Cash flow generation is highly unstable, as evidenced by a volatile operating cash flow to net income ratio of -5.03 in 2026Q1 and a commitment to $4.0 million in share repurchases despite reporting a net loss.
| 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 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 35.1M | 37.18M | 56.39M | 24.79M | 24.96M | 36.58M | 57.87M | 89.53M | 111.83M | 124.27M | 131.89M | 219.1M | 303.45M | 298.14M | 237.2M | 204.13M | 205.83M | 181.87M | 155.21M | 125.69M | 120.31M | 74.78M | 54.2M | 60.88M | 40.98M | 28.32M | 7.27M | 4.5M | 6.6M | -1.9M | 8.8M |
| Operating CF Margin % | - | 7.06% | 10.76% | 4.86% | 5.1% | 7.78% | 11.88% | 13.4% | 15.96% | 18.83% | 22.18% | 27.47% | 27.96% | 27.77% | 24.18% | 22.49% | 25.9% | 26.15% | 19.88% | 18.75% | 20.9% | 15.47% | 12.68% | 15.01% | 11.24% | 7.52% | 2.16% | 1.48% | 2.31% | -0.88% | 8.35% |
| Operating CF Growth % | -151.31% | -34.07% | 127.47% | -0.67% | -31.78% | -36.79% | -35.36% | -19.94% | -10.01% | -5.77% | -39.81% | -27.8% | 1.78% | 25.69% | 16.2% | -0.83% | 13.17% | 17.18% | 23.48% | 4.48% | 60.88% | 37.98% | -10.98% | 48.54% | 44.72% | 289.68% | 61.49% | -31.82% | 447.37% | -121.59% | 14.29% |
| Net Income | 31.17M | 31.8M | 32.15M | 37.02M | 19.66M | 20.22M | -96.92M | 93.71M | 79.79M | 83.1M | 63.86M | 114.93M | 258.63M | 243.19M | 216.61M | 184.64M | 145.4M | 114.09M | 143.6M | 121.11M | 82.66M | 31.72M | 12.29M | 18.7M | -9.06M | 20.63M | 19.15M | 3.4M | 20M | 15.4M | 7.7M |
| Depreciation & Amortization | 14.7M | 14.65M | 14.95M | 15.78M | 17.16M | 18.52M | 20.87M | 22.61M | 23.09M | 24.94M | 26.87M | 27.46M | 26.7M | 25.47M | 22.92M | 23.3M | 23.27M | 24.33M | 21.77M | 19.48M | 17.69M | 17.06M | 17.4M | 23.54M | 20.1M | 22.54M | 19.22M | 18.7M | 16.5M | 11M | 4.6M |
| Stock-Based Compensation | 7.47M | 7.14M | 3.75M | 13.97M | 7.76M | 19.09M | 7.39M | 20.88M | 34.19M | 22.94M | 22.08M | 21.28M | 20.47M | 20.53M | 18.38M | 17.16M | 8.52M | 5.9M | 4.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -6.6M | -4.74M | 674K | -10.81M | 433K | 6.01M | -12.22M | -36.34M | 1.83M | 9.02M | -14.38M | -107K | 4.68M | 6.79M | 3.6M | -6.55M | -10.13M | 25.64M | -1.36M | 6.1M | 8.06M | 81K | -2.74M | -1.65M | -1.76M | -17K | -911K | -1.8M | -5.2M | 0 | 0 |
| Other Non-Cash Items | -8.29M | -6.11M | -3.03M | -2.41M | 4.97M | -3.01M | 132.81M | -478K | -17.18M | -6.32M | -1.74M | 8.54M | -359K | -4.39M | -894K | 6.59M | 16.59M | 13.9M | -1.21M | -3.79M | 5.06M | 17.85M | 23.84M | 8.18M | 22.66M | -153K | -627K | -700K | 4.2M | -200K | 600K |
| Working Capital Changes | -3.67M | -5.57M | 7.88M | -28.77M | -25.02M | -24.25M | 5.94M | -10.84M | -9.89M | -9.4M | 35.2M | 47M | -6.67M | 6.55M | -23.42M | -21.02M | 22.19M | -1.98M | -12.34M | -17.2M | 6.83M | 8.07M | 3.4M | 12.12M | 9.04M | -14.68M | -29.57M | -15.1M | -28.9M | -28.1M | -4.1M |
| Change in Receivables | 5.72M | -4.95M | -3.61M | -2.62M | -10.08M | -13.52M | 46.42M | -3.19M | 2.27M | -18.57M | 31.58M | 49.26M | 3.49M | -16.31M | -16.66M | -12.08M | -22.41M | 9.99M | -5.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -475.66K | 2.64M | 9.37M | -12.98M | -14.86M | -4.55M | 1.47M | -3.89M | -10.4M | 446K | 6.22M | 3.05M | 2.89M | 1.29M | 3.22M | -16.03M | -2.44M | 1.85M | -5.58M | 1.05M | -4.14M | -2.99M | -904K | 4.09M | 6.58M | -2.19M | -9.3M | -12M | -2.8M | -1.3M | -900K |
