Cash flow generation remains erratic, evidenced by an operating cash flow to net income ratio that swung from -0.24 in 2025Q1 to 4.45 in 2024Q4, complicating consistent capital deployment.
| 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 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 143.29M | 136.45M | 204.58M | 279.02M | 41.79M | 48.93M | 178.39M | 82.37M | 78.78M | 64.76M | 73.75M | 73.43M | 54.69M | 73.8M | 62.89M | 19.67M | 37.55M | 41.6M | 13.39M | 27.5M | 8.18M | 11.29M | 3.36M | 8.38M | 24.4M | 22.6M | 21.39M | 14.2M | 12.6M | 15.2M | 28M |
| Operating CF Margin % | - | 7.22% | 11.12% | 14.28% | 2.15% | 2.78% | 12.58% | 7.27% | 9.08% | 7.9% | 9.88% | 9.96% | 7.14% | 10.12% | 8.88% | 2.88% | 6.9% | 9.21% | 2.3% | 5.04% | 1.78% | 2.66% | 0.84% | 2.46% | 8.89% | 9% | 8% | 5.49% | 4.9% | 6.29% | 11.65% |
| Operating CF Growth % | 163.31% | -33.3% | -26.68% | 567.61% | -14.59% | -72.57% | 116.56% | 4.56% | 21.64% | -12.19% | 0.44% | 34.27% | -25.9% | 17.34% | 219.81% | -47.62% | -9.75% | 210.68% | -51.31% | 236.07% | -27.51% | 236.28% | -59.93% | -65.67% | 7.94% | 5.66% | 50.65% | 12.7% | -17.11% | -45.71% | 283.56% |
| Net Income | 4.26M | -2.47M | 116.73M | 112.87M | -15.84M | 121.43M | 39.79M | 31.88M | 59.81M | 22.3M | 63.04M | 52.71M | 58.3M | 58.85M | 50.24M | 45.9M | 34.09M | 17.49M | 11.13M | 15.47M | 11.67M | 1.69M | 8.97M | 14.83M | 14.3M | 7.67M | 17.16M | 15.7M | 10.7M | 12.6M | -7.6M |
| Depreciation & Amortization | 97.78M | 93.45M | 84.12M | 81.99M | 80.47M | 86.55M | 83.25M | 44.9M | 19.71M | 19.97M | 19.57M | 19.21M | 16.63M | 15.78M | 15.36M | 13.79M | 10.86M | 10.6M | 12.06M | 12.88M | 11.56M | 10.53M | 9.77M | 7.64M | 6.24M | 6.38M | 6.81M | 7M | 7.1M | 7.3M | 8.7M |
| Stock-Based Compensation | 10.41M | 0 | 14.99M | 14.61M | 11.67M | 11.04M | 11M | 4.86M | 3.72M | 4.19M | 6.35M | 5.92M | 5.31M | 4.16M | 3.81M | 3.51M | 3.1M | 2.13M | 819K | -85K | -507K | -25K | -39K | -418K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -34.6M | -30.43M | -10.03M | -12.09M | -16.95M | -13.43M | -37.21M | -22.43M | -73K | 18.76M | 2.28M | -3.52M | -249K | -1.86M | 947K | 2.43M | 1.85M | -505K | 1.01M | -354K | 404K | -4.48M | -1.87M | 1.39M | 328K | -627K | -1.82M | 1M | -100K | 700K | -3.7M |
| Other Non-Cash Items | 102.46M | 119.41M | 2.44M | 177K | 99.84M | -20.31M | 52M | 16.22M | 5.39M | 2.33M | -7.29M | 9.2M | -734K | -4.15M | -7.34M | -4.59M | -5.98M | -7.37M | 2.57M | 2.1M | -2.93M | 4.18M | 2.75M | 2.68M | 3.8M | 8.15M | 2.95M | -200K | 6.1M | -4.1M | 600K |
| Working Capital Changes | -37.09M | -43.52M | -3.66M | 81.47M | -117.38M | -136.35M | 29.57M | 6.94M | -9.79M | -2.78M | -10.19M | -10.08M | -24.56M | 1.01M | -118K | -41.38M | -6.36M | 19.25M | -14.2M | -2.51M | -12.02M | -610K | -16.23M | -17.75M | -262K | 1.03M | -3.71M | -10.9M | -11.2M | -1.3M | 7.8M |
