Free cash flow is highly cyclical and dependent on seasonal inventory liquidation, with margins fluctuating between -11.0% and 21.2% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 66.7M | 68.7M | 148.2M | 128.7M | 77.6M | 159.6M | 119.2M | 203.9M | 194.8M | 204.9M | 165.9M | 171.2M | 171.7M | 194.5M | -7.5M | 63.4M | 54.9M | 71.5M | 37.2M | 81.2M | 120.9M | 65.3M | 22.71M | 51.62M | 46.47M | 50.77M | 74.99M | 80.37M | 24.13M | 20.72M | 2.28M |
| Operating CF Margin % | - | 4.51% | 8.89% | 7.02% | 3.98% | 7.88% | 7.2% | 10.43% | 10.04% | 10.51% | 10.65% | 11.33% | 10.16% | 11.02% | -0.43% | 4.81% | 4.13% | 5.62% | 2.36% | 4.19% | 6.2% | 4.39% | 3.19% | 7.4% | 6.62% | 6.47% | 8.23% | 8.91% | 2.62% | 2.69% | 0.42% |
| Operating CF Growth % | -153.29% | -53.64% | 15.15% | 65.85% | -51.38% | 33.89% | -41.54% | 4.67% | -4.93% | 23.51% | -3.1% | -0.29% | -11.72% | 2693.33% | -111.83% | 15.48% | -23.22% | 92.2% | -54.19% | -32.84% | 85.15% | 187.54% | -56.01% | 11.1% | -8.47% | -32.31% | -6.68% | 233.1% | 16.46% | 808.64% | -91.55% |
| Net Income | 73.9M | 41.3M | -101.6M | -21.8M | -13.2M | 101.9M | 62M | 106.8M | 106.7M | 131.7M | 95.5M | 85.9M | 91.6M | 77.1M | 115.4M | 56.7M | 12.4M | -126.1M | -263M | -900K | 7.2M | 59.5M | 14.76M | -3.26M | -80.01M | -19.47M | 2.43M | -56.68M | 23.79M | 28.67M | 25.21M |
| Depreciation & Amortization | 71.6M | 72.8M | 73.1M | 76.1M | 79.4M | 85.7M | 70.7M | 70.3M | 70.7M | 71.2M | 52M | 52M | 57.5M | 64.6M | 54.4M | 32.9M | 36.5M | 39.3M | 42.8M | 48.9M | 55.8M | 38.5M | 21.55M | 25.16M | 28.41M | 39.27M | 38.69M | 40.28M | 33.91M | 27.21M | 15.02M |
| Stock-Based Compensation | 8.1M | 11.5M | 11.9M | 14.8M | 9.5M | 15.2M | 6.5M | 10.1M | 8.8M | 17M | 19.4M | 16M | 15.7M | 16.4M | 9.2M | 6.3M | 4.2M | 3M | 5.5M | 11.4M | 18.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -3.5M | -3.5M | -6.9M | -20.1M | 1.3M | -21M | -7.6M | 8.7M | 22.7M | -45.2M | 6M | 27.4M | 20.6M | -12.3M | -155M | 3.9M | 12.3M | 112.7M | -26.9M | -13.3M | -20.9M | 15.3M | 0 | -150K | -3.6M | 5.77M | 3.8M | -8.12M | 0 | 2.38M | 0 |
| Other Non-Cash Items | -42.1M | -4.5M | 167.2M | 92.2M | 79.6M | 28.6M | 3.7M | 4.1M | 2.7M | 2.1M | 3.4M | 1.7M | 3.7M | 10M | 46M | -32.1M | 2.6M | 13.4M | 269.1M | 32.1M | 17.9M | -1.3M | 4.7M | 35.5M | 113.29M | 17.29M | 17.41M | 95.98M | 15.42M | 271K | 1.42M |
| Working Capital Changes | -41.3M | -48.9M | 4.5M | -12.5M | -79M | -50.8M | -16.1M | 3.9M | -16.8M | 28.1M | -10.4M | -11.8M | -17.4M | 38.7M | -77.5M | -4.3M | -13.1M | 29.2M | 9.7M | 3M | 42.3M | -46.7M | -18.3M | -5.63M | -11.62M | 7.92M | 12.65M | 8.9M | -49M | -37.81M | -39.37M |
