Free cash flow takeaway
A quick read on the company's cash generation and what it means for investors.
Free cash flow improved sharply from the prior quarter, driven by a significant increase in operating cash flow. Compared to the same quarter last year, free cash flow was slightly lower despite similar revenue.
- Revenue was stable relative to the prior year, but operating cash flow rose substantially from the previous quarter, lifting free cash flow and free cash flow margin. Capital expenditure remained modest and consistent across periods.
- Compared to the immediately preceding quarter, free cash flow and free cash flow margin improved markedly, driven by higher operating cash flow. Versus the same quarter one year earlier, free cash flow and margin were slightly lower, with revenue nearly unchanged.
FCF snapshot
Quarterly and TTM cash-flow metrics with the minimum valuation context.
TTM free cash flow
$223.0M
Trailing twelve-month free cash flow.
Quarter free cash flow
$76.5M
Free cash flow in the selected fiscal quarter.
Operating cash flow
$82.4M
Cash generated by operations before capital spending.
CapEx
$5.9M
Capital spending and related asset purchases.
FCF margin
25.9%
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 |
|---|---|---|---|---|---|
| 2025-03-31 | $316.2M | $41.1M | $10.1M | $31.0M | 9.8% |
| 2025-06-30 | $317.0M | $98.2M | $4.9M | $93.3M | 29.4% |
| 2025-09-30 | $286.6M | $27.6M | $5.4M | $22.2M | 7.8% |
| 2025-12-31 | $295.9M | $82.4M | $5.9M | $76.5M | 25.9% |
Cash conversion quality
Checks that separate high-quality free cash flow from accounting noise or working-capital timing.
| FCF / net income | 201.2% | Shows whether accounting earnings convert into cash. |
| CapEx / revenue | 2.0% | 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.
Operating Cash Flow Recovery
Operating cash flow increased substantially from the prior quarter, driving a strong recovery in free cash flow and margin. This was the most significant observable change among the supplied metrics.
The improvement in operating cash flow was the primary factor behind the quarter's free cash flow performance.
What the cash flow says
How to interpret the company's free cash flow beyond the headline number.
Revenue was stable relative to the prior year, but operating cash flow rose substantially from the previous quarter, lifting free cash flow and free cash flow margin. Capital expenditure remained modest and consistent across periods.
Compared to the immediately preceding quarter, free cash flow and free cash flow margin improved markedly, driven by higher operating cash flow. Versus the same quarter one year earlier, free cash flow and margin were slightly lower, with revenue nearly unchanged.
Monitor whether operating cash flow can sustain its elevated level relative to revenue in future quarters.