Cash conversion efficiency has deteriorated significantly, with an OCF/NI ratio of -0.90 in 2026Q1 driven by a $76.3 million working capital outflow.
| 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 |
|---|
| Cash from Operations | 266.64M | 254.15M | 438.32M | 687.46M | 1.04B | 666.98M | 294.52M | 245.65M | 163.61M | 151.57M | 151.91M | 80.33M | 101.84M | 33.43M | 80.14M | -42.98M | 10.29M |
| Operating CF Margin % | - | 3.97% | 6.52% | 10.05% | 12.41% | 8.42% | 5.38% | 5.29% | 3.28% | 3.42% | 3.88% | 2.21% | 2.85% | 1.02% | 2.88% | -1.91% | 0.46% |
| Operating CF Growth % | -26.34% | -42.02% | -36.24% | -33.98% | 56.11% | 126.47% | 19.89% | 50.14% | 7.95% | -0.22% | 89.1% | -21.12% | 204.67% | -58.29% | 286.45% | -517.82% | - |
| Net Income | 110.33M | 132.84M | 376.35M | 483.66M | 857.66M | 712.49M | 174.98M | 80.92M | 20.48M | 82.96M | 38.25M | 52.18M | 80.01M | 116.94M | 41.5M | -46.36M | -33.3M |
| Depreciation & Amortization | 162.94M | 161.85M | 147.4M | 135.41M | 103.88M | 82.49M | 97.13M | 82.38M | 148.94M | 82.32M | 74.93M | 57.2M | 53.05M | 39.81M | 37.21M | 39.23M | 37.67M |
| Stock-Based Compensation | 8.36M | 12.12M | 15.49M | 15.41M | 11.87M | 7.91M | 7.82M | 7.97M | 8.83M | 9.73M | 8.18M | 5.83M | 5.92M | 2.87M | 0 | 0 | 1.63M |
| Deferred Taxes | 25.91M | 27.55M | -2.42M | -180K | 59.67M | -13.7M | 27.5M | 9.03M | -7.96M | 8.12M | -7.82M | 30.88M | 10.71M | -59.6M | 0 | 0 | 7.45M |
| Other Non-Cash Items | -7.69M | -28K | 1.81M | 56K | -2.27M | -2.91M | 13.81M | -1.46M | 39.18M | 497K | 19.82M | -60.43M | -24.25M | -3.24M | 8.11M | -1.08M | -517K |
| Working Capital Changes | -33.21M | -80.18M | -100.31M | 53.1M | 10.42M | -119.29M | -26.73M | 66.8M | -45.85M | -32.05M | 18.55M | -5.33M | -23.58M | -63.35M | -6.68M | -34.77M | -2.65M |
| Change in Receivables | 6.82M | 17.07M | 31.07M | -35.02M | 158.07M | -71.19M | -159.91M | 2.16M | -583.08M | -41.78M | -1.12M | -18.18M | -11.01M | -11.01M | -15.68B | 0 | 0 |
| Change in Inventory | 51.93M | 15.87M | -89.27M | 22.29M | -13.9M | -158.47M | -6.25M | 40.18M | -64.19M | -43.22M | -30.76M | 9.6M | -11.1M | -50.96M | -41.83M | -20.9M | -28.43M |
| Change in Payables | -74.13M | -90.94M | -35.59M | 37.15M | -100.35M | 123.67M | 131.54M | 5.21M | -14.53M | 68.12M | 45.65M | 6.82M | 15.42M | 1.15M | 1.88B | 0 | 0 |
| Cash from Investing | -250.51M | -263.26M | -237.82M | -375.55M | -625.46M | -105.59M | -78.72M | -94.06M | -89.26M | -73.21M | -298.84M | -84.39M | -56.4M | -146.68M | -29.43M | -36.62M | -35.45M |
| Capital Expenditures | -228.05M | -241.43M | -229.57M | -215.44M | -114.12M | -106.52M | -79.43M | -82.72M | -79.99M | -75.45M | -83.58M | -87.53M | -61.22M | -45.75M | -27.39M | -33.54M | -35.75M |
| CapEx % of Revenue | 3.58% | 3.77% | 3.41% | 3.15% | 1.36% | 1.34% | 1.45% | 1.78% | 1.6% | 1.7% | 2.14% | 2.41% | 1.71% | 1.4% | 0.99% | 1.49% | 1.6% |
| Acquisitions | -33.03M | -33.38M | -10.22M | -162.77M | -515.24M | 0 | 0 | -15.68M | -25.48M | 2.24M | -215.9M | 3.13M | 0 | -103.03M | -2.35M | -5.78M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 10.57M | 11.55M | 1.97M | 2.66M | 3.9M | 932K | 713K | 4.33M | 16.21M | 2.24M | 644K | 3.13M | 4.81M | 2.1M | 307K | 2.7M | 298K |
| Cash from Financing | -239.25M | -226.93M | -436.81M | -360.68M | -166.33M | -217.87M | -95.66M | -58.02M | -59.82M | -5.19M | 66.41M | 25.01M | -139K | 185.61M | -178.65M | -2.55M | 2.67M |
| Debt Issued (Net) | -1.82M | -1.82M | 0 | 0 | 0 | 0 | -5.77M | 0 | 0 | 0 | 83.73M | 50M | 0 | 24.99M | 55.44M | 0 | -83.45M |
| Equity Issued (Net) | -194.74M | -183.11M | -194.9M | -6.43M | 0 | 0 | 0 | 0 | -3.52M | 0 | -10.27M | -23.71M | 0 | 162.49M | 0 | 0 | 86.12M |
| Dividends Paid | -34.51M | -34.62M | -228.81M | -346.49M | -159.56M | -213.68M | -79.19M | -53.95M | -50.62M | -2.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -194.74M | -183.11M | -194.9M | -6.43M | 0 | 0 | 0 | -3.57M | -4.93M | -2.9M | -10.27M | -23.71M | -392K | -100M | 0 | 0 | 0 |
| Other Financing | -8.18M | -7.38M | -13.1M | -7.76M | -6.76M | -4.19M | -10.69M | -4.06M | -5.69M | -2.49M | -7.05M | -1.28M | -139K | -1.87M | -234.09M | -2.55M | 0 |
| Net Change in Cash | -223.11M | -236.04M | -236.31M | -48.77M | 249.44M | 343.52M | 120.14M | 93.57M | 14.53M | 73.16M | -80.52M | 20.95M | 45.3M | 72.36M | -127.95M | -82.15M | -22.5M |
