The company's liquidity buffer is under pressure, with cash balances falling to $52.3 million in 2026Q1 from a peak of $114.1 million in 2024Q3.
| 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 |
|---|
| Cash from Operations | -29.12M | -36.07M | 31.87M | 66.53M | -23.31M | 20.68M | 47.62M | 83.05M | 14.69M | 61.02M | 101.52M | 85.66M | 76.02M | 75.67M | 35.27M | 28.22M |
| Operating CF Margin % | - | -9.08% | 7.19% | 11.77% | -3.37% | 3.21% | 9.79% | 15.21% | 2.55% | 10.37% | 18.85% | 17.15% | 16.99% | 21.22% | 11.89% | 10.87% |
| Operating CF Growth % | -471.41% | -213.16% | -52.09% | 385.4% | -212.7% | -56.56% | -42.66% | 465.25% | -75.92% | -39.9% | 18.51% | 12.68% | 0.47% | 114.54% | 24.96% | - |
| Net Income | -145.69M | -137.47M | -42.98M | -108.24M | -56.37M | 17.89M | 7.62M | 12.86M | 24.57M | 27.56M | 76.48M | 79.46M | 80.26M | 64.35M | 40.37M | 29.3M |
| Depreciation & Amortization | 12.72M | 14.2M | 17.13M | 30.01M | 36.34M | 35.41M | 29.46M | 28.59M | 28.59M | 29.93M | 28.25M | 22.33M | 17.18M | 14.99M | 14.37M | 14.62M |
| Stock-Based Compensation | 282K | 0 | 2.04M | 1.02M | 1.5M | 1.85M | 2.86M | 3.63M | 1.68M | 5.28M | 3.07M | 2.29M | 2.64M | 2.51M | 3.66M | 0 |
| Deferred Taxes | 118.72K | -961K | 0 | 0 | 0 | 0 | 0 | 326K | -3.06M | -6.38M | -963K | 7.05M | -2.58M | 674K | -1.93M | -3.86M |
| Other Non-Cash Items | 68.28M | 75.55M | 9.57M | 43.25M | 72.19M | 3.52M | 6.81M | 12.11M | 11.65M | 31.95M | 6.98M | -1.86M | 2.55M | -82K | 2.2M | 2.76M |
| Working Capital Changes | 35.36M | 12.61M | 46.1M | 100.49M | -76.98M | -37.98M | 872K | 25.53M | -48.73M | -27.32M | -12.3M | -23.62M | -24.02M | -6.78M | -23.4M | -14.35M |
| Change in Receivables | 754.62K | 88K | 25.61M | 19.91M | 6.26M | -8.22M | 15.39M | -5.03M | -2.64M | -7.57M | -4.18M | -2.97M | -3.91M | -8.24M | -8.56M | -10.46M |
| Change in Inventory | 34M | 21.1M | 20.13M | 101.55M | -40.88M | -54.19M | 313K | 35.3M | -30.61M | -27.83M | -5.38M | -15.27M | -22.34M | -7.32M | -3.82M | 4.09M |
| Change in Payables | -13.17M | -15.34M | 8.95M | -29.46M | -21.03M | 28.28M | -17.94M | -6.66M | -16.22M | 13.85M | 1.42M | -8.66M | 1.81M | 9.35M | 5.2M | -942K |
| Cash from Investing | -5.9M | -7.46M | -24.36M | -40.53M | -7.29M | -34.88M | -68.31M | -23.59M | -41.27M | -22.77M | -23.37M | -77.72M | -85.68M | -54.08M | -58.18M | -27.37M |
| Capital Expenditures | -7.64M | -9.04M | -10.42M | -11.17M | -17.8M | -31.48M | -19.82M | -23.59M | -20.96M | -22.68M | -22.94M | -76.5M | -86.37M | -27.37M | -13.48M | -8.79M |
| CapEx % of Revenue | 1.98% | 2.27% | 2.35% | 1.98% | 2.58% | 4.89% | 4.08% | 4.32% | 3.64% | 3.86% | 4.26% | 15.31% | 19.31% | 7.68% | 4.55% | 3.38% |
| Acquisitions | 1.78M | 1.81M | -1.56M | 0 | -2.25M | -1.97M | -28.96M | 66K | -20.12M | 11K | 22K | 0 | -150K | 0 | -150K | -18.74M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -71.85K | -243K | 67K | 177K | 12K | -99K | -334K | 3K | -191K | -91K | -430K | -1.23M | 844K | -26.7M | -44.55M | 161K |
| Cash from Financing | -3.61M | -3.92M | -3.04M | -23.78M | 9.16M | -25.25M | -6.08M | -14.13M | -18.24M | -6.27M | -35.62M | 2.15M | -26.67M | -26.46M | 42.48M | -31.83M |
| Debt Issued (Net) | -3.61M | -3.92M | -2.54M | -23.27M | 18.64M | -13.08M | -1.26M | -8.97M | 3M | -6.27M | 4.06M | 2.15M | -6.65M | -6.32M | -864K | -25.34M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -39.43M | 0 | 0 | 0 | 76.77M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -8.63M | -10.68M | -4.82M | -5.16M | -20.27M | 0 | -243K | 0 | -20.02M | -20.15M | -27.18M | -6.95M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -39.43M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -500K | -511K | -859K | -1.49M | 0 | 0 | -21.1M | 0 | -243K | 0 | 0 | 0 | -6.24M | 458K |
| Net Change in Cash | -94.98M | -57.34M | 2.71M | 2.54M | -22.23M | -39.93M | -25.12M | 45.81M | -45.15M | 32.44M | 43.46M | 8.48M | -37.92M | -6.79M | 17.08M | -31.79M |
