While the OCF/NI ratio frequently exceeds 2.0, recent liquidity is pressured by a $32.6 million working capital outflow in 2026Q1 and heavy capital deployment for acquisitions.
| 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 | 220.57M | 227.01M | 260.06M | 211.19M | 219.9M | 228.42M | 199.09M | 179.95M | 172.73M | 145.79M | 168.05M | 162.42M | 139.82M | 62.61M | 82.66M | 69.37M |
| Operating CF Margin % | - | 24.36% | 30.76% | 30.4% | 35.56% | 38.73% | 38.99% | 36.92% | 38.06% | 35.81% | 43.15% | 43.56% | 38.72% | 17.53% | 24.19% | 21.6% |
| Operating CF Growth % | -38.12% | -12.71% | 23.14% | -3.96% | -3.73% | 14.73% | 10.64% | 4.18% | 18.48% | -13.25% | 3.47% | 16.16% | 123.32% | -24.26% | 19.16% | - |
| Net Income | 132.64M | 144.56M | 114.78M | 79.88M | 238.87M | 161.14M | 104.85M | 103.7M | 86.57M | 55.42M | 75.13M | 85.38M | 66.16M | -27.12M | 77.37M | 24.21M |
| Depreciation & Amortization | 136M | 122.09M | 127.85M | 93.62M | 78.62M | 75.07M | 71.52M | 68.08M | 63.07M | 64.25M | 59.57M | 64.97M | 65.99M | 70.37M | 71.49M | 69.89M |
| Stock-Based Compensation | 22.24M | 29.58M | 30.27M | 25.73M | 19.96M | 14.8M | 14.25M | 13.57M | 12.59M | 9.64M | 6.41M | 5.2M | 4.59M | 6.18M | 1.2M | 884K |
| Deferred Taxes | -30.64M | -24.15M | -26.73M | -16.14M | -435K | -2.83M | -3.9M | -6.39M | -4.61M | -4.31M | -4.59M | -1.08M | -1.71M | -5.7M | -66.57M | -22.08M |
| Other Non-Cash Items | 21.75M | 12.53M | 15.57M | 19.57M | -109.35M | 8.09M | 6.37M | 13.53M | 8.88M | 17.24M | 10.58M | 5.46M | 4.37M | 22.1M | 9.8M | 620K |
| Working Capital Changes | -64.4M | -57.6M | -1.68M | 8.54M | -7.76M | -27.85M | 6M | -12.54M | 6.24M | 3.54M | 20.96M | 4.5M | 2.41M | -5.5M | -10.63M | -4.16M |
| Change in Receivables | -21.83M | -28.56M | -11.22M | -6.85M | -15.57M | -18.52M | 8.4M | -7.85M | -18.18M | -2.1M | -2.58M | -4.98M | -6.61M | 9.24M | -15.97M | 3.7M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -9.1M | 0 | -15.98M | 1.34M | -1.93M | 936K | -998K | 4M | -2.4M | -1.73M | -6.46M |
| Change in Payables | -5.46M | 0 | 0 | 0 | 26.95M | -394K | -1.14M | -215K | 16.06M | -870K | 14.59M | 15.95M | -3.92M | -19.48M | 6.8M | -1.98M |
| Cash from Investing | -239.09M | -238.24M | -118.28M | -507.93M | -133.32M | -83.82M | -48.63M | -65.35M | -41.3M | -76.27M | -57.79M | -53.07M | -25.83M | -28.9M | -27.04M | -31.75M |
| Capital Expenditures | -36.27M | -23.34M | -25.38M | -21.43M | -27.07M | -25.1M | -17.08M | -23M | -13.93M | -11.29M | -18.45M | -21.02M | -10.9M | -11.69M | -16.61M | -8.96M |
| CapEx % of Revenue | 3.81% | 2.5% | 3% | 3.08% | 4.38% | 4.26% | 3.35% | 4.72% | 3.07% | 2.77% | 4.74% | 5.64% | 3.02% | 3.27% | 4.86% | 2.79% |
| Acquisitions | -144.44M | -144.44M | -36.03M | -423.07M | -44.37M | 0 | 0 | -5.58M | 0 | -42.84M | -15.6M | 0 | 0 | 0 | 0 | -9.24M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -56.03M | -68.06M | -63.18M | -63.52M | -55.38M | -55.75M | -31.55M | -36.76M | -27.37M | -22.14M | -23.74M | -32.05M | -14.93M | -17.2M | -10.43M | -13.54M |
| Cash from Financing | 22.28M | 28.45M | -152.56M | 416.37M | -153.31M | -81.28M | -62.62M | -70.23M | -105.06M | -69.18M | -90.8M | -112.72M | -104.15M | -37.07M | -86.19M | -36.62M |
| Debt Issued (Net) | 148.59M | 133.59M | -26.35M | 469.55M | -33.36M | -33.7M | -32.8M | -15.14M | -81.2M | -38.16M | -12.19M | -26.54M | -47.2M | -31.04M | 235.5M | -39.26M |
| Equity Issued (Net) | -89.3M | -69.29M | -82.29M | -36.1M | -96.6M | -24.39M | -7.3M | -31.82M | -12.16M | -7.67M | -39.95M | -55.26M | -25.65M | -91.85M | 450K | 2.64M |
| Dividends Paid | -12.69M | -12.78M | -12.87M | -13.03M | -13.77M | -14.41M | -14.38M | -14.42M | -7.27M | -21.76M | -29.7M | -30.92M | -31.36M | -16.39M | -319.96M | 0 |
| Share Repurchases | -89.3M | -69.29M | -82.29M | -36.1M | -96.6M | -24.39M | -7.3M | -31.82M | -10M | -7.67M | -39.95M | -54.95M | -26.2M | -75M | 0 | 0 |
| Other Financing | -24.33M | -23.07M | -31.05M | -4.06M | -9.58M | -8.79M | -8.13M | -8.85M | -6.58M | -1.59M | -8.96M | -306K | 64K | -27.1M | -2.17M | 0 |
| Net Change in Cash | 39.45M | 33.48M | -29.07M | 128.07M | -70.26M | 64.81M | 89.98M | 44.38M | 26.38M | 335K | 19.47M | -3.37M | 9.84M | -3.36M | -30.57M | 1M |