| Free Cash Flow | 38.59M | 12.72M | 208.75M | 472.02M | 927.1M | 560.47M | 215.09M | 162.93M | 83.62M | 76.12M | 68.32M | -7.2M | 40.63M | -12.32M | 52.75M | -76.52M | -25.46M |
| FCF Margin % | 0.61% | 0.2% | 3.1% | 6.9% | 11.05% | 7.07% | 3.93% | 3.51% | 1.67% | 1.72% | 1.75% | -0.2% | 1.14% | -0.38% | 1.9% | -3.4% | -1.14% |
| FCF Growth % | -71.19% | -93.91% | -55.77% | -49.09% | 65.42% | 160.58% | 32.01% | 94.83% | 9.86% | 11.41% | 1049.6% | -117.71% | 429.65% | -123.36% | 168.94% | -200.49% | - |
| FCF per Share | 1.07 | 0.34 | 5.31 | 11.83 | 23.31 | 14.14 | 5.45 | 4.15 | 2.12 | 1.95 | 1.76 | -0.18 | 1.03 | -0.31 | 1.27 | -1.85 | -0.61 |
| FCF Conversion (FCF/Net Income) | 0.35x | 1.91x | 1.16x | 1.42x | 1.21x | 0.94x | 1.68x | 3.04x | 7.99x | 1.83x | 3.97x | 1.54x | 1.27x | 0.29x | 1.93x | 0.93x | -0.31x |
| Interest Paid | 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 |
Cyclical housing demand sensitivity
As reported in recent financial filings, Boise Cascade's OCF/NI ratio plummeted to -0.90 in 2026Q1, highlighting a significant divergence between accounting profits and actual cash generation that suggests the company is struggling to convert earnings into liquidity during the current phase of the housing cycle.
The extreme volatility in the OCF/NI ratio, swinging from 15.00 in 2025Q4 to negative territory, indicates that reported net income is heavily influenced by non-cash accruals and inventory accounting adjustments. Investors should monitor whether this disconnect reflects a structural inability to manage working capital efficiently as demand for engineered wood products softens.
Based on the company's reported cash flow statements, FCF margins have experienced sharp contractions, reaching -3.7% in 2026Q1, which underscores the difficulty of maintaining positive cash flow generation when revenue growth is pressured by the broader slowdown in residential construction activity across the United States.
The erratic nature of FCF, which shifted from a positive $77.0 million in 2025Q4 to a $55.8 million outflow in 2026Q1, suggests that the business model remains highly sensitive to seasonal and cyclical volume fluctuations. This trajectory warrants further investigation into whether the current cost structure can support positive cash flow if housing starts remain at depressed levels.
According to quarterly cash flow data, Boise Cascade faced a substantial $76.3 million working capital outflow in 2026Q1, a trend that appears to be a primary driver of the company's recent cash burn and suggests challenges in optimizing inventory levels relative to current market demand.
The recurring pattern of large negative working capital changes, such as the $112.0 million outflow in 2025Q1, indicates that the company may be forced to carry excess inventory during periods of declining sales. This dynamic effectively traps cash in the distribution segment, limiting the flexibility of the balance sheet during cyclical downturns.
As evidenced by recent financial statements, Boise Cascade has continued to prioritize shareholder returns, including $65.5 million in buybacks during 2026Q1, even as operating cash flow turned negative, which may indicate a management preference for capital return over preserving liquidity during periods of operational stress.
While the company's low debt levels provide a buffer, the decision to maintain aggressive buyback activity despite negative FCF warrants scrutiny regarding the long-term sustainability of this policy. Investors should monitor whether this capital deployment strategy limits the company's ability to pursue opportunistic acquisitions or infrastructure upgrades when market conditions eventually improve.
Quick answers to the most common questions about buying BCC stock.
Boise Cascade Company (BCC) generated $254.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Boise Cascade Company (BCC) generated $12.7M 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.
Boise Cascade Company (BCC) spent $241.4M 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, Boise Cascade Company (BCC) returned $34.6M to shareholders via cash dividends and spent $183.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.