Free cash flow generation is highly erratic, swinging from a $15.0M inflow in 2024Q4 to a $2.1M outflow in 2025Q2, highlighting a disconnect where operating cash flow often fails to track with accounting net income.
| 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 |
|---|
| Cash from Operations | 25.62M | 24.45M | 48.73M | -34.68M | -99.35M | 53.64M | 32.41M | 11M | 33.37M | 5.99M | 956K | -2.21M | -337K | 2.74M | -1.04M |
| Operating CF Margin % | - | 11.74% | 23.91% | -15.78% | -36.59% | 16.66% | 16.76% | 6.12% | 23.44% | 5.25% | 0.88% | -2.56% | -0.51% | 5.54% | -2.66% |
| Operating CF Growth % | -128.95% | -49.82% | 240.49% | 65.09% | -285.2% | 65.52% | 194.53% | -67.02% | 457.06% | 526.57% | 143.28% | -555.49% | -112.31% | 362.76% | - |
| Net Income | -16.68M | -13.52M | -16.8M | -64.35M | -79.06M | 15.53M | -4.78M | 10.17M | 12.43M | -2.02M | 828K | 4.72M | 3.02M | 1.13M | 2.31M |
| Depreciation & Amortization | 12.22M | 11.9M | 13.05M | 14.7M | 13.56M | 7.1M | 4.71M | 4.44M | 4.96M | 4.81M | 2.96M | 1.78M | 1.35M | 1.17M | 786K |
| Stock-Based Compensation | 5.24M | 0 | 0 | 22.59M | 0 | 15.13M | 10.04M | 6.61M | 5.55M | 4.41M | 2.99M | 2.38M | 897K | 126K | 77K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 8.53M | 0 | 4.9M | 4.92M | -6.67M | 2.49M | 2.8M | -42K | 334K | -114K | 0 |
| Other Non-Cash Items | 16.8M | 17.46M | 25.65M | 33.81M | 46.98M | 26.98M | 139K | 23K | 5.83M | 228K | 189K | 636K | -5K | -35K | -10K |
| Working Capital Changes | 8.03M | 8.61M | 26.83M | -41.43M | -89.36M | -11.09M | 17.41M | -15.16M | 4.59M | -3.94M | -8.82M | -11.69M | -5.94M | 459K | -4.21M |
| Change in Receivables | 6.92M | 4.66M | 28.17M | -19.22M | -24.53M | 1.78M | -9.53M | -18.62M | 1.07M | 9.08M | -9.26M | -13.12M | -4.41M | -1.23M | -1.08M |
| Change in Inventory | 1.19M | 9.68M | 3M | 11.03M | -29M | -14.08M | -15.83M | -4.18M | 4.04M | -10.63M | -6.06M | -4.61M | -555K | -3.44M | -4.38M |
| Change in Payables | 4.11M | 0 | 2.15M | -6.49M | -26.95M | 12.87M | 6.86M | 6.03M | 4.39M | -3.63M | 2.82M | 7.04M | -1.58M | 2.81M | -46K |
| Cash from Investing | 6.32M | 3.13M | 31.49M | 26.21M | -407.27M | 89.75M | -114.63M | -179.5M | 16.68M | -46.74M | 2.46M | -58.87M | 738K | -2.1M | -3.12M |
| Capital Expenditures | -22.14M | -21.27M | -15.14M | -7.01M | -18.35M | -14.48M | -13.61M | -6.75M | -7.29M | -5.66M | -5.46M | -1.86M | -1.91M | -1.57M | -1.08M |
| CapEx % of Revenue | 10.53% | 10.22% | 7.43% | 3.19% | 6.76% | 4.5% | 7.04% | 3.75% | 5.12% | 4.96% | 5.03% | 2.15% | 2.88% | 3.19% | 2.75% |
| Acquisitions | 0 | 0 | 0 | -33.22M | -14.58M | -14.99M | -15.54M | -4.71M | 0 | 6K | -9.21M | -1M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -3.96M | 24.41M | 0 | 33.22M | 0 | -130K | 4K | 3K | 23.98M | 6K | 17.13M | 8K | 2.65M | 47K | -2.04M |
| Cash from Financing | -57.16M | -27.11M | -84.81M | -56.52M | -332K | 342.38M | 167.04M | 135.13M | 5.53M | 36.44M | 939K | 74.6M | -655K | 0 | 0 |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -55.77M | -27.92M | -83.34M | -55.77M | 619K | 339.76M | 161.98M | 129.71M | 0 | 35.08M | 0 | 74.18M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -56.12M | -27.92M | -84.06M | -55.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.39M | 808K | -1.48M | -752K | -951K | 2.62M | 5.06M | 5.42M | 5.53M | 1.36M | 939K | 421K | -655K | 0 | 0 |
| Net Change in Cash | -25.36M | 473K | -4.6M | -64.99M | -506.95M | 485.77M | 85.03M | -33.39M | 55.5M | -4.16M | 4.33M | 13.47M | -336K | 666K | -4.16M |
| Free Cash Flow | 3.48M | 3.17M | 33.59M | -41.69M | -117.39M | 39.04M | 18.8M | 4.25M | 26.07M | 330K | -4.51M | -4.07M | -2.25M | 1.16M | -2.12M |
| FCF Margin % | 1.65% | 1.52% | 16.48% | -18.97% | -43.23% | 12.12% | 9.72% | 2.36% | 18.31% | 0.29% | -4.15% | -4.71% | -3.39% | 2.35% | -5.41% |
