Free cash flow generation remains highly volatile, swinging from near-zero levels in 2025Q3 to $117.5 million in 2026Q4, reflecting an unstable alignment between operational performance and working capital management.
| Metric | Feb'26 | Feb'25 | Feb'24 | Feb'23 | Feb'22 | Feb'21 | Feb'20 | Feb'19 | Feb'18 | Feb'17 | Feb'16 | Feb'15 | Feb'14 | Feb'13 | Feb'12 | Feb'11 | Feb'10 | Feb'09 | Feb'08 | Feb'07 | Feb'06 | Feb'05 | Feb'04 | Feb'03 | Feb'02 | Feb'01 | Feb'00 | Feb'99 | Feb'98 | Feb'97 |
|---|
| Cash from Operations | 171.14M | 113.21M | 306.07M | 208.24M | 140.82M | 314.11M | 271.29M | 195.3M | 224.21M | 228.5M | 185.26M | 178.6M | 154.16M | 87.56M | 103.88M | 87.43M | 152.1M | 21.93M | 109.91M | 90.41M | 34.76M | 45.37M | 76.21M | 43.51M | 52.59M | -185K | 28.63M | 11.7M | 17.6M | 1.9M |
| Operating CF Margin % | 9.58% | 5.93% | 15.26% | 10.05% | 6.33% | 14.97% | 15.89% | 12.49% | 15.16% | 16.35% | 13.3% | 12.36% | 11.7% | 6.8% | 8.79% | 11.25% | 23.49% | 3.52% | 16.84% | 14.24% | 5.89% | 7.8% | 16.05% | 9.48% | 11.65% | -0.05% | 9.56% | 3.97% | 7.09% | 0.89% |
| Operating CF Growth % | 51.16% | -63.01% | 46.98% | 47.88% | -55.17% | 15.78% | 38.91% | -12.89% | -1.88% | 23.34% | 3.73% | 15.85% | 76.07% | -15.71% | 18.82% | -42.52% | 593.66% | -80.05% | 21.57% | 160.12% | -23.39% | -40.47% | 75.15% | -17.26% | 28526.49% | -100.65% | 144.7% | -33.52% | 826.32% | -44.12% |
| Net Income | 0 | 123.75M | 168.59M | 143.27M | 223.76M | 253.95M | 152.33M | 174.22M | 128.88M | 140.69M | 101.23M | 131.16M | 86.25M | 115.67M | 110.37M | 93.31M | 71.82M | -56.79M | 61.51M | 50.09M | 49.31M | 76.45M | 60.52M | 38.72M | 29.21M | 17.33M | 13.11M | 28.3M | 22.3M | 17.2M |
| Depreciation & Amortization | 53.3M | 55.05M | 51.5M | 44.68M | 35.83M | 37.72M | 37.41M | 29.93M | 33.73M | 44.34M | 42.75M | 39.65M | 34.75M | 35.33M | 30.18M | 18.5M | 15.26M | 14.19M | 14.3M | 14.3M | 12.43M | 9.71M | 6.13M | 6.56M | 8.63M | 8.14M | 6.92M | 5M | 4M | 2.7M |
| Stock-Based Compensation | 0 | 21.38M | 33.87M | 26.75M | 34.62M | 26.42M | 22.93M | 22.05M | 15.05M | 15.5M | 8.48M | 5.97M | 31.68M | 5.91M | 2.93M | 2.02M | 1.74M | 1.49M | 1.16M | 693K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 13.21M | -2.24M | -8.87M | -4.4M | -5.7M | 7.64M | 21.26M | -7.25M | -464K | -1.83M | -10.11M | -12.06M | 5.07M | 2.22M | 3.32M | 2.38M | 1.38M | -677K | -2.95M | -1.73M | -1.79M | 2.58M | 1.39M | -2.15M | -1.11M | -500K | -200K | -500K |
| Other Non-Cash Items | 117.84M | -12.34M | -14.63M | 11.34M | 8.12M | 18.65M | 45.02M | -3.69M | 23.33M | 16.12M | 24.91M | 11.19M | 12.53M | 363K | 708K | 3.14M | 1.05M | 113.11M | 2.21M | -379K | -2.53M | 1K | 11.83M | -13.55M | 3.98M | 2.46M | 2M | -100K | 0 | 3.2M |
| Working Capital Changes | 0 | -74.63M | 53.52M | -15.57M | -152.64M | -18.23M | 19.3M | -34.84M | 1.95M | 19.1M | 8.36M | -7.55M | -937K | -57.65M | -45.38M | -31.75M | 58.91M | -52.45M | 29.35M | 26.38M | -21.5M | -43.59M | -474K | 9.21M | 9.37M | -26.16M | 7.71M | -22M | -8.5M | -20.7M |
