Cash generation remains highly volatile, with free cash flow margins swinging from a negative 20.7% in 2026Q1 to a peak of 47.5% in 2023Q4 due to significant working capital fluctuations.
| 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 | 311.6M | 394.8M | 272.8M | 228.2M | -472.2M | 498.5M | 309.5M | 393.9M | 413.8M | 317.5M | 318.1M | 229.3M | 263.95M | 239.43M | 234.76M | 149.81M | 133.54M | 189.01M | 191.39M | 232.83M | 181.69M | 181.54M | 110.96M | 162.73M | 197.44M | 197.56M | 151.18M | 285.8M | 191.9M | 149.8M | 122.2M |
| Operating CF Margin % | - | 17.13% | 12.8% | 12.26% | -26.58% | 24.16% | 10.54% | 12% | 12.37% | 11.4% | 11.58% | 8.37% | 9.02% | 9.23% | 9.1% | 5.88% | 6.02% | 8.61% | 7.35% | 8.89% | 8.05% | 8.81% | 5.87% | 9.95% | 13.02% | 12.45% | 10.14% | 18.39% | 8.46% | 7.35% | 6.61% |
| Operating CF Growth % | -59.31% | 44.72% | 19.54% | 148.33% | -194.72% | 61.07% | -21.43% | -4.81% | 30.33% | -0.19% | 38.73% | -13.13% | 10.24% | 1.99% | 56.7% | 12.19% | -29.35% | -1.24% | -17.8% | 28.14% | 0.08% | 63.61% | -31.81% | -17.58% | -0.06% | 30.68% | -47.1% | 48.93% | 28.1% | 22.59% | 14.63% |
| Net Income | 326.6M | 331.7M | 268.2M | 175.9M | 171.6M | 197.4M | 181M | 133.3M | 335.6M | 171.8M | 122.8M | 228.9M | 192.67M | 219.5M | 216.99M | 26.52M | 154.17M | 134.08M | 135.16M | -62.34M | 165.89M | 136.04M | -105.42M | 104.3M | -11.45M | 88.62M | 123.73M | 114.6M | 138.4M | 112.8M | 92.1M |
| Depreciation & Amortization | 65.8M | 50.2M | 51M | 35.4M | 39.6M | 38.4M | 127.5M | 113.5M | 120M | 72.7M | 67.4M | 67M | 75.77M | 54.84M | 57.26M | 62.94M | 59.84M | 58.2M | 57.16M | 61.31M | 54.28M | 55.72M | 55.72M | 54.02M | 49.79M | 74.61M | 55.28M | 61.3M | 61.5M | 55.4M | 49.4M |
| Stock-Based Compensation | 26.3M | 27.2M | 25.6M | 0 | 0 | 21.7M | 22.3M | 22.3M | 21.6M | 21.8M | 21.7M | 21.3M | 20.86M | 22.79M | 17.32M | 14.97M | 13.33M | 9.17M | 13.33M | 15.25M | 14.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -2.1M | -2.1M | -11.6M | -18.7M | 800K | -4.9M | 10.2M | -31M | 45.9M | 104.3M | -25.1M | 29.3M | 36.48M | 55.68M | 55M | -44.84M | 28.03M | 23.57M | -33.92M | -112.64M | 5.05M | 23.91M | 18.51M | 2.78M | -29.78M | -2.02M | -2.69M | 6.5M | 4.2M | 4.8M | 3.1M |
| Other Non-Cash Items | -254.2M | -21.1M | -8.6M | 86.9M | -653.9M | 215.8M | -77.5M | 195.8M | -125.6M | -107.1M | 104.3M | -115.5M | -86.53M | -91.42M | -113.64M | 132.17M | -113.57M | -83.41M | 2.1M | 353.83M | -42.69M | -39.14M | 169.57M | -14.98M | 130.6M | 2.26M | -30.48M | 66.8M | -7.2M | -6.7M | -8.6M |
| Working Capital Changes | 155.3M | 8.9M | -51.8M | -51.3M | -30.3M | 30.1M | 46M | -40M | 16.3M | 54M | 27M | -1.7M | 24.7M | -21.96M | 1.82M | -41.95M | -8.26M | 47.4M | 17.56M | -7.32M | -835K | 5.03M | -27.4M | 16.6M | 58.28M | 34.09M | 5.34M | 36.6M | -5M | -16.5M | -13.8M |