| Change in Receivables | 9.05M | 24.23M | 24.98M | 32.17M | -59.11M | -67.47M | 17.17M | 19.93M | -2.82M | -1.94M | -11.71M | -188K | -24.94M | -11.84M | 779K | -31.56M | -4.47M | -6.82M | 15.58M | -4.09M | -8.95M | -9.6M | -6.36M | -14.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -17.22M | -12.24M | -3.24M | 49.75M | -29.86M | -84.43M | -3.85M | 10.84M | -10.55M | -6.13M | -1.87M | 1.29M | -5.48M | 406K | 3.23M | -9.28M | -7.15M | 9.77M | -73K | -5.18M | -4.15M | -5.82M | -7.56M | -4.69M | -3.1M | 2.76M | -650K | -600K | -1.1M | -1.9M | 100K |
| Change in Payables | -7.71M | -30.27M | -8.64M | 0 | 0 | 0 | 0 | -22.45M | 190K | 12.38M | 14.57M | -9.04M | 3M | 11.3M | -2.56M | 4.44M | 5.51M | 16.54M | -27.89M | 7.61M | 5.44M | 15.73M | 129K | 478K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -210.24M | -214.12M | -76.42M | -27.62M | -40.19M | -49.13M | -71.39M | -908.63M | -12.36M | -13.9M | -23.77M | -34.2M | -84.47M | -12.42M | -16.73M | -35.36M | -41.04M | -6.61M | -20.15M | -9.43M | -13.46M | -8.55M | -6.55M | -24.37M | -30.25M | -8.03M | -4.04M | -6.4M | -16.8M | -1.4M | -6.3M |
| Capital Expenditures | -28.76M | -55.86M | 11.28M | -38.8M | -28.54M | -21.46M | -17.9M | -15.54M | -12.89M | -10.87M | -9.95M | -11.03M | -13.05M | -11.44M | -12.73M | -12.12M | -9.35M | -13.83M | -11.74M | -9.16M | -12.38M | -6.99M | -8.64M | -12.61M | -10.84M | -8.04M | -6.13M | -5.7M | -17.5M | -5.6M | -6.9M |
| CapEx % of Revenue | 1.49% | 2.96% | 0.61% | 1.99% | 1.47% | 1.22% | 1.26% | 1.37% | 1.49% | 1.33% | 1.33% | 1.5% | 1.7% | 1.57% | 1.8% | 1.77% | 1.72% | 3.06% | 2.02% | 1.68% | 2.69% | 1.65% | 2.16% | 3.71% | 3.95% | 3.2% | 2.29% | 2.21% | 6.81% | 2.32% | 2.87% |
| Acquisitions | -160.22M | -161.21M | -39.3M | 0 | -13.12M | -42.42M | -56.23M | -893.41M | -500K | -5.36M | -15.02M | -24.06M | -73.53M | -2.48M | -5.63M | -25.48M | -35.91M | -1.98M | -1.86M | -2.37M | -1.68M | -6.7M | 0 | 0 | -21.29M | -1.72M | -3.5M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -21.25M | 2.95M | -48.4M | 11.18M | 1.46M | 14.74M | 2.75M | 325K | 1.03M | 2.34M | 1.21M | 895K | 2.11M | 1.5M | 1.64M | 2.23M | 229K | 9.2M | -6.55M | 2.11M | 608K | 5.14M | 2.09M | -11.76M | 1.87M | 1.73M | 5.58M | -700K | 700K | 4.2M | 600K |
| Cash from Financing | 47.26M | 61.83M | -122.66M | -238.61M | 24.67M | -13.46M | -75.25M | 844.13M | -46.91M | -55.21M | -38.13M | -16.9M | 30.16M | -26.21M | -30.54M | 9.15M | 4.34M | -32.82M | 9.35M | -15.9M | 4.16M | -14.85M | 7.38M | 22.03M | -1.26M | -9.56M | -8.75M | -7.4M | -3.4M | -2.6M | -18.8M |
| Debt Issued (Net) | 125.37M | 139.13M | -37.86M | -204.21M | 58.89M | 14.24M | -49.76M | 888.34M | -26.79M | -2.85M | -14.51M | 5.69M | 57.4M | -12.79M | -17.95M | -27.62M | 7.75M | -22.23M | 7.34M | -9.29M | 12.86M | -2.74M | 16.57M | 28.01M | 6.17M | -2.95M | -318K | -1.1M | 1.6M | 2.6M | -12.2M |
| Equity Issued (Net) | -43.48M | -42.91M | -49.25M | 0 | 0 | 0 | 0 | 0 | 0 | -1.96M | -5.86M | -7.28M | 0 | 0 | 0 | 48.14M | 0 | 0 | 11.92M | 3.31M | 1.24M | 387K | 960K | 4.33M | 2.95M | 2.9M | -1.15M | 600K | 1.6M | 900K | -600K |
