SHV 1.39% $3.56 select harvests limited

Hey guys, could someone explain why SHV's free cash flow dips...

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  1. 215 Posts.
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    Hey guys, could someone explain why SHV's free cash flow dips below zero every couple of years despite relatively stable revenues?

    (Graph is from SimplyWallSt, but I've crunched the numbers myself as well)
    https://hotcopper.com.au/data/attachments/2022/2022473-4b29cfd7667d7d2f2b243391c778a12e.jpg


    Are there cyclical (biennial/triennial) operating expenses associated with growing almonds that are being marked as "investments" on the cash flow statement?

    I might open a small position if there's a good reason for the negative free cash flow years.
 
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$3.56
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