Free cash flow has deteriorated sharply, swinging from a $260.9M inflow in 2024Q4 to a $272.8M outflow in 2026Q1, largely driven by a $322.9M negative shift in working capital.
| 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 | 104.7M | 292.7M | 503M | 167.2M | 80.8M | -21.3M | 172.7M | 133.9M | 88.8M | 47M | 170.81M | 101.99M | 118.72M | 59.66M | 87.64M | 81.66M | 38.57M | 86.93M | 97.81M | 82.51M | 36.4M | 18.74M | 35.06M | 24.45M | 8.89M | 13.27M | 14.65M | -5.28M | 30.93M | 22.43M | 32.86M |
| Operating CF Margin % | - | 6.86% | 12.09% | 4.99% | 5.01% | -1.62% | 14.67% | 11.02% | 8.85% | 5.58% | 23.66% | 9.8% | 9.95% | 5.07% | 8.64% | 10.28% | 6.94% | 14.55% | 13.14% | 12.38% | 6.77% | 19.19% | 11.47% | 9.21% | 3.22% | 4.35% | 4.5% | -1.8% | 13.48% | 11.67% | 22.14% |
| Operating CF Growth % | -397.29% | -41.81% | 200.84% | 106.93% | 479.34% | -112.33% | 28.98% | 50.79% | 88.94% | -72.48% | 67.48% | -14.09% | 98.98% | -31.92% | 7.33% | 111.69% | -55.62% | -11.13% | 18.55% | 126.68% | 94.21% | -46.54% | 43.37% | 175.07% | -33.02% | -9.37% | 377.28% | -117.08% | 37.93% | -31.75% | 273.43% |
| Net Income | -26.3M | 42.3M | 236.3M | 57.5M | 82.6M | 60.9M | 309.5M | 46.8M | 90M | 27.7M | 13.5M | -204.5M | 83.07M | 87.36M | 72.32M | 44.24M | 20.5M | 61.16M | 79.11M | 44.16M | 26.89M | -506K | 22.6M | -7.89M | -134M | -5.16M | 2.15M | -23.82M | 28.21M | 22.63M | 15.03M |
| Depreciation & Amortization | 286.6M | 281.3M | 269.9M | 231.1M | 81.9M | 80.6M | 85.2M | 78.8M | 50.8M | 41.9M | 37.51M | 45.45M | 43.18M | 40.39M | 32.2M | 27.91M | 23.58M | 21.41M | 21.31M | 20.35M | 22.45M | 4.4M | 8.49M | 9.83M | 11.71M | 18.19M | 17.86M | 16.91M | 7.03M | 3.51M | 2.71M |
| Stock-Based Compensation | 16.4M | 0 | 18.9M | 12.6M | 10.6M | 11.2M | 8.9M | 9M | 4.9M | 11.1M | 10.68M | 11.32M | 9.42M | 9.99M | 7.46M | 5.43M | 4.93M | 3.28M | 3.13M | 0 | 0 | 0 | 2.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -97.2M | -97.2M | -26.1M | -79.3M | -1.7M | -7.9M | 1M | -16.2M | 5.3M | -31.4M | 15M | -24.4M | -248K | -1.61M | -4.52M | -2.49M | -9.35M | -1.75M | -5.49M | -7.03M | -7.93M | -2.34M | 2.1M | 5.63M | 10.18M | -636K | 2.03M | -5.45M | 943K | -817K | -961K |
| Other Non-Cash Items | 37.7M | 56.7M | 5.2M | -20.5M | -2.8M | -3.7M | -235.4M | 12.1M | -31.1M | 24.3M | 18.3M | 268.8M | 10.28M | 12.29M | 15.35M | 13.76M | 6.61M | -2.8M | -5K | 1.99M | 2.11M | 9.61M | 3.96M | 10.16M | 105.78M | -3.35M | -1.13M | 31.81M | 1.04M | 666K | 602K |
| Working Capital Changes | -122.4M | 9.6M | -1.2M | -34.2M | -89.8M | -162.4M | 3.5M | 3.4M | -37M | -21.8M | 80.8M | 4.4M | -27.08M | -88.76M | -35.17M | -7.2M | -7.7M | 5.63M | -250K | 15.66M | -7.12M | 7.58M | -2.09M | 5.07M | 11.92M | -1.59M | -7.86M | -24.97M | -6.29M | -3.56M | 15.48M |
