Cash flow generation remains inconsistent, highlighted by a significant $28.1 million working capital outflow in 2026Q2 that underscores the difficulty in stabilizing liquidity.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | -8.47M | -9.12M | 28.79M | 410K | -37.2M | -58.37M | -46.05M | -4.46M | 132.6M | 97.16M | 116.55M | 135.26M | 37.15M | 55.92M | 20.41M | 66.22M | 68.68M | 106.77M | 118.76M | 65.47M | 75.78M | 38.14M | 41.9M | -37.23K | -732.32K | -282.02K | -357.83K |
| Operating CF Margin % | - | -1.38% | 5.1% | 0.08% | -16.71% | -44.63% | -31.91% | -2.78% | 21.64% | 15.93% | 19.73% | 21.61% | 6.39% | 12.37% | 5.23% | 19.28% | 24.5% | 43.26% | 46.75% | 29.23% | 38.64% | 21.64% | 31.96% | -23.63% | - | - | - |
| Operating CF Growth % | -18.1% | -131.68% | 6921.71% | 101.1% | 36.27% | -26.77% | -932.4% | -103.36% | 36.48% | -16.64% | -13.83% | 264.14% | -33.57% | 174.02% | -69.19% | -3.58% | -35.67% | -10.1% | 81.41% | -13.61% | 98.67% | -8.96% | 112615.11% | 94.92% | -159.67% | 21.19% | - |
| Net Income | -28.99M | -87.5M | -17.44M | -35.07M | -43.88M | -38.06M | -78.36M | -305.27M | 38.27M | 74.65M | 84.8M | 96.73M | 70.06M | 12.97M | 44.66M | 2.55M | 38.15M | 86.6M | 86.69M | 63.68M | 59.23M | 44.56M | 13.28M | -166.94K | -677.6K | -336.21K | -267.16K |
| Depreciation & Amortization | 47.8M | 33.72M | 23.66M | 23.68M | 7.58M | 4.35M | 13.3M | 37.35M | 35.48M | 41.38M | 40.39M | 40.69M | 40.29M | 40.6M | 36.5M | 34.67M | 19.35M | 17.08M | 10.82M | 11.05M | 5.71M | 6.59M | 5.68M | 1.33K | 2.4K | 2.02K | 1.45K |
| Stock-Based Compensation | 7.17M | 9.55M | 7.91M | 7.31M | 2.96M | 344K | 1.73M | 393K | 2.61M | 1.98M | 3.6M | 3.19M | 3.72M | 3.91M | 2.77M | 1.72M | 5.67M | 5.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -8.65M | -23.95M | 0 | 18.41M | 0 | 0 | 26.7M | 237.98M | 17.28M | -2.42M | -2.31M | -500K | 10.54M | 390K | -7.16M | 44.78M | 37.35M | 4.14M | 1.98M | 1.8M | 9.13M | 5.95M | -1.23M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 24.47M | 91.76M | 6.69M | 864K | 1.99M | -17.58M | 1.3M | 31.96M | -180K | 1.33M | -2.04M | 208K | 738K | 302K | 23.03M | 2.49M | 379K | -3.98M | 4.14M | 1.1M | 464K | -1.01M | 7.24M | 0 | 0 | 0 | 0 |
| Working Capital Changes | -49.65M | -32.69M | 7.97M | -14.78M | -5.85M | -7.43M | -10.71M | -6.87M | 39.15M | -19.76M | -7.88M | -5.06M | -88.19M | -2.25M | -79.41M | -19.98M | -32.22M | -2.1M | 15.02M | -12.72M | 1.93M | -17.95M | 16.94M | 128.38K | -57.13K | 52.17K | -92.12K |
| Change in Receivables | -47.71M | -33.53M | -20.9M | -1.69M | 9.05M | 3.75M | 9.15M | 11.66M | 32.38M | -16.1M | -809K | 3.29M | -93.82M | -4.16M | -39.46M | -3.57M | -2.91M | 11.35M | 0 | 0 | 0 | 0 | 0 | -91.7K | 0 | 0 | 0 |
| Change in Inventory | -2.6M | 169K | 9.84M | 2.17M | -4.82M | 1.28M | -19.33M | 4.04M | -2.52M | 3.02M | 1M | -3.85M | 780K | -2.89M | -717K | 289K | 3.87M | -81K | -1.14M | -2.2M | -109K | -979K | -44K | 0 | 0 | 0 | 0 |
| Change in Payables | 17.41M | -13.4M | 22.14M | 1.71M | -8.85M | -335K | -139K | -14.54M | 10.6M | -6.46M | -7.84M | -850K | 12.67M | 8.11M | -18.5M | -1.04M | -27.14M | -8.79M | 0 | 0 | 0 | 0 | 0 | 190.08K | 0 | 0 | 0 |
| Cash from Investing | 3.7M | -11.34M | -16.41M | -16.46M | -193.69M | 47.77M | 223.12M | 64.48M | 180.45M | -114.07M | -5.76M | -59.48M | -21.64M | -447.82M | -292.54M | -323.69M | -90.19M | -107.86M | -3.9M | -91.54M | -5.5M | -3.4M | -5.72M | 0 | 0 | 0 | 0 |
