Cash conversion is robust, with operating cash flow consistently exceeding net income (OCF/NI ratio averaging 1.23) and minimal capital expenditures below 1% of revenue preserving free cash flow.
DoubleDown Interactive Co., Ltd. (DDI) cash flow statement — 8-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Cash from Operations | 146.51M | 136.84M | 148.45M | 24.09M | 50.79M | 96.11M | 99.85M | 76.66M | 74.53M |
| Operating CF Margin % | - | 38% | 43.49% | 7.8% | 15.82% | 26.46% | 27.86% | 28.02% | 27.92% |
| Operating CF Growth % | 31.13% | -7.82% | 516.27% | -52.57% | -47.15% | -3.75% | 30.25% | 2.87% | - |
| Net Income | 125.04M | 102.55M | 124.44M | 101.08M | -233.98M | 78.11M | 53.62M | 36.33M | 25.05M |
| Depreciation & Amortization | 9.59M | 7.4M | 5.19M | 3.47M | 3.8M | 17.92M | 31.57M | 33.42M | 30.1M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 8.36M | 0 | 38.44M | 30.27M | -84.98M | 5.98M | 4.42M | 2.71M | 3.19M |
| Other Non-Cash Items | 9.98M | 22.64M | -31.53M | 3.32M | 271.22M | -2.06M | 5.35M | 9.67M | 12.1M |
| Working Capital Changes | -6.5M | 4.25M | 11.91M | -114.04M | 94.73M | -3.84M | 4.88M | -5.46M | 11.31M |
| Change in Receivables | -4.53M | 3.32M | 1.46M | -11.4M | -46K | 1.64M | -4.1M | -3.68M | 3.48M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.07M |
| Change in Payables | 62.97K | 3.18M | 5.51M | -3.24M | -239K | -2.05M | 5.83M | -1.63M | 3.16M |
| Cash from Investing | -62.62M | -81.75M | -15.61M | -30.27M | -67.83M | -1.81M | -2.17M | -200K | -3.18M |
| Capital Expenditures | -288.2K | -292.16K | -867K | -198K | -269K | -207K | -217K | -200K | -3.18M |
| CapEx % of Revenue | 0.08% | 0.08% | 0.25% | 0.06% | 0.08% | 0.06% | 0.06% | 0.07% | 1.19% |
| Acquisitions | -61.29M | -61.6M | 0 | -26.88M | 0 | 0 | -1.95M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.05M | 0 | -5K | 5K | 22K | -58K | -6K | 0 | 0 |
| Cash from Financing | -1.79M | -1.35M | -2.01M | -3.25M | 0 | 86.04M | -76.27M | -61.79M | -46.68M |
| Debt Issued (Net) | -860K | 0 | -1.7M | -3.25M | 0 | 0 | -76.27M | -66.92M | -48.55M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 86.04M | 0 | 0 | 0 |
| Dividends Paid | -85.05K | -85.05K | -311K | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -847.51K | -1.27M | 0 | 0 | 0 | 0 | 0 | 5.12M | 1.87M |
| Net Change in Cash | 79.51M | 54.43M | 127.94M | -10.44M | -24.71M | 178.87M | 20.77M | 11.45M | 22.9M |
| Free Cash Flow | 146.33M | 136.65M | 147.56M | 23.89M | 50.52M | 95.84M | 99.63M | 76.46M | 71.34M |
| FCF Margin % | 38.5% | 37.95% | 43.23% | 7.73% | 15.74% | 26.39% | 27.8% | 27.95% | 26.73% |
| FCF Growth % | 5.14% | -7.39% | 517.68% | -52.71% | -47.29% | -3.8% | 30.3% | 7.17% | - |
| FCF per Share | 2.95 | 2.76 | 2.98 | 0.48 | 1.02 | 2.08 | 2.25 | 1.54 | 1.44 |
| FCF Conversion (FCF/Net Income) | 1.17x | 1.33x | 1.20x | 0.24x | -0.22x | 1.23x | 1.86x | 2.11x | 2.97x |
| Interest Paid | 3.06M | 0 | 0 | 130K | 0 | 0 | 5.89M | 9.78M | 15.56M |
| Taxes Paid | 0 | 0 | 0 | 526K | 15.98M | 18.82M | 12.55M | 10.2M | 3.6M |
Quick answers to the most common questions about buying DDI stock.