| Change in Payables | 565.34K | 477K | 519K | -12.88M | 15.37M | 6.57M | -12.84M | -3.76M | -1.75M | 8.72M | -1.04M | -13.35M | -3.02M | -6.34M | -3.67M | 11.97M | 11.7M | -17.53M | 2.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -6.57M | -2.23M | -6.39M | -6.65M | -3.86M | -10.22M | 7.85M | -5.68M | -70.64M | -20.56M | -14.72M | -39.65M | -42.07M | -43.2M | -34M | -52.02M | -38.58M | -18.54M | -41.11M | -19.98M | -23.59M | -16.36M | 5.94M | -36.13M | -25.34M | -40.84M | -28.41M | 10M | -18M | -92.1M | -10.4M |
| Capital Expenditures | -11.32M | 0 | -13.03M | -10.58M | -10.22M | -13.54M | -11.88M | -22.27M | -21.74M | -18.77M | -11.7M | -24.26M | -37.44M | -38.95M | -32.8M | -30.15M | -27.8M | -17.53M | -31.3M | -24.14M | -24.68M | -19.09M | -10.89M | -22.97M | -19.14M | -29.05M | -32.84M | -19.1M | -27M | -15.3M | -6.3M |
| CapEx % of Revenue | 2.16% | 2.77% | 2.49% | 2.08% | 2.09% | 2.88% | 2.44% | 3.33% | 3.1% | 2.85% | 1.97% | 3.04% | 3.45% | 3.63% | 3.34% | 3.32% | 3.5% | 2.52% | 4.01% | 3.6% | 4.29% | 3.95% | 2.55% | 5.66% | 5.25% | 7.71% | 9.77% | 6.29% | 9.43% | 7.12% | 5.98% |
| Acquisitions | -210.07K | -1.24M | 0 | 0 | 240K | 873K | 1.51M | 2.98M | -47.31M | 0 | -1.24M | -13.77M | -1.2M | -98K | -878K | -18.82M | -9M | -11.54M | -11.54M | -7.34M | 0 | 0 | -1.78M | -12.97M | -7.99M | -12.81M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 4.96M | -994K | 6.63M | 3.93M | 6.12M | -11.82M | 18.22M | -6.77M | -23.24M | -18.45M | -10.96M | -22.94M | -36.56M | -37.91M | -29.94M | -33.2M | -29.58M | -16.95M | -29.57M | 11.51M | 1.09M | 2.73M | 18.61M | -183K | 1.79M | 1.01M | 4.43M | 29.1M | 9M | -76.8M | -4.3M |
| Cash from Financing | -27.4M | -31.25M | -45.96M | -18.45M | -23.38M | -22.46M | -63.01M | -85.87M | -42.47M | -104.08M | -124.9M | -180.3M | -263.12M | -249.08M | -213.3M | -256.66M | -214.42M | -18.43M | -103.58M | -134.33M | -56.23M | -60.7M | -60.33M | -22.88M | -15.22M | 14.46M | 15.08M | -4.5M | 6.9M | 101.6M | -400K |
| Debt Issued (Net) | -13.02M | -16.71M | -38M | -9M | -15M | -71M | -46M | 15M | 64M | 10M | -217.24M | 75.34M | 88.84M | 32.95M | 8.65M | 68.86M | -82.25M | 0 | -56.4M | 263K | 210.5M | -26.98M | -17.51M | 35.86M | -7.27M | 11.15M | 11.74M | -5.11M | 9.62M | 52.9M | -700K |
| Equity Issued (Net) | -10.53M | -12.43M | -5.31M | -2.2M | -3.9M | 51.74M | -2.79M | -3.31M | -7.45M | -16.91M | 190.04M | -159.71M | -264.37M | -227.22M | -175.73M | -61.83M | -92.14M | -9.39M | -31.74M | -163.37M | -179.74M | -33.23M | -42.82M | -56.43M | -8.4M | 2.96M | 3.14M | 2M | 1.77M | 50.2M | 0 |