| Change in Receivables | 4.8M | 5.2M | 43.3M | -38.6M | 31.6M | -77.6M | 101.6M | -14.8M | 46M | 10.2M | 13.4M | -3.9M | 20.4M | 500K | -153.8M | 600K | -18.5M | 41.5M | 80.8M | 21.9M | 23.7M | 6.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 500K | 1.1M | 38.3M | 85.5M | 23.2M | -131.8M | 2.2M | 71.4M | -92.9M | 2.5M | 16.7M | 9.8M | 11.6M | 6.5M | 61.8M | 5.4M | -9.8M | 78.7M | -8.4M | -15.6M | -10M | 7.1M | -13.73M | 5.4M | 3.97M | 9.57M | -5.31M | 1M | -15.17M | -23.61M | -10.54M |
| Change in Payables | -4.2M | 10M | -6.3M | -68M | -66M | 131.2M | -68.8M | -32.8M | 101M | -18.7M | -19.3M | -2.6M | -10.1M | 26.8M | -25M | 16.8M | 14.8M | -54.9M | -36.9M | 8.9M | 29.2M | -49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -200K | -9.3M | -12.3M | -11.2M | -9.3M | -5.8M | -354.7M | -79.6M | -71.9M | -319.1M | -106.4M | -24.6M | -25.8M | -33.3M | -423.2M | 38.4M | -14.9M | -3.9M | -18.7M | -55.2M | -21.4M | -32.4M | -8.24M | -10.53M | -7.67M | -14.47M | -17.72M | -19.9M | -155.49M | -266.15M | -52.98M |
| Capital Expenditures | -17.8M | -17.9M | -15.9M | -13.8M | -16.5M | -21.2M | -15.3M | -32.8M | -34.1M | -31M | -18.5M | -27.6M | -29.6M | -36.6M | -30.3M | -14.9M | -12.6M | -13.7M | -43.5M | -59.1M | -33.1M | -34.5M | -7.35M | -8.47M | -9.01M | -14.9M | -19.61M | -22.82M | -29.93M | -29.62M | -27.78M |
| CapEx % of Revenue | 1.15% | 1.17% | 0.95% | 0.75% | 0.85% | 1.05% | 0.92% | 1.68% | 1.76% | 1.59% | 1.19% | 1.83% | 1.75% | 2.07% | 1.72% | 1.13% | 0.95% | 1.08% | 2.76% | 3.05% | 1.7% | 2.32% | 1.03% | 1.21% | 1.28% | 1.9% | 2.15% | 2.53% | 3.24% | 3.85% | 5.17% |
| Acquisitions | 15.4M | -10.1M | 0 | 0 | 7.2M | 15.4M | -339.4M | -41.3M | -38M | -292.3M | -88.8M | 2.8M | 0 | -1.3M | -397.5M | -1.6M | 0 | 0 | 0 | 0 | 0 | -1.4M | 0 | 0 | 470K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.2M | 18.7M | 3.6M | 2.6M | 0 | 0 | 0 | -5.5M | 200K | 4.2M | 900K | 3M | 3.8M | 4.6M | 4.6M | 54.9M | -2.3M | 9.8M | 24.8M | 3.9M | 11.7M | 3.5M | -896K | -2.06M | 870K | 538K | 1.89M | 2.92M | 22.4M | -236.53M | -25.2M |
| Cash from Financing | -86.8M | -76.7M | -122.6M | -117.7M | -48.3M | -147.2M | 244.7M | -163.4M | -125.6M | 142.2M | -75.2M | -137.8M | -142M | -155.5M | 360.1M | -63.1M | -100K | -44.5M | -37.7M | -35.4M | -145M | -17.5M | -13.1M | -41.42M | -78.87M | 12.47M | -61.39M | -54.21M | 134.91M | 243.44M | 50.47M |
| Debt Issued (Net) | -118.9M | -33.7M | -74.7M | -87.5M | 16.9M | -102.9M | 288.8M | -70.6M | -24.2M | 187.6M | -97.7M | -72.6M | -120.1M | -154.5M | 360.7M | -62.9M | 0 | -44.2M | -38M | -39.7M | -157.7M | 624.2M | -20.5M | -126.74M | -274.26M | -2.18M | -262K | -178.77M | -59.79M | 246.53M | 0 |
| Equity Issued (Net) | -1.5M | -15.1M | -15M | -1.7M | -21.9M | 0 | -14.5M | -65M | -68.2M | -46M | -5.1M | -65.9M | -19.1M | -1M | -600K | 0 | -100K | -300K | 0 | 4.3M | 13M | 0 | 1.66M | 737K | 1.16M | 509K | 0 | 100K | -2.15M | -69K | -182K |
| Dividends Paid | -27.1M | -27M | -28.4M | -28.5M | -28.6M | -25.8M | -24.6M | -24.4M | -25.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -625M | 0 | 0 | 0 | 0 | 0 | -4.72M | -7.08M | -6.93M | -6.77M |