| Capital Expenditures | -10.05M | 0 | -12.96M | -16.57M | -4.56M | -4.29M | -5.94M | -10.8M | -9.65M | -11.2M | -35.8M | -36.44M | -23.91M | -22.75M | -39.17M | -15.05M | -2.73M | -4.77M | -3.56M | -3.75M | -1.82M | -3.44M | -2.8M | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 1.31% | 2.61% | 2.3% | 3.14% | 2.05% | 3.28% | 4.12% | 6.72% | 1.57% | 1.84% | 6.06% | 5.82% | 4.11% | 5.03% | 10.04% | 4.38% | 0.97% | 1.93% | 1.4% | 1.67% | 0.93% | 1.95% | 2.14% | - | - | - | - |
| Acquisitions | -502K | -12.95M | 1.93M | 656K | -189.9M | 44.69M | 234.69M | -2.11M | -6.2M | -4.65M | -15.77M | 1.9M | -483K | -2.14M | -6.15M | -375K | -10.32M | -99.82M | 0 | -92.4M | -4.02M | 0 | -2.05M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -4.91M | -14.84M | -5.38M | -1.2M | 54K | 7.37M | -48.66M | 81.15M | 488.98M | -61.94M | 53.36M | -24.94M | 2.75M | -422.93M | -246.27M | -308.26M | -77.14M | 159K | -340K | 1.62M | 336K | 39K | -867K | 0 | 0 | 0 | 0 |
| Cash from Financing | -3.89M | 29.73M | -7.11M | -19.12M | 122.26M | -13.08M | -48.84M | -24.71M | -473.48M | 40.47M | 13.64M | 16.78M | -13.38M | 409.72M | 231.91M | 183.27M | -48.48M | -40.25M | 2.86M | 3.23M | 29.72M | -19K | -24.06M | 0 | 0 | 1M | 0 |
| Debt Issued (Net) | -3.48M | 48.86M | -13M | -20.36M | 118.67M | -5.36M | -57.95M | -22.74M | 18.07M | -20.34M | -6.61M | -10.36M | -12.09M | -14.51M | -19.17M | 109.19M | -137K | -1.11M | 19K | -197K | 20K | -19K | 17K | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -1.32M | -13.66M | -1.5M | -1.29M | 759K | 53K | 0 | 0 | 0 | -45.79M | 84.81M | 0 | 198K | 240K | -1.13M | -1.02M | -125.58M | -39.14M | 2.85M | -91K | 29.7M | 0 | 53.68M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -77.75M | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.32M | -13.66M | -1.5M | -1.29M | 0 | 0 | 0 | 0 | 0 | -45.79M | -26.64M | -9.15M | 0 | 0 | -1.13M | -1.02M | -126.3M | -39.41M | 0 | -1M | -3.96M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 912.23K | -5.46M | 7.38M | 2.53M | 2.83M | -7.78M | 9.11M | -1.97M | -491.55M | 106.61M | -64.55M | 27.15M | -1.49M | 423.98M | 252.21M | 75.11M | 77.24M | 0 | 0 | 3.51M | 0 | 0 | 0 | 0 | 0 | 1M | 0 |
| Net Change in Cash | -1.52M | 10.72M | 7.29M | -46.17M | -118.97M | -8.72M | 110.97M | 31.46M | -168.4M | 34.81M | 106.06M | 58.91M | 5.01M | 14.54M | -56.14M | -58.48M | -67.04M | -51.69M | 100.75M | -18.01M | 81.99M | 27.47M | 25.97M | -37.23K | -732.32K | 717.98K | -357.83K |
| Free Cash Flow | -22.41M | -26.32M | 15.83M | -16.16M | -41.76M | -62.66M | -51.98M | -15.26M | 122.96M | 85.97M | 80.75M | 98.82M | 13.24M | 33.17M | -18.76M | 51.17M | 65.95M | 102M | 115.2M | 61.72M | 73.96M | 34.71M | 39.09M | -37.23K | -732.32K | -282.02K | -357.83K |
| FCF Margin % | -2.93% | -3.99% | 2.81% | -3.06% | -18.76% | -47.91% | -36.02% | -9.5% | 20.06% | 14.09% | 13.67% | 15.79% | 2.28% | 7.34% | -4.81% | 14.9% | 23.52% | 41.32% | 45.34% | 27.56% | 37.71% | 19.69% | 29.82% | -23.63% | - | - | - |
| FCF Growth % | -46.54% | -266.27% | 197.93% | 61.29% | 33.36% | -20.53% | -240.65% | -112.41% | 43.03% | 6.45% | -18.28% | 646.45% | -60.09% | 276.8% | -136.66% | -22.41% | -35.34% | -11.46% | 86.64% | -16.54% | 113.09% | -11.22% | 105089.93% | 94.92% | -159.67% | 21.19% | - |
| FCF per Share | -0.29 | -0.34 | 0.26 | -0.26 | -0.73 | -1.11 | -0.93 | -0.27 | 2.20 | 1.57 | 1.68 | 2.11 | 0.28 | 0.73 | -0.42 | 1.13 | 1.42 | 1.80 | 2.00 | 1.07 | 1.29 | 1.25 | 1.73 | -0.01 | -0.28 | -0.13 | -0.20 |
| FCF Conversion (FCF/Net Income) | 0.77x | 0.10x | -1.65x | -0.01x | 0.85x | 1.53x | 0.59x | 0.01x | 3.39x | 1.33x | 1.41x | 1.43x | 0.53x | 4.31x | 0.46x | 25.02x | 1.76x | 1.23x | 1.37x | 1.03x | 1.28x | 0.86x | 3.16x | 0.22x | 1.08x | 0.84x | 1.34x |
