Free cash flow remains highly volatile, swinging from a $73.6 million surplus in 2025Q3 to a $168 million cash burn in 2026Q1.
| Cash from Operations | 36.6M | 216.7M | 121.5M | -25.9M | -292.3M | -28.6M | -58.1M | -377M | -189.4M |
| Operating CF Margin % | - | 3.11% | 2.16% | -0.53% | -4.86% | -0.45% | -1.56% | -15.8% | -21.41% |
| Operating CF Growth % | -567.48% | 78.35% | 569.11% | 91.14% | -922.03% | 50.77% | 84.59% | -99.05% | - |
| Net Income | 14.2M | -58.7M | -154.5M | -321.3M | -601.5M | -494.1M | -270.2M | -388M | -223.8M |
| Depreciation & Amortization | 246.9M | 112.7M | 82.4M | 90M | 86.3M | 64.4M | 51.2M | 40.9M | 14.8M |
| Stock-Based Compensation | 280.3M | 202.7M | 127.5M | 158.2M | 0 | 386.3M | 43.2M | 37.4M | 52.5M |
| Deferred Taxes | -402M | 0 | 0 | 0 | 0 | 10.2M | 0 | 0 | 1.8M |
| Other Non-Cash Items | -55.3M | -6.9M | 5.2M | 12.2M | 252.1M | -3.6M | 25.2M | -3.1M | 500K |
| Working Capital Changes | -47.4M | -33.1M | 60.9M | 35M | -29.2M | 8.2M | 92.5M | -64.2M | -35.2M |
| Change in Receivables | 13.1M | 6.1M | -8M | 14.5M | -5.2M | 17.9M | 300K | -103M | -21.6M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -8.5M | 0 | 0 | 0 |
| Change in Payables | -3.1M | 2.5M | -6.3M | 1.8M | -20.7M | -3.6M | -6.5M | 9.2M | 22.4M |
| Cash from Investing | -385.6M | -191.3M | -36.6M | -11.7M | -100.1M | -192.5M | -13.4M | 389.9M | -627.1M |
| Capital Expenditures | -20.8M | -13.4M | -15.7M | -11.2M | -70.1M | -50.1M | -43.3M | -74.1M | -35.3M |
| CapEx % of Revenue | 0.25% | 0.19% | 0.28% | 0.23% | 1.16% | 0.78% | 1.16% | 3.11% | 3.99% |
| Acquisitions | -360.9M | -174M | -18.9M | 700K | -15M | -142.4M | -25.6M | -38.2M | -88.7M |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.5M | 0 | -2M | -1.2M | 0 | -142.4M | 0 | 0 | -503.1M |
| Cash from Financing | 706M | -50.2M | -28M | -157.4M | 136M | 399.3M | 19.9M | 350.2M | 857.2M |
| Debt Issued (Net) | -57.9M | -5M | -1.2M | -157.1M | 165.7M | 7.8M | 8.4M | 0 | 0 |
| Equity Issued (Net) | 13.3M | 20.7M | 11.7M | 32.3M | 11.3M | 439.6M | 1M | 343.3M | 853.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 750.6M | -65.9M | -38.5M | -32.6M | -41M | -48.1M | 10.5M | 6.9M | 3.7M |
| Net Change in Cash | 357M | -24.8M | 56.9M | -195M | -256.4M | 178.2M | -51.6M | 363.1M | 40.7M |
| Free Cash Flow | 15.8M | 203.3M | 105.8M | -37.1M | -362.4M | -78.7M | -101.4M | -451.1M | -224.7M |
| FCF Margin % | 0.19% | 2.92% | 1.88% | -0.76% | -6.02% | -1.23% | -2.73% | -18.91% | -25.4% |
| FCF Growth % | -86.77% | 92.16% | 385.18% | 89.76% | -360.48% | 22.39% | 77.52% | -100.76% | - |
| FCF per Share | 0.02 | 0.36 | 0.21 | -0.08 | -0.85 | -0.24 | -0.25 | -1.27 | -0.63 |
| FCF Conversion (FCF/Net Income) | 1.11x | -3.70x | -0.79x | 0.08x | 0.49x | 0.06x | 0.22x | 0.97x | 0.85x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 200K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High Agent Churn Sensitivity
As reported in recent financial statements, the relationship between net income and operating cash flow remains highly volatile, evidenced by a 2026Q1 net income of $22.0 million contrasting sharply with a negative $157.0 million in operating cash flow, suggesting significant non-cash adjustments and accrual-based distortions.
The persistent divergence between accounting profits and cash generation indicates that reported net income may not be a reliable proxy for the company's underlying cash-generating capacity. Investors should monitor the heavy reliance on stock-based compensation and other non-cash items that frequently bridge the gap between GAAP results and actual liquidity.
According to quarterly filings, the company's free cash flow trajectory has been erratic, swinging from a positive $73.6 million in 2025Q3 to a negative $168.0 million in 2026Q1, highlighting the difficulty in maintaining consistent cash generation amidst a high-cost, transaction-dependent brokerage business model.
The inability to sustain positive free cash flow suggests that the company's operational scale is not yet sufficient to cover its fixed costs and capital requirements. This inconsistency warrants further investigation into whether the business can achieve self-sustaining cash flow without continued reliance on external financing or equity dilution.
Based on reported figures, working capital changes have been a significant source of cash flow volatility, with a notable $85.7 million inflow in 2024Q1 followed by a $47.6 million outflow in 2025Q2, reflecting the cyclical nature of real estate transactions and the timing of commission payments.
These fluctuations suggest that the company's cash position is highly sensitive to the timing of property closings and the efficiency of its collection cycles. The lack of a stable working capital trend implies that liquidity management remains a complex challenge for management during periods of market contraction.
Analysis of recent SEC filings reveals that stock-based compensation reached $108.0 million in 2026Q1, a figure that significantly masks the true cash burn of the business by inflating non-cash expenses and complicating the assessment of the company's actual operational performance and long-term sustainability.
By treating stock-based compensation as a non-cash expense, the company's reported cash flow metrics may appear more favorable than the underlying economic reality suggests. Investors should be cautious, as this practice effectively shifts the cost of talent retention onto shareholders through dilution rather than reflecting it as a direct cash expense.
Quick answers to the most common questions about buying COMP stock.
Compass, Inc. (COMP) generated $216.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Compass, Inc. (COMP) generated $203.3M 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.
Compass, Inc. (COMP) spent $13.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.