Cash flow generation remains erratic with free cash flow margins swinging from 5.8 percent in 2024Q1 to 19.2 percent in 2025Q4, while maintaining a consistent 3.0 million dollar quarterly dividend.
| Metric | TTM | Jan'26 | 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 | 132.2M | 127.3M | 122.1M | 83.9M | 109.9M | 113.1M | 108.6M | 90.48M | 77.45M | 49.38M | 38.51M | 49.9M | 62.85M | 47.12M | 52.2M | 49.54M | 25.09M | 13.67M | 38.53M | 28.24M | 19.61M | 17.01M | 14.96M | 9.29M | 7.49M | 7.26M | 9.53M | 5.6M | 8.6M | 6.5M | 7M |
| Operating CF Margin % | - | 15.17% | 15.15% | 10.04% | 12.41% | 13.01% | 20.76% | 16.31% | 15.24% | 14.4% | 19.55% | 24.86% | 27.6% | 22.96% | 25.54% | 24.27% | 16.65% | 14.03% | 21.61% | 16.87% | 13.78% | 14.57% | 15.83% | 13.12% | 11.6% | 11.18% | 11.92% | 8.03% | 11.96% | 10.12% | 12.82% |
| Operating CF Growth % | 36.81% | 4.26% | 45.53% | -23.66% | -2.83% | 4.14% | 20.03% | 16.82% | 56.84% | 28.24% | -22.84% | -20.6% | 33.37% | -9.72% | 5.36% | 97.47% | 83.58% | -64.53% | 36.42% | 44.01% | 15.29% | 13.68% | 61.04% | 24.08% | 3.11% | -23.82% | 70.23% | -34.88% | 32.31% | -7.14% | -44.88% |
| Net Income | 60.9M | 48.4M | 39M | 37.5M | 98.4M | 104.6M | 14.2M | 60.27M | 46.73M | 31.56M | 23.3M | 33.14M | 43.77M | 37.98M | 37.4M | 37.68M | 21.4M | 1.86M | 25.73M | 22.13M | 16.22M | 12.81M | 7.83M | 2.18M | 1.78M | 950K | 3.92M | 1.8M | 5.6M | 4.7M | 2.9M |
| Depreciation & Amortization | 62.2M | 63M | 63.8M | 63.8M | 52.1M | 54.9M | 39.7M | 35.93M | 39.71M | 19.19M | 11.32M | 9.56M | 8.72M | 7.23M | 7.19M | 6.72M | 6.87M | 6.97M | 7.1M | 6.34M | 5.85M | 5.6M | 5.46M | 5.15M | 5.1M | 5.43M | 5.59M | 5M | 4.4M | 3.7M | 2.9M |
| Stock-Based Compensation | 4.4M | 0 | 3.4M | 11.6M | 8.6M | 8.9M | 5.8M | 5.21M | 4.27M | 4.04M | 4.86M | 4.34M | 3.93M | 3.12M | 2.35M | 1.61M | 1.15M | 960K | 896K | 0 | 573K | 365K | 289K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -2M | -1.1M | -8.3M | -7.9M | 0 | 0 | -3.6M | 0 | -1.46M | -6.79M | 190K | -734K | 1.13M | -12K | 237K | 1.42M | 622K | 4K | -195K | 575K | 326K | -688K | 138K | 364K | 244K | -258K | -19K | 500K | 500K | 600K | 0 |
| Other Non-Cash Items | 16.5M | 8.2M | 4.3M | -1.8M | -27.3M | 23.4M | 41.4M | -16.51M | 10.12M | 13.83M | 1.45M | -352K | 189K | -73K | -79K | -1.32M | 172K | -22K | -46K | 313K | -182K | -134K | 166K | 363K | 88K | 344K | 273K | 100K | 0 | -100K | 200K |
| Working Capital Changes | -9.8M | 8.8M | 19.9M | -19.3M | -21.9M | -78.7M | 11.1M | 5.58M | -21.93M | -12.45M | -2.62M | 3.95M | 5.1M | -1.12M | 5.1M | 3.44M | -5.13M | 3.9M | 5.04M | -1.04M | -3.18M | -946K | 1.07M | 1.24M | 278K | 800K | -236K | -2.1M | -1.9M | -2.4M | 1M |
| Change in Receivables | -20.8M | -16.2M | 3.5M | 16.3M | 9.1M | -32.4M | 2.4M | 5.66M | -5.98M | -11.06M | -3.16M | 3.96M | -572K | -3.21M | 1.9M | 741K | -6.44M | 2.56M | 4.65M | 0 | -2.97M | -2.3M | -2.38M | -518K | -934K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -7.5M | -2.7M | 19.4M | -17.9M | -27M | -52.5M | 600K | -1.45M | -11.7M | -13.06M | -1.38M | 1.24M | -208K | -1.23M | 678K | -1.59M | -2.81M | 2.2M | 1.36M | -1.29M | -2.67M | -669K | -594K | 225K | 493K | 1.48M | -902K | 0 | -900K | -2.3M | 0 |
