	4.97	6.15	-7.62	-4.25	6.18	-3.12	-0.02	-3.07
Change in Accounts Receivable	-1.52	2.14	3.64	2.72	-3.34	-2.80	3.14	-0.23	-2.08	-4.32
Change in Inventory	-1.61	2.72	5.22	6.38	-7.60	-7.62	4.03	-0.35	-2.54	-2.51
Change in Accounts Payable	1.10	0.53	-1.74	-2.89	0.32	4.92	-1.65	-2.34	3.44	2.92
Change in Other Working Capital	0.24	0.37	-0.83	-0.18	3.01	1.10	0.66	-0.20	1.16	0.84
Other Operating Activities	-6.67	-4.87	-0.99	3.08	-1.98	-0.47	6.20	-0.99	-2.50	-1.59
Net Cash from Operating Activities	5.20	13.53	13.21	13.00	-0.18	3.30	13.12	2.17	5.70	-1.08
Investing Activities
Capital Expenditures	-0.48	-0.33	-0.38	-0.79	-1.50	-0.55	-0.51	-0.88	-1.71	-2.15
Acquisitions	0.09	0.07	0.00	0.07	0.05	0.08	0.19	0.03	0.01	0.99
Purchases of Investments	-22.00	-8.54	-16.28	-0.39	-13.22	-2.25	-3.96	-12.70	-5.58	-3.31
Sales/Maturities of Investments	12.73	10.84	1.15	3.85	11.25	6.15	1.62	12.16	9.81	4.18
Other Investing Activities	-9.21	0.00	-14.93	-0.78	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash from Investing Activities	-6.91	2.04	-16.43	-1.12	-3.43	-2.72	-2.66	-1.40	2.53	-0.28
Financing Activities
Common Stock Issued	0.00	0.00	0.00	0.00	0.04	0.00	0.06	0.00	0.00	0.00
Common Stock Repurchased	-0.17	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.31
Dividends Paid	-3.19	-3.19	-3.19	-3.19	-3.19	-2.86	-2.39	-1.59	-1.11	-2.25
Net Cash from Financing Activities	-3.36	-3.19	-3.19	-3.19	-3.14	-2.86	-2.32	-1.59	-1.11	-2.56
Summary
Net Change in Cash	-5.07	12.38	-6.41	8.70	-6.76	-2.29	8.14	-0.82	7.11	-3.92
Cash at Beginning of Period	28.13	15.75	22.16	13.47	20.22	22.51	14.37	15.19	8.08	12.00
Cash at End of Period	23.06	28.13	15.75	22.16	13.47	20.22	22.51	14.37	15.19	8.08
Free Cash Flow	4.71	13.20	12.83	12.21	-1.69	2.75	12.61	1.29	3.99	-3.23
Supplemental Disclosures
Income Taxes Paid	-	0.16	0.23	0.42	0.07	0.24	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Mar 31, 2026. Data sources and methodology

Frequently Asked Questions About Deswell Industries Cash Flow

What is Deswell Industries's free cash flow?

Deswell Industries generated free cash flow of $4.71M in fiscal 2026 (fiscal year ended Mar 31, 2026), operating cash flow of $5.20M minus $481.00K of capital expenditures. That was down 64.3% from $13.20M a year earlier. Free cash flow equaled 7.7% of revenue.

How much does Deswell Industries spend on capital expenditures?

Deswell Industries spent $481.00K on capital expenditures in fiscal 2026, compared with $332.00K a year earlier. That equals 9.3% of operating cash flow.

Does Deswell Industries pay dividends or buy back shares?

Yes. In fiscal 2026 Deswell Industries returned $3.19M in dividends and $169.00K in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition