Liquidity is under pressure due to erratic working capital cycles, highlighted by a $134.0 million cash outflow in 2025Q1 and a $61.5 million free cash flow burn in 2026Q1.
| 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 |
|---|
| Cash from Operations | 55.1M | 2.5M | 72.5M | 5.5M | 81.7M | 206.5M | 102.5M | 160.3M | 188.5M | 276.1M | 89.6M | 52.1M | 87.7M | 130.4M | 76.9M | 295.6M | 126M | 86.3M | 2.7M | 90M | 71.93M | 97.83M | 151M | 107.68M | 111.1M |
| Operating CF Margin % | - | 0.13% | 3.84% | 0.33% | 4.23% | 10.65% | 6.25% | 9.26% | 11.34% | 15.97% | 6.57% | 3.86% | 5.31% | 7.53% | 3.89% | 15.21% | 8.69% | 7.56% | 0.21% | 6.87% | 5.62% | 8.17% | 13.38% | 10.68% | 12.69% |
| Operating CF Growth % | -32.66% | -96.55% | 1218.18% | -93.27% | -60.44% | 101.46% | -36.06% | -14.96% | -31.73% | 208.15% | 71.98% | -40.59% | -32.75% | 69.57% | -73.99% | 134.6% | 46% | 3096.3% | -97% | 25.13% | -26.47% | -35.22% | 40.23% | -3.08% | - |
| Net Income | -133.8M | -110.9M | 86.2M | -49.1M | 104.5M | 112.9M | 63.9M | 87.1M | 205M | 354.5M | 43.3M | -173.6M | 99.2M | -102M | 218.5M | 321M | 130.6M | -34.7M | 9M | -66.7M | 81.97M | 71.01M | 314.85M | 87.55M | 66.4M |
| Depreciation & Amortization | 66.5M | 64.8M | 64.4M | 53.1M | 56.2M | 57.9M | 64.6M | 54.9M | 49.7M | 41.2M | 40.5M | 42.1M | 49.2M | 50.2M | 47.8M | 47.5M | 44.7M | 47M | 51.3M | 48.9M | 44.25M | 43.54M | 44.05M | 39.42M | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -12.5M | -500K | 31.3M | -39.3M | -1.4M | 14.3M | -3.2M | 6.5M | 27.3M | -151.6M | 7.7M | 138.5M | 19.6M | -67.9M | 22.6M | 63.8M | -23.8M | -21.9M | -10.6M | 104.8M | -28.2M | 26.47M | -263.31M | 36.49M | 0 |
| Other Non-Cash Items | -1.3M | 2M | -67.1M | 4.6M | 2.7M | 14.5M | 4.9M | 4.4M | 2.8M | -900K | 3M | 6.3M | 10.7M | 8.2M | -5.7M | 4.8M | 5.4M | 11.8M | -4.9M | 2.5M | 1.15M | 2.85M | 11.87M | -3.2M | 44.7M |
| Working Capital Changes | 136.2M | 47.1M | -42.3M | 36.2M | -80.3M | 6.9M | -27.7M | 7.4M | -116M | 19.8M | -14.3M | 15.2M | -102.1M | 212.9M | -193.4M | -148.9M | -32M | 84.1M | -47.2M | 2M | -32.16M | -38.49M | 43.54M | -52.58M | 0 |
| Change in Receivables | -6.7M | 31.7M | -8.4M | -43.9M | 85.7M | -58.6M | -4.7M | -6.8M | 4.1M | -52.7M | -37.4M | 20.1M | -27.8M | 24.8M | -1.1M | 0 | -52.4M | -5.6M | 20M | 6M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 176.7M | 77M | -43.1M | 56.3M | -198.4M | 65.8M | 13.3M | -7.1M | -135.5M | -4.9M | 38.8M | -9.5M | -52.3M | 222.2M | -184.8M | -183.8M | 7.1M | 99.4M | -93.9M | 5.7M | -6.1M | -47.92M | 48.24M | -26.04M | 0 |
| Change in Payables | -500K | -25.6M | 11.6M | 33.9M | 36.7M | 0 | -33.2M | 24.6M | 16.4M | 20.7M | -12.9M | -12M | -21.1M | 9.1M | -56.2M | 0 | -9M | 5.4M | 16.7M | 2.6M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -41.1M | -42.9M | -186.3M | -47.4M | -63.1M | -58.6M | -61.3M | -52.5M | -42.7M | -77.9M | -53M | -46.8M | -54M | -68.2M | 149.8M | -218.1M | -145.8M | -23.7M | -68.1M | -47.4M | -50.92M | -39.66M | -39.84M | -35.42M | -34.6M |
| Capital Expenditures | -41.1M | -42.9M | -29.5M | -47.4M | -63.2M | -58.6M | -62.8M | -55.1M | -56.3M | -64.3M | -53M | -47.1M | -61.2M | -67.6M | -74.8M | -68.6M | -37.7M | -23.7M | -68.1M | -47.3M | -50.94M | -43.37M | -39.3M | -35.24M | 0 |
