While 2026Q1 operating cash flow reached $109.1 million, the significant divergence from a $7.8 million net loss suggests that non-cash charges are heavily inflating reported cash generation metrics.
| Cash from Operations | 387.73M | 331.57M | 313.32M | 357.55M | 264.25M | 196.71M | 230.91M |
| Operating CF Margin % | - | 10.55% | 10.2% | 12.14% | 10.86% | 10.5% | 14.79% |
| Operating CF Growth % | 121.5% | 5.82% | -12.37% | 35.31% | 34.33% | -14.81% | - |
| Net Income | 13.24M | 18.74M | 24.54M | 86.66M | 40.96M | 23.54M | 44.11M |
| Depreciation & Amortization | 265.79M | 248.24M | 225.32M | 192.85M | 175.62M | 153.69M | 131.79M |
| Stock-Based Compensation | 954K | 0 | 0 | 0 | 0 | 0 | 2.64M |
| Deferred Taxes | 3.04M | 4.55M | -551K | 6.99M | 12.05M | 6.17M | 0 |
| Other Non-Cash Items | 73.87M | 54.18M | 69.92M | 51.97M | 37.14M | 27.38M | 43.9M |
| Working Capital Changes | 30.76M | 5.85M | -5.91M | 19.07M | -1.52M | -14.07M | 8.46M |
| Change in Receivables | -15.28M | -16.13M | 23.44M | -5.96M | -37.64M | -10.4M | -58K |
| Change in Inventory | -1.94M | 6.49M | 5.65M | 2.29M | -11.65M | -30.82M | 5.57M |
| Change in Payables | 27.88M | 22.84M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.49B | -230.99M | -207.74M | -244.4M | -47.92M | -354.1M | -75.01M |
| Capital Expenditures | -54.99M | -63.63M | -77.33M | -57.48M | -33.37M | -31.48M | -24.08M |
| CapEx % of Revenue | 1.64% | 2.02% | 2.52% | 1.95% | 1.37% | 1.68% | 1.54% |
| Acquisitions | -1.49B | -221.54M | -192.49M | -180.29M | -71.71M | -317.49M | -58.14M |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 55.79M | 54.18M | 62.08M | -6.63M | 57.15M | -5.13M | 7.22M |
| Cash from Financing | 1.15B | 1.11B | -106.88M | -105.93M | -228.37M | 124.37M | -134.49M |
| Debt Issued (Net) | 425.84M | 413.54M | -26.97M | -44.68M | -181.02M | 162.1M | -248.68M |
| Equity Issued (Net) | 873.85M | 873.85M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -10.23M | -9.53M | -9.45M | -9.38M | -9.54M | -9.65M | -7.13M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -136.52M | -164.39M | -70.46M | -51.87M | -37.8M | -28.08M | 121.33M |
| Net Change in Cash | 53.43M | 1.21B | -2.51M | 7.44M | -12.65M | -33.33M | 33.73M |
| Free Cash Flow | 329.12M | 276.31M | 232.87M | 298.38M | 230.62M | 160.32M | 206.82M |
| FCF Margin % | 9.83% | 8.79% | 7.58% | 10.13% | 9.48% | 8.56% | 13.25% |
| FCF Growth % | 46.25% | 18.66% | -21.96% | 29.38% | 43.85% | -22.48% | - |
| FCF per Share | 11.83 | 12.30 | 10.84 | 13.89 | 10.74 | 7.47 | 9.84 |
| FCF Conversion (FCF/Net Income) | 24.86x | 18.00x | 12.77x | 4.13x | 6.45x | 8.36x | 5.23x |
| Interest Paid | 36.34M | 0 | 68.39M | 51.51M | 36.91M | 27.55M | 31.84M |
| Taxes Paid | 4.37M | 0 | 12.29M | 27.91M | 3.86M | 4.01M | 0 |
Margin compression and acquisition integration
According to the provided cash flow statements, BGSI exhibits a significant disconnect between net income and operating cash flow, evidenced by a 2026Q1 operating cash flow of $109.1 million against a net loss of $7.8 million, suggesting that non-cash charges are heavily inflating reported cash generation.
The persistent gap between accounting losses and positive operating cash flow indicates that depreciation and amortization are the primary drivers of the company's cash position. Investors should monitor whether this reliance on non-cash add-backs masks underlying operational inefficiencies that are not being captured by traditional net income metrics.
As reported in financial filings, BGSI's free cash flow margins have fluctuated between 6.3% and 11.4% over the last ten quarters, reflecting a lack of consistent cash conversion efficiency despite the company's aggressive expansion strategy and ongoing efforts to scale its North American collision repair footprint.
The volatility in free cash flow suggests that the company's ability to generate surplus cash is highly sensitive to quarterly fluctuations in working capital and capital expenditure requirements. This inconsistency warrants further investigation into whether the business model can sustain stable cash generation as it matures.
Based on the reported figures, BGSI maintains a relatively low capital intensity, with CapEx as a percentage of revenue consistently ranging between 1.4% and 2.7%, which appears to support the company's strategy of prioritizing acquisition-led growth over heavy investment in proprietary physical infrastructure or new technology.
The modest capital expenditure levels suggest that the company is not currently undergoing a major technological overhaul of its repair facilities. However, this low investment profile may indicate a risk of deferred maintenance or an inability to keep pace with the increasing complexity of modern vehicle calibration requirements.
Data from recent quarterly statements indicates that BGSI has prioritized inorganic growth, highlighted by a massive $1.3 billion acquisition outlay in 2026Q1, which stands in stark contrast to the minimal capital returned to shareholders through dividends or share repurchases during the same ten-quarter period.
The company's capital allocation strategy appears heavily skewed toward consolidating the fragmented collision repair market, potentially at the expense of shareholder liquidity. The scale of the 2026Q1 acquisition suggests a pivot in strategy that may require significant time to integrate and realize expected operational synergies.
Quick answers to the most common questions about buying BGSI stock.
Boyd Group Services Inc. (BGSI) generated $331.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Boyd Group Services Inc. (BGSI) generated $276.3M 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.
Boyd Group Services Inc. (BGSI) spent $63.6M 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, Boyd Group Services Inc. (BGSI) returned $9.5M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.