While the company maintains a strong cash-generating capacity with an OCF/NI ratio of 3.52 in 2023Q4, free cash flow margins remain volatile, fluctuating between 1.8% and 16.4% over the past nine 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 | 605.95M | 570M | 643.41M | 575.24M | 478.62M | 363.44M | 570.15M | 514.46M | 313.63M | 324.73M | 325.3M | 323.76M | 316.33M | 286.1M | 313.89M | 261.04M | 278.69M | 279.79M | 270.21M | 273.46M | 197.46M | 194.06M | 183.22M | 139.78M | 154.45M | 127.88M | 127.8M | 118.4M | 85M | 86.2M | 67.3M |
| Operating CF Margin % | - | 15.09% | 17.96% | 16.49% | 14.41% | 11.26% | 19.46% | 17.99% | 11.34% | 13.15% | 13.96% | 13.97% | 12.18% | 11.35% | 13.47% | 11.17% | 13.42% | 15.19% | 13.04% | 14.45% | 12.33% | 14.06% | 14.13% | 12.54% | 16.67% | 14.34% | 14.47% | 14.19% | 11.91% | 13.15% | 10.93% |
| Operating CF Growth % | 11.71% | -11.41% | 11.85% | 20.19% | 31.69% | -36.26% | 10.83% | 64.03% | -3.42% | -0.18% | 0.48% | 2.35% | 10.57% | -8.85% | 20.25% | -6.33% | -0.39% | 3.54% | -1.19% | 38.49% | 1.76% | 5.91% | 31.08% | -9.5% | 20.78% | 0.06% | 7.94% | 39.29% | -1.39% | 28.08% | 9.08% |
| Net Income | 386.67M | 392.79M | 374.18M | 284.18M | 239.56M | 243.64M | 214.09M | 242.23M | 194.77M | 220.03M | 205.6M | 199.29M | 191.62M | 171.93M | 162.42M | 183.63M | 173.59M | 124.6M | 153.5M | 141.74M | 102.9M | 100.03M | 93.29M | 79.68M | 66.65M | 58.84M | 64.67M | 58.7M | 60.8M | 46.5M | 37.5M |
| Depreciation & Amortization | 297.44M | 287.36M | 263.78M | 248.59M | 233.71M | 234.85M | 220.3M | 194.55M | 171.75M | 153.09M | 154.8M | 138.89M | 152.22M | 149.96M | 137.02M | 134.24M | 132.96M | 133.01M | 131.15M | 123.47M | 114.61M | 99.24M | 94.49M | 85.85M | 72.14M | 73.58M | 70.95M | 68.7M | 54.4M | 49.9M | 47.9M |
| Stock-Based Compensation | 41.87M | 0 | 47.65M | 41.29M | 40.94M | 38.87M | 34.15M | 23.89M | 19.56M | 18.92M | 19.82M | 20.61M | 19.75M | 14.39M | 12.7M | 13.75M | 11.21M | 9.76M | 11.05M | 14.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -14.4M | -11.69M | -21.41M | -19.88M | -12.11M | -14.36M | -8.2M | 8.75M | -23.35M | 2.24M | -11.11M | -7.14M | -18.97M | 6.84M | -9.02M | 2M | 503K | -1.33M | -1.33M | -11.78M | -10.14M | -6.24M | -2.17M | 4.84M | 6.15M | -4.72M | 3.87M | 5.6M | 5M | 0 | 4.1M |
| Other Non-Cash Items | -35.31M | 26.98M | 11.47M | 15.31M | 21.52M | 30.13M | 33.47M | 16.33M | 13.38M | 22.76M | 15.18M | 20.59M | 19.36M | 19.91M | 14.47M | 12.57M | 8.36M | 14M | 11.36M | 1.17M | 19.68M | 6.39M | 4.18M | -5.83M | 6.4M | 12.64M | 1.39M | 6M | 4.7M | 1.6M | 1.3M |
| Working Capital Changes | -70.33M | -125.45M | -32.26M | 5.75M | -45M | -169.69M | 76.34M | 28.71M | -62.48M | -92.32M | -59M | -48.49M | -47.65M | -76.92M | -3.7M | -85.16M | -47.93M | -256K | -35.52M | 4.83M | -29.57M | -5.36M | -6.56M | -24.75M | 3.12M | -12.47M | -13.07M | -20.6M | -39.9M | -11.8M | -23.5M |
| Change in Receivables | -37.67M | -73.89M | -18.08M | 15.43M | -27.94M | -123.25M | 13.46M | 8.81M | -66.97M | -44.66M | -41.72M | -27.76M | -16.32M | -32.81M | 16.69M | -45M | -50.14M | 34.29M | -5.29M | -8.35M | -27.38M | 6.02M | -6.65M | -2.53M | 8.77M | 12.84M | -34.39M | -8.4M | -8.6M | -28.8M | -15.8M |