| Change in Payables | 13.5M | 22M | -11.8M | -5.2M | 0 | 0 | 10.6M | 0 | 5.89M | 5.78M | 2.57M | -451K | 243K | 24K | -742K | 499K | 861K | -816K | -2.41M | 0 | -10K | 2.29M | 97K | 734K | 383K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 19.9M | 20.3M | -30.3M | -153.9M | -90.8M | -90.3M | -235.9M | -22.35M | -565.51M | -15.97M | -169.79M | -9.31M | -18.18M | -20.22M | -22.03M | -21.32M | -7.63M | -12.83M | -10.78M | -14.77M | -9.5M | -9.21M | -4.93M | -3.04M | -5.72M | -3.95M | -4.37M | -7.8M | -9.1M | -6.3M | -17M |
| Capital Expenditures | -25.9M | -27.3M | -30.4M | -40.4M | -31.9M | -26.8M | -15.5M | -25.02M | -28.38M | -22.2M | -7.41M | -7.53M | -11.74M | -17.93M | -13.36M | -10.14M | -3.86M | -5.1M | -10.87M | -12.59M | -9.53M | -8.81M | -4.99M | -3.08M | -5.87M | -4.02M | -4.37M | -7.9M | -8.1M | -6.5M | -17M |
| CapEx % of Revenue | 2.97% | 3.25% | 3.77% | 4.83% | 3.6% | 3.08% | 2.96% | 4.51% | 5.59% | 6.48% | 3.76% | 3.75% | 5.16% | 8.74% | 6.54% | 4.97% | 2.56% | 5.23% | 6.1% | 7.52% | 6.69% | 7.55% | 5.28% | 4.34% | 9.09% | 6.19% | 5.47% | 11.33% | 11.27% | 10.12% | 31.14% |
| Acquisitions | 47.4M | 47.6M | 0 | -114.2M | -67.3M | -63.5M | -217M | 0 | -534.66M | -500K | -200.06M | 7.53M | 11.74M | -923K | -1.14M | 1.45M | 3.86M | 5.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.6M | 0 | 100K | 700K | 8.4M | 0 | -3.4M | 2.67M | -2.54M | -22.16M | 7K | -5.89M | -11.71M | 230K | 56K | 35K | -3.68M | -5.1M | 99K | 192K | 28K | 5K | 61K | 33K | 148K | 70K | 8K | 100K | -1M | 200K | 0 |
| Cash from Financing | -135.4M | -121.9M | -78.4M | 57.9M | -6.9M | -22.6M | 137.7M | -71.74M | 447.34M | -50M | 128.22M | -10.82M | -37.36M | -8.28M | -40.55M | -8.92M | -13.99M | -7.4M | -7.38M | -4.23M | -7.83M | -11.52M | -5.93M | -4.7M | -1.81M | -2.35M | -3.35M | 1.5M | 800K | -100K | 8.2M |
| Debt Issued (Net) | -104M | -94.9M | -68M | 75.7M | 8M | -9.8M | 151.7M | -52.26M | 237.37M | -24M | 140M | 0 | 0 | 0 | -169K | -100K | 0 | -261K | -416K | -371K | -1.31M | -9.87M | -5.95M | 8.6M | -1.05M | -1.35M | -2.33M | 2.4M | 1.5M | -7.6M | 11.2M |
| Equity Issued (Net) | -17.5M | -11.8M | 2.2M | 2M | -2.6M | -1.4M | 1.3M | 0 | 241.34M | 1.16M | 1.04M | 1.02M | 846K | 859K | 700K | 635K | 423K | 392K | 359K | 272K | -2.55M | 1.06M | 1.5M | 926K | 88K | 16K | 0 | 100K | 200K | 19.3M | 100K |
| Dividends Paid | -12M | -12M | -11.9M | -11.8M | -11.7M | -11.6M | -11.6M | -11.53M | -11M | -10.26M | -10.74M | -12M | -38.36M | -9.44M | -40.9M | -9.6M | -14.63M | -7.55M | -7.46M | -5.17M | -4.35M | -2.7M | -1.48M | -14.4M | -1.03M | -1.02M | -1.02M | -1M | -1M | -11.8M | -3M |
| Share Repurchases | -18.4M | -13.6M | 0 | 0 | -2.6M | -1.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.95M | -1.59M | -781K | -71K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.9M | -3.2M | -700K | -8M | -600K | 200K | -3.7M | -7.95M | -20.37M | -16.9M | -2.07M | 163K | 152K | 298K | -184K | 144K | 219K | 20K | 142K | 1.03M | 381K | 0 | 0 | 182K | -1.03M | 0 | 0 | 0 | 100K | 0 | -100K |
