Free cash flow trajectory is highly inconsistent, evidenced by a swing from a $127.0M surplus in 2023Q3 to a $140.0M deficit in 2024Q1.
| Metric | TTM | 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 |
|---|
| Cash from Operations | 52M | 104M | 187M | -92M | 643M | 748M | 371M | 394M | 667M | 587M | 544M | 423M | 492M | -103M | -192M | -118M | 341M |
| Operating CF Margin % | - | 1.83% | 3.32% | -1.33% | 8.05% | 12.02% | 6.32% | 6.48% | 10.91% | 10.1% | 9.53% | 7.94% | 9.3% | -2.2% | -4.69% | -2.89% | 8.67% |
| Operating CF Growth % | -151.46% | -44.39% | 303.26% | -114.31% | -14.04% | 101.62% | -5.84% | -40.93% | 13.63% | 7.9% | 28.61% | -14.02% | 577.67% | 46.35% | -62.71% | -134.6% | - |
| Net Income | -128M | -127M | -98M | -283M | 350M | -356M | -185M | 140M | 434M | 217M | 188M | 147M | 443M | -540M | -439M | -97M | -260M |
| Depreciation & Amortization | 190M | 198M | 196M | 214M | 204M | 186M | 195M | 195M | 198M | 202M | 201M | 190M | 176M | 173M | 186M | 197M | 194M |
| Stock-Based Compensation | 14M | 17M | 12M | 22M | 29M | 39M | 30M | 40M | 52M | 57M | 57M | 42M | 61M | 24M | 0 | 0 | 0 |
| Deferred Taxes | -3M | -2M | -33M | -96M | 72M | -114M | 3M | 71M | -63M | 124M | 96M | 77M | -249M | 36M | 18M | 131M | -59M |
| Other Non-Cash Items | -107M | -2M | -117M | 410M | -23M | 684M | 295M | 27M | 40M | 5M | 29M | 61M | 19M | 296M | 47M | 23M | 35M |
| Working Capital Changes | 4M | 20M | 227M | -359M | 11M | 309M | 33M | -79M | 6M | -18M | -27M | -94M | 42M | -73M | -32M | -372M | 501M |
| Change in Receivables | -37M | 4M | 169M | -151M | 4M | 60M | 51M | 7M | -1M | -10M | -27M | 4M | 0 | -1M | -6M | -9M | 40M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 54M | 8M | 0 | 0 |
| Change in Payables | 57M | -65M | -47M | -195M | 17M | 220M | -22M | -71M | 9M | -15M | 28M | -53M | -14M | -128M | -23M | 0 | 0 |
| Cash from Investing | -79M | -77M | -59M | -55M | -147M | -90M | -128M | -91M | -146M | -190M | -209M | -298M | -102M | -66M | -49M | -70M | -47M |
| Capital Expenditures | -93M | -78M | -72M | -109M | -101M | -95M | -119M | -105M | -99M | -87M | -84M | -71M | -62M | -54M | -49M | -49M | -40M |
| CapEx % of Revenue | 1.58% | 1.37% | 1.28% | 1.58% | 1.27% | 1.53% | 2.03% | 1.73% | 1.62% | 1.5% | 1.47% | 1.33% | 1.17% | 1.16% | 1.2% | 1.2% | 1.02% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 9M | 1M | 1M | 17M | 4M | -12M | 4M | 11M | 15M | -8M | 2M | -12M | -8M | -9M | 6M | -4M | -2M |
| Cash from Financing | 67M | -21M | -227M | -376M | -275M | -402M | -215M | -297M | -570M | -535M | -231M | -46M | -530M | 401M | 192M | 124M | -479M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -2M | -3M | 0 | -97M | -9M | 0 | -20M | -412M | -280M | -201M | 5M | 0 | 0 | 1.18B | 0 | 0 | 0 |
| Dividends Paid | 0 | -3M | 0 | 0 | -51M | 0 | -31M | -45M | -49M | -26M | -13M | -5M | -42M | -43M | 0 | 0 | 0 |
| Share Repurchases | -2M | -3M | 0 | -97M | -9M | 0 | -20M | -402M | -280M | -195M | -6M | -6M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -13M | -20M | -50M | -157M | 6M | -70M | -45M | -28M | -69M | -73M | -63M | -48M | -54M | -33M | -41M | -13M | -11M |
| Net Change in Cash | 39M | 5M | -99M | -525M | 220M | 257M | 28M | 4M | -47M | -141M | 102M | 77M | -140M | 233M | -49M | -63M | -182M |
| Free Cash Flow | -41M | 26M | 115M | -201M | 542M | 653M | 252M | 289M | 568M | 500M | 460M | 352M | 430M | -157M | -241M | -167M | 301M |
| FCF Margin % | -0.7% | 0.46% | 2.04% | -2.91% | 6.79% | 10.5% | 4.29% | 4.75% | 9.29% | 8.61% | 8.06% | 6.61% | 8.13% | -3.36% | -5.89% | -4.08% | 7.66% |
| FCF Growth % | -264% | -77.39% | 157.21% | -137.08% | -17% | 159.13% | -12.8% | -49.12% | 13.6% | 8.7% | 30.68% | -18.14% | 373.89% | 34.85% | -44.31% | -155.48% | - |
| FCF per Share | -0.37 | 0.23 | 1.04 | -1.77 | 4.51 | 5.67 | 2.21 | 2.31 | 4.10 | 3.43 | 3.11 | 2.39 | 2.93 | -1.08 | -30.13 | -20.88 | 37.63 |
