Free cash flow generation remains strong with an 11.1% FCF margin in 2026Q2, though cash conversion is volatile due to erratic working capital swings typical of government contract cycles.
Cellebrite DI Ltd. (CLBT) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | 152.97M | 168.96M | 132.17M | 102.06M | 20.58M | 36.05M | 66.51M | 16.13M |
| Operating CF Margin % | - | 35.52% | 32.94% | 31.39% | 7.6% | 14.64% | 34.12% | 9.39% |
| Operating CF Growth % | -46.24% | 27.83% | 29.51% | 395.98% | -42.92% | -45.79% | 312.26% | - |
| Net Income | 58.76M | 78.33M | -283.01M | -81.1M | 120.81M | 71.4M | 5.78M | -1.88M |
| Depreciation & Amortization | 22.56M | 11.87M | 10.61M | 10.01M | 9.19M | 7.01M | 5.88M | 4.08M |
| Stock-Based Compensation | 29.69M | 0 | 30.57M | 19M | 13.71M | 6.48M | 7.27M | 12.76M |
| Deferred Taxes | 1.08M | 75K | -4.01M | 5.13M | -2.39M | -1.64M | -2.82M | -1.67M |
| Other Non-Cash Items | 20.52M | 36.67M | 335.96M | 110.5M | -117.92M | -67.87M | 689K | 131K |
| Working Capital Changes | 20.36M | 42.02M | 42.05M | 38.52M | -2.82M | 20.68M | 49.71M | 2.71M |
| Change in Receivables | -12.2M | -15.78M | -5.83M | 2.27M | -12.88M | -1.96M | -19.73M | -12.22M |
| Change in Inventory | 1.45M | 1.63M | 982K | 243K | -3.68M | -1.8M | -693K | 794K |
| Change in Payables | 11.6M | 9.19M | 2.75M | 3.69M | -5.47M | 4.24M | -1.43M | 974K |
| Cash from Investing | -209.64M | -268.25M | -149.47M | -22.54M | -91.23M | 45.23M | -6.45M | -46.72M |
| Capital Expenditures | -29.01M | -13.22M | -8.57M | -5.23M | -6.9M | -5.11M | -6.18M | -6.21M |
| CapEx % of Revenue | 5.64% | 2.78% | 2.14% | 1.61% | 2.55% | 2.08% | 3.17% | 3.61% |
| Acquisitions | -162.73M | -147.46M | -2.75M | 0 | 0 | -20M | -15.05M | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -26.64M | 861K | -2.04M | -2.69M | -2.19M | -3M | 0 | -40.51M |
| Cash from Financing | 19.31M | 29.64M | 20.65M | 21.77M | 13.97M | -68.4M | -8.59M | 75.54M |
| Debt Issued (Net) | 4.58M | 4.58M | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 14.73M | 25.05M | 0 | 0 | 0 | 0 | -85K | 100.4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -100M | -10M | -25M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -85K | -808K |
| Other Financing | 0 | 0 | 20.65M | 21.77M | 13.97M | 31.6M | 1.49M | 141K |
| Net Change in Cash | -37.97M | -67.2M | 2.14M | 101.87M | -58.33M | 12.13M | 52.16M | 44.88M |
| Free Cash Flow | 139.59M | 155.73M | 121.56M | 94.14M | 11.49M | 27.94M | 60.33M | 9.92M |
| FCF Margin % | 27.14% | 32.74% | 30.3% | 28.96% | 4.25% | 11.35% | 30.95% | 5.77% |
| FCF Growth % | -6.31% | 28.11% | 29.13% | 719.18% | -58.87% | -53.69% | 507.91% | - |
| FCF per Share | 0.55 | 0.62 | 0.58 | 0.50 | 0.06 | 0.17 | 0.32 | 0.05 |
| FCF Conversion (FCF/Net Income) | 2.38x | 2.16x | -0.47x | -1.26x | 0.17x | 0.50x | 11.50x | -8.60x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 4.69M | 0 | 7.71M | 10.05M | 9.05M | 8.16M | 2.91M | 3M |
Quick answers to the most common questions about buying CLBT stock.
