Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was slightly higher than the year-ago quarter but slightly lower than the preceding quarter. Free cash flow margin weakened, and the filing references forward-looking statements about tariffs and global trade policies.
- Operating cash flow of the current quarter was lower than the prior quarter and similar to the year-ago quarter, while capital expenditure was slightly higher than the year-ago quarter. The resulting free cash flow margin was lower than both comparison periods.
- Compared with the preceding quarter, revenue was slightly lower, operating cash flow was significantly lower, and free cash flow margin dropped. Compared with the same quarter last year, revenue was higher, operating cash flow was slightly lower, and free cash flow margin was slightly lower.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$611.4M
Trailing twelve-month free cash flow.
Quarter free cash flow
$86.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$103.7M
Cash generated by operations before capital spending.
CapEx
$17.7M
Capital spending and related asset purchases.
FCF margin
9.7%
The share of revenue converted into free cash flow.
TTM FCF yield
3.7%
TTM FCF divided by market capitalization.
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 | $865.4M | $161.7M | $14.8M | $146.9M | 17.0% |
| 2025-09-30 | $878.7M | $203.5M | $14.8M | $188.7M | 21.5% |
| 2025-12-31 | $899.1M | $209.5M | $19.7M | $189.8M | 21.1% |
| 2026-03-31 | $886.9M | $103.7M | $17.7M | $86.0M | 9.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 71.7% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.0% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$1.3B | 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 decline
Operating cash flow was lower than the prior quarter and slightly lower than the year-ago quarter, despite revenue being higher than a year ago. This resulted in a lower free cash flow margin.
The reduced cash conversion from revenue to operating cash flow constrained free cash flow.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow of the current quarter was lower than the prior quarter and similar to the year-ago quarter, while capital expenditure was slightly higher than the year-ago quarter. The resulting free cash flow margin was lower than both comparison periods.
Compared with the preceding quarter, revenue was slightly lower, operating cash flow was significantly lower, and free cash flow margin dropped. Compared with the same quarter last year, revenue was higher, operating cash flow was slightly lower, and free cash flow margin was slightly lower.
Monitor the trend in operating cash flow relative to revenue, as the current quarter's conversion weakened. The filing also notes forward-looking considerations regarding tariffs and global trade policies.
Valuation context
A cash-flow page should show how much investors are paying for the cash stream, without turning into a full DCF.
| Market capitalization | $16.3B | Used as the denominator for FCF yield. |
| TTM FCF yield | 3.7% | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | 28.9x | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.