| Change in Receivables | 1.4M | 0 | -32.1M | -23.7M | -46.6M | -36.5M | 138.5M | 3.8M | 4.8M | -10.1M | -6.2M | -2.4M | 25.16M | -42.86M | -2.58M | -44.12M | 142K | 55.17M | 29.65M | 2.07M | -18.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 1.4M | 0 | -21.2M | -42.1M | -42.1M | -27.4M | 35.4M | -8.3M | -38.8M | 6.4M | 24.9M | -23M | -17.34M | 28.12M | 8.55M | -38.41M | -21.44M | 67.73M | -10.18M | -767K | 786K | 5.09M | -29.22M | 20.99M | 43.75M | 21.41M | 17.81M | 17.3M | -9M | 2.5M | -2.9M |
| Change in Payables | 4.7M | 0 | 23.8M | -1.9M | 43.1M | 32.3M | -102.6M | -23.4M | 37M | 17.5M | 5.5M | 3.3M | 7.68M | 17.96M | -11.72M | 35.13M | 6.42M | -43.8M | -2.72M | 7.43M | -846K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.39B | 165.5M | -233.2M | -136.6M | 285.3M | -300K | -229.1M | -221M | -752.3M | -86.7M | -50.6M | -35.2M | -25.86M | -823.95M | 31.21M | -65.53M | -156.5M | -5.71M | -117.69M | -29.23M | -278.62M | -29.65M | -53.41M | -189.48M | -99.39M | -207.74M | 5.44M | -45.3M | -263.6M | -110.1M | -39.7M |
| Capital Expenditures | -50M | -53.5M | -36.6M | -39M | -37.1M | -35.3M | -34.1M | -68.8M | -108.8M | -49M | -51.5M | -39.6M | -43.73M | -29.46M | -29.31M | -34.74M | -21.03M | -28.35M | -45.14M | -47.17M | -27.17M | -27.16M | -22.51M | -28.13M | -25.5M | -32.14M | -29.98M | -29M | -54.3M | -40.6M | -50.5M |
| CapEx % of Revenue | 2.05% | 2.32% | 1.72% | 2.09% | 2.09% | 1.71% | 1.16% | 2.1% | 3.25% | 1.76% | 1.87% | 1.44% | 1.5% | 1.14% | 1.14% | 1.36% | 0.95% | 1.29% | 1.73% | 1.8% | 1.2% | 1.32% | 1.19% | 1.72% | 1.68% | 2.03% | 2.01% | 1.87% | 2.39% | 1.99% | 2.73% |
| Acquisitions | -1.35B | 4.9M | -199.5M | -90.5M | 318.1M | 0 | -169.5M | -156.4M | -645.4M | -60M | 0 | 0 | 8.18M | -794.95M | 54.08M | -36.59M | -140.46M | 0 | -76.53M | -63.49M | -256.55M | -8.82M | -49.96M | -168.82M | -82.22M | -191.17M | -11.92M | 6.3M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 6.5M | 214.1M | 2.9M | -7.1M | 4.3M | 5M | 4.5M | 3.1M | 1.9M | -26.7M | 900K | 4.4M | -34.04M | -29M | -22.87M | -28.94M | -16.04M | -5.71M | -41.16M | 48.44M | 5.1M | 6.34M | 19.06M | 7.47M | 8.33M | 27.57M | 15.78M | -19.7M | -209.3M | -77M | 10.8M |
| Cash from Financing | 886.8M | 838.8M | -49.7M | -423.2M | 106M | -557.9M | 55.1M | -124.6M | -7.9M | -80.8M | -100.4M | -143.8M | -133M | 432.68M | -95.31M | -108.67M | -77.43M | -61.96M | -95.62M | -76.61M | 42.57M | -13.18M | -151.79M | 125.56M | -87.82M | 20.6M | -148.59M | -252.8M | 79.8M | -42.8M | -76.3M |
| Debt Issued (Net) | 896.9M | 896.9M | -1.9M | -159.6M | 0 | -375.2M | 221.7M | 45.6M | 115M | 0 | -49.6M | -51.2M | 0 | 474.7M | 0 | -1M | -2.74M | -16.47M | -1.37M | -8.99M | 105.61M | -4.84M | -99.87M | 149.72M | -58.54M | 66.13M | -69.98M | -107.5M | 118.4M | -2M | -32M |
| Equity Issued (Net) | 10.4M | 0 | -900K | 21.8M | -187.5M | -96.3M | -70M | -79.9M | -50.1M | -25M | 0 | -25M | -50M | 0 | -49.99M | -80M | -49.99M | 0 | -60M | -50M | -37.13M | 18.62M | -28.24M | -388K | -5.39M | -21.62M | -54.28M | -118.6M | -12.9M | -17.6M | -21.7M |