| Change in Receivables | -113.1M | -2.4M | -282.2M | -242.5M | -86.2M | -102.4M | -15.1M | 22M | 28.8M | -29.3M | 24.2M | 19.5M | -8.39M | -80.16M | -4.04M | -44.84M | -4M | 42.33M | -11.54M | -6.81M | -29.59M | -5.58M | -4.66M | -541K | 2.13M | 7.15M | 5.58M | -462K | 3.81M | -323K | 692K |
| Change in Inventory | -78.6M | -70.9M | 54.9M | 20.8M | -48.7M | -78.1M | -34.9M | 9.4M | -35.6M | -22M | 21.7M | 12M | -8.15M | -12.68M | -15.78M | -31.63M | -13.72M | 25.22M | -8.3M | -11.12M | -15.37M | 2.81M | -11.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -86.5M | 54.3M | 190.1M | 237.2M | 88.8M | -10.4M | 62.8M | -20.9M | -35.7M | 13.6M | 29.9M | -17.4M | 11.56M | -5.26M | 2.94M | 18.13M | 10.55M | -16.57M | -12.99M | 19.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -130M | -93.6M | -141.3M | -3.99B | -101.6M | -361.2M | 185M | -642.7M | -127.9M | -480M | -18.08M | -73.52M | -72.48M | -74.98M | -224.35M | -59.67M | -64.22M | -802K | -65.68M | -18.54M | -38.66M | -362.25M | -3.32M | 15.26M | 1.12M | -6.49M | -427K | -82.19M | -45.27M | -27.07M | -7.97M |
| Capital Expenditures | -94.6M | -89.9M | -120.8M | -135.6M | -74.2M | -52.7M | -37.9M | -36.2M | -35.6M | -35.2M | -17.79M | -58.08M | -62.13M | -72.58M | -43.69M | -22.38M | -16.94M | -13.19M | -13.97M | -19.03M | -22.25M | -5.6M | -9.38M | -2.42M | -3.03M | -8.14M | -5.58M | -7.05M | -10.01M | -7.14M | -12.02M |
| CapEx % of Revenue | 2.28% | 2.11% | 2.9% | 4.04% | 4.6% | 4% | 3.22% | 2.98% | 3.55% | 4.18% | 2.46% | 5.58% | 5.21% | 6.16% | 4.31% | 2.82% | 3.05% | 2.21% | 1.88% | 2.86% | 4.14% | 5.74% | 3.07% | 0.91% | 1.1% | 2.67% | 1.71% | 2.41% | 4.36% | 3.71% | 8.1% |
| Acquisitions | -29.1M | 0 | 0 | -3.85B | -25.8M | -205.1M | 265.6M | -603.9M | -92.3M | -446.1M | -1.4M | -24.5M | -11.94M | -2.96M | -182.45M | -37.68M | -47.87M | -18.09M | -18.83M | 0 | -15.93M | -356.65M | 0 | 0 | 0 | 0 | 0 | 3.3M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -5M | -2.3M | -7.4M | 4.6M | -1.1M | 500K | 8.1M | 700K | 800K | -900K | 0 | -38M | 1.59M | 569K | 1.79M | 388K | 589K | -1.79M | -616K | 487K | -484K | 0 | 6.06M | 17.68M | 4.14M | 1.88M | 5.28M | -78.45M | -35.26M | -19.93M | -4.39M |
| Cash from Financing | -16.8M | -155M | -243.7M | 1.41B | 2.5B | 381.9M | -363.4M | 511.6M | 38.2M | 275.2M | 7.73M | -608K | -70.79M | 8.11M | 17.44M | 67.71M | -19.3M | 776K | -4.06M | 7.44M | 9.23M | 348.49M | -35.74M | -29.88M | -15.86M | 504K | -9.76M | 87.02M | -5.48M | 17.33M | -15.71M |
| Debt Issued (Net) | 27.2M | -112.5M | -200.8M | 1.58B | 1.45B | 384.4M | -352.2M | 231.9M | 31.9M | 296.9M | 8M | 1.6M | -66.78M | -530K | 12.18M | 80.12M | -18.25M | 0 | -6.83M | -41.05M | -56.61M | 266.36M | -33.15M | -15.92M | -8.94M | 1.48M | -8.73M | -139.73M | 6.83M | -7.3M | -9.74M |