| Net Change in Cash | 18.3M | 28.9M | 11.7M | -11.3M | 15.2M | 3.2M | 3.1M | -1.35M | -40.41M | -10.34M | -7.71M | 25.09M | 1.93M | 20.43M | -8.36M | 17.97M | 2.89M | -4.86M | 15.97M | 9.84M | 3.67M | -3.93M | 4.54M | 1.26M | 347K | 913K | 1.58M | -500K | 400K | 200K | -1.4M |
| Free Cash Flow | 107.9M | 103.6M | 95.1M | 43.5M | 78M | 86.3M | 93.1M | 65.45M | 49.07M | 27.18M | 31.09M | 42.37M | 51.1M | 29.19M | 38.84M | 39.4M | 21.23M | 8.57M | 27.65M | 15.65M | 10.09M | 8.2M | 9.97M | 6.21M | 1.62M | 3.24M | 5.16M | -2.3M | 500K | 0 | -10M |
| FCF Margin % | 12.38% | 12.35% | 11.8% | 5.21% | 8.81% | 9.93% | 17.8% | 11.8% | 9.66% | 7.93% | 15.79% | 21.11% | 22.45% | 14.22% | 19% | 19.3% | 14.09% | 8.8% | 15.51% | 9.35% | 7.09% | 7.02% | 10.56% | 8.78% | 2.51% | 4.99% | 6.45% | -3.3% | 0.7% | - | -18.32% |
| FCF Growth % | 16.77% | 8.94% | 118.62% | -44.23% | -9.62% | -7.3% | 42.24% | 33.39% | 80.56% | -12.59% | -26.62% | -17.09% | 75.09% | -24.85% | -1.43% | 85.56% | 147.74% | -69.01% | 76.7% | 55.18% | 23.05% | -17.83% | 60.5% | 284.12% | -50.06% | -37.2% | 324.3% | -560% | - | 100% | -300% |
| FCF per Share | 3.24 | 3.11 | 2.86 | 1.32 | 2.39 | 2.66 | 2.90 | 2.04 | 1.57 | 1.01 | 1.16 | 1.59 | 1.93 | 1.11 | 1.50 | 1.53 | 0.83 | 0.34 | 1.11 | 0.63 | 0.41 | 0.33 | 0.43 | 0.29 | 0.07 | 0.15 | 0.23 | -0.10 | 0.02 | - | -0.55 |
| FCF Conversion (FCF/Net Income) | 1.77x | 2.63x | 3.13x | 2.24x | 1.12x | 1.08x | 7.65x | 1.50x | 1.66x | 1.56x | 1.65x | 1.51x | 1.44x | 1.24x | 1.40x | 1.31x | 1.17x | 7.36x | 1.50x | 1.28x | 1.21x | 1.33x | 1.91x | 4.27x | 4.21x | 7.64x | 2.43x | 3.11x | 1.54x | 1.38x | 2.41x |
| Interest Paid | 0 | 0 | 32.4M | 29.5M | 15.5M | 15.9M | 11.6M | 14.25M | 12.78M | 3.72M | 364K | 0 | 0 | 0 | 0 | 0 | 0 | 9K | 31K | 51K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 21.1M | 26.4M | 0 | 0 | 11.3M | 0 | 20.23M | 17.47M | 12.79M | 17.86M | 19.69M | 19.12M | 18.74M | 17.46M | 9.29M | 289K | 14.22M | 11.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical End-Market Exposure
According to reported financial statements, Helios Technologies consistently generates operating cash flow significantly exceeding net income, with OCF/NI ratios frequently surpassing 2.0x, which suggests that non-cash charges and working capital adjustments play a disproportionately large role in the company's reported cash flow generation relative to actual earnings.
The persistent gap between net income and operating cash flow indicates that GAAP earnings may be heavily impacted by non-cash items such as depreciation and amortization. Investors should monitor whether this conversion quality is sustainable or if it reflects an underlying inability to translate operational activity into high-quality, cash-backed profitability.
