Cash flow remains volatile, as evidenced by the swing from a $22.8M free cash flow peak in 2026Q3 to a -$6.1M outflow in 2027Q1, highlighting the sensitivity of liquidity to project-based payment cycles.
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Dec'17 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 | Mar'96 | Mar'95 |
|---|
| Cash from Operations | 35.68M | 40.33M | 46.78M | 34.56M | -36.99M | 2.63M | 71.31M | 67.19M | 53.73M | 2.31M | -4.36M | -5.92M | -9.65M | -11.63M | -6.62M | -8.83M | -14.72M | -9.55M | -3.35M | -3.62M | -2.31M | -741.42K | -1.72M | -912.62K | -561.84K | -1.61M | 500K | -1.6M | -5M | -7M | -7M |
| Operating CF Margin % | - | 10.08% | 13.34% | 11.03% | -11.85% | 0.55% | 16.08% | 14.7% | 12.4% | 4.1% | -16.45% | -34.57% | -63.1% | -69.69% | -60.75% | -81.7% | -114.7% | -96.03% | -35.32% | -32.5% | -22.36% | -7.47% | -26.72% | -13.59% | -7.79% | -22.8% | 6.67% | -20% | -60.24% | -112.9% | -90.91% |
| Operating CF Growth % | -266.96% | -13.79% | 35.36% | 193.44% | -1506.35% | -96.31% | 6.14% | 25.03% | 2229.51% | 152.85% | 26.21% | 38.68% | 17.05% | -75.64% | 25.03% | 40% | -54.07% | -185.13% | 7.53% | -56.92% | -211.46% | 56.85% | -88.28% | -62.43% | 65.07% | -421.74% | 131.25% | 68% | 28.57% | 0% | 27.84% |
| Net Income | -2.7M | -638K | -7.23M | -15.57M | -109.95M | -10.26M | 20.31M | 27.37M | 12.32M | -882.75K | -7.71M | -7.71M | -10.56M | -11.02M | -11.84M | -12.42M | -8.22M | -9.34B | 20.63B | -4.04B | -2.51B | -3.75B | 0 | 0 | -1.29M | -4.78M | -2.1M | -2.6M | -6.2M | -9.4M | -8.4M |
| Depreciation & Amortization | 9.31M | 11.98M | 13.65M | 13.82M | 18.05M | 21.28M | 22.52M | 17.32M | 21.02M | 3.17M | 278.95K | 695K | 795K | 832K | 747K | 653K | 471K | 254.79K | 490.26K | 455.78K | 318.2K | 204.61K | 238.74K | 220.06K | 247.66K | 290.95K | 400K | 500K | 500K | 600K | 300K |
| Stock-Based Compensation | 10.64M | 0 | 19.03M | 12.19M | 25.25M | 32.87M | 27.42M | 31.03M | 25.54M | 1.45B | 0 | 694K | 1.47M | 2.02M | 1.68M | 1.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -2.08M | -1.96M | -1.36M | -3.2M | 45K | 5.86M | -2.19M | 5.6M | 9M | -80.05K | -83.4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 22.59M | 27.76M | 1.27M | 1.29M | -1.89M | 931K | -4.68M | -2.69M | -2.58M | 185.01K | 215.48K | 66K | 1.58M | 419K | -68K | 80K | -4.85M | 9.33B | -20.64B | 4.03B | 2.5B | 3.75B | -1.82M | -973.42K | 563.56K | 3.93M | 1.8M | 100K | 100K | -100K | 100K |
| Working Capital Changes | -3.59M | 3.19M | 21.42M | 26.03M | 31.52M | -48.05M | 7.94M | -11.46M | -11.56M | -1.53M | 1.54M | 344K | -2.93M | -3.88M | 2.87M | 1.29M | -3.09M | -500.82K | 1.43M | -541.61K | -304.69K | -595.86K | -134.94K | -159.27K | -82.05K | -1.05M | 400K | 400K | 600K | 1.9M | 1M |
| Change in Receivables | -18.88M | -8.05M | 3.85M | 5.1M | 59.19M | -5.72M | 1.5M | -24.14M | -44.14M | -661.77K | -337.84K | -215K | -1.5M | -539K | -236K | 628K | -726K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -1.41M | 2.42M | 4.57M | -960K | -13.1M | -363K | -1.14M | -392K | -3.62M | 276.09K | 140.61K | 692K | -1.37M | 1.77M | -2.6M | 1.13M | -1.47M | -1.92M | 282.24K | -508.17K | -524.11K | -192.34K | 32.81K | -187.16K | 272.07K | -644.51K | 0 | 0 | 1.1M | 1.5M | 600K |
| Change in Payables | 6.92M | 10.47M | 14.29M | 4.33M | -37.88M | 4.88M | 8.67M | 1.31M | -7.75M | -90.32K | 231.66K | -83K | 713K | -334K | 54K | -447K | -1.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -5.11M | -14.09M | -5.69M | 9.36M | 20.13M | -17.85M | 16.42M | -29.54M | -68.34M | 9.54B | -50K | -90K | -199K | 178K | 6.9M | 6.9M | -488K | -10.39M | -627.45K | -338.23K | -680.92K | -365.38K | 11.88K | 680.31K | -1.88M | -678.59K | -3.2M | -1.2M | 4M | -1.8M | 5.5M |