| Free Cash Flow | -36.76M | -45.11M | 21.45M | 55.36M | -41.11M | -10.79M | 27.79M | 59.46M | -6.27M | 38.34M | 78.58M | 9.17M | -10.35M | 48.3M | 21.79M | 19.44M |
| FCF Margin % | -9.51% | -11.36% | 4.84% | 9.79% | -5.95% | -1.68% | 5.71% | 10.89% | -1.09% | 6.52% | 14.59% | 1.84% | -2.31% | 13.55% | 7.35% | 7.49% |
| FCF Growth % | -3059.76% | -310.25% | -61.25% | 234.66% | -280.91% | -138.83% | -53.25% | 1048.28% | -116.35% | -51.2% | 757.26% | 188.56% | -121.43% | 121.66% | 12.09% | - |
| FCF per Share | -1.06 | -1.30 | 0.62 | 1.60 | -1.19 | -0.31 | 0.81 | 1.73 | -0.18 | 1.12 | 2.26 | 0.26 | -0.29 | 1.37 | 0.67 | 0.99 |
| FCF Conversion (FCF/Net Income) | 0.25x | 0.26x | -0.74x | -0.62x | 0.41x | 1.09x | 6.60x | 6.46x | 0.60x | 2.33x | 1.36x | 1.10x | 0.97x | 1.19x | 0.89x | 0.97x |
| Interest Paid | 0 | 0 | 548K | 716K | 1.16M | 1.92M | 0 | 0 | 361K | 259K | 210K | 180K | 141K | 946K | 1.95M | 1.73M |
| Taxes Paid | 0 | 0 | 3.12M | 1.85M | 4.97M | 7.38M | 3.68M | 10.15M | 13.91M | 23.45M | 17.68M | 16.37M | 16.74M | 9.43M | 7.89M | 5.39M |
Structural cash flow erosion
According to recent financial disclosures, CSTE exhibits a chronic inability to convert net income into positive operating cash flow, with the company reporting negative operating cash flow in four of the last five quarters, signaling a fundamental breakdown in the quality of its reported earnings.
The consistent divergence between net losses and operating cash flow suggests that the company's underlying business model is struggling to generate liquidity even before accounting for capital expenditures. Investors should monitor whether this trend reflects structural inefficiencies in working capital management or an inability to stabilize core operational margins.
As reported in quarterly filings, CSTE's free cash flow trajectory has remained firmly in negative territory, with FCF margins reaching a low of -16.8% in 2025Q1, illustrating the severe pressure on liquidity as the company attempts to navigate a difficult transition toward an asset-light model.
The persistent negative FCF trajectory indicates that the company is currently consuming cash to sustain operations rather than generating internal funds for growth or debt service. This trend warrants further investigation into how long the current cash position can support such burn rates without requiring external financing.
Based on the provided cash flow data, CSTE has aggressively reduced its capital intensity, with CapEx as a percentage of revenue dropping to a negligible 0.1% in 2026Q1, reflecting a desperate attempt to preserve cash following the closure of major manufacturing facilities in Georgia and Israel.
This sharp reduction in capital spending appears to be a reactive measure to preserve liquidity rather than a strategic shift toward a more efficient capital structure. Analysts should consider whether this lack of investment will impair the company's ability to maintain its brand positioning and product quality over the long term.
As evidenced by the quarterly cash flow statements, working capital changes have frequently provided a temporary, artificial boost to operating cash flow, with positive adjustments of $8.5 million in 2026Q1, which may be masking the underlying weakness in the company's core cash-generating capabilities.
The reliance on working capital fluctuations to offset operational losses suggests that the company is managing its payables and receivables to survive short-term liquidity crunches. This behavior may indicate that the business is not yet self-sustaining and remains highly sensitive to timing differences in its cash conversion cycle.
Quick answers to the most common questions about buying CSTE stock.
Caesarstone Ltd. (CSTE) generated $-36.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Caesarstone Ltd. (CSTE) reported negative free cash flow of $45.1M in 2025, indicating capital requirements exceeded cash from operations.
Caesarstone Ltd. (CSTE) spent $9.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.