Cash flow conversion remains inconsistent, evidenced by an extreme OCF/NI ratio of 76.20 in 2025Q1 and FCF margins that swung from a negative 4.3% in 2023Q4 to a robust 77.9% in 2025Q1.
| 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 | 836M | 870M | 567M | 619M | 534M | 481M | -139M | 294M | 268M | -75M | 378M | -35M | 1.13B | 1.24B | 236M | 276M |
| Operating CF Margin % | - | 19.41% | 15.52% | 19.21% | 20.75% | 22.52% | -12.14% | 14.54% | 14.67% | -4.21% | - | -0.73% | 1906.78% | 30.88% | 11.81% | 19.59% |
| Operating CF Growth % | 493.91% | 53.44% | -8.4% | 15.92% | 11.02% | 446.04% | -147.28% | 9.7% | 457.33% | -119.84% | 1180% | -103.11% | -8.98% | 423.73% | -14.49% | - |
| Net Income | 607M | 555M | -30M | 185M | 562M | -120M | -594M | -311M | -150M | 257M | 329M | -175M | 395M | 8.99B | 1.41B | 832M |
| Depreciation & Amortization | 428M | 393M | 352M | 369M | 362M | 397M | 441M | 453M | 460M | 405M | 10M | 9M | 359M | 315M | 817M | 53M |
| Stock-Based Compensation | 11M | 21M | 30M | 20M | 16M | 29M | 21M | 28M | 25M | 32M | 13M | 37M | 188M | 191M | 14M | 11M |
| Deferred Taxes | 52M | 18M | -72M | -158M | -415M | -46M | -102M | -112M | -71M | -529M | 126M | -101M | 91M | -172M | 450M | 42M |
| Other Non-Cash Items | -459M | -264M | 352M | 71M | -107M | 78M | 140M | 178M | -94M | 42M | -71M | 192M | 133M | -8.2B | -2.51B | -657M |
| Working Capital Changes | -18M | 147M | -65M | 132M | 116M | 143M | -45M | 58M | 98M | -282M | -29M | 3M | -41M | 109M | 57M | -5M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -38.98M | -38.98M | -38.98B | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.37M | 11.37M | 11.37B | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | -8M | 38M | 133M | -359M | -12M | 0 | 33M | -78M | 47M | 47M |
| Cash from Investing | -3.05B | -3.2B | -292M | -510M | 394M | -600M | 75M | 37M | 227M | -1.66B | -641M | -38M | -411M | -2.76B | 214M | -274M |
| Capital Expenditures | -86M | 0 | -75M | -426M | -291M | -17M | -21M | -44M | -14M | -10M | -2M | -33M | -194M | -207M | -31M | -7M |
| CapEx % of Revenue | 1.81% | 2.66% | 2.05% | 13.22% | 11.31% | 0.8% | 1.83% | 2.18% | 0.77% | 0.56% | - | 0.69% | 328.81% | 5.17% | 1.55% | 0.5% |
| Acquisitions | -3.12B | -3.27B | -212M | -173M | -43M | -140M | 88M | -6M | -9M | -1.66B | -764M | -19M | -230M | -2.62B | -785M | -597M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -24M | 64M | -15M | -21M | 733M | -72M | 12M | 24M | 6M | -3M | 49M | 1M | 22M | 73M | 807M | 53M |
| Cash from Financing | 369M | 408M | 965M | -435M | -1.27B | 512M | 1.16B | 96M | -616M | 1.85B | 355M | -373M | -1.12B | 1.36B | -1.17B | -22M |
| Debt Issued (Net) | 960M | 967M | -32M | -70M | -744M | -322M | 657M | 122M | -610M | -73M | 436M | 1.02B | 822M | 1.9B | -754M | 0 |
| Equity Issued (Net) | 0 | 0 | 939M | -9M | -616M | 520M | -72M | -24M | -3M | 1.94B | 0 | -350M | -11M | -1.72B | -323M | -465M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.19M | -1.19M | -1.19B | 0 |
| Share Repurchases | 0 | 0 | 0 | -9M | -616M | -55M | -69M | -24M | -3M | 0 | -11M | -350M | -2.16B | -1.74B | -323M | -465M |
| Other Financing | -591M | -559M | 58M | -356M | 91M | 314M | 573M | -2M | -3M | -18M | -81M | -1.04B | -1.77B | 1.79B | -90M | 443M |
| Net Change in Cash | -1.48B | -1.58B | 1.23B | -325M | -341M | 390M | 1.1B | 427M | -122M | 114M | 92M | -446M | -407M | 485M | -717M | -803M |
| Free Cash Flow | 730M | 751M | 492M | 193M | 243M | 464M | -160M | 250M | 254M | -85M | 376M | -68M | 931M | 1.03B | 205M | 269M |