| Change in Inventory | -21.55M | -10.65M | 21.9M | -10.64M | -60.35M | -79.96M | 13.72M | 605K | -25.18M | -12.99M | -834K | -18.93M | 5.21M | -29.92M | -19.71M | -22.33M | -47.39M | 21.77M | 16.8M | -26.26M | -22.8M | -351K | -14.28M | -18.5M | 2.83M | -4.77M | -19.63M | -6.7M | -8.7M | -11.6M | -5.2M |
| Change in Payables | -15.18M | -18.27M | -23.7M | 14.6M | 55.1M | 52.3M | 65.59M | 10M | 60.58M | 58.24M | -12.47M | 39.33M | -24.32M | 1.14M | -824K | 5.27M | 59.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -339.1M | -330.64M | -396.72M | -324.46M | -295.64M | -457.24M | -451.98M | -336.27M | -735.46M | -224.8M | -300.5M | -176.23M | -159.2M | -157.12M | -359.46M | -195.82M | -121M | -151.06M | -225.54M | -131.24M | -141.84M | -193.57M | -114.97M | -73.98M | -87.74M | -90.5M | -97.74M | -232.7M | -98.9M | -69.7M | -59.2M |
| Capital Expenditures | -281.5M | -275.44M | -294.19M | -318.4M | -315.62M | -307.94M | -252.05M | -247.08M | -211.86M | -156.62M | -131.48M | -149.32M | -161.95M | -152.24M | -174.05M | -179.69M | -119.26M | -145.23M | -204.92M | -139.14M | -112.36M | -104.43M | -119.75M | -77.27M | -89.78M | -92.22M | -93.93M | -232.8M | -99.8M | -71.2M | -62.8M |
| CapEx % of Revenue | 7.27% | 7.29% | 8.21% | 9.13% | 9.5% | 9.54% | 8.6% | 8.64% | 7.66% | 6.34% | 5.64% | 6.44% | 6.23% | 6.04% | 7.47% | 7.69% | 5.74% | 7.89% | 9.89% | 7.35% | 7.02% | 7.57% | 9.24% | 6.93% | 9.69% | 10.34% | 10.63% | 27.9% | 13.99% | 10.86% | 10.2% |
| Acquisitions | -51.32M | -55.87M | 0 | -16.57M | -4.1M | -148.42M | -164.18M | -106.33M | -527.92M | 0 | -201.78M | 0 | 0 | -5.26M | -188.12M | -18.03M | -3.01M | -7.58M | -19.5M | 1.5M | -36.79M | -89.76M | 0 | 0 | 0 | 0 | -2.27M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -469K | 3.56M | -1.23M | 4.91M | 21.73M | 4.05M | 4.12M | 4.18M | 14.32M | 2.98M | 3.27M | 5.86M | 2.75M | 371K | 2.71M | 5.04M | 1.28M | 1.75M | -316K | 6.39M | 7.3M | 612K | 4.77M | 3.29M | 2.04M | 1.72M | -1.54M | 2.1M | 900K | 2.7M | 3.6M |
| Cash from Financing | -173.82M | -78.26M | -225.34M | -171.55M | -162.1M | -81.52M | -73.72M | -197.13M | -14.87M | 114.79M | -29.71M | -32.31M | -20.74M | -67.8M | -99.38M | -28.55M | -79.59M | -13.19M | -151.62M | -22.9M | -17.35M | -34.56M | -74.97M | -12.83M | -34.49M | -41.99M | -5.73M | 124.1M | 20.4M | -13M | -8.6M |
| Debt Issued (Net) | 293.75M | 388.64M | -97.46M | -51.55M | 4.99M | 36.95M | -46.85M | -111.26M | 41.01M | 290.62M | 113.8M | -19.11M | 348.56M | 68.86M | -12.08M | 94.85M | 16.99M | 46.3M | -73.7M | 63.97M | 47.46M | 33.61M | -16.82M | -10M | -28.77M | -37.05M | 18.07M | 133.5M | 24.9M | -8.7M | -4.3M |
| Equity Issued (Net) | -362.44M | -346.11M | -68.64M | -47.55M | -92.13M | -78.15M | 68.56M | -86.5M | -61.69M | -161.53M | -131.37M | -13.89M | -340.52M | -118.81M | -79.79M | -102.59M | -86.47M | -29.97M | -57.57M | -76.39M | -38.15M | -43.54M | -42.22M | 6.56M | -1.14M | 2.93M | -16.63M | -3M | 1.2M | 1.1M | 600K |
