Free cash flow remains highly volatile, swinging from a $481.4M deficit in 2024Q1 to a $247.6M surplus in 2026Q1, reflecting the company's sensitivity to commodity price cycles and shifting capital allocation.
| 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 | 1.08B | 1.28B | 687.88M | 1.33B | 1.91B | 344.26M | 798.91M | 719.37M | 546.16M | 303.98M | 733.4M | 360.69M | 492.61M | 432.86M | 488.77M | 457.59M | 331.31M | 358.52M | 315.75M | 242.54M | 376.29M | 168.86M | 191.56M | 150.1M | 144.77M | 143.97M | 155.07M | 164.3M | 137.21M | 98.81M | 28.47M |
| Operating CF Margin % | - | 24.93% | 12.79% | 13.79% | 26.06% | 10.34% | 25.53% | 20.04% | 16.18% | 9.9% | 27.39% | 12.76% | 20.14% | 18.08% | 19.4% | 15.95% | 14.02% | 17.88% | 12.8% | 10.38% | 15.89% | 8.01% | 12.65% | 13.52% | 14.36% | 15.27% | 16.9% | 19.42% | 16.72% | 11.91% | 3.33% |
| Operating CF Growth % | 57456.83% | 86.41% | -48.15% | -30.47% | 454.19% | -56.91% | 11.06% | 31.71% | 79.67% | -58.55% | 103.33% | -26.78% | 13.8% | -11.44% | 6.81% | 38.12% | -7.59% | 13.55% | 30.18% | -35.54% | 122.84% | -11.85% | 27.62% | 3.68% | 0.56% | -7.16% | -5.62% | 19.74% | 38.87% | 247.07% | -75.5% |
| Net Income | -232.88M | -465.21M | -1.14B | 1.67B | 2.82B | 199.94M | 446.62M | 604.36M | 739.14M | 99.47M | 680.77M | 360.06M | 160.91M | 439.83M | 330.13M | 420.2M | 329.42M | 189.62M | 213.01M | 229.69M | 142.97M | 114.87M | 54.84M | 71.94M | 73.02M | 68.17M | 101.78M | 88.8M | 84.7M | 80M | 156.1M |
| Depreciation & Amortization | 654.73M | 658.68M | 588.64M | 429.94M | 300.84M | 254M | 231.98M | 213.48M | 200.7M | 196.93M | 226.17M | 260.08M | 103.57M | 107.37M | 99.02M | 96.75M | 95.58M | 100.51M | 111.69M | 106.86M | 112.95M | 117.44M | 97.27M | 84.01M | 80.6M | 77.61M | 73.75M | 75.75M | 75.01M | 69.04M | 71.04M |
| Stock-Based Compensation | 41.19M | 40.27M | 32.14M | 36.55M | 30.47M | 20.12M | 22.84M | 19.68M | 15.23M | 19.4M | 17.03M | 15.19M | 14.27M | 10.16M | 15.21M | 27.07M | 15.69M | 307K | 18.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 85.83M | 81.17M | -230.41M | 100.88M | 93.34M | -38.5M | -1.98M | 14.39M | 49.16M | -41.94M | 21.12M | -136.3M | -64.95M | 64.86M | -14.59M | 14.68M | 92.72M | 1.72M | -12.05M | -9.13M | -60.86M | 10.19M | -8.13M | 4.17M | 10.89M | 3.52M | 13.4M | -2.89M | 7.73M | 8.07M | -21.4M |
| Other Non-Cash Items | -85.03M | 272.98M | 696.11M | 95.93M | 82.77M | -203.03M | 185.99M | -18.2M | -306.1M | 422.38M | -448.76M | -96.69M | 221.65M | -158.37M | 106.7M | -8.04M | -73.56M | -54.49M | 4.46M | -5.91M | 113.04M | -9.85M | 26.96M | -8.08M | -26.89M | -16.66M | -28.43M | -14.3M | 200K | 0 | -165.6M |
| Working Capital Changes | 571.94M | 694.38M | 736.87M | -1.01B | -1.41B | 111.72M | -86.53M | -114.34M | -151.97M | -392.26M | 239.19M | -41.53M | 57.16M | -31M | -47.71M | -37.43M | -77.95M | 120.85M | -8.42M | -78.96M | 68.19M | -63.78M | 20.62M | -1.95M | 7.15M | 11.23M | -5.44M | 16.9M | -29.7M | -60M | -11.6M |
