Cash generation remains erratic, evidenced by an OCF/NI ratio of -7.01 in 2026Q1 and negative free cash flow in seven of 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 |
|---|
| Cash from Operations | 4.16M | -5.07M | -5.03M | -21.83M | -44.89M | -60.41M | -22.4M | 46.69M | 68.4M | 66.08M | 126.82M | 195.35M | 197.49M | 185.47M | 116.53M | 111.61M | 52.81M | 33.28M | 28.91M |
| Operating CF Margin % | - | -2.96% | -3.14% | -15.05% | -29.32% | -33.85% | -6.13% | 7.2% | 8.16% | 7.01% | 12.72% | 18.58% | 18.3% | 24.14% | 20.5% | 26.34% | 17.52% | 16.41% | 18.02% |
| Operating CF Growth % | 24.26% | -0.8% | 76.98% | 51.36% | 25.69% | -169.65% | -147.98% | -31.74% | 3.51% | -47.89% | -35.08% | -1.08% | 6.48% | 59.17% | 4.41% | 111.34% | 58.67% | 15.15% | - |
| Net Income | 6.32M | 1.61M | -35.45M | -56.29M | -52.83M | 12.05M | -66.31M | -305.86M | -2.7M | 311.63M | 31.39M | 44.8M | 137.09M | 133.79M | 115.91M | 77.97M | 56.17M | 25.97M | 9.22M |
| Depreciation & Amortization | 4.47M | 1.81M | 7.61M | 9.35M | 11.3M | 21.99M | 39.85M | 49.3M | 59.21M | 71.81M | 84.36M | 77.61M | 66.73M | 47.23M | 17.81M | 13.64M | 12.05M | 8.1M | 10.39M |
| Stock-Based Compensation | 3.78M | 4.35M | 4.74M | 5.07M | 5.05M | 2.83M | 7.8M | 11.87M | 10.19M | 4.25M | 6.19M | 4.81M | 2.24M | 2.4M | 3.64M | 3.93M | 3.11M | 296K | 0 |
| Deferred Taxes | -1.3M | -1.19M | -684K | 45K | 1.1M | -705K | 5.03M | 307.34M | -5.79M | -297.34M | -2.6M | -1.33M | 1.17M | 2.02M | 2.99M | -381K | -1.12M | -1.18M | 1.2M |
| Other Non-Cash Items | 222.91K | 3.06M | 16.47M | 13.17M | 2.73M | -85.88M | 82K | -23.47M | 11.6M | 3.4M | -3.87M | 70.03M | 17.46M | 5.21M | 5.32M | 1.5M | 2.82M | 296K | 249K |
| Working Capital Changes | -9.61M | -14.7M | 2.29M | 6.83M | -12.23M | -10.69M | -8.86M | 7.51M | -4.11M | -27.69M | 11.35M | -570K | -27.18M | -5.18M | -29.14M | 14.95M | -20.22M | 92K | 7.85M |
| Change in Receivables | -3.04M | -3.16M | -4.21M | 449K | 4.13M | 2.96M | 14.97M | -12.21M | 14.56M | 29.96M | 15.98M | 2.4M | -22.49M | -5.6M | -40M | 812K | -16.73M | -21.42M | 7.69M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.26M | -22.59M | -61M | 3.43M | 8.52M | -27.22M | -5.37M | -2.97M | 747K | -12.65M | -499K | 0 |
| Change in Payables | 9.99M | 6.08M | 0 | -3.42M | 0 | 0 | 0 | -16.26M | 1.65M | 2.58M | -9.11M | -14.48M | 24.29M | 7.38M | 11.65M | 14.76M | 8.18M | 19.43M | 0 |
| Cash from Investing | -433.08K | -319K | 2.25M | 0 | -767K | 102.76M | 47.22M | 44.89M | 11.08M | -10.04M | -80.22M | -66M | -101.27M | -215.94M | -110.56M | -33.07M | -39.49M | -7.54M | -5.22M |
| Capital Expenditures | -162.08K | 0 | -3K | 0 | -863K | -1.38M | -2.71M | -2.16M | -3.92M | -10.51M | -23.27M | -36.19M | -64.85M | -34.13M | -35.56M | -16.44M | -11.61M | -7.54M | -5.22M |
| CapEx % of Revenue | 0.09% | 0.04% | 0% | - | 0.56% | 0.77% | 0.74% | 0.33% | 0.47% | 1.12% | 2.33% | 3.44% | 6.01% | 4.44% | 6.26% | 3.88% | 3.85% | 3.72% | 3.25% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -271K | -319K | 0 | 0 | -250K | 0 | 0 | 422K | 15M | 478K | 674K | 722K | -1.7M | 73.54M | -75M | 887K | -1.04M | -7.54M | 0 |
| Cash from Financing | -3.75M | 3.18M | 55K | 2.98M | -2.22M | -2.3M | -49.31M | -69.04M | -124.28M | -100.33M | -76.63M | -111.39M | -65.19M | 55.29M | 67.41M | -68.55M | -21.64M | -2.28M | -22.39M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -737.32K | -3.81M | 0 | 38.78M | 0 | 0 | 0 | -19.59M | -41.19M | -39.01M | -37.66M | -58.95M | -255.71M | -141.02M | -16.78M | -62.15M | -17.79M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.03K | -1K | 0 | 0 | 0 | 0 | 0 | -20M | -40.36M | -39.01M | -37.66M | -58.95M | -255.71M | -141.02M | -16.78M | -62.15M | -17.79M | 0 | 0 |
| Other Financing | -1.33M | -588K | -945K | -5.81M | -2.22M | -3.5M | -2.69M | -4.45M | -4.22M | -1.56M | 11.76M | -2.07M | -2.52M | -463K | -113.2M | -5.7M | -3.11M | -465K | -21.09M |
| Net Change in Cash | -34K | -2.21M | -2.72M | -18.86M | -47.88M | 40.05M | -24.49M | 22.54M | -44.8M | -44.29M | -30.03M | 17.97M | 31.04M | 24.82M | 73.38M | 9.99M | -8.32M | 23.47M | 1.3M |
| Free Cash Flow | 4.18M | -5.13M | -5.03M | -21.83M | -45.75M | -61.78M | -25.11M | 44.53M | 64.49M | 55.57M | 103.55M | 159.16M | 132.65M | 151.34M | 80.97M | 95.17M | 41.2M | 25.75M | 23.69M |