| FCF Growth % | -89.4% | -90.55% | 180.56% | 64.49% | -400.71% | 107.64% | 342.25% | -83.7% | 7801.21% | 107.32% | -10.71% | -81.05% | -293.29% | 154.91% | - |
| FCF per Share | 0.08 | 0.07 | 0.71 | -0.85 | -2.36 | 0.80 | 0.44 | 0.11 | 0.74 | 0.01 | -0.14 | -0.15 | -0.08 | 0.05 | -0.09 |
| FCF Conversion (FCF/Net Income) | -0.21x | -1.81x | -2.90x | 0.54x | 1.26x | 3.45x | -6.78x | 1.08x | 2.68x | -2.97x | 1.15x | -0.47x | -0.11x | 2.41x | -0.45x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 1.84M | 1.95M | 0 | 435K | 1.03M | 353K | 1.8M | 853K | 593K | 1.37M | 1.66M | 903K | 119K |
Limited liquidity and dilution
According to the provided quarterly data, Kornit's operating cash flow frequently diverges from net income, with OCF/NI ratios reaching extreme levels like -14.93 in 2024Q3, suggesting that reported accounting earnings are poor indicators of the company's actual ability to generate cash from its core operations.
The persistent gap between net income and operating cash flow indicates that non-cash charges and working capital fluctuations are the primary drivers of the company's cash position. Investors should monitor this divergence closely, as it suggests that the underlying business model is not yet generating the self-sustaining cash flow required to support its current cost structure.
As reported in financial statements, Kornit's free cash flow trajectory remains highly erratic, swinging from a peak of $15.0M in 2024Q4 to a negative $2.1M in 2025Q2, which highlights the company's struggle to maintain consistent cash generation amidst lumpy hardware sales and seasonal demand cycles.
The inability to sustain positive free cash flow suggests that the company's capital intensity is currently misaligned with its revenue generation capabilities. This volatility may indicate that the business remains overly dependent on large, non-recurring system installations rather than a stable, recurring revenue base.
Based on reported figures, Kornit's capital expenditure as a percentage of revenue has fluctuated significantly, reaching as high as 19.2% in 2024Q4, which suggests that the company is aggressively reinvesting in its infrastructure to support the rollout of new platforms like the Apollo system.
While this spending is intended to drive future growth, the current level of capital intensity appears to be a significant drag on free cash flow. Analysts should investigate whether these expenditures are primarily for maintenance or growth, as the latter carries higher execution risk in the current retail environment.
Data from the cash flow statement reveals that Kornit has prioritized share repurchases, including a $30.5M outflow in 2026Q1, despite maintaining a relatively modest cash position of $35.5M, which may indicate a management focus on capital return that potentially compromises the company's long-term financial flexibility.
The decision to deploy significant capital toward buybacks while operating with negative net margins warrants further investigation into management's capital allocation priorities. This strategy appears to increase the risk of future dilution should the company require additional liquidity to fund its ongoing research and development initiatives.
Quick answers to the most common questions about buying KRNT stock.
Kornit Digital Ltd. (KRNT) generated $24.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kornit Digital Ltd. (KRNT) generated $3.2M 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.
Kornit Digital Ltd. (KRNT) spent $21.3M 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, Kornit Digital Ltd. (KRNT) spent $27.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.