Free cash flow generation is highly erratic, swinging from a $3.0M inflow in 2025Q3 to a $2.0M outflow in 2025Q4, largely driven by unpredictable working capital fluctuations.
| 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 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 661K | 3.02M | -3.43M | 696K | -4.14M | 761K | -2.71M | -3.39M | 4.93M | -3.57M | -2.74M | 6.93M | 5.43M | 2.84M | 8.67M | 4.86M | 12.19M | 13.53M | 8.05M | 4.1M | 8.16M | 11.53M | 714K | 1.66M | 3M | 2.06M | 1.47M | 5M | -500K | -1.2M | -1.5M |
| Operating CF Margin % | - | 11.31% | -13.66% | 2.57% | -15.36% | 3.14% | -12% | -11.12% | 8.71% | -7.9% | -4.96% | 9.4% | 6.88% | 2.6% | 8.88% | 5.19% | 14.9% | 18.95% | 9.93% | 5.1% | 10.86% | 21.79% | 2.32% | 4.64% | 9.2% | 11.66% | 6.69% | 15.02% | -1.93% | -1200% | -750% |
| Operating CF Growth % | 199.64% | 187.85% | -593.25% | 116.82% | -643.89% | 128.11% | 20.08% | -168.74% | 238.09% | -30.31% | -139.52% | 27.47% | 91.24% | -67.21% | 78.41% | -60.15% | -9.88% | 68.1% | 96.32% | -49.76% | -29.24% | 1514.99% | -56.96% | -44.72% | 45.68% | 40.52% | -70.68% | 1100% | 58.33% | 20% | 58.33% |
| Net Income | -2.94M | -2.32M | -1.94M | -1.54M | -1.44M | 54K | -4.28M | -7.85M | 85K | -7.07M | -17.39M | -12.38M | -17.73M | 5.1M | 2.78M | 6.15M | 1.75M | -2.31M | 3.6M | 7.24M | 6.83M | 7.59M | 1.57M | 1.12M | 3.06M | -1.63M | 415K | 3M | 500K | -2.6M | -1.8M |
| Depreciation & Amortization | 692K | 663K | 460K | 342K | 440K | 741K | 848K | 996K | 847K | 1.53M | 3.5M | 4.21M | 4.31M | 3.01M | 3.09M | 3.72M | 4.08M | 5.11M | 2.99M | 2.47M | 2.08M | 1.69M | 1.36M | 1.11M | 943K | 1.14M | 983K | 800K | 400K | 0 | 0 |
| Stock-Based Compensation | 272K | 326K | 446K | 389K | 224K | 82K | 290K | 574K | 233K | 1.39M | 1.99M | 1.81M | 2.32M | 1.8M | 1.31M | 2.81M | 4.18M | 6.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 11K | 11K | 4K | -5K | 38K | 5K | -38K | 0 | 2K | -3.91M | 1.2M | 4.92M | -9.52M | 1.25M | -458K | 793K | -588K | -1.49M | 962K | 1.72M | -1.24M | -2.98M | -1.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 276K | -24K | -136K | -423K | -111K | -2.12M | -834K | 763K | 351K | 5.54M | 2.85M | 1.4M | 24.16M | 707K | -33K | -375K | -653K | 94K | 5.81M | 4.71M | 1.8M | 3K | 65K | 457K | 109K | 426K | 726K | 900K | 2M | 900K | 200K |
| Working Capital Changes | 2.35M | 4.36M | -2.26M | 1.93M | -3.29M | 2M | 1.3M | 2.13M | 3.41M | -1.04M | 5.12M | 6.98M | 1.89M | -9.03M | 1.99M | -8.24M | 3.42M | 6.11M | -5.36M | -12.06M | -1.32M | 3.68M | -966K | -1.03M | -1.11M | 2.12M | -658K | 300K | -3.4M | 500K | 100K |
| Change in Receivables | 1.6M | 4.2M | -1.13M | 1.04M | -4.45M | 3.79M | 1.09M | 11.41M | 848K | 113K | 3.52M | 7.88M | 6.12M | -6.97M | 4.25M | -13.28M | -3.37M | 5.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 172K | 26K | 41K | -46K | -45K | -252K | 171K | 818K | -108K | -134K | 446K | -560K | -616K | 77K | -202K | 504K | -354K | 563K | -828K | 17K | 155K | -47K | 0 | -382K | -214K | 422K | -459K | 100K | 400K | 0 | 0 |
| Change in Payables | 503K | 258K | 519K | -295K | 1.16M | -772K | 198K | -7.33M | 521K | 2.5M | -2.44M | 1.82M | -3.6M | -2.97M | 2.33M | 2.91M | 1.76M | -2.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -3.06M | 545K | -5.44M | -6.44M | -9.48M | -84K | -247K | -45K | -569K | -490K | -938K | -776K | -13.9M | -1.75M | -2.53M | -2.41M | -2.01M | -22.39M | -11.77M | -3.71M | -4.02M | -6.29M | -2.07M | -2.37M | -1.07M | -1.14M | -993K | -2.8M | 1.2M | 1.8M | -1.6M |