| Change in Receivables | 0 | 47.31M | 555.22M | -350.65M | -786.12M | -49.3M | 100.12M | -18.22M | -97.45M | -74.55M | -42.82M | -8.79M | 36.22M | -65.91M | -25.99M | -16.43M | -57.41M | 1.27M | 90.48M | 11.23M | -18.26M | 0 | -31.42M | -15.52M | 0 | 0 | -22.76M | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 212.35M | 1.06B | -353.56M | -1.61B | -127.4M | 51.98M | -46.3M | -124.07M | -101.55M | 25.97M | 27.65M | -6.49M | -1.81M | 7.36M | -41.75M | -58.58M | 180.13M | -87.93M | -70.64M | 38.63M | -73.02M | -18.08M | -16.31M | 6.27M | 2.09M | 3.42M | 12.55M | -31.56M | -11.38M | -3.23M |
| Change in Payables | 0 | 128.15M | -862.24M | -283.41M | 1.29B | 143.94M | -31.52M | -12.23M | 73.73M | 53.42M | 43.95M | 23.75M | 28.3M | 21.32M | -16.8M | -11.97M | 13.46M | -53.54M | 33.45M | 0 | 0 | 0 | 48.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 574.26M | -146.01M | -1.58B | -2.56B | -1.42B | -666.59M | -863.57M | -1.66B | -303.69M | -357.8M | 2.92B | -2.16B | -46.13M | -157.74M | -301.16M | -208.61M | -92.19M | -121.63M | -163.7M | -132.93M | -145.12M | -78.03M | -868.63M | -166.39M | -41.01M | -175.74M | -97.19M | -65.87M | -89.76M | -90.29M | 399.22M |
| Capital Expenditures | -505.85M | -589.8M | -1.68B | -2.15B | -1.26B | -953.67M | -850.48M | -851.8M | -699.99M | -317.7M | -196.65M | -227.65M | -110.58M | -155.35M | -280.87M | -190.57M | -75.48M | -100.79M | -99.74M | -98.74M | -99.85M | -70.08M | -57.65M | -41.06M | -38.38M | -49.9M | -52.25M | -77.6M | -92M | -85.3M | -90.4M |
| CapEx % of Revenue | 9.21% | 11.47% | 31.25% | 22.4% | 17.24% | 28.66% | 27.18% | 23.73% | 20.74% | 10.34% | 7.35% | 8.05% | 4.52% | 6.49% | 11.15% | 6.64% | 3.19% | 5.03% | 4.04% | 4.23% | 4.22% | 3.33% | 3.81% | 3.7% | 3.81% | 5.29% | 5.69% | 9.17% | 11.21% | 10.28% | 10.58% |
| Acquisitions | -238K | -239K | -270K | -427.43M | -162.94M | 283.3M | -11.57M | -820M | 402.17M | -39.83M | 3.12B | -1.99B | 104.72M | -2.56M | 6.29M | -24.03M | -17.36M | -20.46M | -63.96M | -29.58M | -40.7M | -7.47M | -785.25M | 0 | 0 | -113.25M | -35.01M | 0 | -15.23M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.01B | 32.81M | 29.1M | 0 | 706K | 6.49M | 0 | 10.36M | 0 | 0 | 0 | 57.55M | -7.5M | 0 | -24.96M | 10.87M | 1.34M | 0 | -2.56M | 0 | 0 | 0 | -12.85M | -113.35M | -2.63M | -116K | 800K | 100K | 17.43M | 2.8M | 489.6M |
| Cash from Financing | -2.13B | -834.19M | 1.24B | 623.91M | 611.89M | 50.21M | 177.26M | 1.04B | -786.53M | -1.09B | -1.58B | -478.32M | 1.61B | -288.05M | -177.29M | -329.12M | -7.94M | -180.78M | -13.62M | -139.67M | -143.53M | -69.23M | 686.33M | -6.28M | -105.09M | 43.57M | -87.94M | -68.32M | -60.59M | 11.56M | -446.58M |
| Debt Issued (Net) | -1.72B | -454.67M | -631.83M | 944.2M | 867.55M | -1.11B | 339.8M | 1.3B | -113.57M | -612.46M | -1.42B | -278.28M | 1.88B | 379.81M | -63.81M | -100.18M | 48.53M | -120.03M | 206.96M | -26.71M | -104.97M | -191.48M | 715.96M | 35.87M | 18.65M | 74.14M | -59.71M | -34.7M | 98.8M | 60.7M | -182.8M |
