Cash generation remains highly volatile, highlighted by an OCF/NI ratio that swung from a negative 43.66 in 2023Q4 to a positive 7.08 in 2024Q4, complicating the firm's ability to fund its $3.7 million quarterly dividend payout.
| 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 | 117.02M | 101.85M | 51.62M | 103.79M | 27.63M | 54.32M | 93.18M | 75.22M | 52.42M | 40.76M | 98.86M | 61.66M | 6.61M | 77.84M | 92.85M | 36.68M | 26.17M | 51.66M | 70.97M | 23.28M | 52.72M | 39.82M | 35.75M | 36.86M | 52.62M | 63.07M | 55.63M | 68.6M | 20.9M | 66.1M | 71M |
| Operating CF Growth % | 403.64% | 97.31% | -50.27% | 275.59% | -49.13% | -41.7% | 23.88% | 43.49% | 28.61% | -58.77% | 60.35% | 833.32% | -91.51% | -16.16% | 153.17% | 40.16% | -49.35% | -27.21% | 204.82% | -55.83% | 32.38% | 11.39% | -3% | -29.96% | -16.57% | 13.38% | -18.91% | 228.23% | -68.38% | -6.9% | 50.11% |
| Operating CF / Revenue % | 9.01% | 7.75% | 3.85% | 7.88% | 2.24% | 4.77% | 9.17% | 7.18% | 4.67% | 3.5% | 8.4% | 4.97% | 0.54% | 6.21% | 7.33% | 3.03% | 2.36% | 4.93% | 6.25% | 2.21% | 5.85% | 4.66% | 4.4% | 4.8% | 6.95% | 8.23% | 7.81% | 9.77% | 3.13% | 9.55% | 11.21% |
| Net Income | 17.86M | 19.68M | 26.53M | 30.61M | -18.53M | 30.55M | 27.07M | 9.53M | 25.59M | 27.22M | 37.68M | -45.6M | 31.11M | 51.34M | 53.48M | 45.69M | 28.78M | -115.37M | 32.26M | 16.12M | 15.01M | 12.88M | 25.17M | 7.66M | 24.51M | 29.45M | 25.35M | 39.3M | 27.5M | 47M | 42.8M |
| Depreciation & Amortization | 39.98M | 40.04M | 36.2M | 35.74M | 36.1M | 40.18M | 40.11M | 40.51M | 44.08M | 41.66M | 40.74M | 43.5M | 37.64M | 33.9M | 32.8M | 31.88M | 30.6M | 31.01M | 30.33M | 29.65M | 20.55M | 19.18M | 18.18M | 16.38M | 17.41M | 20.63M | 20.15M | 17M | 14.8M | 15.4M | 15.7M |
| Stock-Based Compensation | 266K | 5.19M | 5.77M | 5.6M | 4.92M | 7.58M | 4.38M | 4.11M | 6.2M | 6.66M | 5.25M | 3.23M | 1.19M | 3.83M | 3.66M | 3.76M | 3.42M | 5.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -3.33M | -2.53M | -12.28M | 7.4M | -2.99M | -9.01M | 3.04M | 7.95M | -2.36M | 10.53M | 4.12M | 15.19M | 15.63M | 9.85M | -2.06M | 2.71M | 463K | 247K | -1.44M | 3.06M | 3.93M | 3.76M | 129K | 3.98M | -287K | -18K | 800K | -9.7M | 2.8M | 2.4M |
| Other Non-Cash Items | 2.23M | 3.25M | -997K | 4.32M | 38.24M | 104K | 3.91M | 17.48M | 21.33M | 19.6M | 66K | 48.96M | -1.07M | 273K | -136K | -3.72M | 11.46M | 141.06M | 5.86M | 2.93M | 4.97M | 363K | -7.79M | 54K | -18K | 125K | 17.29M | -100K | 100K | -2.2M | 4.5M |
| Working Capital Changes | 56.68M | 37.01M | -13.34M | 39.79M | -40.49M | -21.1M | 26.7M | 544K | -52.72M | -52.02M | 4.6M | 7.46M | -77.45M | -27.13M | -6.8M | -38.87M | -50.81M | -11.01M | 4.6M | -15.7M | 11.93M | 3.47M | -3.57M | 12.63M | 6.74M | 13.16M | -7.14M | 11.1M | -10.9M | 3.1M | 3.6M |
| Cash from Investing | -34.95M | -36.21M | -41.65M | -36.6M | -57.88M | -70.83M | -27.04M | -23.42M | 6.45M | -81.87M | -32.97M | -101.18M | -31.77M | -33.53M | -33.8M | -34.93M | -42.53M | -31.17M | -28.04M | -19.09M | -174.61M | -14.71M | -16.58M | -23.78M | -33.37M | -28.27M | -28.83M | -36.8M | -40.4M | -11.3M | -10.5M |
| Capital Expenditures | -21.59M | 0 | 0 | -4.89M | -6.84M | -9.22M | -37.38M | -8.69M | -30.02M | -44.91M | -29.2M | -32.92M | -29.2M | -31.01M | -33.18M | -29.9M | -27.78M | -24.57M | -32.01M | -28.11M | -22.74M | -15.33M | -10.67M | -11.14M | -9.19M | -11.99M | -9.33M | -30.4M | -30.1M | -12.3M | -7.5M |
