Cash conversion remains inconsistent, as evidenced by an OCF/NI ratio that swung from a low of 0.30 in 2025Q1 to a high of 4.36 in 2024Q4.
| Cash from Operations | 288.72M | 279.4M | 274.68M | 234.32M | 274.34M |
| Operating CF Margin % | - | 12.91% | 14.46% | 12.75% | 15.91% |
| Operating CF Growth % | 123.79% | 1.72% | 17.22% | -14.59% | - |
| Net Income | 177.99M | 172.8M | 171.9M | 184.74M | 172.24M |
| Depreciation & Amortization | 3.03M | 0 | 67.18M | 73.05M | 73.67M |
| Stock-Based Compensation | 1.87M | 0 | 2.33M | 651K | 2.14M |
| Deferred Taxes | 1.84M | 0 | -2.4M | -6.29M | -8.64M |
| Other Non-Cash Items | 106.61M | 98.64M | 5.5M | 857K | 1.01M |
| Working Capital Changes | -9.07M | 7.96M | 30.18M | -18.7M | 33.92M |
| Change in Receivables | -17.48M | -11.14M | -1.6M | -10.26M | -5.93M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 6.93M | 17.97M | 24.59M | 0 | 0 |
| Cash from Investing | -134.95M | -414.86M | -71.27M | -75.31M | -57.75M |
| Capital Expenditures | 4.64M | 0 | -64.33M | -69.34M | -45.98M |
| CapEx % of Revenue | 0.21% | 3.81% | 3.39% | 3.77% | 2.67% |
| Acquisitions | 275.26M | 0 | -6.96M | -6M | -11.8M |
| Investments | - | - | - | - | - |
| Other Investing | -414.86M | -414.86M | 27K | 36K | 38K |
| Cash from Financing | -144.17M | 32.1M | -51.53M | -165.29M | -209.86M |
| Debt Issued (Net) | -152.34M | 90.39M | 999.95M | -161.69M | -184.68M |
| Equity Issued (Net) | -15M | -22.42M | 495.8M | -1.98M | -29.05M |
| Dividends Paid | -8.02M | -32.08M | -1.54B | -6.13M | 0 |
| Share Repurchases | -15M | -22.42M | -15.4M | -5.32M | -29.05M |
| Other Financing | 31.18M | -3.78M | -3.63M | 4.51M | 3.87M |
| Net Change in Cash | 9.59M | -103.36M | 151.88M | -6.28M | 6.73M |
| Free Cash Flow | 293.36M | 197.06M | 210.35M | 164.98M | 228.35M |
| FCF Margin % | 13.14% | 9.11% | 11.07% | 8.98% | 13.24% |
| FCF Growth % | 63.96% | -6.32% | 27.5% | -27.75% | - |
| FCF per Share | 2.29 | 1.54 | 1.64 | 1.30 | 1.80 |
| FCF Conversion (FCF/Net Income) | 1.65x | 1.62x | 1.65x | 1.30x | 1.65x |
| Interest Paid | -38.14M | 108.97M | 49.65M | 44.35M | 31.12M |
| Taxes Paid | 0 | 45.91M | 55.76M | 60.61M | 42.17M |
Working capital volatility
As reported in financial statements, Concentra's OCF/NI ratio has exhibited extreme volatility, ranging from a low of 0.30 in 2025Q1 to a high of 4.36 in 2024Q4, indicating that net income is a poor proxy for the company's actual ability to generate cash from operations.
The significant divergence between net income and operating cash flow suggests that non-cash items and aggressive working capital swings are heavily influencing reported earnings. Investors should monitor whether this instability is a byproduct of the recent separation from Select Medical or a persistent feature of the company's revenue recognition cycle.
Based on reported figures, FCF margins have fluctuated wildly from -0.8% in 2025Q1 to 33.5% in 2025Q4, demonstrating that the company's cash generation trajectory remains highly sensitive to non-recurring items and timing differences rather than consistent operational performance.
The lack of a stable FCF trend complicates valuation efforts, as the business appears to oscillate between periods of cash accumulation and significant cash outflows. This inconsistency warrants further investigation into whether the company can maintain positive free cash flow without relying on favorable working capital adjustments.
According to recent SEC filings, quarterly working capital changes have swung from a $56.9M outflow in 2026Q1 to a $59.9M inflow in 2025Q4, highlighting a high degree of operational friction in managing receivables and payables across the company's national clinic network.
These sharp reversals in working capital suggest that the company's cash flow is frequently disrupted by the timing of insurance reimbursements and the settlement of medical claims. Such volatility implies that the company's liquidity position may be more fragile than the headline cash balance suggests.
As indicated by the provided data, CapEx/Revenue ratios have remained relatively contained, averaging between 3% and 5% in most periods, which suggests that the company's physical clinic footprint does not require excessive ongoing capital investment to maintain its current operational capacity.
While the capital intensity appears manageable, the occasional spikes in CapEx suggest that the company may be periodically investing in facility upgrades or technology integrations. Analysts should assess whether these expenditures are truly maintenance-oriented or if they represent necessary growth investments to defend the company's market position.
Quick answers to the most common questions about buying CON stock.
Concentra Group Holdings Parent, Inc. (CON) generated $279.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Concentra Group Holdings Parent, Inc. (CON) generated $197.1M 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.
Concentra Group Holdings Parent, Inc. (CON) 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, Concentra Group Holdings Parent, Inc. (CON) returned $32.1M to shareholders via cash dividends and spent $22.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.