| Dividends Paid | -1.89M | -1.87M | -1.88M | -1.87M | -1.85M | -1.83M | -12.45M | -97.57M | -97.25M | -97.14M | -95.14M | -94.23M | -89.09M | -58.64M | -52.95M | -46.03M | -39.97M | -26.68M | -27.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -14.52M | -12.43M | -5.31M | -2.2M | -3.9M | -8.26M | -2.79M | -3.31M | -7.45M | -16.91M | -7.16M | -159.71M | -264.37M | -227.22M | -175.73M | -61.83M | -92.49M | -9.39M | -31.74M | -181.81M | -251.09M | -41.45M | -51.31M | -57.97M | -9.01M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.96M | -254K | -775K | -5.38M | -2.62M | -1.37M | -1.77M | 8K | -1.77M | -26K | -2.55M | -1.7M | 1.5M | 3.83M | 6.72M | -217.67M | -233K | 17.64M | 12.2M | 28.78M | -86.99M | -488K | 0 | -2.3M | 421K | 355K | 468K | -1.47M | 151K | 0 | 0 |
| Net Change in Cash | 857K | 3.69M | 4.04M | -308K | -2.27M | 3.9M | 2.71M | -2.02M | -1.28M | -364K | -7.73M | -856K | -1.74M | 5.86M | -10.11M | -104.55M | -47.16M | 144.91M | 10.52M | -28.61M | 40.48M | -2.29M | -195K | 1.88M | 420K | 1.94M | -6.07M | 9.9M | -4.5M | 7.6M | -2M |
| Free Cash Flow | 23.83M | 22.59M | 43.36M | 14.21M | 14.74M | 23.04M | 45.99M | 67.26M | 90.09M | 105.5M | 120.18M | 194.84M | 266.01M | 259.19M | 204.4M | 173.98M | 178.03M | 164.34M | 123.9M | 101.55M | 95.62M | 55.68M | 43.31M | 37.91M | 21.85M | -727K | -25.58M | -14.6M | -20.4M | -17.2M | 2.5M |
| FCF Margin % | 4.54% | 4.29% | 8.28% | 2.79% | 3.01% | 4.9% | 9.44% | 10.07% | 12.85% | 15.99% | 20.21% | 24.43% | 24.51% | 24.14% | 20.83% | 19.17% | 22.4% | 23.63% | 15.87% | 15.14% | 16.61% | 11.52% | 10.13% | 9.34% | 5.99% | -0.19% | -7.61% | -4.81% | -7.13% | -8% | 2.37% |
| FCF Growth % | -45.8% | -47.91% | 205.14% | -3.6% | -36.02% | -49.9% | -31.62% | -25.34% | -14.61% | -12.22% | -38.32% | -26.75% | 2.63% | 26.8% | 17.49% | -2.28% | 8.33% | 32.64% | 22.01% | 6.2% | 71.73% | 28.57% | 14.25% | 73.5% | 3105.09% | 97.16% | -75.19% | 28.43% | -18.6% | -788% | -53.7% |
| FCF per Share | 0.52 | 0.49 | 0.91 | 0.30 | 0.31 | 0.49 | 1.02 | 1.51 | 2.03 | 2.38 | 2.72 | 4.54 | 5.96 | 5.64 | 4.30 | 3.60 | 3.69 | 3.52 | 2.59 | 2.08 | 1.78 | 0.99 | 0.75 | 0.61 | 0.33 | -0.01 | -0.38 | -0.23 | -0.34 | -0.33 | 0.06 |
| FCF Conversion (FCF/Net Income) | 0.76x | 1.17x | 1.80x | 0.68x | 1.28x | 1.85x | -0.59x | 0.88x | 1.41x | 1.49x | 2.06x | 1.91x | 1.18x | 1.23x | 1.10x | 1.11x | 1.42x | 1.60x | 1.08x | 1.04x | 1.46x | 2.40x | 4.41x | 3.26x | -4.52x | 1.37x | 0.38x | 1.32x | 0.33x | -0.12x | 1.14x |
| Interest Paid | 2.49M | 0 | 10.86M | 11.2M | 9.3M | 10.48M | 11.67M | 13.63M | 11.5M | 10.53M | 11.25M | 12.31M | 10.27M | 8.87M | 7.35M | 2.31M | 566K | 597K | 763K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 4.66M | 0 | 28.44M | 29.07M | 28.16M | 18.13M | 21.32M | 13.8M | 31.93M | 24.31M | 12.18M | 35.52M | 79.64M | 57M | 85.66M | 74.72M | 57.26M | 41.7M | 56.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Revenue Volatility
As reported in financial statements, Core Laboratories' operating cash flow to net income ratio reached a volatile -5.03 in 2026Q1, indicating a significant disconnect between accounting profits and actual cash generation that warrants further investigation into the company's underlying accrual quality and operational efficiency.
The frequent divergence between net income and operating cash flow suggests that non-cash charges and working capital fluctuations are heavily influencing reported earnings. Investors should monitor whether this pattern of negative conversion persists, as it may indicate that the company's reported profitability is not translating into sustainable liquidity.