| Acquisitions | 0 | 0 | 0 | 0 | -26.31M | -46.4M | 9.98M | -2.3M | 36.69M | -36.03M | -3.67M | -68.26M | -4.7M | -2.52M | -674K | -10.37M | -14.8M | -6.26M | 3.38M | 3.68M | -151.46M | -121K | -617K | -332K | -13.57M | -9.21M | -7.78M | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16.26M | 0 | 0 | 0 | 0 | 0 | 0 | 395K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 836K | 0 | 0 | 0 | 0 | 0 | 0 | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -13.36M | -36.21M | -41.65M | -31.71M | -24.73M | -15.2M | 358K | -12.44M | -218K | -926K | -95K | -20.77M | 17.55M | -16.98M | 47K | 5.33M | 51K | -335K | 594K | -50K | -405K | 740K | -5.3M | -12.31M | -10.61M | -7.08M | -11.72M | -6.4M | -10.3M | 1M | -3M |
| Cash from Financing | -77.2M | -57.62M | -12.86M | -54.68M | 25.94M | 24.66M | -74.37M | -53.41M | -58.74M | 10.34M | -55.15M | 67.89M | 4.53M | -39.13M | -64.92M | -17.96M | 39.75M | -26.55M | -12.22M | -17.19M | 135.79M | -18.82M | -22.24M | -4.38M | -11.1M | -34.13M | -21.42M | -21.8M | -26.7M | -53.6M | -45.8M |
| Dividends Paid | -14.54M | -14.33M | -13.76M | -12.7M | -11.84M | -12.66M | -9.64M | -13.17M | -13.53M | -13.7M | -13.56M | -13.51M | -11.72M | -8.84M | -9.88M | -5.26M | -218K | -274K | 0 | 0 | -8.87M | -11.74M | -11.71M | -11.68M | -19.43M | -27.15M | -26.94M | -26.2M | -25.1M | -21.8M | -20.1M |
| Share Repurchases | -16.03M | -10.51M | -3.87M | -2.73M | -26.75M | -19.13M | -2.67M | -26.21M | -11.52M | -7.42M | -1.34M | -1.72M | -3.39M | -3.63M | -2.84M | 0 | 0 | -1.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -26.6M | -13.8M | -19.8M | -37.3M | -24.3M |
| Stock Issued | 2.04M | 2.04M | 0 | 0 | 0 | 0 | 0 | 0 | 1.39M | 1.15M | 1.74M | 1.32M | 1.27M | 1.88M | 520K | 602K | 477K | 0 | 2.04M | 736K | 1.91M | 622K | 731K | 419K | 578K | 836K | 1.3M | 1.5M | 8.4M | 5.3M | 1.6M |
| Debt Issuance (Net) | -2M | -1000K | 1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -856K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 200K | -1000K |
| Other Financing | 4.57M | -5M | -3.62M | -5.75M | -2.87M | -4.12M | 13K | 819K | -320K | 34.63M | 8K | -380K | 22.58M | -1.72M | -1.38M | -2.04M | -2.78M | 0 | 590K | -927K | -4.69M | -313K | 0 | 891K | 0 | 0 | 0 | -100K | 0 | 0 | 0 |
| Net Change in Cash | 6.42M | 8.22M | -3.22M | 12.9M | -7.04M | 9.03M | -7.15M | -1.32M | -892K | -27.56M | 5.5M | 23.61M | -23.5M | 4.8M | -6.46M | -15.93M | 23.19M | -2.77M | 22.27M | -10.82M | 14.83M | 5.87M | -2.23M | 10.47M | 9.13M | -170K | 4.42M | 9.3M | -47M | -100K | -45.8M |
| Exchange Rate Effect | 1.55M | 198K | -326K | 386K | -2.74M | 881K | 1.08M | 293K | -1.02M | 3.21M | -5.24M | -4.76M | -2.87M | -388K | -588K | 294K | 30K | 3.29M | -8.45M | 2.17M | 929K | -420K | 832K | 1.77M | 972K | -841K | -956K | -800K | -800K | -1.3M | -60.5M |
| Cash at Beginning | 64.55M | 56.33M | 59.55M | 46.65M | 53.69M | 44.66M | 51.8M | 53.12M | 54.01M | 81.57M | 76.07M | 52.46M | 75.95M | 71.16M | 77.61M | 93.54M | 70.35M | 73.12M | 50.85M | 61.67M | 46.85M | 43.57M | 45.8M | 31.09M | 21.97M | 22.14M | 17.72M | 8.4M | 55.4M | 55.5M | 40.8M |
| Cash at End | 64.44M | 64.55M | 56.33M | 59.55M | 46.65M | 53.69M | 44.66M | 51.8M | 53.12M | 54.01M | 81.57M | 76.07M | 52.46M | 75.95M | 71.16M | 77.61M | 93.54M | 70.35M | 73.12M | 50.85M | 61.67M | 49.44M | 43.57M | 41.56M | 31.09M | 21.97M | 22.14M | 17.7M | 8.4M | 55.4M | -5M |
| Free Cash Flow | 109.1M | 94.83M | 9.97M | 67.19M | -6.96M | 23.37M | 55.8M | 54.09M | 22.4M | -4.15M | 69.67M | 28.74M | -22.59M | 46.83M | 59.68M | 6.78M | -1.61M | 27.09M | 38.96M | -4.83M | 29.98M | 24.5M | 25.09M | 25.72M | 43.43M | 51.08M | 46.3M | 38.2M | -9.2M | 53.8M | 63.5M |
| FCF Growth % | 216.01% | 850.99% | -85.16% | 1064.74% | -129.81% | -58.12% | 3.15% | 141.49% | 639.22% | -105.96% | 142.43% | 227.2% | -148.24% | -21.53% | 780.45% | 520.47% | -105.95% | -30.47% | 907.54% | -116.1% | 22.38% | -2.35% | -2.48% | -40.78% | -14.97% | 10.34% | 21.19% | 515.22% | -117.1% | -15.28% | 83% |