| Change in Receivables | 0 | -23.08M | -18.67M | 83.62M | -66.83M | -38.15M | -57.42M | -5.78M | -34.38M | -6.83M | -3.6M | -9.49M | 6.26M | -24.62M | -7.37M | -166K | -6.62M | -3.42M | 17.58M | -8.46M | -37.47M | -37.47M | -15.67M | 8.65M | -7.79M | -12.05M | 6.32M | 0 | 0 | -8.1M |
| Change in Inventory | 0 | -40.6M | 58.19M | 110.3M | -45.91M | -220.82M | 45.48M | -50.83M | 29.37M | 18.97M | -17.61M | 2.27M | -8.38M | -34.63M | -28.91M | -26.05M | 45.65M | -24.27M | 7.04M | 24.33M | -30.93M | -33.42M | -3.28M | -11.66M | 18.24M | -20.01M | -6.67M | -15.7M | -3.1M | -19.7M |
| Change in Payables | 0 | 20.46M | 54.4M | -115.93M | -43.74M | 175.78M | 7.17M | 14.22M | 23.69M | 5.8M | 7.04M | 16.5M | 3.73M | 2.51M | -3.48M | -8.13M | 1.12M | -8.81M | 4.97M | 7.6M | 18.55M | 15.23M | -721K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -34.43M | -263.09M | 5.45M | -319.33M | -438.91M | -98.67M | -273.62M | -25.25M | 35.63M | -229.85M | -63.75M | -202.46M | -40.46M | -13.93M | -152.02M | -340.44M | -66.43M | 32.38M | -47.32M | -62.48M | -35.26M | -279.11M | -63.46M | -60.53M | -5.74M | -13.29M | -14.73M | -36.4M | -5.4M | -23.1M |
| Capital Expenditures | 0 | -30.07M | -36.64M | -174.86M | -78.04M | -98.67M | -17.76M | -26.39M | -13.61M | -20.62M | -20.6M | -6.52M | -40.46M | -14.69M | -16.05M | -4.63M | -7.71M | -5.86M | -7.71M | -7.39M | -52.37M | -286.26M | -65.12M | -42.87M | -878K | -3.19M | -8.34M | -17.7M | -3.3M | -13.3M |
| CapEx % of Revenue | - | 1.58% | 1.83% | 8.44% | 3.51% | 4.7% | 1.04% | 1.69% | 0.92% | 1.48% | 1.48% | 0.45% | 3.07% | 1.14% | 1.36% | 0.6% | 1.19% | 0.94% | 1.18% | 1.16% | 8.88% | 49.22% | 13.71% | 9.34% | 0.19% | 0.88% | 2.78% | 6.01% | 1.33% | 6.24% |
| Acquisitions | 3.88M | -229.25M | 1.62M | -144.54M | -366.18M | 0 | -255.86M | 1.14M | 13K | -209.27M | -43.15M | -195.94M | 0 | 0 | -160M | -336.24M | -60M | -4.76M | -36.5M | 0 | 0 | 0 | -975K | 0 | 0 | -2.21M | -1.8M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -38.31M | -1.75M | 49.46M | 69K | 5.3M | 0 | 3K | 0 | 49.23M | 32K | 7K | 0 | 5K | 763K | -17.34M | -4.55M | 45K | 2.61M | 4.96M | 666K | 17.1M | 7.15M | 1.58M | -17.66M | -4.86M | -7.9M | -4.59M | -18.7M | -2.1M | -9.8M |
| Cash from Financing | -136.69M | 150.25M | -322.09M | 106.78M | 286.35M | -194.78M | 14.92M | -178.92M | -262.19M | -201.36M | 91.99M | -33.87M | -56.52M | -82.64M | 42.8M | 170M | -78.13M | -9.48M | -40.19M | -10.79M | -2.92M | 202.45M | -7.15M | 560K | -8.5M | 5.15M | -13.33M | 2.8M | 17.7M | 2.9M |
| Debt Issued (Net) | 0 | 249.56M | -271.1M | 120.08M | 468.6M | 3.3M | 16.9M | 29.9M | -197M | -135.5M | 190.68M | 240.6M | -64.76M | -92.1M | 47.1M | 168M | -78M | -3M | -35M | -14.97M | -5.03M | 215M | 0 | 0 | -10M | 9.55M | -10M | 8.34M | 11M | 1.4M |
