Free cash flow remains highly volatile with margins ranging from 6.1% to 25.0%, while aggressive capital allocation is highlighted by quarterly share repurchases reaching as high as $31.1 million in 2025Q3.
| Cash from Operations | 105.38M | 111.46M | 113.16M | 104.61M | 64.8M | 37.48M | 57.54M | -613K |
| Operating CF Margin % | - | 18.93% | 16.19% | 15.49% | 10.44% | 7.65% | 17.05% | -0.25% |
| Operating CF Growth % | -44.94% | -1.51% | 8.18% | 61.42% | 72.89% | -34.86% | 9486.46% | - |
| Net Income | 32.48M | 17.6M | -41.09M | -45.62M | -59.82M | -81.97M | -59.95M | -93.75M |
| Depreciation & Amortization | 65.92M | 68.42M | 88.82M | 104.2M | 110.8M | 101.44M | 76.84M | 52.95M |
| Stock-Based Compensation | 27.26M | 28.43M | 26.49M | 25.56M | 26.82M | 22.09M | 10.72M | 30.08M |
| Deferred Taxes | -1.94M | -132K | 2.73M | -1.66M | -7.48M | -12.03M | -4.31M | -15.97M |
| Other Non-Cash Items | 12.53M | 22.79M | 42.04M | 16.73M | 12.42M | 36.3M | 8.11M | 14.14M |
| Working Capital Changes | -28.47M | -25.65M | -5.84M | 5.39M | -17.94M | -28.36M | 26.13M | 11.93M |
| Change in Receivables | -13.11M | -14.05M | -319K | -5.01M | -13.21M | -13.34M | -516K | -3.01M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 2.47M | -1.71M | -254K | 179K | -1.87M | -3.96M | 2.89M | 1.13M |
| Cash from Investing | -32.97M | -30.57M | -12.3M | -38.02M | -18.08M | -379.67M | -418.31M | -323.78M |
| Capital Expenditures | -10.19M | -2.23M | -1.46M | -3.04M | -2.57M | -3.1M | -4.53M | -7.67M |
| CapEx % of Revenue | 1.72% | 0.38% | 0.21% | 0.45% | 0.41% | 0.63% | 1.34% | 3.17% |
| Acquisitions | -35.86M | -35.77M | 0 | -14.94M | 0 | -364.87M | -403.23M | -310.45M |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 13.08M | 7.43M | -10.84M | -20.04M | -15.51M | -11.69M | -10.55M | -5.66M |
| Cash from Financing | -91.66M | -87.56M | -59.61M | -66.63M | -47.31M | 341.18M | 401.85M | 309.67M |
| Debt Issued (Net) | -5.5M | -5.5M | -5.5M | -5.5M | -9.5M | -177.49M | 258.78M | 213.5M |
| Equity Issued (Net) | -87.17M | -74.39M | -50.29M | -67.28M | -42.99M | 525.49M | 150.17M | 113.73M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -90.13M | -85.14M | -57.71M | -67.28M | -42.99M | 0 | 0 | -23.51M |
| Other Financing | 1.01M | -7.66M | -3.82M | 6.15M | 5.18M | -6.82M | -7.1M | -17.56M |
| Net Change in Cash | -19.09M | -6.05M | 39.6M | 355K | -1.74M | -779K | 40.99M | -15.02M |
| Free Cash Flow | 85.06M | 109.23M | 94.26M | 81.53M | 46.72M | 22.69M | 44.46M | -13.94M |
| FCF Margin % | 14.32% | 18.55% | 13.49% | 12.07% | 7.53% | 4.63% | 13.17% | -5.76% |
| FCF Growth % | -23.31% | 15.89% | 15.62% | 74.49% | 105.94% | -48.97% | 419% | - |
| FCF per Share | 0.47 | 0.59 | 0.51 | 0.43 | 0.24 | 0.12 | 0.23 | -0.07 |
| FCF Conversion (FCF/Net Income) | 2.62x | 6.33x | -2.75x | -2.29x | -1.08x | -0.46x | -0.96x | 0.01x |
| Interest Paid | 18.17M | 0 | 45.55M | 46.01M | 30.08M | 30.85M | 35.22M | 33.98M |
| Taxes Paid | 30K | 0 | 4.55M | 3.11M | 2.51M | 1.5M | 736K | 337K |
Persistent cash-earnings divergence
According to the provided cash flow statements, EverCommerce consistently reports operating cash flow that significantly exceeds net income, with OCF/NI ratios often reaching extreme levels, suggesting that non-cash charges and accounting adjustments play a disproportionate role in reconciling the company's reported profitability to its actual cash generation.
The recurring gap between net income and operating cash flow indicates that the company's reported earnings are heavily influenced by non-cash items, such as the substantial depreciation and amortization associated with its acquisition-heavy strategy. Investors should monitor this divergence, as it implies that the headline net income figures may not be a reliable proxy for the underlying cash-generative capacity of the business.
As reported in financial statements, EverCommerce's free cash flow trajectory remains highly inconsistent, with margins fluctuating between 6.1% and 25.0% over the last ten quarters, reflecting the difficulty in maintaining stable cash conversion amidst a broader trend of revenue contraction and shifting operational requirements across its portfolio.
The volatility in free cash flow margins suggests that the company's ability to convert revenue into cash is sensitive to fluctuations in working capital and the timing of integration-related expenditures. This inconsistency warrants further investigation into whether the business can sustain positive cash flow if organic growth continues to face headwinds.
Based on the company's reported figures, EverCommerce has consistently utilized cash for share repurchases, with quarterly buybacks reaching as high as $31.1M in 2025Q3, even as the firm navigates a period of negative revenue growth and limited net profitability, raising questions regarding the efficiency of capital allocation.
The decision to prioritize share repurchases over debt reduction or organic investment appears aggressive given the current revenue contraction. Investors should consider whether this capital deployment strategy is intended to support the share price or if it reflects a lack of high-return internal investment opportunities within the existing vertical software assets.
As indicated by the provided financial data, stock-based compensation remains a persistent cash-equivalent expense, averaging over $6M per quarter, which effectively dilutes shareholders and masks the true cost of talent required to maintain the company's complex, multi-vertical software infrastructure and integration efforts across its various business lines.
While SBC is a non-cash expense, its consistent magnitude suggests that the company's reported cash flow figures may be overstated if one considers the economic reality of equity-based dilution. Analysts should adjust for these costs to better understand the true operational efficiency and the sustainability of the company's current compensation structure.
Quick answers to the most common questions about buying EVCM stock.
EverCommerce Inc. (EVCM) generated $111.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
EverCommerce Inc. (EVCM) generated $109.2M 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.
EverCommerce Inc. (EVCM) spent $2.2M 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, EverCommerce Inc. (EVCM) spent $85.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.