As evidenced by the last ten quarters of data, Helios Technologies exhibits a highly erratic free cash flow trajectory, with margins swinging from a low of 5.8 percent in 2024Q1 to a peak of 19.2 percent in 2025Q4, reflecting the company's sensitivity to cyclical demand shifts.
This volatility suggests that the company's ability to generate free cash flow is tethered to the production cycles of its OEM customers rather than steady-state operational efficiency. The lack of a consistent upward trend in FCF margins warrants further investigation into the company's cost structure and pricing power.
Based on recent SEC filings, working capital changes have been a major source of quarterly cash flow variance, with swings ranging from a 13.0 million dollar outflow in 2026Q1 to a 17.9 million dollar inflow in 2024Q4, highlighting the company's reliance on inventory and receivables management.
These fluctuations appear to indicate that the company is managing its inventory levels aggressively to match volatile OEM demand. Such reliance on working capital management to smooth cash flow suggests that operational cash generation remains vulnerable to sudden shifts in supply chain or customer payment cycles.
Data from the provided financial tables indicates that Helios Technologies maintains a disciplined capital expenditure profile, with CapEx as a percentage of revenue consistently hovering between 2.5 percent and 4.6 percent, suggesting a focus on maintenance rather than aggressive capacity expansion in the current environment.
The relatively low capital intensity implies that the company is not currently engaged in heavy infrastructure investment, which may be a strategic choice given the current cyclical headwinds. Analysts should monitor whether this level of investment is sufficient to maintain the technical superiority of the Sun Hydraulics brand.
As reported in financial statements, Helios Technologies has consistently utilized cash for dividends and share repurchases, with quarterly dividend payments remaining steady at 3.0 million dollars, even during periods of significant earnings compression, which suggests a management commitment to returning capital to shareholders despite cyclical volatility.
The decision to maintain dividend payouts while earnings fluctuate may indicate management's confidence in the long-term cash-generating capability of the business. However, investors should consider whether this capital allocation strategy limits the company's flexibility to pursue strategic acquisitions or debt reduction during downturns.
Quick answers to the most common questions about buying HLIO stock.
Helios Technologies, Inc. (HLIO) generated $127.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Helios Technologies, Inc. (HLIO) generated $103.6M 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.
Helios Technologies, Inc. (HLIO) spent $27.3M 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, Helios Technologies, Inc. (HLIO) returned $12.0M to shareholders via cash dividends and spent $13.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.