Free cash flow has turned negative with a -3.3% margin in 2026Q1, exacerbated by a $14.5 million outflow related to working capital requirements.
| 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 | 47.32M | 53.53M | 46.6M | 65.93M | 44.94M | -12.81M | 30.36M | 64.59M | 27.64M | 6.75M | 18.2M | 1.62M | 23.31M | 32.96M | 19.97M | 9.73M | 16.69M | 29.54M | 34M | 18.68M | 16.56M | 11.64M | 2.99M | 1.39M | 4.3M | 4.69M | -134.7K | -100K | 3.6M | 4M | 2.3M |
| Operating CF Margin % | - | 8.78% | 7.25% | 9.17% | 6.87% | -4.93% | 13.25% | 16.25% | 8.47% | 3.5% | 11.48% | 0.97% | 11.51% | 15.73% | 9.91% | 4.66% | 10.79% | 17.91% | 14.62% | 11.31% | 14.59% | 14.68% | 5.52% | 3.46% | 9.41% | 11.02% | -0.48% | -0.34% | 9.42% | 12.46% | 7.88% |
| Operating CF Growth % | 427.68% | 14.89% | -29.32% | 46.71% | 450.73% | -142.2% | -53% | 133.71% | 309.63% | -62.92% | 1024.72% | -93.06% | -29.27% | 65.04% | 105.33% | -41.74% | -43.49% | -13.13% | 81.99% | 12.85% | 42.27% | 289.5% | 114.7% | -67.61% | -8.31% | 3578.3% | -34.7% | -102.78% | -10% | 73.91% | 2200% |
| Net Income | -24.71M | -11.74M | -151.96M | 34.76M | 13.83M | -1.01M | -1.41M | 34.04M | 30.47M | -18.85M | -6.5M | -23.97M | 1.93M | 7.59M | 11.69M | 12.44M | 5.26M | 8.55M | 24.07M | 24.59M | 20.76M | 10.37M | 4.4M | 588.25K | 170.13K | 2.79M | -1.93M | -2.7M | 1.4M | 2M | 1.6M |
| Depreciation & Amortization | 33.6M | 33.96M | 35.05M | 36.51M | 51.21M | 12.69M | 11.08M | 9.86M | 9.52M | 10.57M | 10.77M | 10.28M | 13.15M | 12.89M | 11.75M | 11.2M | 10.71M | 10.11M | 11.91M | 3.38M | 1.42M | 1.57M | 1.39M | 1.49M | 1.76M | 1.74M | 1.57M | 1.5M | 1.1M | 700K | 500K |
| Stock-Based Compensation | 3.45M | 5.54M | 6.9M | 10.27M | 10.06M | 6.57M | 5.67M | 5.2M | 3.58M | 2.98M | 2.33M | 2.83M | 3.59M | 3.4M | 4.44M | 3.4M | 3.5M | 3.42M | 3.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -130K | 231K | 4.22M | 970K | -599K | -1.85M | -2.31M | 4.29M | -4.33M | 390K | -108K | 5.65M | -255K | -984K | -1.27M | -1.59M | -1.71M | -2.78M | -2.08M | -357K | 2.12M | -1.43M | 1.18M | 882.44K | 1.3M | 79.6K | 0 | 0 | 100K | 100K | -100K |
| Other Non-Cash Items | 19.38M | 8.68M | 147.36M | 2.69M | 2.51M | 171K | 3.84M | 20.21M | 1.51M | 22.38M | 1.81M | 16.28M | 6.67M | 908K | 124K | 684K | -1.75M | 76K | 5K | 1.28M | -837K | 3.73M | -1.17M | -624.29K | 2.31M | 823 | -265.68K | 200K | 0 | 0 | 100K |
| Working Capital Changes | 11.31M | 16.87M | 5.03M | -19.27M | -32.07M | -29.39M | 13.49M | -9.01M | -13.11M | -10.71M | 9.9M | -9.44M | -1.77M | 9.15M | -6.77M | -16.41M | 673K | 10.17M | -3.14M | -10.2M | -6.9M | -2.6M | -2.81M | -943.65K | -1.25M | 72.06K | 492.35K | 900K | 1M | 1.2M | 200K |
| Change in Receivables | 19.32M | 6.4M | -3.48M | -11.13M | -23.11M | -9.77M | 30.23M | -1.22M | -11.41M | -14.43M | 2.68M | -2.39M | -427K | -1.38M | 560K | -9.55M | 2.69M | 11.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -16.89M | 10.55M | 12.91M | -9.46M | -33.77M | -12.44M | 2.99M | -2.67M | -16.61M | -5.29M | 6.83M | 1.39M | -3.46M | 6.69M | -2.34M | -8.39M | 1.7M | 6.6M | 4.91M | -6.39M | -6.42M | -4.49M | -1.99M | -1.51M | 1.29M | -600.27K | -470.33K | 2M | 0 | 800K | -500K |
| Change in Payables | 12.97M | 2.14M | 5.18M | -6.73M | 7.09M | 13.58M | -14.77M | 10.14M | 2.2M | 5.22M | -1.34M | 758K | -932K | 2.23M | -3.62M | -1.03M | 2.97M | -8.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -4.5M | -6.56M | -3.57M | -28.1M | -20.93M | -267.81M | -39.56M | -25.95M | -45.09M | -6.18M | -5.7M | -5.33M | -13.38M | -18.24M | -25.55M | -7.73M | -9.27M | -4.14M | -10.46M | -90.29M | -2.75M | -3.49M | -295.05K | -917.93K | -1.47M | -1.36M | 1.22M | -800K | -18.5M | -700K | -5.7M |
