Free cash flow remains highly volatile, swinging from a $14.4M inflow in 2024Q4 to a $5.7M outflow in 2026Q1, indicating a lack of stable self-funding capacity.
| 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 | -6.81M | -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 % | -1322.75% | 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 | -44.61M | -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 | 12.2M | 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 | 4.25M | 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 | -10.83M | -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 | 36.46M | 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 | -4.28M | -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 | -5.76M | -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 | 3.22M | -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 | -2.46M | 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 | 2.42M | 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 | -5.54M | -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 | 2.19% | 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 | 7.89M | 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 | 70K | 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 | -5.87M | -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) | -32K | -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 | -32K | -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 | -11.09M | -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 | -12.35M | -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 % | -4.89% | -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 % | -1379.27% | 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 | -0.32 | -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) | 0.28x | 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 | 10K | 0 | 1.96M | 0 | 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 | 422K | 0 | 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 |
Persistent negative operating cash
According to the provided quarterly data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios frequently exceeding 1.0 or turning negative, suggesting that reported earnings are not currently serving as a reliable proxy for the company's actual cash-generating capacity.
The frequent divergence between net income and operating cash flow suggests that non-cash charges and working capital volatility are masking the underlying cash burn. Investors should monitor whether this disconnect stems from aggressive revenue recognition or simply the operational difficulty of managing a seasonal, inventory-heavy business model.
As reported in financial statements, Clarus has struggled to maintain positive free cash flow, with FCF margins fluctuating wildly between -26.7% and 20.1% over the last ten quarters, indicating that the business lacks a stable mechanism for self-funding its ongoing operational and capital requirements.
The inability to generate consistent positive free cash flow suggests that the company's current cost structure is fundamentally misaligned with its revenue generation capabilities. This trajectory warrants further investigation into whether the recent divestitures will eventually lead to a leaner, more cash-generative profile or if structural headwinds persist.
Based on the reported figures, working capital changes have been a primary driver of cash flow volatility, with quarterly swings as large as $18.6M, suggesting that the company's inventory management and collection cycles are highly sensitive to seasonal demand shifts and potential retail-level inventory bloat.
The significant reliance on working capital adjustments to reach positive cash flow in certain quarters implies that the company may be struggling to optimize its cash conversion cycle. This volatility suggests that management's ability to forecast demand and manage inventory levels remains a critical operational risk.
Analysis of the cash flow statement reveals that stock-based compensation consistently adds back over $1M per quarter, which, when combined with capitalized costs, appears to artificially inflate the company's reported operating cash flow figures relative to the actual cash generated from core business operations.
The persistent use of stock-based compensation as a non-cash add-back suggests that the true cost of talent is not fully reflected in the cash flow statement. Investors should be cautious, as these adjustments may be masking the true extent of the company's cash burn during periods of operational stress.
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.