| CapEx % of Revenue | 2.19% | 2.31% | 1.56% | 2.84% | 3.27% | 3.02% | 3.83% | 3.18% | 3.39% | 3.72% | 3.88% | 3.49% | 3.7% | 3.9% | 3.78% | 3.53% | 2.6% | 2.08% | 5.17% | 3.61% | 3.98% | 3.62% | 3.48% | 3.5% | - |
| Acquisitions | 0 | 0 | -156.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 68.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 100K | 0 | 1.5M | 2.6M | 13.6M | -13.6M | 0 | 300K | 7.2M | -600K | 133.5M | -153.1M | -108.1M | 0 | 0 | -100K | 15K | 3.58M | -546K | -173K | -34.6M |
| Cash from Financing | -11.8M | -36.3M | 26.5M | -91.6M | -91.5M | -86.7M | -85.3M | -87.9M | -80.4M | 58.8M | -73.3M | -72.1M | 89.6M | -292.3M | -28.1M | -299.6M | 295.1M | -49.8M | 10.3M | -39.8M | -34.99M | -44.77M | -108.75M | -61.81M | -93.9M |
| Debt Issued (Net) | 12.7M | -13.3M | 91M | -1.1M | -1.3M | -1.4M | -1.1M | -1.5M | -1.5M | 137.2M | -3.8M | -2.6M | 165.2M | -222.1M | 48.6M | -174.8M | -27.2M | -49.2M | 60.5M | 9.2M | 22.86M | 2.96M | 41.65M | -74.5M | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | -2.9M | -2.3M | -200K | -1M | -3M | 0 | 0 | 0 | 0 | 0 | -700K | 0 | 0 | 337.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -23M | -23M | -55.2M | -87.5M | -87.8M | -83.2M | -83.2M | -83.4M | -78.8M | -69.5M | -69.5M | -69.5M | -69.5M | -69.5M | -69.5M | -124.6M | -14.5M | 0 | -49M | -49M | -48.95M | -48.95M | -48.95M | -7M | 0 |
| Share Repurchases | 0 | 0 | 0 | -2.9M | -2.3M | -200K | -1M | -3M | 0 | 0 | 0 | 0 | 0 | -700K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.5M | 0 | -9.3M | -100K | -100K | -1.9M | 0 | 0 | -100K | -8.9M | 0 | 0 | -6.1M | 0 | -7.2M | -200K | -800K | -600K | -1.2M | 0 | -8.89M | 1.21M | -101.45M | 19.69M | -93.9M |
| Net Change in Cash | 5M | -73M | -87.4M | -132.5M | -78M | 50.6M | -30.3M | 17.6M | 51M | 271.4M | -42M | -75.2M | 113.9M | -228.9M | 200.2M | -222.2M | 273.6M | 17.5M | -58.6M | 8.9M | -8.76M | 11.24M | 4.91M | 15.19M | -93.9M |
| Free Cash Flow | 25.2M | -40.4M | 43M | -41.9M | 18.5M | 147.9M | 39.7M | 105.2M | 132.2M | 211.8M | 36.6M | 5M | 26.5M | 62.8M | 2.1M | 227M | 88.3M | 62.6M | -65.4M | 42.7M | 20.99M | 54.46M | 111.71M | 72.44M | 111.1M |
| FCF Margin % | 1.34% | -2.17% | 2.28% | -2.51% | 0.96% | 7.63% | 2.42% | 6.08% | 7.95% | 12.25% | 2.68% | 0.37% | 1.6% | 3.62% | 0.11% | 11.68% | 6.09% | 5.48% | -4.97% | 3.26% | 1.64% | 4.55% | 9.9% | 7.18% | 12.69% |
| FCF Growth % | 304.88% | -193.95% | 202.63% | -326.49% | -87.49% | 272.54% | -62.26% | -20.42% | -37.58% | 478.69% | 632% | -81.13% | -57.8% | 2890.48% | -99.07% | 157.08% | 41.05% | 195.72% | -253.16% | 103.42% | -61.46% | -51.25% | 54.22% | -34.8% | - |
| FCF per Share | 0.22 | -0.35 | 0.37 | -0.36 | 0.16 | 1.28 | 0.34 | 0.91 | 1.14 | 1.83 | 0.32 | 0.04 | 0.23 | 0.54 | 0.02 | 1.96 | 0.88 | 0.64 | -0.67 | 0.44 | 0.21 | 0.56 | 1.14 | 0.75 | 1.14 |
| FCF Conversion (FCF/Net Income) | -0.19x | -0.02x | 0.84x | -0.11x | 0.78x | 1.83x | 1.60x | 1.84x | 0.92x | 0.78x | 2.07x | -0.30x | 0.88x | -1.28x | 0.35x | 0.92x | 0.96x | -2.49x | 0.30x | -1.35x | 0.88x | 1.38x | 0.48x | 1.23x | 1.67x |
| Interest Paid | 25M | 0 | 38.2M | 15.8M | 15.7M | 18M | 18M | 17.4M | 18.5M | 15.2M | 18.4M | 16.6M | 14.7M | 18.6M | 35.6M | 35.3M | 36.3M | 39.4M | 41.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 47.5M | 0 | 34.5M | 17.3M | 37.3M | 41.6M | 15.3M | 35.8M | 67.9M | 37.1M | 6.6M | 1.4M | 17.5M | 33.2M | 94.3M | 104.7M | 24M | 2.7M | 3.8M | 0 | 0 | 0 | 0 | 0 | 0 |
