FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$181.4M
Trailing twelve-month free cash flow.
Quarter free cash flow
$313.8M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$313.9M
Cash generated by operations before capital spending.
CapEx
$154000
Capital spending and related asset purchases.
FCF margin
46.5%
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 | $313.9M | Cash generated by operations before capital spending. |
| Capital expenditures | $154000 | Capital spending used to bridge CFO to FCF. |
| Free cash flow | $313.8M | 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 |
|---|---|---|---|---|---|
| 2022-12-31 | $629.1M | -$745.4M | $814000 | -$746.3M | -118.6% |
| 2023-03-31 | $772.5M | $463.1M | $50000 | $463.0M | 59.9% |
| 2023-06-30 | $707.9M | $151.1M | $329000 | $150.8M | 21.3% |
| 2023-09-30 | $674.1M | $313.9M | $154000 | $313.8M | 46.5% |
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. |