Cash conversion efficiency is erratic, demonstrated by an OCF/NI ratio that swung from -11.07 in 2025Q2 to 3.99 in 2026Q1, reflecting significant sensitivity to event-based working capital cycles.
| Cash from Operations | 58.3M | 42.6M | 46.8M | 38.3M | 174.7M | 90M | -37.1M | 67.8M | 103.9M | 110.8M | 92.98M | 87.78M |
| Operating CF Margin % | - | 9.19% | 11.74% | 10.01% | 53.61% | 61.86% | -29.12% | 18.79% | 27.29% | 32.43% | 28.72% | 28.65% |
| Operating CF Growth % | 100.95% | -8.97% | 22.19% | -78.08% | 94.11% | 342.59% | -154.72% | -34.74% | -6.23% | 19.17% | 5.92% | - |
| Net Income | -38.8M | -30.7M | 2.2M | -8.2M | 70.6M | -79.7M | -633.6M | -50M | -25.1M | 81.8M | 22.17M | 19.62M |
| Depreciation & Amortization | 18M | 31M | 28.3M | 45M | 62.9M | 50.9M | 51.9M | 52M | 46.8M | 43.2M | 40.05M | 39.07M |
| Stock-Based Compensation | -2.7M | 11.3M | 5.8M | 0 | 0 | 0 | 0 | 0 | 6.1M | 0 | 0 | 0 |
| Deferred Taxes | 3.9M | 4.1M | 1.8M | 1.3M | 300K | -400K | -58.1M | -15.4M | -24.8M | -39.9M | 10.41M | 7.89M |
| Other Non-Cash Items | 66.6M | 52.8M | 13.4M | 12.8M | 45.3M | 54.7M | 690.6M | 92.6M | 106.2M | 9.6M | 12.19M | 20.28M |
| Working Capital Changes | -19.4M | -25.9M | -4.7M | -12.6M | -4.4M | 64.5M | -87.9M | -11.4M | -5.3M | 16.1M | 8.17M | 915K |
| Change in Receivables | 8.7M | 5.7M | 4M | -8.6M | -24.9M | 2.2M | 12.8M | 3.4M | 1M | -700K | -10.62M | 4.39M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -11.6M | -2.4M | -7.9M | -11M | 6.2M | 20.8M | 5.7M | -7.1M | 3.4M | 3.3M | 2.35M | -2.22M |
| Cash from Investing | -183.6M | -203.2M | -25M | -21M | -47.9M | -131.9M | -37.3M | -16.7M | -74.7M | -95.5M | -51.87M | -87.02M |
| Capital Expenditures | -4.3M | -8.3M | -9.8M | -11.5M | -10.3M | -6.6M | -4M | -3.9M | -3.5M | -3M | -3.43M | -2.76M |
| CapEx % of Revenue | 0.91% | 1.79% | 2.46% | 3% | 3.16% | 4.54% | 3.14% | 1.08% | 0.92% | 0.88% | 1.06% | 0.9% |
| Acquisitions | -156.1M | -194.9M | -15.2M | -9.5M | -37.6M | -125.3M | -33.3M | -12.8M | -71.2M | -92.5M | -48.45M | -84.26M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -23.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -29.1M | 67.1M | -31.2M | -52.2M | -118.9M | -22.2M | 360.1M | -62M | -19.6M | -19.3M | -42.42M | -26.3M |
| Debt Issued (Net) | -3.9M | 103.3M | -4.2M | -2.1M | -104.2M | -5.7M | -15.7M | -35.7M | 14.3M | -155.9M | -37.91M | -26.3M |
| Equity Issued (Net) | -9M | -17M | -12.3M | -29.2M | -10.3M | -12.3M | 382M | -4M | -12.9M | 164.4M | 20K | 0 |
| Dividends Paid | -8.9M | -11.9M | -14.7M | -17.2M | 0 | 0 | -5.4M | -21.3M | -21M | -15.2M | 0 | 0 |
| Share Repurchases | -8.7M | -17.5M | -13.8M | -16.9M | -10.4M | -12.4M | -900K | -8.3M | -19.4M | 0 | -81K | 0 |
| Other Financing | -7.3M | -7.3M | 0 | -3.7M | -4.4M | -4.2M | -800K | -1M | 0 | -12.6M | -4.53M | 0 |
| Net Change in Cash | -155.7M | -93.9M | -9.4M | -34.9M | 7.9M | -64.1M | 285.7M | -10.9M | 9.6M | -4.04M | -1.32M | 16.26M |
| Free Cash Flow | 57.1M | 41.4M | 45.5M | 37.7M | 172.9M | 88.5M | -38M | 66.2M | 103.1M | 109.9M | 90.54M | 86.81M |
| FCF Margin % | 12.12% | 8.93% | 11.41% | 9.85% | 53.05% | 60.82% | -29.83% | 18.34% | 27.08% | 32.16% | 27.97% | 28.33% |
| FCF Growth % | 16.06% | -9.01% | 20.69% | -78.2% | 95.37% | 332.89% | -157.4% | -35.79% | -6.19% | 21.39% | 4.3% | - |
| FCF per Share | 0.29 | 0.21 | 0.29 | 0.59 | 2.50 | 1.24 | -0.53 | 0.92 | 1.41 | 1.52 | 178.80 | 173.57 |
