Cash flow generation remains highly erratic, evidenced by a 2026Q1 operating cash flow of negative $34.5 million despite a net income of $55.7 million, highlighting significant working capital timing discrepancies.
| 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 |
|---|
| Cash from Operations | 318.2M | 301.6M | 256.8M | 201.6M | 398.4M | 233.8M | 221.6M | 301.7M | 253.7M | 202.4M | 221.3M | 227.2M | 208.4M | 109M | 106.9M | 72.5M | 140.8M | 229.7M | 72.5M | 67.2M | 111.7M | 63.7M | -27M | -176M | -31.3M | 308.7M | 63.9M | 114.6M |
| Operating CF Margin % | - | 9.25% | 7.92% | 6.41% | 11.73% | 7.05% | 6.84% | 10.54% | 7.18% | 6.27% | 6.63% | 6.73% | 5.43% | 2.89% | 3.57% | 2.53% | 5.37% | 11.15% | 2.65% | 2.54% | 4.26% | 2.6% | -1.25% | -8.96% | -1.25% | 11.63% | 3.38% | 9.09% |
| Operating CF Growth % | 77.28% | 17.45% | 27.38% | -49.4% | 70.4% | 5.51% | -26.55% | 18.92% | 25.35% | -8.54% | -2.6% | 9.02% | 91.19% | 1.96% | 47.45% | -48.51% | -38.7% | 216.83% | 7.89% | -39.84% | 75.35% | 335.93% | 84.66% | -462.3% | -110.14% | 383.1% | -44.24% | - |
| Net Income | 157.8M | 83.6M | 170.7M | 76.2M | 703.4M | 230.6M | 133.4M | 588.8M | 159.5M | -57.6M | 165M | 144.7M | 78.4M | 242.7M | 71.8M | 172.6M | 162.6M | 49.5M | -272.9M | 11.4M | 123.2M | 46.9M | 23.5M | -251.1M | -58.9M | -46.1M | 15.9M | 104.7M |
| Depreciation & Amortization | 188.5M | 185.9M | 179.7M | 188.8M | 163.1M | 145.9M | 115M | 87.5M | 91.5M | 98.3M | 105.9M | 115.7M | 123.9M | 109.8M | 69.8M | 57.5M | 55.2M | 64.8M | 68M | 57.4M | 57.1M | 50.7M | 50.9M | 51.4M | 72.5M | 91.3M | 57.4M | 44.4M |
| Stock-Based Compensation | 8.8M | 9.1M | 15.4M | 13.2M | 13.2M | 11.2M | 11.3M | 12.3M | 10.9M | 10.2M | 8.4M | 9.1M | 14.2M | 16.5M | 10.4M | 5.4M | 4.4M | 2.6M | 3M | 4.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -45.4M | -23.8M | -61.3M | 500K | -27.3M | -1.1M | -3.2M | -4.8M | -1.4M | 10.5M | -27.4M | -45.2M | 12.9M | 13.4M | 3.6M | -69.4M | 5.9M | 89.4M | -57.1M | -13.6M | 2M | 600K | 4.5M | -12.7M | -29M | 8.3M | 60.4M |
| Other Non-Cash Items | -45.2M | 71.6M | -34M | -104.1M | -518.5M | 1.5M | -180.1M | -454.5M | 5.9M | 225.8M | -10.1M | 43.8M | 44.4M | -247.5M | -23.1M | -143.1M | 12.9M | 13.3M | 181.3M | 21.6M | 2.8M | -1.4M | -4.4M | 133.2M | 47.1M | 37.3M | -7.2M | -76.3M |
| Working Capital Changes | 7M | -3.2M | -51.2M | 88.8M | 36.7M | -128.1M | 143.1M | 70.8M | -9.3M | -72.9M | -58.4M | -58.7M | -7.3M | -25.4M | -35.4M | -23.5M | -24.9M | 93.6M | 3.7M | 29.6M | -51.2M | -34.5M | -97.6M | -114M | -79.3M | 255.2M | -10.5M | -18.6M |
| Change in Receivables | -18.3M | -18.3M | -15.2M | 38.6M | 32.6M | -143.1M | -4.6M | 32.9M | -11.3M | -44.7M | -17.6M | 42.6M | 24.4M | 26.9M | 3.4M | 5.4M | -24.9M | -12.9M | 75M | -8.9M | 23M | -21.7M | -15M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -2M | 600K | -13.7M | 24.3M | 14M | -141M | 40.2M | 40.2M | -10.6M | -41.1M | 800K | 21.4M | 28.4M | 20.4M | -2.7M | 4.7M | -29.2M | 57.4M | 33.6M | 26.7M | -39.6M | 9.3M | 1.1M | 24.3M | 800K | 79.7M | 9.9M | -23.9M |
| Change in Payables | -6.6M | -27.6M | 300K | -22.2M | 10.7M | 95.3M | 79.5M | -27.1M | 7.9M | 52.2M | 12.4M | -8.3M | -15.2M | -16.6M | 13.8M | 13.8M | 31.9M | 76.3M | -94.7M | 17.8M | -17.2M | 22.2M | 25.6M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -103.5M | -97M | -120.6M | -94.2M | -504M | -150.2M | -1.43B | 611.9M | -170.3M | -119.4M | -235.4M | -106.5M | -111.8M | -60.1M | -72.3M | -422.5M | -1.7M | -26.2M | -193.5M | 215.3M | -16.8M | -24.2M | 111.9M | -12.9M | -78.6M | -74.9M | 20.4M | -243.6M |
