Cash flow conversion remains erratic, evidenced by an OCF/NI ratio of 6.52 in 2026Q1, while management continues to prioritize share buybacks despite significant fluctuations in free cash flow.
| 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 |
|---|
| Cash from Operations | 191.5M | 122.5M | 119.4M | 146.1M | 102.3M | 103M | 127.8M | 115.3M | 78.3M | 101.8M | 119.5M | 127.7M | 35.5M | 117.6M | 77.8M | 76.9M | 105.3M | 112.3M | 51.9M | 65.2M | 31.6M | 58.2M | 18.5M | 12.4M | 0 | 0 |
| Operating CF Margin % | - | 6.52% | 5.71% | 6.78% | 5.17% | 6.14% | 7.66% | 7.04% | 4.58% | 6.9% | 8.44% | 7.85% | 2.28% | 7.96% | 5% | 5.24% | 8.45% | 9.99% | 3.8% | 4.91% | 2.73% | 5.65% | 1.94% | 1.47% | - | - |
| Operating CF Growth % | 416.44% | 2.6% | -18.28% | 42.82% | -0.68% | -19.41% | 10.84% | 47.25% | -23.08% | -14.81% | -6.42% | 259.72% | -69.81% | 51.16% | 1.17% | -26.97% | -6.23% | 116.38% | -20.4% | 106.33% | -45.7% | 214.59% | 49.19% | - | - | - |
| Net Income | 77M | 56M | 48.6M | 89.2M | 63.2M | 85.4M | 122M | 67.4M | 29.2M | 30.5M | 27.7M | -76M | -39.4M | 40.1M | 67.2M | 37.6M | 44.5M | 21.4M | 138M | 63.3M | 15.2M | 9.9M | 9.6M | -37.1M | 16.5M | 13.3M |
| Depreciation & Amortization | 75M | 73.6M | 67.5M | 57M | 56.1M | 57.7M | 54.1M | 55.1M | 50.8M | 49.8M | 52.9M | 59M | 44M | 41.6M | 28.2M | 48.8M | 28.1M | 26.6M | 32.7M | 34.7M | 33.4M | 32.3M | 32.9M | 33.7M | 28.7M | 30.4M |
| Stock-Based Compensation | 7.2M | 13.8M | 20.8M | 17.3M | 13.2M | 0 | 11.3M | 12.1M | 12.5M | 10.6M | 8.9M | 3.8M | 4.7M | 4.3M | 6.9M | 5.3M | 3.3M | 2.5M | 3.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 11M | 11.3M | 2.8M | 5.7M | 2.7M | 16.9M | 0 | -10.9M | 9.1M | 1.6M | -100K | -16M | 2.5M | 19.5M | 8M | -11.3M | 5M | 22.9M | 13M | 3M | -2.9M | 4.2M | 5.1M | -8.9M | 0 | 0 |
| Other Non-Cash Items | -19.2M | 9.2M | 23.9M | 3.3M | 12.3M | -12.2M | -68.3M | -22.4M | -6.6M | 5.7M | 8.4M | 112.7M | 1.2M | -14.2M | -13.1M | 2.2M | -1M | 48.8M | -121.5M | 8.7M | 11.7M | 6.8M | -11.5M | 32.2M | -45.2M | -43.7M |
| Working Capital Changes | 40.5M | -41.4M | -44.2M | -26.4M | -45.2M | -44.8M | 8.7M | 14M | -16.7M | 3.6M | 21.7M | 44.2M | 22.5M | 26.3M | -19.4M | -5.7M | 25.4M | -9.9M | -14M | -34.3M | -31.3M | 5M | -17.6M | -7.5M | 0 | 0 |
| Change in Receivables | 18.8M | 30.9M | 8.1M | 14.9M | -32.3M | -12.7M | -11.5M | 25.4M | -7.7M | -16M | 12.7M | 34.1M | 13.4M | 2.9M | -200K | -33.2M | -19.1M | 16.1M | 18.9M | -18.1M | -18.1M | -9.4M | 0 | 0 | 0 | 0 |
| Change in Inventory | 24.2M | 10.4M | -6.3M | -37.2M | -41.8M | -24.3M | 8.7M | -14.8M | -18.3M | 700K | -3.3M | -4.3M | -14M | 21.6M | -26.5M | 5.1M | 8.2M | 31.5M | -15.1M | -28.6M | -21.7M | 9.8M | -12.2M | -4.2M | 0 | 0 |
| Change in Payables | -2.3M | -57.2M | -19.4M | -400K | 32.7M | 20.9M | 0 | -3.1M | 30.8M | -13.6M | 5M | 25M | -10.6M | 4.9M | -100K | 15.3M | 9.7M | -16.8M | -16.8M | 18.5M | 18.5M | 5M | 0 | 0 | 0 | 0 |
| Cash from Investing | -65.6M | -72.7M | -173.3M | -116M | -114.8M | -89.5M | 5.6M | -33.8M | -376.4M | -56.5M | -53.7M | -41.1M | -580M | -72.3M | -39.9M | -44.7M | -63.4M | -20.8M | 120.7M | -16.5M | -71.2M | -28.3M | -20.4M | -18.5M | -19.7M | -18.3M |
| Capital Expenditures | -52.1M | -55M | -77.4M | -120.5M | -105.3M | -125M | -69.8M | -37.2M | -109.7M | -67.5M | -49.9M | -40.7M | -83.8M | -72.9M | -28.9M | -33.2M | -29.9M | -18M | -37.1M | -24.3M | -28.5M | -23M | -21.2M | -19.3M | -19.7M | -14.6M |