| Dividends Paid | -121.78M | -120.78M | -114.06M | -103.68M | -99.46M | -98.51M | -92.66M | -90.21M | -82.35M | -79.94M | -76.66M | -71.25M | -71.07M | -66.13M | -58.44M | -53.31M | -44.48M | -40.6M | -38.06M | -34.44M | -29.28M | -24.63M | -15.93M | -9.39M | -8.62M | -7.87M | -7.17M | -6.5M | -5.8M | -5.4M | -5M |
| Share Repurchases | -384.98M | -365M | -68.64M | -47.55M | -92.13M | -78.15M | 0 | -86.5M | -61.69M | -161.53M | -131.37M | -13.89M | -340.52M | -118.81M | -79.79M | -102.59M | -86.47M | -29.97M | -57.57M | -76.39M | -57.68M | -61.08M | -55.54M | -3.16M | -5.22M | -4.96M | -18.74M | -6.2M | 0 | 0 | 0 |
| Other Financing | 16.64M | 0 | 54.81M | 31.23M | 24.5M | 58.19M | -2.77M | 90.83M | 88.16M | 65.65M | 64.52M | 71.93M | 42.29M | 48.29M | 50.93M | 32.51M | 34.38M | 11.09M | 17.71M | 23.96M | 2.62M | 0 | 0 | 0 | 4.04M | 0 | 0 | 100K | 100K | 0 | 100K |
| Net Change in Cash | 96.69M | 178.08M | 201K | 81.41M | 19.81M | -182.04M | 58M | -19.85M | -445.82M | 246.35M | -23.61M | 90.14M | 89.9M | 80.11M | -147.86M | 1.19M | 43.46M | 140.89M | -121.67M | 143.16M | 52.94M | -52.73M | 5.39M | 74.78M | 42.19M | -7.55M | 23.14M | 7.2M | -17.7M | -16.4M | -17.3M |
| Free Cash Flow | 325.47M | 299.58M | 349.22M | 256.84M | 163M | 55.51M | 318.11M | 267.38M | 101.77M | 168.1M | 193.82M | 174.44M | 154.38M | 133.87M | 139.84M | 81.35M | 159.43M | 134.56M | 65.29M | 134.32M | 85.1M | 89.63M | 63.48M | 62.51M | 64.67M | 35.66M | 33.87M | -114.4M | -14.8M | 15M | 4.5M |
| FCF Margin % | 8.4% | 7.93% | 9.75% | 7.36% | 4.91% | 1.72% | 10.86% | 9.35% | 3.68% | 6.81% | 8.32% | 7.53% | 5.94% | 5.31% | 6% | 3.48% | 7.68% | 7.31% | 3.15% | 7.1% | 5.31% | 6.49% | 4.9% | 5.61% | 6.98% | 4% | 3.83% | -13.71% | -2.07% | 2.29% | 0.73% |
| FCF Growth % | -8.57% | -14.22% | 35.97% | 57.57% | 193.65% | -82.55% | 18.97% | 162.74% | -39.46% | -13.27% | 11.11% | 12.99% | 15.33% | -4.27% | 71.9% | -48.98% | 18.49% | 106.09% | -51.4% | 57.84% | -5.05% | 41.19% | 1.55% | -3.34% | 81.38% | 5.29% | 129.6% | -672.97% | -198.67% | 233.33% | -27.42% |
| FCF per Share | 5.02 | 4.49 | 5.16 | 3.84 | 2.44 | 0.82 | 4.77 | 4.04 | 1.57 | 2.60 | 2.99 | 2.70 | 2.29 | 1.96 | 2.04 | 1.17 | 2.28 | 1.93 | 0.93 | 1.88 | 1.19 | 1.24 | 0.85 | 0.85 | 0.88 | 0.49 | 0.47 | -1.55 | -0.20 | 0.21 | 0.06 |
| FCF Conversion (FCF/Net Income) | 0.84x | 1.45x | 1.72x | 2.02x | 2.00x | 1.49x | 2.66x | 2.12x | 1.61x | 1.48x | 1.58x | 1.62x | 1.65x | 1.66x | 1.93x | 1.42x | 1.61x | 2.25x | 1.76x | 1.93x | 1.92x | 1.94x | 1.96x | 1.75x | 2.32x | 2.17x | 1.98x | 2.02x | 1.40x | 1.85x | 1.79x |
| Interest Paid | 0 | 0 | 43.52M | 39.6M | 35.51M | 29.07M | 33.32M | 34.42M | 32.01M | 38.84M | 36.27M | 31.66M | 20.35M | 20.68M | 17.46M | 17.12M | 15.7M | 17.54M | 16.06M | 19.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 89.37M | 111.99M | 87.53M | 94.97M | 93.58M | 86.1M | 96.05M | 77.35M | 82.2M | 79.5M | 94.58M | 47.45M | 64.52M | 79.37M | 77.1M | 60.93M | 76M | 63.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in recent financial statements, AptarGroup consistently generates operating cash flow exceeding net income, with an OCF/NI ratio reaching 3.52 in 2023Q4, suggesting that reported earnings are conservative relative to the actual cash-generating capacity of the underlying medical and consumer dispensing business units.