| Capital Expenditures | -113.1M | -106.6M | -121.9M | -119.4M | -105.5M | -100.6M | -63.7M | -81.7M | -76M | -79.6M | -84.2M | -91.2M | -92.8M | -76.4M | -57.4M | -54.1M | -39.5M | -31.7M | -42.5M | -43.4M | -41.1M | -32.1M | -23.4M | -28.7M | -75.1M | -80.2M | -62.7M | -60.1M |
| CapEx % of Revenue | 3.45% | 3.27% | 3.76% | 3.8% | 3.11% | 3.03% | 1.96% | 2.85% | 2.15% | 2.46% | 2.52% | 2.7% | 2.42% | 2.03% | 1.92% | 1.89% | 1.51% | 1.54% | 1.55% | 1.64% | 1.57% | 1.31% | 1.08% | 1.46% | 3.01% | 3.02% | 3.32% | 4.77% |
| Acquisitions | 0 | 0 | 0 | 7.3M | -497.9M | -47.6M | -1.37B | 642.2M | -94.3M | -39.8M | -164.2M | -15.3M | -19M | 16.3M | -14.9M | -368.4M | 37.8M | -11.5M | -150.2M | -11.2M | 1.2M | -2.7M | -6.7M | -15.8M | -11.4M | 0 | -2.4M | -233.5M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 9.6M | 9.6M | 1.3M | 17.9M | 99.4M | -2M | 5.2M | 51.4M | 4.3M | 124M | 13M | 3M | 28.2M | 275.7M | -18.9M | -140M | 41.1M | 17M | 300K | 9.4M | 23.1M | 10.6M | 142M | 31.6M | 7.9M | 5.3M | 85.5M | 50M |
| Cash from Financing | -256.6M | -257.1M | -120.9M | -201.7M | 166.4M | -114.6M | 982M | -219.2M | -148.1M | -72.7M | -34M | -70.4M | -218.4M | 104.8M | -17.5M | 163.9M | 15.7M | -25.7M | 88M | -275.9M | -63.4M | -43.7M | -94.1M | 193.2M | 136.4M | -252.6M | -97.2M | 164.8M |
| Debt Issued (Net) | -150.3M | -150.3M | -10.9M | -105.8M | 343.2M | -18.5M | 642.2M | -128.8M | 39.7M | 49.4M | 91.2M | 136.5M | 37.8M | 268.2M | -2.2M | 254.1M | 8.3M | -25.7M | 95.8M | -264.3M | -66.5M | -44.2M | -93.7M | 210.3M | 143.8M | -231.1M | -84.4M | 169.5M |
| Equity Issued (Net) | -4.1M | -4.1M | -6.4M | -3.4M | -36.4M | -4.2M | 473.7M | -26.9M | -123M | -70.7M | -86.2M | -151.8M | -233.2M | -124.3M | -800K | -73.6M | 0 | 0 | -8.9M | 1.2M | 3.1M | 500K | 300K | 0 | 7M | 0 | -18.1M | 7.1M |
| Dividends Paid | -99.3M | -98.8M | -94M | -90.2M | -86.8M | -77.7M | -71.3M | -60.3M | -56.1M | -44.1M | -40.2M | -35.7M | -29.9M | -21.5M | -16.9M | -11.1M | -24.2M | -32.9M | -32.9M | -37.6M | -97.7M | -51.5M | -51.5M | 0 | -22.7M | -22.9M | -14.9M | -11.8M |
| Share Repurchases | -4.1M | -4.1M | -6.4M | -3.4M | -36.4M | -4.2M | -22.4M | -26.9M | -123M | -70.7M | -86.2M | -156.1M | -233.2M | -131.6M | -15.9M | -73.6M | 0 | -8.9M | -8.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -18.7M | 0 |
| Other Financing | -2.9M | -3.9M | -9.6M | -2.3M | -53.6M | -14.2M | -62.6M | -3.2M | -8.7M | -7.3M | -5.1M | -19.4M | 6.9M | -17.6M | 2.4M | -5.5M | 31.6M | 32.9M | 34M | -12.8M | 0 | 0 | -700K | 7.6M | 8.3M | 1.4M | 0 | 0 |
| Net Change in Cash | -28.4M | -34M | -1.3M | -95.3M | 39.9M | -48.3M | -215.2M | 693.8M | -72.7M | 16.9M | -53.1M | 41.2M | -126.6M | 155.2M | 18.1M | -186.2M | 155.4M | 178.4M | -35.1M | 13.2M | 33.4M | -5.8M | -10.1M | 7.3M | 23.2M | -19.7M | -13.3M | 36.8M |
| Free Cash Flow | 205.1M | 195M | 134.9M | 82.2M | 292.9M | 133.2M | 157.9M | 220M | 177.7M | 122.8M | 137.1M | 136M | 115.6M | 32.6M | 49.5M | 18.4M | 101.3M | 198M | 30M | 23.8M | 70.6M | 31.6M | -50.4M | -204.7M | -106.4M | 228.5M | 1.2M | 54.5M |
| FCF Margin % | 6.25% | 5.98% | 4.16% | 2.62% | 8.62% | 4.02% | 4.87% | 7.69% | 5.03% | 3.8% | 4.11% | 4.03% | 3.01% | 0.86% | 1.65% | 0.64% | 3.86% | 9.61% | 1.1% | 0.9% | 2.69% | 1.29% | -2.33% | -10.42% | -4.26% | 8.61% | 0.06% | 4.32% |
| FCF Growth % | 48.09% | 44.55% | 64.11% | -71.94% | 119.89% | -15.64% | -28.23% | 23.8% | 44.71% | -10.43% | 0.81% | 17.65% | 254.6% | -34.14% | 169.02% | -81.84% | -48.84% | 560% | 26.05% | -66.29% | 123.42% | 162.7% | 75.38% | -92.39% | -146.56% | 18941.67% | -97.8% | - |
| FCF per Share | 2.23 | 2.12 | 1.47 | 0.90 | 3.18 | 1.45 | 1.74 | 2.83 | 2.21 | 1.50 | 1.62 | 1.53 | 1.24 | 0.34 | 0.55 | 0.20 | 1.06 | 2.12 | 0.32 | 0.26 | 0.76 | 0.34 | -0.55 | -2.25 | -1.16 | 2.53 | 0.02 | 1.12 |