| Equity Issued (Net) | 4.98M | 0 | 2.24B | 0 | 0 | 1.45B | 0 | 0 | -500M | -250M | 0 | 0 | -150M | -582.3M | -63.58M | -178.13M | -14.95M | -5.81M | -168.95M | -79.26M | -10.44M | 154.21M | 11.08M | -15.92M | -93.07M | -7.58M | -8.48M | -14.9M | -140.2M | -32.5M | -251.5M |
| Dividends Paid | -357.34M | -357.28M | -311.28M | -187.19M | -184.43M | -177.85M | -161.82M | -152.2M | -144.6M | -140.56M | -135.35M | -119.3M | -84.1M | -78.11M | -69.11M | -57.76M | -49.64M | -56.14M | -55.94M | -40.03M | -31.58M | -29.85M | -30.14M | -26.23M | -22.98M | -23.84M | -19.75M | -18.8M | -19.27M | -16.56M | -14.23M |
| Share Repurchases | -3.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -500M | -250M | 0 | 0 | -150M | -582.3M | -63.58M | -178.13M | -14.95M | -5.81M | -168.95M | -101.21M | -31.84M | 0 | -827K | -17.59M | -93.07M | -7.58M | -9.8M | -15.5M | -140.6M | -37.5M | -251.5M |
| Other Financing | -53.12M | -22.24M | -51.91M | -133.1M | -71.24M | -112.99M | -719K | -101.34M | -28.36M | -83.85M | -28.65M | -80.87M | -32.92M | -7.45M | 19.2M | 6.95M | 8.12M | 1.2M | -7.11M | 5.18M | 3.47M | -5.51M | -10.56M | 0 | 2.46M | 862K | 0 | 100K | 100K | 0 | 2M |
| Net Change in Cash | -428.7M | 425.77M | 302.33M | -609.24M | 1.06B | -307.45M | 133.61M | 57.79M | -581.98M | -1.13B | 2.06B | -2.28B | 2.01B | -457K | 8.28M | -60.23M | 220.86M | 55.49M | 122.75M | -18.95M | 90.93M | 12.18M | 11.22M | -12.61M | 7.05M | 11.29M | -29.32M | 27.44M | -13.14M | 20.08M | -18.89M |
| Free Cash Flow | 577.27M | 692.47M | -992.65M | -827.96M | 646.2M | -609.41M | -51.56M | -132.42M | -153.83M | -13.72M | 536.75M | 133.04M | 382.03M | 277.51M | 207.89M | 259.84M | 255.83M | 257.74M | 216.01M | 143.8M | 276.45M | 98.78M | 133.9M | 109.04M | 106.39M | 94.06M | 102.82M | 86.73M | 60.47M | 13.52M | -61.97M |
| FCF Margin % | 10.51% | 13.46% | -18.46% | -8.61% | 8.83% | -18.31% | -1.65% | -3.69% | -4.56% | -0.45% | 20.05% | 4.71% | 15.62% | 11.59% | 8.25% | 9.06% | 10.83% | 12.85% | 8.76% | 6.16% | 11.67% | 4.69% | 8.85% | 9.82% | 10.56% | 9.98% | 11.21% | 10.25% | 7.37% | 1.63% | -7.25% |
| FCF Growth % | 469.12% | 169.76% | -19.89% | -228.13% | 206.04% | -1081.87% | 61.06% | 13.91% | -1020.85% | -102.56% | 303.45% | -65.18% | 37.66% | 33.49% | -19.99% | 1.57% | -0.74% | 19.32% | 50.21% | -47.98% | 179.86% | -26.23% | 22.8% | 2.49% | 13.11% | -8.52% | 18.55% | 43.43% | 347.11% | 121.82% | -1730.79% |
| FCF per Share | 4.87 | 5.88 | -8.45 | -7.03 | 5.49 | -5.23 | -0.48 | -1.25 | -1.41 | -0.12 | 4.74 | 1.19 | 4.83 | 3.29 | 2.31 | 2.84 | 2.78 | 2.80 | 2.33 | 1.48 | 2.85 | 1.03 | 1.57 | 1.29 | 1.23 | 1.01 | 1.10 | 0.91 | 0.58 | 0.12 | -0.53 |
| FCF Conversion (FCF/Net Income) | -2.48x | -2.51x | -0.58x | 0.84x | 0.71x | 2.78x | 2.13x | 1.35x | 0.79x | 5.54x | 1.14x | 1.08x | 3.70x | 1.05x | 1.57x | 1.17x | 1.05x | 2.01x | 1.63x | 1.06x | 2.63x | 1.47x | 3.49x | 2.09x | 1.98x | 2.11x | 1.52x | 1.85x | 1.62x | 1.24x | 0.18x |
| Interest Paid | 0 | 180.71M | 150.69M | 101.98M | 92.09M | 27.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 152.48M | 262.85M | 319.39M | 248.14M | 130.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Lithium price volatility exposure
