Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
In the current quarter, free cash flow and free cash flow margin improved compared to both the preceding quarter and the same quarter one year earlier. Revenue was higher than the preceding quarter but lower than the year-ago quarter, while operating cash flow was higher than the preceding quarter but lower than the year-ago quarter.
- The company converted a higher proportion of revenue into operating cash flow compared to the preceding quarter, and capital expenditure was lower, resulting in a higher free cash flow margin. Compared to the year-ago quarter, operating cash flow was lower but capital expenditure was lower, leading to a higher free cash flow margin.
- Free cash flow and free cash flow margin were higher than both the preceding quarter and the same quarter one year earlier. Revenue was higher sequentially but lower year-over-year. Operating cash flow was higher sequentially but lower year-over-year. Capital expenditure was lower in both comparisons.
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
$372.4M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$418.7M
Cash generated by operations before capital spending.
CapEx
$46.3M
Capital spending and related asset purchases.
FCF margin
24.0%
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 |
|---|---|---|---|---|---|
| 2024-12-31 | $1.7B | $579.7M | $157.3M | $422.4M | 24.5% |
| 2025-04-04 | $1.4B | $602.3M | $147.6M | $454.7M | 31.5% |
| 2025-07-04 | $1.5B | $184.3M | $78.2M | $106.1M | 7.2% |
| 2025-10-03 | $1.6B | $418.7M | $46.3M | $372.4M | 24.0% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 146.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 3.0% | Lower capital intensity usually supports FCF margin. |
| Net cash | -$907.4M | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Lower Capital Expenditure
Capital expenditure was lower than both the preceding quarter and the same quarter one year earlier, contributing to the improvement in free cash flow.
The lower capital expenditure directly supported a higher free cash flow margin.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
The company converted a higher proportion of revenue into operating cash flow compared to the preceding quarter, and capital expenditure was lower, resulting in a higher free cash flow margin. Compared to the year-ago quarter, operating cash flow was lower but capital expenditure was lower, leading to a higher free cash flow margin.
Free cash flow and free cash flow margin were higher than both the preceding quarter and the same quarter one year earlier. Revenue was higher sequentially but lower year-over-year. Operating cash flow was higher sequentially but lower year-over-year. Capital expenditure was lower in both comparisons.
Monitor capital expenditure levels, as the company's capital spending is primarily directed towards manufacturing equipment according to the filing.