| Equity Issued (Net) | 0 | -99.31M | -50.99M | -13.3M | -182.25M | -198.09M | -1.98M | -208.82M | -65.19M | -65.27M | -87.97M | -265.98M | 8.97M | 8.63M | 8.69M | 5.79M | 6.95M | -6.41M | -877K | 3.99M | 2.19M | -8.12M | 149K | 560K | 902K | -4.4M | -3.33M | 1.09M | 6.67M | 1.4M |
| 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 |
| Share Repurchases | 1.92M | -103.19M | -55.22M | -18.36M | -188.2M | -203.29M | -10.17M | -217.49M | -73.05M | -75.59M | -100M | -273.6M | -1.31M | -1.76M | 0 | -1.8M | -419K | -7.27M | -5.73M | 0 | 0 | -11.24M | -7.88M | 0 | 0 | -4.62M | -4.08M | 0 | 0 | 0 |
| Other Financing | -136.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -595K | -12M | -8.49M | -736K | 830K | -12.99M | -3.8M | -7.08M | -69K | -4.31M | 196K | -91K | -4.43M | -7.29M | 0 | 600K | 0 | 0 | -6.67M | 31K | 100K |
| Net Change in Cash | 19K | 366K | -10.57M | -4.31M | -11.74M | 20.65M | 12.6M | -8.87M | -2.35M | -202.71M | 213.5M | -57.73M | 57.19M | -9M | -5.35M | -83.02M | 7.53M | 44.82M | 22.4M | 17.14M | -3.43M | -31.3M | 5.61M | -16.46M | 38.36M | -8.33M | 574K | 2.8M | 17.7M | 2.9M |
| Free Cash Flow | 171.14M | 83.14M | 269.42M | 33.38M | 62.78M | 215.44M | 253.53M | 168.92M | 210.6M | 207.88M | 164.66M | 172.08M | 113.7M | 72.87M | 87.83M | 82.8M | 144.38M | 16.07M | 102.2M | 83.01M | -17.61M | -240.9M | 11.09M | 648K | 51.71M | -3.37M | 20.29M | -6M | 14.3M | -11.4M |
| FCF Margin % | 9.58% | 4.36% | 13.44% | 1.61% | 2.82% | 10.26% | 14.85% | 10.8% | 14.24% | 14.87% | 11.82% | 11.91% | 8.63% | 5.66% | 7.43% | 10.66% | 22.29% | 2.58% | 15.66% | 13.07% | -2.99% | -41.42% | 2.34% | 0.14% | 11.46% | -0.93% | 6.77% | -2.04% | 5.76% | -5.35% |
| FCF Growth % | 105.84% | -69.14% | 707.19% | -46.84% | -70.86% | -15.03% | 50.09% | -19.79% | 1.31% | 26.25% | -4.31% | 51.34% | 56.03% | -17.03% | 6.07% | -42.65% | 798.58% | -84.28% | 23.11% | 571.33% | 92.69% | -2271.4% | 1612.04% | -98.75% | 1634.45% | -116.61% | 438.17% | -141.96% | 225.44% | -850% |
| FCF per Share | 7.44 | 3.60 | 11.24 | 1.39 | 2.57 | 8.55 | 10.01 | 6.42 | 7.73 | 7.45 | 5.73 | 5.93 | 3.51 | 2.28 | 2.77 | 2.64 | 4.67 | 0.53 | 3.21 | 2.62 | -0.56 | -7.39 | 0.35 | 0.02 | 1.77 | -0.12 | 0.68 | -0.20 | 0.50 | -0.41 |
| FCF Conversion (FCF/Net Income) | -0.19x | 0.91x | 1.82x | 1.45x | 0.63x | 1.24x | 1.78x | 1.16x | 5.04x | 1.62x | 1.83x | 1.36x | 1.79x | 0.76x | 0.94x | 0.94x | 2.12x | -0.39x | 1.79x | 1.80x | 0.70x | 0.59x | 1.26x | 1.12x | 1.80x | -0.01x | 2.18x | 0.41x | 0.79x | 0.11x |
| Interest Paid | 0 | 50.15M | 52.54M | 43.69M | 11.69M | 11.64M | 12.78M | 11.29M | 13.54M | 9.98M | 13.99M | 13.99M | 10.63M | 11.68M | 12.72M | 8.63M | 10.78M | 13.06M | 14.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 40.84M | 28.86M | 37.08M | 22.83M | 19.69M | 23.28M | 4.28M | 6.08M | 15.95M | 16.59M | -16.59M | 31.29M | 26.45M | -797K | 11.23M | 2.91M | 7.64M | 24.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Asset Impairment and Liquidity
