Cash conversion efficiency remains inconsistent, evidenced by an operating cash flow to net income ratio of 0.28 in 2026Q1 and extreme historical swings in free cash flow margins.
| 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'13 | Dec'12 |
|---|
| Cash from Operations | 55.02M | 60.4M | 68.98M | 59.29M | 36.09M | 24.53M | 100.97M | 23.16M | 72.57M | 17.73M | 23.32M | 28.05M | 8.66M | 2.28M |
| Operating CF Margin % | - | 2.25% | 15.72% | 2.7% | 1.59% | 9.47% | 10.56% | 3.42% | 12.34% | 3.92% | 6.17% | 8.51% | 4.78% | 1.36% |
| Operating CF Growth % | -90.79% | -12.44% | 16.35% | 64.28% | 47.12% | -75.7% | 335.99% | -68.09% | 309.21% | -23.94% | -16.87% | 223.74% | 280.17% | - |
| Net Income | 218.9M | 40.51M | 29.49M | 26.36M | 125.92M | 23.34M | 127.65M | 14.33M | 59.41M | 28.93M | 17.06M | 28.06M | 4.57M | 2.67M |
| Depreciation & Amortization | 19.98M | 18.79M | 16.89M | 18.66M | 94.56M | 8.96M | 29.88M | 6.48M | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 2.72M | 0 | 5.57M | 5.67M | 5.49M | 0 | 942K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 13.39M | 7.58M | 14.28M | 15.34M | 74.36M | -2.03M | 65.14M | -2.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -9.71M | 1.21M | 2.42M | -4.38M | -60.38M | 18.2M | -92M | 8.75M | 13.16M | -11.19M | 11.19M | 6.65M | 4.09M | -389K |
| Working Capital Changes | -12.06M | -7.69M | 338K | -2.35M | -203.84M | -23.94M | -30.64M | -3.81M | 0 | 0 | -4.93M | -6.66M | 0 | 0 |
| Change in Receivables | -24.59M | -12.47M | -6.5M | 7.49M | -116.57M | -31.33M | -55.22M | -9.16M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -139K | -91.51K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 2.14M | -637.31K | 0 | -2.7M | -29.77M | 2.26M | 6.75M | 430.19K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -15.41M | -14.73M | -9.94M | 13.28M | -82.56M | -279.37M | -21.39M | -4.2M | -8.63M | -22.24M | -20.12M | -12.99M | 0 | 0 |
| Capital Expenditures | -15.41M | -14.73M | -10.57M | -4.84M | -22.97M | -5.54M | -21.39M | -5.04M | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0.56% | 0.55% | 2.41% | 0.22% | 1.01% | 2.14% | 2.24% | 0.74% | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -745.73M | -128.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 30.6M | 0 | 0 | -379.24K | -8.63M | -22.24M | -20.12M | -12.99M | 0 | 0 |
| Cash from Financing | -59.39M | -60.95M | -35.97M | -67.27M | 100.66M | 255.14M | 5.41M | -17.66M | -27.45M | -1.06M | 11.03M | -15.06M | 730K | -1.6M |
| Debt Issued (Net) | -24.99M | -20.62M | -6.37M | -45.69M | 149.94M | 123.31M | 40.66M | -4.05M | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -31.28M | -33.85M | -14.1M | -8.85M | 0 | 159.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -24.52M | -30.98M | -10.83M | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -31.76M | -35.43M | -14.1M | -8.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -3.12M | -6.48M | -15.5M | -12.73M | -49.28M | -3.27M | -4.28M | -2.78M | -27.45M | -1.06M | 11.03M | -15.06M | 730K | -1.6M |
| Net Change in Cash | -14.71M | -12.97M | 12.91M | 8.12M | 50M | -6.98M | 83.33M | 19.76M | 35.97M | -7.9M | 17.25M | -422K | 9.4M | 672K |
| Free Cash Flow | 39.61M | 45.67M | 58.41M | 54.45M | 13.13M | 19.76M | 79.58M | 18.65M | 72.57M | 17.73M | 23.32M | 28.05M | 8.66M | 2.28M |
| FCF Margin % | 1.44% | 1.7% | 13.31% | 2.48% | 0.58% | 7.63% | 8.32% | 2.75% | 12.34% | 3.92% | 6.17% | 8.51% | 4.78% | 1.36% |
| FCF Growth % | -82.29% | -21.81% | 7.28% | 314.84% | -33.58% | -75.17% | 326.68% | -74.3% | 309.21% | -23.94% | -16.87% | 223.74% | 280.17% | - |
| FCF per Share | 0.30 | 0.34 | 0.43 | 0.39 | 0.10 | 0.16 | 0.60 | 0.14 | 0.57 | 0.14 | 0.19 | 0.24 | 0.07 | 0.02 |
| FCF Conversion (FCF/Net Income) | 0.18x | 0.27x | 2.34x | 0.46x | 0.36x | 1.09x | 0.79x | 0.41x | 1.22x | 0.61x | 1.37x | 1.00x | 1.90x | 0.85x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working Capital Volatility
As reported in recent financial statements, CI&T's operating cash flow to net income ratio has frequently dipped below 0.40, with a notable low of 0.07 in 2025Q2, suggesting that reported accounting profits are not being efficiently converted into actual cash inflows for the business.
The persistent gap between net income and operating cash flow indicates that the company's earnings quality may be compromised by non-cash accruals or aggressive revenue recognition practices. Investors should monitor whether this divergence is a temporary byproduct of rapid scaling or a structural issue regarding the collectability of service-based receivables.
Based on the provided quarterly data, CI&T's free cash flow margins have exhibited extreme volatility, ranging from a negative 33.2% in 2024Q2 to a peak of 90.8% in 2024Q4, highlighting a lack of predictability in the company's ability to generate sustainable cash after capital expenditures.
This erratic trajectory suggests that the firm's cash generation is highly sensitive to timing differences in project milestones and working capital cycles. The inability to maintain a consistent positive FCF margin complicates valuation models and raises questions about the company's self-funding capacity during periods of operational expansion.
According to the cash flow statements, working capital changes have been highly erratic, including a massive $122.2M outflow in 2024Q2 followed by a $40.7M inflow in 2024Q4, indicating that the company's cash position is heavily dependent on the timing of client payments and project-related disbursements.
Such significant fluctuations in working capital suggest that CI&T may be struggling to manage its cash conversion cycle effectively as it scales. This volatility appears to be a primary driver of the company's thin liquidity buffer, necessitating a closer look at DSO trends and the potential for future cash flow disruptions.
As evidenced by the provided figures, CI&T has continued to prioritize share repurchases, such as the $10.3M outflow in 2025Q2, despite maintaining a relatively small cash balance of $47.7M, which may indicate a management preference for supporting equity value over building a robust liquidity reserve.
The decision to return capital to shareholders while operating cash flow remains inconsistent warrants further investigation into the company's long-term capital allocation strategy. Investors should consider whether these buybacks are sustainable given the firm's apparent need for working capital to support its reported revenue growth.
Quick answers to the most common questions about buying CINT stock.
CI&T Inc (CINT) generated $60.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CI&T Inc (CINT) generated $45.7M 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.
CI&T Inc (CINT) spent $14.7M 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, CI&T Inc (CINT) spent $35.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.