Volatile working capital cycles
As reported in recent financial statements, Kronos Worldwide exhibits a profound disconnect between net income and operating cash flow, evidenced by a 2026Q1 OCF/NI ratio of 10.69, which suggests that accounting earnings are failing to capture the underlying cash volatility inherent in the company's current operations.
The extreme variance in the OCF/NI ratio indicates that net income is a poor proxy for the company's actual cash-generating ability. Investors should monitor this divergence, as it suggests that non-cash items and accruals are masking the true cash burn occurring during periods of operational stress.
Based on the company's quarterly filings, FCF margins have swung violently from a negative 20.9% in 2025Q1 to a positive 19.9% in 2025Q4, illustrating a highly unstable cash flow trajectory that remains tethered to cyclical swings in production and inventory management rather than consistent operational performance.
The inability to maintain positive free cash flow suggests that the business model is currently struggling to self-fund its operations. This erratic performance warrants further investigation into whether the company can sustain its dividend obligations without relying on external financing or further balance sheet degradation.
According to the provided cash flow data, working capital changes are the primary driver of liquidity fluctuations, with a massive $134.0 million outflow in 2025Q1 followed by a $164.6 million inflow in 2025Q4, highlighting the company's extreme sensitivity to inventory and receivables management cycles.
These massive swings suggest that Kronos is frequently forced to tie up significant liquidity in inventory or is experiencing delayed collections, which directly impacts its ability to manage short-term obligations. Such volatility implies that the company's cash position is highly vulnerable to shifts in customer demand and supply chain timing.
As reported in financial disclosures, Kronos Worldwide has continued to pay dividends despite significant cash flow deficits, such as the $61.5 million FCF burn in 2026Q1, which suggests that capital allocation may be prioritizing parent-level requirements over the preservation of the company's own liquidity position.
The persistence of dividend payments during periods of negative free cash flow appears to be an aggressive capital allocation strategy that may limit the company's financial flexibility. Investors should monitor whether this policy remains tenable if the current negative operating margin environment persists into future quarters.
Quick answers to the most common questions about buying KRO stock.
Kronos Worldwide, Inc. (KRO) generated $2.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kronos Worldwide, Inc. (KRO) reported negative free cash flow of $40.4M in 2025, indicating capital requirements exceeded cash from operations.
Kronos Worldwide, Inc. (KRO) spent $42.9M 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, Kronos Worldwide, Inc. (KRO) returned $23.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.