Cash conversion efficiency is highly inconsistent, evidenced by an operating cash flow to net income ratio that plummeted to -1.14 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 |
|---|
| Cash from Operations | 24.6M | 34M | 51.1M | 26.3M | 15.9M | 26.1M | 49.6M | 5.8M | 63.2M | 45.2M | 29.2M | 52.8M | 23M | 37.1M | 69M | 29.1M | 37.8M | 55.95M | 35.3M |
| Operating CF Margin % | - | 8.84% | 13.04% | 6.49% | 3.76% | 6.98% | 15.27% | 1.55% | 15.73% | 10.24% | 7.04% | 11.47% | 4.7% | 7.71% | 13.49% | 5.7% | 9.39% | 15.07% | 7.42% |
| Operating CF Growth % | -308.98% | -33.46% | 94.3% | 65.41% | -39.08% | -47.38% | 755.17% | -90.82% | 39.82% | 54.79% | -44.7% | 129.57% | -38.01% | -46.23% | 137.11% | -23.02% | -32.44% | 58.49% | - |
| Net Income | 29.4M | 7.7M | 18.3M | -2.6M | 32M | 30M | 20M | 3.1M | 25M | 11.5M | 21.9M | 16.1M | 29.2M | 34.1M | 42.4M | 43.4M | 25.7M | 27.65M | 13.1M |
| Depreciation & Amortization | 9.1M | 9.9M | 13.4M | 12.7M | 18M | 15.6M | 13.3M | 15.3M | 19M | 19M | 18.4M | 18.6M | 18.1M | 15.8M | 14.7M | 14.5M | 13.8M | 14.07M | 14.7M |
| Stock-Based Compensation | 3.6M | 3.6M | 3.5M | 2.8M | 2.5M | 2.8M | 2.8M | 4.5M | 4.8M | 1.7M | 1.1M | 1.3M | 1.8M | 1.8M | 800K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 5.9M | 6.2M | 1.1M | -600K | 8.7M | -1.6M | 4.8M | 3.2M | 200K | 400K | 6M | 9.5M | 7.1M | 12.6M | 17M | 1.8M | 400K | 0 | 2.6M |
| Other Non-Cash Items | 4.87M | 15.5M | 5.9M | 22M | 1.3M | -19.5M | -8M | -3.8M | 2.2M | 13.9M | -1.7M | 8.5M | -3.4M | -500K | -2.7M | -1.9M | 10.1M | -5.66M | 18.3M |
| Working Capital Changes | -4.68M | -8.9M | 8.9M | -8M | -46.6M | -1.2M | 16.7M | -16.5M | 12M | -1.3M | -16.5M | -1.2M | -29.8M | -26.7M | -3.2M | -36.5M | -12.2M | 19.89M | -13.4M |
| Change in Receivables | -6.68M | 4.3M | -4.3M | 16.6M | -25.3M | -9.8M | 10.7M | -16.2M | 21.6M | -11.5M | -1.8M | 5M | -7.8M | 5.7M | -1.3M | 0 | 0 | 0 | 0 |
| Change in Inventory | -13.83M | -6.7M | -4.1M | 16.6M | -25M | -15.3M | 9.5M | 300K | -15.5M | 5M | 4.5M | 3M | -8.5M | -9.1M | 24.1M | -24.8M | -20.2M | 32.02M | -13.8M |
| Change in Payables | 2.04M | -5.7M | 4.8M | -19M | 21.3M | 11.4M | -12.9M | -800K | 7.3M | 1.5M | -10.3M | -900K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -5.65M | -5.1M | -3.4M | -9.5M | -5.7M | -5.1M | -6.8M | -8.3M | -10M | -18.1M | -15.1M | -21.2M | -79.8M | -33.4M | -29.4M | -21.2M | -15.6M | -12.13M | -15M |
| Capital Expenditures | -8.6M | -7.8M | -10.7M | -9.4M | -8.3M | -9.1M | -8M | -13.9M | -13.9M | -11.3M | -18.9M | -17.4M | -22.3M | -26.5M | -19.3M | -21.5M | -15.9M | -12.94M | -21.4M |
| CapEx % of Revenue | 2.31% | 2.03% | 2.73% | 2.32% | 1.96% | 2.43% | 2.46% | 3.72% | 3.46% | 2.56% | 4.56% | 3.78% | 4.56% | 5.51% | 3.77% | 4.21% | 3.95% | 3.48% | 4.5% |
| Acquisitions | 0 | 0 | 0 | 0 | -1M | 4.1M | 1.5M | 4.4M | 3.8M | -6.6M | -100K | -4.2M | -57.8M | -7M | -10.1M | 800K | 800K | 485.1K | 6M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 2.95M | 2.7M | 7.3M | -100K | 3.6M | -100K | -300K | 1.2M | 100K | -200K | 3.9M | 400K | 300K | 2.2M | -10.1M | 100K | -400K | 323.4K | 400K |
| Cash from Financing | -8.32M | -25M | -44M | -27.5M | -2M | -16.1M | -52.5M | -1M | -51.9M | -33.6M | -35.5M | -9.2M | 42.8M | -15.7M | -23M | 5.4M | -14.6M | -44.14M | -21.9M |
| Debt Issued (Net) | -200K | -7.2M | -27.2M | -10.2M | 24.8M | 6.4M | -38.2M | 14M | -37M | -13.4M | -8.7M | 9.6M | 59.9M | 0 | -72.8M | 18.9M | -6.6M | -28.3M | -4.8M |
| Equity Issued (Net) | 500K | -3.1M | -2.3M | -2.7M | -11.2M | -6.4M | 1.1M | 3.5M | 6.6M | 0 | -7.3M | -1.9M | 600K | 0 | 65.1M | -100K | 200K | 0 | 0 |
| Dividends Paid | -13.81M | -13.9M | -14M | -14M | -14.2M | -13.6M | -13.6M | -13.6M | -13.4M | -13.3M | -13.3M | -10.8M | -10.8M | -10.8M | -5.8M | 0 | 0 | 0 | 0 |
| Share Repurchases | 500K | -3.1M | -2.3M | -2.7M | -11.1M | -6.4M | 0 | 0 | 0 | -4.3M | -7.3M | -1.9M | 0 | 0 | 0 | -100K | 0 | 0 | 0 |
| Other Financing | 5.19M | -800K | -500K | -600K | -1.4M | -2.5M | -1.8M | -4.9M | -8.1M | 1.6M | -200K | -6.1M | -6.9M | -4.9M | -9.5M | -13.4M | -8.2M | -15.4M | -17.1M |
