FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$104.7M
Trailing twelve-month free cash flow.
Quarter free cash flow
$10.1M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$64.0M
Cash generated by operations before capital spending.
CapEx
$53.9M
Capital spending and related asset purchases.
FCF margin
2.1%
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 | $64.0M | Cash generated by operations before capital spending. |
| Capital expenditures | $53.9M | Capital spending used to bridge CFO to FCF. |
| Free cash flow | $10.1M | 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 |
|---|---|---|---|---|---|
| 2024-09-28 | $336.9M | $39.6M | $74.1M | -$34.5M | -10.2% |
| 2024-12-28 | $402.2M | $24.3M | $40.2M | -$15.9M | -4.0% |
| 2025-03-29 | $425.2M | -$1.6M | $62.8M | -$64.4M | -15.1% |
| 2025-06-28 | $480.7M | $64.0M | $53.9M | $10.1M | 2.1% |
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. |