Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
For the quarter, free cash flow was negative and the margin weakened compared to both the prior quarter and the same quarter last year. The company's filing discusses seasonal patterns in the residential real estate market but notes that other factors have obscured their impact on historical financials.
- Revenue was generated, yet operating cash flow was negative, resulting in negative free cash flow after minimal capital expenditure. The free cash flow margin was therefore negative.
- Compared to the preceding quarter, free cash flow and margin were lower (more negative), while revenue was higher. Versus the same quarter a year ago, free cash flow and margin were also lower, with revenue unchanged.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
-$717.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
-$283.0M
Free cash flow in the selected fiscal quarter.
Operating cash flow
-$279.0M
Cash generated by operations before capital spending.
CapEx
$4.0M
Capital spending and related asset purchases.
FCF margin
-24.5%
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 |
|---|---|---|---|---|---|
| 2024-06-30 | $1.5B | -$399.0M | $8.0M | -$407.0M | -26.9% |
| 2024-09-30 | $1.4B | $62.0M | $6.0M | $56.0M | 4.1% |
| 2024-12-31 | $1.1B | -$80.0M | $3.0M | -$83.0M | -7.7% |
| 2025-03-31 | $1.2B | -$279.0M | $4.0M | -$283.0M | -24.5% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 332.9% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.3% | Lower capital intensity usually supports FCF margin. |
| Net cash | n/a | Cash and equivalents minus total debt. |
Recent events shaping cash flow
Near-term business events that help explain the free cash flow result.
Free Cash Flow Margin Decline
The free cash flow margin weakened compared to both the preceding quarter and the same quarter last year, driven by a larger operating cash outflow relative to revenue.
The margin decline represents a key metric to track for future cash generation efficiency.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was generated, yet operating cash flow was negative, resulting in negative free cash flow after minimal capital expenditure. The free cash flow margin was therefore negative.
Compared to the preceding quarter, free cash flow and margin were lower (more negative), while revenue was higher. Versus the same quarter a year ago, free cash flow and margin were also lower, with revenue unchanged.
The free cash flow margin trend warrants monitoring given its deterioration relative to both prior periods.