| Equity Issued (Net) | -1.3M | 0 | 0 | 11.7M | 1.06B | 0 | -19.3M | 295.8M | 0 | -2M | -700K | -900K | -3.37M | -2M | -4.48M | -1.1M | -54K | 0 | 0 | 42.84M | 211.73M | 111.3M | 400K | -111K | -219K | -130K | -17K | -720K | -7.5M | 28.49M | -2.97M |
| Dividends Paid | -20.4M | -27.2M | -27.2M | -27.3M | 0 | 0 | 0 | -400K | -400K | 0 | 0 | -120K | -1.21M | -1.37M | 0 | 0 | 0 | 0 | 0 | 0 | -150.31M | 0 | 0 | -492K | -492K | 0 | 0 | -2.37M | -4.82M | -3.86M | -3M |
| Share Repurchases | -1.3M | 0 | 0 | 0 | 0 | 0 | -19.3M | 0 | 0 | -2M | -700K | -900K | -3.37M | -2M | -4.48M | -1.1M | -54K | 0 | 0 | 0 | 0 | 0 | 0 | -111K | -219K | -181K | -156K | -728K | -8.28M | -5.65M | -3.73M |
| Other Financing | -22.3M | -15.3M | -15.7M | -154.8M | -6.8M | -2.5M | 8.1M | -16.1M | 6.3M | -19.7M | 400K | -300K | -548K | 10.64M | 9.75M | -11.31M | -998K | 776K | 2.76M | 5.65M | 4.42M | -29.17M | -3M | -13.85M | -8.46M | -848K | -1.01M | 229.84M | 0 | 0 | 0 |
| Net Change in Cash | -28.6M | 59.3M | 109.4M | -2.4B | 2.48B | -3.7M | 6.1M | 900K | -12.3M | -150.6M | 158.25M | 20.05M | -33.69M | -4.15M | -115.36M | 91.75M | -46.06M | 89M | 29.3M | 74.02M | 7.53M | 3.96M | -3.79M | 11.38M | -4.58M | 6.88M | 2.61M | 145K | -19.93M | 12.69M | 9.18M |
| Free Cash Flow | 10.1M | 202.8M | 382.2M | 31.6M | 6.6M | -74M | 134.8M | 97.7M | 52.4M | 14M | 154.1M | 42.9M | 56.48M | -12.92M | 43.96M | 59.28M | 21.64M | 73.74M | 83.84M | 63.48M | 14.14M | 13.14M | 25.68M | 24.45M | 2.39M | 7.46M | 11.49M | -12.56M | 20.93M | 15.29M | 20.84M |
| FCF Margin % | 0.24% | 4.76% | 9.19% | 0.94% | 0.41% | -5.62% | 11.45% | 8.04% | 5.22% | 1.66% | 21.34% | 4.12% | 4.73% | -1.1% | 4.33% | 7.46% | 3.9% | 12.34% | 11.26% | 9.53% | 2.63% | 13.46% | 8.4% | 9.21% | 0.87% | 2.44% | 3.53% | -4.29% | 9.12% | 7.95% | 14.04% |
| FCF Growth % | -97.72% | -46.94% | 1109.49% | 378.79% | 108.92% | -154.9% | 37.97% | 86.45% | 274.29% | -90.92% | 259.21% | -24.05% | 537.12% | -129.4% | -25.85% | 173.99% | -70.66% | -12.06% | 32.08% | 348.77% | 7.64% | -48.83% | 5.01% | 921.9% | -67.91% | -35.07% | 191.45% | -160.02% | 36.89% | -26.63% | 136.8% |
| FCF per Share | 0.22 | 4.47 | 8.19 | 0.67 | 0.16 | -1.80 | 3.70 | 2.78 | 1.63 | 0.45 | 4.97 | 1.41 | 1.84 | -0.40 | 1.46 | 1.98 | 0.74 | 2.54 | 2.89 | 2.31 | 0.87 | 2.15 | 4.66 | 3.29 | 0.32 | 1.00 | 1.54 | -1.25 | 2.07 | 1.52 | 2.06 |
| FCF Conversion (FCF/Net Income) | -0.38x | 6.92x | 2.30x | 3.53x | 3.37x | -0.36x | 0.56x | 2.89x | 1.01x | 1.68x | 6.06x | -0.50x | 1.45x | 0.72x | 1.23x | 1.85x | 1.91x | 1.42x | 1.24x | 1.87x | 1.35x | -37.04x | 1.55x | -3.47x | -0.07x | -2.57x | 6.80x | 0.15x | 1.10x | 0.99x | 2.19x |
| Interest 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 |
| Taxes 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 |
High leverage and cyclicality