| CapEx % of Revenue | 2.77% | 2.93% | 3.7% | 5.59% | 5.32% | 7.45% | 4.18% | 2.27% | 6.41% | 4.57% | 3.52% | 2.5% | 5.39% | 4.93% | 1.86% | 2.26% | 2.4% | 1.6% | 2.72% | 1.83% | 2.46% | 2.23% | 2.23% | 2.29% | 2.54% | 1.94% |
| Acquisitions | 5.3M | 0 | -99.3M | 0 | -14.7M | 0 | 0 | 400K | -268.2M | 1.5M | -3.8M | -400K | -496.2M | 600K | -13.2M | -600K | -35.5M | -2.2M | -2.9M | -4.1M | -42.7M | -5.8M | 0 | 0 | 0 | -6.4M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -18.8M | -17.7M | 3.4M | 4.5M | 5.2M | 35.5M | 75.4M | 3M | 1.5M | 9.5M | -3.8M | 14.9M | 300K | 2.9M | 2.2M | 800K | 2M | -37.1M | 160.7M | 11.9M | -42.7M | 500K | 800K | 800K | 19.7M | 2.7M |
| Cash from Financing | -118.2M | -58.5M | 35.7M | 2.6M | 4.8M | -4M | -128.7M | -88.7M | 282.8M | -5.9M | -62.7M | -123.4M | 516.1M | -30.3M | -27.3M | -13.3M | -64.3M | -96.9M | -123.1M | -57.7M | 38M | -44.8M | 33.6M | 5M | 0 | -41.6M |
| Debt Issued (Net) | -61.7M | -15.3M | 88.7M | 23.1M | 36.3M | 5.1M | -128M | -90.8M | 314.6M | 7.6M | -62.8M | -113.4M | 547.5M | 6.6M | -6.5M | 5.4M | -40.2M | -70.8M | -86M | -44.8M | -56.3M | -5.1M | 161.8M | 62.1M | 0 | 0 |
| Equity Issued (Net) | -46.9M | -36.8M | -45.5M | -10.2M | -22.5M | -9.1M | -1.6M | 3.1M | -28.9M | -2.5M | 100K | -300K | -1.3M | -17.3M | -6.6M | 0 | -800K | 0 | -20.7M | 0 | 121.8M | 0 | -300K | -9M | 0 | 0 |
| Dividends Paid | -7M | -6.4M | -5.9M | -5M | -4.2M | 0 | 0 | 0 | 0 | 0 | 0 | -8.7M | -20.4M | -21.1M | -19.5M | -18.2M | -23.1M | -18M | -17.2M | -14.1M | -17.3M | -37.7M | -127.9M | -48.1M | 0 | 0 |
| Share Repurchases | -48.1M | -38.2M | -50.8M | -20.1M | -23.6M | -11.5M | -1.6M | -900K | -31.8M | -5.2M | -300K | -300K | -2M | -17.5M | -8.1M | -300K | -900K | -21.3M | -21.3M | 0 | 0 | -300K | -300K | -9M | 0 | 0 |
| Other Financing | -2.6M | 0 | -1.6M | -5.3M | -4.8M | 0 | 900K | -1M | -2.9M | -11M | 0 | -1M | -9.7M | 1.5M | 5.3M | -500K | -200K | -8.1M | 800K | 300K | -10.2M | -2M | 0 | 0 | 0 | -41.6M |
| Net Change in Cash | 9.5M | -5.9M | -22.6M | 33.2M | -12.2M | 7M | 6.2M | -7.6M | -19.7M | 39.5M | -1M | -29.3M | -31.1M | 15.5M | 12.6M | 18.8M | -23.1M | -4.7M | 48.7M | -6.9M | -1.7M | -15.7M | 32.2M | 100K | -19.7M | -59.9M |
| Free Cash Flow | 139.4M | 67.5M | 42M | 25.6M | -3M | -22M | 58M | 78.1M | -31.4M | 34.3M | 69.6M | 87M | -48.3M | 44.7M | 48.9M | 43.7M | 75.4M | 94.3M | 14.8M | 40.9M | 3.1M | 35.2M | -2.7M | -6.9M | -19.7M | -14.6M |
| FCF Margin % | 7.42% | 3.59% | 2.01% | 1.19% | -0.15% | -1.31% | 3.47% | 4.77% | -1.84% | 2.32% | 4.91% | 5.35% | -3.11% | 3.02% | 3.14% | 2.98% | 6.05% | 8.39% | 1.08% | 3.08% | 0.27% | 3.42% | -0.28% | -0.82% | -2.54% | -1.94% |
| FCF Growth % | 219.72% | 60.71% | 64.06% | 953.33% | 86.36% | -137.93% | -25.74% | 348.73% | -191.55% | -50.72% | -20% | 280.12% | -208.05% | -8.59% | 11.9% | -42.04% | -20.04% | 537.16% | -63.81% | 1219.35% | -91.19% | 1403.7% | 60.87% | 64.97% | -34.93% | - |
| FCF per Share | 6.93 | 3.31 | 1.97 | 1.19 | -0.14 | -1.00 | 2.71 | 3.71 | -1.47 | 1.56 | 3.31 | 4.24 | -2.36 | 2.15 | 2.34 | 2.10 | 3.65 | 4.59 | 0.71 | 1.96 | 0.15 | 12.11 | -0.93 | -1.97 | -1.42 | -2.75 |
| FCF Conversion (FCF/Net Income) | 1.81x | 2.19x | 2.28x | 1.64x | 1.61x | 1.21x | 1.05x | 1.73x | 3.35x | 3.50x | 4.08x | -1.77x | -1.10x | 2.91x | 1.19x | 2.08x | 2.39x | 5.97x | 0.38x | 1.15x | 2.08x | 5.88x | 1.93x | -0.33x | - | - |