The consistent premium of operating cash flow over net income indicates that non-cash charges and accrual accounting play a significant role in the company's reported profitability. Investors should monitor whether this conversion quality persists as the company integrates more complex digital health initiatives, which may alter the historical relationship between accounting earnings and cash realization.
Based on the provided cash flow data, free cash flow margins have exhibited significant instability, ranging from a low of 1.8% in 2024Q1 to a peak of 16.4% in 2024Q3, reflecting the impact of lumpy capital expenditures and fluctuating working capital requirements on overall cash generation.
The wide variance in FCF margins suggests that AptarGroup's cash trajectory is highly sensitive to the timing of operational cycles and investment outlays. This volatility warrants further investigation into whether the company's core business is becoming more capital-intensive or if these fluctuations are merely transient effects of supply chain management.
According to quarterly cash flow filings, working capital changes have been highly erratic, swinging from a $82.4M inflow in 2023Q4 to a $81.0M outflow in 2025Q1, which highlights the company's vulnerability to inventory management and the timing of customer payments across its diverse segments.
These sharp reversals in working capital suggest that the company may be struggling to optimize its cash conversion cycle amidst shifting demand in the Beauty and Pharma segments. Such instability in working capital management may indicate potential inefficiencies in inventory control or challenges in passing through costs to customers in a timely manner.
As indicated by recent financial disclosures, AptarGroup has maintained a consistent pattern of capital deployment, with share repurchases totaling $175.0M in 2025Q4, signaling management's commitment to returning cash to shareholders despite the inherent volatility in the company's quarterly free cash flow generation.
The aggressive pace of share buybacks, particularly when contrasted with the variability of FCF, suggests a high level of confidence in the company's long-term cash flow stability. However, investors should monitor whether this level of capital return remains sustainable if the company continues to prioritize M&A or increased R&D spending in the digital health space.
Quick answers to the most common questions about buying ATR stock.
AptarGroup, Inc. (ATR) generated $570.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AptarGroup, Inc. (ATR) generated $299.6M 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.
AptarGroup, Inc. (ATR) spent $275.4M 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, AptarGroup, Inc. (ATR) returned $120.8M to shareholders via cash dividends and spent $365.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.