| Dividends Paid | -54.4M | -52.9M | -46.9M | -57.3M | -105.9M | -100.6M | -100.4M | -93.2M | -83.5M | -78.4M | -77.2M | -76.6M | -73.88M | -67.27M | -61.97M | -56.99M | -50.37M | -46.78M | -45.2M | -39.65M | -33.6M | -26.96M | -23.69M | -23.77M | -23.9M | -23.92M | -24.32M | -26.7M | -25.2M | -22.9M | -22.7M |
| Share Repurchases | 1.5M | 0 | 0 | 0 | -203.7M | -96.3M | -70M | -79.9M | -50.1M | -25M | 0 | -25M | -50M | 0 | -49.99M | -80M | -49.99M | 0 | -60M | -50M | -60M | 0 | -44.57M | -17.44M | -9.68M | -30.71M | -66.67M | -124.8M | -22.2M | -25M | -26.7M |
| Other Financing | 33.9M | -5.2M | 0 | -228.1M | 399.4M | 14.2M | 3.8M | 2.9M | 10.7M | 22.6M | 26.4M | 9M | -9.1M | 25.3M | 16.66M | 29.33M | 25.66M | 1.29M | 10.95M | 22.04M | 7.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -200K | 100K | 100K |
| Net Change in Cash | -79.7M | 1.42B | -21.4M | -97.4M | -51.6M | -72.4M | 157.1M | 50.5M | -362.8M | 196.5M | 146.2M | 17.2M | 75.62M | -153.3M | 178.86M | -27.85M | -99.77M | 140.87M | -51.53M | 144.76M | -41.78M | 129.66M | -91.79M | 105.93M | 15.43M | 10.24M | 7.68M | -13M | 9M | -4.5M | 6.2M |
| Free Cash Flow | 261.6M | 341.3M | 236.2M | 189.2M | -509.3M | 463.2M | 275.4M | 325.1M | 305M | 268.5M | 266.6M | 189.7M | 220.22M | 209.97M | 205.45M | 115.08M | 112.5M | 160.67M | 146.26M | 185.66M | 154.52M | 154.38M | 88.46M | 134.6M | 171.94M | 165.42M | 121.2M | 256.8M | 137.6M | 109.2M | 71.7M |
| FCF Margin % | 10.7% | 14.81% | 11.08% | 10.16% | -28.67% | 22.45% | 9.38% | 9.9% | 9.12% | 9.64% | 9.7% | 6.92% | 7.53% | 8.09% | 7.97% | 4.52% | 5.07% | 7.32% | 5.62% | 7.09% | 6.85% | 7.49% | 4.68% | 8.23% | 11.34% | 10.42% | 8.13% | 16.53% | 6.07% | 5.36% | 3.88% |
| FCF Growth % | -1.21% | 44.5% | 24.84% | 137.15% | -209.95% | 68.19% | -15.29% | 6.59% | 13.59% | 0.71% | 40.54% | -13.86% | 4.88% | 2.2% | 78.53% | 2.29% | -29.98% | 9.85% | -21.23% | 20.15% | 0.09% | 74.53% | -34.28% | -21.72% | 3.95% | 36.48% | -52.8% | 86.63% | 26.01% | 52.3% | -10.38% |
| FCF per Share | 4.46 | 5.82 | 4.05 | 3.29 | -8.90 | 7.82 | 4.68 | 5.36 | 5.00 | 4.45 | 4.50 | 3.23 | 3.69 | 3.57 | 3.52 | 1.94 | 1.89 | 2.73 | 2.43 | 3.09 | 2.49 | 2.56 | 1.49 | 2.26 | 2.88 | 2.74 | 1.97 | 3.81 | 1.98 | 1.58 | 1.04 |
| FCF Conversion (FCF/Net Income) | 0.80x | 1.08x | 0.93x | 0.89x | -1.18x | 1.14x | 1.71x | 2.95x | 1.23x | 1.85x | 2.59x | 1.00x | 1.37x | 1.09x | 1.08x | 5.69x | 0.87x | 1.41x | 1.42x | -3.73x | 1.10x | 1.33x | -1.05x | 1.56x | -17.25x | 2.23x | 1.22x | 2.49x | 1.39x | 1.33x | 1.33x |
| Interest Paid | 4M | 0 | 24.4M | 0 | 0 | 2.9M | 53.8M | 47.4M | 47.5M | 36M | 36.8M | 37.5M | 39.4M | 28.2M | 26.69M | 26.16M | 26.92M | 27.14M | 25.88M | 27.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 63.8M | 0 | 88.9M | 0 | 0 | 33.9M | 46.5M | 35.1M | 58.4M | 84.1M | 69.8M | 51.1M | 39.6M | 53.7M | 26.27M | 25.55M | 15.65M | 10.74M | 46.46M | 68.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