| Capital Expenditures | -8.21M | -10.4M | -10.59M | -7.04M | -11.68M | -17.79M | -19.33M | -21.33M | -12.61M | -856.88K | -420.73K | -53K | -95K | -209K | -269K | -533K | -617K | -1.33M | -627.45K | -338.23K | -666.47K | -239.61K | -114.5K | -311.32K | -138.28K | -162.53K | -200K | -200K | -200K | -500K | -1M |
| CapEx % of Revenue | 2% | 2.6% | 3.02% | 2.24% | 3.74% | 3.75% | 4.36% | 4.67% | 2.91% | 1.52% | 1.59% | 0.31% | 0.62% | 1.25% | 2.47% | 4.93% | 4.81% | 13.39% | 6.61% | 3.03% | 6.45% | 2.41% | 1.78% | 4.64% | 1.92% | 2.3% | 2.67% | 2.5% | 2.41% | 8.06% | 12.99% |
| Acquisitions | 2.17M | -4.28M | 4.94M | 4.97M | 37.63M | 0 | -5.13M | -18.69M | -3.81M | -181.26M | 0 | 0 | 0 | 0 | 6.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -425.68K | -43K | -164K | -4.82M | 358K | 6.07M | 38.29M | -13.95M | -22.43M | 9.71B | -3.08M | -37K | -104K | -60K | -6K | -6.9M | 488K | 9.39M | 627.45K | 338.23K | 666.47K | 114.54K | -11.88K | -680.31K | 1.38M | -808.08K | 200K | 1.2M | -4M | 1.7M | -5.5M |
| Cash from Financing | -25.09M | -24.85M | -7.95M | -2.45M | -102.93M | 58.74M | -205.62M | -85.97M | 6.06M | -276.6M | 6.41M | 7.85M | 5.32M | 13.08M | 2.49M | 2.45M | -49K | 529.13K | 92.43K | 194.75K | 10.2M | 978.34K | 1.62M | 602.38K | 3.45M | 1.64M | 3M | 2M | 2.1M | 7M | -100K |
| Debt Issued (Net) | -334.15K | -298K | -99K | 0 | -100M | 100M | -7.03M | -6M | 6.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -21.44M | -21.44M | -5.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -2.93M | -35M | -4.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -21.44M | -21.44M | -5.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -28K | -28K | -36K | -14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -3.31M | -3.11M | -2.58M | -2.45M | 0 | -6.26M | -194.42M | -79.97M | 32K | -276.6M | 6.41M | 6.41M | 5.32M | 13.08M | 13.08M | 2.49M | -49K | 529.13K | 92.43K | 194.75K | 10.2M | 1.08B | 1.56B | 602.38K | 3.45M | 1.64M | 3M | 2M | 2.1M | 7M | -100K |
| Net Change in Cash | 6.35M | 3.78M | 32.51M | 41.35M | -119.18M | 43.56M | -118.75M | -49.31M | -9.09M | 11.54M | 580.29K | 449K | -1.89M | -6.51M | 6.64M | 557K | -8.67M | -18.3M | 22.82M | -3.73M | 7.15M | -29.2K | -146.22K | 321.64K | 987.34K | -643.48K | 300K | -800K | 1.1M | -1.8M | -1.6M |
| Free Cash Flow | 26.98M | 29.69M | 33.59M | 25.49M | -48.67M | -15.16M | 51.98M | 45.86M | 41.13M | 1.45M | -4.79M | -5.97M | -9.74M | -11.84M | -6.89M | -9.37M | -15.34M | -10.89M | -3.98M | -3.96M | -2.98M | -981.03K | -1.83M | -1.22M | -700.12K | -1.77M | 300K | -1.8M | -5.2M | -7.5M | -8M |
| FCF Margin % | 6.58% | 7.42% | 9.58% | 8.13% | -15.6% | -3.2% | 11.72% | 10.03% | 9.49% | 2.57% | -18.04% | -34.88% | -63.72% | -70.95% | -63.22% | -86.63% | -119.51% | -109.42% | -41.93% | -35.53% | -28.82% | -9.88% | -28.51% | -18.23% | -9.71% | -25.11% | 4% | -22.5% | -62.65% | -120.97% | -103.9% |
| FCF Growth % | 133.32% | -11.62% | 31.78% | 152.38% | -220.99% | -129.17% | 13.35% | 11.51% | 2736.53% | 130.3% | 19.82% | 38.73% | 17.71% | -71.81% | 26.43% | 38.94% | -40.88% | -173.64% | -0.42% | -33.14% | -203.32% | 46.47% | -49.75% | -74.82% | 60.47% | -690.41% | 116.67% | 65.38% | 30.67% | 6.25% | 22.33% |
