Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue remained stable sequentially and increased year-over-year. Free cash flow turned significantly positive compared to the prior-year period, though it decreased from the immediately preceding quarter.
- Operating cash flow improved markedly from a year ago, converting a negative free cash flow margin into a positive one. Capital expenditure was slightly lower than both prior periods, supporting free cash flow generation.
- Compared to the preceding quarter, free cash flow margin weakened as operating cash flow declined while revenue held steady. Versus the same quarter last year, both operating cash flow and free cash flow margin improved substantially.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.7B
Trailing twelve-month free cash flow.
Quarter free cash flow
$198.4M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$212.6M
Cash generated by operations before capital spending.
CapEx
$14.2M
Capital spending and related asset purchases.
FCF margin
11.4%
The share of revenue converted into free cash flow.
TTM FCF yield
13.1%
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 | $1.5B | $547.9M | $17.5M | $530.4M | 35.0% |
| 2025-09-30 | $1.6B | $606.2M | $19.8M | $586.4M | 35.7% |
| 2025-12-31 | $1.7B | $455.8M | $23.6M | $432.2M | 25.5% |
| 2026-03-31 | $1.7B | $212.6M | $14.2M | $198.4M | 11.4% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 90.6% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.8% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$1.2B | 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 Recovery
Operating cash flow rebounded from negative levels a year ago to a positive figure, driving the significant improvement in free cash flow. This was achieved despite stable capital expenditure.
The company's cash generation capability has improved year-over-year, providing more flexibility for capital allocation.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow improved markedly from a year ago, converting a negative free cash flow margin into a positive one. Capital expenditure was slightly lower than both prior periods, supporting free cash flow generation.
Compared to the preceding quarter, free cash flow margin weakened as operating cash flow declined while revenue held steady. Versus the same quarter last year, both operating cash flow and free cash flow margin improved substantially.
Monitor the sustainability of operating cash flow levels following the sequential decline from the prior quarter.
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 | $13.4B | Used as the denominator for FCF yield. |
| TTM FCF yield | 13.1% | TTM free cash flow divided by market capitalization. |
| EV / TTM FCF | 8.3x | A quick valuation bridge, not a full DCF. |
Peer context
Free cash flow quality is easier to read against related public companies.