Cash conversion efficiency remains volatile, with the OCF/NI ratio swinging to a negative 3.58 in 2026Q1, contributing to a negative 7.2% FCF margin.
| 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 |
|---|
| Cash from Operations | 126.77M | 153.08M | 125.69M | 41.63M | 315.35M | -201.15M | 340.58M | -68.81M | -195.58M | -111.27M | -45.84M | -162.73M | -129.67M | -67.5M | -15.9M |
| Operating CF Margin % | - | 3.72% | 2.86% | 1.13% | 7% | -4.77% | 10.77% | -2.71% | -9.11% | -7.82% | -4.61% | -22.16% | -35.78% | -39.44% | -16.56% |
| Operating CF Growth % | 32.64% | 21.79% | 201.95% | -86.8% | 256.77% | -159.06% | 594.98% | 64.82% | -75.77% | -142.76% | 71.83% | -25.5% | -92.11% | -324.49% | - |
| Net Income | 132.62M | 147.6M | 333.82M | 259.22M | 525.13M | 498.5M | 206.16M | 112.99M | 96.45M | 50.3M | 49.54M | 39.89M | 20.02M | 12.43M | 7.44M |
| Depreciation & Amortization | 23.75M | 24.82M | 24.29M | 15.77M | 11.22M | 10.91M | 13.14M | 13.38M | 12.03M | 6.97M | 5.58M | 4.71M | 2.94M | 937K | 196K |
| Stock-Based Compensation | 8.18M | 20.12M | 27.87M | 36.78M | 20.05M | 14.38M | 18.33M | 15.32M | 13.74M | 9.54M | 6.66M | 5.25M | 2.15M | 735K | 0 |
| Deferred Taxes | -15.43M | -15.96M | -5.22M | 3.86M | 383K | -8.7M | -1.86M | 3.17M | -4.16M | 674K | 1.51M | 1.63M | -2.05M | 0 | 0 |
| Other Non-Cash Items | 52.39M | 38.86M | -1.41M | 8.81M | 34.95M | 18.92M | -3.55M | 14.41M | -5.44M | -2.98M | -637K | -128K | -242K | 912K | 0 |
| Working Capital Changes | -74.73M | -62.36M | -253.64M | -282.82M | -276.38M | -735.17M | 108.36M | -228.08M | -308.21M | -175.78M | -108.48M | -214.09M | -152.49M | -82.51M | -23.54M |
| Change in Receivables | -11.43M | -6.92M | 26.5M | -23.42M | -10.87M | -20.24M | 5.66M | -13.97M | 1.23M | -166K | -488K | -3.26M | -8.77M | -3.4M | -829K |
| Change in Inventory | -72.82M | 41.13M | -313.67M | -185.09M | -381.4M | -524.18M | 94.5M | -129.02M | -284.98M | -83.38M | -91.86M | -208.52M | -160.89M | -92.25M | -28.76M |
| Change in Payables | 17.94M | -18.67M | -15.57M | 40.34M | 22.25M | -23.03M | 22.92M | -5.11M | 52.56M | -3.67M | 4.66M | -6.1M | 3.44M | -2.75M | 1.15M |
| Cash from Investing | 40.82M | 44.91M | -232.69M | -131.98M | -54.26M | -6.48M | -8.4M | -14.28M | -43.54M | -134.45M | -23.2M | -4.23M | -233.71M | -16.26M | -839K |
| Capital Expenditures | -32.16M | -28.77M | -38.97M | -43.14M | -20.41M | -8.91M | -9M | -16.12M | -15.8M | -17.63M | -7.76M | -5.75M | -1.13M | -550K | -839K |
| CapEx % of Revenue | 0.81% | 0.7% | 0.89% | 1.17% | 0.45% | 0.21% | 0.28% | 0.64% | 0.74% | 1.24% | 0.78% | 0.78% | 0.31% | 0.32% | 0.87% |
| Acquisitions | 193K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -28.04M | -116.97M | -17M | 0 | -232.59M | -15.71M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 72.78M | 73.68M | -193.72M | -88.84M | -33.86M | 2.43M | 599K | 1.83M | 303K | 154K | 1.56M | 1.52M | 0 | 0 | 0 |
| Cash from Financing | -204.82M | -233.76M | 40.31M | 23.86M | -274.83M | 131.79M | 7.39M | 105.17M | 181.84M | 308.48M | 69.2M | 162.79M | 286.85M | 188.77M | 15.85M |
| Debt Issued (Net) | -25.59M | -37.4M | 172.85M | 83.14M | -115.35M | 167.03M | 13.26M | 37.28M | 170.97M | 224.22M | 62.4M | 166.47M | 222.16M | -31.71M | 23.18M |
| Equity Issued (Net) | -111.52M | -144.31M | -94.31M | -29.9M | -133.4M | -13.73M | -5.1M | 74.03M | 14.51M | 98.06M | 8.98M | -861K | 71.82M | 223.76M | 0 |
| Dividends Paid | -35.13M | -34.74M | -32.75M | -29.38M | -26.03M | -15.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.83M | -6.31M |
| Share Repurchases | -111.52M | -143.63M | -94.31M | -29.9M | -133.4M | -13.73M | -5.1M | -5.02M | -16.44M | -5.23M | -2.39M | -861K | -9.75M | 0 | 0 |
| Other Financing | -32.58M | -17.31M | -5.48M | 0 | -44K | -6.32M | -777K | -6.14M | -3.64M | -13.81M | -2.17M | -2.82M | -7.13M | 550K | -1.01M |
| Net Change in Cash | -34.72M | -35.77M | -66.68M | -66.49M | -13.75M | -75.84M | 339.56M | 22.08M | -57.27M | 59.38M | 1.31M | -4.17M | -76.54M | 105.02M | -886K |