| Interest Paid | 0 | 0 | 78.5M | 70M | 41.3M | 0 | 50.1M | 60.9M | 49.8M | 37.6M | 42.7M | 43.9M | 32.9M | 25.1M | 26M | 25.8M | 25.5M | 19.8M | 24.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 27.6M | 34.3M | 20.7M | 0 | 0 | 16.8M | 25.9M | 16.6M | 11.6M | 26.3M | 16.1M | 20.5M | 13.6M | 25.7M | 3.9M | 26.1M | 74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Working capital volatility
According to the provided cash flow data, the OCF/NI ratio has fluctuated wildly, reaching a high of 6.52 in 2026Q1 and a low of -7.32 in 2024Q4, indicating that reported net income is a poor proxy for the company's actual cash-generating capacity.
The significant divergence between net income and operating cash flow suggests that non-cash charges and aggressive working capital swings are heavily influencing the bottom line. Investors should monitor whether this volatility reflects genuine operational timing differences or a structural inability to convert accounting profits into tangible liquidity.
As reported in financial statements, Koppers' free cash flow trajectory remains highly erratic, with quarterly figures swinging from a $38.6 million deficit in 2024Q1 to a $56.1 million surplus in 2024Q4, reflecting the cyclical nature of its industrial infrastructure maintenance business model.
The inconsistency in FCF margins, which have oscillated between negative territory and double-digit peaks, suggests that the company lacks a predictable cash engine. This instability complicates long-term capital allocation and may force management to rely on external financing during cyclical downturns.
Based on Koppers' reported figures, working capital changes have been a primary driver of cash flow variance, with a massive $66.4 million outflow in 2025Q1 followed by a $39.6 million inflow in 2024Q4, highlighting the company's sensitivity to inventory and receivable management cycles.
These sharp reversals in working capital suggest that the company's cash position is highly susceptible to the timing of raw material procurement and customer payment cycles. Such volatility warrants further investigation into whether these shifts are indicative of supply chain inefficiencies or merely the nature of large-scale industrial contracts.
Data from recent filings shows that Koppers has prioritized share repurchases, including a $29.0 million outlay in 2026Q1, even as operating cash flow remains inconsistent, which may indicate a management preference for returning capital over strengthening the balance sheet during periods of operational stress.
The decision to deploy significant cash toward buybacks while facing revenue contraction and volatile cash flow appears aggressive. Investors should monitor whether this capital allocation strategy is sustainable or if it risks depleting the liquidity buffer needed to navigate potential sector-specific downturns.
Quick answers to the most common questions about buying KOP stock.
Koppers Holdings Inc. (KOP) generated $122.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Koppers Holdings Inc. (KOP) generated $67.5M 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.
Koppers Holdings Inc. (KOP) spent $55.0M 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, Koppers Holdings Inc. (KOP) returned $6.4M to shareholders via cash dividends and spent $38.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.