| FCF Margin % | 2.39% | -3% | -3.14% | -15.05% | -29.88% | -34.62% | -6.87% | 6.86% | 7.69% | 5.9% | 10.38% | 15.14% | 12.29% | 19.7% | 14.25% | 22.46% | 13.67% | 12.7% | 14.77% |
| FCF Growth % | 152.91% | -2.11% | 76.97% | 52.28% | 25.95% | -146.09% | -156.38% | -30.95% | 16.05% | -46.34% | -34.94% | 19.99% | -12.35% | 86.92% | -14.92% | 131% | 60% | 8.69% | - |
| FCF per Share | 0.38 | -0.46 | -0.18 | -0.97 | -2.85 | -3.85 | -1.61 | 2.78 | 3.78 | 2.97 | 5.28 | 7.72 | 5.61 | 6.04 | 3.24 | 3.71 | 1.57 | 1.06 | 0.98 |
| FCF Conversion (FCF/Net Income) | 0.66x | -3.14x | 0.14x | 0.39x | 0.84x | -5.11x | 0.33x | -0.15x | -12.71x | 0.21x | 4.42x | 4.70x | 1.47x | 1.43x | 1.05x | 1.57x | 1.07x | 1.28x | 3.14x |
| Interest Paid | 0 | 0 | 23.81M | 0 | 14.96M | 12.53M | 15.7M | 20.86M | 24.12M | 21.21M | 22.72M | 26.27M | 21.83M | 19.32M | 1.13M | 83K | 108K | 25K | 0 |
| Taxes Paid | 0 | 0 | 2.05M | 0 | 3.3M | 2.46M | 2.06M | 2.69M | 7.14M | 18.33M | 18.33M | 9.72M | 13.34M | 3.67M | 4.91M | 1.96M | 6.07M | 795K | 26K |
Persistent negative cash generation
Based on reported financial statements, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio reaching -7.01 in 2026Q1, suggesting that reported earnings frequently fail to translate into actual cash inflows for the firm's core operations.
The significant divergence between net income and operating cash flow indicates that non-cash items and accruals are heavily influencing the bottom line. Investors should monitor this disconnect, as it suggests that the company's reported profitability may not be reflective of its underlying ability to generate liquidity from its service-based business model.
As reported in recent filings, Altisource's free cash flow trajectory remains inconsistent, with the company recording negative FCF in seven of the last ten quarters, highlighting a fundamental struggle to sustain positive cash generation despite periodic revenue fluctuations in the distressed asset market.
The inability to maintain positive free cash flow suggests that the company's current cost structure is poorly aligned with its transaction-based revenue model. This pattern warrants further investigation into whether the firm can achieve self-sustaining operations without continued reliance on external liquidity or balance sheet adjustments.
According to quarterly data, working capital changes have been a primary driver of cash flow volatility, including a notable $2.9 million inflow in 2026Q1, which appears to temporarily offset the operational cash burn observed in several preceding periods throughout the trailing ten-quarter window.
The reliance on working capital fluctuations to bolster cash flow suggests that the company's cash position is sensitive to the timing of collections and vendor payments. This volatility may indicate that the firm is managing its liquidity through aggressive payables management rather than consistent operational efficiency.
Based on the provided figures, Altisource maintains a very low capital intensity, with CapEx/Revenue ratios consistently near zero, which may indicate that the firm is deferring necessary infrastructure investments or relying on legacy software platforms to support its current service offerings.
While low capital intensity preserves cash, it may also suggest a lack of investment in the technological upgrades required to maintain a competitive edge in the mortgage services industry. Analysts should monitor whether this low spending level is sustainable or if it masks a long-term degradation of the company's platform capabilities.
Quick answers to the most common questions about buying ASPS stock.
Altisource Portfolio Solutions S.A. (ASPS) generated $-5.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Altisource Portfolio Solutions S.A. (ASPS) reported negative free cash flow of $5.1M in 2025, indicating capital requirements exceeded cash from operations.
Altisource Portfolio Solutions S.A. (ASPS) spent $0.0M 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, Altisource Portfolio Solutions S.A. (ASPS) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.