| Free Cash Flow | 131.57M | 124.31M | 86.72M | -90.05M | 264.65M | -210.06M | 331.57M | -84.92M | -211.38M | -128.9M | -52.45M | -168.48M | -130.8M | -68.05M | -16.74M |
| FCF Margin % | 3.3% | 3.02% | 1.97% | -2.44% | 5.87% | -4.98% | 10.49% | -3.35% | -9.84% | -9.05% | -5.27% | -22.94% | -36.09% | -39.76% | -17.43% |
| FCF Growth % | 996.67% | 43.34% | 196.31% | -134.03% | 225.99% | -163.35% | 490.44% | 59.82% | -63.99% | -145.74% | 68.87% | -28.81% | -92.21% | -306.5% | - |
| FCF per Share | 4.50 | 4.09 | 2.70 | -2.80 | 8.03 | -6.10 | 9.87 | -2.72 | -6.96 | -5.25 | -2.52 | -8.19 | -6.80 | -5.29 | -1.12 |
| FCF Conversion (FCF/Net Income) | 0.99x | 1.04x | 0.38x | 0.16x | 0.60x | -0.40x | 1.65x | -0.61x | -2.03x | -2.21x | -0.93x | -4.08x | -6.48x | -5.45x | -2.59x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 18.7M | 53.68M | 102.38M | 80.38M | 168.12M | 155.59M | 48.79M | 26.94M | 39.66M | 29.63M | 23.47M | 18.66M | 18.46M | 0 | 0 |
Entry-level demand sensitivity
As reported in recent financial statements, Century Communities exhibits a volatile relationship between net income and operating cash flow, with the OCF/NI ratio swinging from a high of 5.97 in 2025Q4 to a negative 3.58 in 2026Q1, highlighting significant quarterly fluctuations in cash conversion efficiency.
The wide variance between net income and operating cash flow suggests that earnings are heavily influenced by non-cash items and timing differences in inventory accounting. Investors should monitor whether this disconnect reflects a structural inability to convert accounting profits into liquid cash during periods of inventory accumulation.
Based on the provided cash flow data, CCS has struggled to maintain positive free cash flow, recording a negative 7.2% FCF margin in 2026Q1, which underscores the capital-intensive nature of the business and the difficulty of sustaining cash generation during a period of revenue contraction.
The recurring negative free cash flow figures suggest that the company's capital requirements for land development and construction often outpace the cash generated from home closings. This trajectory warrants further investigation into whether the current business model can achieve self-sustaining cash flow without continued reliance on external financing.
According to quarterly cash flow disclosures, working capital changes have acted as a significant drain on liquidity, evidenced by a $117.0M outflow in 2026Q1, which appears to be driven by the company's ongoing commitment to inventory investment despite softening demand in the entry-level market.
The consistent negative working capital changes suggest that CCS is aggressively deploying cash into land and construction in anticipation of future sales. If these inventory investments do not translate into rapid closings, the company may face increased liquidity pressure as capital remains tied up in unsold units.
As indicated by historical cash flow tables, CCS has continued to prioritize shareholder returns through dividends and buybacks, totaling $49.3M in 2026Q1, even as the company reported a negative operating cash flow of $50.3M during the same period, raising questions regarding the sustainability of this policy.
The decision to maintain dividend and repurchase activity while operating cash flow is negative suggests a management preference for supporting equity valuation. Investors should monitor whether this capital allocation strategy limits the company's flexibility to navigate potential downturns or fund necessary land acquisitions.
Quick answers to the most common questions about buying CCS stock.
Century Communities, Inc. (CCS) generated $153.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Century Communities, Inc. (CCS) generated $124.3M 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.
Century Communities, Inc. (CCS) spent $28.8M 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, Century Communities, Inc. (CCS) returned $34.7M to shareholders via cash dividends and spent $143.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.