| Share Repurchases | -100K | -15.1M | -15M | -1.7M | -19.4M | 0 | -18.9M | -65M | -75M | -36.6M | -5.1M | -60M | -19.4M | -1M | -800K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -17K | 0 | -536K | -3.57M | -1.01M | -1.65M |
| Other Financing | 60.7M | -900K | -4.5M | 0 | -14.7M | -18.5M | -5M | -3.4M | -8.1M | 600K | 27.6M | 700K | -2.8M | 0 | 0 | -200K | 0 | 0 | 300K | 0 | -300K | -16.7M | 5.74M | 84.58M | 194.23M | 14.15M | -61.13M | 129.18M | 203.93M | 3.92M | 57.42M |
| Net Change in Cash | -15.7M | -9.7M | 7.7M | 4.2M | 21M | 4.6M | 8.8M | -39.2M | -9.9M | 34M | -12.5M | 2.2M | -300K | 3.5M | -71.2M | 38M | 39.6M | 25.5M | -24.2M | -7.7M | -41.1M | 11.3M | -3.31M | -8.68M | -41.69M | 50.8M | -1.93M | 4.97M | 2.34M | -2.97M | -143K |
| Free Cash Flow | 48.9M | 50.8M | 132.3M | 114.9M | 61.1M | 138.4M | 103.9M | 171.1M | 160.7M | 173.9M | 147.4M | 143.6M | 142.1M | 157.9M | -37.8M | 48.5M | 42.3M | 57.8M | -6.3M | 22.1M | 87.8M | 30.8M | 15.36M | 43.16M | 37.46M | 35.87M | 55.38M | 57.54M | -5.8M | -8.9M | -25.5M |
| FCF Margin % | 3.15% | 3.33% | 7.94% | 6.27% | 3.14% | 6.83% | 6.28% | 8.75% | 8.28% | 8.92% | 9.47% | 9.51% | 8.41% | 8.95% | -2.15% | 3.68% | 3.18% | 4.54% | -0.4% | 1.14% | 4.5% | 2.07% | 2.16% | 6.18% | 5.34% | 4.57% | 6.08% | 6.38% | -0.63% | -1.16% | -4.75% |
| FCF Growth % | -55.42% | -61.6% | 15.14% | 88.05% | -55.85% | 33.2% | -39.28% | 6.47% | -7.59% | 17.98% | 2.65% | 1.06% | -10.01% | 517.72% | -177.94% | 14.66% | -26.82% | 1017.46% | -128.51% | -74.83% | 185.06% | 100.48% | -64.4% | 15.22% | 4.42% | -35.24% | -3.75% | 1092.29% | 34.86% | 65.09% | -313.59% |
| FCF per Share | 0.51 | 0.54 | 1.38 | 1.21 | 0.64 | 1.43 | 1.08 | 1.69 | 1.50 | 1.57 | 1.35 | 1.30 | 1.22 | 1.36 | -0.39 | 0.84 | 0.74 | 1.06 | -0.12 | 0.41 | 1.62 | 0.73 | 0.91 | 2.70 | 2.36 | 2.28 | 3.41 | 3.66 | -0.37 | -0.56 | -1.62 |
| FCF Conversion (FCF/Net Income) | 0.66x | 1.66x | -1.46x | -5.90x | -5.88x | 1.57x | 1.92x | 1.91x | 1.83x | 1.56x | 1.74x | 1.99x | 1.87x | 2.52x | -0.06x | 1.12x | 4.43x | -0.57x | -0.11x | -90.22x | 16.79x | 1.10x | 1.54x | -15.83x | -0.58x | -2.61x | 30.82x | -1.42x | 1.01x | 0.72x | 0.09x |
| Interest Paid | 27.4M | 43.3M | 49.4M | 55.6M | 42.6M | 37.6M | 36M | 42.1M | 37.9M | 38M | 50.1M | 41M | 45.1M | 52M | 94.9M | 71.9M | 70.6M | 54.4M | 58.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 33M | 35.7M | 41.6M | 44.3M | 37.5M | 28M | 32.2M | 41.9M | 33.7M | 34.8M | 16.9M | 16.9M | 28.9M | 31.1M | 28.8M | 27.7M | 13.9M | 19.7M | 22.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Seasonal working capital volatility
As reported in financial statements, ACCO's operating cash flow to net income ratio has exhibited extreme volatility, ranging from -4.48 to 17.88 over the last ten quarters, which suggests that reported earnings are frequently decoupled from the actual cash-generating capacity of the underlying business operations.
