Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Revenue was unchanged from the same quarter last year, but free cash flow and margin were lower. Cash generation weakened compared to both the prior quarter and the year-ago period.
- Operating cash flow relative to revenue declined, compressing the free cash flow margin. Capital expenditure was slightly higher, but the primary driver of the margin change was lower cash from operations.
- Compared to the preceding quarter, revenue, operating cash flow, and free cash flow were all lower, and the margin narrowed meaningfully. Versus the same quarter one year earlier, revenue was stable while cash conversion weakened.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$1.5B
Trailing twelve-month free cash flow.
Quarter free cash flow
$104.6M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$134.2M
Cash generated by operations before capital spending.
CapEx
$29.6M
Capital spending and related asset purchases.
FCF margin
2.7%
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 | $4.6B | $417.5M | $31.2M | $386.2M | 8.4% |
| 2024-09-30 | $4.5B | $455.9M | $38.7M | $417.2M | 9.3% |
| 2024-12-31 | $4.9B | $567.6M | $24.5M | $543.1M | 11.0% |
| 2025-03-31 | $3.9B | $134.2M | $29.6M | $104.6M | 2.7% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 20.0% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 0.8% | 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.
Cash Conversion Efficiency
With revenue unchanged from the prior year, operating cash flow was substantially lower, indicating a deterioration in the company's ability to convert revenue into cash. This was the strongest observable factor behind the reduced free cash flow.
If this efficiency persists, it could constrain internal funding for future land acquisition and development activities.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Operating cash flow relative to revenue declined, compressing the free cash flow margin. Capital expenditure was slightly higher, but the primary driver of the margin change was lower cash from operations.
Compared to the preceding quarter, revenue, operating cash flow, and free cash flow were all lower, and the margin narrowed meaningfully. Versus the same quarter one year earlier, revenue was stable while cash conversion weakened.
The trajectory of operating cash flow warrants attention given its significant decline from both comparative periods.