Free cash flow margin has oscillated between -26.7% and +20.1% and stood at -9.0% in 2026Q2, with working capital swings of up to $18.2M appearing to drive much of the quarterly cash variance and raising questions about cash conversion quality.
Clarus Corporation (CLAR) cash flow statement — 28-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 3.88M | -4.75M | -7.3M | 31.92M | 14.61M | -304K | 29.39M | 9.52M | 11.39M | -8.92M | 4.81M | 3.67M | -28.68M | 7.47M | -3.44M | -5.07M | -13.75M | -3.65M | -3.42M | -1.59M | -2.96M | -1.78M | -2.1M | -2.86M | -27.39M | -42.41M | -50.95M | -17.3M | -1.8M |
| Operating CF Margin % | - | -1.9% | -2.76% | 11.16% | 4.63% | -0.11% | 13.12% | 4.15% | 5.37% | -5.23% | 3.25% | 2.45% | -14.85% | 3.68% | -1.96% | -3.48% | -18.11% | - | - | - | - | - | -189.42% | -2196.92% | -303.17% | -249.43% | -149.64% | -45.41% | -4.33% |
| Operating CF Growth % | -13.82% | 34.99% | -122.87% | 118.51% | 4905.92% | -101.03% | 208.67% | -16.42% | 227.72% | -285.45% | 31.1% | 112.8% | -483.82% | 317.12% | 32.09% | 63.15% | -276.53% | -6.63% | -115.95% | 46.4% | -66.42% | 15.13% | 26.65% | 89.57% | 35.43% | 16.75% | -194.5% | -861.11% | - |
| Net Income | -26.58M | -46.56M | -52.29M | -10.15M | -69.78M | 26.09M | 5.54M | 18.97M | 7.3M | -673K | -8.98M | -75.97M | 14.01M | -5.87M | 1.95M | 4.89M | 51.19M | -4.84M | -2.4M | 117K | -1.29M | -1.29M | -2.89M | -4.33M | -37.81M | -119.85M | -70.65M | -5.4M | -10.7M |
| Depreciation & Amortization | 11.79M | 12.38M | 13.82M | 20.35M | 22.95M | 15.82M | 8.87M | 8.1M | 8.3M | 5.26M | 3.34M | 5.57M | 7.49M | 8.28M | 5.95M | 4.68M | 2.71M | 342K | 356K | 803K | 647K | 334K | 186K | 1.05M | 14.6M | 12.21M | 8.13M | 3.4M | 2.2M |
| Stock-Based Compensation | 2.79M | 5.89M | 5.83M | 5.29M | 11.36M | 9.48M | 6.79M | 2.95M | 2.65M | 1.18M | 227K | 449K | 1.85M | 3.01M | 1.77M | 3.09M | 5.11M | 490K | 677K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -7.66M | -11.66M | 16.18M | -6.35M | -9.52M | -14.42M | -3.2M | -8.99M | -1.1M | -5.48M | -512K | 50.4M | 4.98M | -1.91M | -1.7M | -3.27M | -71.06M | -5.07M | -5.07M | -5.07M | 37.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 7.8M | 35.57M | 8.74M | 3.16M | 96.59M | 1.15M | 1.31M | 1.07M | 650K | 245K | 2.26M | 22.4M | -35.46M | 1.28M | 1.1M | 1.21M | 1.22M | 4.6M | 3.12M | -2.93M | -2.4M | -259K | 1.55M | 54K | 2.12M | 65.72M | 13.54M | -7.6M | 11.5M |
| Working Capital Changes | 15.75M | -375K | 416K | 19.62M | -36.99M | -38.42M | 10.07M | -12.58M | -6.41M | -9.46M | 8.47M | 817K | -21.54M | 2.68M | -12.51M | -15.67M | -2.92M | 826K | -111K | 423K | 90K | -562K | -940K | 372K | -6.3M | -488K | -1.98M | -7.7M | -4.8M |
| Change in Receivables | -7.99M | -967K | 10.84M | 6.08M | -8.33M | -6.46M | -7.67M | -6.16M | -766K | -8.67M | 2.77M | 1.73M | -7.87M | -8.9M | -5.59M | -2.32M | -4.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -7.02M | -1.58M | 3.74M | 13.21M | -19.49M | -34.07M | 11.01M | -9.14M | -7.2M | 1.36M | 5.38M | -558K | -20.68M | 7.43M | -2.39M | -11.58M | -2.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 8.55M | 3.6M | -7.96M | -4.94M | 1.37M | 2.75M | 5.87M | 1.22M | 1.7M | -137K | -1.28M | -3.25M | 5.42M | 4.46M | -1.75M | -80.07M | 4.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -5.04M | 2.77M | 165.16M | -11.42M | -7.75M | -178.14M | -35.58M | -4.1M | -4.08M | -82.03M | 6.77M | 58.41M | 68.28M | -5.08M | -55.79M | -2.75M | -60.59M | 42.67M | -19.12M | 40.3M | -18.58M | -25.92M | 34.97M | -20.99M | 13.46M | -20.8M | -90.36M | 8.4M | -11.4M |