As reported in recent financial statements, Crane's operating cash flow to net income ratio has exhibited extreme variance, swinging from a negative 1.99 in 2026Q1 to a positive 3.23 in 2023Q4, suggesting that reported earnings are frequently decoupled from actual cash generation capabilities.
The significant divergence between net income and operating cash flow suggests that non-cash items and working capital swings are heavily distorting the company's reported profitability. Investors should monitor whether this volatility is a structural byproduct of the post-spin-off business model or a temporary artifact of accounting adjustments.
Based on the provided quarterly data, Crane's free cash flow margins have demonstrated high sensitivity to operational cycles, fluctuating from a negative 20.7% in 2026Q1 to a peak of 47.5% in 2023Q4, indicating that cash generation remains highly susceptible to quarterly timing differences.
The wide range in FCF margins implies that the company's cash flow profile is not yet stabilized following the 2023 portfolio transformation. This inconsistency warrants further investigation into whether the underlying business units can sustain positive cash flow generation during periods of lower industrial activity.
According to the company's cash flow statements, working capital changes have been a primary driver of cash flow volatility, with quarterly swings reaching as high as $139.7 million in 2024Q4, which significantly impacts the company's ability to maintain consistent liquidity throughout the fiscal year.
The recurring, large-scale fluctuations in working capital suggest that Crane's inventory and receivables management may be struggling to align with the current production cadence. This pattern appears to be a major contributor to the observed disconnect between net income and cash flow.
As indicated by recent SEC filings, Crane has utilized its cash reserves for significant capital deployment, including a $1.4 billion net acquisition in 2026Q1, which highlights a shift toward inorganic growth despite the inherent volatility in its core operating cash flow generation.
The substantial acquisition activity suggests that management is prioritizing long-term strategic expansion over the preservation of cash on the balance sheet. Investors should monitor whether these capital outlays will eventually yield the expected returns to justify the current depletion of liquid assets.
Quick answers to the most common questions about buying CR stock.
Crane Company (CR) generated $394.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Crane Company (CR) generated $341.3M 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.
Crane Company (CR) spent $53.5M 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, Crane Company (CR) returned $52.9M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.