Cash generation remains deeply negative, highlighted by a peak free cash flow outflow of $648.0M in 2025Q4 and a precarious current ratio of 0.09 as of 2026Q1.
| Cash from Operations | -696.97M | -707.51M | -865.42M | -174.22M | 4.46B | -1.47B | -2.03B | -1.5B | -428.79M | -314.56M | -217.08M |
| Operating CF Margin % | - | -46.04% | -77.48% | -16.7% | 315.85% | -39.01% | -46.74% | -108.3% | -37.85% | -60.43% | -66.13% |
| Operating CF Growth % | -1431.93% | 18.25% | -396.75% | -103.91% | 404.35% | 27.82% | -35.62% | -249.21% | -36.32% | -44.9% | - |
| Net Income | -78.24M | -107.53M | -202.15M | -235.51M | -610.38M | 623.15M | 2.01B | 34.42M | -102.87M | 21.68M | 72.26M |
| Depreciation & Amortization | 34.96M | 36.62M | 47.12M | 55.42M | 62.97M | 58.15M | 60.7M | 61.34M | 36.28M | 11.69M | 5.78M |
| Stock-Based Compensation | 12.9M | 12.22M | 24.92M | 21.99M | 20.58M | 67.06M | 8.5M | 191K | 2.07M | 5.26M | 1.61M |
| Deferred Taxes | -278K | -6.86M | -48.08M | -43.17M | -80.28M | 31.32M | -3.87B | -1.13B | 0 | 0 | 0 |
| Other Non-Cash Items | -654.61M | -603.73M | -722.33M | 43.75M | 5.23B | -2.17B | -381.58M | -521.36M | -231.57M | -367.56M | -290.76M |
| Working Capital Changes | 31.83M | -38.23M | 35.11M | -16.69M | -161.49M | -73.77M | 140.62M | 57.94M | -132.69M | 14.37M | -5.97M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 6.94M | 14.51M | 495.05M | 165.66M | 667.76M | 296.78M | -27.67M | 141.09M | 503.13M | 44.22M | -34.03M |
| Capital Expenditures | -28.15M | -27.1M | -26.39M | -20.61M | -43.21M | -54.12M | -33.91M | -12.55M | -40.77M | -18M | -11.67M |
| CapEx % of Revenue | 1.95% | 1.76% | 2.36% | 1.98% | 3.06% | 1.44% | 0.78% | 0.91% | 3.6% | 3.46% | 3.56% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - |
| Investments | 171.9M | 146.26M | 2.78B | 2.25B | 2.43B | 8.35B | 7.62B | 3.83B | -3.45B | 1.11B | 809.46M |
| Other Investing | 33.59M | 41.61M | 515.32M | 180.69M | 703.81M | 349.53M | 6.77M | 153.49M | 543.91M | 62.22M | -2.05M |
| Cash from Financing | 471.2M | 566.8M | 151.74M | -226.09M | -4.77B | 1.3B | 2.43B | 1.36B | -56.94M | 258.09M | 264.35M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -8.42M | -3.37M | -3.85M | -3.21M | -430K | -12.85M | 0 | 0 | 0 | -715K | 0 |
| Dividends Paid | -391K | -2.47M | -3.26M | -2.98M | -119.26M | -463.31M | -643.05M | -7.61M | 0 | -8.2M | -31.9M |
| Share Repurchases | -8.66M | -9.29M | -3.85M | -3.21M | -430K | -12.85M | 0 | 0 | 0 | -715K | 0 |
| Other Financing | 4.53M | 0 | -13.34M | -5.31M | 0 | -21.18M | -130.19M | -5.2M | -16.65M | 7.97M | 447.31K |
| Net Change in Cash | -44.7M | -126.2M | -218.63M | -234.65M | 359.9M | 131.91M | 371.19M | 3.5M | 17.4M | -12.25M | 13.24M |
| Free Cash Flow | -725.12M | -734.61M | -891.81M | -194.83M | 4.42B | -1.52B | -2.06B | -1.51B | -469.56M | -332.56M | -228.75M |
| FCF Margin % | -50.26% | -47.8% | -79.84% | -18.67% | 312.79% | -40.45% | -47.52% | -109.21% | -41.45% | -63.89% | -69.68% |
| FCF Growth % | 8.81% | 17.63% | -357.74% | -104.41% | 390.66% | 26.39% | -36.74% | -221.56% | -41.2% | -45.38% | - |
| FCF per Share | -3.17 | -3.48 | -4.80 | -1.11 | 28.31 | -11.07 | -16.34 | -11.95 | -3.19 | -2.26 | -1.56 |
| FCF Conversion (FCF/Net Income) | 9.27x | 11.29x | 8.80x | 1.58x | -16.34x | -12.91x | - | - | - | -14.51x | -3.00x |
| Interest Paid | 59.53M | 0 | 305.52M | 321.63M | 253.73M | 270.47M | 159.99M | 159.75M | 142.7M | 492.69K | 14.69M |
| Taxes Paid | 229K | 0 | 9.02M | 0 | 26.73M | 3.33M | 447K | 4.04M | 699K | 509.12K | 772.72K |
Persistent operating cash burn
As reported in financial statements, loanDepot exhibits a chronic inability to convert net income into operating cash flow, with the OCF/NI ratio frequently reaching extreme levels, such as the 28.41x observed in 2025Q4, indicating that accounting losses significantly understate the actual cash drain on the business.
The wide divergence between net income and operating cash flow suggests that non-cash items and working capital fluctuations are masking the severity of the company's cash burn. Investors should monitor this gap closely, as it implies that the firm's core mortgage origination activities are not generating sufficient liquidity to sustain operations without external financing.
Based on the provided quarterly data, loanDepot's free cash flow trajectory is characterized by extreme volatility and persistent deficits, with a peak cash outflow of $648.0M in 2025Q4, highlighting the structural difficulty of achieving positive cash generation in the current high-interest rate mortgage environment.
The consistent failure to generate positive free cash flow suggests that the company's current business model is fundamentally cash-consumptive rather than self-sustaining. This trend warrants further investigation into whether the 'Vision 2025' cost-reduction initiatives can realistically bridge the gap between current cash outflows and the capital requirements of the business.
According to recent SEC filings, loanDepot's working capital changes have been highly erratic, swinging from a $150.2M outflow in 2023Q4 to a $37.0M inflow in 2024Q1, which suggests that the company's cash position is heavily dependent on the timing of loan sales and warehouse line utilization.
These fluctuations indicate that the company's cash flow is highly sensitive to the velocity of the mortgage pipeline, making it difficult to forecast liquidity needs with precision. The reliance on working capital swings to manage cash flow appears to be a symptom of the firm's inability to generate consistent organic cash from its core operations.
Based on reported figures, loanDepot maintains a relatively consistent capital expenditure profile, with CapEx/Revenue ratios hovering between 1.4% and 2.8% over the last ten quarters, suggesting that the firm continues to prioritize investment in its proprietary 'mello' technology stack despite ongoing operational losses.
While these expenditures are modest relative to total revenue, they represent a fixed commitment that adds to the company's overall cash burn. It appears that management views these investments as essential for long-term competitiveness, even as the current cash flow profile suggests that such capital intensity may be difficult to justify in the near term.
Quick answers to the most common questions about buying LDI stock.
loanDepot, Inc. (LDI) generated $-707.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
loanDepot, Inc. (LDI) reported negative free cash flow of $734.6M in 2025, indicating capital requirements exceeded cash from operations.
loanDepot, Inc. (LDI) spent $27.1M 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, loanDepot, Inc. (LDI) returned $2.5M to shareholders via cash dividends and spent $9.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.