| Net Change in Cash | 4.4M | 4.4M | 3.7M | -10.3M | 6.5M | 4.9M | -8.8M | -3.8M | 800K | -4.5M | -23.3M | 22.3M | -13.8M | -11.8M | 18M | 11.9M | 7.4M | -323.4K | -1.5M |
| Free Cash Flow | 16.02M | 26.2M | 40.8M | 16.9M | 7.6M | 17M | 41.6M | -8.1M | 49.3M | 33.9M | 10.3M | 35.4M | 700K | 10.6M | 49.7M | 7.6M | 21.9M | 43.01M | 13.9M |
| FCF Margin % | 4.31% | 6.81% | 10.41% | 4.17% | 1.8% | 4.54% | 12.81% | -2.17% | 12.27% | 7.68% | 2.48% | 7.69% | 0.14% | 2.2% | 9.71% | 1.49% | 5.44% | 11.58% | 2.92% |
| FCF Growth % | -62.1% | -35.78% | 141.42% | 122.37% | -55.29% | -59.13% | 613.58% | -116.43% | 45.43% | 229.13% | -70.9% | 4957.14% | -93.4% | -78.67% | 553.95% | -65.3% | -49.08% | 209.44% | - |
| FCF per Share | 0.60 | 0.96 | 1.52 | 0.63 | 0.28 | 0.61 | 1.49 | -0.29 | 1.78 | 1.26 | 0.39 | 1.29 | 0.03 | 0.76 | 4.55 | 0.76 | 2.21 | 4.35 | 1.40 |
| FCF Conversion (FCF/Net Income) | 0.54x | 1.09x | 2.78x | -13.84x | 0.59x | 0.87x | 2.48x | 1.87x | 2.53x | 3.93x | 1.33x | 3.28x | 0.79x | 1.09x | 1.63x | 0.67x | 1.47x | 5.86x | 2.74x |
| Interest Paid | -800K | 0 | 0 | 6.1M | 4M | 3.2M | 5.1M | 4.6M | 4.6M | 6.2M | 6.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -200K | 0 | 0 | 3.3M | 600K | 5.3M | 2.1M | 6.1M | 2.9M | 4.1M | 5.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Thin liquidity and volatility
As reported in recent financial statements, Luxfer's operating cash flow to net income ratio has exhibited extreme volatility, ranging from -1.14 in 2026Q1 to 7.29 in 2024Q4, suggesting that reported net income is a poor proxy for the company's actual ability to generate cash.
The frequent divergence between accounting profits and cash generation indicates that non-cash items and working capital swings are significantly distorting the bottom line. Investors should monitor whether this disconnect reflects structural inefficiencies in revenue recognition or merely the timing of large, lumpy industrial contracts.
Based on the provided cash flow data, Luxfer's free cash flow margins have fluctuated wildly, swinging from a high of 21.8% in 2024Q4 to a negative 7.3% in 2026Q1, highlighting the company's inability to maintain consistent cash generation across different operating periods.
This erratic trajectory suggests that the business model is highly sensitive to volume fluctuations and cost spikes, which prevents the accumulation of a meaningful cash buffer. The inability to sustain positive free cash flow during periods of revenue contraction warrants further investigation into the company's cost-cutting efficacy.
According to quarterly cash flow filings, working capital changes have been a major source of cash flow variance, including a significant $9.5 million inflow in 2024Q4 followed by a $9.3 million outflow in 2025Q2, reflecting inconsistent management of inventory and receivables.
The reliance on working capital shifts to bolster cash flow suggests that the company may be struggling to align its production cycles with customer demand. Such volatility in cash conversion cycles may indicate potential risks in inventory management or delayed collections from key industrial customers.
As evidenced by the company's recent cash flow statements, Luxfer has continued to prioritize dividend payments of approximately $3.5 million per quarter despite holding a thin cash balance of only $8.3 million, which may limit its flexibility to fund future growth initiatives.
Maintaining dividend payouts while operating cash flow remains inconsistent appears to be a strategy that prioritizes shareholder returns over balance sheet resilience. This approach may leave the company vulnerable to liquidity shocks if industrial demand fails to recover in the near term.
Quick answers to the most common questions about buying LXFR stock.
Luxfer Holdings PLC (LXFR) generated $34.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Luxfer Holdings PLC (LXFR) generated $26.2M 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.
Luxfer Holdings PLC (LXFR) spent $7.8M 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, Luxfer Holdings PLC (LXFR) returned $13.9M to shareholders via cash dividends and spent $3.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.