FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$19.5M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$54.6M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$31.5M
Cash generated by operations before capital spending.
CapEx
$23.1M
Capital spending and related asset purchases.
FCF margin
-6.8%
The share of revenue converted into free cash flow.
TTM FCF yield
0.0%
TTM FCF divided by market capitalization.
FCF reconciliation
Free cash flow is not a GAAP line item; it should be bridged from the cash flow statement.
| Operating cash flow | -$31.5M | Cash generated by operations before capital spending. |
| Capital expenditures | $23.1M | Capital spending used to bridge CFO to FCF. |
| Free cash flow | -$54.6M | Operating cash flow less capital spending. |
Cash flow trend
A short quarterly history shows whether FCF is scaling with revenue or only spiking for one period.
| Period | Revenue | Operating CF | CapEx | FCF | FCF margin |
|---|---|---|---|---|---|
| 2025-06-30 | $668.5M | -$91.7M | $23.0M | -$114.7M | -17.2% |
| 2025-09-30 | $710.6M | $60.0M | $26.6M | $33.4M | 4.7% |
| 2025-12-31 | $796.7M | $217.2M | $61.8M | $155.4M | 19.5% |
| 2026-03-31 | $807.3M | -$31.5M | $23.1M | -$54.6M | -6.8% |
Risks and tripwires
Observable signals that would weaken the free cash flow thesis.
| Risk | Tripwire | Why it matters |
|---|---|---|
| FCF margin compression | FCF margin falls for two consecutive quarters. | Cash conversion may be weakening before earnings show it. |
| Capital intensity rises | CapEx/revenue moves materially above the recent run rate. | More operating cash flow would be consumed before becoming FCF. |
| Working capital drag | Inventory or receivables grow faster than revenue. | Reported growth may not translate into cash. |