As reported in recent financial statements, the relationship between net income and operating cash flow is erratic, with the OCF/NI ratio reaching a negative 14.50 in 2026Q1, signaling that accounting earnings are currently failing to translate into meaningful cash generation for the business.
The extreme divergence between net income and operating cash flow suggests that non-cash charges and significant working capital swings are distorting the company's true economic performance. Investors should monitor whether this disconnect is a temporary byproduct of project-based accounting or a structural issue with cash collection efficiency.
Based on quarterly filings, GTLS's free cash flow has shifted from a peak of $260.9M in 2024Q4 to a significant outflow of $272.8M in 2026Q1, reflecting a sharp contraction in the company's ability to fund operations through internal cash generation.
The rapid reversal in free cash flow highlights the sensitivity of the company's liquidity to the timing of large-scale project milestones. This volatility suggests that the business may struggle to maintain self-funded growth if project delays persist or if the current order backlog fails to convert into cash.
According to recent SEC filings, working capital changes have become a primary source of cash flow instability, evidenced by a massive $322.9M outflow in 2026Q1 that directly undermined the company's ability to maintain positive operating cash flow during the period.
The significant fluctuations in working capital suggest that the company is experiencing challenges in managing its cash conversion cycle, likely due to the long-cycle nature of its cryogenic projects. Such swings may indicate that the company is carrying substantial unbilled receivables or inventory that is not yet liquid.
As reported in financial statements, capital expenditures have remained relatively consistent, with the CapEx/Revenue ratio hovering between 1.7% and 4.8% over the last ten quarters, indicating that the company is maintaining its asset base despite the broader volatility in its operating cash flow.
While capital intensity appears controlled, the persistent spending on maintenance and growth capex during periods of negative operating cash flow warrants caution. This suggests that the company is prioritizing long-term infrastructure investment even when short-term liquidity is under significant pressure.
Quick answers to the most common questions about buying GTLS stock.
Chart Industries, Inc. (GTLS) generated $292.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Chart Industries, Inc. (GTLS) generated $202.8M 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.
Chart Industries, Inc. (GTLS) spent $89.9M 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, Chart Industries, Inc. (GTLS) returned $27.2M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.