| FCF Margin % | 8.4% | 7.22% | 0.74% | 5.1% | -0.57% | 2.05% | 5.49% | 5.16% | 1.99% | -0.36% | 5.92% | 2.31% | -1.86% | 3.74% | 4.71% | 0.56% | -0.15% | 2.58% | 3.43% | -0.46% | 3.33% | 2.87% | 3.09% | 3.35% | 5.73% | 6.67% | 6.5% | 5.44% | -1.38% | 7.77% | 10.02% |
| FCF per Share | 2.21 | 1.89 | 0.2 | 1.35 | -0.14 | 0.43 | 1.05 | 1 | 0.43 | -0.08 | 1.3 | 0.5 | -0.42 | 0.84 | 1.1 | 0.13 | -0.03 | 0.52 | 0.74 | -0.1 | 0.6 | 0.5 | 0.51 | 0.53 | 0.89 | 1.05 | 0.95 | 0.76 | -0.18 | 1.06 | 1.24 |
High Operating Margin Sensitivity
According to quarterly financial disclosures, Crawford & Company exhibits significant volatility in operating cash flow, which swung from a $48.1 million inflow in 2025Q4 to a $13.9 million outflow in 2025Q1, highlighting the firm's struggle to maintain consistent cash generation relative to its $243.4 million quarterly claims burden.
The erratic nature of operating cash flow suggests that the company's ability to generate liquidity is highly dependent on the timing of claim settlements rather than steady-state operational efficiency. This inconsistency may indicate that the firm lacks a sufficient buffer to absorb fluctuations in claims volume without impacting its core liquidity position.
As reported in recent filings, the company's OCF/NI ratio has fluctuated wildly, reaching an extreme negative of -43.66 in 2023Q4 and a positive 7.08 in 2024Q4, which suggests that net income is a poor proxy for the actual cash-generating capacity of the underlying insurance services business.
This wide divergence between accounting earnings and cash flow implies that non-cash accruals and the timing of revenue recognition for unbilled services significantly distort the firm's reported profitability. Investors should monitor whether these accounting adjustments are masking a structural decline in the cash-conversion efficiency of the TPA and adjusting segments.
Based on the provided cash flow data, Crawford & Company consistently paid out approximately $3.4 million to $3.7 million in dividends per quarter, even during periods of negative operating cash flow, which warrants further investigation into the long-term sustainability of these distributions given the firm's strained profitability.
The decision to maintain dividend payments despite significant cash flow volatility suggests a management priority on shareholder returns that may be at odds with the company's thin operating margins. This capital allocation strategy appears to rely on existing cash reserves rather than organic cash generation, potentially limiting the firm's ability to reinvest in the technological modernization required to improve its competitive standing.
Financial statements indicate that the company manages a substantial claims volume, with quarterly outflows consistently exceeding $225 million, suggesting that the firm's liquidity is heavily tied to the efficient management of these large-scale, event-driven disbursements across its global adjusting and TPA operations.
The scale of these claims payments relative to the company's net income underscores the high-volume, low-margin nature of the business model. Any delay in the recovery of these funds from carriers or a spike in claims frequency could rapidly deplete the firm's available operating cash, creating a liquidity bottleneck that the current balance sheet may not be equipped to handle.
Quick answers to the most common questions about buying CRD-A stock.
Crawford & Company (CRD-A) generated $101.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Crawford & Company (CRD-A) generated $94.8M 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.
Crawford & Company (CRD-A) 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, Crawford & Company (CRD-A) returned $14.3M to shareholders via cash dividends and spent $10.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.