As reported in recent financial statements, Albemarle's OCF/NI ratio has exhibited extreme volatility, ranging from 40.01 in 2024Q1 to -2.21 in 2025Q3, suggesting that reported net income is currently a poor proxy for the company's actual ability to generate cash from its core operations.
The significant disconnect between net income and operating cash flow appears driven by substantial non-cash charges and working capital swings that mask the underlying operational reality. Investors should monitor whether this divergence persists, as it may indicate that earnings are being heavily distorted by inventory valuation adjustments rather than sustainable cash generation.
Based on the provided quarterly data, Albemarle's FCF margin has fluctuated wildly from a low of -35.4% in 2024Q1 to a recent 17.3% in 2026Q1, reflecting a business model that remains highly sensitive to the timing of capital expenditures and commodity price cycles.
The erratic FCF trajectory suggests that the company's cash-generating capacity is currently tethered to the aggressive scaling of its infrastructure. The recent improvement in FCF margins warrants further investigation to determine if it stems from genuine operational efficiency or merely a temporary reduction in capital intensity.
According to historical data, Albemarle's CapEx/Revenue ratio peaked at 42.6% in 2024Q1 before moderating to 6.9% in 2026Q1, indicating a significant shift in the company's capital allocation strategy as it moves away from its most intensive phase of capacity expansion.
The high historical capital intensity suggests that the firm has been aggressively building out its processing footprint, which may now be underutilized given the current market environment. The recent decline in capital spending appears to be a necessary pivot toward cash preservation, though it may limit future growth potential if market conditions recover.
As indicated by the quarterly cash flow statements, working capital changes have been a primary source of cash volatility, with a notable $535.1M inflow in 2024Q4 followed by a $144.4M outflow in 2026Q1, highlighting the company's reliance on inventory and receivable management.
The frequent swings in working capital suggest that the company is struggling to align its production cycles with shifting demand patterns. This volatility may indicate that the firm is forced to carry significant inventory levels, which ties up liquidity and leaves the balance sheet vulnerable to further price-related write-downs.
Quick answers to the most common questions about buying ALB stock.
Albemarle Corporation (ALB) generated $1.28B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Albemarle Corporation (ALB) generated $692.5M 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.
Albemarle Corporation (ALB) spent $589.8M 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, Albemarle Corporation (ALB) returned $357.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.