FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$911.6M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$51.9M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$20.7M
Cash generated by operations before capital spending.
CapEx
$31.2M
Capital spending and related asset purchases.
FCF margin
-2.2%
The share of revenue converted into free cash flow.
FCF reconciliation
Free cash flow is not a GAAP line item; it should be bridged from the cash flow statement.
| Operating cash flow | -$20.7M | Cash generated by operations before capital spending. |
| Capital expenditures | $31.2M | Capital spending used to bridge CFO to FCF. |
| Free cash flow | -$51.9M | 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 |
|---|---|---|---|---|---|
| 2024-12-31 | $2.3B | -$145.2M | $71.8M | -$217.0M | -9.6% |
| 2025-03-31 | $2.1B | -$50.1M | $37.5M | -$87.6M | -4.1% |
| 2025-06-30 | $2.1B | $1.3B | $14.0M | $1.3B | 61.4% |
| 2025-09-30 | $2.3B | -$20.7M | $31.2M | -$51.9M | -2.2% |
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. |