Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow and margin weakened sequentially and slightly declined year over year. Revenue was stable compared to a year ago but lower than the prior quarter.
- Operating cash flow relative to revenue decreased from the previous quarter and was slightly below the year-ago level. With capital expenditure roughly similar to prior periods, the conversion into free cash flow followed the same pattern.
- Compared to the preceding quarter, operating cash flow and free cash flow declined significantly, while the margin narrowed. Against the same quarter last year, both cash flow measures were slightly lower and the margin edged down.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.4B
Trailing twelve-month free cash flow.
Quarter free cash flow
$220.6M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$241.7M
Cash generated by operations before capital spending.
CapEx
$21.1M
Capital spending and related asset purchases.
FCF margin
22.2%
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 |
|---|---|---|---|---|---|
| 2024-06-28 | $2.1B | $308.9M | $29.2M | $279.7M | 13.4% |
| 2024-09-27 | -$68.8M | $459.0M | $21.6M | $437.4M | -635.8% |
| 2024-12-31 | $1.1B | $502.2M | $22.6M | $479.6M | 44.7% |
| 2025-03-28 | $993.1M | $241.7M | $21.1M | $220.6M | 22.2% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 128.3% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.1% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$3.0B | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Operating Cash Flow Change
Operating cash flow decreased from both the prior quarter and the year-ago period, while revenue was stable year over year. This indicates a shift in the relationship between revenue and cash generation.
Further weakening in operating cash flow could pressure free cash flow and margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow relative to revenue decreased from the previous quarter and was slightly below the year-ago level. With capital expenditure roughly similar to prior periods, the conversion into free cash flow followed the same pattern.
Compared to the preceding quarter, operating cash flow and free cash flow declined significantly, while the margin narrowed. Against the same quarter last year, both cash flow measures were slightly lower and the margin edged down.
Monitor the trend in operating cash flow, as its sequential decline was the main factor behind the reduced free cash flow.