Free cash flow margins have expanded significantly to 19.6% in 2026Q1, supported by an asset-light model with CapEx representing only 1.1% of revenue.
| Cash from Operations | 109.02M | 85.26M | 88.89M | 34.69M | -774K | 5.03M | 19.12M | -2.05M |
| Operating CF Margin % | - | 20.32% | 26.9% | 12.76% | -0.33% | 2.62% | 12.62% | -1.77% |
| Operating CF Growth % | 4825.1% | -4.09% | 156.22% | 4582.43% | -115.39% | -73.69% | 1032.23% | - |
| Net Income | 46.61M | 35.12M | -29.14M | -21.73M | -38.69M | -33.24M | -16.97M | -20.17M |
| Depreciation & Amortization | 6.35M | 6.21M | 5.38M | 4.69M | 3.49M | 1.24M | 1.06M | 1.05M |
| Stock-Based Compensation | 36.97M | 39.31M | 39.06M | 36.05M | 37.22M | 59.51M | 33.77M | 13.89M |
| Deferred Taxes | -2.26M | -2.24M | 498K | -864K | 3.7M | -175K | -433K | -1.61M |
| Other Non-Cash Items | 15.3M | 17.21M | 44.34M | 18.98M | 1.77M | -20.68M | 392K | 665K |
| Working Capital Changes | 5.86M | -10.35M | 28.75M | -2.43M | -8.27M | -1.62M | 1.3M | 4.13M |
| Change in Receivables | -17.25M | -31.3M | -4.9M | -19.45M | -14.39M | -8.24M | -8.95M | -13.15M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 156K |
| Change in Payables | 13.58M | 3.38M | 16.05M | 609K | -2.55M | 10.63M | 971K | 7.78M |
| Cash from Investing | -4.95M | -20.2M | -2.6M | -5.65M | -21.45M | -3.38M | 1.37M | -1.48M |
| Capital Expenditures | -3.45M | -3.68M | -3.04M | -2.09M | -3.85M | -2.46M | -1.02M | -1.08M |
| CapEx % of Revenue | 0.78% | 0.88% | 0.92% | 0.77% | 1.66% | 1.28% | 0.68% | 0.93% |
| Acquisitions | -12.15M | -14.89M | 0 | 0 | -18.57M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 10.54M | -1.62M | -3.09M | -1.43M | -1.61M | 0 | 0 | 0 |
| Cash from Financing | -11.06M | 123.99M | -15.54M | -33.67M | -17.15M | 198.62M | 35.56M | -94K |
| Debt Issued (Net) | 2K | 0 | -6K | -64K | -39K | -3.02M | 2.79M | -82K |
| Equity Issued (Net) | -87.52M | 136.15M | -33.05M | -39.04M | -19.93M | -131.8M | 32.56M | 4.67M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -97.65M | -49.75M | -33.05M | -39.04M | -19.93M | -1.63M | -33.71M | 0 |
| Other Financing | 76.46M | -12.16M | 17.52M | 5.43M | 2.82M | 333.44M | 211K | -4.68M |
| Net Change in Cash | 92.65M | 190.32M | 67.57M | -4.03M | -41.03M | 199.1M | 56.95M | -4.22M |
| Free Cash Flow | 104.87M | 81.57M | 85.85M | 31.17M | -6.24M | 2.57M | 18.1M | -3.13M |
| FCF Margin % | 23.64% | 19.45% | 25.98% | 11.47% | -2.69% | 1.34% | 11.94% | -2.7% |
| FCF Growth % | 37.43% | -4.98% | 175.4% | 599.65% | -342.86% | -85.8% | 677.44% | - |
| FCF per Share | 0.46 | 0.36 | 0.47 | 0.17 | -0.03 | 0.02 | 0.20 | -0.07 |
| FCF Conversion (FCF/Net Income) | 2.25x | 2.43x | -3.06x | -1.60x | 0.02x | -0.14x | -1.12x | -0.69x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 13K | 0 | 0 |
| Taxes Paid | 3.8M | 0 | 6.88M | 6.11M | 3.32M | 4.04M | 1.07M | 247K |
Microsoft platform dependency risk
As reported in recent financial filings, AvePoint's operating cash flow frequently exceeds net income, with the OCF/NI ratio reaching as high as 12.30 in 2024Q3, suggesting that the company's reported earnings significantly understate the actual cash-generating capacity of its underlying SaaS subscription model.
The persistent gap between net income and operating cash flow indicates that non-cash charges and working capital movements are heavily influencing the bottom line. Investors should interpret this divergence as a sign that the company's accounting profitability is currently lagging behind its actual cash-generative performance.
Based on the provided quarterly data, AvePoint has demonstrated a clear upward trend in free cash flow margins, which climbed from 9.2% in 2024Q1 to 19.6% by 2026Q1, reflecting improved operational efficiency as the business scales its recurring revenue base within the Microsoft ecosystem.
This trajectory suggests that the company is successfully moving past the heavy investment phase required to build its platform. The ability to maintain positive FCF while scaling indicates that the incremental cost of acquiring new customers is being managed effectively against the recurring nature of subscription inflows.
According to historical cash flow statements, AvePoint maintains a remarkably low capital intensity, with CapEx as a percentage of revenue consistently hovering between 0.5% and 1.6%, which highlights the asset-light nature of its software-as-a-service business model compared to traditional infrastructure providers.
Such low capital requirements imply that the company does not need to reinvest a significant portion of its cash flow into physical assets to maintain its competitive position. This structural advantage allows for greater flexibility in capital allocation, as the majority of cash generated can be directed toward growth or shareholder returns.
As evidenced by recent quarterly disclosures, AvePoint has prioritized significant share repurchases, including a notable $59.8 million outflow in 2026Q1, which suggests management is actively utilizing its cash reserves to mitigate dilution from stock-based compensation and return value to shareholders.
While these buybacks demonstrate confidence in the company's long-term valuation, they also warrant investigation into whether this capital might be better deployed toward organic R&D or strategic acquisitions. Investors should monitor whether this pace of repurchases remains sustainable without impacting the company's liquidity buffer.
Based on the provided data, stock-based compensation remains a consistent cash-flow-neutral expense, averaging roughly $9.5 million per quarter, which effectively masks the true economic cost of talent acquisition and complicates the reconciliation between GAAP net income and actual cash flow performance.
The reliance on equity-based incentives suggests that the company is managing its cash burn by shifting compensation costs to shareholders through dilution. Analysts should be cautious, as this practice may artificially inflate operating cash flow figures while obscuring the true cost of maintaining a competitive engineering workforce.
Quick answers to the most common questions about buying AVPT stock.
AvePoint, Inc. (AVPT) generated $85.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AvePoint, Inc. (AVPT) generated $81.6M 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.
AvePoint, Inc. (AVPT) spent $3.7M 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, AvePoint, Inc. (AVPT) spent $49.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.