| Capital Expenditures | -14.83M | 0 | -17.28M | -15.97M | -18.58M | -8.66M | -13.85M | -27.21M | -45.09M | -6.19M | -5.72M | -5.43M | -21.4M | -17.57M | -15.65M | -7.73M | -3.53M | -3.92M | -9.93M | -8.98M | -8.65M | -2.85M | -1.14M | -1.01M | -1.49M | -1.36M | -233.88K | -400K | -11.4M | -400K | -200K |
| CapEx % of Revenue | 2.53% | 2.71% | 2.69% | 2.22% | 2.84% | 3.33% | 6.05% | 6.84% | 13.81% | 3.21% | 3.61% | 3.25% | 10.57% | 8.38% | 7.76% | 3.7% | 2.28% | 2.38% | 4.27% | 5.44% | 7.62% | 3.59% | 2.1% | 2.51% | 3.27% | 3.2% | 0.84% | 1.37% | 29.84% | 1.25% | 0.68% |
| Acquisitions | 3.96M | 0 | 1.1M | 0 | -2.4M | -261M | 36K | 1.26M | 0 | 2K | 26K | 0 | 6.83M | -180K | -10.29M | 0 | -5.68M | -284K | -559K | -81.22M | 0 | 0 | 0 | 0 | 0 | 0 | 940.04K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 6.38M | -6.56M | 0 | 344K | 62K | -23.88M | 36K | 0 | 0 | 0 | -9K | 107K | 1.19M | -494K | 386K | -5K | -53K | 59K | 20K | -87K | 3.96M | 1.3M | 843.01K | 91.52K | 28.35K | -2.12K | 264.21K | -400K | -7.1M | -300K | -5.5M |
| Cash from Financing | -26.42M | -28.74M | -59.79M | -33.18M | -28.51M | 282.58M | 17.32M | -30.56M | 21.86M | 647K | -12.11M | 1.79M | -7.85M | -12.49M | 8.52M | -1.4M | -24.95M | -17.73M | -17.25M | 62.29M | -2.18M | -4.66M | -898.61K | -1.24M | -3.75M | -1.74M | -651.06K | 900K | 14.9M | -3.5M | 3.1M |
| Debt Issued (Net) | -19.87M | -21.17M | -45M | -17.5M | -15M | 138.25M | -3.13M | -27.25M | 23.37M | 2M | -11.25M | 5M | -6.14M | -9.7M | 10.93M | 986K | -22.45M | -16.88M | -15.72M | 64.27M | -2.13M | -5.11M | -1.81M | -1.43M | -4.06M | 3.94M | -5.52M | 1.3M | 15.4M | -4.1M | 3.2M |
| Equity Issued (Net) | -1.05M | -1.17M | -1.11M | -2.17M | -1.03M | 146.67M | 24.28M | -546K | -11K | -337K | 297K | 272K | 359K | 295K | 193K | 177K | 188K | 425K | 441K | 891K | 585K | 1.55M | 889K | 56.35K | 59.54K | 55.47K | 5.28M | 100K | -100K | 300K | -100K |
| Dividends Paid | 0 | 0 | -2.5M | 0 | 0 | 0 | -3.75M | -2.76M | -1.19M | -1.17M | -1.15M | -2.26M | -2.23M | -2.19M | -2.15M | -2.13M | -2.09M | -1.03M | -1.89M | -1.82M | -1.77M | -1.16M | 0 | 0 | 0 | -296K | -298K | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.05M | -1.17M | -1.24M | -2.48M | -1.23M | -2.48M | -1.89M | -1.1M | -453K | -337K | -25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -400K | 0 | -200K |
| Other Financing | -5.5M | -6.4M | -11.18M | -13.52M | -12.48M | -2.34M | -90K | 0 | -314K | 158K | 0 | -1.22M | 156K | -907K | -453K | -428K | -601K | -251K | -75K | -1.04M | 1.14M | 47K | 23.63K | 127.39K | 255.48K | -5.44M | -116.38K | -500K | -400K | 300K | 0 |
| Net Change in Cash | 16.81M | 17.61M | -16.75M | 5.9M | -5.67M | 2.62M | 7.83M | 6.98M | 4.39M | 2.56M | 128K | -3.11M | -1.2M | 2.42M | 2.92M | 704K | -17.84M | 8.05M | 5.32M | -8.84M | 12.12M | 3.36M | 1.88M | -636.54K | -653.38K | 1.51M | 186.53K | 0 | 0 | -200K | -300K |
| Free Cash Flow | 32.48M | 37.03M | 29.31M | 49.95M | 26.35M | -21.47M | 16.51M | 37.38M | -17.46M | 561K | 12.48M | -3.81M | 1.91M | 15.39M | 4.32M | 2M | 13.17M | 25.62M | 24.08M | 9.71M | 7.91M | 8.79M | 1.85M | 382.26K | 2.8M | 3.33M | -368.58K | -500K | -7.8M | 3.6M | 2.1M |
| FCF Margin % | 5.54% | 6.07% | 4.56% | 6.95% | 4.03% | -8.25% | 7.2% | 9.4% | -5.35% | 0.29% | 7.87% | -2.29% | 0.94% | 7.35% | 2.14% | 0.96% | 8.51% | 15.54% | 10.35% | 5.88% | 6.97% | 11.09% | 3.42% | 0.95% | 6.14% | 7.82% | -1.32% | -1.72% | -20.42% | 11.21% | 7.19% |
| FCF Growth % | 66.16% | 26.33% | -41.32% | 89.56% | 222.73% | -230.06% | -55.84% | 314.15% | -3211.76% | -95.5% | 427.1% | -299.74% | -87.59% | 256.1% | 116.15% | -84.81% | -48.62% | 6.42% | 148.1% | 22.74% | -10.05% | 375.17% | 383.93% | -86.36% | -15.72% | 1002.16% | 26.28% | 93.59% | -316.67% | 71.43% | 1150% |
| FCF per Share | 1.62 | 1.86 | 1.49 | 2.56 | 1.36 | -1.22 | 1.12 | 2.55 | -1.19 | 0.04 | 0.88 | -0.27 | 0.14 | 1.14 | 0.33 | 0.15 | 1.02 | 2.02 | 1.92 | 0.79 | 0.65 | 0.73 | 0.08 | 0.02 | 0.13 | 0.16 | -0.02 | -0.03 | -1.37 | 0.32 | 0.19 |