| FCF Conversion (FCF/Net Income) | -1.47x | -1.39x | 21.27x | -4.67x | 2.47x | -1.13x | 0.06x | -1.36x | -4.14x | 1.35x | 4.19x | 4.47x |
| Interest Paid | 0 | 40.9M | 43.8M | 38.1M | 22.5M | 13.8M | 18.5M | 28.8M | 28.5M | 34.7M | 45.9M | 49.9M |
| Taxes Paid | 0 | 5M | 4.6M | 6.9M | 25.6M | 200K | 1.1M | 11.9M | 14.8M | 3.9M | 3.7M | 1.2M |
Thin Liquidity and Seasonality
As indicated by the provided financial data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from -11.07 in 2025Q2 to 3.99 in 2026Q1, highlighting a persistent disconnect between GAAP accounting results and actual cash generation.
The extreme volatility in the conversion ratio suggests that non-cash charges and significant working capital swings are heavily distorting the company's reported profitability. Investors should interpret these fluctuations as a sign that GAAP net income is currently an unreliable proxy for the underlying cash-generative capacity of the business.
According to the reported cash flow statements, free cash flow margins have fluctuated significantly, ranging from a low of 1.9% in 2025Q3 to a peak of 18.6% in 2024Q4, underscoring the inherent sensitivity of EEX's cash flow to the timing of its major trade show cycles.
The inconsistency in FCF margins suggests that the company's ability to retain cash is highly dependent on the specific quarterly event calendar rather than steady-state operational efficiency. This pattern warrants caution, as it implies that liquidity may be periodically constrained during off-peak quarters.
Based on the quarterly cash flow data, working capital changes have been a primary driver of liquidity volatility, with shifts ranging from a $19.1 million outflow in 2024Q1 to an $18.3 million inflow in 2023Q4, reflecting the company's reliance on advance collections for event participation.
The reliance on deferred revenue to fund operations creates a structural vulnerability where any disruption to the re-booking cycle could lead to immediate cash flow pressure. Analysts should monitor these working capital movements closely, as they appear to be the primary mechanism for managing the company's thin cash position.
As reported in recent filings, EEX has consistently utilized cash for acquisitions, including a $124.6 million outlay in 2025Q2, while simultaneously maintaining dividend payments and share repurchases despite a relatively thin cash balance of only $7.2 million as of the most recent reporting period.
This aggressive deployment strategy appears to prioritize inorganic expansion over the maintenance of a robust liquidity buffer. The combination of high acquisition spending and ongoing shareholder returns in the face of negative net margins suggests a capital allocation strategy that may be testing the limits of the company's financial flexibility.
Quick answers to the most common questions about buying EEX stock.
Emerald Holding, Inc. (EEX) generated $42.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Emerald Holding, Inc. (EEX) generated $41.4M 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.
Emerald Holding, Inc. (EEX) spent $8.3M 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, Emerald Holding, Inc. (EEX) returned $11.9M to shareholders via cash dividends and spent $17.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.