| Capital Expenditures | -4.75M | -5.16M | -6.74M | -5.72M | -8.25M | -17.38M | -5.41M | -4.12M | -3.37M | -2.85M | -2.57M | -2.8M | -2.88M | -5.11M | -5.5M | -2.78M | -2.09M | -7K | -7K | -48K | -49K | -17K | -2.52M | -38K | -182K | -3.46M | -5.87M | -3.2M | -10.9M |
| CapEx % of Revenue | 1.86% | 2.06% | 2.55% | 2% | 2.62% | 6.54% | 2.42% | 1.79% | 1.59% | 1.67% | 1.73% | 1.88% | 1.49% | 2.52% | 3.12% | 1.91% | 2.75% | - | - | - | - | - | 227.4% | 29.23% | 2.01% | 20.36% | 17.24% | 8.4% | 26.2% |
| Acquisitions | 549K | 0 | 171.83M | -5.65M | 2.26M | -160.99M | -30.5M | 0 | -720K | -79.24M | -921K | 60.88M | 81.14M | 0 | -50.33M | 0 | -82.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 189K | 0 | -33.1M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -843K | 7.93M | 65K | -51K | -1.76M | 229K | 327K | 20K | 6K | 53K | 22K | 335K | 12K | 38K | 31K | 30K | -82.56M | 0 | 0 | 7K | 0 | -135K | 0 | 11K | 1.2M | 0 | 1.86M | 11.6M | -500K |
| Cash from Financing | -6.32M | -5.88M | -123.24M | -20.25M | -13.86M | 180.68M | 22.25M | -6.29M | -6.56M | -2.06M | -5.22M | -4.5M | -12.85M | -2.52M | 62.24M | 7.41M | 18.5M | 0 | 0 | 2.88M | 0 | 2.59M | 454K | -3.33M | 519K | 458K | 245.51M | 8.3M | 20.8M |
| Debt Issued (Net) | -2M | -2M | -119.79M | -19.72M | -2.26M | 104.61M | 12.07M | 577K | 1.18M | -2.22M | 0 | 2.22M | -15.91M | -3.71M | -3.08M | 7.26M | 14.6M | 0 | 0 | 0 | 0 | 0 | 0 | -5M | 0 | 0 | -2.03M | 6.3M | -1.9M |
| Equity Issued (Net) | -479K | -42K | -185K | -222K | -8.27M | 79.61M | 9.96M | -4.17M | -5.22M | -17K | -5.22M | -6.99M | -184K | 0 | 62.56M | 0 | 3.91M | 0 | 0 | 0 | 0 | 2.59M | 454K | 1.67M | 519K | 458K | 247.54M | 2M | 22.9M |
| Dividends Paid | -3.84M | -3.84M | -3.83M | -3.75M | -3.72M | -3.33M | -1.52M | -2.99M | -1.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -42K | -185K | -222K | -8.27M | -651K | -1.52M | -4.17M | -5.69M | -17K | -5.22M | -6.99M | -184K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 565K | 3.44M | 393K | -212K | 1.75M | 291K | -1.03M | 179K | 0 | 264K | 3.24M | 1.19M | 2.76M | 150K | 0 | 0 | 0 | 1.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -200K |
| Net Change in Cash | -8.28M | -7.16M | 34.03M | -737K | -7.4M | 1.68M | 16.09M | -783K | 630K | -92.88M | 6.34M | 57.37M | 26.56M | -633K | 2.71M | -367K | -55.6M | 39.02M | -22.54M | 40.16M | -21.54M | -25.11M | 33.33M | -27.18M | -13.4M | -62.67M | 104.18M | -700K | 20.8M |
| Free Cash Flow | -865K | -9.91M | -14.04M | 25.96M | 6.36M | -17.69M | 23.98M | 5.41M | 8.03M | -11.77M | 2.24M | 865K | -31.55M | 2.36M | -8.94M | -7.85M | -15.84M | -3.66M | -3.43M | -1.63M | -3.01M | -1.79M | -4.61M | -2.89M | -27.57M | -45.88M | -56.82M | -20.5M | -12.7M |
| FCF Margin % | -0.34% | -3.96% | -5.31% | 9.08% | 2.02% | -6.65% | 10.71% | 2.36% | 3.78% | -6.89% | 1.51% | 0.58% | -16.34% | 1.16% | -5.08% | -5.39% | -20.86% | - | - | - | - | - | -416.82% | -2226.15% | -305.18% | -269.79% | -166.89% | -53.81% | -30.53% |
| FCF Growth % | 87.88% | 29.43% | -154.09% | 308.13% | 135.96% | -173.75% | 343.6% | -32.66% | 168.22% | -624.38% | 159.42% | 102.74% | -1438.74% | 126.37% | -13.83% | 50.43% | -332.82% | -6.61% | -110.04% | 45.68% | -67.58% | 61.06% | -59.3% | 89.5% | 39.91% | 19.26% | -177.17% | -61.42% | - |
| FCF per Share | -0.02 | -0.26 | -0.37 | 0.69 | 0.17 | -0.50 | 0.77 | 0.17 | 0.27 | -0.39 | 0.07 | 0.03 | -0.96 | 0.07 | -0.30 | -0.35 | -0.79 | -0.22 | -0.20 | -0.10 | -0.18 | -0.11 | -0.29 | -0.18 | -1.76 | -2.94 | -3.92 | -1.85 | -1.49 |
| FCF Conversion (FCF/Net Income) | 0.03x | 0.10x | 0.14x | -3.15x | -0.21x | -0.01x | 5.30x | 0.50x | 1.56x | 13.25x | -0.54x | -0.05x | -2.05x | -1.27x | -1.76x | -1.04x | -0.27x | 0.75x | 1.43x | -13.56x | 2.29x | 1.38x | 0.73x | 0.66x | 0.72x | 0.35x | 0.72x | 3.20x | 0.17x |
