Free cash flow has turned sharply negative, reaching a -79.4% margin in 2026Q1, as capital expenditures remain elevated at 16.9% of revenue despite the ongoing downturn.
| 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 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Cash from Operations | -43.34M | -28.73M | 24.8M | 21.3M | 52.54M | 44.08M | 96.4M | 34.64M | 85.61M | 39.35M | 90.97M | 39.62M | 51.95M | 62.45M | 64.89M | 50.43M | 17.84M | 25.88M | 36.27M | 21.55M | -12.49M |
| Operating CF Margin % | - | -30.01% | 10.19% | 5.78% | 13.27% | 13.72% | 47.14% | 16.88% | 29.42% | 14.31% | 35.93% | 13.22% | 15.2% | 14.04% | 18.44% | 16.27% | 8.14% | 13.16% | 18.29% | 12.69% | -54.22% |
| Operating CF Growth % | -521.36% | -215.86% | 16.45% | -59.46% | 19.18% | -54.27% | 178.32% | -59.54% | 117.58% | -56.75% | 129.6% | -23.73% | -16.82% | -3.75% | 28.67% | 182.69% | -31.08% | -28.65% | 68.3% | 272.51% | - |
| Net Income | -52.34M | -49.4M | 15.5M | 37.38M | 15.21M | 26.25M | 46.56M | 88.18M | 53.16M | 23.51M | 56.34M | 46.42M | 53.2M | 74.03M | 34.3M | 34.51M | 23.09M | 16.99M | 22.68M | 8.41M | 2.72M |
| Depreciation & Amortization | 9.91M | 9.66M | 9.21M | 10.35M | 10.45M | 10.45M | 11.15M | 12.09M | 10.97M | 11.62M | 10.82M | 10.19M | 8.98M | 10.32M | 10.45M | 9.1M | 7.56M | 7.52M | 5.8M | 4.71M | 630K |
| Stock-Based Compensation | 782K | 1.01M | 359K | 0 | 46K | 0 | 49K | 21K | 357K | 998K | 1.91M | 2.04M | 1.44M | 0 | 281K | 502K | 0 | 873K | 849K | 0 | 0 |
| Deferred Taxes | 173K | 137K | 773K | 0 | -1.82M | -10.45M | -610K | -5.14M | -1.25M | -13.66M | -5.27M | -3.72M | 5.39M | -1.97M | 1.83M | 2.85M | 0 | 255K | 3.05M | 2.33M | -956K |
| Other Non-Cash Items | 2.5M | -137K | 2.14M | -2.29M | 8.48M | 2.13M | 4.17M | -4.49M | 10.35M | 3.25M | 5.46M | -3.2M | -4.35M | 24K | -5.35M | 3.49M | 2.49M | -189K | 3.16M | -306K | 484K |
| Working Capital Changes | -4.36M | 10M | -3.18M | -24.14M | 20.17M | 15.7M | 35.08M | -56.02M | 12.03M | 13.63M | 21.72M | -12.11M | -12.71M | -36.05M | 23.37M | -12K | -15.31M | 435K | 735K | 6.35M | -15.37M |
| Change in Receivables | -5.44M | 12.49M | 8.4M | -2.18M | 3.17M | -6.56M | 92.04M | -96.73M | 4M | 2.61M | 21.59M | 4.98M | -18.06M | -10.47M | 12.89M | -512K | -13.41M | -1.71M | -2.53M | 6.39M | -20.43M |
| Change in Inventory | 3.37M | -611K | 4.74M | -6.22M | 162K | 6.97M | 3.68M | 1.72M | 4.46M | 8.34M | 12.86M | -19.6M | -3.19M | -172K | 15.45M | -20.07M | -10.93M | 1.14M | -4.15M | -977K | -1.26M |
| Change in Payables | 3.86M | -618K | -12M | -14.25M | 13.68M | 9.02M | -48.91M | 41.02M | 1.75M | -4.47M | -10.63M | 1.39M | 17.51M | -692K | -5.21M | 6.59M | 272K | 1.07M | 1.01M | -314K | 2.84M |
| Cash from Investing | -20.84M | -18.6M | -14.79M | 33.02M | -3.83M | 14.99M | 474K | 4.22M | 25.41M | -13.18M | -35.21M | 2.02M | 6.71M | -24.11M | -32.61M | -51.37M | -30.77M | 21.43M | -52.01M | -29.98M | -82.62M |
| Capital Expenditures | -18.63M | -17.25M | -14.67M | -6.02M | -4.78M | -1.46M | -4.46M | -6.97M | -4.87M | -3.58M | -4.5M | -8.63M | -8.12M | -18.54M | -9.11M | -23.21M | -9.67M | -23.16M | -16.35M | -17.71M | -3.27M |
