Operating cash flow remains robust relative to earnings, with an OCF/NI ratio that reached 10.22 in 2024Q3, though free cash flow margins remain volatile, swinging from -1.9% to 30.7% over the last ten quarters.
| Cash from Operations | 148.87M | 150.88M | 121.19M | 132.53M | 108M | 110.75M | -3.71M | 45.56M | 140.75K | -474.5K |
| Operating CF Margin % | - | 11.34% | 9.85% | 11.32% | 11.14% | 15.07% | -1.17% | 10.63% | 0.04% | -0.19% |
| Operating CF Growth % | 104.22% | 24.49% | -8.55% | 22.71% | -2.49% | 3089.34% | -108.13% | 32272.08% | 129.66% | - |
| Net Income | 51.5M | 51.27M | 35.29M | 45.6M | 74.1M | 31.56M | -410K | -36.76M | 6.87M | -376.37K |
| Depreciation & Amortization | 2.06M | 78.15M | 66.56M | 59.12M | 46.78M | 46.68M | 43.58M | 44.37M | 35.46M | 23.26M |
| Stock-Based Compensation | 408K | 12.21M | 12.2M | 9.42M | 6.84M | 6.4M | 5.54M | 2.24M | 453K | 804K |
| Deferred Taxes | 612K | 13.34M | -2.39M | 7.35M | 13.43M | 6.11M | -16.84M | 4.08M | 4.3M | 0 |
| Other Non-Cash Items | 170.64M | 9.28M | 10.99M | 7.43M | -21.92M | 17.9M | -18.36M | 44.38M | 750K | 9.09M |
| Working Capital Changes | -24.91M | -13.37M | -1.45M | 3.61M | -11.24M | 2.11M | -17.22M | -12.74M | -7.47M | -98.13K |
| Change in Receivables | -8.41M | -11.14M | 5.01M | 0 | -2M | 3.34M | 566K | -1.8M | -1.44M | 0 |
| Change in Inventory | 27K | -57K | -343K | 0 | -500K | -3.34M | 0 | 0 | 0 | 0 |
| Change in Payables | -9.35M | 5.09M | -1.24M | 15.47M | 1.79M | 3.74M | -16.88M | -899K | -2.65M | 0 |
| Cash from Investing | -97.44M | -100.55M | -124.15M | -59.79M | -189.26M | -34.54M | -61.44M | -151.53M | -73.55M | -450M |
| Capital Expenditures | 3.9M | -88.92M | -66.54M | -81.74M | -47.38M | -29.75M | -25.76M | -20.8M | -23.33M | -23.63M |
| CapEx % of Revenue | 0.29% | 6.68% | 5.41% | 6.98% | 4.89% | 4.05% | 8.14% | 4.85% | 6.96% | 9.51% |
| Acquisitions | -432K | -5.31M | -53.59M | -11.79M | -141.88M | -6.2M | -35.77M | -100.86M | -50.22M | -45.13M |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -100.9M | -6.33M | 983K | 1.68M | 0 | 1.41M | 95K | 121K | 1.09M | -450M |
| Cash from Financing | -49.27M | -35.06M | 22.65M | -35.24M | 106.59M | -11.88M | 74.19M | 139.14M | 46.12M | 450.85M |
| Debt Issued (Net) | 29.38M | 10.53M | 51.78M | -17K | 195.38M | -1.71M | -10.94M | 125.34M | 50.42M | 0 |
| Equity Issued (Net) | -30.09M | -39.86M | -25.5M | -30.07M | -78.64M | -9.07M | 90.42M | 0 | -3.34M | 450.02M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -42.24M | -39.86M | -25.5M | -30.07M | -79M | -8.98M | 0 | 0 | -3.34M | 0 |
| Other Financing | -48.56M | -5.72M | -3.63M | -5.15M | -10.15M | -1.09M | -5.3M | 13.8M | -951K | 821.58K |
| Net Change in Cash | 2.16M | 15.26M | 19.69M | 37.5M | 25.33M | 64.33M | 9.05M | 33.17M | 140.75K | 450.85M |
| Free Cash Flow | 152.76M | 61.95M | 54.65M | 50.79M | 60.62M | 81M | -29.47M | 24.77M | -23.19M | -24.1M |
| FCF Margin % | 11.24% | 4.65% | 4.44% | 4.34% | 6.25% | 11.03% | -9.31% | 5.78% | -6.92% | -9.7% |
| FCF Growth % | 136.72% | 13.36% | 7.61% | -16.22% | -25.16% | 374.9% | -218.96% | 206.83% | 3.8% | - |
| FCF per Share | 1.82 | 0.72 | 0.64 | 0.59 | 0.66 | 0.86 | -0.35 | 0.40 | -0.37 | -0.65 |
| FCF Conversion (FCF/Net Income) | 2.97x | 2.93x | 3.44x | 2.91x | 1.46x | 3.51x | 9.04x | -1.24x | 0.01x | 1.26x |
| Interest Paid | 7.95M | 0 | 32.77M | 30.25M | 0 | 9.65M | 12.85M | 12.02M | 8.72M | 0 |
| Taxes Paid | 15.52M | 0 | 22.31M | 11.74M | 0 | 8.59M | 0 | 1.76M | 1.59M | 0 |
Regulatory and Legislative Concentration
