Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow improved significantly compared to the previous quarter and the same quarter last year, driven by higher revenue and operating cash flow. The free cash flow margin also strengthened.
- Revenue was higher than both the prior quarter and the year-ago quarter. Operating cash flow increased, while capital expenditure decreased from the prior quarter but was higher than a year ago. Free cash flow rose, and the free cash flow margin improved.
- Compared to the prior quarter, free cash flow was higher due to stronger operating cash flow and lower capital spending. Versus the same quarter a year earlier, free cash flow also increased, supported by higher revenue and operating cash flow despite a modest increase in capital expenditure.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.9B
Trailing twelve-month free cash flow.
Quarter free cash flow
$454.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$586.0M
Cash generated by operations before capital spending.
CapEx
$132.0M
Capital spending and related asset purchases.
FCF margin
27.3%
The share of revenue converted into free cash flow.
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 |
|---|---|---|---|---|---|
| 2024-06-30 | $1.6B | $475.0M | $84.0M | $391.0M | 24.9% |
| 2024-09-30 | $1.4B | $931.0M | $139.0M | $792.0M | 57.8% |
| 2024-12-31 | $1.5B | $420.0M | $197.0M | $223.0M | 14.6% |
| 2025-03-31 | $1.7B | $586.0M | $132.0M | $454.0M | 27.3% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 129.3% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 7.9% | Lower capital intensity usually supports FCF margin. |
| Net cash | n/a | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Stronger operating cash flow
Operating cash flow increased compared to both the prior quarter and the year-ago period, while revenue also rose. The combination of higher cash generation and controlled capital spending lifted free cash flow.
The improved free cash flow margin enhances the company's ability to allocate capital internally.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was higher than both the prior quarter and the year-ago quarter. Operating cash flow increased, while capital expenditure decreased from the prior quarter but was higher than a year ago. Free cash flow rose, and the free cash flow margin improved.
Compared to the prior quarter, free cash flow was higher due to stronger operating cash flow and lower capital spending. Versus the same quarter a year earlier, free cash flow also increased, supported by higher revenue and operating cash flow despite a modest increase in capital expenditure.
Monitor capital expenditure levels, particularly related to the Blue Point complex projects, as they influence future free cash flow.