| FCF Conversion (FCF/Net Income) | 1.30x | 3.68x | 1.52x | 2.66x | 2.60x | 1.01x | 1.68x | 0.51x | 1.59x | -3.51x | 1.34x | 1.57x | 2.63x | 0.45x | 1.49x | 0.42x | 0.87x | 4.64x | -0.27x | 5.89x | 0.91x | 1.36x | -1.15x | 0.70x | 0.53x | -6.70x | 4.02x | 1.09x |
| Interest Paid | 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 | 0 | 0 | 0 |
| Taxes Paid | 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 | 0 | 0 | 0 |
High Debt Leverage
As reported in quarterly financial statements, Avient's operating cash flow frequently decouples from net income, evidenced by a 2026Q1 operating cash flow of negative $34.5 million despite a reported net income of $55.7 million, highlighting significant underlying accrual and working capital timing discrepancies.
The persistent gap between net income and operating cash flow suggests that reported earnings may not fully reflect the cash-generative reality of the business. Investors should monitor whether this divergence is a temporary byproduct of integration-related accounting or a structural issue regarding the quality of earnings.
Based on recent SEC filings, Avient's free cash flow trajectory remains highly erratic, swinging from a negative $67.2 million in 2024Q1 to a positive $125.4 million in 2025Q4, indicating that the company's ability to generate sustainable cash is currently sensitive to seasonal and operational fluctuations.
The lack of a consistent free cash flow trend complicates valuation, as the company's cash generation appears tethered to volatile working capital swings rather than steady operational performance. This inconsistency may indicate that the business model is still struggling to achieve the cash-flow predictability expected of a specialty chemical firm.
According to the provided cash flow data, Avient experiences severe working capital outflows, such as the $184.5 million drain observed in 2025Q1, which suggests that the company's cash conversion cycle is highly susceptible to inventory management challenges and the timing of customer payments.
These significant working capital swings appear to be the primary driver of the company's cash flow volatility. The recurring nature of these large outflows warrants further investigation into whether they stem from supply chain inefficiencies or the specific contractual terms inherent in the specialty chemical segment.
As reported in financial statements, Avient's capital expenditures have fluctuated significantly, reaching as high as 6.2% of revenue in 2023Q4, which suggests that the company must maintain a high level of reinvestment to support its complex, formulation-heavy manufacturing infrastructure and ongoing integration requirements.
The variability in capital intensity may indicate that management is balancing necessary maintenance with growth-oriented investments in its specialty segments. Investors should monitor whether these expenditures are effectively driving the promised margin expansion or if they are merely required to sustain existing operational capacity.
Quick answers to the most common questions about buying AVNT stock.
Avient Corporation (AVNT) generated $301.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Avient Corporation (AVNT) generated $195.0M 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.
Avient Corporation (AVNT) spent $106.6M 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, Avient Corporation (AVNT) returned $98.8M to shareholders via cash dividends and spent $4.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.