As reported in recent financial statements, Accel consistently generates operating cash flow significantly higher than net income, with an OCF/NI ratio that peaked at 10.22 in 2024Q3, suggesting that non-cash charges and accounting accruals play a substantial role in the company's reported bottom-line profitability.
The persistent gap between net income and operating cash flow indicates that Accel's earnings are heavily influenced by non-cash items, primarily depreciation and amortization related to its terminal fleet. Investors should monitor whether this conversion quality remains sustainable as the company matures and capital replacement cycles accelerate.
Based on the provided cash flow data, Accel's free cash flow trajectory remains highly inconsistent, with quarterly margins swinging from a negative 1.9% in 2025Q2 to a robust 30.7% in 2025Q4, reflecting the lumpy nature of capital expenditures and working capital adjustments across the reporting periods.
The lack of a stable free cash flow trend suggests that the company's ability to self-fund growth is sensitive to the timing of terminal upgrades and acquisition-related cash outflows. This volatility complicates the valuation of the firm's long-term cash-generating capacity, as FCF is frequently disrupted by non-operational cash movements.
According to the company's quarterly filings, capital expenditures as a percentage of revenue have averaged roughly 7% over the last ten quarters, with a notable spike to 21.6% in 2025Q4, indicating that maintaining the terminal fleet requires significant and ongoing reinvestment to preserve competitive positioning.
The high capital intensity relative to revenue suggests that Accel's business model is not as asset-light as the service-oriented nature of its route operations might imply. This ongoing requirement for maintenance and growth capex may limit the company's ability to return excess cash to shareholders in the near term.
As evidenced by the cash flow statements, Accel has prioritized share repurchases over other forms of capital return, consistently deploying cash to buy back stock even during periods of negative free cash flow, such as the $6.7 million spent on buybacks in 2025Q2.
The persistent use of cash for share repurchases, despite the capital-intensive nature of the business, suggests a management focus on supporting the equity price. Investors should consider whether these buybacks represent the most efficient use of capital compared to potential internal reinvestment or debt reduction.
Based on the reported figures, working capital changes have been a significant source of quarterly cash flow volatility, with fluctuations ranging from a $21.8 million inflow in 2024Q3 to an $18.1 million outflow in 2025Q4, highlighting the sensitivity of the company's cash position to timing differences.
These erratic working capital movements may indicate challenges in managing the timing of payments to host venues or the collection of gaming proceeds. Such fluctuations warrant further investigation to determine if they represent structural inefficiencies in the company's cash conversion cycle or merely temporary timing variances.
Quick answers to the most common questions about buying ACEL stock.
Accel Entertainment, Inc. (ACEL) generated $150.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Accel Entertainment, Inc. (ACEL) generated $62.0M 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.
Accel Entertainment, Inc. (ACEL) spent $88.9M 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, Accel Entertainment, Inc. (ACEL) spent $39.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.