| CapEx % of Revenue | 16.91% | 18.01% | 6.03% | 1.64% | 1.21% | 0.45% | 2.18% | 3.4% | 1.67% | 1.3% | 1.78% | 2.88% | 2.37% | 4.17% | 2.59% | 7.49% | 4.41% | 11.77% | 8.24% | 10.43% | 14.19% |
| Acquisitions | 0 | 0 | 0 | 0 | 61K | 1.46M | 4.46M | 6.97M | 4.87M | 3.58M | 4.5M | 8.63M | 8.12M | 18.54M | 9.11M | 23.21M | 9.67M | -21.89M | -9.68M | 0 | -72.63M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.21M | -1.35M | -126K | 1.34M | 0 | -1.36M | -4.41M | -6.96M | -4.84M | -3.58M | -4.5M | -8.62M | -8.04M | -18.48M | -8.87M | -4.24M | -30.43M | 26.87M | 5.67M | 2.54M | -6.72M |
| Cash from Financing | -10.53M | -10.89M | -119.91M | -10.52M | -10.5M | -119.68M | -142.09M | -10.5M | -10.67M | -110.81M | -10.54M | -11.68M | -21.04M | -10.62M | -63.28M | -374K | 38.47M | -9.26M | -11.47M | -50K | 158.21M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 119K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -200K |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 231K | 0 | 0 | -176K | 0 | 213K | 0 | 0 | 19.29M | 3.15M | 15.87M | 70.74M | 0 | 8.17M | 0 | 169.38M |
| Dividends Paid | -10.52M | -10.51M | -119.91M | -10.5M | -10.5M | -119.91M | -141.73M | -10.5M | -10.5M | -110.69M | -10.49M | -10.49M | -20.93M | -29.9M | -66.54M | -16.25M | -31.05M | -8.46M | -19.7M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -176K | -121K | 0 | -120K | -175K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -11K | -376K | 0 | -14K | 0 | -3K | -477K | 0 | 0 | -121K | -265K | -1.19M | -116K | -5K | 106K | 8K | -1.21M | -799K | 70K | -50K | -10.97M |
| Net Change in Cash | -74.7M | -58.23M | -109.9M | 43.8M | 38.12M | -60.6M | -45.21M | 28.36M | 100.34M | -84.64M | 45.22M | 29.97M | 37.62M | 27.73M | -31.01M | -1.31M | 25.55M | 38.06M | -27.2M | -8.47M | 63.1M |
| Free Cash Flow | -61.97M | -45.98M | 10.13M | 15.28M | 47.76M | 42.63M | 91.94M | 27.67M | 80.75M | 35.77M | 86.48M | 30.99M | 43.84M | 43.91M | 55.78M | 27.22M | 8.17M | 2.72M | 19.93M | 3.84M | -15.76M |
| FCF Margin % | -56.25% | -48.03% | 4.16% | 4.15% | 12.06% | 13.26% | 44.96% | 13.48% | 27.75% | 13% | 34.16% | 10.34% | 12.82% | 9.87% | 15.85% | 8.78% | 3.73% | 1.38% | 10.05% | 2.26% | -68.41% |
| FCF Growth % | -507.14% | -553.74% | -33.66% | -68.02% | 12.05% | -53.63% | 232.31% | -65.74% | 125.76% | -58.64% | 179.03% | -29.3% | -0.18% | -21.27% | 104.9% | 233.26% | 200.18% | -86.35% | 418.44% | 124.39% | - |
| FCF per Share | -1.41 | -1.05 | 0.23 | 0.35 | 1.09 | 0.97 | 2.10 | 0.63 | 1.85 | 0.82 | 1.99 | 0.71 | 1.01 | 1.01 | 1.34 | 0.67 | 0.22 | 0.09 | 0.72 | 0.12 | -0.50 |
| FCF Conversion (FCF/Net Income) | 1.18x | 0.58x | 1.60x | 0.57x | 3.45x | 1.68x | 2.07x | 0.39x | 1.61x | 1.67x | 1.61x | 0.85x | 0.98x | 0.84x | 1.89x | 1.46x | 0.77x | 1.52x | 1.60x | 2.56x | -4.60x |
| Interest Paid | 98K | 0 | 0 | 0 | 3K | 47K | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 23K | 3K | 5K | 2K | 8K | 4K | 3K | 0 |
| Taxes Paid | 0 | 0 | 457K | 20K | 69K | 83K | 661K | 2.37M | 9.18M | 55K | 987K | 13.38M | 12.37M | 38.89M | 19.25M | 13.77M | 8.08M | 7.68M | 11.12M | 2.99M | 0 |