| FCF Conversion (FCF/Net Income) | 0.32x | -0.81x | -1.93x | 0.32x | 1.87x | -2.08x | -1.97x | 2.88x | 1.55x | 2.76x | 2.96x | 2.96x | 1.12x | 0.19x | 0.44x | 1.19x | -1.30x |
| Interest Paid | 57M | 158M | 168M | 164M | 188M | 209M | 210M | 185M | 165M | 181M | 244M | 249M | 312M | 571M | 608M | 550M | 487M |
| Taxes Paid | 0 | 1M | 14M | 62M | 64M | 0 | 0 | 7M | 11M | 24M | 17M | 10M | 16M | 7M | 3M | 7M | 6M |
Cyclical transaction volume sensitivity
According to recent quarterly filings, the relationship between net income and operating cash flow is highly erratic, evidenced by a 2025Q3 OCF/NI ratio of -9.08, which highlights a significant divergence between accounting profitability and the actual cash generated from the firm's core real estate operations.
The extreme volatility in the OCF/NI ratio suggests that net income is frequently distorted by non-cash charges or accounting timing differences that do not reflect the underlying cash-generating capacity of the business. Investors should monitor this disconnect, as it implies that reported earnings may provide a misleading picture of the company's true liquidity position during periods of market stress.
Based on reported financial statements, free cash flow trajectory remains highly inconsistent, swinging from a $127.0M surplus in 2023Q3 to a $140.0M deficit in 2024Q1, reflecting the company's acute sensitivity to the cyclical nature of residential real estate transaction volumes and interest rate fluctuations.
The inability to maintain positive free cash flow across all quarters suggests that the firm's cost structure is not sufficiently flexible to absorb sharp declines in transaction volume. This pattern indicates that the company may be forced to rely on external financing or cash reserves to bridge gaps during seasonal or market-driven downturns.
As indicated by the provided cash flow data, working capital changes are a primary driver of quarterly cash flow variance, with a notable $86.0M inflow in 2025Q3 contrasting sharply with the $109.0M outflow observed in 2025Q2, underscoring the lumpy nature of the firm's cash conversion cycle.
The significant swings in working capital suggest that the company's cash position is heavily dependent on the timing of commission settlements and other transactional payables. This reliance on working capital fluctuations warrants further investigation, as it may mask underlying operational inefficiencies or temporary liquidity pressures that could intensify if transaction volumes remain suppressed.
Based on the reported figures, capital expenditures have remained relatively contained, with the CapEx/Revenue ratio hovering between 1.0% and 1.8% over the last ten quarters, suggesting that the firm is prioritizing maintenance over aggressive expansion in its current high-interest-rate operating environment.
The modest capital intensity appears to be a defensive measure, reflecting management's attempt to preserve cash while navigating a challenging real estate market. However, investors should monitor whether this level of investment is sufficient to maintain the firm's competitive position against tech-native brokerages that may be investing more heavily in platform capabilities.
Quick answers to the most common questions about buying HOUS stock.
Anywhere Real Estate Inc. (HOUS) generated $104.0M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Anywhere Real Estate Inc. (HOUS) generated $26.0M in free cash flow in 2024. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Anywhere Real Estate Inc. (HOUS) spent $78.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, Anywhere Real Estate Inc. (HOUS) returned $3.0M to shareholders via cash dividends and spent $3.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.