| Free Cash Flow | 165M | 135.51M | 171.64M | 126.24M | 137.37M | 146.76M | 150.45M | 120.08M | 131.41M | 112.32M | 125.78M | 115.44M | 114.21M | 34.19M | 55.16M | 45.94M |
| FCF Margin % | 17.35% | 14.54% | 20.3% | 18.17% | 22.21% | 24.88% | 29.47% | 24.64% | 28.95% | 27.59% | 32.29% | 30.96% | 31.63% | 9.57% | 16.14% | 14.31% |
| FCF Growth % | -1.89% | -21.05% | 35.96% | -8.1% | -6.4% | -2.45% | 25.29% | -8.63% | 17% | -10.7% | 8.96% | 1.07% | 234.05% | -38.01% | 20.05% | - |
| FCF per Share | 2.64 | 2.10 | 2.64 | 1.92 | 1.98 | 2.01 | 2.06 | 1.63 | 1.77 | 1.54 | 1.69 | 1.50 | 1.45 | 0.43 | 0.67 | 0.56 |
| FCF Conversion (FCF/Net Income) | 1.24x | 1.60x | 2.31x | 2.65x | 0.92x | 1.42x | 1.91x | 1.74x | 2.00x | 2.65x | 2.24x | 2.18x | 2.07x | -2.54x | 1.07x | 2.86x |
| Interest Paid | 48.4M | 64.37M | 72M | 32.15M | 24.13M | 21.7M | 23.79M | 28.23M | 26.89M | 25.38M | 22.54M | 21.5M | 24.28M | 41.34M | 45.7M | 43.43M |
| Taxes Paid | 31.21M | 36.9M | 24.58M | 36.25M | 32.83M | 25.72M | 22.67M | 18.7M | 9.75M | 9.93M | 8.7M | 5.68M | 976K | 2.34M | 2.84M | 1.64M |
Integration and geographic concentration
Based on reported quarterly filings, EVTC consistently generates operating cash flow significantly higher than net income, with an OCF/NI ratio frequently exceeding 2.0, which suggests that non-cash charges like depreciation and amortization are masking the underlying cash-generative capacity of the core payment processing business.
The persistent gap between net income and operating cash flow indicates that GAAP earnings may be a poor proxy for the company's actual liquidity. Investors should monitor whether this divergence is driven primarily by high depreciation from legacy infrastructure or if it reflects aggressive capitalization of software development costs.
As reported in financial statements, EVTC's free cash flow margins have exhibited significant volatility, swinging from a high of 28.5% in 2025Q3 to a low of 6.7% in 2025Q1, indicating that the company's ability to convert revenue into discretionary cash is highly sensitive to operational timing.
This inconsistency in FCF generation suggests that the business model may be less predictable than a standard utility-like processor. The fluctuation appears to correlate with lumpy working capital requirements and periodic spikes in capital intensity, which may complicate long-term capital allocation planning.
According to recent SEC filings, EVTC has faced recurring negative working capital adjustments, including a $32.6M outflow in 2026Q1, which suggests that the company is struggling to maintain efficient cash cycles as it integrates new business lines and expands its footprint across Latin American markets.
The frequent negative swings in working capital imply that the company may be experiencing delays in collections or an inefficient build-up of operational assets. This trend warrants further investigation into whether the current payment terms with regional partners are becoming increasingly unfavorable to the company's cash position.
Based on the provided data, EVTC has prioritized significant capital deployment toward share repurchases and acquisitions, such as the $144.4M spent on acquisitions in 2025Q4, which may be straining the company's ability to retain sufficient cash for organic growth and debt service obligations.
The combination of consistent dividend payments and large-scale M&A activity suggests a management team focused on external growth, yet this strategy appears to be depleting cash reserves during periods of decelerating revenue. Investors should consider whether this capital allocation is sustainable if the Brazilian software integration fails to yield expected returns.
Quick answers to the most common questions about buying EVTC stock.
EVERTEC, Inc. (EVTC) generated $227.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
EVERTEC, Inc. (EVTC) generated $135.5M 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.
EVERTEC, Inc. (EVTC) spent $23.3M 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, EVERTEC, Inc. (EVTC) returned $12.8M to shareholders via cash dividends and spent $69.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.