Highwater Ethanol, LLC (HEOL)

Highwater Ethanol, LLC Cash Flow Statement

Financials in millions USD. Fiscal year is November - October.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Jan 31, 2026	Oct 31, 2025	Oct 31, 2024	Oct 31, 2023	Oct 31, 2022	Oct 31, 2021
Net Income	21.93	16.33	6.11	16.74	33.33	13.74
Depreciation & Amortization	5.87	5.66	8.49	10.05	10.31	9.75
Loss (Gain) on Equity Investments	-0.06	0.01	0.25	-0.16	-0.18	-0.11
Other Operating Activities	-14	-10.75	-0.41	-0.31	-0.19	-0.94
Change in Accounts Receivable	0.69	1.39	-0.35	1.03	3.82	-3.99
Change in Inventory	2.8	-2.58	1.87	3.08	-4.45	-4.07
Change in Accounts Payable	0.18	-6.91	-1.58	-1.3	3.23	8.23
Change in Other Net Operating Assets	0.28	0.32	-0.26	-0.09	-0.4	-0.2
Operating Cash Flow	17.45	3.47	14.13	29.05	45.47	22.41
Operating Cash Flow Growth	225.25%	-75.44%	-51.37%	-36.10%	102.89%	-
Capital Expenditures	-6.56	-5.74	-5.52	-1.28	-1.36	-6.83
Investment in Securities	0.26	0.13	-	-0.58	-	-
Investing Cash Flow	-6.31	-5.61	-5.52	-1.86	-1.36	-6.83
Long-Term Debt Issued	-	-	-	-	8.2	37
Long-Term Debt Repaid	-	-0.14	-0.13	-0.12	-11.82	-45.61
Net Debt Issued (Repaid)	-0.14	-0.14	-0.13	-0.12	-3.62	-8.61
Repurchase of Common Stock	-0.01	-0.02	-	-0.1	-0.12	-0.09
Common Dividends Paid	-6.65	-8.08	-16.16	-15.24	-18.13	-
Financing Cash Flow	-6.8	-8.24	-16.29	-15.46	-21.87	-8.7
Net Cash Flow	4.34	-10.38	-7.69	11.73	22.24	6.88
Free Cash Flow	10.89	-2.27	8.6	27.77	44.11	15.58
Free Cash Flow Growth	1206.62%	-	-69.02%	-37.03%	183.05%	-
Free Cash Flow Margin	7.65%	-1.61%	6.07%	13.95%	19.92%	9.82%
Cash Interest Paid	0.04	0.04	0.05	0.05	0.1	0.48
Levered Free Cash Flow	7.85	-4.84	5.37	21.13	29.12	10.11
Unlevered Free Cash Flow	7.98	-4.7	5.51	21.28	29.29	10.43
Change in Working Capital	3.71	-7.78	-0.32	2.74	2.2	-0.03

Source: S&P Global Market Intelligence. Standard template. Financial Sources.