| FCF Margin % | 15.38% | 16.76% | 13.47% | 5.99% | 9.44% | 21.72% | -13.97% | 12.36% | 13.9% | -4.77% | - | -1.42% | 1577.97% | 25.71% | 10.26% | 19.09% |
| FCF Growth % | 0.41% | 52.64% | 154.92% | -20.58% | -47.63% | 390% | -164% | -1.57% | 398.82% | -122.61% | 652.94% | -107.3% | -9.52% | 401.95% | -23.79% | - |
| FCF per Share | 2.92 | 3.00 | 2.05 | 0.82 | 1.00 | 2.00 | -0.69 | 1.08 | 1.09 | -0.40 | 1.17 | -0.15 | 1.96 | 2.01 | 1.19 | 1.56 |
| FCF Conversion (FCF/Net Income) | 1.20x | 1.57x | -18.90x | 3.35x | 0.96x | -2.53x | 0.23x | -0.95x | -1.79x | -0.29x | 1.15x | 0.20x | -38.79x | 0.14x | 0.17x | 0.33x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Operational volatility from self-promotion
According to reported financial data, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio reaching an extreme 76.20 in 2025Q1, suggesting that accounting earnings are currently poor proxies for the actual cash-generating capacity of the underlying business model.
The significant divergence between net income and operating cash flow indicates that non-cash items and working capital swings are heavily distorting reported profitability. Investors should monitor whether this volatility is a permanent feature of the self-promotion model or merely a temporary byproduct of shifting revenue recognition cycles.
Based on quarterly filings, free cash flow margins have swung from a negative 4.3% in 2023Q4 to a robust 77.9% in 2025Q1, highlighting that the company's cash trajectory is highly sensitive to the timing of race-related payments and the capital intensity of new event promotions.
The lack of a consistent FCF growth trend suggests that the business is currently in a transition phase where cash flow predictability is compromised by the operational demands of self-promoted events. This inconsistency warrants caution, as it complicates the ability to forecast long-term shareholder returns.
As reported in recent statements, working capital changes have been a primary driver of cash flow, with a massive $395 million inflow in 2025Q1 followed by a $157 million outflow in 2025Q4, indicating that the company's cash position is heavily reliant on the timing of promoter receipts.
These large, lumpy working capital movements suggest that the company's cash flow is subject to significant seasonal and contractual timing risks. Analysts should interpret these fluctuations as evidence of the complex, multi-year nature of the underlying media and promotion contracts.
Based on financial disclosures, CapEx as a percentage of revenue has fluctuated significantly, peaking at 9.6% in 2023Q4, which reflects the company's evolving strategy of investing directly in event infrastructure rather than relying on a purely capital-light licensing model for its global race calendar.
The variability in capital expenditure suggests that the company is actively deploying cash to secure its event footprint, which may pressure margins in the near term. This shift toward higher capital intensity appears to be a strategic trade-off for greater control over the event experience.
Quick answers to the most common questions about buying FWONK stock.
Formula One Group (FWONK) generated $870.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Formula One Group (FWONK) generated $751.0M 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.
Formula One Group (FWONK) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.