Based on the provided quarterly data, Core Laboratories' free cash flow margins have fluctuated significantly, ranging from a low of 1.9% in 2024Q1 to a peak of 13.1% in 2023Q4, highlighting the inherent instability in the firm's ability to convert revenue into discretionary cash.
The inconsistency in free cash flow generation appears to be driven by the cyclical nature of the Production Enhancement segment. This variability suggests that the company's cash flow trajectory remains highly sensitive to short-term market conditions rather than reflecting a steady, predictable growth profile.
According to recent SEC filings, Core Laboratories maintained a capital expenditure to revenue ratio averaging approximately 2.6% over the last ten quarters, which suggests an asset-light operational model that requires minimal reinvestment to sustain its current specialized laboratory service offerings.
While the low capital intensity supports the company's asset-light narrative, it also implies that the firm may be under-investing in new technology or laboratory capacity. Analysts should consider whether this level of spending is sufficient to maintain a competitive edge against larger, better-capitalized peers in the long term.
As indicated by the reported figures, working capital changes have been a major source of cash flow volatility, with swings ranging from a $9.7 million inflow in 2024Q4 to a $9.9 million outflow in 2024Q1, complicating the assessment of core operational cash generation.
These erratic movements in working capital suggest that the company's collection cycles and inventory management are highly susceptible to project-based revenue recognition and client payment delays. This volatility may mask the true underlying cash-generating capability of the business during periods of shifting demand.
Based on the provided data, Core Laboratories has consistently utilized cash for dividends and share repurchases, with buybacks totaling $4.0 million in 2026Q1, even as net income turned negative, suggesting a commitment to shareholder returns that may be straining the company's liquidity position.
The decision to continue returning capital during periods of earnings weakness appears to prioritize shareholder sentiment over balance sheet preservation. Investors should monitor whether this allocation strategy remains sustainable if the current cyclical downturn in the energy services sector continues to impact cash flow.
Quick answers to the most common questions about buying CLB stock.
Core Laboratories N.V. (CLB) generated $37.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Core Laboratories N.V. (CLB) generated $22.6M 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.
Core Laboratories N.V. (CLB) spent $0.0M 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, Core Laboratories N.V. (CLB) returned $1.9M to shareholders via cash dividends and spent $12.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.