Free cash flow has turned sharply negative with a -16.1% margin in 2026Q1, reflecting a deteriorating ability to fund operations as cash reserves dwindled to $50.4 million.
JELD-WEN Holding, Inc. (JELD) cash flow statement — 12-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | -131.07M | -4.9M | 106.21M | 345.19M | 30.34M | 175.67M | 355.65M | 302.71M | 219.7M | 265.8M | 201.6M | 172.34M | 21.79M |
| Operating CF Margin % | - | -0.15% | 2.81% | 8.02% | 0.67% | 4.2% | 8.4% | 7.06% | 5.05% | 7.06% | 5.5% | 5.1% | 0.62% |
| Operating CF Growth % | -235.97% | -104.61% | -69.23% | 1037.84% | -82.73% | -50.61% | 17.49% | 37.78% | -17.34% | 31.85% | 16.98% | 690.98% | - |
| Net Income | -167.53M | -619.1M | -189.02M | 62.45M | 45.73M | 168.82M | 91.59M | 62.97M | 144.27M | 10.79M | 357.51M | 90.92M | -84.11M |
| Depreciation & Amortization | 115.69M | 112.38M | 125.79M | 140.19M | 131.75M | 137.25M | 134.62M | 133.97M | 125.1M | 111.27M | 108M | 95.2M | 100.03M |
| Stock-Based Compensation | 15.3M | 15M | 15.46M | 18.4M | 16.17M | 20.21M | 16.4M | 14.05M | 15.05M | 19.79M | 22.46M | 15.62M | 7.97M |
| Deferred Taxes | 2.17M | 136.9M | 0 | 0 | 0 | 0 | -9.06M | 0 | -34.68M | 96.78M | -247.02M | -18.86M | 1.63M |
| Other Non-Cash Items | 44.9M | 321.82M | 43.84M | -17.87M | -5.17M | 90.36M | 19.45M | 72.17M | -8.93M | 25.25M | 13.12M | 14.11M | 33.33M |
| Working Capital Changes | -66.94M | 28.1M | 110.15M | 142.02M | -158.14M | -240.98M | 102.66M | 19.55M | -21.12M | 1.93M | -52.46M | -24.65M | -37.05M |
| Change in Receivables | -61.26M | 46.7M | 102.28M | 10.86M | -79.69M | -91.92M | 10.82M | 8.43M | 16.79M | 660K | -80.31M | -3.9M | -638K |
| Change in Inventory | 21.13M | 33.5M | 9.42M | 119.56M | -73.58M | -134.48M | 9.85M | 4.19M | -35.53M | -32.03M | 10.09M | 2.87M | 10.84M |
| Change in Payables | -7.38M | -51.2M | 0 | 0 | 0 | 0 | 62.88M | 0 | 37.23M | 26.71M | 27.86M | -35.25M | -363.31M |
| Cash from Investing | -74.6M | 16.3M | -153.34M | 279.17M | -67.03M | -92.36M | -82M | -184.95M | -284.1M | -189.8M | -156.8M | -158.45M | -56.74M |
| Capital Expenditures | -109.67M | -119.8M | -161.91M | -98.33M | -83.22M | -83.6M | -77.69M | -101.51M | -118.7M | -63.05M | -79.5M | -77.69M | -70.85M |
| CapEx % of Revenue | 3.49% | 3.73% | 4.29% | 2.28% | 1.83% | 2% | 1.83% | 2.37% | 2.73% | 1.68% | 2.17% | 2.3% | 2.02% |
| Acquisitions | 148.74M | 0 | 0 | 0 | 0 | 0 | 14.31M | -57.8M | -165.72M | -128.74M | -78.25M | -82.02M | 6.91M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -113.22M | 136.1M | 8.57M | 377.51M | 16.19M | -8.76M | -18.62M | -25.64M | 315K | 1.98M | 6.5M | 4.03M | 10M |
| Cash from Financing | 114.15M | -33M | -80.63M | -563.16M | -120.01M | -401.21M | 207.91M | -6.41M | -67.5M | 64.09M | -52M | -1.07M | 105.62M |
| Debt Issued (Net) | 47.73M | -31.5M | -55.18M | -561.34M | 12.73M | -86.05M | 210.86M | 13.1M | 70.47M | -389.67M | 349.66M | 445.71M | 131.55M |
| Equity Issued (Net) | 2K | 0 | -25.72M | -1.64M | -129.98M | -325.34M | -2.02M | -21.49M | -134.48M | -25.34M | 1.19M | -42.64M | -14.77M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -404.2M | -419.22M | 0 |
| Share Repurchases | 0 | 0 | -25.72M | -1.64M | -131.99M | -325.34M | -5M | -21.49M | -125.03M | -2.07M | 0 | -44.65M | -14.77M |
| Other Financing | 66.42M | -1.5M | 266K | -181K | -2.77M | 10.18M | -933K | 1.98M | -3.46M | 479.09M | 1.35M | 15.07M | -11.17M |
| Net Change in Cash | -93.27M | -12.8M | -138.1M | 68.28M | -176.02M | -339.7M | 506.72M | 112.25M | -138.61M | 152.78M | -10.87M | 8.03M | 67.88M |
| Free Cash Flow | -238.1M | -124.7M | -55.69M | 246.86M | -52.88M | 92.06M | 258.76M | 201.2M | 101M | 202.75M | 122.1M | 94.65M | -49.06M |
| FCF Margin % | -7.58% | -3.88% | -1.48% | 5.74% | -1.16% | 2.2% | 6.11% | 4.69% | 2.32% | 5.39% | 3.33% | 2.8% | -1.4% |