As reported in recent financial statements, Helen of Troy exhibits a profound disconnect between net income and operating cash flow, with the company reporting a net loss of $55.6M in 2026Q4 while simultaneously generating $111.3M in operating cash flow, highlighting significant non-cash accounting distortions.
The persistent gap between bottom-line losses and cash generation suggests that reported net income is heavily burdened by non-cash impairment charges rather than operational cash burn. Investors should monitor whether this cash-generative capacity is sustainable or merely a result of aggressive working capital management during a period of structural revenue contraction.
Based on quarterly data, the company's free cash flow trajectory remains highly erratic, swinging from a peak of $117.5M in 2026Q4 to near-zero levels in 2025Q3, reflecting the inherent instability of a business model currently struggling to align its cost structure with declining top-line performance.
The extreme variance in FCF margins indicates that the company's ability to convert revenue into cash is highly sensitive to seasonal inventory shifts and potential retail destocking cycles. This inconsistency complicates valuation models that rely on normalized cash flow projections for a company currently undergoing significant operational restructuring.
According to historical cash flow filings, working capital changes have acted as a primary driver of cash flow volatility, with a notable $97.1M inflow in 2026Q1 contrasting sharply with a $62.2M outflow in 2026Q3, suggesting aggressive management of inventory and payables to offset operational headwinds.
The reliance on working capital swings to bolster cash flow may indicate that the company is pulling forward liquidity at the expense of future operational flexibility. Analysts should investigate whether these fluctuations represent a strategic optimization of the supply chain or a reactive measure to manage liquidity during periods of weak demand.
As evidenced by recent SEC filings, the company has shifted its capital deployment strategy away from significant acquisitions, such as the $229.4M outlay in 2025Q4, toward a more defensive posture, with minimal share repurchases and no dividend payments observed over the last ten quarters.
The cessation of capital-intensive acquisitions suggests that management is prioritizing balance sheet preservation over growth-oriented investments. This pivot appears necessary given the recent net losses, yet it raises questions regarding the company's long-term strategy for revitalizing its brand portfolio in a competitive retail environment.
Quick answers to the most common questions about buying HELE stock.
Helen of Troy Limited (HELE) generated $171.1M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Helen of Troy Limited (HELE) generated $171.1M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Helen of Troy Limited (HELE) spent $0.0M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Helen of Troy Limited (HELE) spent $1.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.