Cellebrite DI Ltd. (CLBT) generated $169.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cellebrite DI Ltd. (CLBT) generated $155.7M 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.
Cellebrite DI Ltd. (CLBT) spent $13.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Geopolitical and export control risk
Strong Cash Conversion Masked by Non-Cash Charges
Operating cash flow consistently exceeds net income, with a trailing twelve-month OCF/NI ratio of 2.76, indicating high-quality earnings and significant non-cash add-backs like depreciation and stock-based compensation.
The persistent gap between operating cash flow and net income, particularly evident in quarters with large net losses like 2024Q3, suggests that non-cash charges are distorting reported profitability. This pattern implies the underlying business generates substantially more cash than GAAP earnings indicate, a positive signal for fundamental valuation. Investors should monitor whether this conversion ratio remains stable as the company scales, as a decline could signal deteriorating working capital efficiency or rising cash expenses.
FCF Trajectory Volatile but Strongly Positive
Free cash flow has been consistently positive, ranging from $7.9M to $78.3M per quarter, with FCF margins averaging over 25% in recent periods, demonstrating the business's ability to convert revenue into tangible cash.
The FCF trajectory shows significant volatility, largely driven by large swings in working capital and the timing of acquisitions, such as the $147.5M outflow in 2025Q4. However, the underlying trend is robust, with FCF consistently outpacing net income. This suggests the company's subscription model is generating predictable cash inflows, though lumpy government contract payments and acquisition activity create quarterly noise that obscures the core operational cash generation trend.
Minimal Capex Reflects Software-Centric Model
Capital expenditures are consistently low, representing only 1.7% to 8.9% of revenue, which aligns with a software-focused business model requiring minimal physical infrastructure investment.
The low capital intensity, with CapEx/Rev ratios well below 10%, confirms the company's transition away from hardware-centric operations. This structure allows a greater portion of operating cash flow to be available for growth investments, debt service, or shareholder returns. The recent uptick to 8.9% in 2026Q2 warrants monitoring to determine if it represents a one-time investment or a shift in capital allocation strategy.
Working Capital Swings Drive Cash Flow Volatility
Working capital changes are highly erratic, swinging from a $42.7M source in 2025Q4 to an $11.0M use in 2026Q2, indicating significant lumpiness in collections and payments typical of government contract cycles.
The large positive working capital contribution in 2025Q4 ($42.7M) likely reflects the collection of receivables from year-end government budget spending, while the subsequent outflows suggest a normalization of the cash cycle. This volatility makes quarterly cash flow a poor indicator of underlying operational trends. Analysts should focus on the annual working capital profile rather than quarterly fluctuations to assess the true cash conversion efficiency of the business.
Conservative Deployment with Strategic M&A
Capital deployment has been conservative, with no dividends or buybacks, but includes a significant $147.5M acquisition in 2025Q4, suggesting a focus on strategic growth over shareholder returns.
The absence of dividends and share repurchases indicates management is prioritizing reinvestment and balance sheet strength. The large acquisition in 2025Q4, followed by a smaller one in 2026Q1, suggests a strategy of inorganic growth to expand the platform's capabilities. This approach may limit near-term shareholder returns but could enhance long-term competitive positioning if the acquisitions are successfully integrated.
Cash Flow Obscured by Acquisition Timing
The cash flow statement is significantly distorted by the timing and magnitude of acquisitions, such as the $147.5M outflow in 2025Q4, which masks the true underlying operational cash generation trend.
Large, lumpy acquisition payments create significant volatility in free cash flow that is unrelated to core operations. Furthermore, the absence of detailed disclosure on the nature of these acquisitions makes it difficult to assess their strategic value or integration risk. Investors should adjust for these items to understand the sustainable cash generation power of the existing business, as the reported FCF figure can be misleading in quarters with major M&A activity.