Management has prioritized capital allocation toward share repurchases, including an $11.5M outlay in 2026Q1, despite significant volatility in operating cash flow conversion.
| Cash from Operations | 72.57M | 47.17M | 42.9M | 107.16M | -10.94M | -16.17M | 33.32M | 21.77M |
| Operating CF Margin % | - | 7.74% | 8.31% | 21.71% | -2.56% | -4.26% | 10.73% | 7.67% |
| Operating CF Growth % | 402.8% | 9.97% | -59.97% | 1079.93% | 32.36% | -148.51% | 53.1% | - |
| Net Income | 82.91M | 71.32M | 55.95M | 46.63M | 7.81M | 18.99M | 32.69M | 9.42M |
| Depreciation & Amortization | 1.35M | 1.07M | 745K | 660K | 1.9M | 2.07M | 2.13M | 2.08M |
| Stock-Based Compensation | 10.56M | 10.84M | 8.92M | 9.13M | 7.38M | 3.38M | 1.52M | 2.23M |
| Deferred Taxes | -366K | -366K | 644K | -2.38M | -3.08M | -1.64M | 6.28M | -788K |
| Other Non-Cash Items | 870K | -1.16M | 10.81M | 2.8M | 4.43M | -1.77M | -10.74M | 3.26M |
| Working Capital Changes | -22.75M | -34.54M | -34.18M | 50.32M | -29.38M | -37.19M | 1.45M | 5.56M |
| Change in Receivables | -44.86M | -18.57M | -14.17M | -7.09M | 321K | -16.92M | 190K | -4.93M |
| Change in Inventory | 2M | -27.32M | -32.98M | 33.69M | -9.33M | -43.5M | 4.98M | 11.09M |
| Change in Payables | 23.93M | 11.22M | 15.67M | 24.34M | -16.78M | 20.5M | 12.71M | -3.63M |
| Cash from Investing | -8.15M | -8.25M | -974K | -594K | -982K | -557K | -375K | -1.01M |
| Capital Expenditures | -8.05M | 0 | -974K | -599K | -982K | -557K | -392K | -1.01M |
| CapEx % of Revenue | 1.22% | 1.34% | 0.19% | 0.12% | 0.23% | 0.15% | 0.13% | 0.36% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -8.25M | 0 | 5K | 0 | 0 | 17K | 0 |
| Cash from Financing | -16.34M | -7.53M | -8.3M | 6.29M | 3.03M | -26.8M | 2.05M | -10.37M |
| Debt Issued (Net) | -11K | -10K | -13K | -23K | -28K | -7.28M | 8.11M | -10.36M |
| Equity Issued (Net) | -16.33M | -7.52M | -12.03M | -773K | 0 | -19.65M | -6.94M | -10K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -21.27M | -11.27M | -12.03M | -773K | 0 | -50M | -6.94M | -37K |
| Other Financing | 0 | 0 | 3.75M | 7.09M | 3.06M | 123K | 885K | 6K |
| Net Change in Cash | 48.32M | 32.22M | 33.07M | 113.24M | -9.06M | -43.49M | 35.44M | 11.26M |
| Free Cash Flow | 64.98M | 39.02M | 41.92M | 106.56M | -11.92M | -16.72M | 32.93M | 20.76M |
| FCF Margin % | 9.87% | 6.4% | 8.12% | 21.59% | -2.79% | -4.41% | 10.6% | 7.31% |
| FCF Growth % | 103.35% | -6.92% | -60.65% | 994.15% | 28.74% | -150.78% | 58.66% | - |
| FCF per Share | 1.07 | 0.65 | 0.71 | 1.81 | -0.21 | -0.30 | 0.59 | 0.37 |
| FCF Conversion (FCF/Net Income) | 0.78x | 0.66x | 0.77x | 2.30x | -1.40x | -0.85x | 1.02x | 2.31x |
| Interest Paid | 0 | 0 | 0 | 75K | 217K | 349K | 812K | 1.13M |
| Taxes Paid | 0 | 0 | 0 | 9.9M | 4.62M | 2.44M | 9.72M | 1.99M |
Working capital volatility
According to recent quarterly filings, the relationship between net income and operating cash flow remains highly volatile, with the OCF/NI ratio fluctuating from a high of 5.49 in 2023Q4 to a low of -0.70 in 2025Q4, indicating significant timing mismatches in cash realization.
The wide variance in conversion suggests that reported net income is frequently decoupled from actual cash generation due to the company's heavy reliance on inventory-in-transit and seasonal working capital swings. Investors should monitor whether this volatility is a structural byproduct of the import-heavy supply chain or a sign of aggressive revenue recognition timing.
As reported in financial statements, working capital changes have frequently acted as a significant drag on cash flow, most notably in 2025Q1 when a $29.2M outflow occurred, highlighting the sensitivity of the company's liquidity to the timing of inventory procurement and ocean freight cycles.
The recurring negative working capital adjustments suggest that the company must commit substantial cash to inventory long before it is converted into sales. This creates a persistent liquidity risk where cash flow is hostage to the efficiency of the global supply chain and the timing of retail inventory stocking.
Based on the company's reported figures, capital expenditures remain remarkably low, with the CapEx/Revenue ratio consistently staying below 2.5% over the last ten quarters, which underscores the effectiveness of the firm's asset-light strategy in minimizing the need for heavy investment in physical production infrastructure.
The minimal capital intensity allows the company to direct its cash toward brand building and share repurchases rather than maintenance of fixed assets. This structural advantage appears to be a key pillar of the company's ability to maintain a fortress balance sheet despite the inherent risks of its global supply chain.
As indicated by recent financial disclosures, the company has utilized its cash reserves to fund share repurchases, including an $11.5M outlay in 2026Q1, signaling management's preference for returning capital to shareholders over aggressive M&A or significant expansion of the existing production footprint.
While the lack of debt and strong cash position provide flexibility, the reliance on buybacks may suggest a lack of high-return internal projects or acquisition targets that meet the company's strategic criteria. Investors should evaluate whether these repurchases are effectively offsetting dilution or if they represent a missed opportunity for reinvestment.
Quick answers to the most common questions about buying COCO stock.
The Vita Coco Company, Inc. (COCO) generated $47.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
The Vita Coco Company, Inc. (COCO) generated $39.0M 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.
The Vita Coco Company, Inc. (COCO) 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, The Vita Coco Company, Inc. (COCO) spent $11.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.