| Interest Paid | 19.68M | 18.08M | 17.38M | 13.28M | 5.82M | 3.06M | 0 | 0 | 8.64M | 3.71M | 3.44M | 4.36M | 6.97M | 7.93M | 9.77M | 5.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 7.91M | 6.48M | 6.51M | 7.2M | 1.14M | 16.61M | 0 | 0 | 41.06M | 45.16M | 42.12M | 45.46M | 42.42M | 21.9M | 30.7M | 48.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
South African macro volatility
As reported in recent financial filings, Lesaka's operating cash flow frequently diverges from net income, with the OCF/NI ratio exhibiting extreme fluctuations, such as the -3.10x reading in 2026Q2, which underscores the disconnect between accounting profitability and the actual cash-generating capacity of the underlying merchant services business.
The persistent gap between net income and operating cash flow suggests that non-cash charges and working capital swings are masking the true cash-generative profile of the firm. Investors should monitor whether this volatility is a byproduct of the ongoing business model transition or a structural feature of the company's high-friction payment processing environment.
Based on the provided quarterly data, Lesaka's free cash flow trajectory remains inconsistent, oscillating between a peak of $16.2 million in 2024Q3 and a significant outflow of $15.9 million in 2025Q2, indicating that the company has yet to establish a reliable pattern of self-funded growth.
The inability to maintain positive FCF margins suggests that the company's current scale is insufficient to absorb both operational overhead and necessary capital expenditures. This inconsistency warrants further investigation into whether the business can achieve sustainable cash flow without recurring reliance on external financing or asset divestitures.
According to historical cash flow statements, Lesaka's capital expenditure as a percentage of revenue has fluctuated between 1.6% and 3.6% over the last ten quarters, reflecting the ongoing requirement to maintain and expand the physical POS hardware network essential to its merchant-acquiring strategy in South Africa.
While these capital intensity levels appear moderate, they represent a significant commitment for a firm struggling with negative operating margins. The necessity of continuous hardware investment suggests that the company may face a perpetual capital drag that limits its ability to pivot toward a purely software-driven margin profile.
As evidenced by the quarterly cash flow data, working capital changes have been a major source of volatility, including a $28.1 million outflow in 2026Q2, which highlights the sensitivity of Lesaka's cash position to the timing of merchant settlements and the management of its informal economy credit portfolio.
These large, erratic swings in working capital suggest that the company's cash cycle is highly susceptible to external shocks within the South African retail sector. Investors should monitor whether these fluctuations are indicative of deteriorating collection efficiency or simply the inherent seasonality of the merchant-acquiring business model.
Quick answers to the most common questions about buying LSAK stock.
Lesaka Technologies, Inc. (LSAK) generated $-9.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Lesaka Technologies, Inc. (LSAK) reported negative free cash flow of $26.3M in 2025, indicating capital requirements exceeded cash from operations.
Lesaka Technologies, Inc. (LSAK) spent $0.0M 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, Lesaka Technologies, Inc. (LSAK) spent $13.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.