Biofuel margin crush spread
According to quarterly financial disclosures, FutureFuel's operating cash flow frequently decouples from net income, as evidenced by the 2025Q4 period where the company reported a $12.0M net loss alongside a $27.4M cash outflow, signaling significant challenges in converting operational activity into realized liquidity.
The persistent gap between net income and operating cash flow suggests that accounting losses are being compounded by cash-intensive operational requirements. Investors should monitor whether this divergence reflects structural inefficiencies in the biofuel segment or merely the timing of working capital adjustments.
As reported in recent financial statements, FutureFuel's free cash flow trajectory has turned sharply negative, with the most recent quarter yielding a -79.4% FCF margin, a stark reversal from the positive cash generation observed in late 2024 that highlights the company's current inability to self-fund operations.
The consistent negative FCF trend indicates that the Batesville facility's fixed costs are currently unabsorbed by the volatile biofuel market. This trajectory suggests that without a recovery in processing spreads, the company may continue to deplete its cash reserves at an accelerating rate.
Based on the provided data, FutureFuel's capital expenditure as a percentage of revenue has climbed to 16.9% in 2026Q1, indicating that the company is maintaining high levels of investment despite a 60.65% year-over-year revenue contraction, which warrants further investigation into the necessity of these outlays.
The elevated CapEx/Revenue ratio suggests that the company is either prioritizing essential maintenance for its legacy infrastructure or struggling to scale back capital commitments in line with falling demand. This capital intensity appears to be a significant drag on liquidity during a period of negative operational profitability.
Data from recent filings reveals that working capital changes have become a primary source of cash flow volatility, swinging from a $25.0M inflow in 2024Q3 to a $18.6M outflow in 2025Q4, reflecting the company's sensitivity to inventory management and the timing of commodity-related payments.
The erratic nature of these working capital swings suggests that the company's cash position is highly vulnerable to the timing of feedstock procurement and product sales. Investors should monitor these fluctuations closely, as they appear to mask the underlying operational burn rate during periods of commodity price instability.
Quick answers to the most common questions about buying FF stock.
FutureFuel Corp. (FF) generated $-28.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
FutureFuel Corp. (FF) reported negative free cash flow of $46.0M in 2025, indicating capital requirements exceeded cash from operations.
FutureFuel Corp. (FF) spent $17.2M 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, FutureFuel Corp. (FF) returned $10.5M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.