| Interest Paid | 0 | 16K | 1.96M | 10.4M | 6.59M | 2.25M | 970K | 1.09M | 950K | 598K | 0 | 0 | 2.09M | 0 | 1.83M | 1.85M | 1.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 65K | 936K | 2.46M | 0 | 8.64M | 1.98M | 426K | 209K | 418K | 931K | 0 | 0 | 10.36M | 0 | 881K | 46K | 1.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CLAR stock.
Clarus Corporation (CLAR) generated $-4.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Clarus Corporation (CLAR) reported negative free cash flow of $9.9M in 2025, indicating capital requirements exceeded cash from operations.
Clarus Corporation (CLAR) spent $5.2M 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, Clarus Corporation (CLAR) returned $3.8M to shareholders via cash dividends and spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Volatile operating cash burn
Metrics are mathematically derived from official filings.
Net Income Disconnected From Operating Cash
According to reported quarterly figures, Clarus's operating cash flow diverged sharply from net income across the ten-quarter window, with OCF/NI ratios swinging from negative to above 3.5x and no stable conversion pattern emerging.
The 2024Q4 net loss of $65.5M coincided with $16.6M of positive operating cash flow, while the 2024Q1 net profit of $21.9M came alongside a $16.4M operating cash outflow. This pattern suggests that reported earnings are heavily influenced by non-cash or non-operating items, so investors should treat net income as a weak guide to underlying cash generation. The lack of consistent conversion warrants further investigation into the drivers of the bottom-line swings.
Free Cash Flow Oscillates Around Breakeven
Based on reported figures, Clarus's free cash flow margin ranged from -26.7% to +20.1% over the period, with the most recent quarter at -9.0%, indicating no durable positive trajectory.
Positive FCF quarters, such as 2025Q4 at $11.6M, appear tied to working capital releases rather than sustained operating improvement, since operating cash flow was negative in the two most recent quarters. The latest-quarter FCF of -$5.1M suggests the business is again consuming cash despite the reported revenue stabilization. Investors should monitor whether FCF can remain positive without relying on working capital unwinds.
Working Capital Drives Quarterly Cash Swings
As reported in financial statements, working capital changes ranged from a $18.2M inflow to a $12.7M outflow, and they appear to account for much of the quarter-to-quarter variance in operating cash flow.
The large positive working capital contributions in 2024Q4 and 2025Q4 coincide with the strongest operating cash quarters, which may indicate receivable or inventory liquidation rather than repeatable earnings power. The sharp $12.7M outflow in 2026Q2 aligns with the negative operating cash flow in that period, suggesting that working capital is absorbing cash again. Management efficiency conclusions cannot be drawn from these figures alone without balance-sheet detail on receivables and inventory.
Cash Flow Quality May Be Overstated
Based on reported figures, the strongest cash quarters coincide with large working capital inflows, which may flatter the apparent quality of cash generation relative to underlying operations.
Because positive operating cash flow in 2024Q4 and 2025Q4 is closely tied to working capital releases, those quarters may not reflect a repeatable run rate. The prior income statement analysis flagged a gross margin spike in 2026Q2 that may be temporary, and a similar caution applies to cash generation. Investors should be wary of extrapolating the best quarters into a forward cash flow base.