| FCF Conversion (FCF/Net Income) | -1.31x | -2.99x | -0.29x | 3.08x | 3.17x | 2.77x | -21.50x | 1.90x | 0.91x | -0.36x | -2.80x | -0.07x | 9.08x | 5.10x | 1.85x | 0.78x | 3.17x | 3.46x | 1.41x | 0.76x | 0.80x | 1.12x | 0.83x | -1.96x | 25.25x | 1.68x | 0.08x | 0.04x | 2.57x | 2.00x | 1.44x |
| Interest Paid | 0 | 0 | 7.49M | 9.19M | 6.24M | 51K | 402K | 1.45M | 1.38M | 1.15M | 575K | 624K | 514K | 631K | 746K | 1.28M | 2.46M | 3.02M | 5.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 8.7M | 4.42M | 2.86M | 7.53M | 497K | 21M | 1.28M | 124K | 354K | 2.49M | 3.59M | 1.94M | 7.39M | 5.85M | 4.11M | 6.13M | 11.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Revenue Contraction
As reported in recent financial filings, BOOM's operating cash flow to net income ratio has fluctuated wildly, reaching a low of 0.39 in 2026Q1, which suggests that reported accounting losses are not being fully mitigated by cash-generative operational activities across the company's disparate business segments.
The significant divergence between net income and operating cash flow indicates that non-cash charges and working capital volatility are masking the underlying cash-generating capacity of the business. Investors should monitor whether this disconnect persists, as it may imply that the company's core operations are struggling to convert revenue into actual liquidity.
Based on quarterly data, BOOM's free cash flow trajectory has turned negative, with a -3.3% FCF margin in 2026Q1, signaling that the company is currently unable to self-fund its operations without relying on balance sheet reserves or external financing during this period of cyclical contraction.
The shift from positive FCF in late 2025 to a deficit in the most recent quarter highlights the sensitivity of the company's cash flow to volume declines. This trend warrants further investigation into whether the current cost structure can be rightsized to restore positive cash flow generation.
According to the cash flow statements, working capital changes have become a significant drag on liquidity, evidenced by a $14.5 million outflow in 2026Q1, which suggests that the company is facing challenges in managing its inventory and receivables cycle amidst a cooling demand environment.
The erratic nature of these working capital swings implies that the company may be struggling to align its production schedules with actual customer demand. This volatility complicates the assessment of normalized cash flow and suggests that operational efficiency in the supply chain remains a key area of concern.
As indicated by financial statements, BOOM maintains a consistent capital intensity with CapEx/Revenue ratios hovering around 1.6% to 4.9%, suggesting that the company is locked into a fixed-cost manufacturing model that requires ongoing investment regardless of the current revenue contraction and negative operating margins.
The persistence of these capital expenditures despite declining top-line performance indicates that the company is prioritizing the maintenance of its specialized manufacturing facilities. This strategy may limit the company's ability to preserve cash in the short term, potentially increasing the risk of further balance sheet erosion.
Quick answers to the most common questions about buying BOOM stock.
DMC Global Inc. (BOOM) generated $53.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
DMC Global Inc. (BOOM) generated $37.0M 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.
DMC Global Inc. (BOOM) spent $0.0M 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, DMC Global Inc. (BOOM) spent $1.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.