| Dividends Paid | -34.63M | -34.39M | -33.17M | -31.65M | -30.1M | -28.6M | -27.56M | -21.83M | -19.32M | -18.61M | -17.63M | -16.51M | -14.56M | -13.02M | -12.62M | -11.59M | -10.45M | -10.11M | -9.5M | -8.65M | -8.44M | -8.34M | -8.24M | -7.92M | -10.39M | -7.41M | -6.99M | -6.8M | -6.5M | -6.2M | -5.9M |
| Share Repurchases | -43.27M | -41.52M | -49.25M | 0 | 0 | 0 | 0 | -1.37M | 0 | -5.86M | -5.86M | -7.28M | 0 | 0 | -49.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.96M | 0 | 0 | 0 | -1.6M |
| Other Financing | 0 | 0 | -2.38M | -2.75M | -4.11M | 890K | 2.07M | -22.38M | -795K | -31.79M | -133K | 1.21M | -12.68M | -397K | 22K | 214K | 7.04M | -478K | -404K | -1.26M | -1.49M | -4.15M | -1.91M | -2.39M | 0 | -2.1M | -295K | -100K | -100K | 100K | -100K |
| Net Change in Cash | -16.5M | -9.05M | -5.65M | 13.56M | 15.79M | -16.72M | 38.34M | 19.13M | 13.38M | 1.06M | 7.76M | 16.32M | -3.76M | 35.95M | 15.64M | -8.86M | 715K | 4.16M | 697K | 4.13M | -59K | -12.96M | 7.16M | 8.06M | -6.69M | 4M | 7.88M | -1.5M | -8.2M | 9.9M | 1.3M |
| Free Cash Flow | 142.71M | 80.6M | 215.86M | 240.22M | 13.26M | 27.48M | 160.49M | 66.83M | 65.89M | 53.89M | 63.8M | 62.4M | 41.64M | 62.36M | 50.16M | 7.55M | 28.19M | 27.77M | 1.65M | 18.34M | -4.2M | 4.3M | -5.29M | -4.23M | 13.56M | 14.57M | 15.27M | 8.5M | -4.9M | 9.6M | 21.1M |
| FCF Margin % | 7.41% | 4.27% | 11.73% | 12.3% | 0.68% | 1.56% | 11.32% | 5.9% | 7.6% | 6.57% | 8.54% | 8.46% | 5.44% | 8.55% | 7.08% | 1.1% | 5.18% | 6.15% | 0.28% | 3.36% | -0.91% | 1.01% | -1.32% | -1.24% | 4.94% | 5.8% | 5.71% | 3.29% | -1.91% | 3.98% | 8.78% |
| FCF Growth % | -4.35% | -62.66% | -10.14% | 1712.3% | -51.76% | -82.88% | 140.15% | 1.42% | 22.27% | -15.53% | 2.24% | 49.86% | -33.23% | 24.33% | 564.43% | -73.22% | 1.53% | 1583.99% | -91.01% | 536.99% | -197.58% | 181.35% | -24.93% | -131.2% | -6.91% | -4.58% | 79.61% | 273.47% | -151.04% | -54.5% | 944% |
| FCF per Share | 8.19 | 4.61 | 12.12 | 13.41 | 0.74 | 1.54 | 9.04 | 4.41 | 4.95 | 4.07 | 4.85 | 4.72 | 3.17 | 4.77 | 3.88 | 0.61 | 2.51 | 2.56 | 0.16 | 1.82 | -0.43 | 0.44 | -0.53 | -0.43 | 1.43 | 1.60 | 1.72 | 0.95 | -0.55 | 1.10 | 2.37 |
| FCF Conversion (FCF/Net Income) | 33.51x | -54.84x | 1.75x | 2.47x | -2.62x | 0.40x | 4.50x | 2.60x | 1.32x | 3.19x | 1.20x | 1.43x | 0.97x | 1.31x | 1.33x | 0.45x | 1.18x | 2.56x | 1.20x | 1.78x | 0.70x | 6.69x | 0.37x | 0.56x | 1.71x | 2.95x | 1.25x | 0.90x | 1.18x | 1.21x | -3.68x |
| Interest Paid | 0 | 0 | 44.54M | 54.89M | 29.07M | 19.3M | 23.65M | 19.55M | 2.42M | 2.77M | 2.48M | 2.22M | 1.89M | 1.78M | 2.81M | 3.3M | 4.88M | 5.11M | 5.31M | 5.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 60.58M | 57.41M | 35.33M | 34.77M | 20.25M | 15.5M | 19.62M | 21.54M | 25.04M | 21M | 22.71M | 17.74M | 13.19M | 9.11M | 7.8M | 180K | 4.56M | 6.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Industrial Demand Exposure