DoubleDown Interactive Co., Ltd. (DDI) generated $136.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
DoubleDown Interactive Co., Ltd. (DDI) generated $136.7M 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.
DoubleDown Interactive Co., Ltd. (DDI) spent $0.3M 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, DoubleDown Interactive Co., Ltd. (DDI) returned $0.1M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
SG&A growth outpacing revenue
High-Quality Earnings with Strong Cash Conversion
DoubleDown's operating cash flow consistently exceeds net income, with an OCF/NI ratio averaging 1.23 over the last ten quarters, indicating high-quality earnings and minimal accrual-based distortions.
The persistent premium of operating cash flow over net income suggests that the company's reported profits are backed by actual cash generation, not accounting adjustments. This strong conversion is particularly notable given the absence of stock-based compensation, which often inflates non-cash earnings. The pattern implies a business model with efficient cash collection and low reliance on non-cash revenue recognition.
FCF Margins Volatile but Persistently Strong
Free cash flow margins have been volatile, ranging from 23.2% to 57.0% over the past ten quarters, but have remained robustly positive, indicating a fundamentally cash-generative business despite quarterly fluctuations.
The wide range in FCF margins appears driven by significant swings in working capital, not underlying operational weakness. For instance, the 57.0% margin in 2024Q4 was boosted by a $20.8M working capital inflow, while the 23.2% in 2025Q2 reflected a $2.3M outflow. This volatility suggests investors should focus on the trend rather than any single quarter, as the core business consistently generates substantial free cash flow relative to its revenue.
Working Capital Swings Drive Cash Flow Volatility
Working capital changes have been the primary driver of operating cash flow volatility, with swings from a $20.8M inflow in 2024Q4 to a $10.6M outflow in 2026Q2, masking the stability of core operations.
The erratic working capital movements, particularly the large $795K inflow in 2024Q3 followed by a $8.7M outflow in 2024Q2, suggest inconsistent management of receivables, inventory, or payables. This pattern indicates that while the core business is stable, cash flow timing is unpredictable, which could complicate short-term liquidity planning. The recent $10.6M outflow in 2026Q2 warrants monitoring to see if it represents a one-time event or a new trend.
Minimal Capital Intensity Preserves Cash Flow
Capital expenditures are negligible, consistently below 1% of revenue, which preserves the vast majority of operating cash flow as free cash flow and underscores the asset-light nature of the business model.
With CapEx averaging just 0.1% of revenue over the last ten quarters, DoubleDown operates with an extremely low capital intensity. This allows nearly all operating cash flow to be available for deployment, a significant advantage over capital-intensive peers. The minimal spending suggests the company requires little reinvestment to maintain its operations, though it also raises questions about long-term investment in growth or technology.
Conservative Capital Allocation with Opportunistic M&A
Capital deployment has been conservative, with minimal dividends and no share repurchases, but the company executed a significant $61.6M acquisition in 2025Q3, indicating a willingness to deploy cash for strategic growth.
The company's primary use of cash has been for acquisitions, most notably the $61.6M outflow in 2025Q3, which appears to be a strategic investment. The lack of dividends or buybacks suggests a focus on growth and balance sheet preservation. This conservative approach provides flexibility but may disappoint investors seeking direct shareholder returns, especially given the strong free cash flow generation.
Cash Flow Obscures Acquisition Integration Risk
The cash flow statement does not detail the performance or integration costs of the $61.6M acquisition made in 2025Q3, which represents a material use of capital whose return on investment is currently unobservable.
While the acquisition is recorded as a cash outflow, the statement provides no insight into the acquired entity's profitability, cash generation, or integration expenses. This creates a blind spot in assessing the true return on invested capital. Investors should monitor future operating cash flow trends to infer whether the acquisition is contributing positively or becoming a drag on performance.