Cash conversion efficiency remains erratic, evidenced by an OCF/NI ratio that swung from -0.28 in 2025Q1 to 33.45 in 2025Q3, alongside significant working capital drains like the $230.7 million outflow in 2026Q1.
| Cash from Operations | 12.45B | 1.75B | 1.82B | 2.37B | 1.27B | 1.47B | 1.82B | 605.45M | 338.21M | 372.69M |
| Operating CF Margin % | - | 12.25% | 12.93% | 18.19% | 11% | 14.56% | 25.18% | 19.63% | 14.6% | 25.71% |
| Operating CF Growth % | 58756.6% | -4.3% | -22.94% | 86.95% | -13.62% | -19.57% | 200.98% | 79.01% | -9.25% | - |
| Net Income | 1.18B | 978.04M | 711.52M | 1.05B | 732.55M | 1.75B | 298.44M | 472.14M | 299.27M | 207.67M |
| Depreciation & Amortization | 2.14B | 365.36M | 392.19M | 375.13M | 358.11M | 82.12M | 43.69M | 38.39M | 25.96M | 24.21M |
| Stock-Based Compensation | 0 | 0 | -8.89M | 4.19M | 5.99M | 0 | 32.91M | 0 | 0 | 0 |
| Deferred Taxes | 3.69B | 0 | 469.26M | 384.38M | 480.79M | 814.56M | 525.66M | 232.69M | 0 | 96.95M |
| Other Non-Cash Items | 2.13B | 773.01M | 571.91M | 291.63M | 32.93M | -1.11B | 690.98M | -129.78M | 21.45M | 33.41M |
| Working Capital Changes | -2.29B | -371.16M | -312.23M | 261.99M | -344.29M | -72.57M | 230.57M | -8.01M | -8.47M | 10.45M |
| Change in Receivables | -1.31B | 78.88M | -60.78M | -101.44M | 305.21M | -21.37M | -487.33M | -48.92M | -50.82M | -28.63M |
| Change in Inventory | 1.5B | 433.94M | -470.96M | 92.14M | 236.06M | 4.89M | -939.12M | -43.35M | -160.31M | -34.81M |
| Change in Payables | -1.52B | -372.29M | 421.43M | 326.25M | -828.62M | -64.7M | 1.6B | 101.86M | 238.93M | 80.11M |
| Cash from Investing | -297M | -101.12M | -31.91M | -65.33M | -4.81B | -320.38M | -631.4M | -175.6M | 13.55M | -31.51M |
| Capital Expenditures | -460.67M | -107.28M | -222.33M | -131.07M | -169.65M | -401.74M | -617.69M | -182.63M | -21.27M | -33.67M |
| CapEx % of Revenue | 3.27% | 0.75% | 1.58% | 1.01% | 1.47% | 3.99% | 8.53% | 5.92% | 0.92% | 2.32% |
| Acquisitions | 1.13M | 6.16M | 0 | 0 | -4.7B | 50K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 162.54M | 0 | 190.42M | 65.74M | 59.47M | 81.31M | -13.71M | 7.03M | 34.82M | 2.16M |
| Cash from Financing | -13.17B | -1.63B | -2.05B | -2.57B | 3.06B | -619.84M | -754.73M | -393.54M | -405.24M | -316.51M |
| Debt Issued (Net) | -5.33B | -672.5M | -443.57M | -1.26B | 4.62B | 866.38M | -53.73M | 9.13M | 14.91M | -153.99M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | -25.32M | 0 | 250.29M | 0 | 0 | 0 |
| Dividends Paid | -4.54B | -797.25M | -998.05M | -648.74M | -949.61M | -1.4B | -830M | -342.95M | -235.12M | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -25.32M | 0 | 0 | 0 | -97.87M | 0 |
| Other Financing | -3.31B | -159.99M | -603.39M | -660.67M | -591.57M | -86.23M | -121.3M | -59.71M | -185.03M | -162.52M |
| Net Change in Cash | -994.31M | 55.57M | -253.17M | -265.91M | -489.05M | 525.38M | 436.12M | 36.31M | -53.47M | 24.67M |
| Free Cash Flow | 21.62B | 1.64B | 1.6B | 2.24B | 1.1B | 1.06B | 1.2B | 422.82M | 316.95M | 339.02M |
| FCF Margin % | 153.68% | 11.5% | 11.36% | 17.19% | 9.53% | 10.57% | 16.64% | 13.71% | 13.68% | 23.39% |
| FCF Growth % | 2278.58% | 2.28% | -28.37% | 103.92% | 3.06% | -11.68% | 184.89% | 33.4% | -6.51% | - |
| FCF per Share | 579.43 | 43.98 | 42.91 | 59.91 | 31.89 | 28.49 | 35.03 | 12.27 | 9.20 | 40.99 |
| FCF Conversion (FCF/Net Income) | 18.36x | 1.65x | 2.56x | 2.26x | 1.45x | 0.84x | 6.11x | 1.28x | 1.13x | 1.79x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in quarterly filings, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from a negative 0.28 in 2025Q1 to an extreme 33.45 in 2025Q3, indicating significant volatility in the company's ability to convert accounting profits into cash.
The wide variance in cash conversion suggests that reported net income is heavily influenced by non-cash items or timing differences in working capital. Investors should monitor whether this instability reflects genuine operational friction or merely the accounting complexities inherent in the Jafra integration.
Based on the provided financial data, free cash flow margins have demonstrated extreme inconsistency, ranging from a negative 1.6% in 2025Q1 to a peak of 27.9% in 2025Q4, which complicates the assessment of the company's long-term ability to generate sustainable shareholder value.
The lack of a stable FCF trajectory suggests that the business model is highly sensitive to periodic capital requirements and working capital swings. This volatility may indicate that the company's cash generation is not yet mature enough to support consistent dividend payouts without impacting liquidity.
According to recent financial statements, working capital changes have frequently acted as a significant drag on cash flow, notably evidenced by a $230.7 million outflow in 2026Q1 and a $325.8 million outflow in 2025Q2, highlighting the capital-intensive nature of managing the decentralized associate network.
The recurring negative working capital adjustments suggest that the company is struggling to optimize its inventory and receivables cycle effectively. This pattern warrants further investigation into whether the distributor-led credit model is creating hidden liquidity pressures that are not immediately visible in the headline revenue figures.
As indicated by the historical cash flow statements, the company has maintained substantial dividend payments, such as the $449.1 million outflow in 2025Q2, even during periods of negative operating cash flow, which appears to prioritize shareholder returns over the preservation of internal liquidity buffers.
This aggressive capital allocation strategy may be unsustainable if the underlying cash flow generation remains as volatile as recent quarters suggest. Investors should consider whether these payouts are being funded by debt or cash reserves, which could limit the company's flexibility to pursue future growth opportunities.
Quick answers to the most common questions about buying BWMX stock.
Betterware de México, S.A.P.I. de C.V. (BWMX) generated $1.75B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Betterware de México, S.A.P.I. de C.V. (BWMX) generated $1.64B 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.
Betterware de México, S.A.P.I. de C.V. (BWMX) spent $107.3M 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, Betterware de México, S.A.P.I. de C.V. (BWMX) returned $797.2M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.