As reported in quarterly filings, KWR's operating cash flow to net income ratio has fluctuated wildly, reaching a low of -0.24 in 2025Q1 and a high of 4.45 in 2024Q4, indicating that GAAP earnings are frequently decoupled from the actual cash generated by core operations.
The significant divergence between net income and operating cash flow suggests that non-cash charges or accounting accruals are heavily influencing reported profitability. Investors should monitor whether this volatility stems from persistent working capital swings or if it reflects underlying challenges in converting service-based revenue into realized cash.
Based on the provided financial data, KWR's free cash flow margin has exhibited extreme instability, ranging from a negative 2.3% in 2025Q1 to a peak of 17.1% in 2024Q3, highlighting the company's difficulty in maintaining consistent cash generation throughout the recent industrial cycle.
The erratic nature of free cash flow suggests that the company's capital-intensive service model is highly sensitive to timing differences in project execution and raw material procurement. This inconsistency makes it difficult to rely on cash flow as a stable indicator of long-term operational health.
According to recent SEC filings, KWR experienced a substantial working capital outflow of $48.3 million in 2025Q1, followed by a $44.4 million inflow in 2023Q4, demonstrating that inventory and receivable management are primary drivers of the company's periodic cash flow volatility and liquidity pressure.
These sharp fluctuations in working capital suggest that the company may be struggling to synchronize its supply chain with the cyclical demand of its industrial clients. Such variability often forces the company to rely on external financing or cash reserves to bridge gaps during periods of inventory buildup.
Based on reported figures, KWR has maintained consistent dividend payments of approximately $8.5 million per quarter while simultaneously managing significant acquisition-related outflows, such as the $160.1 million spent in 2025Q2, which appears to limit the company's flexibility for more aggressive share repurchases or internal reinvestment.
The commitment to dividends despite volatile cash flow suggests a management priority on shareholder returns, yet the heavy acquisition spending may be straining the balance sheet. Investors should evaluate whether these capital deployment choices are sustainable if industrial demand remains soft in the coming quarters.
Quick answers to the most common questions about buying KWR stock.
Quaker Chemical Corporation (KWR) generated $136.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Quaker Chemical Corporation (KWR) generated $80.6M 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.
Quaker Chemical Corporation (KWR) spent $55.9M 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, Quaker Chemical Corporation (KWR) returned $34.4M to shareholders via cash dividends and spent $41.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.