| FCF Growth % | -48.32% | -123.91% | -122.56% | 566.82% | -157.44% | -64.42% | 28.61% | 99.21% | -50.19% | 66.05% | 29% | 292.94% | - |
| FCF per Share | -2.74 | -1.46 | -0.66 | 2.87 | -0.61 | 0.94 | 2.54 | 1.98 | 0.95 | 1.86 | 1.16 | 0.87 | -0.45 |
| FCF Conversion (FCF/Net Income) | 1.42x | 0.01x | -0.56x | 5.53x | 0.66x | 1.04x | 3.88x | 4.81x | 1.52x | 24.61x | 0.56x | 1.90x | -0.26x |
| Interest Paid | 0 | 0 | 72.5M | 74.73M | 80.61M | 74.95M | 71.66M | 71.18M | 68.89M | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 20.44M | 0 | 46.3M | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying JELD stock.
JELD-WEN Holding, Inc. (JELD) generated $-4.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
JELD-WEN Holding, Inc. (JELD) reported negative free cash flow of $124.7M in 2025, indicating capital requirements exceeded cash from operations.
JELD-WEN Holding, Inc. (JELD) spent $119.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Liquidity and leverage constraints
Metrics are mathematically derived from official filings.
Earnings Quality and Cash Disconnect
According to the provided cash flow statements, JELD-WEN exhibits a persistent disconnect between net income and operating cash flow, evidenced by an OCF/NI ratio of 1.19 in 2026Q1, which suggests that accounting losses are being exacerbated by cash-based operational outflows rather than non-cash adjustments.
The frequent divergence between net income and operating cash flow indicates that the company's reported losses are not merely accounting artifacts but reflect genuine cash burn. Investors should monitor this relationship closely, as the inability to generate positive operating cash flow despite significant non-cash depreciation charges suggests underlying operational inefficiencies.
Free Cash Flow Margin Erosion
As reported in recent financial filings, JELD-WEN's free cash flow trajectory has turned sharply negative, with a -16.1% FCF margin in 2026Q1, highlighting a deteriorating ability to fund operations internally while navigating a period of sustained revenue contraction and high fixed-cost overhead.
The volatility in free cash flow, swinging from positive in 2025Q4 to deeply negative in 2026Q1, underscores the company's sensitivity to volume fluctuations. This instability suggests that the business model currently lacks the scale required to achieve consistent cash generation, leaving it reliant on external financing to cover ongoing capital requirements.
Working Capital Volatility and Pressure
Based on the company's reported figures, working capital changes have become a primary source of cash flow volatility, with a significant $51.9 million outflow in 2026Q1 following a $61.1 million inflow in 2025Q4, indicating inconsistent management of inventory and accounts receivable cycles.
The erratic nature of these working capital swings suggests that the company is struggling to align its production schedules with actual demand, leading to periodic inventory build-ups or collection delays. Such instability in cash conversion cycles may further strain liquidity during periods of declining market demand.
Capital Allocation Amidst Financial Strain
As indicated by the historical cash flow data, JELD-WEN has shifted away from shareholder returns, with no dividends or buybacks reported in recent quarters, reflecting a necessary pivot toward preserving liquidity as the company grapples with a debt-to-equity ratio of 15.81%.
The cessation of capital returns to shareholders appears to be a defensive measure necessitated by the company's precarious balance sheet. Future capital deployment will likely remain constrained, as management must prioritize debt service and operational restructuring over discretionary spending or growth-oriented acquisitions.