| Capital Expenditures | -609K | -674K | -378K | -418K | -206K | -84K | -247K | -550K | -570K | -492K | -940K | -802K | -5.82M | -1.75M | -2.53M | -2.41M | -2.21M | -2M | -9.84M | -9.71M | 0 | -2.79M | -2.08M | -1.02M | -1.34M | -1.02M | -774K | -2.8M | -400K | 0 | 0 |
| CapEx % of Revenue | 2.31% | 2.53% | 1.5% | 1.54% | 0.76% | 0.35% | 1.1% | 1.81% | 1.01% | 1.09% | 1.7% | 1.09% | 7.36% | 1.6% | 2.6% | 2.57% | 2.7% | 2.81% | 12.14% | 12.1% | - | 5.28% | 6.75% | 2.87% | 4.1% | 5.75% | 3.53% | 8.41% | 1.54% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 2K | 2K | 26K | -8.08M | 0 | 0 | 0 | 0 | -20.18M | -3.93M | 0 | 0 | 0 | 0 | -1.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 4.18M | 0 | 0 | 0 | 0 | 0 | 0 | 505K | 1K | 2K | 2K | 26K | -3.01M | 0 | 0 | 2K | 200K | -200K | 0 | 0 | 0 | 0 | 13K | 0 | 267K | -125K | -219K | 0 | 1.6M | 200K | 0 |
| Cash from Financing | -232K | -222K | -95K | 42K | -17K | 23.98M | 1.28M | -128K | -12K | -258K | -6.19M | -1.88M | -297K | 2.04M | -9.12M | -4.82M | -732K | 1.6M | 1.38M | 5.59M | 9.77M | 1.23M | 34K | -2.45M | -365K | -534K | -336K | 1M | 3.1M | 0 | 0 |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 1.56M | 0 | 0 | 0 | 0 | -1.62M | 0 | 1.61M | -1.19M | -1.16M | -737K | 737K | 137K | 2.05M | 0 | 0 | 0 | -1.8M | -900K | -900K | -675K | 1.3M | 0 | 0 | 0 |
| Equity Issued (Net) | -198K | 0 | -95K | 0 | 0 | 25.81M | 0 | 0 | 0 | -258K | -172K | -252K | -304K | -447K | -7.93M | -4.11M | 0 | 86K | 73K | 2.06M | 3.83M | 1.23M | 34K | -652K | 535K | 366K | 339K | 200K | 3.1M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -198K | 0 | -95K | 0 | 0 | 0 | 0 | 0 | -12K | -258K | -172K | -252K | -304K | -447K | -7.93M | -4.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -975K | 0 | -40K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -34K | -222K | 0 | 42K | -17K | -1.83M | -274K | -128K | -12K | 0 | 0 | 0 | 304K | 878K | 0 | 453K | 5K | 773K | 1.17M | 1.48M | 5.94M | 0 | 0 | 0 | 0 | 0 | 0 | -500K | 0 | 0 | 0 |
| Net Change in Cash | -2.71M | 3.43M | -9.07M | -5.75M | -13.73M | 24.45M | -895K | -4.56M | 3.67M | -3.46M | -9.86M | 3.05M | -9.1M | 3.29M | -3.78M | -2.29M | 9.56M | -7.18M | -2.32M | 6.07M | 14.03M | 6.34M | -1.28M | -3.13M | 1.6M | 351K | 28K | 3.2M | 3.9M | 600K | -3.1M |
| Free Cash Flow | 88K | 2.34M | -3.81M | 278K | -4.34M | 677K | -2.95M | -3.94M | 4.36M | -4.06M | -3.68M | 6.13M | -383K | 1.09M | 6.13M | 2.45M | 9.98M | 11.52M | -1.79M | -5.62M | 8.16M | 8.74M | -1.37M | 635K | 1.66M | 1.04M | 692K | 2.2M | -900K | -1.2M | -1.5M |
| FCF Margin % | 0.33% | 8.78% | -15.16% | 1.03% | -16.13% | 2.79% | -13.1% | -12.92% | 7.71% | -8.99% | -6.67% | 8.32% | -0.48% | 1% | 6.28% | 2.62% | 12.21% | 16.14% | -2.21% | -6.99% | 10.86% | 16.51% | -4.43% | 1.78% | 5.1% | 5.91% | 3.16% | 6.61% | -3.47% | -1200% | -750% |
| FCF Growth % | 107.46% | 161.45% | -1470.86% | 106.4% | -741.8% | 122.92% | 24.97% | -190.36% | 207.32% | -10.39% | -160.04% | 1699.48% | -135.2% | -82.26% | 150.33% | -75.46% | -13.36% | 743.02% | 68.09% | -168.83% | -6.64% | 739.75% | -315.12% | -61.82% | 59.29% | 50.87% | -68.55% | 344.44% | 25% | 20% | 58.33% |
| FCF per Share | 0.00 | 0.08 | -0.12 | 0.01 | -0.14 | 0.02 | -0.12 | -0.16 | 0.18 | -0.17 | -0.16 | 0.27 | -0.02 | 0.05 | 0.26 | 0.10 | 0.41 | 0.48 | -0.07 | -0.23 | 0.34 | 0.38 | -0.06 | 0.03 | 0.07 | 0.06 | 0.04 | 0.11 | -0.05 | -0.10 | -0.13 |