| FCF per Share | 0.37 | 0.41 | 0.47 | 0.36 | -0.72 | -0.23 | 0.79 | 0.70 | 0.63 | 0.02 | -0.09 | -0.13 | -0.21 | -0.26 | -0.18 | -0.25 | -0.42 | -0.31 | -0.13 | -0.13 | -0.10 | -0.03 | -0.07 | -0.05 | -0.16 | -0.44 | 0.08 | -0.59 | -1.93 | -3.35 | -3.95 |
| FCF Conversion (FCF/Net Income) | -10.01x | -63.21x | -3.88x | -2.22x | 0.32x | -0.18x | 5.02x | 3.33x | 6.16x | -2.61x | 0.57x | 0.77x | 0.91x | 1.06x | 0.56x | 0.71x | 1.79x | 1.02x | -0.16x | 0.90x | 0.92x | 0.20x | - | - | 0.44x | 0.34x | -0.24x | 0.62x | 0.81x | 0.74x | 0.83x |
| Interest Paid | 0 | 0 | 504K | 663K | 1.98M | 470K | 38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 7.15M | 6.77M | 11.28M | 8.23M | 1.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Geopolitical R&D disruption
Based on reported financial statements, Cognyte exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio frequently reaching extreme negative values, suggesting that reported earnings are not currently a reliable proxy for the company's underlying cash-generating capability in its current transition phase.
The wide variance between net income and operating cash flow suggests that non-cash items and working capital volatility are significantly distorting the bottom line. Investors should monitor whether this gap narrows as the company shifts toward a more predictable, recurring revenue model.
As reported in recent quarterly filings, Cognyte's free cash flow trajectory remains highly erratic, swinging from a peak of $22.8M in 2026Q3 to a low of -$8.9M in 2026Q2, which indicates that cash generation is heavily dependent on the timing of large-scale government contract milestones.
This volatility suggests that the business has not yet achieved the cash flow stability typical of mature SaaS providers. The reliance on lumpy project-based inflows makes short-term FCF projections inherently unreliable for valuation purposes.
According to historical cash flow data, working capital changes have been the primary driver of quarterly cash fluctuations, with a notable $27.6M outflow in 2025Q3 followed by a $12.5M inflow in 2025Q4, highlighting the sensitivity of Cognyte's liquidity to customer payment cycles and project-related inventory builds.
The significant swings in working capital suggest that the company's cash position is highly vulnerable to the timing of government receivables. This pattern warrants further investigation into the company's collection efficiency and the potential for future liquidity crunches during project delays.
Based on the provided figures, Cognyte has consistently utilized cash for share repurchases, including $9.0M in 2026Q1, despite reporting negative free cash flow in the same period, which suggests a management priority on capital return that may be premature given the company's current operational cash volatility.
The decision to prioritize buybacks while operating cash flow remains inconsistent may indicate management's confidence in the long-term pipeline. However, investors should consider whether these funds would be better deployed toward R&D or debt reduction to strengthen the firm's competitive moat.
Quick answers to the most common questions about buying CGNT stock.
Cognyte Software Ltd. (CGNT) generated $40.3M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Cognyte Software Ltd. (CGNT) generated $29.7M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Cognyte Software Ltd. (CGNT) spent $10.4M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Cognyte Software Ltd. (CGNT) spent $21.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.