The wide variance between net income and operating cash flow indicates that non-cash charges and significant working capital swings frequently distort the company's reported profitability. Investors should monitor this disconnect, as it implies that accounting earnings may not be a reliable proxy for the company's ability to fund its own operations.
Based on ACCO's reported figures, free cash flow margins have fluctuated wildly between -11.0% and 21.2% over the past ten quarters, highlighting a structural dependence on seasonal inventory liquidation to generate positive cash flow during the critical third-quarter Back-to-School period.
The inability to maintain consistent positive free cash flow outside of peak seasonal windows suggests that the company's cost structure remains poorly aligned with its revenue cadence. This cyclicality forces a reliance on working capital management that may leave the firm vulnerable during periods of unexpected demand softness.
According to recent SEC filings, quarterly working capital changes have swung from a negative $86.7 million to a positive $62.5 million, illustrating that the company's cash position is primarily dictated by the timing of inventory builds and subsequent collections rather than core operational efficiency.
These massive swings in working capital suggest that ACCO is highly sensitive to retail partner payment terms and seasonal inventory requirements. The volatility in these figures warrants further investigation into whether the company is effectively managing its supply chain or merely deferring cash outflows to manage quarterly liquidity.
As reported in financial statements, ACCO has continued to prioritize dividend payments despite significant cash flow volatility, with quarterly outflows consistently near $7 million, even during periods where operating cash flow turned negative, such as the $25.6 million outflow observed in 2024Q2.
The commitment to dividends while operating cash flow remains erratic suggests a management priority on shareholder returns that may not be supported by the underlying cash generation. This strategy appears to limit the company's financial flexibility, potentially constraining its ability to reinvest in higher-growth technology segments.
Quick answers to the most common questions about buying ACCO stock.
ACCO Brands Corporation (ACCO) generated $68.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ACCO Brands Corporation (ACCO) generated $50.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
ACCO Brands Corporation (ACCO) spent $17.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, ACCO Brands Corporation (ACCO) returned $27.0M to shareholders via cash dividends and spent $15.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.