| FCF Conversion (FCF/Net Income) | -0.03x | -1.30x | 1.77x | -0.45x | 2.87x | 14.09x | 0.63x | 0.43x | -175.96x | 0.32x | 0.16x | -0.56x | -0.31x | 0.56x | 3.12x | 0.79x | 6.95x | -5.87x | 2.23x | 0.57x | 1.20x | 1.52x | 0.45x | 1.48x | 0.98x | -1.26x | 3.53x | 1.67x | -1.00x | 0.46x | 0.83x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 56K | 93K | 148K | 143K | 120K | 135K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 52K | 12K | 14K | 0 | 95K | 18K | 27K | 31K | 368K | 0 | 0 | 2.9M | 2.04M | 5.19M | 297K | 195K | 5.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Coal plant retirement acceleration
As reported in financial statements, Fuel Tech's operating cash flow frequently decouples from net income, with the OCF/NI ratio exhibiting extreme volatility, including a 10.22x reading in 2025Q3, which suggests that reported earnings are poor indicators of the company's actual ability to generate recurring cash from operations.
The wide variance between net income and operating cash flow indicates that accruals and working capital swings dominate the cash flow statement rather than core operational profitability. Investors should monitor this disconnect, as it implies that the company's earnings quality remains low and highly sensitive to the timing of project-based contract milestones.
Based on the provided quarterly data, Fuel Tech's free cash flow trajectory is highly inconsistent, swinging from a positive $3.0M in 2025Q3 to a negative $2.0M in 2025Q4, which underscores the difficulty in achieving sustainable cash generation within its current project-heavy business model.
The lack of a stable FCF trend suggests that the company is currently unable to self-fund its operations through internal cash generation. This volatility warrants further investigation into whether the business can achieve consistent positive margins as it attempts to pivot toward new water treatment verticals.
According to recent SEC filings, working capital changes are the primary driver of cash flow fluctuations, with a significant $2.6M inflow in 2025Q3 followed by a $649K outflow in 2025Q4, highlighting the company's reliance on project-based billing cycles to manage its short-term liquidity needs.
These dramatic shifts in working capital suggest that the company's cash position is heavily dependent on the timing of customer payments and project completion phases. Such reliance on lumpy inflows may expose the firm to liquidity stress during periods where project milestones are delayed or contract assets remain uncollected.
Based on reported figures, the cash flow statement obscures the impact of stock-based compensation and fluctuating contract assets, which consistently mask the underlying cash burn, as evidenced by the persistent negative operating cash flow observed in five of the last ten reported quarters.
The reliance on non-cash adjustments and working capital movements suggests that the company's cash flow statement may be overstating its operational health. Investors should be cautious, as the recurring nature of these adjustments may hide a structural inability to generate cash from core industrial activities.
Quick answers to the most common questions about buying FTEK stock.
Fuel Tech, Inc. (FTEK) generated $3.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fuel Tech, Inc. (FTEK) generated $2.3M 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.
Fuel Tech, Inc. (FTEK) spent $0.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.